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Consequence Pilot Level Trading

  • #621
  • Nov 3, 2014 7:50am Nov 3, 2014 7:50am
Quoting danjuma
{quote} Hi FXEmpire. Thanks for replying and answering my question nonetheless, much appreciated. Okay, what's a gap/loop? I did come across you using this term a few times in the thread, but it wasn't clearly explained. Many thanks
read the thread plz dan.. there are plenty of chart examples of gap/loop... just the word itself should clarify it.
Passion, Persist, Patience, Protect
  • #622
  • Nov 3, 2014 8:48am Nov 3, 2014 8:48am
Quoting FXEmpire
{quote} read the thread plz dan.. there are plenty of chart examples of gap/loop... just the word itself should clarify it.
Have read the thread, but will re-read it. Thanks
  • #623
  • Nov 26, 2014 2:35am Nov 26, 2014 2:35am
Hi FXEMPIRE,

I have reading your thread and trying this technique out. I must congratulate you on presenting such a graceful system. The lack of dependency on irrelevant indicators and filtering points to the strength and simplicity of the approach.

I have also been following Fezmars thread where you recently commented on the money management approach. I was wondering something down that line. In fact I was thinking what do you think of applying your entry approach for that process. Instead of taking profits on all the trades leave done on the table to develop?

Do you get a high enough hit rate(50%) required for that approach to be highly successful? I am asking you cause I am trying to see how much I should be improving my technique achieve close to what you are achieving.

Thanks,
Kash
  • #624
  • Nov 26, 2014 4:26am Nov 26, 2014 4:26am
Quoting kashTrader
Hi FXEMPIRE, I have reading your thread and trying this technique out. I must congratulate you on presenting such a graceful system. The lack of dependency on irrelevant indicators and filtering points to the strength and simplicity of the approach. I have also been following Fezmars thread where you recently commented on the money management approach. I was wondering something down that line. In fact I was thinking what do you think of applying your entry approach for that process. Instead of taking profits on all the trades leave done on the table...
kash i don't use as tight of a hard stop like a 5pips, more like 10 or 15 as an emergency one... then I use slick exit out play where my average loss comes to about 5 pips.. which average from 10 pips loss to -1... that does not mean a particular trade has survived a 5pips hard stop.. so I would not know what exactly would be the hit ratio on a firm 5 pips stop but can't imagine any approach with a 5pip hard stop would be a consistent 50% hit... and that is one of the downfall of fezmar approach. The tight stop would take out many trades which he also has confirmed surly... but the problem is that it will kick one out of some major runs, the "THE" runs where is vitally needed for such methods to be a profitable one and not just a breakeven one after months of agonies.

I am scalper and use different entries as has been explained in this thread and my Scalper thread, all mostly off 5m tf... I look to make a buck each day, that's the main goal and as a secondary goal if lucky enough to maybe have couple or several trades after week of trading who broke out for me quick and cleanly left alone running large at 1/4 of my original load all risk free like a bonus profit.

I think the best way to approach a large RR running method is to have the losses compensated already and not carried on... bcz then your highly depending on significant market runs, all, to firstly compensate the already losses and then to make some profit.. now this whole process while dealing with ever constant changing currency market environment makes it very difficult to manage, hard on the psyche to say the least to perform and make best profitable decisions.

anyways i hop it helps you.
Passion, Persist, Patience, Protect
  • #625
  • Nov 26, 2014 4:42am Nov 26, 2014 4:42am
Quoting FXEmpire
{quote} kash i don't use as tight of a hard stop like a 5pips, more like 10 or 15 as an emergency one... then I use slick exit out play where my average loss comes to about 5 pips.. which average from 10 pips loss to -1... that does not mean a particular trade has survived a 5pips hard stop.. so I would not know what exactly would be the hit ratio on a firm 5 pips stop but can't imagine any approach with a 5pip hard stop would be a consistent 50% hit... and that is one of the downfall of fezmar approach. The tight stop would take out many trades...

Hi FxEmpire,

Thanks for your reply. It really helps. I understand that you don't use a hardstop at 5pip but more like a 10-15 pip hard stop. However, since you nurse your trades you take an average loss of about 5pip. So, using you approach what is your win rate roughly? Because I think the average 5 pip loss should be sufficient for Fez's approach. Also, I like what you suggested about taking 3/4 trades out. But, I think a more better compromise would be to just set the SL to BE+5 and hope that it is a runner. I don't think BE+5 is very different from setting at BE that Fez does. How many trades do you think would come back and return from that 5pip range? Not many I think... Hence my interest in your method.
  • #626
  • Last Post: Edited 6:29am Nov 26, 2014 5:59am | Edited 6:29am
Quoting kashTrader
{quote} Hi FxEmpire, Thanks for your reply. It really helps. I understand that you don't use a hardstop at 5pip but more like a 10-15 pip hard stop. However, since you nurse your trades you take an average loss of about 5pip. So, using you approach what is your win rate roughly? Because I think the average 5 pip loss should be sufficient for Fez's approach. Also, I like what you suggested about taking 3/4 trades out. But, I think a more better compromise would be to just set the SL to BE+5 and hope that it is a runner. I don't think BE+5 is very...
well i disagree..
When a particular trade goes to +5... at this time stop is moved to BE... the chances of this BE play to be take out immediately is rather high and even if it breaks away for lets say to 10 or 20 then one more hiccup is on the way to where it would come back to just hit your BE stop much as less a +5 and then to resume or reverse who knows. I am a scalper i deal with this all day everyday especially when trades taken off the pullback... on BO entries you could get a strong straight shoot away at times but with that one deals with more fake outs.
overall based on my experience in such scenarios of tight spot plays is the reason i suggested to take advantage of that little immediate 5 pips move and bank 3/4 to ease the carrying on losses but it's a trade off.

my hit rate is irrelevant to me as long as is not under 35%.. with 50% hit i am golden since my rr is 1:2 or 1: 1.6..
taking to account my flexible exit, it's safe to say i manage 40% to 60%..

to give you a live example.. today so far made 11 trades since franky open for 5-6 +21pips (commission/spread included in)
in the order.. -4 -4 +12 -2 -11 +8 +10 +7 +10 -3 -2
avg loss -4.. avg win +9
Passion, Persist, Patience, Protect
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