{quote} On a lighter mood the risk is on the employer so long as you keep showing up for work
Hope you are good IP
Rooi
We miss 100% of the shots we don't take
- #661
- Jun 10, 2015 2:59am Jun 10, 2015 2:59am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
Hope you are good IP
Rooi
Morning, good profit Anthm & Rooi. GU may have been more straightforward today!!?
Dehya, I was on EU as well today but not the most comfortable journey around the round number.
I know I could have done things differently and made life easier but thankfully it worked out in the end.
The early signal I didn't take as I wasn't completely set up, shame.
The other trade not taken was partly due to the high SL, Considered 1 TP and a fixed SL, but down -13 and some doubt whether price would break through the number, decided to leave it. Wrong. This is Europe and London trading now, they set their own agenda and what happened overnight is of little consequence now!!!!
Trade 1; not comfortable with this, price had only just poked through the number but there had been other attempts overnight which failed so benefit of the doubt was possibly in favour of heading downwards again. Didn't happen and probably should have exited sooner than I did.
Trade 2; didn't enter immediately due to high SL, but good entry further on after a small pullback provided a high to use as cheap SL. Considered closing trade once I was in daily profit but decided to close TP1 and set target for TP2 to ensure no overall loss and see if there was more on offer. Went to +24 and settled for +20 on TP2.
good day to everyone, strada.
Dehya, I was on EU as well today but not the most comfortable journey around the round number.
I know I could have done things differently and made life easier but thankfully it worked out in the end.
The early signal I didn't take as I wasn't completely set up, shame.
The other trade not taken was partly due to the high SL, Considered 1 TP and a fixed SL, but down -13 and some doubt whether price would break through the number, decided to leave it. Wrong. This is Europe and London trading now, they set their own agenda and what happened overnight is of little consequence now!!!!
Trade 1; not comfortable with this, price had only just poked through the number but there had been other attempts overnight which failed so benefit of the doubt was possibly in favour of heading downwards again. Didn't happen and probably should have exited sooner than I did.
Trade 2; didn't enter immediately due to high SL, but good entry further on after a small pullback provided a high to use as cheap SL. Considered closing trade once I was in daily profit but decided to close TP1 and set target for TP2 to ensure no overall loss and see if there was more on offer. Went to +24 and settled for +20 on TP2.
good day to everyone, strada.
- #663
- Jun 10, 2015 3:27am Jun 10, 2015 3:27am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
Morning, good profit Anthm & Rooi. , strada. {image}
Nice trading truly showing how experience can make a big difference
Is this your setup that you use to trade now.Split the screen in two with GEN on the one side and a clean chart zoomed in the same on the other with no more BAGO?
Rooi
PS - I really am liking the how you entered that second trade.It happens often so thank you for keeping the examples coming.Really trying to wrap my head around it properly :nerd:
We miss 100% of the shots we don't take
{quote} Morning Strada. Nice trading truly showing how experience can make a big difference Is this your setup that you use to trade now.Split the screen in two with GEN on the one side and a clean chart zoomed in the same on the other with no more BAGO? Rooi
I have another set of charts on my other screen (bago) and these alongside whichever trading platform I'm using are where the actual entry/exit /sl etc decisions are made after a G1m signal.
strada.
- #665
- Jun 10, 2015 4:07am Jun 10, 2015 4:07am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
{quote} Hi Rooi, these charts are what I have on MT4, the main one obviously is the genesis for the signals and normally it's EU and GU half screen with EJ on quarter screen which I can pull up on the left if I'm looking at EJ as well. I only use the blank charts when I'm finsihed for putting in the trade info and saving. Normal view below. I have another set of charts on my other screen (bago) and these alongside whichever trading platform I'm using are where the actual entry/exit /sl etc decisions are made after a G1m signal. strada. {image}
Thank you for the reply
Rooi
We miss 100% of the shots we don't take
- #666
- Jun 10, 2015 11:18am Jun 10, 2015 11:18am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
Rooi. Trade 2; didn't enter immediately due to high SL, but good entry further on after a small pullback provided a high to use as cheap SL. Considered closing trade once I was in daily profit but decided to close TP1 and set target for TP2 to ensure no overall loss and see if there was more on offer. Went to +24 and settled for +20 on TP2. good day to everyone, strada. {image}
Hi Strada
I was wondering if the below trade would be a failed instance of that trade setup that I have been asking you about.Like the second trade in your previous post.Obviously you didnt see the PA and all of them cant be winners but what is your opinion on this one
Thank for your time
Rooi
We miss 100% of the shots we don't take
- #667
- Jun 10, 2015 11:43am Jun 10, 2015 11:43am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Morning, good profit Anthm & Rooi. GU may have been more straightforward today!!? Dehya, I was on EU as well today but not the most comfortable journey around the round number. I know I could have done things differently and made life easier but thankfully it worked out in the end. The early signal I didn't take as I wasn't completely set up, shame. The other trade not taken was partly due to the high SL, Considered 1 TP and a fixed SL, but down -13 and some doubt whether price would break through the number, decided to leave it. Wrong. This is...
Let it turn and find your entry.
- #668
- Jun 11, 2015 1:34am Jun 11, 2015 1:34am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
+8.3 on 1 tp and calling it a day but like always will be monitoring the pairs
Rooi
Rooi
We miss 100% of the shots we don't take
{quote} Hi Strada I was wondering if the below trade would be a failed instance of that trade setup that I have been asking you about.Like the second trade in your previous post.Obviously you didnt see the PA and all of them cant be winners but what is your opinion on this one Thank for your time Rooi
Using these "secondary" entries doesn't always work out as your example shows.
I'm probably going to confuse the whole issue of this type of entry when I explain exactly how and why I use them.
Using your example it is clear that a trade is in progress, entry would have been during the bar immediately after the signal bar. It was our choice not to enter as SL was too expensive. That is our choice but doesn't negate the validity of the trade.
So the thinking now is - if a situation presents itself to get involved in that trade with reasonable risk, then should it be considered?
Price then reverses a little way past the original signal close price and forms a little high before dropping away again. This little high offers a decent SL on the original entry price.
We can now consider 2 options.
A) if pa permits we can enter on the original entry price using the much more favourable SL.
or
B) we can take the view that we should have already been in that trade anyway if we hadn't been scared off by the high SL. so as soon as we see any weakness after the formation of that new little high, go for an entry then at a much more favourable entry price and a minimal SL. This is higher risk because if price has turned around, then this apparent weakness we have tried to take advantage of may be short lived and then continue upwards again just like in your example. But if there has been minimal loss and a further opportunity arises then another entry could be considerd.
As it happened the signal broke up a bit during all the above pa and then reinstated itself offering another entry opportunity so I suppose the 3rd option is if the original signal wasn't used and we wait for the next one then this could have been it.
Apologies if this further clouds the issue, but trading these sorts of optional entries isn't that straightforward. I have to use them mainly because I only have limited time in the mornings for trading and I have to capitalise as efficiently as I can on each move. I'm quite sure that using only the signals that fit the criteria including SL exposure with no deviations or options will be profitable over a longer period than I trade. That is likely the safest profitable way to trade G1m.
Rooi, you once described the way I trade as "micro management". That's a fact, it's boring as hell and also quite intense sometimes which is why I can't spend too much time doing it.
Today, I sat on my hands watching EU bounce around the number, some signals but not tradeable for me and GU was bouncing around the DP and decided to leave it for a while.
All the best for now, strada.
- #670
- Jun 11, 2015 4:38am Jun 11, 2015 4:38am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
{quote} Morning Rooi,................strada.
Using these "secondary" entries doesn't always work out as your example shows.
I agree,they have a pretty decent R:R as it's a very nice small SL.I found many many that worked and this was one of the few that I could see that failed but really a nice example
I'm probably going to confuse the whole issue of this type of entry when I explain exactly how and why I use them.
Using your example it is clear that a trade is in progress, entry would have been during the bar immediately after the signal bar. It was our choice not to enter as SL was too expensive. That is our choice but doesn't negate the validity of the trade.
So the thinking now is - if a situation presents itself to get involved in that trade with reasonable risk, then should it be considered?
Price then reverses a little way past the original signal close price and forms a little high before dropping away again. This little high offers a decent SL on the original entry price.
These types of trades have been a source of much frustration as like you say the trade is definitely in progress as there is some nice clear directional movement and momentum yet getting into the move is difficult with the SL issue but then we often want to find a way to get in as we need the volatility get to TP1
We can now consider 2 options.
A) if pa permits we can enter on the original entry price using the much more favourable SL.
or
B) we can take the view that we should have already been in that trade anyway if we hadn't been scared off by the high SL. so as soon as we see any weakness after the formation of that new little high, go for an entry then at a much more favourable entry price and a minimal SL. This is higher risk because if price has turned around, then this apparent weakness we have tried to take advantage of may be short lived and then continue upwards again just like in your example. But if there has been minimal loss and a further opportunity arises then another entry could be considerd.
I have looked into this in the past but was never sure. Atleast now I know your views and how you may go about it
As it happened the signal broke up a bit during all the above pa and then reinstated itself offering another entry opportunity so I suppose the 3rd option is if the original signal wasn't used and we wait for the next one then this could have been it.
This is the option I am currently using and it can be very frustrating as I watch a very nice decent move unfold.Now knowing that you might use any of the three and why clears things up in my head a bit thank you
Apologies if this further clouds the issue, but trading these sorts of optional entries isn't that straightforward. I have to use them mainly because I only have limited time in the mornings for trading and I have to capitalise as efficiently as I can on each move. I'm quite sure that using only the signals that fit the criteria including SL exposure with no deviations or options will be profitable over a longer period than I trade. That is likely the safest profitable way to trade G1m.
Rooi, you once described the way I trade as "micro management". That's a fact, it's boring as hell and also quite intense sometimes which is why I can't spend too much time doing it.
I understand where you are coming from and there is no substitution for years worth of experience and I thank you for sharing it here it really is invaluable
Today, I sat on my hands watching EU bounce around the number, some signals but not tradeable for me and GU was bouncing around the DP and decided to leave it for a while.
All the best for now, strada.
Same to you and thanks again
Rooi
We miss 100% of the shots we don't take
- #671
- Jun 12, 2015 12:53am Jun 12, 2015 12:53am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
I have a scheduled power cut right on the FO so wont be trading
The saying goes = TIA - This Is Africa
Normally would trade trough it but font feel like trading off of one screen this morning and stuffing up a nice week
Good weekend to all
Rooi
The saying goes = TIA - This Is Africa
Normally would trade trough it but font feel like trading off of one screen this morning and stuffing up a nice week
Good weekend to all
Rooi
We miss 100% of the shots we don't take
- #673
- Jun 12, 2015 3:25am Jun 12, 2015 3:25am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
Morning Rooi, sorry to hear about your issues and not being able to trade. Almost makes me feel bad putting up my chart for this morning. So won't say any more about it, chart tells the story. regards, strada. {image}
What does this clock count down to,the candle close ?
Good weekend
Rooi
We miss 100% of the shots we don't take
- #674
- Jun 12, 2015 4:53am Jun 12, 2015 4:53am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} Nice trading Strada,nice and simple for an easy Friday
I have a problem, since my mt4 platform updated to build 830 I cant seem to open more than 1 window of the mt4 (for my external monitor) so I'm stuck with just one window so I have to switch views between time frames. Even before the build 830 sometimes I can only get 1 window to open.
Is there a fix so I can open more than 1 window every time I want?
Thanks.
Let it turn and find your entry.
- #675
- Jun 12, 2015 5:59am Jun 12, 2015 5:59am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
{quote} Yeah mon candle close.
Not sure what you mean by window.You might be talking about an instance of mt4.Have a look at this video
Inserted Video
If this is not what you want to please clarify what you mean by windows
So in the screenshot I have 4 charts
ZAR USD on one screen and then dragged over to another screen but on the same instance of the IC markets mt4 window I have the EURUSD and next to that on the same screen as the EURUSD 5min I have the LiteForex instance of mt4.If you follow the video you can download as many instance from the same broker as you need and just insert the account numbers in and trades will be displayed on all of them.
Let me know if this is not what you were talking about.PM if you want
Rooi
We miss 100% of the shots we don't take
- #676
- Jun 12, 2015 7:02am Jun 12, 2015 7:02am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} Hi IP Not sure what you mean by window.You might be talking about an instance of mt4.Have a look at this video https://www.youtube.com/watch?v=z85Vc9UprvU If this is not what you want to please clarify what you mean by windows So in the screenshot I have 4 charts ZAR USD on one screen and then dragged over to another screen but on the same instance of the IC markets mt4 window I have the EURUSD and next to that on the same screen as the EURUSD 5min I have the LiteForex instance of mt4.If you follow the video you can download as...
Thanks for the reply, the video was quite helpful, now I know I can have 2 MT4 platform of the same Broker on 1 computer that means as many as I want.
What I used to do before was double click the short court on the desktop and then double click again and I'd have 2 windows come on then drag one to the external monitor and open 2 charts for the Higher Time frames and keep one mt4 on the laptop monitor for the M1 charts.
I wish Metaquotes (is that the company name) would design the mt4 platform so we could un-dock individual charts and spread them around multiple monitors like the cTrader platform.
I'm grateful for your help, enjoy your weekend.
IP
Let it turn and find your entry.
- #677
- Jun 12, 2015 7:12am Jun 12, 2015 7:12am
- Joined Jan 2012 | Status: Is still the ginger ninja | 2,495 Posts
{quote} Hey Rooi, Thanks for the reply, the video was quite helpful, now I know I can have 2 MT4 platform of the same Broker on 1 computer that means as many as I want. What I used to do before was double click the short court on the desktop and then double click again and I'd have 2 windows come on then drag one to the external monitor and open 2 charts for the Higher Time frames and keep one mt4 on the laptop monitor for the M1 charts. I wish Metaquotes (is that the company name) would design the mt4 platform so we could un-dock individual charts...
All good
This is what you want http://www.floatingcharts.com/
You must buy it though
Good weekend
Rooi
We miss 100% of the shots we don't take
- #678
- Jun 13, 2015 3:28am Jun 13, 2015 3:28am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} All good This is what you want http://www.floatingcharts.com/ You must buy it though Good weekend Rooi
, I've been meaning to ask you all this while, until yesterday, I will do the 14 day trial first starting upper week cos this week promises to be busy. I will let you know how it works out.IP
Let it turn and find your entry.
- #679
- Jun 13, 2015 3:47am Jun 13, 2015 3:47am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} Thanks Rooi, you are the man
Sorry to clutter this thread but I just found these
Inserted Video
and here on FF http://www.forexfactory.com/showthread.php?t=344224
Hope it helps someone as well as myself.
Let it turn and find your entry.
- #680
- Jun 13, 2015 8:58am Jun 13, 2015 8:58am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Let it turn and find your entry.