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Still Basketting

  • #6,741
  • Jan 16, 2014 9:53am Jan 16, 2014 9:53am
BE hit +300. Now I can finally have my morning Gin and Tonic.
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  • #6,742
  • Jan 16, 2014 9:56am Jan 16, 2014 9:56am
Quoting TyLamai
{quote} I think I found ANOTHER hitch with these settings... I use a 5-Digit Broker so I guess for me 300 points is actually ONLY approximately $3! Price almost ALWAYS retraces from thence back to $0. I think I should make my settings 10 times as much right? E.g. BE @ 3000pips = $30 DftLockValue @ 500pips = $5 Etc... Whatdyu think Bob? Regards, Ty

Yeah, that would make sense, faizpokah that may be the difference with your numbers too.
  • #6,743
  • Jan 16, 2014 9:57am Jan 16, 2014 9:57am
Quoting TyLamai
{quote} Ok. Thx for explaining. Your system of BT-ing is great. I for one CAN'T bear leaving the broker ANY pip whatsoever. You've truly been a great help to me today - Thank you. Ty

That's why this Basketing method is so amazing. There are so many ways to be successful, that you just need to find what works for you. It's the Bees Knees!
  • #6,744
  • Jan 16, 2014 10:01am Jan 16, 2014 10:01am
Quoting TyLamai
{quote} How did this trade end for you sir? I can't say certainly but it seems that price returned back to BE? Ty
No, took my profit at the grey line and waited for this short

check the picture out


kos
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John 3:16 - From THIS love no power on earth can me sever.
  • #6,745
  • Jan 16, 2014 1:54pm Jan 16, 2014 1:54pm
This is my H4 JPY Index chart and a look at how I trade the baskets. I rely mostly on the channels that you see and the XO/HA for confirmation. This is my spin on what KOS has shown us and uses. Sorry how the pic turned out. On different computer...
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K.I.S.S.
  • #6,746
  • Jan 16, 2014 2:52pm Jan 16, 2014 2:52pm
Quoting Kosomolate
{quote} No, took my profit at the grey line and waited for this short check the picture out kos {image}
Splendid sir. Thanks for sharing.

Ty
My job: I speculate and manage risk.
  • #6,747
  • Jan 16, 2014 3:06pm Jan 16, 2014 3:06pm
Quoting Bob_Loblaw
BE hit +300. Now I can finally have my morning Gin and Tonic. {image}
So for your system once that figure doubles (i.e. +600 pips), you are done for this trade. Pretty neat.

Ty
My job: I speculate and manage risk.
  • #6,748
  • Jan 16, 2014 4:27pm Jan 16, 2014 4:27pm
Quoting Bob_Loblaw
BE hit +300. Now I can finally have my morning Gin and Tonic. {image}

Just looking at your attachment - Do you use a stop loss? - just curious.

TyLamai - do you use a stop loss too? I've enabled a stop loss in the T101 EA but it doesn't look like its working....... all my trades still show the SL as 0.0 when it is open.

Im going to try the breakeven settings as per Bob_Loblaw's post.
Enter Signature
  • #6,749
  • Jan 16, 2014 4:41pm Jan 16, 2014 4:41pm
Quoting cheekiboi
{quote} Just looking at your attachment - Do you use a stop loss? - just curious. TyLamai - do you use a stop loss too? I've enabled a stop loss in the T101 EA but it doesn't look like its working....... all my trades still show the SL as 0.0 when it is open. Im going to try the breakeven settings as per Bob_Loblaw's post.
Yep I do - ESPECIALLY for when I won't be around my laptop for a while.

I simply set ALL options to TRUE and I use $56 as the DefaultSL and DefaultSLValue.

Maybe Bob can expatiate further.

Regards,

Ty
My job: I speculate and manage risk.
  • #6,750
  • Jan 16, 2014 5:03pm Jan 16, 2014 5:03pm
Quoting cheekiboi
{quote} Just looking at your attachment - Do you use a stop loss? - just curious. TyLamai - do you use a stop loss too? I've enabled a stop loss in the T101 EA but it doesn't look like its working....... all my trades still show the SL as 0.0 when it is open. Im going to try the breakeven settings as per Bob_Loblaw's post.

Nope, I don't use a stop loss. In my backtesting and the forward testing I've been doing. The average loss was 490 pips and those were very rare. Actually here are the results of one of the back-tests I recently did.

July 1st to Jan 13th - 1500 XO Entry, 300 pip BE & 600 pip TP
66 Trades Entered
34 Wins of 600 pips *Trades that hit the 600 pip TP mark and then sitting out until the next XO change.
12 Losses
20 BE Trades *Trades that hit 300 pip mark and then retraced to opening position. *I consider BE trades to be winners too.
Total Pips = ~20400
Total Loss Pips =~ -5885


*I haven't tested reentries using the 1060 XO yet. These numbers are just from 1500 XO changes.

Again, these numbers aren't super accurate because back-testing on the offline charts using wicks isn't that reliable, but the numbers are good enough, I think, to forward test and so far, starting January 1st, the results have been pretty awesome.

I just want the method I use to be as mechanical as possible. I don't want to have to try to pick tops and bottoms and then beat myself up for it when I'm wrong. I'd rather have strict rules that I stick to and have peace of mind at the end of the week.
  • #6,751
  • Jan 17, 2014 12:12am Jan 17, 2014 12:12am
Quoting Bob_Loblaw
{quote} Nope, I don't use a stop loss. In my backtesting and the forward testing I've been doing. The average loss was 490 pips and those were very rare. Actually here are the results of one of the back-tests I recently did. July 1st to Jan 13th - 1500 XO Entry, 300 pip BE & 600 pip TP 66 Trades Entered 34 Wins of 600 pips *Trades that hit the 600 pip TP mark and then sitting out until the next XO change. 12 Losses 20 BE Trades *Trades that hit 300 pip mark and then retraced to opening position. *I consider BE trades to be winners too. Total Pips...
Do you intend to compound as you go along...bearing in mind that compounding too can be a double edged sword?

Ty
My job: I speculate and manage risk.
  • #6,752
  • Edited 8:57am Jan 17, 2014 8:34am | Edited 8:57am
Quoting TyLamai
{quote} Do you intend to compound as you go along...bearing in mind that compounding too can be a double edged sword? Ty

Yeah, I do. I'm actually not quite sure how much I'm going to compound; meaning that maybe I'd just go to a certain number and then start to withdraw 50% of profits from there on.

Or maybe do what Nisha does. Start at a certain account size, say, $500 and grow to about $5000, and then withdraw and start again?

I know what you mean with the double edge sword. It's way different trading $0.19 per pip and trading $4.00 per pip, psychology-wise, but first I do need to get to that point, but with strict rules, I'm confident I can.

What do you do for account management, Ty?
  • #6,753
  • Jan 17, 2014 3:14pm Jan 17, 2014 3:14pm
Quoting Bob_Loblaw
...What do you do for account management, Ty?...
Sorry about the late reply I have been out ALL DAY today and could only peek at my trades from afar - couldn't reply until now.

For account management, I am more comfortable with increments per thousand...

Account size from $500 to $1999 = 0.01 lot sizes.
Account size from $2000 to $2999 = 0.02 lot sizes.
Account size from $3000 to $3999 = 0.03 lot sizes.
Etcetera, etcetera.

*Note: I trade multiple baskets so this works.

Alternatively, I sometimes risk MORE than most...I am comfortable risking up to 10.0% - 11.2% (double the usual risk percentage) of my account balance because like you stated above the basket HARDLY gets to SL before IXO turns.

I all depends on how am feeling.

But I like some things you mentioned above:
1. IXO 1500 for H4 - makes a lot of sense (it may be slow but it would save me from whipsaws - ESPECIALLY when you consider the fact that I also trade the H1 using IXO 1060!)

2. Going for a TP of 600...I like this one in and will examine it closer.

So far though I have enjoyed and learnt a great deal from our conversations.

But I have a suggestion for further enhancing our EA's ability to perform:

How about we try to set it to TRAIL price at a certain distance (either pip wise or percentage wise?)...that way, IF the trade is going our way and XO hasn't indicated a flip, we can stay in knowing fully well that the TRAIL gat our backs?

Just a thought. Watdyu think?

Regards,

Ty
My job: I speculate and manage risk.
  • #6,754
  • Jan 17, 2014 10:16pm Jan 17, 2014 10:16pm
Quoting TyLamai
{quote} Sorry about the late reply I have been out ALL DAY today and could only peek at my trades from afar - couldn't reply until now. For account management, I am more comfortable with increments per thousand... Account size from $500 to $1999 = 0.01 lot sizes. Account size from $2000 to $2999 = 0.02 lot sizes. Account size from $3000 to $3999 = 0.03 lot sizes. Etcetera, etcetera. *Note: I trade multiple baskets so this works. Alternatively, I sometimes risk MORE than most...I am comfortable risking up to 10.0% - 11.2% (double the usual risk percentage)...

I've been pondering that quite a bit as well, a trail, maybe 10%, 15%, or 25%. It would save quite a few trades from becoming Break Evens and end up leaving with some pips. It's tough if not impossible to back-test that, but I would like to set up another demo account and see what trades can turn into winners with various trails. Good call!
  • #6,755
  • Jan 18, 2014 1:29am Jan 18, 2014 1:29am
Quoting Bob_Loblaw
{quote} I've been pondering that quite a bit as well, a trail, maybe 10%, 15%, or 25%. It would save quite a few trades from becoming Break Evens and end up leaving with some pips. It's tough if not impossible to back-test that, but I would like to set up another demo account and see what trades can turn into winners with various trails. Good call!
I don't really know how the trailing thigny works but I think someone had mentioned previously that a 67% trail means that price would have 33% room to retrace before hitting the Trailing Stop (or something like that - I may be wrong).

This is from the t101 basket trader v2 pdf:

TrailPercent = Set to true if you want to trail a percentage of the current profit level.

Anyways, the way you think - me likey!

Please let me know how you progress on that.

Thanks,

Ty
My job: I speculate and manage risk.
  • #6,756
  • Jan 18, 2014 6:41am Jan 18, 2014 6:41am
if you didn't close this week with at least +1000 pips
then you are not following


kos
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John 3:16 - From THIS love no power on earth can me sever.
  • #6,757
  • Jan 18, 2014 6:43am Jan 18, 2014 6:43am
AUD basket was on fire!


kos
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John 3:16 - From THIS love no power on earth can me sever.
  • #6,758
  • Jan 18, 2014 7:01am Jan 18, 2014 7:01am
Quoting Kosomolate
AUD basket was on fire! kos {image}
Hey Kos what indicator is this?

cheers
Enter Signature
  • #6,759
  • Jan 18, 2014 7:01am Jan 18, 2014 7:01am
Quoting Bob_Loblaw
{quote} ... I just want the method I use to be as mechanical as possible. I don't want to have to try to pick tops and bottoms and then beat myself up for it when I'm wrong. I'd rather have strict rules that I stick to and have peace of mind at the end of the week.
whaoo! these statements were picked directly from my thinking. and that is why I finally settled for H4 and XO not much subjectivity and discrections,
I just take the trade and go away, to check back at bar close except when there is a hot news within the 4 hours. Trying to be smarter than the market by picking top & bottom acurately has been the bane of most traders.

I got my peace of mind back since I started trading almost 80% mechanically


kos
John 3:16 - From THIS love no power on earth can me sever.
  • #6,760
  • Jan 18, 2014 7:03am Jan 18, 2014 7:03am
Quoting cheekiboi
{quote} Hey Kos what indicator is this? cheers

leave that indicator alone


kos
John 3:16 - From THIS love no power on earth can me sever.
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