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45 Combo - momentum system

  • #1,181
  • Feb 10, 2015 10:00am Feb 10, 2015 10:00am
Another question from me FX. Many thanks in advance for your time and patience.

How much discretion do you use in the trade selection. As long as they fit your trade plan do you take the trade regardless of the trend on the 40 moving average or the price action preceding the set up (sideways ranging for example)

Overthinking it cost me a couple of trades today and I guess for a learner like me discretion can be a dangerous thing!

Regards Schoe.
  • #1,182
  • Edited 10:54pm Feb 10, 2015 10:03am | Edited 10:54pm
Quoting schoe
Thx Birdland. Just before leaving for work I got my daily winner Almost breakeven for the day. I need to eliminate fear from my trading (and i'm only on demo lol) by just sticking to the system, not cherry picking signals , just learning to take them all within the rules and then I can learn to trust the method and myself over the long haul. As they say its you against yourself........... {image}
To help you out further with my humble input...
Your success in here will rely on believing the overall package IF one can get passed the difficulties of different sections.
Our entry in nothing all too special, we are lucky if plot 50%. So that fact by itself could bring many doubts in the heat of battle which will lead to second guessing which is detrimental to trading.
However if one can set sight on the overall package and long term results can and will overcome the low accuracy doubts factors.
The other key elements that will does the job in the background are, on top of the list, the favorable RR (1:2+)... the risk measurement to be involved only with most ideal signals... and the daily management.
If one could keep those three in mind at all time during the session and ignore everything else then pulling the trigger becomes automatic which will lead to eventual consistency.

That's what has worked for me so thought to be useful to share it in detail for your sake and everyone else.

Cheers,
  • #1,183
  • Feb 10, 2015 10:07am Feb 10, 2015 10:07am
Quoting eurix
I nearly got it. Only 1.3 Pip {image}
It's ok eurix well done actually... be proud of your patience for target mark and determination on not settling for nothing less when it sure looked strong to hit the target.
This will payoff for you in the long run.


Cheers,
  • #1,184
  • Edited 10:58pm Feb 10, 2015 10:18am | Edited 10:58pm
Quoting schoe
Another question from me FX. Many thanks in advance for your time and patience. How much discretion do you use in the trade selection. As long as they fit your trade plan do you take the trade regardless of the trend on the 40 moving average or the price action preceding the set up (sideways ranging for example) Overthinking it cost me a couple of trades today and I guess for a learner like me discretion can be a dangerous thing! Regards Schoe.
I only think and act upon my plan... thats the only edge I got in this market... this is my mind set.

The only time I make audibles to my trading plan as to either banking 10 or 15 instead of full 20 or occasionally avoiding action on some particular signal is when I consider daily management overplay factor.
When I am down I look to do whatever it takes to comeback to breakeven or chip away from accumulated losses... so sometimes I have to avoid the less than perfect ideal signal or bank earlier regardless of potential just to make sure I am back to BE by wiping 2-3 losses in one near winner.

So with all that said... I don't play much attention to X's and O's... you try to make too much sense out of that and you will get burned because it can not be done consistently due to lack of market control as a retail trader... but I can be in control of my risk, my action, in order to create consistency in a long haul.

This is the best honest answer I can give, and again, it's what I do and what my perspective are on the matters... some or many may disagree and they could be right in their own right.

Cheers,
  • #1,185
  • Feb 10, 2015 4:17pm Feb 10, 2015 4:17pm
Quoting fx-Tycoon
{quote} I only think and act upon my plan... thats the only edge I got in this market... this is my mind set. ...
Well, posts 1182 and 1184, would deserve to be mentioned in post #1. They summarize the whole philosophy of your strategy, Tycoon, and actually what makes the difference. Thanks for sharing. More stuff for the pdf...
  • #1,186
  • Feb 10, 2015 5:53pm Feb 10, 2015 5:53pm
FxTycoon gives one of the best perspective what trading the plan inside a chaotic market is all about. Excellent stuff !
  • #1,187
  • Feb 10, 2015 10:30pm Feb 10, 2015 10:30pm
Quoting fx-Tycoon
{quote} I only think and act upon my plan... thats the only edge I got in this market... this is my mind set. The only time I make audibles to my trading plan as to either to bank 10 or 15 instead of full 20 or occasionally not taking action on some particular signal is when I consider daily management should overplay. When I am down I look to do whatever it takes to comeback to breakeven or chip away from accumulated losses... so sometimes I have to not take up on a less than perfect ideal signal or bank earlier regardless of potential just to...
well said

good morning/evening!
trading is like dancing, don't think and just listen to the music!
  • #1,188
  • Feb 10, 2015 11:01pm Feb 10, 2015 11:01pm
Hey Ty, today is a bank holiday in Japan. Are we supposed to ignore the two yen pairs?
  • #1,189
  • Feb 10, 2015 11:01pm Feb 10, 2015 11:01pm
Hello to all... start of the session in a bit... No red news for the next 3 hours, so thats good.

Cheers,
  • #1,190
  • Feb 10, 2015 11:03pm Feb 10, 2015 11:03pm
Quoting Hammertop
Hey Ty, today is a bank holiday in Japan. Are we supposed to ignore the two yen pairs?
No... if the momo is there then it don't matter.
I seen some huge moves in holidays.
I ignore this things.
  • #1,191
  • Feb 10, 2015 11:13pm Feb 10, 2015 11:13pm
gm all
  • #1,192
  • Feb 10, 2015 11:16pm Feb 10, 2015 11:16pm
Took my 1st loss on EJ -5. The price just got me in and then retraced
  • #1,193
  • Feb 10, 2015 11:17pm Feb 10, 2015 11:17pm
Quoting Hammertop
Took my 1st loss on EJ -5. The price just got me in and then retraced
Did you use buffer?... bcz I had a pending as well but missed the trigger.
  • #1,194
  • Feb 10, 2015 11:19pm Feb 10, 2015 11:19pm
Quoting fx-Tycoon
{quote} Did you use buffer?... bcz I had a pending as well but missed the trigger.
Yes 0.7. By the way: do you add something for spread as well? Maybe silly question but let's clear it please.
  • #1,195
  • Feb 10, 2015 11:24pm Feb 10, 2015 11:24pm
Quoting Hammertop
{quote} Yes 0.7. By the way: do you add something for spread as well? Maybe silly question but let's clear it please.
No.. just 0.7 from the closing point of the candle.

Don't worry about this one.. is due to broker.. mine was missed by a hair I am sure.
  • #1,196
  • Feb 10, 2015 11:29pm Feb 10, 2015 11:29pm
Quoting fx-Tycoon
{quote} No.. just 0.7 from the closing point of the candle.
Thanks for clarifying. Well, my close was 135.334 and PO was at 135.342, even 0.8 buffer. Surely spread, although usually low, affected it. My broker must be after me...
The problem now is that if we get a good entry long I shouldn't take it because of the 1 hour rule...
  • #1,197
  • Feb 10, 2015 11:35pm Feb 10, 2015 11:35pm
Quoting Hammertop
{quote} Thanks for clarifying. Well, my close was 135.334 and PO was at 135.342, even 0.8 buffer. Surely spread, although usually low, affected it. My broker must be after me... The problem now is that if we get a good entry long but I shouldn't take it because of the 1 hour rule...
Well ej is a mess atm, so no worries to miss anything on that for now, lol


eu and gu are good options for rest of this hour, they broke into new lows for the day off eu open... and now close to give out a possible ideal signal... so concentrate on those two for now..
  • #1,198
  • Feb 10, 2015 11:36pm Feb 10, 2015 11:36pm
Quoting fx-Tycoon
{quote} Well ej is a mess atm, so no worries to miss anything on that for now, lol
I was wondering about EJ it's certainly not attractive but strictly speaking there is a trade there, I guess there has to be a little bit of discretion....
  • #1,199
  • Feb 10, 2015 11:41pm Feb 10, 2015 11:41pm
I am thinking the thread is ready to move into new level as I may today reveal couple of new elements...
lets hope today i could get my daily target early and be able to talk this in the forth hour.
  • #1,200
  • Feb 10, 2015 11:43pm Feb 10, 2015 11:43pm
Quoting fx-Tycoon
I am thinking the thread is ready to move into new level as I may today reveal couple of new elements... lets hope today i could get my daily target early and be able to talk this in the forth hour.
Wow! Totally unexpected! I hope you will (and so will I LOL). I can't wait...
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