lukx zline trading log + cfabian p.35 + adaseb p.48

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lukx
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Postby lukx » Tue Nov 17, 2009 9:00 am

spa wrote:
es/pip wrote:
spa wrote:es/pip today's example on gbpusd is exactly what i see often and thus fail at getting into trades... price went into the 1h MZ and formed PA like A, and i look more for a B type of setup, would you enter later and higher when B occurs or what?


i was in on the first increase on that one



Image

Image


i see we have different data.. yours looks nice while mine doesn't show the first long entry properly.... what broker are your charts from?


ALPARI all the way !

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Postby lukx » Tue Nov 17, 2009 12:47 pm

I closed half position for 90 pips:

Image

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cfabian
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Postby cfabian » Tue Nov 17, 2009 4:08 pm

Double post!
Last edited by cfabian on Tue Nov 17, 2009 4:11 pm, edited 1 time in total.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
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Postby cfabian » Tue Nov 17, 2009 4:08 pm

Lukx, I'm going to use your trading journal to post my trades as well. Hope you don't mind as don't want to create another room. People is helping a lot here.

Well, this is my trade from today on GU. Entered long based on D1 momo, H1 momo, and M15 MZ. Entered a trade with 18 pip SL. It was +7, and booom, dropped like hell. LOSS of 18.

Image

Image

Image
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Postby lukx » Tue Nov 17, 2009 4:19 pm

cfabian , sure thing! bring it on. I have changed topic a bit ;) so you GOT to post ALL your trades from now on ! no way out ! sorry !

If I can recommend something to you, check blubb thread, in last post he made change for zl indy, it now have option that after wicking zl it's becoming old, like es/pip suggested.

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Postby cfabian » Tue Nov 17, 2009 4:35 pm

Thanks, I'll check for that.


lukx wrote:cfabian , sure thing! bring it on. I have changed topic a bit ;) so you GOT to post ALL your trades from now on ! no way out ! sorry !

If I can recommend something to you, check blubb thread, in last post he made change for zl indy, it now have option that after wicking zl it's becoming old, like es/pip suggested.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!

"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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Postby aliassmith » Tue Nov 17, 2009 4:46 pm

lukx wrote:LOSS:

Image


Some people out there believe that we can just pick some R:R ratio and that is what it will be because we think it should be like what we want.

I on the other hand believe that "The Market Will Give You What The Hell It Wants To Give You".

How many times have you picked a target, say based on a 1 hour chart?
The price doesn't get to the target but strangely turns a 180 degrees and moves against you. Then of course someone says well it hit the 15 minute zline/support/resistance/demand etc. etc.

Or, price does the same thing but this time it hits the zline/support/resistance/demand etc. etc. of the 4 hour chart.

Looking at those facts how can a set it and forget it strategy be viable without taking into consideration all timeframes and their possible turning points

To combat this we need to manage the trades which is as important as the entry in my opinion.

When taking a trade it is good to be able to exit a portion of the trade at different intervals. I trade at Oanda so I need to place two orders so I can bail on one when price is acting questionable. (It is called getting in and then limiting risk)

I look to get out of a trade when:
= I am at a resonable profit say 2% or better and price is acting funny
= A candle on my timeframe closes against me
= My entry candle closed against my zline
= Getting out after 3 candles if they seem like duds (NO MOMENTUM)

Another thing that is useful is placing your stoploss where it should actually be and not where your lot size determines. Determine you maximum lot size by (account size * risk percentage) / (stoploss +spread)
The answer to that equation will be your maximum $ risk per pip.

account $100,000
risk 2%
stopploss 13
spread 3

$100,000 *2% = $2000
13 + 3 = 16

$2000/16 = $125/pip or 12.5 lots

On a final note:
my trading partner was having trouble getting some decent returns and we had a discussion about it to see what was happening.

He only made .5% and 1% on a few trades and was wonder what was happening. The thing is he had made some nice 5% trades and now he was thinking he is superman and can get that all the time.

Come on let us have a reallity check. I don't care that es/pip, Mightyone, and Dragon33 can make 100% a week. I couldn't play basketball like Michael Jordan either.

The point is these types of people are gifted (all-stars)
making 5%, 10% or more a month is superhuman.

Bank interest 3% 1 year
Money Market 5% 1 year
Nice Hedge fund 40% 1 year
Forex 6% a week compounded for 1 year 2000%

That is 3 nice "cherry" trades per week at 2% each, you don't need 30% a week to be rich with Forex Trading.

I don't know if this will help anyone but it sure did put things in perspective for my trading partner.
Trade Your Way as Long as It Makes Money!

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Postby lukx » Tue Nov 17, 2009 4:53 pm

Profit taken :

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Postby dragon33 » Tue Nov 17, 2009 5:08 pm

aliassmith wrote:
lukx wrote:LOSS:

Image


Some people out there believe that we can just pick some R:R ratio and that is what it will be because we think it should be like what we want.

I on the other hand believe that "The Market Will Give You What The Hell It Wants To Give You".

How many times have you picked a target, say based on a 1 hour chart?
The price doesn't get to the target but strangely turns a 180 degrees and moves against you. Then of course someone says well it hit the 15 minute zline/support/resistance/demand etc. etc.

Or, price does the same thing but this time it hits the zline/support/resistance/demand etc. etc. of the 4 hour chart.

Looking at those facts how can a set it and forget it strategy be viable without taking into consideration all timeframes and their possible turning points

To combat this we need to manage the trades which is as important as the entry in my opinion.

When taking a trade it is good to be able to exit a portion of the trade at different intervals. I trade at Oanda so I need to place two orders so I can bail on one when price is acting questionable. (It is called getting in and then limiting risk)

I look to get out of a trade when:
= I am at a resonable profit say 2% or better and price is acting funny
= A candle on my timeframe closes against me
= My entry candle closed against my zline
= Getting out after 3 candles if they seem like duds (NO MOMENTUM)

Another thing that is useful is placing your stoploss where it should actually be and not where your lot size determines. Determine you maximum lot size by (account size * risk percentage) / (stoploss +spread)
The answer to that equation will be your maximum $ risk per pip.

account $100,000
risk 2%
stopploss 13
spread 3

$100,000 *2% = $2000
13 + 3 = 16

$2000/16 = $125/pip or 12.5 lots

On a final note:
my trading partner was having trouble getting some decent returns and we had a discussion about it to see what was happening.

He only made .5% and 1% on a few trades and was wonder what was happening. The thing is he had made some nice 5% trades and now he was thinking he is superman and can get that all the time.

Come on let us have a reallity check. I don't care that es/pip, Mightyone, and Dragon33 can make 100% a week. I couldn't play basketball like Michael Jordan either.

The point is these types of people are gifted (all-stars)
making 5%, 10% or more a month is superhuman.

Bank interest 3% 1 year
Money Market 5% 1 year
Nice Hedge fund 40% 1 year
Forex 6% a week compounded for 1 year 2000%

That is 3 nice "cherry" trades per week at 2% each, you don't need 30% a week to be rich with Forex Trading.

I don't know if this will help anyone but it sure did put things in perspective for my trading partner.


You can not get into a trade and set a 1/4 on every trade. The thing you can do waiting for the trade with the highest probability to make that 1/4. That's a big difference.
A set and forget strategie is not that easy. I don't believe it exists. You have to take your profit when there is and the best way to do that is building confidence in the method you use. Make your entry and build your way up, get out when price is stalling and try to get in when price is heading in the same direction as before.

The main thing is you are totally right about the 2%.
Every dollar you make that a bank can't give you is a better dollar. You only need the discipline to walk instead of running.

I was in your shoes but if you know how many screen hours i've made some people would call me crazy. But now it pays amazing well.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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cfabian
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Postby cfabian » Tue Nov 17, 2009 5:18 pm

LOL, yes I can see you changed the topic.

Yes I will post all my trades. I just try to not trade too much, so wont be as much charts from me as from you. I'll post all my moves from now on.

Thanks for the inclusion.



lukx wrote:cfabian , sure thing! bring it on. I have changed topic a bit ;) so you GOT to post ALL your trades from now on ! no way out ! sorry !

If I can recommend something to you, check blubb thread, in last post he made change for zl indy, it now have option that after wicking zl it's becoming old, like es/pip suggested.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!

"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


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