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My Line in the Sand

  • #301
  • Jan 26, 2017 10:48am Jan 26, 2017 10:48am
Quoting Landline
{quote} Understood. It's quite refreshing to see someone trading without dependency for oscillator driven methods which seem to proliferate the majority of systems on FF, and that was the main reason your method caught my eye. Keep up the good work whatever your goal is....everyone cooks slightly differently, but I'm sure others are benefiting from your posts even though there seems little traffic. Good luck mate

Hi Landline,

I know what you mean about Oscillators Over Sold - Over Bought and all that crap price is all you need along with your own Line in the Sand.

Smart Money dictates when they have Bought or Sold enough not an Indicator.

All Indicators are a derivative of the MA anyway.

I've tried Trading Naked, I wouldn't recommend it, it gets too chilly.

I must admit I do find it easier to Trade with something on my chart to give me a Trade Bias
  • #302
  • Jan 26, 2017 10:48am Jan 26, 2017 10:48am
Quoting Landline
Here's an EU H1 chart that I shorted. The conditions that I'm interested in seeing were all present on this t/f (and as SP has said, the best systems follow the same rules no matter what t/f is traded). I entered short at the purple line and had a 30 pip stop in place (I needed 13 pips as it happens before it moved favourably south), looking for a 100 pip final tp in this particular case. I have now taken half off the table, and moved my stop to be +15. The trade is already profitable now, with a safe stop, and most importantly (for me that is),...

Hi Landline,

Nice Trade.

Keep posting charts and Trades it always good to get a different perspective.

Is your Target the Swing Low?
Attached Image (click to enlarge)
Click to Enlarge Name: 26th Jan 17 EUR:USD H1 Observations.png Size: 112 KB
  • #303
  • Jan 26, 2017 11:38am Jan 26, 2017 11:38am
Quoting stevepatt
{quote} Hi Landline, Nice Trade. Keep posting charts and Trades it always good to get a different perspective. Is your Target the Swing Low? {image}
Hi

Targets are arbitrary, they have to go somewhere after all. For that trade I reckoned a decent drop was possible and put in a target that I felt was achievable, but more importantly one that I knew would at some point need some management.

I swiped 50 pips early doors at 50% of my position size...pressure completely off, with a comfortable stop still in place for the remainder.

So, that was my plan (it's nearly always that same plan btw for me), since then, I've taken another 40 pips at half of my remaining position, which leaves 25% of my original size left if you get my meaning.

I'm now in a comfort zone, so far as this trade is concerned, I have the lions share in my pocket now, I have moved my s/l to be +40, moved my target to 160 pips, and I'll either be stopped out or be in a position to adjust stop if trade gets to + 100 pips.

Not all trades go this way of course, but it is the way I go about dealing with it once I'm involved, until it becomes free!

Here's the trade which I have now transferred to h4, mainly because very little management is needed now.

Hope you understood it all lol

Btw, I like your latest chart....it has a resemblance to mine haha

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 13 KB
  • #304
  • Jan 26, 2017 11:53am Jan 26, 2017 11:53am
GBP/JPY M5 Short Trade
Attached Image (click to enlarge)
Click to Enlarge Name: 26th jan 17 GBP:JPY m5 Short Trade.png Size: 105 KB
  • #305
  • Jan 26, 2017 12:13pm Jan 26, 2017 12:13pm
Quoting Landline
{quote} Hi Targets are arbitrary, they have to go somewhere after all. For that trade I reckoned a decent drop was possible and put in a target that I felt was achievable, but more importantly one that I knew would at some point need some management. I swiped 50 pips early doors at 50% of my position size...pressure completely off, with a comfortable stop still in place for the remainder. So, that was my plan (it's nearly always that same plan btw for me), since then, I've taken another 40 pips at half of my remaining position, which leaves 25%...
Hi Landline,

It's all about developing a consistent approach that works for the individual.

I've found aiming for 2R works well for me as long as there is enough space for my TP to be reached before hitting the nearest Swing.

As far as the chart goes I'm a plagiarist
  • #306
  • Jan 26, 2017 12:30pm Jan 26, 2017 12:30pm
Quoting stevepatt
GBP/JPY M5 Short Trade {image}
Stopped out for (-12) pips (-1R)

This time the Stop was too tight
Attached Image (click to enlarge)
Click to Enlarge Name: 26th Jan 17 GBP:JPY M5 Short Trade Result.png Size: 134 KB
  • #307
  • Jan 26, 2017 12:55pm Jan 26, 2017 12:55pm
Too bad on your trade mate, I don't normally trade m5, but anyhow I've just placed a sell for a small position using my technique...I can't lose much so no big deal, but just for comparisons sake more than anything else.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM5.png Size: 11 KB
  • #308
  • Jan 27, 2017 3:22am Jan 27, 2017 3:22am
Quoting Landline
Too bad on your trade mate, I don't normally trade m5, but anyhow I've just placed a sell for a small position using my technique...I can't lose much so no big deal, but just for comparisons sake more than anything else. GBPJPYM5.png;2158567 {image}
Also stopped out....not an easy pair to tame on m5 and such a small stop. This small losing trade nevertheless served a purpose for me in the sense that I have taken something from it in case I trade GJ on m5.
  • #309
  • Jan 27, 2017 5:53am Jan 27, 2017 5:53am
Just entered a trade long USDCHF at 0.99933....stop 40 pips, looking to target 80 pips but I'll manage it as it progresses as per usual with a view to get into some profit and then make some adjustments as previously explained. I'll update one way or the other later. (note, I haven't posted a chart tp prevent overly clogging up your thread)
  • #310
  • Jan 30, 2017 6:28am Jan 30, 2017 6:28am
Quoting Landline
Just entered a trade long USDCHF at 0.99933....stop 40 pips, looking to target 80 pips but I'll manage it as it progresses as per usual with a view to get into some profit and then make some adjustments as previously explained. I'll update one way or the other later. (note, I haven't posted a chart tp prevent overly clogging up your thread)
OK...let's see where we are ref above trade.

My usual management applies, it's now locked profit.

I added a 2nd position and have 55 pips + 40 pips both at 50% of position sizes taken. Stops adjusted...everything is safe now and trades have plenty of breathing room still.

I'll trail at some point, but for now not much to do on these.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFH1.png Size: 12 KB
  • #311
  • Jan 30, 2017 10:02am Jan 30, 2017 10:02am
GBP/JPY M5 Observations

Compare Fridays PA with todays, which would you rather Trade?
Attached Image (click to enlarge)
Click to Enlarge Name: 30th Jan 17 GBP:JPY M5 Observations.png Size: 129 KB
  • #312
  • Jan 30, 2017 10:25am Jan 30, 2017 10:25am
Quoting stevepatt
GBP/JPY M5 Observations Compare Fridays PA with todays, which would you rather Trade? {image}

Honestly Steve I don't prefer one or the other both are fine mate...

Come find a little time and join us
  • #313
  • Jan 30, 2017 11:14am Jan 30, 2017 11:14am
Quoting zwara
{quote} Honestly Steve I don't prefer one or the other both are fine mate... Come find a little time and join us
Hi Zwara,

If you could Trade GBP/JPY on M5 and make a profit on Friday I tip my hat to you.

Personally I couldn't find PA clean enough to enter from.
Attached Image (click to enlarge)
Click to Enlarge Name: 30th Jan 17 GBP:JPY M5 Observations 2.png Size: 112 KB
  • #314
  • Jan 30, 2017 1:15pm Jan 30, 2017 1:15pm
Quoting stevepatt
{quote} Hi Zwara, If you could Trade GBP/JPY on M5 and make a profit on Friday I tip my hat to you. Personally I couldn't find PA clean enough to enter from. {image}
How ironic steve lol
I looked at that chart and said to someone ....how the hell doed steve read that and do what he does lol
  • #315
  • Jan 30, 2017 1:42pm Jan 30, 2017 1:42pm
Quoting stevepatt
{quote} Hi Zwara, If you could Trade GBP/JPY on M5 and make a profit on Friday I tip my hat to you. Personally I couldn't find PA clean enough to enter from. {image}
Unfortunately I was working on my regular day job I couldn't trade that day but I have previous days on ranging markets that you can clearly trade the channel , but if you dont see nothing dont trade it you did the right thing opportunities will come, take the good ones dont try to take them all
  • #316
  • Jan 31, 2017 1:04am Jan 31, 2017 1:04am
Quoting Landline
{quote} OK...let's see where we are ref above trade. My usual management applies, it's now locked profit. I added a 2nd position and have 55 pips + 40 pips both at 50% of position sizes taken. Stops adjusted...everything is safe now and trades have plenty of breathing room still. I'll trail at some point, but for now not much to do on these. USDCHFH1.png;2162746 {image}
Hi landline,

Having a consistent approach that, we know, produces a Positive Edge for us is the most important thing within Trading.
  • #317
  • Jan 31, 2017 6:08am Jan 31, 2017 6:08am
Quoting stevepatt
{quote} Hi landline, Having a consistent approach that, we know, produces a Positive Edge for us is the most important thing within Trading.
That is true....unfortunately though, the majority of traders have not identified the "edge" factors for their own strategy, and I think that is one of the prime reasons that unsuccessful traders are proven to be statistically in the majority.

Most are in a hurry, most like complicated, most haven't done any "proving", most don't have the confidence, most rely on others so called "impressive" results, most lack patience....the list goes on and on as I'm sure you're aware.

Your method looks easy enough and captures the important stuff without excessive clutter, and ought to appeal to more I'd have thought (not that I personally use your method or your t/f, but appears similar in some respects)

It would be interesting to see how your strategy performs on higher t/fs at some stage, but I appreciate your earlier comments preventing that for now.
  • #318
  • Feb 1, 2017 12:57am Feb 1, 2017 12:57am
GBP/JPY M5 Short Trade
Attached Image (click to enlarge)
Click to Enlarge Name: 1st Feb 17 GBP:JPY M5 Short Trade.png Size: 117 KB
  • #319
  • Edited 6:50am Feb 1, 2017 6:39am | Edited 6:50am
Hi

Further to the topic of "the edge" discussed briefly before.

It is always a good idea imo, to get a feel what htf's are looking like. I like to know whether I'm a buyer or a seller first and foremost, and I decide that (usually) by glimpsing at the htfs. Once I've taken 20 seconds to determine that part, then any trade I choose to make on a lower t/f must be in the same direction. This is part of "the edge" for me but I do realise others view it differently.

The recent short trade of SP's for example, was in that sense, a counter-trend trade, and whilst I accept that the set-up was obviously present I've no doubt, it still nevertheless had more likelihood to fail than succeed for the basic reasons I've mentioned.

Look at the h1 chart attached, it simply says buy, so any entry on lower t/fs should imo also look to buy. There are some occasions when I do see a c/t set-up, and when I choose to trade those I always reduce my targets, but tbh, there are so many opportunities everywhere, it is easier to trade in line with what I've described.

Obviously I realise there's more to it regarding the actual entry etc, but hopefully the point for this aspect of "the edge" at least is taken in the educational spirit that it is intended for now. Our common goal is to improve and profit!

LL

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 10 KB
  • #320
  • Feb 1, 2017 12:34pm Feb 1, 2017 12:34pm
Quoting Landline
Hi Further to the topic of "the edge" discussed briefly before. It is always a good idea imo, to get a feel what htf's are looking like. I like to know whether I'm a buyer or a seller first and foremost, and I decide that (usually) by glimpsing at the htfs. Once I've taken 20 seconds to determine that part, then any trade I choose to make on a lower t/f must be in the same direction. This is part of "the edge" for me but I do realise others view it differently. The recent short trade of SP's for example, was in that sense, a counter-trend trade,...

Hi Landline,

Thanks for your observations.

It was the rejection of Resistance at 142.450 that gave me a Bearish Bias I could see Space for a Short Trade to develop I didn't know, of course, that Smart Money still had Buy Orders to fill around the 142.000 RN which pushed the Market higher. Luckily for me the Market dropped far enough for my Stop to move to BE +1 Pip.

There where a number of valid entries on the way up that I missed but I did manage to catch a Short Trade that came back and filled the Gap left after the 1.15 GMT Red News.

I only started to really improve my Trading when I stopped relying on others to come up with "systems" and started to work with what made sense to me.

I see you are at that stage in your Trading also it's the only way to go if you want to succeed.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1st Feb 17 GBP:JPY H1 Observations.png Size: 105 KB
Click to Enlarge Name: 1st Feb 17 GBP:JPY M5 Observations.png Size: 184 KB
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