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Mouteki Trading

  • #361
  • Edited 10:39am Sep 12, 2006 10:37am | Edited 10:39am
Quoting bonmeister
Could someone post a chart with this trendline setup on it please? I'm on a buddy's computer and don't have access to charts today.

Thanks!
Here ya go

http://img244.imageshack.us/img244/6...rtpost2sa8.gif

*Just realized that i spelled noon "newn" on the chart...lol how did i do that?
Nothing is hard, some things just take more time and discipline.
  • #362
  • Sep 12, 2006 10:38am Sep 12, 2006 10:38am
Quoting boxingislife
no in 30 min the 4h candle closes

Lol sorry...misunderstood ya. A lot of people are deviating from the root system, thought you were making that mistake too. Yea, I agree...lots of trades bout open up.
Nothing is hard, some things just take more time and discipline.
  • #363
  • Sep 12, 2006 10:39am Sep 12, 2006 10:39am
lol its cool
trust me if theres anything i learned since i started trading its discipline and the only way i make pips from my main strategy is to stick to it and not mess around
  • #364
  • Sep 12, 2006 10:51am Sep 12, 2006 10:51am
Quoting PeterFM
Good point, spartan. This really is a patience game, and it's hard to do in the early days. We mustn't make the charts fit what we want to see, let the bars develop and then make your decision on direction based on what you see, not what you think.I agree, I've set up a daily chart to get a feel for general directional strength. I'll then consider trading the 4-hour chart breakouts if I consider the moves to have commonality. I may miss some good moves, but, more importantly, I may miss some bad moves as well. The Forex market will be here long after me, so a missed trade today isn't that important. There'll be another one tomorrow, or this afternoon.So will I. Just trying to keep us all on track, and avoid the mistakes I have made in the past. I hope they help someone.
Peter
Thank you, Peter! I can sleep better knowing someone has acturally read my post. Good trading to you and all others at FF!
  • #365
  • Sep 12, 2006 11:09am Sep 12, 2006 11:09am
Mouteki,
We know you're busy - Yet another question for your list of questions to answer..If you're waiting for an open above or below a 'good' trend line but miss it (cause you were doing laundry or mowing the lawn) do you still try and get in (perhaps wait for a pullback) or does that depend how many pips are on the table before the profit target is reached?
  • #366
  • Sep 12, 2006 11:13am Sep 12, 2006 11:13am
LOL to above post...doing the laundry or mowing the lawn...great examples.

Anywho...whos

Longing USD/CHF at 1.2480

Shorting EUR/AUD at 1.1.6856


?
Nothing is hard, some things just take more time and discipline.
  • #367
  • Sep 12, 2006 11:14am Sep 12, 2006 11:14am
i did both

lets see how it goes
  • #368
  • Sep 12, 2006 11:23am Sep 12, 2006 11:23am
Quoting boxingislife
i did both

lets see how it goes

Okay I did too, didnt want to do it alone lol:


I set take profits to (I subtracted spread)

USDCHF-1.2563

EURAUD-1.6759
Nothing is hard, some things just take more time and discipline.
  • #369
  • Sep 12, 2006 11:28am Sep 12, 2006 11:28am
I went long on the candle after break of the trendline ( supply line ). Unfortunately the trade is going against me. What am I doing wrong ?

Coobin
Attached Image
  • #370
  • Sep 12, 2006 11:33am Sep 12, 2006 11:33am
Quoting coobin
I went long on the candle after break of the trendline ( supply line ). Unfortunately the trade is going against me. What am I doing wrong ?

Coobin
Nothing, except maybe trading against the trend. No method is infallable.
  • #371
  • Sep 12, 2006 11:34am Sep 12, 2006 11:34am
Well after installing IBFX MT4 I finally see where everyone was talking about the long on U/CHF, broker data makes a bit of a difference I see :|
  • #372
  • Sep 12, 2006 11:39am Sep 12, 2006 11:39am
Quoting mono
UTD = Upper Trendline Reference Points
LTD = Lower Trendline Reference Points
UTD_Line = where the Upper TD (Trendline) was broken or where the TD is now
T1 = target price
LTD_Line = where the Lower TD (Trendline) was broken or where the TD is now
T1 = target price

Disregard the rest.

This indicator needs to be confirmed by Mouteki that its calculating correctly
Mono,

First, I appreciate the indicator. Great work. I just had a quick question about how you calculated the potential profit.

On the candle you would use to to set the vertical line, where you put the first line at that candles apex and the second at where it intersects the supply or demand line, did you use the most extreme candle between points A and B (the ones used to determine the supply and demand lines) or did you use one outside of those?
  • #373
  • Sep 12, 2006 11:40am Sep 12, 2006 11:40am
Quoting coobin
I went long on the candle after break of the trendline ( supply line ). Unfortunately the trade is going against me. What am I doing wrong ?

Coobin
Give it time...It iwll eventually take profit. Since you are trading against the trend, it is possible that trades will go against you.
Nothing is hard, some things just take more time and discipline.
  • #374
  • Sep 12, 2006 11:40am Sep 12, 2006 11:40am
You are doing nothing wrong - can't win em all.

you are also discovering that trendline trading is bollocks
  • #375
  • Sep 12, 2006 11:40am Sep 12, 2006 11:40am
Quoting coobin
I went long on the candle after break of the trendline ( supply line ). Unfortunately the trade is going against me. What am I doing wrong ?

Coobin
Did you also notice the Demand line? Thats what made me hesitate.
Indicators show the past. Price Action "Indicates" the future.
  • #376
  • Sep 12, 2006 11:42am Sep 12, 2006 11:42am
coobin, i was thinking about getting in the eur/usd up too, however i have noticed that the opening was a little too close to the trend line for me.........i am also buying the usd/chf now too
  • #377
  • Sep 12, 2006 11:46am Sep 12, 2006 11:46am
Quoting jarroo
Did you also notice the Demand line? Thats what made me hesitate.
Any comments?
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #378
  • Sep 12, 2006 11:46am Sep 12, 2006 11:46am
Quoting coobin
I went long on the candle after break of the trendline ( supply line ). Unfortunately the trade is going against me. What am I doing wrong ?
Coobin
You must all the read the manual properly, other wise you'll think the system is wrong.
If you check the method it states quite clearly
Quote
Quote
The price projection will be 186 pips to the downside once a four hour candle has opened below the demand line. It is key to become accustomed to this technique because price usually reacts quickly to the downside once a candle has opened beneath the demand line. Valuable pips will be lost if the trader does not react quickly in many cases.

In your case it would be above the supply line. You entered too early. Your trade may yet turn into a winner (which would be a bad thing,as a winning trade that breaks the rules will lead you to make the same mistake again) or it could turn into a loser (for all the reasons that makes Forex what it is). If it is a loser, move on and check your next trade more carefully.
Peter
  • #379
  • Sep 12, 2006 11:52am Sep 12, 2006 11:52am
Quoting cabletrader
You are doing nothing wrong - can't win em all.
you are also discovering that trendline trading is bollocks
Nothing like getting straight to the point cable.
Most methods have weaknesses, and I suppose this has its own. But at least it's getting them all away from CCI - RSI - Stochastics blah, blah blah.
Some are even looking at the charts and bars for a change, which must be a good thing
Peter
  • #380
  • Sep 12, 2006 11:54am Sep 12, 2006 11:54am
Quoting PeterFM
You must all the read the manual properly, other wise you'll think the system is wrong.
If you check the method it states quite clearlyIn your case it would be above the supply line. You entered too early. Your trade may yet turn into a winner (which would be a bad thing,as a winning trade that breaks the rules will lead you to make the same mistake again) or it could turn into a loser (for all the reasons that makes Forex what it is). If it is a loser, move on and check your next trade more carefully.
Peter

Please explain to me how that applys to the supply line...if it is referring to preices opening below a demand line
Nothing is hard, some things just take more time and discipline.
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