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Pip Farming

  • #141
  • Jan 25, 2015 6:34am Jan 25, 2015 6:34am
How long have you been using this method? as you above in your stats have max losers as 4......have you been using it only a few months whilst volatility has been high or have you also used it, months-years as end of last year volatility picked up but before that we had a few years of very low volaitilty,....take a look at june last year.....this was way more than 4 no ?
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  • #142
  • Jan 25, 2015 6:57am Jan 25, 2015 6:57am
Quoting InvestorsEur
How long have you been using this method? as you above in your stats have max losers as 4......have you been using it only a few months whilst volatility has been high or have you also used it, months-years as end of last year volatility picked up but before that we had a few years of very low volaitilty,....take a look at june last year.....this was way more than 4 no ? {image}
Investor...I have traded this method for decades...not years...not weeks ...to address your premise quickly...YES, there are periods in all pairs that are sideways and dont have very profitable periods. As far as your chart goes, that was very much a sideways period, however your arrows dont even come close to following the premise of the method.

If you will also go and re read my post, you will notice that I stated that this is my experience over the last 300 trades. If you want more history than that, you are welcome to do as much backtesting as you want.

I GUARANTEE that there will be losing periods. I also GUARANTEE that there will be periods where there are huge gains.

It is up to you to decide whether you want to explore trading in this manner. If 80% + accuracy is what you are after, then you are clearly in the wrong place.
If you want to be able to consistently pull pips from the market...then WELCOME ABOARD...the decision is yours

Many Pips
Plan, Prepare, Execute, Repeat
  • #143
  • Jan 25, 2015 7:09am Jan 25, 2015 7:09am
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Think i have finally got the charts correct, thanks swing and eternal, am using forex.com for the charts, now, if that's correct using the eurusd, is there a quick way to apply this to all charts i want to study without doing each one seperately..?>

Thanks.


scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #144
  • Jan 25, 2015 7:12am Jan 25, 2015 7:12am
Quoting EternalNewB
{quote} Hey there, No I am not in UK but my broker uses NY close time candles (or GMT + 2 timezone) {quote} Guys I cannot help you if you are using FXM station however if you are using MT4 that should be easy to do (assuming your broker is NY close time 5 candles - GMT +2 timezone) 1. Download the fractal indicator in post 1 and install it 2. set it up with FR period 3 as shown below {image} 3. Download the DBLHC-DBHLC indicator in post...
Can anyone recommend a broker that uses the GMT +2 timezone ?
  • #145
  • Jan 25, 2015 7:21am Jan 25, 2015 7:21am
Quoting scouse12345
{image} Think i have finally got the charts correct, thanks swing and eternal, am using forex.com for the charts, now, if that's correct using the eurusd, is there a quick way to apply this to all charts i want to study without doing each one seperately..?> Thanks. scouse.
scouse,
I am not sure, but I think most all platforms have a way to save your setup as a template. Take a look at that and see what you come up with

Many Pips
Plan, Prepare, Execute, Repeat
  • #146
  • Jan 25, 2015 7:24am Jan 25, 2015 7:24am
Quoting 4xplosion
{quote} Can anyone recommend a broker that uses the GMT +2 timezone ?
4X,

I am not aware of what brokers use what timeframes. Maybe we need to do a little research and find out what brokers use what timeframes.
Plan, Prepare, Execute, Repeat
  • #147
  • Jan 25, 2015 7:28am Jan 25, 2015 7:28am
@ 4xplosion. I think GKFX is +2.
  • #148
  • Edited 7:48am Jan 25, 2015 7:29am | Edited 7:48am
I just want to add a quick followup to my reply to investorsEur questions. In the first post I talked about a secondary exit method which is very useful in many cases.
I talked about a method where you take a portion of the trade off when your positive pips equals your risk. This will pay off very well in ranging periods!

It will leave some on the table in the huge moves, however, it will keep you in the game and banking some pips in those ranging markets

Many Pips
Plan, Prepare, Execute, Repeat
  • #149
  • Jan 25, 2015 7:46am Jan 25, 2015 7:46am
Thanks swing, shall take a look, and does the chart look correct with the indicators etc...?>

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #150
  • Jan 25, 2015 7:54am Jan 25, 2015 7:54am
Quoting scouse12345
Thanks swing, shall take a look, and does the chart look correct with the indicators etc...?> scouse.
Yes it does for the most part.....I have circled a couple of points in your chart....not exactly sure what is up with those ?
Just as a side not...oddly enough EUR/USD is my worst performing pair
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Plan, Prepare, Execute, Repeat
  • #151
  • Jan 25, 2015 8:01am Jan 25, 2015 8:01am
Quoting 4xplosion
{quote} Can anyone recommend a broker that uses the GMT +2 timezone ?
Most trader these day want NY (currently -5 GMT) close & open so that there are only 5 full daily candles - most brokers have this information on their websites

If you are looking for live account, a better option is to find a 'local' broker then check out the regulations they operate under.

I thought this would be quite high on the list of requirements in light of the SNB debacle recently.

Some samples around the web about closing times -

- Many of our clients have asked us to have the candles align to the start and end of the New York closing time of 5 p.m. ET; a change that ensures only five daily candles will appear each week.

- we only use brokers who offer a price feed with daily candles closing at the New York close. This gives us the daily candle which shows the Sydney open - New York close. As far as we are concerned this is the industry standard, an essential for end of day trading strategies.

- Start Trading With New York Close Charts & Gain a Competitive Edge with Professional Forex Trading charts!!
It takes a lot for me to IGNORE you, but you can try.
  • #152
  • Jan 25, 2015 8:07am Jan 25, 2015 8:07am
Quoting Erebus
{quote} Most trader these day want NY (currently -5 GMT) close & open so that there are only 5 full daily candles - most brokers have this information on their websites If you are looking for live account, a better option is to find a 'local' broker then check out the regulations they operate under. I thought this would be quite high on the list of requirements in light of the SNB debacle recently. Some samples around the web about closing times - - Many of our clients have asked us to have the candles align to the start and end of the New York...
Erebus is exactly right!....when I look at the fractals etc on different brokers, it really doesnt make a whole lot of difference. You trade what you see. I have 3 different brokers and when you look back over the course of a year....it might be a couple hundred pips different between all 3 on the executions of my trades.
You guys are on the right track! It really is as simple as TRUST what you see and make the trade. Win , Lose or draw...then move on to the next one.

I know I sound like a broken record here....but please everyone read the emotion free trading guide by Larry Levin.

You guys don't realize it yet, but the HOLY GRAIL exists between your ears!!!!!!!!!!!!!!!
Plan, Prepare, Execute, Repeat
  • #153
  • Jan 25, 2015 8:10am Jan 25, 2015 8:10am
I see 34 folks lurking down there...please step up folks....come on in and say hello
Plan, Prepare, Execute, Repeat
  • #154
  • Jan 25, 2015 8:20am Jan 25, 2015 8:20am
Hi......I wish everyone green pips this week. Tread carefully with upcoming EUR news
Move Money !!!
  • #155
  • Jan 25, 2015 8:21am Jan 25, 2015 8:21am
Quoting swingtrade65
{quote} Erebus is exactly right!....when I look at the fractals etc on different brokers, it really doesnt make a whole lot of difference. You trade what you see. I have 3 different brokers and when you look back over the course of a year....it might be a couple hundred pips different between all 3 on the executions of my trades. You guys are on the right track! It really is as simple as TRUST what you see and make the trade. Win , Lose or draw...then move on to the next one. I know I sound like a broken record here....but please everyone read the...
Yes , It truly is between the ears Swing
  • #156
  • Jan 25, 2015 8:25am Jan 25, 2015 8:25am
I have traded fractals before and have found that applying variants of ATR to calculate stops and targets is quite helpful.
Move Money !!!
  • #157
  • Jan 25, 2015 8:27am Jan 25, 2015 8:27am
<p>
Quoting Erebus
Most trader these day want NY (currently -5 GMT) close &amp; open so that there are only 5 full daily candles - most brokers have this information on their websites
No offense but for it to be NY open and close the broker has to be GMT +2 (5pm in NY midnight at GMT +2)

List of brokers I know ny close time

Roboforex hotforex alpari icmarkets pepperstone admiral markets
Anyway doesn't matter which is your preferred broker, just open a demo account with one that uses gmt +2 and use it for charts (that's what I do)
  • #158
  • Jan 25, 2015 8:30am Jan 25, 2015 8:30am
It is a COLD snowy Sunday here in Germany so I want to go on a bit of a rant.....

about 20 years ago I had a job at a private trading firm. the salary was 40K plus 20% of your monthly profits. I thought I had hit the lottery and would be a millionaire in a few months. The head trader always talked about my ability to see good trades, yet I was always in the bottom 20% of earners for many months.

One day he and I went to play golf and drink some beers, mostly drink beers.
After the front nine we were mostly in the tank and he looked at me and said something that I will never forget....He told me to get out of my own way!

I asked him what did he mean by that....he said that "you see what is there but you somehow manage to sabotage yourself"

He offered me a couple of reading assignments about the psychological aspects of trading.
Within 60 days I was making 100K per month in profits and getting the nice checks that everyone else was getting.

The moral to this little story is that it was ALL in my head!
I have since moved on to become a private trader.
I am still NOT a millionaire, however I do OK in the markets.
I set out every week to make 200 pips. That is my goal and I make that goal about 50 weeks out of the year.

Do you know why? I believe I am going to make that every week....actually I KNOW I am going to make those pips every week

I truly believe that everyone here can do the same...IF they get out of their own way!!
Plan, Prepare, Execute, Repeat
  • #159
  • Jan 25, 2015 8:31am Jan 25, 2015 8:31am
Quoting Headly
I have traded fractals before and have found that applying variants of ATR to calculate stops and targets is quite helpful.
Headly....you are quite right! ATR plays a BIG part in where to start scaling out etc etc

Thanks for the comment
Plan, Prepare, Execute, Repeat
  • #160
  • Jan 25, 2015 8:36am Jan 25, 2015 8:36am
@ swingtrade65

True words that come with experience......what is the use of a good strategy if u don't have the mental fortitude to actually manage all aspects properly.....including yourself.
Move Money !!!
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