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Pip Farming

  • #181
  • Jan 26, 2015 1:08am Jan 26, 2015 1:08am
Quoting InvestorsEur
SwingTrade when you have time could you walk me through the EURCAD recently...I assume you were long, took some profits, on the down leg is where im interested, did you Stop Out the part left open or did it go all the way back until a Short signal kicked you out ? {image}

Investor...this was kinda odd how this one happened. I had the order in and got filled.....so then I ran down to the store and was taking my time looking around.
When I got ready to head back home, I looked at the quote on my phone and realized that I had about 275 pips in this trade...which as I said at the time was a total gift. When I got back home, I had about 280 or 290 so I took off 1/2 position and put my stop to B/E. So a little later in the evening when it was kind of just hanging out above 1.43 ...I just decided to tighten my stop up some from a strictly MM point of view....there was no signal or otherwise..

Now as to WHY I did that, You will have to read Larry Levin's .pdf on emotion free trading and acting in your best interest. Gift trades are very nice when they happen, however I dont have a framework for how to register or process them if that makes sense. I am also a believer in acting in my own best interest in times like those and take some freebies

On the other hand, if a trade does something like the G/N or the G/J long trade last week, I am extremely comfortable just watching it move along and wiggle up and down as it makes it's way higher or lower....in those cases, I understand how and why they are doing what they are....so I know exactly how to react be it win lose or draw....Big surprise gift trades...not so much

Hope this helps
Plan, Prepare, Execute, Repeat
  • #182
  • Jan 26, 2015 2:44am Jan 26, 2015 2:44am
It appears that it's going to be a slow start to the week while we wait for some setups to evolve. This is to be expected after such large moves last week.
We just need to be patient and not force anything but wait for the market to give us some opportunities. Remember, the weekly goal is 200 pips so it only takes a couple of good ones to hit our target.
Plan, Prepare, Execute, Repeat
  • #183
  • Jan 26, 2015 2:47am Jan 26, 2015 2:47am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 129 KB


Is this a nearing Go Long....?


scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #184
  • Jan 26, 2015 2:49am Jan 26, 2015 2:49am
Quoting scouse12345
{image} Is this a nearing Go Long....? scouse.
Scouse,

Yes it is, however we need to be careful with this one because of how much distance there is down to those other fractals. It would be a 100 pip stop so just make sure and adjust your position size accordingly.
Plan, Prepare, Execute, Repeat
  • #185
  • Jan 26, 2015 2:53am Jan 26, 2015 2:53am
Thanks Swing, Would you be looking to go long approx 118.80 -ish....?

If i am totally wrong, when you get a moment could you draw on my chart, what you would be looking for, apologies if too much trouble, i need to get the concept correct in my head.

Regards.



scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #186
  • Jan 26, 2015 2:59am Jan 26, 2015 2:59am
Quoting scouse12345
Thanks Swing, Would you be looking to go long approx 118.80 -ish....? scouse.
118.82...stop just under 118...1st target ~ 119.30 (take 1/3 position) move stop to ~ 118.50.......take another 1/3 in front of 120 and move stop to where we took the first lot off ~ 119.30...let the last 1/3 trade until stopped out or reverse signal
Plan, Prepare, Execute, Repeat
  • #187
  • Jan 26, 2015 3:09am Jan 26, 2015 3:09am
Quoting swingtrade65
{quote} 118.82...stop just under 118...1st target ~ 119.30 (take 1/3 position) move stop to ~ 118.50.......take another 1/3 in front of 120 and move stop to where we took the first lot off ~ 119.30...let the last 1/3 trade until stopped out or reverse signal

Thanks swing, will post progress if it comes off..


scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #188
  • Jan 26, 2015 3:22am Jan 26, 2015 3:22am
wouldnt it already be a Long at around 118.36 from 22nd ?
  • #189
  • Jan 26, 2015 3:23am Jan 26, 2015 3:23am
Quoting Topgun
wouldnt it already be a Long at around 118.36 from 22nd ?

Would be Top, But i have not started a trade using the system before, so.... need to start somewhere....do you follow...?>

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #190
  • Jan 26, 2015 3:26am Jan 26, 2015 3:26am
Quoting Topgun
wouldnt it already be a Long at around 118.36 from 22nd ?
Topgun...you are absolutely correct. However some of the folks are just starting to get into this system and are taking setups that are occurring now. It is not one of my core four, so I do not trade it that often. My trade analysis would be if you are not in the trade and are taking the next setup.
Plan, Prepare, Execute, Repeat
  • #191
  • Jan 26, 2015 3:59am Jan 26, 2015 3:59am
Gold trends nicely and has reasonable ATR....just gone short
Attached Image (click to enlarge)
Click to Enlarge Name: gold...jpg Size: 94 KB
  • #192
  • Jan 26, 2015 4:01am Jan 26, 2015 4:01am
As all of you start to get a feel for this method and how it works, I would encourage you to set up a MyFXBook account to track your progress. This is an invaluable tool that gives you many many important statistics about your trading.
One that I find of particular use is the MAE feature.
Once you have a trade set of 150+ trades, then you will know without a doubt where to set your stops. For example, with this small test account over the last 140 trades or so, a stop of 60 pips would have been sufficient for all but 5 of the winners.

So, what does this mean?

This means that out of 89 winners, only 5 went more than 60 pips against me. This tells me that a stop of 65 pips will be sufficient for 95% of all the winning trades and that as we watch trades work after we have put them on, they should not go very deep in the red before going profitable.
Nice information to have as we manage risk and the way we get out of trades
Plan, Prepare, Execute, Repeat
  • #193
  • Jan 26, 2015 4:02am Jan 26, 2015 4:02am
Quoting Topgun
Gold trends nicely and has reasonable ATR....just gone short {image}
looks like if the fractal from the 22nd comes out, it could come down quite a bit...keep us updated
Plan, Prepare, Execute, Repeat
  • #194
  • Jan 26, 2015 4:07am Jan 26, 2015 4:07am
Me went long on EURAUD based on ST magic formula

Attached Image
  • #195
  • Jan 26, 2015 4:08am Jan 26, 2015 4:08am
Quoting Topgun
Gold trends nicely and has reasonable ATR....just gone short {image}

Nice spot Top, keep us updated.

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #196
  • Jan 26, 2015 4:10am Jan 26, 2015 4:10am
Question on Fractals................on MT4 it only draws it once you have the 3 candles each side completed, as you can see on FXCM we already have a Fractal drawn 2 candles back......now the question......would you go long if it broke that Fractal if this candle we are in goes UP......because as soon as you were to go long, the Fractal would disappear ! lol.....not sure what to do
Attached Image (click to enlarge)
Click to Enlarge Name: goldq.jpg Size: 79 KB
  • #197
  • Jan 26, 2015 4:10am Jan 26, 2015 4:10am
I can't bring myself to look at any pairs with the euro in at the moment, too volitile and could go either way.

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #198
  • Jan 26, 2015 4:12am Jan 26, 2015 4:12am
Quoting Topgun
Question on Fractals................on MT4 it only draws it once you have the 3 candles each side completed, as you can see on FXCM we already have a Fractal drawn 2 candles back......now the question......would you go long if it broke that Fractal if this candle we are in goes UP......because as soon as you were to go long, the Fractal would disappear ! lol.....not sure what to do {image}

Wouldn't you have gone short there when it broke the last down fractal Top....?>


scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #199
  • Jan 26, 2015 4:30am Jan 26, 2015 4:30am
Quoting swingtrade65
{quote} Investor...this was kinda odd how this one happened. I had the order in and got filled.....so then I ran down to the store and was taking my time looking around. When I got ready to head back home, I looked at the quote on my phone and realized that I had about 275 pips in this trade...which as I said at the time was a total gift. When I got back home, I had about 280 or 290 so I took off 1/2 position and put my stop to B/E. So a little later in the evening when it was kind of just hanging out above 1.43 ...I just decided to tighten my stop...
Did you then take the short, or had i started then should i have taken the Short at approx 1.3945, if so would i have had to have my SL up at approx 4390 ? do i reduce lot size on such a big SL, or enter as per normal or ignore the trade
  • #200
  • Jan 26, 2015 4:30am Jan 26, 2015 4:30am
Quoting Topgun
Question on Fractals................on MT4 it only draws it once you have the 3 candles each side completed, as you can see on FXCM we already have a Fractal drawn 2 candles back......now the question......would you go long if it broke that Fractal if this candle we are in goes UP......because as soon as you were to go long, the Fractal would disappear ! lol.....not sure what to do {image}
Topgun, Yes FXCM places an arrow there based on the current bar being a lower high(and that makes 3). There is only one way to deal with this. Your fractal for action is the one prior until this bar closes. Once it is closed with a lower h, then you can move your stop down to that point. It is a little misleading during the active bar, so just wait until the close for action.
Plan, Prepare, Execute, Repeat
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