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And now for something completely different

  • #21
  • Feb 10, 2015 1:35am Feb 10, 2015 1:35am
love it, thanks for sharing. Also enjoyed your H4 power stuff and contributions to Equity Millipede.
  • #22
  • Feb 10, 2015 5:28am Feb 10, 2015 5:28am
Hi 60Minuteman;

Very interesting what you're showing here.

I'll have a look at this using the Monthly and Daily TFs for a Longer Term View.

If nothing else this will help me to not get too attached to any individual Trade and help with my intuition for exiting Trades.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th Feb 15 AUD:USD D1 Chart.png Size: 91 KB
  • #23
  • Feb 10, 2015 5:50am Feb 10, 2015 5:50am
Quoting studio1
love it, thanks for sharing. Also enjoyed your H4 power stuff and contributions to Equity Millipede.
Attached Image
tradewith60
  • #24
  • Feb 10, 2015 5:51am Feb 10, 2015 5:51am
Tuesday trade updates here...

http://www.nakedforexnow.com/showthr...ll=1#post10620
tradewith60
  • #25
  • Feb 10, 2015 5:55am Feb 10, 2015 5:55am
Quoting stevepatt
Hi 60Minuteman; Very interesting what you're showing here. I'll have a look at this using the Monthly and Daily TFs for a Longer Term View. If nothing else this will help me to not get too attached to any individual Trade and help with my intuition for exiting Trades. {image}
Hi Steve nice to see you again sir!... first your chart, exactly right, 2 losses and the third trade open.

I haven't actually recorded data for the higher TF's but the logic is the same so I would expect a similarly high win rate and then it is just a case of good exit/re-entry techniques to insure consistent profit...
tradewith60
  • #26
  • Feb 10, 2015 6:08am Feb 10, 2015 6:08am
I'm going to test this on a Demo Account.

Entries are the easy part of the equation, as always, the skill is going to come in using my intuition to exit.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th Feb 15 EUR:USD D1 Chart.png Size: 77 KB
  • #27
  • Feb 10, 2015 6:15am Feb 10, 2015 6:15am
Quoting stevepatt
I'm going to test this on a Demo Account. Entries are the easy part of the equation, as always, the skill is going to come in using my intuition to exit. {image}
Hi Steve... check the last video i posted with the exit/re-entry... thats the key here. Pre-define some other exits you will use such as (over 150 pips at close, strong SR level.. etc) and then trade them only.

Avoid ambiguous 'emotional' exits by vocalizing your feelings when your subconscious is urging you to exit - if that doesn't work, go for a run, do some sit ups etc (a physical activity will allow the brain to make a rational decision instead of acting on impulse)
tradewith60
  • #28
  • Feb 10, 2015 7:09am Feb 10, 2015 7:09am
exits video up on nff... Go check it out!

http://www.nakedforexnow.com/showthr...ll=1#post10621

p.s vote in the poll... Let's get this thread where it belongs!
tradewith60
  • #29
  • Feb 10, 2015 7:20am Feb 10, 2015 7:20am
Quoting 60minuteman
{quote} Hi Steve... check the last video i posted with the exit/re-entry... thats the key here. Pre-define some other exits you will use such as (over 150 pips at close, strong SR level.. etc) and then trade them only. Avoid ambiguous 'emotional' exits by vocalizing your feelings when your subconscious is urging you to exit - if that doesn't work, go for a run, do some sit ups etc (a physical activity will allow the brain to make a rational decision instead of acting on impulse)
Hi 60minuteman;

It's hard, for me, to define what's Technical and what would be considered Intuitive when looking for an Exit.

Any signs of weakness within the Blue Rectangle would be a logical Exit, if the Trade gets Triggered.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th Feb 15 EUR:USD D1 Chart 2.png Size: 73 KB
  • #30
  • Feb 10, 2015 7:31am Feb 10, 2015 7:31am
Quoting stevepatt
{quote} Hi 60minuteman; It's hard, for me, to define what's Technical and what would be considered Intuitive when looking for an Exit. Any signs of weakness within the Blue Rectangle would be a logical Exit, if the Trade gets Triggered. {image}
intuitive - based on experience and learning

impulsive - because you had a feeling...


There will be 'feelings' associated with both but just ask yourself (say it out loud) "is this one of my pre-defined exits based on my experience or is it just a feeling of fear?"
tradewith60
  • #31
  • Feb 10, 2015 7:43am Feb 10, 2015 7:43am
Quoting 60minuteman
exits video up on nff... Go check it out! http://www.nakedforexnow.com/showthr...ll=1#post10621 p.s vote in the poll... Let's get this thread where it belongs!

Hi 60minuteman;

I like the logic behind your Exit decision here.

If I see a positive closing Bullish day it will probably be best to exit and set another Pending Buy Order at the High of the Exit Candle. What do you think of the logic behind this?
Attached Image (click to enlarge)
Click to Enlarge Name: 10th feb 15 EUR:USD D1 Chart 3.png Size: 72 KB
  • #32
  • Feb 10, 2015 8:56am Feb 10, 2015 8:56am
Hi 60minuteman;

The Entry Rules, you have set, are very simple to understand, I think, if I want this to work, for me, I will have to have a simple set of Logical Rules to Exit.

I hope the chart below explains what I will be looking for and that my reasoning is Intuitive rather than Impulsive.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th feb 15 EUR:USD D1 Chart 4.png Size: 130 KB
  • #33
  • Feb 10, 2015 9:31am Feb 10, 2015 9:31am
Quoting stevepatt
Hi 60minuteman; The Entry Rules, you have set, are very simple to understand, I think, if I want this to work, for me, I will have to have a simple set of Logical Rules to Exit. I hope the chart below explains what I will be looking for and that my reasoning is Intuitive rather than Impulsive. {image}
Hi Steve, I can see you're starting to change your thinking about risk... but, there is no rational reason to exit for a loss, if you're going to do that then you may as well trade with smaller sl.... an exit in loss is a fear exit. - you're on the right path here!

Stop and decide the most important question, you can not sit on the fence with this one: 1. wide stops, high win rate 2. tighter stops, bigger wins... avoid being in two minds, it will lead to indecision, fear, impulse actions

Keep posting your thoughts and data please!
tradewith60
  • #34
  • Feb 10, 2015 10:25am Feb 10, 2015 10:25am
Quoting 60minuteman
{quote} Hi Steve, I can see you're starting to change your thinking about risk... but, there is no rational reason to exit for a loss, if you're going to do that then you may as well trade with smaller sl.... an exit in loss is a fear exit. - you're on the right path here! Stop and decide the most important question, you can not sit on the fence with this one: 1. wide stops, high win rate 2. tighter stops, bigger wins... avoid being in two minds, it will lead to indecision, fear, impulse actions Keep posting your thoughts and data please!
Hi 60minuteman;

I'm finding it difficult to set a realistic Stop Loss and achieving a consistent Risk:Reward of 1:2 when Trading the Daily Time frame. Because of this I think I will be more comfortable with a bigger Stop Loss and Higher Win Rate. Although the Stop Loss would need to have some flexibility because of the size of Trading Account needed.

I find it difficult to not get attached to a Trade and so welcome a more Intuitive way of Trading.

What I find hardest to understand, with your method of trading, is determining an Exit that isn't fear driven when the Trade starts to turn against me.

My thinking was that it was better to get out of a losing Trade sooner rather than later and re-position myself in the market.

I am going to need some rules for Exiting otherwise I'll be letting the Trade run until it hits my Stop Loss.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th feb 15 EUR:USD D1 Chart 5.png Size: 72 KB
  • #35
  • Feb 10, 2015 12:04pm Feb 10, 2015 12:04pm
Very interesting 60min. With regards discussing results and RR, would it not be better to highlight your 'r' rather than pips? As your stop varies in size so will your profit per trade dependent on initial risk. The number of pips gained is irrelevant.
  • #36
  • Feb 10, 2015 1:21pm Feb 10, 2015 1:21pm
Quoting Porkpie
Very interesting 60min. With regards discussing results and RR, would it not be better to highlight your 'r' rather than pips? As your stop varies in size so will your profit per trade dependent on initial risk. The number of pips gained is irrelevant.
Hey PP, great to see you again...

I would go further and say that all figures and quantitative analysis of a strategy is irrelevant, all I am concerned with is what I believe.

Do I believe that under normal market conditions it is logical that I will make more than I lose trading this way? YES 100%

Do I need more than that? NO...

Facts are what happened in the past and often bear very little relevance to the future so I choose to base my risk decisions on what is logical. For the strategy to work I need the market to oscillate up and down with varying amplitude, is that unusual or does it happen all the time? I believe all the time and always will.

That being said we do need to protect from the possibility of unfavourable market conditions so I choose to risk as little as possible and increase size slowly with profits gained.


I'm not 100% sure I have really answered your question PP, but I guess what I am trying to say is that you do not have to follow any rules to make consistent profit as a trader, and often going directly against them can be very profitable indeed.

here's an extract from a
tradewith60
  • #37
  • Feb 10, 2015 1:22pm Feb 10, 2015 1:22pm
a good extract from market wizards a good friend shared with me this week http://gyazo.com/4b42426f0f1a750ffffb2f60507c57ba
tradewith60
  • #38
  • Feb 10, 2015 1:25pm Feb 10, 2015 1:25pm
Quoting 60minuteman
{quote} Hey PP, great to see you again... I would go further and say that all figures and quantitative analysis of a strategy is irrelevant, all I am concerned with is what I believe. Do I believe that under normal market conditions it is logical that I will make more than I lose trading this way? YES 100% Do I need more than that? NO... Facts are what happened in the past and often bear very little relevance to the future so I choose to base my risk decisions on what is logical. For the strategy to work I need the market to oscillate up and down...

Well said. When I first started forex trading I had no idea what I was doing - just instinct. I made a lot of money quickly. I thought to myself 'I had better learn some theory etc about this stuff' and for months thereafter consistently lost money trying to follow different systems, etc. Last April I went back to a more intuitive way of trading. I made tons of money. Then got caught out being too greedy and not knowing when to pull out of a losing trade (no pre determined SL) - gave way 3/4 of my profits. Have learnt a lot about emotions along the way and now getting an even clearer way to trade and control risk to some extinct but its always a big learning curve!
  • #39
  • Edited 2:18pm Feb 10, 2015 2:07pm | Edited 2:18pm
Quoting studio1
{quote} Well said. When I first started forex trading I had no idea what I was doing - just instinct. I made a lot of money quickly. I thought to myself 'I had better learn some theory etc about this stuff' and for months thereafter consistently lost money trying to follow different systems, etc. Last April I went back to a more intuitive way of trading. I made tons of money. Then got caught out being too greedy and not knowing when to pull out of a losing trade (no pre determined SL) - gave way 3/4 of my profits. Have learnt a lot about emotions...
.... and there we go, another trading rule to ignore

"trade without emotion" - your failure to notice that greed (an emotion) was now controlling your actions, instead of your intuition (learned skill and ability) cost you dearly...

So in fact the opposite is true "always use your emotions, be aware what emotions are urging you to act, use that data to make intuitive decisions"

But we have never been told this, even now on FF a thread like this is considered a trading journal and not a trading strategy...
tradewith60
  • #40
  • Feb 10, 2015 2:09pm Feb 10, 2015 2:09pm
Hello 60.

I'm following with interest your "alternative" way. I like the simplicity... (no indicators). I also like that TP and SL are not... fixed ( I know that most people hate that).

Although I watch very careful all videos I may missed something because English is not my native language.

So, forgive me if I you have already answered these question... (I also understand that factors like... time to draw TL, time to start trading are not so... important)

a) Which pairs do you trade (except Gold and SP500)?

b) Do you always get as an entry the high/low of the 8am candle?

c) If your trade doesn't open at 9th candle (because price doesn't reach 8th's candle high/low) do you then move forward to 9th-10th candle (waiting 10th to break high/low of previous candle)? And ... so on?? Do you have a rule to stop trading for the day??

d) Do you always put new pending order after you close a trade (to the direction of previous trade)?

Thanks for your times and all that you share.

Regards
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