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disbellj
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Postby disbellj » Sun Nov 02, 2008 9:49 pm

TRO,

That's very good. Thank you.

I would submit only one request:

You see how we have TickValue? We know that TickValue assumes one lot of contract size (Lot Value).

I request that a new line be added at bottom to give the actual pip value, given the number of lots that are recommended. For instance, when I choose 1000 as the Lot Value (meaning a micro lot), it tells me 10.00 (meaning 10 micro lots). Since we know that 10 micro lots equal $1/pip (the same as 1 mini lot) instead of $0.10/pip (1 micro lot pip value), then the Actual Pip Value would take the number of lots into account, and give the user their actual pip value if they trade the recommended number of lots.

Just a suggestion to improve and put the final touches on the DRAGON money management indicator, which I do now consider to be better than mine since you can choose Lot Value like has been requested by another user (when they asked me how they could change Pip Value, which is directly related to what you call Lot Value, in my indicator, which they can't change, but now can change in yours, and it is correct).

In fact, I see that since you round things off, there is no need for any decimal places next to Lot Size (what I refer to as number of lots in conversation). If Lot Value is 1000, then Lot Size whole number (whatever it is) would be micro lot. If Lot Value is 10000, then Lot Size whole number (whatever it is) would be mini lot. If Lot Value is 100000 or above, then Lot Size whole number (whatever it is) would be standard lot. (It could even be easily programmed to display Micro Lot(s), Mini Lot(s), or Standard Lot(s) to the right of Lot Size result).

Thank you,

Don


TheRumpledOne wrote:
I fixed the bug, Don.

No ego involved on my end.

If something is inaccurate, I fix it.

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TheRumpledOne
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Postby TheRumpledOne » Sun Nov 02, 2008 10:22 pm

Image

Added $/Pip line to the display
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Postby TheRumpledOne » Sun Nov 02, 2008 10:24 pm

Image

I put the RULES OF THUMB right on my chart.
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Postby marcromero » Mon Nov 03, 2008 12:37 am

ok I've read all the post. this system makes lots of sense but I still went from a 4k account to less than $200. I'm using ibfx and I know I should not be with a FSB but at this point have no more funds to switch. I'm having problems on where and how to place these limit order. I count the bars 3 green then look for short or 3 red then look for long but I seem to be getting in at the wrong time. If I want to go short do I place a limit order above the red bar and hope that it hits this and go back down. I'm real confused please help.

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Postby dragon33 » Mon Nov 03, 2008 6:39 am

marcromero wrote:ok I've read all the post. this system makes lots of sense but I still went from a 4k account to less than $200. I'm using ibfx and I know I should not be with a FSB but at this point have no more funds to switch. I'm having problems on where and how to place these limit order. I count the bars 3 green then look for short or 3 red then look for long but I seem to be getting in at the wrong time. If I want to go short do I place a limit order above the red bar and hope that it hits this and go back down. I'm real confused please help.


I am not using this system but you can download the rule of thumb and you just need to enter at the sup or res line and follow the rules. This is downloadable a few posts earlier!

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Postby xmess7 » Mon Nov 03, 2008 8:04 am

marcromero wrote:ok I've read all the post. this system makes lots of sense but I still went from a 4k account to less than $200. I'm using ibfx and I know I should not be with a FSB but at this point have no more funds to switch. I'm having problems on where and how to place these limit order. I count the bars 3 green then look for short or 3 red then look for long but I seem to be getting in at the wrong time. If I want to go short do I place a limit order above the red bar and hope that it hits this and go back down. I'm real confused please help.


On the 4th candle enter the pivot of the previous 3rd candle.
pivot = (Hi + low + Close ) /3

Plus, once u get some profit (3-7pips) GET OUT. Later on when u have more experience you can go for more.

Hang in there.

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Postby BlowFish » Mon Nov 03, 2008 8:29 am

TRO Wrote:-
________________________________________________________________
Using a 3 period "look back", you will see the breakouts BECAUSE, we know from STATISTICS that 2 and 3 bars of the same color in a row is a likely occurrence where 4 or more in a row are less likely.

If bar 2 is pushing against support/resistance, then it is likely to continue moving in that direction.

UNDERSTAND?
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++

To be honest I am having trouble understanding that. Most of the charts I have seen the most common occurrence (by far) is one bar of the same colour. If you have a green bar the most likely next bar will be red. Unless I am mis understanding the presentation of the stats, which is entirely possible :D

To take a break out long, based on that information, I would want to see a red bar at resistance knowing from the stats that green bars follow red bars more than they do other green bars.

2 bars in a row is unlikely 3 more so, this is why the 3+bar reversal trade works (like a dream). I can't help feel that there is something not right using this same criteria to take a trade in the same direction.

Edit: put another way the more bars the same colour the more likely a reversal. The fewer bars the same colour the more likely continuation through the S/R. One is the fewest number of bar(s) you can get in the same direction.

I'm :smt119 confused :smt119 (which I recall you saying is a good thing over at the BP thread as it means your thinking is being challenged).

Oh just one more thing (as Columbo might say). In a sequence of 3 green bars in a row is that also counted as 2 green bars?....I am thinking yes it is.

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Postby TheRumpledOne » Mon Nov 03, 2008 11:15 am

"Oh just one more thing (as Columbo might say). In a sequence of 3 green bars in a row is that also counted as 2 green bars?....I am thinking yes it is."

NO. 3 green bars in a row is not also counted as 2 green bars in a row. Because it would be counted twice as 2 green bars in a row and once as 3 green bars in a row.

I am counting "streaks".
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Al Mo
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Re: My Lesson Learned

Postby Al Mo » Mon Nov 03, 2008 1:55 pm

TheRumpledOne wrote:
Al Mo wrote:Greetings TRO,


I would say the biggest differences to date for me are:

1) Keeping my expectations reasonable - 5 - 13 pips max.

2) proper use of money management (this is something I have yet to truly master....work in progress). Right now all my demo trades are 0.1 lots, and I deliberately open the demo accounts with 500 bux to prevent myself from being able to 'overtrade' my way back into profitability. This alone, forced me to learn how to pick better entries.

3). And lastly, what I am including in this pic.



1) Expectations? Take what you can.

2) Use 0.2 lots so you can learn to exit part of the trade with a quick profit. Move your stop up to breakeven OR use a trailing stop to capture more of the move.

3) Don't you have the pictures reversed? Aren't you learning how to SEE the support resistance on a blank chart?

Thanks for sharing.



Thanks for your insights TRO...

Today, I moved up to .2 lots

as for 3) the pics are indeed reversed - my apologies , I'll post corrected ones in future posts.

Thanks again

-Al Mo

Al Mo
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0830 - 11:16

Postby Al Mo » Mon Nov 03, 2008 4:20 pm

Well....all I can say is this appears to be getting easier to see as I keep doing this. Moving to .2 lots has allowed me to almost double my initial 500 dollar deposit since last Friday. I'll be trying to reach the 2k mark by 4 pm.

I have been trading mostly to the short side, but I have done a few longs too.
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