TygerKrane's Pip-Pickpocketing

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TygerKrane
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The Long Candle Course

Postby TygerKrane » Sun Jul 18, 2010 2:21 pm

"The Long Candle Course", that prochargedmopar had in his signature (@ July 2010) that he got from razorboy:

The link he had no longer works (plus he has already changed his sig :? .) Luckily I downloaded a copy for myself. I re-uploaded it and put up a new link to it in the second post of this thread.
Last edited by TygerKrane on Sun Jul 18, 2010 5:04 pm, edited 1 time in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby TygerKrane » Sun Jul 18, 2010 2:30 pm

alias,
Thank you for taking the time, I truly appreciate the kind favor.
I don't see it happening anytime soon, trading M5's your style, but I do like to see how your method is carried out in the midst of what I am looking at in my preferred chart setup and timeframe analysis.

[highlight=black]~Krane[/highlight]

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby aliassmith » Sun Jul 18, 2010 4:08 pm

TygerKrane wrote:alias,
Thank you for taking the time, I truly appreciate the kind favor.
I don't see it happening anytime soon, trading M5's your style, but I do like to see how your method is carried out in the midst of what I am looking at in my preferred chart setup and timeframe analysis.

[highlight=black]~Krane[/highlight]


There are many styles that can be profitable at varying degrees. Pick
one and get really good at it. It is not normally the style that is killer.
It is the missed nuances and emotion that make the difference.
Trade Your Way as Long as It Makes Money!

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Postby TygerKrane » Sun Jul 18, 2010 5:01 pm

:idea: jarnapal :idea: wrote:Trading is so simple in your head. When ever you trade you trade with clear thought and understand everything what's happening on the charts. That's why it's so simple, for you. My mother is hair cutter and has it's own company but also works there as she is brilliant hair cutter. When I watch her working, it looks so simple in her hands that makes me want to pick up the scissors and make some cuts for fun. But when I picked these scissors up, it didn't feel so simple any more. I couldn't move my hands like my mother does nor did I can keep up my mind while trying to move and cut. Every time I feel indignation I'm going to think about it and know that my mother wasn't brilliant cutter neither when she started out...

Hey jarna-p,
Thanks for the post (I know, it was 3 weeks ago), I always liked it, but there was something extra inside of it that I knew was there, but I just couldn't find. I read it and thought about it over and over to myself. This weekend, something *I* could really identify with came out of it:

Putting hard work & earnest effort into your Practicing = a Developed Skill which looks to other people like it was Your Natural-Born Talent.

May we all trade so that others think we have a natural-born talent.

~Krane

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby jarnapal » Sun Jul 18, 2010 5:11 pm

TygerKrane wrote:
:idea: jarnapal :idea: wrote:Trading is so simple in your head. When ever you trade you trade with clear thought and understand everything what's happening on the charts. That's why it's so simple, for you. My mother is hair cutter and has it's own company but also works there as she is brilliant hair cutter. When I watch her working, it looks so simple in her hands that makes me want to pick up the scissors and make some cuts for fun. But when I picked these scissors up, it didn't feel so simple any more. I couldn't move my hands like my mother does nor did I can keep up my mind while trying to move and cut. Every time I feel indignation I'm going to think about it and know that my mother wasn't brilliant cutter neither when she started out...

Hey jarna-p,
Thanks for the post (I know, it was 3 weeks ago), I always liked it, but there was something extra inside of it that I knew was there, but I just couldn't find. I read it and thought about it over and over to myself. This weekend, something *I* could really identify with came out of it:

Putting hard work & earnest effort into your Practicing = a Developed Skill which looks to other people like it was Your Natural-Born Talent.

May we all trade so that others think we have a natural-born talent.

~Krane


"Putting hard work & earnest effort into your Practicing = a Developed Skill which looks to other people like it was Your Natural-Born Talent. "

Brilliant

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NLA gems 1

Postby TygerKrane » Sun Jul 18, 2010 5:43 pm

[font=Tahoma][highlight=darkviolet]Not a strategy for me, per se, but an interesting idea of calculating my risk based on the ATR; so I am keeping this near-at-hand.[/highlight][/font]

Posted: Fri Mar 27, 2009
:idea: MightyOne :idea: wrote:I would like to hear your thoughts on what I am about to say.

This is what I have been considering to complement my momentum trading:

I reduced my risk from 70% the 100 Bar ATR to 66%.

Keep in mind that I am trading WITH momentum so my
stop loss is a no momo proposition.

I always hug the momentum candle so what I am about to say applies to the candle that is adjacent to the momo.

When price moves through my stop loss by 5 pips I enter an order to re enter at my stop price.

If price stalls around my stop loss then there is a good chance that price will retrace allowing me to recover some or all of my losses.

If price blows through my SL by 10 pips or more and I have time to move the order then I will move the re entry to the mid point between my prev. stop and the low for example.

This is the theme:

:cry: "I was stopped out only to have price reverse and move to my target."


:!: [highlight=grey]:::EDIT:::[/highlight] :!:
MightyOne replied below that he would NOT recommend a method based on this any longer.
Last edited by TygerKrane on Sun Jul 18, 2010 7:32 pm, edited 4 times in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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NLA gems 2.....(Swarm Entry Method)

Postby TygerKrane » Sun Jul 18, 2010 5:58 pm

[font=Verdana][highlight=olive]THIS strategy, however, is more to my liking and so I have a greater motivation to try and include this into my trade management.[/highlight][/font]

Posted: Fri Mar 27, 2009
:idea: MightyOne :idea: wrote:It is not like I will ever get a chance to trade it as I have to get stopped out :roll:

Because I only trade in a long term direction I have other options available to me.

Swarm Entry Method:

Risk 3% for 2% and then then risk 0.5% per trade with the goal of accumulating a position in the direction of the high TF momo candle.

If 2% is lost then risk 3% and scalp another 2%.

Do not move stops, set a TP, or click out of the 0.5% trades as
you are ACCUMULATING units.

Goal is to accumulate 6 units and exit after a high TF momo candle or when you feel an exit is justified after accumulation is complete.

My goal is always the same:

ZERO DRAW DOWN (of my own money :wink:)

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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NLA gems 3

Postby TygerKrane » Sun Jul 18, 2010 6:28 pm

[font=Arial][highlight=brown]A conversation about keeping the same amount of risk over all your trades. Will be very helpful to me as I am guilty of the very same mentality of trade management:[/highlight][/font]

Posted: Sat Mar 28, 2009
:idea: MightyOne :idea: wrote:Talking about this trade or that trade is almost a stupid waste of time.
Really it all comes down to how you manage your money.

Again, managing your money is almost all there is to trading.

A very small fraction of your success is based on your technical analysis. I can OOooOOOo you and I can AhhhhAHhhh you, but in the end it is all just money management.

Massive profit does not come from an explosion in price from the point of your entry but from an implosion of risk.

High risk is always paired with low reward (scalp/ish)

AND

Low risk is always paired with high reward.

The first goal is to secure a profit with the highest probability of success and the second goal is to subdivide that profit into two parts
and trade for a large profit with a high risk multiple.

Sure, you can risk 4-5% per trade every trade, but let me ask you:

How many millions do you have?

I know that you place more than 2 trades per day so it stands to reason than you can achieve 50/100/150% per week risking 5% per trade right?

If you don't have millions I can tell you the reason right now:

YOU SUCK :roll:

Just kidding...

You are losing too much too often to gain too little.

If you are wrong then you are usually wrong immediately
and if you are right then you are usually right in a big way.
So do your self a favor and use a small position size to
reduce the magnitude of instant loss and and be bold
enough to hold in a big way.

Investing has its place
Trading has its place
Scalping has its place

None are right all of the time

but each is right some of the time

and some of the time is where you make
your money all of the time.


"Investing has its place
Trading has its place
Scalping has its place

None are right all of the time

but each is right some of the time

[highlight=orange]and some of the time is where you make
your money all of the time.[/highlight]
"

ooh, that whole quote has got to be one of the coolest and slickest trading lines I've ever heard

but I digress, onwards with the conversation!! :arrow:

:idea: es/pip :idea: wrote: Maybe I need to think about all of this and maybe refine how i am going about the way i risk and target my trades.

I will admit---------- i put on a trade and i risk around 4% and if i have a target i shoot for it if PA turns before it gets there i get out, if it closes against me i get out wherever i can.

I have not traded in the way you recommend-- in building up a small profit on each scalp based on risk and then going for the gusto so to speak.

Friday--us session was pretty choppy and none of my targets were reached----was i up 15-20 pips in some trades---yes--did i make any good money off of them-----no

i adjusted half way thru and started scalping because of the chop----had i scalped and built my risk on each trade i would had obviously done a lot better

thoughts


:idea: MightyOne :idea: wrote:"had i scalped and built my risk on each trade i would had obviously done a lot better

thoughts"


My 3-4% is probably different from your 3-4% since my risk is based on high water mark.

It is just some thing you learn over time that more risk does not equal more profit it equals more risk.

More profit equals more profit :P
More risk equals more risk :shock:

Most traders use their win ratio to determine how much risk they
can take on similar to a teenager with a credit card.

I use my win ratio to secure a profit which is then divided into
two (or four) separate trades insuring minimum draw down and thus maximum compound returns.

Holding for hundreds of pips is not worth the
delay in compounding unless:

1. Your risk is very small.
The longer you hold the greater the chance of being zero lined.

2. You got in on a very small stop and the large move offers
the potential to make 20/50/80% gains that you would normally
not be able to accomplish while trying to "unfold" the market.

3. Despite 1 & 2 you should not hold for periods longer than 2 bars of the time frame you are trading; it is important that you rescale
your position size for maximum growth.

The other day the EURUSD fell ~260 pips in a matter of hours giving an account boost of up to 52%.

These massive frog jumps in your account on LOW RISK are what
really get you to where you are going.

In closing I will say that if you are risking 5% per trade then you should at the very least be averaging 25% per week.
If you are not averaging 25% per week then it is because you are
risking 5% per trade.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Re: NLA gems 1

Postby MightyOne » Sun Jul 18, 2010 6:51 pm

TygerKrane wrote:[font=Tahoma][highlight=darkviolet]Not a strategy for me, per se, but an interesting idea of calculating my risk based on the ATR; so I am keeping this near-at-hand.[/highlight][/font]

Posted: Fri Mar 27, 2009
:idea: MightyOne :idea: wrote:I would like to hear your thoughts on what I am about to say.

This is what I have been considering to complement my momentum trading:

I reduced my risk from 70% the 100 Bar ATR to 66%.

Keep in mind that I am trading WITH momentum so my
stop loss is a no momo proposition.

I always hug the momentum candle so what I am about to say applies to the candle that is adjacent to the momo.

When price moves through my stop loss by 5 pips I enter an order to re enter at my stop price.

If price stalls around my stop loss then there is a good chance that price will retrace allowing me to recover some or all of my losses.

If price blows through my SL by 10 pips or more and I have time to move the order then I will move the re entry to the mid point between my prev. stop and the low for example.

This is the theme:

:cry: "I was stopped out only to have price reverse and move to my target."


I no longer use averages as they swing too high or too low.

The median range works well as a replacement for an ATR.

A considered a few different methods in an attempt to justify the use of a stop order.

1. Place a stop reverse order (If long 1, short 2 on a stop). If price blows through then recover 50% of your losses. If price does not then blow through then exit.

2. If stopped reenter as price moves in your direction again.

3. Both 1 & 2.

I prefer to just not use a stop :wink:

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Re: NLA gems 1

Postby TygerKrane » Sun Jul 18, 2010 7:12 pm

MightyOne wrote:
TygerKrane wrote:[font=Tahoma][highlight=darkviolet]Not a strategy for me, per se, but an interesting idea of calculating my risk based on the ATR; so I am keeping this near-at-hand.[/highlight][/font]

Posted: Fri Mar 27, 2009
:idea: MightyOne :idea: wrote:I would like to hear your thoughts on what I am about to say.

This is what I have been considering to complement my momentum trading:

I reduced my risk from 70% the 100 Bar ATR to 66%.

Keep in mind that I am trading WITH momentum so my
stop loss is a no momo proposition.

I always hug the momentum candle so what I am about to say applies to the candle that is adjacent to the momo.

When price moves through my stop loss by 5 pips I enter an order to re enter at my stop price.

If price stalls around my stop loss then there is a good chance that price will retrace allowing me to recover some or all of my losses.

If price blows through my SL by 10 pips or more and I have time to move the order then I will move the re entry to the mid point between my prev. stop and the low for example.

This is the theme:

:cry: "I was stopped out only to have price reverse and move to my target."


I no longer use averages as they swing too high or too low.

The median range works well as a replacement for an ATR.

A considered a few different methods in an attempt to justify the use of a stop order.

1. Place a stop reverse order (If long 1, short 2 on a stop). If price blows through then recover 50% of your losses. If price does not then blow through then exit.

2. If stopped reenter as price moves in your direction again.

3. Both 1 & 2.

I prefer to just not use a stop :wink:

Thanks for the update MO!
[schild=11 fontcolor=FF0000 shadowcolor=8B0000 shieldshadow=1]Attention![/schild]Let it never be said that Krane intentionally passes on outdated info![schild=11 fontcolor=FF0000 shadowcolor=8B0000 shieldshadow=1]Attention![/schild]

MO wrote:1. Place a stop reverse order (If long 1, short 2 on a stop). If price blows through then recover 50% of your losses. If price does not then blow through then exit."


This jumps out at me immediately. This would have helped me out tremendously in my beginner trader days. Back when I was prone to getting caught in whipsawing and slapped around back and forth, long and short like the Forex market's little b!t*h.

Reversing with an intention to recover just half would have been awesome.


MightyOne wrote:I prefer to just not use a stop :wink:

Well, *I* prefer to just trade and get YOUR type of returns; but I guess we can't always get what we want now can we?

:x , but really :P :lol: , but really :x

I kid, I kid! :smt046


poor Krane :-({|=

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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