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

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adaseb
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Postby adaseb » Mon May 31, 2010 11:14 am

Pro Trader wrote:Hi all. I've been following this thread for a little while now and I whilst demo trading I've had the most consistent wins using these concepts than with anything else I've traded. I'm actually reading the chart now as appose to relying on indicators to trade. It is indeed much better.

Took my first live trade today which ended in profit which was good but I didn't hold till my target. That will come with time I'm sure.

Just wanted to thank all for their posts and comments. It is all really helpful. Any advice or comments are welcome

EJ H1: Price was heading up to the 50% level of the red momo, hit a zline indicated by blue line then started to reverse and continue back down.

I then dropped to the 15m to look for an entry.

Marked up 50% area on reversal candle from H1 analysis then waited.
Next candle hit the 100% level before reversing.
I entered at the 0% price with a 20 pip SL which was above the zline marked in blue (I didnt have all these extra lines to trade I just added them for this post to show my process)

Target was solid yellow line but I came out at the short yellow line in the middle of the red momo candle. I exited to early (obviously). Only afterwards did I remember MO's advice to exit after a Momo/long bodied candle. Only took 13 pip.

We live and we learn.

Hope to keep on learning as I trade.

Much pips to all

Image

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Yeah those trades are always the best ones to take, where it breaks a support/resistance level on high momo and then price wicks that area. I found you get the highest odds are getting those trades right.

That was a good trade you took, if you're looking for a target, you could of targetted the 50% area of that large bullish candle on the H1.

Keep in mind today was not a good day to trade. Most of the world took the day off and price hardly moved.

Good luck in your future trading.

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Postby Pro Trader » Mon May 31, 2010 11:34 am

Hi Adaseb

Thanks for advice

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Jalarupa
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Postby Jalarupa » Mon May 31, 2010 3:55 pm

Hey I would like to run something buy you peeps regarding MO's Momentum Trap Chart patterns...
- I'm currently only there in my education, and it looks like I may have stumbled upon the first 'hook' of a possible two, on the retrace after CRAZY momo blasted through...

Image

I'm wondering if you guys can comment on it... or am I just seeing things?

I'm thinking I'd like to keep this trade over night and try bag some more pips in the direction on profit... Wait for them crazy ozzies to push my trade over into the 100+ pip zone... You reckon I'm crazy or does this kind of thinking have any merit?

Appreciate your input guys ;-)
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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Postby Jalarupa » Mon May 31, 2010 4:29 pm

Never the mind... Stop Loss hit... :(

Trading against the H1 karma... :cry:

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Postby jarnapal » Mon May 31, 2010 4:53 pm

Jalarupa wrote:Never the mind... Stop Loss hit... :(

Trading against the H1 karma... :cry:


When you look at H3 there is wick downward. When it goes up, target might be daily zeroline and MO's crashzone.


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Postby TygerKrane » Mon May 31, 2010 10:35 pm

jarna-p.,
Your chart is GJ, jalarups is EJ

**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 cfabian » Mon May 31, 2010 10:53 pm

Manta,
When referring to position sizing is it more like adding lots to same trade, OR increasing lot # on the trades to follow after closing in profit?

Like always risking 3% on all your trades (then the 3% is compounding), OR like say risking same 3% as a start point, make 100 pips, and then use those 100 pips at way higher leverage to make profits over that amount without compromising your initial capital?

Thanks



Manta wrote:
aliassmith wrote:
Manta wrote:
aliassmith wrote:
Manta wrote:
aliassmith wrote:
Manta wrote:
adaseb wrote:
Manta wrote:
cfabian wrote:Manta, not sure if I understand correctly your entries, bur from what I understand, you entry right at the lines, what put you in a severe draw down, at aprox -40 for the first 2 and -20 for the 3rd.

Did I get your entries correctly? How do you handle such DD or what is your SL on each case?

Image


Manta wrote:
prochargedmopar wrote:
Manta wrote:"six pack" ZL trading




Very nice trading manta,

You got BALLS!!

I will dream about that pic tonight.


Hahaha, thanks.
Don't dream about, just do it and enjoy. All you need are two magic momos.

And imagine this is only one pair (I trade 4) and 1 day (I trade 5) :twisted:

EDIT: not magic momos, but mighty momos 8)


Good question, I was curious whether someone ask this question.
I use only limit orders. Very rarely stop or market orders. Yes, I enter on those lines. I strongly believe, that trading is not only about entries, the main things from my point of view are money management (risk, position sizing etc.) and exits. I almost don't use SL, but I always set up emergency SL with every trade to avoid unexpected events. I have maximum weekly loss per pair (around 300 pips) and risk around 1.5% per trade (believe it or not even with this small risk is really not problem to make +30% weekly). As soon as I get first breakout in my direction I usually move SL closer, usually above/below the last swing. But what is really powerful is using accumulated profit during a week to increase position size agresively. I don't want to use and risk my money, but money I make during first two, three days of week. That's why I like so much friday trading :D


I wish you luck in the way you trade. But you gotta remember that if you keep trading without a stop, one day you will get a margin call and your entire account will be blown.

I am not trying to put you down. But if you keep trading like this eventually all your profits will be whipped away in one trade.

What I don't understand is how 300 pips represents 1.5% of your account and your pulling 30% weekly returns.

Once again don't take this as an insult in the way you trade. But many people had good success in trading forex because they never used stops and then there will always be that one trade that will take it all away.


That is misunderstanding. I should start to study English again or move again abroad for some time. 300 pips is my maximum weekly loss per pair. It represents around 7.5% of my account. I always use SL!!!!! Believe me I destroyed more than enough accounts in my trading carrier :D
What I want to point out, is the idea of some kind of cushion money management. MO mentioned this idea several times in this forum, but I think no one wants to hear. Most of people in my opinion still looking for some Entry holy grail.


300 pips at 7.5% is 40 pips= 1% which is low leverage for those that are
unsure.

Manta, I am interesrested in how you use your money management, ie.
profit cushion and increased lot size over the week? I wouldn't mind
doubling my return each month.


yep, it is really just basic math. I'm in touch with Lukx via email and he made 50% in last two weeks just with this basic edge like ZLs and I think he is still a bit scared :D to use this agresive position sizing. But the risk is really not higher. Just think about it. Idea is to use profit you make during a week to make even more. Simply reinvest that money like in any other business.


Not much to go on, but something else I'll have to test and research.


Do the research, try it on sample data from your trading results. Time to time I'm doing the same (see the picture how different the results can be with or without proper position sizing). Sometimes I also think, that I'm really sick and should watch more porn sites than spend so much time with charts :D


What are you taking about? Charts are porn.... aren't they?

Anyway, are those graphs based on your trading data? If so damn near
400% return on each pair. Worth the research and comparing verses
changing lot size daily.


It is just an example to show the difference between trading with or without position sizing. I usually reset this cycle after few days. The data are from one or two months without reset.
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 jarnapal » Tue Jun 01, 2010 5:39 am

TygerKrane wrote:jarna-p.,
Your chart is GJ, jalarups is EJ


Oh. Poor me. That's what I get when I drink milk. Sorry for that! :)
But usually these pairs tend to move in correlation and I always watch both charts before placing an order on one.

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Postby Pro Trader » Tue Jun 01, 2010 6:46 am

Hi All.

2nd day live trading. Entry seemed ok, still need to work on exits.

H4: Price was reversing from a zline within a momo candle.

H1: Price was reversing from the 50% level of a momo.

15m took entry as per Dragons method with a 20 SL.

Target was long yellow line but exit was at the short yellow line which was on a green candle coming back up (the 3rd red candle you see from the reversal). Took 12 pips.

Price just reached my target now as I'm typing.

Hopefully I can hold more in the future.

Any advice or comments are appreciated.

H4

Image

H1

Image

15m Entry

Image

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pablo101
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Postby pablo101 » Tue Jun 01, 2010 7:57 am

Pro Trader wrote:Hi All.

2nd day live trading. Entry seemed ok, still need to work on exits.

H4: Price was reversing from a zline within a momo candle.

H1: Price was reversing from the 50% level of a momo.

15m took entry as per Dragons method with a 20 SL.

Target was long yellow line but exit was at the short yellow line which was on a green candle coming back up (the 3rd red candle you see from the reversal). Took 12 pips.

Price just reached my target now as I'm typing.

Hopefully I can hold more in the future.

Any advice or comments are appreciated.

15m Entry

Image


Looks like you doing good :)

Where's you entry Pro, the 15 min at 50% line?

Holding is always tough but I think you could have held more since it was a H4 zline and H1 confluence around that area.

Saying that GU is annoying to trade these days so I closed out early rather than holding, looks like right decision so far, not sure :roll:

Image

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