Strategy Based On Chart Pattern

trading strategies and money management discussion, code, results

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Ali Son
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Postby Ali Son » Mon Jul 03, 2006 3:03 pm

Also, what interval chart did you use to make this entry? The sixty minute you provided earlier? I notice that TRO's 200 day bar high is also just above your 1.2804 line. Did you see a bullflag just prior to entry? On a 100 tick bar chart with Darvas box I noticed, the top of which was 1.281, there was what looks like a bullish flag pole followed bya bearish candle (flag)?

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fatdog1
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Postby fatdog1 » Mon Jul 03, 2006 3:04 pm

Ali Son wrote:Hope it works out for you! How many contracts do you trade regularly with each trade? Since you are always playing S/R, you can easily keep it consistent or perhaps depending on the number of tests to S/R, you position size?

-OS


Ali,

These are my rules.

I trade between 2-3 futures contracts depending on how big the area of support or resistance is and how close it is to fresh support or resistance.
This trade was 2 contracts since the top of the range was only 32 pips away.
I only trade the first test of support or resistance.
That is the highest odds, lowest risk trade.
In order to trade with the trend, I pass on shorts if what I am trading is in an uptrend which limits the number of trades I take many times.

The disadvantages are.

I have to be in front of the computer in order to trade because I can't find anyone who can code an automated strategy based on my method.

I need to watch the markets around the clock because of reason number 1.

My stop is at 1.2858 on my other contract so I can do some work around the house.

Bye

Ali Son
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Postby Ali Son » Mon Jul 03, 2006 3:11 pm

Talk to you later then---enjoy the 4th tomorrow!

Afterwards, when you are back online, perhaps you can tell me how do you find the futures currency contracts? What are the risk/rewards, outside of your unfortunate experience with bankruptcy of your forex company/account, compared with Forex?

Until next time, then, stay away from too many burgers and dogs!

-OPTIONSWINGS

Ali Son
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Postby Ali Son » Mon Jul 03, 2006 3:19 pm

BTw, people who do fully automated trading successfull still do stay in fron the computer, believe it or not, to make sthings don't blow up! :lol: :?

-OS

fatdog1
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Postby fatdog1 » Mon Jul 03, 2006 3:52 pm

Ali Son wrote:Also, what interval chart did you use to make this entry? The sixty minute you provided earlier? I notice that TRO's 200 day bar high is also just above your 1.2804 line. Did you see a bullflag just prior to entry? On a 100 tick bar chart with Darvas box I noticed, the top of which was 1.281, there was what looks like a bullish flag pole followed bya bearish candle (flag)?


The bull flag breakout is on the 5 minute chart at 1.2839 on the Euro future. I use the 5 minute for entry.


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fatdog1
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Postby fatdog1 » Mon Jul 03, 2006 4:07 pm

Ali Son wrote:BTw, people who do fully automated trading successfull still do stay in fron the computer, believe it or not, to make sthings don't blow up! :lol: :?

-OS


I agree. I would like to be able to walk away, sleep, eat, paint, ect. and still get in a trade when the conditions are right.

I have been watching the Russell now.
Russell is almost past the resistance area starting at 733.
It is having a hard time. That is what I like to see.
It will be strong support when the Russell finally breaks past it and hits 740 and pulls back.

fatdog1
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Postby fatdog1 » Mon Jul 03, 2006 11:19 pm

Ali Son wrote:Talk to you later then---enjoy the 4th tomorrow!

Afterwards, when you are back online, perhaps you can tell me how do you find the futures currency contracts? What are the risk/rewards, outside of your unfortunate experience with bankruptcy of your forex company/account, compared with Forex?

Until next time, then, stay away from too many burgers and dogs!

-OPTIONSWINGS


Ali,

The currency futures market is less liquid than the forex market.
I can and do get volume information but I have to pay for the data feed.
The initial margin on the Euro is almost 3K to leverage 125K compared to the 1K I use to post in margin to leverage 100K in spot forex.
I pay a $5.00 round trip commission, exchange fees, and I pay for CME Globex data feed monthly because I trade at night.
I also trade the 30 year bond as part of that data feed.
There is no below 250.00 floor and they stop trading in your account in the futures market. You can get margin calls if you don't use stops and there can be slippage on your stops.
Your account is segreated and covered by NFA/CTFC and no way does your broker get to steal it.

Ali Son
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Postby Ali Son » Wed Jul 05, 2006 12:21 am

So, what does this translate to in terms of profit differential per contract?

fatdog1
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Postby fatdog1 » Wed Jul 05, 2006 12:33 am

Ali Son wrote:So, what does this translate to in terms of profit differential per contract?


Ali,

Each point is 12.50 for Euro. Large Euro forex contract is 10.00 per pip.
The British Pound is 6.25 since each contract is only for 62,500.

fatdog1
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Postby fatdog1 » Wed Jul 05, 2006 12:41 am

Hey Ali,
Can you code this?
I want a yellow horizontal trendline to plot after 2 touches on the bottom and top of a trading range.


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