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Full Time FX Trading

  • #141
  • Aug 13, 2016 4:56am Aug 13, 2016 4:56am
Hi 5abi, good work there. Very very good money management there. May I ask Why You don't show lot, stop and tp target for learning purpose? And May I know how big Your account size? Your acc age 14 weeks old, Why use custom start there? Just want to know for learning purpose, but off course it is up to You. It is no offense.
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #142
  • Aug 13, 2016 5:09am Aug 13, 2016 5:09am
Quoting LifesAbeach
{quote} Hi Since you entered on the 15M TF what TF did you use for the stochastics to determine the momentum?
Hi LifesAbeach,

The answer here is very simple.

I personally do not trade with Stochastics (same holds true for MACD, RSI etc etc) at all!

However, I do have the BB placed on my chart so that my posts resemble something of the style of trading in this thread.

I look more towards a breakdown in price, reversal candles, S+D, S+R, Pivots etc then nail the short entry.

Often the bulls come in and drive price up to test the highs again before dropping down so it often pays to be very patient (like a sniper) but even doing this will not guarantee a perfect entry and that's where the stop has to be placed far enough away from the PA to allow the trade some breathing room. Make sure the initial SL applied fits firmly within your risk management parameters (2% max per trade as the case may be).

This trade actually was very close to being stopped out but eventually price rolled over and after several hours collected TP.

Not all trades will hit TP so make sure the risk to reward is favorable.

ps I hold nothing against the thread OP choosing to use Stoch etc but I simply will not use them!
pps. If they work well for you then why stop!

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #143
  • Aug 13, 2016 6:08am Aug 13, 2016 6:08am
I personally do not trade with Stochastics (same holds true for MACD, RSI etc etc) at all!
me neither.
  • #144
  • Aug 13, 2016 9:08am Aug 13, 2016 9:08am
Quoting tiborf71
I personally do not trade with Stochastics (same holds true for MACD, RSI etc etc) at all! me neither.
Looking at 5abi's equity curve why should he stop using Stoch in his analysis?

Answer is .... probably he should not stop using it!

All traders must eventually find their own path to success.

Good news is that there are many many paths that lead to success.

Find the path that matches you.

Masterrmind............ :nerd:
Master your Mind then Master your Trades
  • #145
  • Aug 14, 2016 11:20pm Aug 14, 2016 11:20pm
Here is a short that's progressing very nicely....

GA [M30; BB]

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 34 KB


Am expecting a slight bounce back up though due to chart structure mainly so might be closed out early.

Lets see!

Masterrmind...........
Master your Mind then Master your Trades
  • #146
  • Aug 15, 2016 12:34am Aug 15, 2016 12:34am
Quoting Masterrmind
Here is a short that's progressing very nicely.... GA [M30; BB] {image} Am expecting a slight bounce back up though due to chart structure mainly so might be closed out early. Lets see! Masterrmind...........
GA

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 33 KB


Almost to TP.

Will look to close it out soon as its near the DO line.

My TP is actually just above the hidden Daily Pivot Point for those wondering why its under the open of the day level.

Masterrmind...........
Master your Mind then Master your Trades
  • #147
  • Aug 15, 2016 12:38am Aug 15, 2016 12:38am
Quoting Masterrmind
{quote} GA {image} Almost to TP. Will look to close it out soon as its near the DO line. My TP is actually just above the hidden Daily Pivot Point for those wondering why its under the open of the day level. Masterrmind...........
GA

Attached Image


Closed out for +30.7 pips!

Masterrmind...........
Master your Mind then Master your Trades
  • #148
  • Aug 15, 2016 2:42am Aug 15, 2016 2:42am
Just added to my GJ position after a 4H rejection bar of resistance
first position already up +150 pips ... locked in about 84pips by moving first stop loss.

Attached Image (click to enlarge)
Click to Enlarge Name: Trade.png Size: 65 KB


both Tp at 129.605
  • #149
  • Aug 15, 2016 2:54am Aug 15, 2016 2:54am
hmm, i think i should try these bollinger bands out, the middle band seems like some sort of dynamic resistance..

Btw, Mastermind, Does ADR stand for Average daily range? how do you use it if i may ask?
  • #150
  • Aug 15, 2016 3:29am Aug 15, 2016 3:29am
Quoting Koop
hmm, i think i should try these bollinger bands out, the middle band seems like some sort of dynamic resistance.. Btw, Mastermind, Does ADR stand for Average daily range? how do you use it if i may ask?
Yes ADR = average daily range

If I'm applying the ADR what I'm looking for is potential reversals in price from "extreme" price levels.

Take care though since price can, will and does continue to drive on well beyond these levels regularly.

After all the range of pips from 1 day to the next on the same currency pair is very rarely the same.

It also depends on the number of days over which the ADR is calculated since an ADR on GA of 20 periods will differ from 250 periods.

So the ADR simply gives me more of a reason to start looking at possible trade setups in these zones.

Then you need to look at chart structure, PA, reversal candles and a whole host of other trading factors to build a case for entry.

Note that for the counter trend trade techniques applied in the Asian session I'm not looking at ADR at all (well I look at all data but it plays no role).

Hope that sheds a little light.

ps. as for BB I rarely use them too and you need to be aware that price can keep charging up higher and catch you out so be very careful.

Masterrmind...........
Master your Mind then Master your Trades
  • #151
  • Aug 15, 2016 3:45am Aug 15, 2016 3:45am
Ah, thanks for the explanation. I'm very aware that price has a mind of its own, all we can do is do our part and wait for it to show us its hand..
  • #152
  • Aug 15, 2016 3:55am Aug 15, 2016 3:55am
Quoting Koop
Ah, thanks for the explanation. I'm very aware that price has a mind of its own, all we can do is do our part and wait for it to show us its hand..
Yes and manage the risk .... manage the risk!

Masterrmind............
Master your Mind then Master your Trades
  • #153
  • Aug 16, 2016 8:50am Aug 16, 2016 8:50am
I do hold trades for some days, if I believe in them. I will cut my losses before S/L hits if it does not behave right.



Quoting Koop
{quote} 5, ever held trades for more than 2 days? your SL look pretty wide, do you cut a losing trade sometimes before it hits the stop?
Its all in the mind.
  • #154
  • Aug 16, 2016 8:51am Aug 16, 2016 8:51am
EURGBP shorts. I sold one half position at 8684 in EURGBP. I will probably sell more if it goes to .8720is area.
Its all in the mind.
  • #155
  • Aug 16, 2016 8:56am Aug 16, 2016 8:56am
Quoting 5abi
EURGBP shorts. I sold one half position at 8684 in EURGBP. I will probably sell more if it goes to .8720is area.
Ultimately may want to go to 85 area, but it has to break 8620 support first.
Its all in the mind.
  • #156
  • Aug 16, 2016 11:23am Aug 16, 2016 11:23am
For anyone trading ETFs, I sold IBB at 293 for a move towards 280. Stop just below 300. Massive rejection of resistance on daily time frame.
Its all in the mind.
  • #157
  • Aug 17, 2016 6:48am Aug 17, 2016 6:48am
Some folks have asked me about positioning of my stop losses. I calculate ATR for each pair on the H1 time frame and then multiply by3. Thats how i calculate my stop loss as well as how many $ (% risk) I want to risk.

Honestly though, I always have a mental stop loss. Once I put on a trade, it becomes real, and if it does not behave as I think it should, I have no shame in cutting my losses. You would not leave your babies unattended, would you? So I try and watch it as much as possible except when I sleep at night. I let the stops do their job. Here are my current stop levels for each pair that i trade.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 62 KB
Its all in the mind.
  • #158
  • Aug 17, 2016 9:08am Aug 17, 2016 9:08am
GBP CAD Long- I am watching for a long but I want a better price around 1.6725.
Its all in the mind.
  • #159
  • Aug 17, 2016 8:05pm Aug 17, 2016 8:05pm
subscribed...

5abi, thanks for sharing, appreciate your good work..
  • #160
  • Aug 18, 2016 2:11am Aug 18, 2016 2:11am
Quoting 5abi
Some folks have asked me about positioning of my stop losses. I calculate ATR for each pair on the H1 time frame and then multiply by3. Thats how i calculate my stop loss as well as how many $ (% risk) I want to risk. Honestly though, I always have a mental stop loss. Once I put on a trade, it becomes real, and if it does not behave as I think it should, I have no shame in cutting my losses. You would not leave your babies unattended, would you? So I try and watch it as much as possible except when I sleep at night. I let the stops do their job....
Hi 5abi
What parameter do you use at ATR?
Thanks for your great Input!
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