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Pip Farming

  • #201
  • Jan 26, 2015 4:35am Jan 26, 2015 4:35am
Quoting swingtrade65
{quote} 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.
perfect....so wait for it to confirm

Scouse...yes short on Gold...but was questioning the Fractal on FXCM which "repaints" ...well forms and can go away if candle goes up until it has 3 closed candles either side
  • #202
  • Jan 26, 2015 4:44am Jan 26, 2015 4:44am
Quoting InvestorsEur
{quote} 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
Investors,

No, I personally did not take that short, although it was a valid signal.
No, your stop would not have been way up at 1.43+
Please remember the stop rules from post #1
"Stop Loss Placement:
1)We place our stop at the most recent fractal or DBLHC or DBHLC to the left of entry... OR at 100 pips, whichever is less

Now, given that our stop would have been 100 pips.
We have 2 exit methods and when I have those wide range moves where I have 100 pip stops and such, I prefer the second method in order to reduce overall risk.

Method Two:
In this exit method, I will trade in multiples of 2 for lots...ie .02 / .04 / .06 / .08 etc
1) I will set a target at 50 pips and remove 1/2 of the position.
2) I will then move the stop on the remaining 1/2 position to a loss of 50 pips ( basically a free trade)
3) I will let the remaining 1/2 position go until a reverse signal occurs.

The trade went all the way down to 1.3802 in the next bar.....we would have had ample room to take 1/2 and move our stop in order to reduce risk.

*NOTE: This method is proving itself to be very valuable to me over time and I find myself using it more and more because I am becoming comfortable with the idea of having reduced risk with all of the potential upside.

Hope this helps
Plan, Prepare, Execute, Repeat
  • #203
  • Jan 26, 2015 4:45am Jan 26, 2015 4:45am
Quoting EternalNewB
Me went long on EURAUD based on ST magic formula {image}
I am in this trade as well and it is not looking very good at this point....win some lose some
Plan, Prepare, Execute, Repeat
  • #204
  • Jan 26, 2015 4:59am Jan 26, 2015 4:59am
I am getting itchy mouse finger too used too trying too scalp the smaller time frames, and not used to sitting around waiting for a trade may have to become a professional masturbator with my spare time ..
All My Opinions, Are Just That, My Opinion!!!
  • #205
  • Jan 26, 2015 5:10am Jan 26, 2015 5:10am
Quoting scouse12345
I am getting itchy mouse finger too used too trying too scalp the smaller time frames, and not used to sitting around waiting for a trade may have to become a professional masturbator with my spare time ..
seems to be a fairly common ailment on FF go do something else.... you have already planned the trade out...it either works or not.....nothing to do in the mean time
Plan, Prepare, Execute, Repeat
  • #206
  • Jan 26, 2015 5:12am Jan 26, 2015 5:12am
Where are you in Germany swing....? I spent a lot of time in Hannover, Hamelyn and Padderborn in the 80-90's 2 years in Berlin befoe the wall came down..

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #207
  • Jan 26, 2015 5:19am Jan 26, 2015 5:19am
Quoting scouse12345
Where are you in Germany swing....? I spent a lot of time in Hannover, Hamelyn and Padderborn in the 80-90's 2 years in Berlin befoe the wall came down.. scouse.
Stuttgart
Plan, Prepare, Execute, Repeat
  • #208
  • Edited 5:43am Jan 26, 2015 5:28am | Edited 5:43am
Gold took out that second fractal..

Could drop to 1254-ish.
All My Opinions, Are Just That, My Opinion!!!
  • #209
  • Jan 26, 2015 6:05am Jan 26, 2015 6:05am
Nice move on Gold, and SL should soon come down to new Fractal....nice start
Attached Image (click to enlarge)
Click to Enlarge Name: Gold11.jpg Size: 166 KB
  • #210
  • Jan 26, 2015 6:09am Jan 26, 2015 6:09am
Quoting Topgun
Nice move on Gold, and SL should soon come down to new Fractal....nice start {image}
Very nice move......with a little more downside you have the option to take 1/2 off and move the stop to a free trade.....then just let it ride and see where it goes
Plan, Prepare, Execute, Repeat
  • #211
  • Jan 26, 2015 6:12am Jan 26, 2015 6:12am
ST do you consider only the last fractal as valid signal or you also consider older fractals levels ?

thanks
  • #212
  • Jan 26, 2015 6:13am Jan 26, 2015 6:13am
Quoting EternalNewB
ST do you consider only the last fractal as valid signal or you also consider older fractals levels ? thanks
I will only trade on the most recent one....although I do watch the action at older ones to see how the pair reacts.
Plan, Prepare, Execute, Repeat
  • #213
  • Jan 26, 2015 6:19am Jan 26, 2015 6:19am
Quoting Topgun
Nice move on Gold, and SL should soon come down to new Fractal....nice start {image}

What did you use as your original stop loss and where would you intend moving it to...?>

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #214
  • Jan 26, 2015 6:22am Jan 26, 2015 6:22am
Quoting swingtrade65
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...
That's a very interesting post. I tried to look at the MAE graph and I couldn't really understand it :S

Can I ask you to explain a bit how to read this graph ? or provide me with a link where I can educate myself ?

thanks
  • #215
  • Jan 26, 2015 6:38am Jan 26, 2015 6:38am
Quoting EternalNewB
{quote} That's a very interesting post. I tried to look at the MAE graph and I couldn't really understand it :S Can I ask you to explain a bit how to read this graph ? or provide me with a link where I can educate myself ? thanks
This is a very good explanation of MAE and MFE
http://www.tradingheroes.com/mfe-and...-your-trading/
Plan, Prepare, Execute, Repeat
  • #216
  • Jan 26, 2015 9:41am Jan 26, 2015 9:41am
Quoting Topgun
Nice move on Gold, and SL should soon come down to new Fractal....nice start {image}
Hey Topgun....are you still in your gold? hopefully they didnt shake you out!
Plan, Prepare, Execute, Repeat
  • #217
  • Jan 26, 2015 9:52am Jan 26, 2015 9:52am
I'm still in swing, entered later than top, but looking for 1254-ish.


Can you post a link to your patterns2 candle indi for Fxcm i can't seem too find the same one anywhere?

Thanks

scouse.
All My Opinions, Are Just That, My Opinion!!!
  • #218
  • Jan 26, 2015 9:55am Jan 26, 2015 9:55am
Quoting scouse12345
I'm still in swing, entered later than top, but looking for 1254-ish.
Very Nice scouse.....BUT forget targets (I know it is VERY HARD to change our thinking)....take a portion off and let it go! you never know how far something might go.....I bet nobody would have believed that E/U would be at 1.12 60 days ago

You are on your way!!!
Plan, Prepare, Execute, Repeat
  • #219
  • Jan 26, 2015 10:00am Jan 26, 2015 10:00am
Quoting scouse12345
I'm still in swing, entered later than top, but looking for 1254-ish. Can you post a link to your patterns2 candle indi for Fxcm i can't seem too find the same one anywhere? Thanks scouse.
scouse, the patterns indicator is in post # 59
Plan, Prepare, Execute, Repeat
  • #220
  • Jan 26, 2015 10:09am Jan 26, 2015 10:09am
When i install that pattern3, this is what i get on my chart swing....... sorry to be a pain in the arse ..

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 79 KB
All My Opinions, Are Just That, My Opinion!!!
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