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Trading is as simple as ABCD

  • #2,621
  • Dec 4, 2014 5:47am Dec 4, 2014 5:47am
I think what Jason meant was to drag your SL behind your profit. Set up steps. For example, once you hit 15 pip profit, drag your SLL to 5 pip profit. Then once you hit 20, drag it to 10, etc.

Also, here is something. On your EA chart I measured out the ABCD you were trading. The AB leg went 37 pips and the CD leg went 31 pips. Very close. This is the natural market structure. I know you do have a lot of big runners, but this is more in line with market expectations.

You can combine these two ideas. Drag your SL until it hits the structure TP. Take half off, then let the other half go to the SL you drug behind or onto more profit. This will allow you to scope out other trade opportunities while the second half is doing its thing.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #2,622
  • Dec 4, 2014 5:58am Dec 4, 2014 5:58am
And another ones down, out for nout... Hmmmmmmm

OK theres one other really important thing about trading... You gotta feel happy about what you're doing and I gotta say this holding stuff doesn't amuse me anymore...Far from it I find it incredibly frustrating to get up in so many trades to get knocked off at BE...

I don't mind BE's if its gone up 2 or 3 pips and comes back thats fine thats risk control, thats protecting my capital but any more than that ?? Nope thats foolhardy...

Its gotta stop and it stops today...

I'm hopefully trading live soon probably in the New Year so I have to get this exit strategy buttoned down once and for all...Its the last piece of the Jig-Saw I've got a really great entry system and I get to BE very quickly so risk off the table after a few minutes most times therefore just need to have a confirmed exit and job done...

The problem for me stems around my mindset, I have to have a very clear mindset when I'm trading and I think its gonna have to be back to the basics of trading ABCD . Enter at C and exit at D wherever that happens to be. Only interested in making the most from the CD leg, end of story, What happens after that is irrelevant. No more holding mindset thats got to be dumped 100% cleared out of my brain.. Now for me that means no more looking at higher timeframes for trend direction etc soon as I start looking up I'm in trouble as I start to believe I know where its going but of course I don't!! So I'm gonna stick to what I know best my simple 1 minute trend and thats it...

The only thing I'll take from higher timeframes is the stronger levels like the daily,weekly pivots yesterdays highs and lows etc but thats it not the direction just not interested in any trend higher than 1 min. It keeps my mindset straight and I won't expect anything more than what the 1 min gives me...

To further harden my mindset to grabbing each pip I can from the run and to not let it back too far I'm going to be trading 1% risk per pip, high I know but again when I'm 5 pips up I know its 5% win so again makes me take my profit and be glad of it...My stops will be 10 pips so yes a high risk at 10% of account but it will be 10% of outstanding balance so can withstand many losers without too much of a problem, we're see how it goes.

I know I've said all this or similar before but this is it this time, and I won't be swayed one way or the other... Whats helped me is to realise that LO runners are rare and hard to catch whereas 10,15 pip plus runs are there everyday all day long so makes far more sense to grab them and if by pure coincidence I am trading the London runner then I'll get more winning trades from it...

So how am I gonna identify D to exit?? Well either by watching the Harenko charts for a colour change or my 1 minute charts and watch for faltering price action at key levels...

This fits with my character and personality better and I can accept wahatever the results are and won't be worried about what I left on the table anymore I promise you in at C out at D.... job done...
Feel the Fear and do it anyway!!!
  • #2,623
  • Dec 4, 2014 6:01am Dec 4, 2014 6:01am
Quoting capstone
I think what Jason meant was to drag your SL behind your profit. Set up steps. For example, once you hit 15 pip profit, drag your SLL to 5 pip profit. Then once you hit 20, drag it to 10, etc. Also, here is something. On your EA chart I measured out the ABCD you were trading. The AB leg went 37 pips and the CD leg went 31 pips. Very close. This is the natural market structure. I know you do have a lot of big runners, but this is more in line with market expectations. You can combine these two ideas. Drag your SL until it hits the structure TP. Take...
Hi cappers

Our posts obviously crossed but yep I agree 100% just gonna work on that CD leg as you say and be done with it, will put that AB=CD theory to test too. Put a 100% extension on my trades and lets see how they go...

Good stuff thanks Cappers...
Feel the Fear and do it anyway!!!
  • #2,624
  • Dec 4, 2014 6:55am Dec 4, 2014 6:55am
Quoting clivepackham
And another ones down, out for nout... Hmmmmmmm OK theres one other really important thing about trading... You gotta feel happy about what you're doing and I gotta say this holding stuff doesn't amuse me anymore...Far from it I find it incredibly frustrating to get up in so many trades to get knocked off at BE... I don't mind BE's if its gone up 2 or 3 pips and comes back thats fine thats risk control, thats protecting my capital but any more than that ?? Nope thats foolhardy... Its gotta stop and it stops today... I'm hopefully...
Great MM idea. I was building the last two weeks a similar approach around my strategy as yours. Many times my trades went to 10-15 pips and then it turned against me and I got out at BE because I was hoping to get a 100 pip trade. Maybe you should also use a Risk:Reward at 1:1 and not 2:1.

Just think:

If we exclude commissions or slippage in case of doing a max 10 SL max 5 TP, two winners make up for one loss. If counting to ten we may say 7 winners against 3 losers will get you +5 pips on 10 trades (70% win rate).
IMO in reality average ECN market commissions make this an 11 pip loss vs. 4 pip gain game where you need to make 15 winners against 5 losers to get you +5 pips after 10 trades (75% win rate).
And think about how emotions this MM will affect...
  • #2,625
  • Dec 4, 2014 12:16pm Dec 4, 2014 12:16pm
Quoting clivepackham
{quote} Nice going did you end up 37.1 pips up as your charts are showing?? If so well done,you seem to have a complete grasp of the strategy. The only thing I can say is to just steady down a bit, beware of over trading.. I found that just bacause I was trading the 1 min charts I thought I should be entering evry 5 minutes but of course thats wrong.. Try to remember what the strategy is based on and thats following the money as it comes to the table. My best days are when something like GBPJPY or GBPAUD or EURJPY are going one way only then just...
Unfortunately, apart from the two little runs I had a lot of loser-entries (kumo break-outs). I'll have to combine both methods - breakout and PB very close to it so that, in theory, the move is still fresh. Aiming for for a RR of > 4 basically which should be possible since most moves are about 40-60 pips (This of course soon after LO, one or two trades and call it a sunny day...which is not too hard here in the south of Spain

Might be better to concentrate on one pair (EJ?) to get better more quickly and if in a range, switch to another strategy which I am trying out (SD channel with - yess - CCI).

Btw: is anyone getting these same glitches from the MA coloured?

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  • #2,626
  • Dec 4, 2014 12:52pm Dec 4, 2014 12:52pm
Quoting Go5
{quote}Btw: is anyone getting these same glitches from the MA coloured? {image}
I have them on the HArenko charts if I change the TF of the base chart that the EA is on.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #2,627
  • Dec 4, 2014 1:00pm Dec 4, 2014 1:00pm
Quoting Clipi
{quote} the same of you with harneko.. i put TS = 11 {image}
clipi forgive mets =11 ? What is ts?
  • #2,628
  • Dec 4, 2014 2:00pm Dec 4, 2014 2:00pm
Quoting GodFire
{quote} Great MM idea. I was building the last two weeks a similar approach around my strategy as yours. Many times my trades went to 10-15 pips and then it turned against me and I got out at BE because I was hoping to get a 100 pip trade. Maybe you should also use a Risk:Reward at 1:1 and not 2:1. Just think: If we exclude commissions or slippage in case of doing a max 10 SL max 5 TP, two winners make up for one loss. If counting to ten we may say 7 winners against 3 losers will get you +5 pips on 10 trades (70% win rate). IMO in reality average...

I see where you're coming from here but to be honest I think we can control our losses and lock them at 10 pips no exceptions but let the winners run until they falter, because we are trading with strong trenders we can expect much bigger than 5 pip winners. In fact I'd go as far as to say I'm disappointed with anything less than 10. Purely because we're trading strong trending pairs.

Therefore I think it would be unwise to have a fix win of say 5 pips, by all means trail stop up to lock in 5 pips early in the move to ensure we get at least 5 pips but let it run as far as you can...

Furthermore its my belief that successful traders have bigger winners than their losers so paramount we squeeze as much as we can from our winning trades...
Feel the Fear and do it anyway!!!
  • #2,629
  • Dec 4, 2014 2:18pm Dec 4, 2014 2:18pm
Quoting devontrader
{quote} clipi forgive mets =11 ? What is ts?

TS =trading stop, is an option if a big trend starts remain there until you go back 11 pips ..
  • #2,630
  • Dec 4, 2014 4:04pm Dec 4, 2014 4:04pm
Quoting clivepackham
And another ones down, out for nout... Hmmmmmmm OK theres one other really important thing about trading... You gotta feel happy about what you're doing and I gotta say this holding stuff doesn't amuse me anymore...Far from it I find it incredibly frustrating to get up in so many trades to get knocked off at BE... I don't mind BE's if its gone up 2 or 3 pips and comes back thats fine thats risk control, thats protecting my capital but any more than that ?? Nope thats foolhardy... Its gotta stop and it stops today...
Sums up pretty much how I feel about TS, and giving back large chunk ( or often all) of profit in the name of running with trend.
there is always, always another trade!!
  • #2,631
  • Dec 4, 2014 5:44pm Dec 4, 2014 5:44pm
Quoting Clipi
{quote} TS =trading stop, is an option if a big trend starts remain there until you go back 11 pips ..
trail stops are good ....even if you can keep the stops at lower highs
  • #2,632
  • Dec 4, 2014 5:46pm Dec 4, 2014 5:46pm
Quoting profitfarmer
{quote} Sums up pretty much how I feel about TS, and giving back large chunk ( or often all) of profit in the name of running with trend.
Hi Profitfarmer

Yep starting to come round to that way of thinking too... Just gotta take each momentum run on its own, holding for the longer trend is a bit too frustrating for me as the majority of times it doesn't follow through. So I just sit there and watch the pips drain away....
Feel the Fear and do it anyway!!!
  • #2,633
  • Dec 4, 2014 5:47pm Dec 4, 2014 5:47pm
Quoting Clipi
{quote} TS =trading stop, is an option if a big trend starts remain there until you go back 11 pips ..
Hi Clipi

Why 11 pips??? Have you identified that as a typical harmonic for 1 min charts???
Feel the Fear and do it anyway!!!
  • #2,634
  • Dec 5, 2014 1:22am Dec 5, 2014 1:22am
Quoting clivepackham
{quote} Hi Clipi Why 11 pips??? Have you identified that as a typical harmonic for 1 min charts???
I think 11 pips is a more or less sufficient to change color harenko away.
I trade pairs EA, EJ and GU With 11 pips TS, pairs GA and GJ With 13 pips TS, EU and AU with 9 pips TS ..
If at the entrance, take the trend .. Perfect, if it reaches 13 pips and reberse, I have secured output BE
  • #2,635
  • Dec 5, 2014 1:34am Dec 5, 2014 1:34am
Caught his GBPNZDand at BE but will it hold???
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Feel the Fear and do it anyway!!!
  • #2,636
  • Dec 5, 2014 1:55am Dec 5, 2014 1:55am
Grabbed a quick 6.9 pips out of GBPJPY back in but R! looking a bit onerous...
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Feel the Fear and do it anyway!!!
  • #2,637
  • Dec 5, 2014 1:58am Dec 5, 2014 1:58am
GBP strength across the board so looking for a nice friendly GBP pair.... the old fiery Dragons looking hot....
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Attached Image
Feel the Fear and do it anyway!!!
  • #2,638
  • Dec 5, 2014 2:28am Dec 5, 2014 2:28am
Managed to grab myself 15.1 pips so far this morning without loss off of this top trender on 1 min and 5 min TTindy GBPJPY waiting for a nice pullback to 188.00/100lwma or got a breakout entry above this R1 level its struggling to break through but I've got a feeling we're going through sometime today...
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Feel the Fear and do it anyway!!!
  • #2,639
  • Dec 5, 2014 3:25am Dec 5, 2014 3:25am
Hmmm that was a little annoying missed that eventual breakout of R1 and yesterdays high as had to shoot out to pick up the Mrs from her early breakfast meeting, but not only that but before I went got pulled in a little too early and lost 10 pips to boot...

But some interesting lessons here. GbPJPY is top of both the 1 min and 5 min TTindy so is this a clue as to the session runner???

Also these daily, weekly, monthly pivots are proving to be very useful levels to trade around on our 1 min charts...Notice how this whole move started off of yesterdays low and Daily S1??

And lastly, I need to learn how to trade Breakouts correctly got pulled into a mini fake out there and lost 10 pips but if I had of done it correctly then nice little earner...

Notice also yet another great 100lwma touch entry???

Oh well still ahead by a handful of pips...
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Feel the Fear and do it anyway!!!
  • #2,640
  • Dec 5, 2014 3:41am Dec 5, 2014 3:41am
Quoting clivepackham
Hmmm that was a little annoying missed that eventual breakout of R1 and yesterdays high as had to shoot out to pick up the Mrs from her early breakfast meeting, but not only that but before I went got pulled in a little too early and lost 10 pips to boot... But some interesting lessons here. GbPJPY is top of both the 1 min and 5 min TTindy so is this a clue as to the session runner??? Also these daily, weekly, monthly pivots are proving to be very useful levels to trade around on our 1 min charts...Notice how this whole move started off of yesterdays...
Sorry for question... but which indi are you using for pivot... With my indi and icmarkests brojer my weekly pivot is 10 pips above and the daily are shifted for a couple of pips.. Do you think it's broker related?
Regards
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