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MightyOne
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Postby MightyOne » Sun Jan 04, 2009 7:25 pm

TheRumpledOne wrote:Image

Looking at the currencies' movement relative to the market session opens, previous week's close and previous month's close.

Was rereading the Peter Crown material:

Post #23

Trading the "hot hand": Trading the strongest/weakest market is actually really simple. For example, yesterday the Eur/Usd was up more proportionately than the Usd/Chf was down. This was because the Usd/Chf wasn't even a down day. Definitely off its highs but not down relative to last week's close. The Eur/Usd was up, up and away! So that is the market you buy.


Convert this into text that displays which pair to trade and we are all set :!: lol

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TheRumpledOne
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Postby TheRumpledOne » Sun Jan 04, 2009 7:49 pm

I think you can SEE which is strongest / weakest.

If you can NOT SEE IT, then DO NOT TRADE IT!!
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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razorboy
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Postby razorboy » Sun Jan 04, 2009 10:09 pm

when is hot too hot? Or is that just a trade that doesn't break your way?

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Postby razorboy » Sun Jan 04, 2009 10:35 pm

So you play off the second bounce

I ran some longer term stats for the EURO/USD (Doing tha deal - my little blog that has become my trading log a "tlog" if you will)

The range and average is pretty stable across the different time periods

MightyOne wrote:I found a more nimble way to adjust the size of my stop loss to the range of the 5m bars.
I thought to my self 'TRO has us trade hour to hour so why am I considering a days worth of stats?'
I then adjusted to an hours worth of stats and compared the results of the 2 methods and came up with the below formula for hour to hour SL adjustment.
I am just throwing this out there for you to consider for your self...

TRO_RANGE_COUNT

M5 RANGE COUNT (12)

Range divided by 4 and then multiplied by 10.
Or Range multiplied by 2.5 :wink:

EURUSD is sitting at 8.23 for a 20.5 pip SL
GBPCHF is sitting at 13.91 for a 34.7 pip SL
GBPUSD is sitting at 10.89 for a 27.2 pip SL

I am going to use the 8.23, 13.91, 10.89, etc as a minimum profit target for the Min. Target Trader's Trick.

EURUSD you wait for price to blow through 8.2 pips profit (it could move to 12, 20, 30, w/e) price backs away from the extreme for a few seconds and you place your order to exit at the extreme.

PS: I don't want it to sound like I don't still consider a days worth of stats. I still want to know what can happen during my trading DAY.

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Postby MightyOne » Mon Jan 05, 2009 1:14 am

razorboy wrote:So you play off the second bounce

I ran some longer term stats for the EURO/USD (Doing tha deal - my little blog that has become my trading log a "tlog" if you will)

The range and average is pretty stable across the different time periods

MightyOne wrote:I found a more nimble way to adjust the size of my stop loss to the range of the 5m bars.
I thought to my self 'TRO has us trade hour to hour so why am I considering a days worth of stats?'
I then adjusted to an hours worth of stats and compared the results of the 2 methods and came up with the below formula for hour to hour SL adjustment.
I am just throwing this out there for you to consider for your self...

TRO_RANGE_COUNT

M5 RANGE COUNT (12)

Range divided by 4 and then multiplied by 10.
Or Range multiplied by 2.5 :wink:

EURUSD is sitting at 8.23 for a 20.5 pip SL
GBPCHF is sitting at 13.91 for a 34.7 pip SL
GBPUSD is sitting at 10.89 for a 27.2 pip SL

I am going to use the 8.23, 13.91, 10.89, etc as a minimum profit target for the Min. Target Trader's Trick.

EURUSD you wait for price to blow through 8.2 pips profit (it could move to 12, 20, 30, w/e) price backs away from the extreme for a few seconds and you place your order to exit at the extreme.

PS: I don't want it to sound like I don't still consider a days worth of stats. I still want to know what can happen during my trading DAY.


What second bounce are you referring to?

I am just trying to get in, get out, and use a stop loss level that makes the probable short term gain worth the risk.

When I use a stop based on the 5 minute range and using the same % risk per trade what I am doing is giving every pair the same volatility.
So when you think about it the EURUSD is now impacting my account the same as the GBPUSD or GBPCHF.
I might as well shift my focus to the pairs that require the least amount of margin...

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Postby razorboy » Mon Jan 05, 2009 1:41 am

Sorry, I misread this line below

"EURUSD you wait for price to blow through 8.2 pips profit (it could move to 12, 20, 30, w/e) price backs away from the extreme for a few seconds and you place your order to exit at the extreme."

Bad me...........



MightyOne wrote:
razorboy wrote:So you play off the second bounce

I ran some longer term stats for the EURO/USD (Doing tha deal - my little blog that has become my trading log a "tlog" if you will)

The range and average is pretty stable across the different time periods

MightyOne wrote:I found a more nimble way to adjust the size of my stop loss to the range of the 5m bars.
I thought to my self 'TRO has us trade hour to hour so why am I considering a days worth of stats?'
I then adjusted to an hours worth of stats and compared the results of the 2 methods and came up with the below formula for hour to hour SL adjustment.
I am just throwing this out there for you to consider for your self...

TRO_RANGE_COUNT

M5 RANGE COUNT (12)

Range divided by 4 and then multiplied by 10.
Or Range multiplied by 2.5 :wink:

EURUSD is sitting at 8.23 for a 20.5 pip SL
GBPCHF is sitting at 13.91 for a 34.7 pip SL
GBPUSD is sitting at 10.89 for a 27.2 pip SL

I am going to use the 8.23, 13.91, 10.89, etc as a minimum profit target for the Min. Target Trader's Trick.

EURUSD you wait for price to blow through 8.2 pips profit (it could move to 12, 20, 30, w/e) price backs away from the extreme for a few seconds and you place your order to exit at the extreme.

PS: I don't want it to sound like I don't still consider a days worth of stats. I still want to know what can happen during my trading DAY.


What second bounce are you referring to?

I am just trying to get in, get out, and use a stop loss level that makes the probable short term gain worth the risk.

When I use a stop based on the 5 minute range and using the same % risk per trade what I am doing is giving every pair the same volatility.
So when you think about it the EURUSD is now impacting my account the same as the GBPUSD or GBPCHF.
I might as well shift my focus to the pairs that require the least amount of margin...

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Postby MightyOne » Mon Jan 05, 2009 2:28 am

Thanks for your blog address Razor I will definitely go through it.

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razorboy
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Postby razorboy » Mon Jan 05, 2009 2:56 am

nothing really there yet in regards to trading (not that I have much to really say other than what I am learning) - just find it easier to keep notes on line and in one place

I tend to lose paper notes.........


MightyOne wrote:Thanks for your blog address Razor I will definitely go through it.

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Postby MightyOne » Mon Jan 05, 2009 2:57 am

I know that it is possible that you won't get what I am trying to show you.
All you are really seeing in this picture is sell high, sell higher, and buy back lower :shock:


Image

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Postby pierre23 » Mon Jan 05, 2009 4:09 am

Tro, it seems from the few posts you have made showing your DIBS indicator that it works nicely. Doing some research on this DIB strategy, I have read that it can be an easy and profitable one to use.

Could you please post a few more charts with your indicator and maybe any losses you've encountered while using the indicator? (Trades you would have entered based on the indicator but price never broke out and hit sl)

MightyOne I really like your idea of the zero lines. Thanks for sharing. I didn't really get it until tro pointed out it was pretty much the same as the dynamic fibs. That is, the ZL is the previous support/resistance line ONLY when a bar has broken that support/resistance.. creating new S/R. This is what I understand, please correct me if I'm wrong.

Cheers.

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