Multi-Lot Multi-Timeframe Position trading | Page 49 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

building multi-pair multi-timeframe scanner 48 replies

Multi timeframe multi chart 13 replies

Timeframe inside current timeframe - is that possible? 2 replies

Seeing higher timeframe indicators on lower timeframe 4 replies

BUY run profit 1 lot, SELL LIMIT 2 LOT down again n BUY 1 lot - EA Reqd 5 replies

Attachments: Multi-Lot Multi-Timeframe Position trading
Exit Attachments

Multi-Lot Multi-Timeframe Position trading

  • #961
  • Edited 2:19pm Feb 23, 2015 10:30am | Edited 2:19pm
My Monday list is Short:AN,EG Long:GCad,NCad,UCad. Monday is usually a slow day for me. My only new position so far this week is GCad long. Trading a very minimum risk position today as described in the 12 step method earlier. Taking first lot off in profit to fund putting two lots on without taking additional risk to capital, etc, just as I described. I might increase risk later, but I see no reason to do so now since everything is moving my way, albeit very slowly.

Oil prices jumped up today as Nigeria announced they might call an Emergency meeting of OPEC to address falling oil prices. Of course, the Canadian Loonie moves in tandem with the price of oil. It's hard to believe that Saudi Arabia would give up on shutting down the competition after giving up billions in income by driving down the price of oil through increased production. The purpose of the Saudi's overproduction was just what's happening, run the competition out of the oil business. They must have known that their "friends" in OPEC would suffer greatly and they still made the decision to go forward with their plan. Living in Houston Texas, The Energy Capital of The World, I have a friends and family in the Oil Business and none believe oil has hit it's bottom yet. At the moment, I'm just trading the trends and watching the fundamentals with morbid curiosity.
  • #962
  • Feb 23, 2015 5:32pm Feb 23, 2015 5:32pm
Once again the market reinforces the key trading skill of PATIENCE

Last week I opened 3 trades which immediately went against me. Yes I am still working on better entry timing. All week they sat well below break even at a total of -320pips. When I work this morning after the US market closed I was up +142pips.

Trust your system. Place your stops and let the market do its thing.

Be patient.
Winners add to winning trades!
  • #963
  • Feb 23, 2015 6:07pm Feb 23, 2015 6:07pm
Quoting marshalmax
Once again the market reinforces the key trading skill of PATIENCE Last week I opened 3 trades which immediately went against me. Yes I am still working on better entry timing. All week they sat well below break even at a total of -320pips. When I work this morning after the US market closed I was up +142pips. Trust your system. Place your stops and let the market do its thing. Be patient.
Great post MM. Of course we need to set our stops to protect ourselves going into the trade, but we need the confidence to stay with a good solid system through good times and bad. It's human nature to give up on a trade just before it takes off in our direction. Before giving up, it's best to review once again why we took the trade in the beginning. For me, it's always because the longer timeframes are ALL trending in the direction of my trade. Usually, when I go back and look at those longer timeframe trends, they are still in my direction and that reinforces my will to stay with the trade until the longer term trend resumes.
  • #964
  • Feb 24, 2015 2:59am Feb 24, 2015 2:59am
Quoting Graviton
{quote} Great post MM. Of course we need to set our stops to protect ourselves going into the trade, but we need the confidence to stay with a good solid system through good times and bad. It's human nature to give up on a trade just before it takes off in our direction. Before giving up, it's best to review once again why we took the trade in the beginning. For me, it's always because the longer timeframes are ALL trending in the direction of my trade. Usually, when I go back and look at those longer timeframe trends, they are still in my direction...
That was a very good wisdom in trading. I can just confirm it with a real time example. I opened some USD trades and they did not go anywhere. It was a long waiting and I had a couple of times thoughts to close them. But finally now they have kicked in and the interesting part of the trade (scaling in) is about to start.

IBO
  • #965
  • Edited 2:56pm Feb 24, 2015 2:45pm | Edited 2:56pm
Quoting IBreakOut
{quote} That was a very good wisdom in trading. I can just confirm it with a real time example. I opened some USD trades and they did not go anywhere. It was a long waiting and I had a couple of times thoughts to close them. But finally now they have kicked in and the interesting part of the trade (scaling in) is about to start. IBO
Yes, until I get the third lot on and have no risk, I consider the trade still in the entry stage. My trades haven't been trending well the last couple weeks and I can't force it. I'm in full defensive mode now, taking the first lot off for profit to fund a potential trade, fighting for every pip, cutting losses very short and just waiting for things to go well for me. They always do eventually.

BOC talked up the Loonie today, causing me to take exits off GCad and NCad longs. Fortunately, I had already taken off first lot profits to fund the trades, so they were zero risk and I exited with a few pips in my pocket. I expect the Cad to dive again when the shine wears off the BOC talk and I'll re-enter if all my requirements are satisfied.
  • #966
  • Feb 25, 2015 2:56am Feb 25, 2015 2:56am
Good setup here with low risk.

https://www.tradingview.com/x/JyzUf3mg/

maybe we want to wait the rsi4h to go up to 50.

With 300 pips spacing i think we can get a free trade assuming first lot profits.

Good setup here also.

https://www.tradingview.com/x/T49HpGiN/

20 pips stop.

https://www.tradingview.com/x/TI7hWT1z/

another one. All very small risks.

We just need to wait for confirmations
  • #967
  • Feb 25, 2015 3:11am Feb 25, 2015 3:11am
As trend traders we have to live with the fact that there are periods that come along where we can't really get anywhere. It looks like we could be entering one of these periods and if so its important to remain patient and be careful with the capital.

I see GBP as the only currency looking strong right now (i.e. today).

AUD and CAD are too deep in retraces to use as weak currencies.

EUR looks the best bet but I think its going to take some kind of news to make it crash down through that support that has been holding it up over recent days.
  • #968
  • Feb 25, 2015 8:48am Feb 25, 2015 8:48am
Quoting lemming78
Good setup here with low risk. https://www.tradingview.com/x/JyzUf3mg/ maybe we want to wait the rsi4h to go up to 50. With 300 pips spacing i think we can get a free trade assuming first lot profits. Good setup here also. https://www.tradingview.com/x/T49HpGiN/ 20 pips stop. https://www.tradingview.com/x/TI7hWT1z/ another one. All very small risks. We just need to wait for confirmations
Thanks for the charts Lem. I have two lots on the EG short now. They are ahead a little, first lot +33, second -2. I've taken the first lot off for profit already, so low risk entry attempt. That's the only trade I have running at the moment. GA and GCad long's currently trending down for me on H4, but watching them for an entry.
  • #969
  • Feb 25, 2015 8:55am Feb 25, 2015 8:55am
I longed UCad near swing bottom, SL at b/e:

http://i.imgur.com/9EWNQ4R.png

Longed GCad also, since its bouncing off weeekly pivot. SL below.

EZ
  • #970
  • Feb 25, 2015 9:02am Feb 25, 2015 9:02am
Quoting lemna
As trend traders we have to live with the fact that there are periods that come along where we can't really get anywhere. It looks like we could be entering one of these periods and if so its important to remain patient and be careful with the capital. I see GBP as the only currency looking strong right now (i.e. today). AUD and CAD are too deep in retraces to use as weak currencies. EUR looks the best bet but I think its going to take some kind of news to make it crash down through that support that has been holding it up over recent days.
I agree 100%. If GPB is strongest and EUR is weakest, then the EG short makes the most sense for me atm.
  • #971
  • Feb 25, 2015 9:31pm Feb 25, 2015 9:31pm
I have 2 entries on G/J. 1st is locked in at +75, 2nd with a 75 pip s/l so basically risk free at this point (barring gaps )
  • #972
  • Edited 10:58pm Feb 25, 2015 10:04pm | Edited 10:58pm
Quoting spyderman
I have 2 entries on G/J. 1st is locked in at +75, 2nd with a 75 pip s/l so basically risk free at this point (barring gaps )
Cool. Looks like we have some trading coming up finally. It comes in waves. When the trading is good, we trade. When the trading is bad, we (fill in with your own favorite hobby, pastime, and/or vice).

Gaps happen to those other guys. The ones who think they are smarter than the markets. We are simple trend followers. When there are gaps, they are almost always in our favor. It's funny how it just works out like that. Weigh anchor and hoist the mizzen! Steady as she goes.
  • #973
  • Feb 26, 2015 1:34am Feb 26, 2015 1:34am
Ok good.

I prepared a new trading system. For now i prefer not to disclosure details, which will be released after an accurate test.

https://www.myfxbook.com/portfolio/tests/1168633

Beside open orders, i'm watching NJ. Conditions will be met hopefully today and i'll jump in.

As a rule, i never open more than 2 trades with the same ccy in. EURGBP/GBPUSD are 2 gbp so no more gbp.

I "stole" the 0.5% of the first trade from Grav.

Some might oppose to GBP/USD long. But let's think about it. Yellen told they want to be patient. Carney said pretty much the same thing. This is not against central banks, given the fact that the likelihood both will raise IR at the same time or in the same period.

What i'm not able to understand is the AUD/NZD monetary policy. How should we consider CB's relative strenght compared to ECB/BOJ/BOE/FED?

I see it somewhere between BOJ and BOE/FED but i would like to hear your opinions.

Watching also carefully CRUDE. A close above 55$ would be part of a triggering action long.
  • #974
  • Feb 26, 2015 5:17am Feb 26, 2015 5:17am
all conditions met.

Jumped in! 0.5% risk
https://www.tradingview.com/x/ueiyO0Ua/
  • #975
  • Feb 26, 2015 6:41am Feb 26, 2015 6:41am
Oh well...long G/J's taken out. Zero net loss so no harm, no foul.
1 short on E/G at +10...maybe this time.
  • #976
  • Feb 26, 2015 8:22am Feb 26, 2015 8:22am
Quoting lemming78
Ok good. I prepared a new trading system. For now i prefer not to disclosure details, which will be released after an accurate test. https://www.myfxbook.com/portfolio/tests/1168633 Beside open orders, i'm watching NJ. Conditions will be met hopefully today and i'll jump in. As a rule, i never open more than 2 trades with the same ccy in. EURGBP/GBPUSD are 2 gbp so no more gbp. I "stole" the 0.5% of the first trade from Grav. Some might oppose to GBP/USD long. But let's think about it. Yellen told they want to be patient. Carney said...
Hi Lemming,

I would be more careful with oil. Going long with it seems too risky, especially at the 55.00 level.

In my opinion NZD is quite strong, reports are ok and while the other commodity currency CBs cut rates, they are just on hold. They are still the highest interest rate currencies from the majors. AUD on the other side brings up only bad reports and CB cut rates to weaken currency. Your question is interesting as it is a a tough scenario to imagine a strong New Zealand economy but a weak Australian economy for a longer time period.

Today is dairy auction by the way.

IBO
  • #977
  • Edited 8:32am Feb 26, 2015 8:22am | Edited 8:32am
Quoting lemming78
Ok good. I prepared a new trading system. For now i prefer not to disclosure details, which will be released after an accurate test. https://www.myfxbook.com/portfolio/tests/1168633 Beside open orders, i'm watching NJ. Conditions will be met hopefully today and i'll jump in. As a rule, i never open more than 2 trades with the same ccy in. EURGBP/GBPUSD are 2 gbp so no more gbp. I "stole" the 0.5% of the first trade from Grav. Some might oppose to GBP/USD long. But let's think about it. Yellen told they want to be patient. Carney said...
You might be overthinking this. My advice is to just follow the trends. It's simple and effective. If you don't understand why something is trending, you can try to study it some more, but there are things that we can never understand due to incomplete information. For instance, if a large English company needs to sell Euros earned in trade and buy GBP to pay payroll, that is just a commercial transaction that isn't required to be reported. It might drive the EG down strongly, but we might never know why it's moving down, since we don't have the information. That doesn't mean that we can't make money off it though. Sometimes the reason for the strong trend only becomes obvious well after we have entered it. CB policy is often only important when it's obvious. For instance, it's obvious that ECB wants the Euro low. The RBNZ has said they want their currency stable. The EN is trending down, so I'm taking that short for a try. Euro is weaker than the GBP, I'm way short there. Both of those trades are trending strongly, which is really the only reason to take the trades. It's just very convenient for me that CB policy agrees with the trades. Not sure if that helps?
  • #978
  • Feb 26, 2015 8:36am Feb 26, 2015 8:36am
Just noticed another advantage of funding the second lot with a first lot.... you can switch pairs if you want.
Unorthodox, but feels nice
got the first lot off EURGBP
financed a EURUSD short with that
now I am short EURUSD "second lot" + peace of mind
I know I shouldn't be so fearful of losses but this little trick is psychologically effective!
  • #979
  • Feb 26, 2015 8:48am Feb 26, 2015 8:48am
Quoting IBreakOut
{quote} Hi Lemming, I would be more careful with oil. Going long with it seems too risky, especially at the 55.00 level. In my opinion NZD is quite strong, reports are ok and while the other commodity currency CBs cut rates, they are just on hold. They are still the highest interest rate currencies from the majors. AUD on the other side brings up only bad reports and CB cut rates to weaken currency. Your question is interesting as it is a a tough scenario to imagine a strong New Zealand economy but a weak Australian economy for a longer time period....

I agree that oil is risky. It's price is not being determined by free market forces. I like the cheap gas (petrol), but I don't trade things that are obviously being manipulated. Oil price is obviously being manipulated by the Saudi's. I'm more of a free market kinda guy.

As far as NZD strength vs. AUD, I can see that on the basis of the AUD being more dependent on weak mining than the NZD. In the end, if there is any way I can see a good reason for a strong trend, I'll trade it. If I just can't see it, I'll keep looking.
  • #980
  • Feb 26, 2015 9:32am Feb 26, 2015 9:32am
Quoting Graviton
{quote} You might be overthinking this. My advice is to just follow the trends. It's simple and effective. If you don't understand why something is trending, you can try to study it some more, but there are things that we can never understand due to incomplete information. For instance, if a large English company needs to sell Euros earned in trade and buy GBP to pay payroll, that is just a commercial transaction that isn't required to be reported. It might drive the EG down strongly, but we might never know why it's moving down, since we don't...
Hello!

Regarding the corporate side, the thing is that corporate might want to long eur/gbp, but it has to contact its sales in bank and fill the order. Bank trader will 99% of the time hedge instantly the order with an opposite trade so net effect would be zero. In my life i've only once seen an operation which manipulated the market. It was 1 and a half year ago for a big corporate i worked for which had to buy 1.5 billion dollars one shot in order to pay USD dividends. EURUSD fell 75 pips.

You may be right, i need to study a little bit more

Just to signal that, you remember the long gbp/usd? Made a huge mistake which costed me 0.5% equity. I didn't follow one of the rules i had on my pdf... i simply forgot that. Markets don't forgive

At this point we could see what cable is gonna do. Wait wait wait.
3 traders viewing now