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dchappy
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Postby dchappy » Tue Jul 06, 2010 7:23 pm

Thanks Flinux ..very helpful ..

Phil ..like he says ..I prefer to look for signals near the opens and around 12:30 EST .

You may want to "tweak" the settings on cci to lower the sensitivity ..it will give less trades ..This chart is set @ 50 on the lsma ..but there is NO perfect setting ..each currency is a little different .( feel free to PM me if you require help with it )

Personally my#1 unbreakable rule is .. if the 1st trade is a winner & makes the daily goal , I am done for the day .

If the 1st trade is a loser ..I take 1 more trade at 1/2 position size to try to get even on the day.

If that trade is a loser ..I am done for the day ...no questions.

There is NO reason to dig a hole ..the market will be open tomorrow :wink:


Trade Well..........
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Phil
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Postby Phil » Wed Jul 07, 2010 7:40 am

dchappy wrote:Thanks Flinux ..very helpful ..

Phil ..like he says ..I prefer to look for signals near the opens and around 12:30 EST .

You may want to "tweak" the settings on cci to lower the sensitivity ..it will give less trades ..This chart is set @ 50 on the lsma ..but there is NO perfect setting ..each currency is a little different .( feel free to PM me if you require help with it )

Personally my#1 unbreakable rule is .. if the 1st trade is a winner & makes the daily goal , I am done for the day .

If the 1st trade is a loser ..I take 1 more trade at 1/2 position size to try to get even on the day.

If that trade is a loser ..I am done for the day ...no questions.

There is NO reason to dig a hole ..the market will be open tomorrow :wink:


Trade Well..........


Hi Chappy, Flinux,

Thanks for the feedback and suggestions.
Last night i have talked this issue over with my wife. (lucky me, although she
doesn´t understand WHAT I?m talking about, but is encouraging me all the way) And yes, i´ve watched the national team reaching the world Cup finals!!

So I understood that I definitely was overtrading and using my mind in order to compensate for the losses. Looking back, I should have stopped, be aware of the zillion times (ok a bit less :)) I was profitable with this setup and thought like you said `i?ll return tomorrow`.

I was out of my place, and felt right on my face.

The other thing what bothered me was that I did lose my mind with the lot size. So I came up with this idea. I restart as of from today with just 1 micro lot. When I have 1 or 2 profitable weeks and am reaching my target I will increase my lot size by 1 step. This I will repeat in cycles. When I lose 2% (approximately 2 trades) I will quit for the day.
The only thing I?m struggling with is my daily profit target. After yesterday my head is telling me to go for 10 max pips but that?s just because i´m a bit scared after the drainage.
Do you all mind sharing what your profit target for the day is? I just want some indication where I should aim for!

@Flinux, do you mind displaying a chart with the Bollinger Bands attached and the entries?

Thanks again for helping me and for the explanations, and for your precious time to help people like me!

I´ve downloaded the most valuable, for me, content of this thread and printed it out so i can study it when i´m on holidays next week. I´m gonna master this!

Life is good! Have a beautiful day!

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Phil
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Postby Phil » Wed Jul 07, 2010 9:32 am

Phil wrote:
dchappy wrote:Thanks Flinux ..very helpful ..

Phil ..like he says ..I prefer to look for signals near the opens and around 12:30 EST .

You may want to "tweak" the settings on cci to lower the sensitivity ..it will give less trades ..This chart is set @ 50 on the lsma ..but there is NO perfect setting ..each currency is a little different .( feel free to PM me if you require help with it )

Personally my#1 unbreakable rule is .. if the 1st trade is a winner & makes the daily goal , I am done for the day .

If the 1st trade is a loser ..I take 1 more trade at 1/2 position size to try to get even on the day.

If that trade is a loser ..I am done for the day ...no questions.

There is NO reason to dig a hole ..the market will be open tomorrow :wink:


Trade Well..........


Hi Chappy, Flinux,

Thanks for the feedback and suggestions.
Last night i have talked this issue over with my wife. (lucky me, although she
doesn´t understand WHAT I?m talking about, but is encouraging me all the way) And yes, i´ve watched the national team reaching the world Cup finals!!

So I understood that I definitely was overtrading and using my mind in order to compensate for the losses. Looking back, I should have stopped, be aware of the zillion times (ok a bit less :)) I was profitable with this setup and thought like you said `i?ll return tomorrow`.

I was out of my place, and felt right on my face.

The other thing what bothered me was that I did lose my mind with the lot size. So I came up with this idea. I restart as of from today with just 1 micro lot. When I have 1 or 2 profitable weeks and am reaching my target I will increase my lot size by 1 step. This I will repeat in cycles. When I lose 2% (approximately 2 trades) I will quit for the day.
The only thing I?m struggling with is my daily profit target. After yesterday my head is telling me to go for 10 max pips but that?s just because i´m a bit scared after the drainage.
Do you all mind sharing what your profit target for the day is? I just want some indication where I should aim for!

@Flinux, do you mind displaying a chart with the Bollinger Bands attached and the entries?

Thanks again for helping me and for the explanations, and for your precious time to help people like me!

I´ve downloaded the most valuable, for me, content of this thread and printed it out so i can study it when i´m on holidays next week. I´m gonna master this!

Life is good! Have a beautiful day!


Chappy,
did you trade all of these openings? If so, were you stopped out at the London open? And do you still wake up in the middle of the night to catch the openings?

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Phil
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Postby Phil » Wed Jul 07, 2010 10:22 am

Entry at the London open.
Didn´t work out this morning. Second loss of the day :( , done for today.
Man, frustrating these losses... Friday i´m leaving for the holidays. Going to enjoy and study in between. Perhaps i skip trading tomorrow until i feel more comfortable than today.
It can only get better!

Enjoy your day.

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Phil
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Postby Phil » Wed Jul 07, 2010 11:14 am

Should have wait for a new entry which could give 40 pips...

Would you consider opening a short entry when, if, some next ha and cci bar color agree? If both are red (in my chart case)
Because price is now way outside the channel.

I just want to know if i see it right. Just wanting to know whether i should pay attention now if i would trade.

Or is this the beginning of a new trend, like Flinux told?
Could someone tell me, i prefer pictures, the difference how to trade trends and swing trades with this setup?

If only you knew how much i want to master this method...

Enjoy your day and trading,
Phil

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flinux
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Postby flinux » Wed Jul 07, 2010 11:39 am

Phil wrote:Entry at the London open.
Didn´t work out this morning. Second loss of the day :( , done for today.
Man, frustrating these losses... Friday i´m leaving for the holidays. Going to enjoy and study in between. Perhaps i skip trading tomorrow until i feel more comfortable than today.
It can only get better!

Enjoy your day.


SET STOP LOSS TO 0 P/L

It's better to earn 0 than loss something!
So faith, hope, love remain, these three; but the greatest of these is love. - 1 Corinthians 13:13

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flinux
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Postby flinux » Wed Jul 07, 2010 12:05 pm

Image

TRENDING MARKET
So faith, hope, love remain, these three; but the greatest of these is love. - 1 Corinthians 13:13

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flinux
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Postby flinux » Wed Jul 07, 2010 12:07 pm

Image

SWINGING MARKET
So faith, hope, love remain, these three; but the greatest of these is love. - 1 Corinthians 13:13

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Postby flinux » Wed Jul 07, 2010 12:14 pm

I know that these examples may seem clear now, because when I created these charts could already see what would be the end result!
The rules of entry and exit are more or less the same.
The real point is: what is the optimal value of drawdown.
For example, we can gain 100 pips in a position, but perhaps we have been for some time at a loss of 20 pips.
It is up to each of you, based on what you want to risk it, choose which stop to use.
Generally, however, it is always advisable, after some pips in profit, to set the stop loss to even.
So faith, hope, love remain, these three; but the greatest of these is love. - 1 Corinthians 13:13

dchappy
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Postby dchappy » Wed Jul 07, 2010 12:54 pm

Phil wrote:
Phil wrote:
dchappy wrote:Thanks Flinux ..very helpful ..

Phil ..like he says ..I prefer to look for signals near the opens and around 12:30 EST .

You may want to "tweak" the settings on cci to lower the sensitivity ..it will give less trades ..This chart is set @ 50 on the lsma ..but there is NO perfect setting ..each currency is a little different .( feel free to PM me if you require help with it )

Personally my#1 unbreakable rule is .. if the 1st trade is a winner & makes the daily goal , I am done for the day .

If the 1st trade is a loser ..I take 1 more trade at 1/2 position size to try to get even on the day.

If that trade is a loser ..I am done for the day ...no questions.

There is NO reason to dig a hole ..the market will be open tomorrow :wink:


Trade Well..........


Hi Chappy, Flinux,

Thanks for the feedback and suggestions.
Last night i have talked this issue over with my wife. (lucky me, although she
doesn´t understand WHAT I?m talking about, but is encouraging me all the way) And yes, i´ve watched the national team reaching the world Cup finals!!

So I understood that I definitely was overtrading and using my mind in order to compensate for the losses. Looking back, I should have stopped, be aware of the zillion times (ok a bit less :)) I was profitable with this setup and thought like you said `i?ll return tomorrow`.

I was out of my place, and felt right on my face.

The other thing what bothered me was that I did lose my mind with the lot size. So I came up with this idea. I restart as of from today with just 1 micro lot. When I have 1 or 2 profitable weeks and am reaching my target I will increase my lot size by 1 step. This I will repeat in cycles. When I lose 2% (approximately 2 trades) I will quit for the day.
The only thing I?m struggling with is my daily profit target. After yesterday my head is telling me to go for 10 max pips but that?s just because i´m a bit scared after the drainage.
Do you all mind sharing what your profit target for the day is? I just want some indication where I should aim for!

@Flinux, do you mind displaying a chart with the Bollinger Bands attached and the entries?

Thanks again for helping me and for the explanations, and for your precious time to help people like me!

I´ve downloaded the most valuable, for me, content of this thread and printed it out so i can study it when i´m on holidays next week. I´m gonna master this!

Life is good! Have a beautiful day!


Chappy,
did you trade all of these openings? If so, were you stopped out at the London open? And do you still wake up in the middle of the night to catch the openings?


No , I did'nt trade those , was just an example...

Yes , I get up @ 3 am to trade GU...

Never Give Up .. :D

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