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  • #161
  • Oct 11, 2016 11:47am Oct 11, 2016 11:47am
Very good setup forming on EURUSD 1M
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  • #162
  • Oct 11, 2016 12:08pm Oct 11, 2016 12:08pm
Stopping volume, looks like GBP might get some breating room for now, will look for long if retraces or if ticks give setup.
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  • #163
  • Oct 11, 2016 12:15pm Oct 11, 2016 12:15pm
Sell DAX M1:
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Sell AudUsd M5:
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  • #164
  • Oct 11, 2016 12:17pm Oct 11, 2016 12:17pm
Quoting janpec1000
Stopping volume, looks like GBP might get some breating room for now, will look for long if retraces or if ticks give setup. {image}
Quick 4 pips. Using double TF combo.
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  • #165
  • Oct 11, 2016 12:19pm Oct 11, 2016 12:19pm
Quoting Kubiasty
Sell DAX M1: {image} Sell AudUsd M5: {image}
AU ok but DAX too late entry.
  • #166
  • Edited 12:40pm Oct 11, 2016 12:22pm | Edited 12:40pm
ECAD has some upside to go, will look for M1 to get in.

GBP possibly clossing bellow weekly trendline this week, potentially opening large further fall of 15%.
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  • #167
  • Oct 11, 2016 12:33pm Oct 11, 2016 12:33pm
Hi janpec! Thanks for the thread!
I would like to here you comment on this pic. Are those valid trendlines I've added?
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  • #168
  • Oct 11, 2016 12:42pm Oct 11, 2016 12:42pm
Quoting vince
Hi janpec! Thanks for the thread! I would like to here you comment on this pic. Are those valid trendlines I've added? {image}
Hey yep, good one little adjustment.
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  • #169
  • Oct 11, 2016 12:54pm Oct 11, 2016 12:54pm
GCAD. SL not adjusted yet.
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  • #170
  • Oct 11, 2016 1:13pm Oct 11, 2016 1:13pm
Quoting janpec1000
GCAD. SL not adjusted yet. {image}
Took 10.
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  • #171
  • Oct 11, 2016 1:27pm Oct 11, 2016 1:27pm
Quoting janpec1000
{quote} Took 10. {image}
Nice one, right time right place...

LuXing
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Wisdom begins in wonder
  • #172
  • Oct 11, 2016 1:32pm Oct 11, 2016 1:32pm
Okay some of traders have been PMing me, asking what is the method to further reduce risk on trade and increase RR, they preffer having SL around rejection candle, but is there possibility to further decrease? Yes it is by entering at retrace. Mind that this will decrease the number of trades per day since some trades dont retrace, but it will increase the RR for sure. Which type of RR/SL method you use its up to you its important that you keep it consistent if you dont trade many trades per day otherwise the profits will be skewed.

The way i plan to develop indicator from which traders will be sharing signals is that it will have listed TF of entry along with what the RR is, so traders will be able to filter out low RR trade signals if they preffer only high RR trades.

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The best advantage of this method is that as soon as you enter price has to go in your favour, if its stalling for while or goes against you you will know very quick that you are on wrong side.
  • #173
  • Edited 2:11pm Oct 11, 2016 1:57pm | Edited 2:11pm
ah, "the kiss goodbye"

Could you give us some details about how you reason around moving SL to BE? For instance if you are 50% in profit (relative to TP) do you move SL to BE? or if you are 75% to target, do you further move SL to lock in some profit? For instance, if >75% in profit you could move your SL below/above last swing high / swing low?
  • #174
  • Oct 11, 2016 2:03pm Oct 11, 2016 2:03pm
Quoting eddman
ah, "the kiss goodbuy" Could you give us some details about how you reason around moving SL to BE? For instance if you are 50% in profit (relative to TP) do you move SL to BE? or if you are 75% to target, do you further move SL to lock in some profit? For instance, if >75% in profit you could move your SL below/above last swing high / swing low?
I only move SL to BE if i am with higher TF setup that has larger projected target. You could use what you said for strictly M1 setup, but it would have to be statistically checked by large amount of samples in history. Perhaps something ill do in future. Managing winning positions does have advantage in most trading systems so it could make sense, but like i said it has to be very precisely checked in what order to be implemented.
  • #175
  • Oct 11, 2016 2:21pm Oct 11, 2016 2:21pm
Great thx for info, and indeed. I will experiment with it a bit. I use the technique I described to protect against losses and locking in profit on another system with success (more profitable than not moving SL at all), but that is 5M system (w/ daily/1H bias). Downside is of course that I sometimes get stopped out just to see price turn around and hit my TP... so I suspect that problem might come more into play here on this lower TF...but we'll see.
  • #176
  • Oct 11, 2016 2:32pm Oct 11, 2016 2:32pm
Quoting eddman
Great thx for info, and indeed. I will experiment with it a bit. I use the technique I described to protect against losses and locking in profit on another system with success (more profitable than not moving SL at all), but that is 5M system (w/ daily/1H bias). Downside is of course that I sometimes get stopped out just to see price turn around and hit my TP... so I suspect that problem might come more into play here on this lower TF...but we'll see.
Time frames are irrelevant when it comes to pattern or price behaviour. Every TF is exactly the same. If you believe that markets move in patterns (which i do, becouse if everything else in universe moves in patterns and especially humans do, so should the market) its all the same to itself. As you pointed out managing winners has edge over not managing them, i have seen that many times, for me it works okay not doing it but i am not saying that you cant get better but doing that, but the important part is that you do the homework and actually get with exact numbers on where to start manage them in terms of TP to price % relationship.
  • #177
  • Oct 11, 2016 2:53pm Oct 11, 2016 2:53pm
sorry for many questions here but I think it's relevant;

Do you take into account "psych levels" like round numbers and pivot points when entering trades? For instance if you get a signal to go long at 1.4546 and your TP would be well into the 1.4550s, do you discard that entry or trade it anyway? (IMHO price is likely to have some reversal reaction to such a levels so if you SL is tight there's a significantly higher risk (than otherwise) that such a trade would fail). Other such levels of importance could be obvious supply/demand areas like recent (significant) swing highs / swing lows. So my question is if you take these levels at all into account at all? If you do take them into account, how do you judge when to take the trade or pass it, using momentum of price?
  • #178
  • Oct 11, 2016 3:09pm Oct 11, 2016 3:09pm
Quoting eddman
sorry for many questions here but I think it's relevant; Do you take into account "psych levels" like round numbers and pivot points when entering trades? For instance if you get a signal to go long at 1.4546 and your TP would be well into the 1.4550s, do you discard that entry or trade it anyway? (IMHO price is likely to have some reversal reaction to such a levels so if you SL is tight there's a significantly higher risk (than otherwise) that such a trade would fail). Other such levels of importance could be obvious supply/demand areas like recent...
No becouse that would be against the principle of the trade. This is breakout trading, meaning that any information in regards to possible bounce is invalid or useless. Not just that is counter productive, becouse you want strong level to fail. If any it would just add to the fact, meaning being additional information to confirm the entry. Mind that on almost every large pivot/whole number you will find breakout pattern if you look at correct TF, which means that pivot/full number doesnt server as counter info, but as plus positive info, becouse the traders that went in on bounce here are likely to start jumping of the train once it starts to move against them.

By the way how do you know that price is likely to reverse at significant price levels of full numbers or pivots? That information is only valid if you have proof of statistical relaibility over 1000 of historical examples to prove that. If you have okay i will take your word into account, if not, there is no edge.
  • #179
  • Oct 11, 2016 3:11pm Oct 11, 2016 3:11pm
Last one for today, got stoped on short for small loss, but got all back and plus on long.
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  • #180
  • Oct 11, 2016 3:38pm Oct 11, 2016 3:38pm
Quoting janpec1000
{quote} By the way how do you know that price is likely to reverse at significant price levels of full numbers or pivots? That information is only valid if you have proof of statistical relaibility over 1000 of historical examples to prove that. If you have okay i will take your word into account, if not, there is no edge.
Thanks again for you views and please don't take it as critique, I am not saying you are doing anything wrong. I am just trying to understand how your mental processes works around this system so I can better understand it. Like you, I have no statistics on price behaviour around these levels. However, after having spent thousands of hours watching FX prices move, I do believe there's some relevancy to my claims in previous post. However, I am not going to hijack your thread here and talk about how I take them into account.
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