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Dynamic Fibonacci Grid - interactive trading

  • #221
  • Quote
  • Jan 28, 2016 5:21am Jan 28, 2016 5:21am
I only trade trend after I observe where we are on the map with the Daily Range and Price from Open.

Today's Trades

GBPJPY
First Entry:
Entered at 5m L1 + 1m Yellow Area entry, but it seems not to hold price and the setup was ruined then I exit at -3 pip trying to cut losses EARLY.

Second one:
Entered at 5M L2 + 5m Yellow area and huge support below me.
I realized that news are coming and I'm at L2 5m + SDRange High so I chose to bounce out (+11), but it jumped +50, I wouldn't hold it during news anyway
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  • #222
  • Quote
  • Jan 28, 2016 5:24am Jan 28, 2016 5:24am
USDCAD

Kind of the same entry as second on GBPJPY.

But this one was kind of a killer.

Also I searched to take a correction but it didn't reach where I wanted
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  • #223
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  • Jan 28, 2016 5:58am Jan 28, 2016 5:58am
GBPUSD

Correction
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  • #224
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  • Jan 28, 2016 6:03am Jan 28, 2016 6:03am
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  • #225
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  • Jan 28, 2016 7:15am Jan 28, 2016 7:15am
Quoting judgemegod
{quote} Hi ForexScotty, Thank you for sharing. I understand that you exit with trailing stop, why ?
Just my trading style. It works for me.
  • #226
  • Quote
  • Jan 28, 2016 8:05am Jan 28, 2016 8:05am
Entered short on USDCAD... I saw a reversal on 1M the L1 was crossing down L2 and they were far away from the 5M L1.
I got +10 pips. but I went far down ...
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  • #227
  • Quote
  • Jan 28, 2016 8:20am Jan 28, 2016 8:20am
Quoting judgemegod
USDCAD Kind of the same entry as second on GBPJPY. But this one was kind of a killer. Also I searched to take a correction but it didn't reach where I wanted {image} {image} {image} {image} {image} {image} {image} {image} {image}
Nice Trade! Im confused tho, as to why you entered there?
  • #228
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  • Jan 28, 2016 9:43am Jan 28, 2016 9:43am
Wow!! USDCAD is very aggressive...I just lost quite alot of pips with it. I think while I'm learning the system going to stick with the others for now.
  • #229
  • Quote
  • Jan 28, 2016 10:35am Jan 28, 2016 10:35am
Good afternoon everyone!

WOOW, I'm glad you continuing the discussion, now I feel also safer to go posting my results!

I'm only operating the Asian session, because of my work.
Best Regards! DaniP.
  • #230
  • Quote
  • Jan 28, 2016 4:57pm Jan 28, 2016 4:57pm
Quoting angelfx922
Wow!! USDCAD is very aggressive...I just lost quite alot of pips with it. I think while I'm learning the system going to stick with the others for now.
Yeah when price moves that aggressive don't try to stop him.

I did try to catch it when it did cool down, but I lost that trade -10, and it did fly up.

You win some you lose some.
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  • #231
  • Quote
  • Jan 28, 2016 5:28pm Jan 28, 2016 5:28pm
USDJPY

Traded off 1H L1, stop behind L2.

First entry 3 lot, second position after pullback to 1m L1 added 1 lot, third same same but 0.5 lot.

After I added the second position and failed to breach the daily high, I had to exit.

I ruined this wonderful scaling (it was mega profitable), we got to learn from this.
3lot(+15) 1lot(+1.5) 0.5lot(-3)

Anyway this day gave my account a growth momentum.
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  • #232
  • Quote
  • Edited 9:34pm Jan 28, 2016 8:47pm | Edited 9:34pm
Quoting ForexScotty
{quote} Just my trading style. It works for me.
To amend my statement. By choosing a consistent target, and having it preset, I remove the human greed factor of "maybe it will go farther and I will make more money". The videos show the experts happy with 10 pips. I choose 8 pips then start a trail of 4. Sometimes I make 4, sometimes I make 20. I focus my attention on trade patterns that I feel will get me those 8 pips. The rest is gravy. Repeatable, budget-able results. All in my humble opinion.

Results here: https://www.myfxbook.com/members/For...-lanes/1481596

I admit I am using a grid as a safety net. But, the trade lanes are the core of my strategy. I do feel with practice, it can be removed and lot sizes increased.
  • #233
  • Quote
  • Jan 28, 2016 10:12pm Jan 28, 2016 10:12pm
Quoting judgemegod
USDJPY Traded off 1H L1, stop behind L2. First entry 3 lot, second position after pullback to 1m L1 added 1 lot, third same same but 0.5 lot. After I added the second position and failed to breach the daily high, I had to exit. I ruined this wonderful scaling (it was mega profitable), we got to learn from this. 3lot(+15) 1lot(+1.5) 0.5lot(-3) Anyway this day gave my account a growth momentum. {image} {image} {image} {image} {image} {image}
How long have you been trading this system? It seems you know it very well. I want to make consistent pips, I make and then I lose them all again!
  • #234
  • Quote
  • Edited 5:59am Jan 29, 2016 5:38am | Edited 5:59am
AlphaOmega shared great knowledge on money management, let me take few quotes:

"A major problem with many traders is that they focus way too much on finding good entry points and almost ignore the part of active position management. Another common problem is the misunderstanding of the relationship between risk/reward ratios, win rate and probability, and how everything fits in the context of real markets (not just in theory).
To make money in this game you have to learn how to survive in the long run.
And to survive in the long run means to plan everything at least a few steps ahead.

To make money in this game you have to learn how to survive in the long run.
And to survive in the long run means to plan everything at least a few steps ahead.
You have to have plan A, plan B, plan C, and most of all plan for bad luck!​

A far as I can see, most traders have poor understanding of the basic probability principles and risk-reward relationships in the context of markets. Almost all books, articles and gurus are preaching at least 2:1 or 3:1 RR and say that even if you win only 30-40% of the time you can still make money......and in theory this is true. The question however is - how do you get these 3:1 trades? And 95% of people seem to think - easy. You find a trend, enter your position, place a target 3 times bigger than your stop and just...

You have to understand that this type of passive position management doesn't work in the context of markets. Placing fixed target 3 times bigger than you stop will typically produce very low win rate (less than 25%).

The further you place your target - the lower the probability that the market will reach it. Why is that? Because of the fractal nature of markets the probability over time will decrease progressively, but not linearly (like most people assume).

Now let's see the proper ways to manage positions.
Your total net profit must be larger than your total net loss (Profit factor bigger than 1). Somehow you have to make more money on your winning trades(risk<reward) and at the same time maintain good winning rate - at least 40% and preferably over 50%(assuming you have strategy with solid edge). One way (proper) to do this is to use relatively symmetric stop and target and to scale out (reduce the position) when the market goes against you. Also note that symmetric target doesn't mean fixed target.

You only add to winning positions! NEVER add to losing positions! When the position is going against you - scale out (reduce) and when its going in your favor - add (increase).
When you add to profitable positions you have to do it in such way that it doesn't increase the risk. The maximum risk should stay constant. To do this you have to reduce your stop level before you add.

With this dynamic way of position management you put the odds in your favor and even with symmetrical stop and target you will get risk-reward ratio better than 1:1.

Also because your maximum risk is limited with hard (trailing) stop, and the upside potential is open (no fixed target). This way you NEVER lose big, you lose small and win small most of the time, and from time to time you get lucky and win BIG.?"
  • #235
  • Quote
  • Edited 6:05am Jan 29, 2016 5:50am | Edited 6:05am
Quoting ForexScotty
{quote} To amend my statement. By choosing a consistent target, and having it preset, I remove the human greed factor of "maybe it will go farther and I will make more money". The videos show the experts happy with 10 pips. I choose 8 pips then start a trail of 4. Sometimes I make 4, sometimes I make 20. I focus my attention on trade patterns that I feel will get me those 8 pips. The rest is gravy. Repeatable, budget-able results. All in my humble opinion. Results here: https://www.myfxbook.com/members/For...-lanes/1481596...
Profit Factor: 2.48 is awesome.
Win rate: Longs Won:(54/72) 75% | Shorts Won:(16/23) 69%
Average Win:11.78 pips / $9.06
Average Loss:-26.98 pips / -$10.22

Looks like you control the situation.
  • #236
  • Quote
  • Jan 29, 2016 7:37am Jan 29, 2016 7:37am
Good morning friends ... I've read around the topic and understand.
I just want to help. I CAN NOT PUT THE GRAPHIC ALONG WITH THE EXPERTS equal 546 post the link of the image http://www.forexfactory.com/showthre...558372&page=28

I am grateful to explain or leave a template.

Thank you so much.
  • #237
  • Quote
  • Jan 29, 2016 8:03am Jan 29, 2016 8:03am
Quoting Robinhocruz
Good morning friends ... I've read around the topic and understand. I just want to help. I CAN NOT PUT THE GRAPHIC ALONG WITH THE EXPERTS equal 546 post the link of the image http://www.forexfactory.com/showthre...558372&page=28 I am grateful to explain or leave a template. Thank you so much.
See http://www.forexfactory.com/showthre...07#post8720007
  • #238
  • Quote
  • Jan 29, 2016 1:04pm Jan 29, 2016 1:04pm
Quoting judgemegod
{quote} Profit Factor: 2.48 is awesome. Win rate: Longs Won54/72) 75% | Shorts Won16/23) 69% Average Win:11.78 pips / $9.06 Average Loss:-26.98 pips / -$10.22 Looks like you control the situation.
Thanks! I like to think so. But this morning USDCAD whipsaw's were nerve wracking But all ended well.
  • #239
  • Quote
  • Jan 29, 2016 8:54pm Jan 29, 2016 8:54pm
Good evening!

This morning I was surprised by a few pairs that move the Yen! I did not expect such intense movement so!
*Yet I tried to risk something, but I stop. (for a change)

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Best Regards! DaniP.
  • #240
  • Quote
  • Feb 2, 2016 10:31pm Feb 2, 2016 10:31pm
Hi people!

I made a trade this day, however I came a little late, but has to make some pips.

#Correction;
Entry into 5 min, output in average mobile "L1"

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Best Regards! DaniP.
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