Disliked{quote} I hope someone has taken the break point B, greetings. {image}Ignored
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Ratios & Harmonics: a Different Way to Trade
- #12,702
- Feb 3, 2015 5:03pm Feb 3, 2015 5:03pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
It's been a roller coaster day - I'm glad to see people taking lots of pips!
A few trades on EURUSD late in the day as things settled down. Annotated these up while waiting for my final trade that is taking its sweet time...
And the one I'm waiting for
A few trades on EURUSD late in the day as things settled down. Annotated these up while waiting for my final trade that is taking its sweet time...
And the one I'm waiting for
- #12,703
- Feb 3, 2015 6:01pm Feb 3, 2015 6:01pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GJ +13 pips Closed it out manually due to price hesitation to drive lower. Will consider re-entry if or when PA overcomes the WP. {image} As shown in the chart not very much bearish strength so best to take what the market has offered and bank it! Masterrmind...........
(was unable to post it last night)...... showed a lot of hesitation around the WP.
The market was trying to tell me something and that was no bearish strength (and no bullish strength at that time either)
It was time for me to rest and so after observing several small candles fighting hard to get no-where I closed out the trade.
Having seen the GU chart this morning it was a wise decision as Price has charged upward.
The point is that you need to listen to the market as it gives out many clues (not all of them are easy to see of course but the PA on this particular trade was clear enough).
My expectation was for price to reverse which it did but only very temporarily as the market was simply taking a short rest before charging up higher. The chart analysis gave me all the hints I needed that a move to the downside may not occur at this time.....so trade closed out.
Onto further trade analysis..........
Masterrmind............
Master your Mind then Master your Trades
- #12,704
- Feb 3, 2015 8:34pm Feb 3, 2015 8:34pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GJ (M5 Chart shown) short for a 5 pip profit (larger lots)
Expectation was for a reversal after completion of an AB=CD
PA favored this thought process with a series of bearish candles prior to entry.
TP expected to hit the 38 (even though I generally place a TP at a more optimistic Fib lower down the chart in this case)
I seek out price hesitation which is difficult to gauge correctly when manually closing out trades.
The Asian session is typical of smaller "dangerous" swings so you take your profit and move on to the next setup.
EDIT: As the chart below shows PA quickly reverses to the upside (the dangerous little swings played out in this session).
Masterrmind..........
Expectation was for a reversal after completion of an AB=CD
PA favored this thought process with a series of bearish candles prior to entry.
TP expected to hit the 38 (even though I generally place a TP at a more optimistic Fib lower down the chart in this case)
I seek out price hesitation which is difficult to gauge correctly when manually closing out trades.
The Asian session is typical of smaller "dangerous" swings so you take your profit and move on to the next setup.
EDIT: As the chart below shows PA quickly reverses to the upside (the dangerous little swings played out in this session).
Masterrmind..........
Master your Mind then Master your Trades
- #12,705
- Feb 3, 2015 8:46pm Feb 3, 2015 8:46pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,706
- Feb 3, 2015 9:06pm Feb 3, 2015 9:06pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,707
- Feb 3, 2015 9:24pm Feb 3, 2015 9:24pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
Just went long on EA, a bit late with entry though. The st OF is down but lt is up. Am looking for a Bat, currently at a C buy. {image}
I may renter at the 78.6% PRZ depending on PA, bears look strong atm.
As the lights go by so too do the shadows move
- #12,708
- Feb 3, 2015 9:35pm Feb 3, 2015 9:35pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Just got knocked out -31 pips. Just a note on the MM on this trade. Because the EA has such a wide range I would normally decrease my lots to fit the appropriate risk. I didn't bother this trade because I am testing in lots sizes that wont really impact my account which ever way it goes. I am regretting that decision now however because it will give me a false negative on my spread sheet. Lesson learnt
I trade live but I sure hope you are not and if so do you have a set (or reasonably well set) % loss of equity per given trade?
Masterrmind..........
Master your Mind then Master your Trades
- #12,709
- Feb 3, 2015 9:35pm Feb 3, 2015 9:35pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,710
- Feb 3, 2015 9:41pm Feb 3, 2015 9:41pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,711
- Feb 3, 2015 9:55pm Feb 3, 2015 9:55pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,712
- Feb 3, 2015 10:26pm Feb 3, 2015 10:26pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #12,713
- Feb 3, 2015 10:39pm Feb 3, 2015 10:39pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
Got knocked out of my trade again. -12. Back to the drawing board for the day
As the lights go by so too do the shadows move
- #12,714
- Feb 3, 2015 10:44pm Feb 3, 2015 10:44pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hey mastermind. Yes I have being trading live seriously for the past 3 years. Pips mean nothing but as you suggested % of an account is everything. If the range of say the geppy on the 1m is 20pips then risking 15 pips is pointless as you would be knocked out of the trade almost immediately. The EA normally has a fairly wide range too. The risk reward on that trade I think was roughly 30:110 pips. I would have normally adjusted the lot sizes to fit my account risk. I am trading this system on low lot sizes as I mentioned while I am adjusting...
Yes % loss or gain is what its all about.
I will always match %risked (0.5 to 3%) to #SL pips - scripts are great for taking care of this part of the business.
You are right regarding some of those pairs.......too tight a stop and you're out in the cold fast.
Masterrmind..........
Master your Mind then Master your Trades
- #12,715
- Edited 11:14pm Feb 3, 2015 11:01pm | Edited 11:14pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
{quote} All good! Yes % loss or gain is what its all about. I will always match %risked (0.5 to 3%) to #SL pips - scripts are great for taking care of this part of the business. You are right regarding some of those pairs.......too tight a stop and you're out in the cold fast. Masterrmind..........
I know a little off subject but I have being looking around for a script for lot sizing. I have an EA but a bit unhappy with it and normally use pen and paper/calculator. What would be ideal is something that calculates in deposit currency which is the AUD for me.
What is strange is everywhere I have read the currency conversion for the AUD is vs the USD but it isn't true. I always get exactly 1:1 on the EA but the AU is always off. Still trying to figure this through... It easy to convert when the AUD is first in the pair ie AU but when it's second ie EA it is difficult to convert from other pairs ie UJ. I need to do further homework on this front, it is there and it's just a matter of playing with it until I get it but it would be easier if I had an EA. Any recommendations?
Edit: Things to do, bbl.
As the lights go by so too do the shadows move
- #12,716
- Feb 3, 2015 11:41pm Feb 3, 2015 11:41pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote}
If you search "scripts for lot sizing" here on FF you'll get 4500 hits!!!
Failing this drop by mql4 site as they have many hundreds of scripts too.
I think you should be able to find your perfect match or if that fails (which I doubt) you could easily have one coded.
The combinations are mind boggling....from opening x lots based on y% of account equity and z# pips from a MA or ATR (limitless)
Masterrmind...........
Master your Mind then Master your Trades
- #12,717
- Feb 4, 2015 12:07am Feb 4, 2015 12:07am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
{quote} There are literally thousands of different combinations so its a matter of searching for exactly what you need. If you search "scripts for lot sizing" here on FF you'll get 4500 hits!!! Failing this drop by mql4 site as they have many hundreds of scripts too. I think you should be able to find your perfect match or if that fails (which I doubt) you could easily have one coded. The combinations are mind boggling....from opening x lots based on y% of account equity and z# pips from a MA or ATR (limitless) Masterrmind...........
As the lights go by so too do the shadows move
- #12,718
- Feb 4, 2015 12:31am Feb 4, 2015 12:31am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Cheers mate. I have searched a bit on net but surprisingly not so much on FF. I'll have a look around
I hope your trading day goes well for you.
Masterrmind.........
Master your Mind then Master your Trades
- #12,719
- Feb 4, 2015 2:47am Feb 4, 2015 2:47am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
{quote} Probably best to leave that for the weekend or when you have free time...unlike now when you are hunting the elusive little green pip. I hope your trading day goes well for you. Masterrmind.........
I was looking over my earlier EA trade and it's a bit of a backwards step. The order flow from the main leg was against me and it is probably quite risky C buying/selling from a Bat due to only a 50% pullback, hinting that it could easily become an AB=CD. I think I am getting impatient from the streak of B.E. I've being having. No excuses though, moving forward...
As the lights go by so too do the shadows move
- #12,720
- Feb 4, 2015 3:00am Feb 4, 2015 3:00am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move