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  • #4,801
  • Jan 12, 2016 10:51am Jan 12, 2016 10:51am
Quoting Trader4567
{quote} many thanks, will see if I can find it...
http://www.forexfactory.com/showthre...19#post8570119
Cut your Losers short and let your Winners run.
  • #4,802
  • Jan 12, 2016 11:03am Jan 12, 2016 11:03am
Quoting Jagg
{quote}1 What do you use as initial stop? 2 And when do you set the stop to BE (3 or do you trail?)? 4 Because your 3rd trade was good in profit but you let the trade go to minus again - and got rewarded with way more profit
1 What ever is necessary. normally behind last swing
2 depends on the market dynamics and how close the entry is to a potential obstacle, what the stochs and MACD are telling me.
3 Some times, if it is a big run I trail to lock in some profit.
4 Look at the 5 pip stochs and MACD what did they do on the pullback? Then look at the 10 pip stochs and MACD what were they doing?
Cut your Losers short and let your Winners run.
  • #4,803
  • Jan 12, 2016 11:45am Jan 12, 2016 11:45am
Drammen, many thanks for your input. Great help.
Managing adecquate SL I see it as a big challenge. As traders, we woul like to have no drawdow, and have very tight SL values.
I've been swing trading, from H4, and this view helped me having more tolerance on SL, as many times you trade with limit orders.

Matomi, thanks for your comments as well.



Quoting drammen
{quote} If you love to draw SR or SD then hear this: You never know when price respects those SD and SR. Then hear this: It's hard to draw trendlines objectively. Ask 2 trendline traders to draw them, it will end up differently. Now, what if I told you to that draw those SR or SD in conjunction with trendlines. Draw as many trendlines that makes sense and find reasons to trade when price is AT SR or SD AND near a trendline. This way you will be able to filter out all the SR, SD and trendlines that isn't working. One last golden nugget, exit and...
  • #4,804
  • Jan 12, 2016 11:59am Jan 12, 2016 11:59am
Quoting dee50
{quote} If you had used the search function at the top left of this page you would have found references to this post. http://www.forexfactory.com/showthre...58#post8358758
really thanks sir
Success is a Journey Not a Destination....... kind regards ramzam
  • #4,805
  • Jan 12, 2016 12:06pm Jan 12, 2016 12:06pm
After many years studying forex trading, my position was now to trade with no indicators due the lagging composite in them, only price action. This helped me to pay close attention to SR, and other zones.

Now, after learnt that, and being around this thread, I put the stochs and MACD again. In reality, I'm loving the combination of these 2, but use MACD as trigger in accordance to stochs. You are right about the lagging, but when you are looking at the areas I mentioned above, you are expecting to see price action around there, and it is up to you whether you wait for MACD to turn green, go above 0 line, or only look for change in its slope.

What is really important is to bare in mind previous swing low/highs, as your SL areas. If your trigger is giving you entries 2 candles after the first move, lower your lots and learn to trade with that amount of pips. Not a big deal, is just psychology.

I also like to change SL to BE after price move around 20 pips in my favor, some times I don't change it. If you move it earlier, say at 5 pips profit, chances are you'll get stopped big time.

My 2 cents, still learning though.


Quoting BBalazs
{quote} Thank you for your help dee! I was in a dilemma the other day whether I should use Stochastic as my entry signal or the MACD's color. Stochastic gave earlier signals (sometimes way too early), but MACD gave the signal usually 1, even 2 bars later. That late entry could be the difference between a BE and a loser. The trendline method could be the solution, thanks for the suggestion. It seems to filter out most false Stochastic signals while giving earlier entry than MACD.
  • #4,806
  • Jan 12, 2016 12:27pm Jan 12, 2016 12:27pm
Today was a good trading day. DAX + 150, SPX + 100, USCAD +70

I traded USCAD with standard candles. The indices with renko, but have a standard chart open as well, looking at price action.

Attached my trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ger30-m2-forex-capital-markets.png Size: 53 KB
Click to Enlarge Name: spx500-m2-forex-capital-markets.png Size: 51 KB
  • #4,807
  • Jan 12, 2016 2:02pm Jan 12, 2016 2:02pm
Quoting cfabian
Today was a good trading day. DAX + 150, SPX + 100, USCAD +70 I traded USCAD with standard candles. The indices with renko, but have a standard chart open as well, looking at price action. Attached my trades {image} {image}
really nice mate!
nescentia necat
  • #4,808
  • Edited 2:30pm Jan 12, 2016 2:18pm | Edited 2:30pm
Thank you. Working on it to master =)

By the way, I wonder if your trading platform is marketscope 2.0? Or is there anybody here using it? I've been using MT4 all time, but considering changing to marketscope. I wonder if renko is available in it, and if it is reliable, or repaits if you close the platform, etc? What has been your overall experience.

EDIT: Sorry, I meant Trading Station from FXCM.

Best regards


Quoting friska
{quote} really nice mate!
  • #4,809
  • Jan 12, 2016 3:42pm Jan 12, 2016 3:42pm
Quoting dee50
Last night I watched a film called "The Big Short", Wow, what an I opener for me, not being a financial whiz, unlike most of you I never fully understood what happened to cause this recession, this film really opened my eyes. It is not a film for the family, I tried to discuss it with my wife afterwards but the glazed expression in her eyes told me I needed to shut up. Imdb's synopsis is as follows. http://www.imdb.com/title/tt1596363/?ref_=nv_sr_1 "Four outsiders in the world of high-finance who predicted the credit and housing bubble...
The Big Short opens in cinemas here in Aust tomorrow. Looking forward to seeing that someone profited from that mess. Didn't quite have the effect it could have in Australia thanks to China's hunger for our iron ore at the time but certainly they did a good job of stuffing up the rest of the world. As Dee said, good to know that the advisory is not that bright.
  • #4,810
  • Jan 12, 2016 3:47pm Jan 12, 2016 3:47pm
Hi all
Attached Image (click to enlarge)
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  • #4,811
  • Jan 12, 2016 8:09pm Jan 12, 2016 8:09pm
What happened to drammen's post that others are quoting?


Quoting drammen
{quote} If you love to draw SR or SD then hear this: You never know when price respects those SD and SR. Then hear this: It's hard to draw trendlines objectively. Ask 2 trendline traders to draw them, it will end up differently. Now, what if I told you to that draw those SR or SD in conjunction with trendlines. Draw as many trendlines that makes sense and find reasons to trade when price is AT SR or SD AND near a trendline. This way you will be able to filter out all the SR, SD and trendlines that isn't working. One last golden nugget, exit and...
Good Trading
  • #4,812
  • Jan 12, 2016 8:45pm Jan 12, 2016 8:45pm
it's better with renko chart with 1 pips range
Don't be greedy! Sooner or later it will kill you! "Droneox Dragon"
  • #4,813
  • Jan 13, 2016 1:47am Jan 13, 2016 1:47am
Quoting dee50
{quote} 1 What ever is necessary. normally behind last swing 2 depends on the market dynamics and how close the entry is to a potential obstacle, what the stochs and MACD are telling me. 3 Some times, if it is a big run I trail to lock in some profit. 4 Look at the 5 pip stochs and MACD what did they do on the pullback? Then look at the 10 pip stochs and MACD what were they doing?
Thanks for your explanations!
  • #4,814
  • Jan 13, 2016 1:50am Jan 13, 2016 1:50am
Quoting dee50
{quote} http://www.forexfactory.com/showthre...19#post8570119
Thanks Dee
  • #4,815
  • Jan 13, 2016 5:56am Jan 13, 2016 5:56am
Hi Dee.

How are you getting on with the Trade Manager, are you still setting your trade to BE +2 manually or are you letting the EA do it. I find that I am getting a lot of what would be profitable trades closed out at BE +2 or BE+1, I appreciate my entries are not that great as yet but just wanted to get your opinion on giving the trade some room to breathe.

Cheers...Des
  • #4,816
  • Jan 13, 2016 6:54am Jan 13, 2016 6:54am
Quoting des_b
Hi Dee. How are you getting on with the Trade Manager, are you still setting your trade to BE +2 manually or are you letting the EA do it. I find that I am getting a lot of what would be profitable trades closed out at BE +2 or BE+1, I appreciate my entries are not that great as yet but just wanted to get your opinion on giving the trade some room to breathe. Cheers...Des
How long is the string that you use to hold up your trousers? Mine is 44 inches, it used to be 32 inches but it has gradually been increasing in length. Not too cryptic I hope!!

The answer to your 2 part question is Yes and Yes. Why? Because I have multiple Presets for the TM and I invoke which ever I think is appropriate for the market conditions at the time of entry, I have even changed to another Preset as a trade develops. In other words one size does not fit all, not for me!!

1. If you are getting stopped out for BE too often and price goes to where your TP would have been on a regular basis, change your settings, your pre entry analysis must have improved?? so you could take on a bit more risk.

2. Despite the frequent BEs you are getting your Daily Dose of pips when you hit a runner, Do nothing!!

To the next question of "How do I decide what Preset to use?" HAHAHA.
Attached Image
Cut your Losers short and let your Winners run.
  • #4,817
  • Jan 13, 2016 6:55am Jan 13, 2016 6:55am
hello dee50
compliments of the season to you ...just 1 question ..I don't seem to get the same support and resistance that you have on your charts ....I look at 4hr for support and resistance ...how far do you go back can you show an example of todays s&r and how you got to it.
  • #4,818
  • Jan 13, 2016 7:30am Jan 13, 2016 7:30am
Quoting bettervolume
hello dee50 compliments of the season to you ...just 1 question ..I don't seem to get the same support and resistance that you have on your charts ....I look at 4hr for support and resistance ...how far do you go back can you show an example of todays s&r and how you got to it.
I rarely go back any further than what shows on the chart, what happened 3 years ago is irrelevant.
I use a line chart for my first go then I fine tune on a candle chart.
I prefer to use the Close, hence the line chart, rather than the extremes because I use the S&R for my profit targets, I found that using the extremes more often than not meant that my TPs were missed.
I look at the Weekly, Daily & 4hr for Major S&Rs. I occasionally add short term S&Rs that show on the 10pip chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GER30H4 S&R levels 130116 line.png Size: 54 KB
Click to Enlarge Name: GER30H4 S&R levels 130116 candle.png Size: 55 KB
Cut your Losers short and let your Winners run.
  • #4,819
  • Jan 13, 2016 7:40am Jan 13, 2016 7:40am
Quoting dee50
{quote} I rarely go back any further than what shows on the chart, what happened 3 years ago is irrelevant. I use a line chart for my first go then I fine tune on a candle chart. I prefer to use the Close, hence the line chart, rather than the extremes because I use the S&R for my profit targets, I found that using the extremes more often than not meant that my TPs were missed. I look at the Weekly, Daily & 4hr for Major S&Rs. I occasionally add short term S&Rs that show on the 10pip chart. {image} {image}
Do you draw in your S&R zones - the one's in RED / Yellow or have an Indi for that
  • #4,820
  • Jan 13, 2016 7:50am Jan 13, 2016 7:50am
Quoting atraderfx
{quote} Do you draw in your S&R zones - the one's in RED / Yellow or have an Indi for that
http://www.forexfactory.com/showthread.php?t=428204
Cut your Losers short and let your Winners run.
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