DislikedHad a trade going today on the EurJpy. 28 pip hard stop. Price moved 40 pips in my favor and then came back and stopped me out. Wondering about the advisability of moving to BE once distance equal to stop has been reached. Any thoughts?Ignored
- #302
- Aug 7, 2014 1:22pm Aug 7, 2014 1:22pm
- Joined Nov 2010 | Status: Snaggin' Some Pips | 2,159 Posts
{quote} But how often would the pair move your direction 1/2 ATR than retrace a full ATR to your stop...and then reverse and go your original direction a significant amount.
{quote} I think it is wise moving the SL to 20 pips into the profit, as you only need 20 pips daily in the long run (for 3 years) to be rich, after putting the SL to 20 pips then you can move on to another pair.
On studying a different pair over a few months.. I found that if a t/p of 80 pips had been added it would have been hit a good few times during a day, where at the end of the day had reversed and only got less than half that amount. Granted you would not get those one off days when it goes up say 120 in a day.. but they are few and far between as opposed to doing 70 or 80 within the day.
good to see people are finally starting to take note of what i suggested way back in #Post 171
hi Jysticim, nice to see you back in the threadand yep i was aware you were not strictly going for 2:1 RR in your original post but i was just expressing that this is the ideal ratio we should be going for or at least moving towards going to. i think we should put in some rules for a TP level. ive seen many times in my backtesting that when sometimes price goes your way it may jump +80pips in your favour and then slowly start retracing back. if you leave the trade open and wait for the next day to close the trade sometimes you end up missing out on +40pips. i think we need to set some rules where we measure average ADR of a certain period and see if price goes, say +25%, or more past the ADR level in our favour, we should look to TP if price then retraces say 15% or something. it doesnt make sense to give all those pips back just because you are waiting to close the trade the next day.
Day 8: August 7, 2014
Result: 16%
I was so tired of working at my job... yesterday 8-8-2014... So I sleep as soon as I get home didn't wake up until london open.
Since it was already past my 5:00 hour candle... rule. I can't make a trade because I have to obey the rule....
Result: 16%
I was so tired of working at my job... yesterday 8-8-2014... So I sleep as soon as I get home didn't wake up until london open.
Since it was already past my 5:00 hour candle... rule. I can't make a trade because I have to obey the rule....
- #311
- Edited 11:29am Aug 9, 2014 10:46am | Edited 11:29am
- | Joined Aug 2008 | Status: Trader | 264 Posts
I would have win on friday
around 15% daily gain.
I like Murrey Math line. It help me put stoploss at "precision" obviously my take profit is "precision" also....
I haven't explain the method actually other than naming the indicator, but the "Idea of using Murrey Math Line" is to make sure you set SL below the Line (aka support.. it does NOT matter which line aslong as the sl is below "1 line" you have enough fighting chance for price to bounce back."
Obviously your TP should be just below the "1 line resistance above your order".
But remember though your risk and reward should be 1:1 that mean... if you set SL 17 pip you should set TP 17 pip no matter what.
But if you see hmmmmm the tp line is at 15 pip because of the Resistance line is at 15 pip above your order. THEN you should just reduce your SL to 15 pip to match that TP line.
But never set SL below 12 pip you going to lose period....
So some day if you must you can even do SL below 2x Murrey Math line. Which mean you have to set TP 2x above at Murrey Math line.
Why have I chosen this path?
Because I thought about it, if the market goes 80 pip in a day 15%...gain, or market go 40 pip 15% gain, or market go 120 pip = 15% gain.....
I MIGHT as well get 15% in 15-20 pip and get it over with.
I am TIRED of having days where I set sl 35 pip and the market doesn't go 35 pip. I don't care about losing 15% daily because you can't blow due to de-compound....
So if you set sl small like 15-17 pip... THAT MEAN that you have a chance of hitting stoploss early.
SO if you KNEW that then it would make sense that if you set TP at 17 pip it might hit FIRST!!
Granted it's RANDOM result on which path it will hit first your tp or your sl...
But it's definitely much better than waiting for 40pip or no TP ...to get your 15% lol.....
I do NOT have to deal with prediction future TREND B.S.
I just need to see at this current point in time where is my NEXT support and resistance and AIM to profit that small range.
This way I will guarantee a loss or gain 15% daily....
This has alway been about showing that using % compound/lotsize + MIX with random result... you may get lucky and win in the end.
---
I Will post a PRE-Date chart so people can compare without having to go back to previous post ...(lazy people can thank me..for this)
This below chart from 8-7-2014 . The line are PRE-DRAWN by the murrey math indicator (obviously with text lable so you can understand what price SHOULD do at these line). Even though with obvious future result there will be people just going to say just a bunch of random/fake support resistance that can never see the future loll...
around 15% daily gain.
I like Murrey Math line. It help me put stoploss at "precision" obviously my take profit is "precision" also....
I haven't explain the method actually other than naming the indicator, but the "Idea of using Murrey Math Line" is to make sure you set SL below the Line (aka support.. it does NOT matter which line aslong as the sl is below "1 line" you have enough fighting chance for price to bounce back."
Obviously your TP should be just below the "1 line resistance above your order".
But remember though your risk and reward should be 1:1 that mean... if you set SL 17 pip you should set TP 17 pip no matter what.
But if you see hmmmmm the tp line is at 15 pip because of the Resistance line is at 15 pip above your order. THEN you should just reduce your SL to 15 pip to match that TP line.
But never set SL below 12 pip you going to lose period....
So some day if you must you can even do SL below 2x Murrey Math line. Which mean you have to set TP 2x above at Murrey Math line.
Why have I chosen this path?
Because I thought about it, if the market goes 80 pip in a day 15%...gain, or market go 40 pip 15% gain, or market go 120 pip = 15% gain.....
I MIGHT as well get 15% in 15-20 pip and get it over with.
I am TIRED of having days where I set sl 35 pip and the market doesn't go 35 pip. I don't care about losing 15% daily because you can't blow due to de-compound....
So if you set sl small like 15-17 pip... THAT MEAN that you have a chance of hitting stoploss early.
SO if you KNEW that then it would make sense that if you set TP at 17 pip it might hit FIRST!!
Granted it's RANDOM result on which path it will hit first your tp or your sl...
But it's definitely much better than waiting for 40pip or no TP ...to get your 15% lol.....
I do NOT have to deal with prediction future TREND B.S.
I just need to see at this current point in time where is my NEXT support and resistance and AIM to profit that small range.
This way I will guarantee a loss or gain 15% daily....
This has alway been about showing that using % compound/lotsize + MIX with random result... you may get lucky and win in the end.
---
I Will post a PRE-Date chart so people can compare without having to go back to previous post ...(lazy people can thank me..for this)
This below chart from 8-7-2014 . The line are PRE-DRAWN by the murrey math indicator (obviously with text lable so you can understand what price SHOULD do at these line). Even though with obvious future result there will be people just going to say just a bunch of random/fake support resistance that can never see the future loll...
- #315
- Aug 10, 2014 10:50pm Aug 10, 2014 10:50pm
- Joined Nov 2008 | Status: Trader | 4,830 Posts
Our AWESOME IMAGINATION is the true holy grail!
- #317
- Aug 11, 2014 5:56am Aug 11, 2014 5:56am
- Joined Nov 2008 | Status: Trader | 4,830 Posts
Our AWESOME IMAGINATION is the true holy grail!
- #318
- Edited 7:08pm Aug 11, 2014 6:45pm | Edited 7:08pm
- | Joined Aug 2008 | Status: Trader | 264 Posts
Day 9: August 11, 2014
Result: 16.44%
Yup, another day of 15%+ gain on a measly 20 pip tp.
I wonder how many people complain today is a slow day 22 pip range on eurusd can't win because no trend.....
Once again my 20 pip (small stoploss did not get hunted like the majority fear lol.... do keep in mind that it's 15% risk SL on a small 20 pip ).
If you want me to magnify in a big account example: 10,000$ account 15% risk = -$1,500.00 Loss per trade on a stupid 20 pip lol....
I bet many people won't even dare put a sl on a big account like that because of the obvious reason (broker hunt sl)
All hail the random Murrey Math line...
Do note as the the moment of market ATR... EU is very tight range around 30-35 pip daily. So technically if you set sl 40 pip you won't get hit sl.
But that doesn't mean you can't have a floating loss of -25 pip...
I hope people will understand that trying to aim for 30,40,50,60,80,120 pip is overated lol....
Learn to make money with high risk on small pip.... if you want to make a living... (because your house bill is due in 1 month...) you need to win everyday on average.
----
Long story short:
If you play scalp you WIN 15% in small range/movement day.
If you play scalp you ALSO WIN 15% in TREND day.
SO that mean...everyday regardless of TREND or RANGE, you are guarantee to get money everyday... (lol sorry only if you are good enough otherwise you lose everyday ... but that's the goal people should be aiming for).
Result: 16.44%
Yup, another day of 15%+ gain on a measly 20 pip tp.
I wonder how many people complain today is a slow day 22 pip range on eurusd can't win because no trend.....
Once again my 20 pip (small stoploss did not get hunted like the majority fear lol.... do keep in mind that it's 15% risk SL on a small 20 pip ).
If you want me to magnify in a big account example: 10,000$ account 15% risk = -$1,500.00 Loss per trade on a stupid 20 pip lol....
I bet many people won't even dare put a sl on a big account like that because of the obvious reason (broker hunt sl)
All hail the random Murrey Math line...
Do note as the the moment of market ATR... EU is very tight range around 30-35 pip daily. So technically if you set sl 40 pip you won't get hit sl.
But that doesn't mean you can't have a floating loss of -25 pip...
I hope people will understand that trying to aim for 30,40,50,60,80,120 pip is overated lol....
Learn to make money with high risk on small pip.... if you want to make a living... (because your house bill is due in 1 month...) you need to win everyday on average.
----
Long story short:
If you play scalp you WIN 15% in small range/movement day.
If you play scalp you ALSO WIN 15% in TREND day.
SO that mean...everyday regardless of TREND or RANGE, you are guarantee to get money everyday... (lol sorry only if you are good enough otherwise you lose everyday ... but that's the goal people should be aiming for).
Day 10: August 12, 2014
Bet Loaded
Buy order, SL below 1x support line. If I make make my SL below 2x SL line then the order would have less chance of wining due to reward 1...
So I "force my SL just wide enough at 1.5x level support, so that the TP doesn't have to go past 2x resistant level above.
No EA can analyze this critical thinking this is consider outside of the box (analogy/pro/cons)
Bet Loaded
Buy order, SL below 1x support line. If I make make my SL below 2x SL line then the order would have less chance of wining due to reward 1...
So I "force my SL just wide enough at 1.5x level support, so that the TP doesn't have to go past 2x resistant level above.
No EA can analyze this critical thinking this is consider outside of the box (analogy/pro/cons)
