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ECN Era Quick Flips

  • #1
  • First Post: Aug 21, 2014 11:18pm Aug 21, 2014 11:18pm
Hello and welcome to my journal where everyone's cool.

My strategy is a bit unsound as I scale in but I am of the opinion that the grid I use to do this is safer than a lot of others I could be using.

I am sure you will get my system very easily. I avoid news and I basically create a 'wall' that price may have a difficult time getting past. And I usually take profit as soon as I have it.

Alright, let's get to some charts. Here is a trade I am in right now:
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Aug 21 2014 Setup Chart.jpg Size: 400 KB
  • #2
  • Aug 22, 2014 1:18am Aug 22, 2014 1:18am
Here is how the AUDUSD trade turned out. I'm glad it was a winner.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Aug 21 2014 Close All.jpg Size: 311 KB
  • #3
  • Aug 24, 2014 6:17pm Aug 24, 2014 6:17pm
Here is a trade that just closed on USDJPY. I wasn't really sure how to play the weekend gap so I waited for a retracement which could have been a signal there might not be much of a spike.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Aug 24 2014 Close All.jpg Size: 195 KB
  • #4
  • Aug 25, 2014 5:56pm Aug 25, 2014 5:56pm
A current trade I'm in:
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Aug 25 2014 Setup Chart.jpg Size: 399 KB
  • #5
  • Aug 25, 2014 8:09pm Aug 25, 2014 8:09pm
The trade only went two levels so I decided to on hold a bit before I took profit. It worked out thankfully.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Aug 25 2014 Close All.jpg Size: 253 KB
  • #6
  • Aug 25, 2014 8:30pm Aug 25, 2014 8:30pm
how is your buy / sell decisions made? on what grounds and parameters? thanks
  • #7
  • Edited 8:57pm Aug 25, 2014 8:46pm | Edited 8:57pm
Quoting vinforex7
how is your buy / sell decisions made? on what grounds and parameters? thanks
Hi, I use bands with a deviation of 2.0 and a setting of 400. I wait for price to hit the bands and expand them for a bit. My objective is to wait for the bands to expand so that price is in an overbought or oversold zone and I then scale in counter trend using a grid of:

1
2
3
5
7
10
14
20
28
38
50

and more if I need it or I just take a loss. The drawbacks of this system is that you have to 'save up' for a loss but I've been studying forex a long time and I think there is at least a rational chance this can be done successfully. So I'm going to continue to try. I just wish banks traded like this too so that there weren't spikes to avoid, if that makes sense.

Of course the more you wait for the bands to expand, the more likely it is that the currency pair is overbought or oversold.

The key to this system in my opinion is the grid it use and waiting for the right conditions (overbought/oversold). It can be pretty effective..

Thanks for your question and if I can explain more please don't hesitate to ask. Cheers
  • #8
  • Aug 25, 2014 8:58pm Aug 25, 2014 8:58pm
Quoting FXForLife
{quote} Hi, I use bands with a deviation of 2.0 and a setting of 400. I wait for price to hit the bands and expand them for a bit. My objective is to wait for the bands to expand so that price is in an overbought or oversold zone and I then scale in counter trend using a grid of: 1 2 3 5 7 10 14 20 28 38 50 and more if I need it or I just take a loss. The drawbacks of this system is that you have to 'save up' for a loss but I've been studying forex a long time and I think there is at least a rational chance this can be done successfully. So I'm...
Thanks for clearing it. A few more points, if you could clear-
1. by band, you meant.. bollinger bands, right?
2. The time frame you use for your entries
3. how do you exit / tp?
4. There is a possibility that if you are going counter trend in a strong trending market.. how long can you keep going? I mean how do you define your stoploss?
5. and one more thing.. I am really sorry to sound stupid, but can you explain what is the grid? or please tell me where I can get more info on the grid? and when you say :
1
2
3
5
7
10
14
20
28
38
50
do you mean to say, you keep pending orders at these much pips on the chart from your entry point? Thank you for taking time to explain
  • #9
  • Aug 25, 2014 9:30pm Aug 25, 2014 9:30pm
Quoting vinforex7
{quote} Thanks for clearing it. A few more points, if you could clear- 1. by band, you meant.. bollinger bands, right? 2. The time frame you use for your entries 3. how do you exit / tp? 4. There is a possibility that if you are going counter trend in a strong trending market.. how long can you keep going? I mean how do you define your stoploss? 5. and one more thing.. I am really sorry to sound stupid, but can you explain what is the grid? or please tell me where I can get more info on the grid? and when you say : 1 2 3 5 7 10 14 20 28 38 50 do...

OK let me try to explain further and answer your questions.

1. Yes, exactly, when I say 'bands' I mean Bollinger Bands.

2. I use the 1 minute chart for all my trading decisions.

3. I take profit almost always as soon as I have a bit. But if the trade only goes 1 or 2 levels into the grid (if price only hits one or two pending orders going in the opposite direction to the price), I may let the trade run a bit like that last USDJPY trade where I got about 15 pips. This scenario is the exception however.

4. If the market starts trending really strongly it's always going to be difficult to deal with. The two options are to a) take a loss b) keep scaling in until you can't anymore. Either way you risk part of your account. This is the weakness of the system and unfortunately I don't have the perfect solution yet.

5. Sorry for not explaining it more. When I say grid I'm referring to the pending orders placed coutertrend on the first chart I posted in the thread. I always try to space them equally from one another, usually about 40 points, or 4 pips. And when I say a grid of 1 / 2 / 3 / 5 / 7 etc. I'm referring to the lotsize of the pending orders. So order one would be 0.01 lots and then you multiply that by the next sequence in the grid which in this case is 2, so order two would be 0.01 x 2 or 0.02. You would then repeat this with the third order and multiply 0.01 x 3 which would make order three 0.03. And then it would be 0.05 / 0.07 / 0.10 / 0.14 / 0.2 / 0.28 / 0.38 / 0.50 and more if you decide to build a bigger 'wall'. So step one is to find an overbought/oversold zone using the bands and step two is to then place a grid on the chart.

I hope this explained a bit more. If you have any more questions, it's no problem. Thanks
  • #10
  • Aug 26, 2014 1:44am Aug 26, 2014 1:44am
Let's see how this goes:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Aug 25 2014 Setup Chart.jpg Size: 401 KB
  • #11
  • Aug 26, 2014 2:09am Aug 26, 2014 2:09am
Nice. Had a good day.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Aug 25 2014 Close All.jpg Size: 180 KB
  • #12
  • Aug 26, 2014 3:00am Aug 26, 2014 3:00am
Haha I definitely could have held longer with that last trade:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Feel The Pain.png Size: 33 KB
  • #13
  • Aug 27, 2014 12:44am Aug 27, 2014 12:44am
Quoting FXForLife
{quote} OK let me try to explain further and answer your questions. 1. Yes, exactly, when I say 'bands' I mean Bollinger Bands. 2. I use the 1 minute chart for all my trading decisions. 3. I take profit almost always as soon as I have a bit. But if the trade only goes 1 or 2 levels into the grid (if price only hits one or two pending orders going in the opposite direction to the price), I may let the trade run a bit like that last USDJPY trade where I got about 15 pips. This scenario is the exception however. 4. If the market starts trending really...
Thanks for explaining..! I see that it's a form of martingaling... and it's a bit risky too. I think a bit too risky for my risk appetite. All the best buddy...!
  • #14
  • Aug 27, 2014 1:01am Aug 27, 2014 1:01am
Quoting vinforex7
{quote} Thanks for explaining..! I see that it's a form of martingaling... and it's a bit risky too. I think a bit too risky for my risk appetite. All the best buddy...!
No problem and thank you..
  • #15
  • Sep 6, 2014 10:26am Sep 6, 2014 10:26am
Hi,

Do you have a script or ea for placing orders or are you doing it manually. If you are using one and it is free, can u please post.

Thanks.
  • #16
  • Sep 6, 2014 2:42pm Sep 6, 2014 2:42pm
Quoting sspremj
Hi, Do you have a script or ea for placing orders or are you doing it manually. If you are using one and it is free, can u please post. Thanks.
Hi, I really wish I had a cool EA or script for placing orders but I just do it manually. The only script I was using with this system, my CloseAll, stopped working for some reason, otherwise I would have updated the thread with more trades.
  • #17
  • Sep 9, 2014 6:05am Sep 9, 2014 6:05am
Hi,

Please find attached some close scripts that work and which I personally use.

Hope it helps to post here.

Prem
Attached File(s)
File Type: mq4 CloseAll_ThisSymbol.mq4   2 KB | 308 downloads
File Type: mq4 ClloseAll_AllSymbols.mq4   2 KB | 302 downloads
  • #18
  • Last Post: Sep 9, 2014 3:03pm Sep 9, 2014 3:03pm
Quoting sspremj
Hi, Please find attached some close scripts that work and which I personally use. Hope it helps to post here. Prem {file} {file}
Thank you kindly.
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