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pierre23
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Postby pierre23 » Tue Dec 09, 2008 6:09 am

[GBP/JPY]
Yesterday price was going UP, I posted just before on the trade I did. Today price is going DOWN.

Entered Short: 137.52
SL: 138.52 (100 pips)
TS: 30 pips

It's been 2 and a bit hours and accumulated 37pips and counting rapidly. (at the time of writing this post)

I'll let you know how it pans out. I gave it a bit more leaweigh (sorry I actually don't know how to spell that word =\) with the stoploss because it looked like it was going to go up before it came back down.. but now that I look at the charts I could have stuck with a 50pip SL instead of 100.

I have mixed feelings about having a 100pip SL with 30pip trailing stop.. price has to move 120pips my way before my SL goes 20pips into profit. But I'll keep my eye on this trade.

Current D1 Range: 148
Yesterdays D1 Range: 446
ATR: 321

Hopefully it will want to keep on going down for quite a bit more.

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TheRumpledOne
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Postby TheRumpledOne » Tue Dec 09, 2008 3:28 pm

Image

Buzzard trades still working.

Just those No Brainers are so tempting!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

pierre23
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Postby pierre23 » Tue Dec 09, 2008 11:33 pm

pierre23 wrote:[GBP/JPY]
Yesterday price was going UP, I posted just before on the trade I did. Today price is going DOWN.

Entered Short: 137.52
SL: 138.52 (100 pips)
TS: 30 pips

It's been 2 and a bit hours and accumulated 37pips and counting rapidly. (at the time of writing this post)

I'll let you know how it pans out. I gave it a bit more leaweigh (sorry I actually don't know how to spell that word =\) with the stoploss because it looked like it was going to go up before it came back down.. but now that I look at the charts I could have stuck with a 50pip SL instead of 100.

I have mixed feelings about having a 100pip SL with 30pip trailing stop.. price has to move 120pips my way before my SL goes 20pips into profit. But I'll keep my eye on this trade.

Current D1 Range: 148
Yesterdays D1 Range: 446
ATR: 321

Hopefully it will want to keep on going down for quite a bit more.


Trade hit TS: 137.02 (+50pips)

Price dropped like a rock after it hit my SL. It's now around 136.01 going into 135.xx. If I had a wider SL I MAY have been able to stick it out longer. No matter.

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razorboy
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Mastering the Markets

Postby razorboy » Wed Dec 10, 2008 1:15 am

TRO,

Part way through the book you posted - still trying to work the concept of volume in to forex. How valid/relevant is volume information that forex brokers generate?

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Postby pierre23 » Wed Dec 10, 2008 1:18 am

Tro, which order types do you use with MBT?.. I'm on their site and there are a tonne of different order types.. For your stops do you use Stop Limits? For your placing of trades do you use TTO or maybe a combo order type such as Limit + Trailing Stop?

To be honest its quite confusing, all the options given.. What would be the best to use to get the most out of normally placing a Limit trade, and placing a stop or trailing stop?

Also I recall someone saying about changing the preferences -> order entry before entering long and short? Something about changing between the stop method from first touch and trade through depending on you want to enter long or short?

What do you personally do when you trade with this MBT Navigator?

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TheRumpledOne
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Re: Mastering the Markets

Postby TheRumpledOne » Wed Dec 10, 2008 3:52 am

razorboy wrote:TRO,

Part way through the book you posted - still trying to work the concept of volume in to forex. How valid/relevant is volume information that forex brokers generate?


Valid? Don't know.

Relevant? If valid, then it gives a clue to what is going on with that broker.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Wed Dec 10, 2008 3:52 am

pierre23 wrote:Tro, which order types do you use with MBT?.. I'm on their site and there are a tonne of different order types.. For your stops do you use Stop Limits? For your placing of trades do you use TTO or maybe a combo order type such as Limit + Trailing Stop?

To be honest its quite confusing, all the options given.. What would be the best to use to get the most out of normally placing a Limit trade, and placing a stop or trailing stop?

Also I recall someone saying about changing the preferences -> order entry before entering long and short? Something about changing between the stop method from first touch and trade through depending on you want to enter long or short?

What do you personally do when you trade with this MBT Navigator?


I use LIMIT ORDERS.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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Re: Mastering the Markets

Postby razorboy » Wed Dec 10, 2008 4:40 am

i figured volume was broker specific.

While I found the information useful, I think it lacks a little bit for forex as brokers have access to orders/SL on both sides of the pair, as opposed to in a stock, they only have the orders and SL for the security.


TheRumpledOne wrote:
razorboy wrote:TRO,

Part way through the book you posted - still trying to work the concept of volume in to forex. How valid/relevant is volume information that forex brokers generate?


Valid? Don't know.

Relevant? If valid, then it gives a clue to what is going on with that broker.

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Postby ThePitPirate » Wed Dec 10, 2008 1:02 pm

TheRumpledOne wrote:
pierre23 wrote:Tro, which order types do you use with MBT?.. I'm on their site and there are a tonne of different order types.. For your stops do you use Stop Limits? For your placing of trades do you use TTO or maybe a combo order type such as Limit + Trailing Stop?

To be honest its quite confusing, all the options given.. What would be the best to use to get the most out of normally placing a Limit trade, and placing a stop or trailing stop?

Also I recall someone saying about changing the preferences -> order entry before entering long and short? Something about changing between the stop method from first touch and trade through depending on you want to enter long or short?

What do you personally do when you trade with this MBT Navigator?


I use LIMIT ORDERS.


TRO and all,

Regarding the use of limit orders and the proper way to enter trades in the Buyzone method:

I have read all the posts but it still is a bit foggy to me. There is a descrepancy, a big one on some pairs, between the visual hitting of a bar on the buy/short lines, and the price that is actually available to buy/short those pairs when we "have a visual" hitting the lines. For example, when going long, when a green bar "hits" open+.0003, usually the ask price for buying that pair is higher than open+.0003 and even open+.0004, so I never get filled. When looking back at the chart it would seem to be a great buyzone trade, but I never got in the trade, so my questions are:

1) should I put the limit orders as soon as the "buyzone session" opens?, thus resulting theoretically in more bad trades, as I would go long when the ask hits the open+.0003 which is not necessarilly when the green bar hits that point?

2) If not 1) how are you guys doing it?

3) What percentage of "visually valid" buyzone trades are you getting filled? What are your statistics? Meaning when you look back at the charts what percentage of good looking buyzone trades have you really gotten filled?

Thanks in advance for your availabilitty and support.
Last edited by ThePitPirate on Wed Dec 10, 2008 2:53 pm, edited 1 time in total.

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TheRumpledOne
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Postby TheRumpledOne » Wed Dec 10, 2008 2:34 pm

Slapfish

"My best understanding of the basic premise of TRO's methods is that I am supposed to trade based on what the price is doing right now, not what I think it might do next. His indicators give me various points to enter a current movement and be statistically confident I will gain 5+ pips.

I thought I was doing it right when last week i had an epiphany. I was sitting there waiting for the price to drop back down so I could get in on a retrace because I had missed the original entry. I was waiting, waiting, waiting..... the next think I knew, I'd missed THREE buy zone entries that could have netted me 20+ pips. What was I doing? I had my mind locked on the trade I wanted (on the past) and I missed the ones right in front of me!

That's why he boils it down to "seeing". You see what is in front of you instead of predicting (or trying to). If you look outside and SEE that it's raining, do you grab an umbrella on your way out? or do you think "it will be sunny later I better use sunblock"?"

===============================================


That is the BEST post I have seen regarding SEEING PRICE.

Way to go, SLAPFISH!

[B]A++
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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