The ideas that I trade by:

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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Thu May 26, 2016 3:38 pm

Could probably just make a P&F CC that attaches itself to the H4 open...
I have to give this a bit more thought. #-o

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Re: The ideas that I trade by:

Postby MightyOne » Thu May 26, 2016 4:14 pm

Sacrophage wrote:
MightyOne wrote: Who says that you cannot become a "chart wizard" overnight? =D> :smt023


I was here at the beginning - so long ago I forgot my username so I started a new acct. Like most, I lost a ton in the beginning - so, I turned to automated trading only - wrote hundreds of EA's over the years - some work very well, but if you watch them run you can see many mistakes that they make - and it is very difficult to code in all of what the eye can plainly see.

So, I am back at trying my hand at manual trading as well and figured I'd drop in on you guys. Amazing stuff you've all been doing.

I opened an account just for manual trading - goal is 100% by July 1st. Need to get comfy with larger lot sizes if I am to succeed - have trouble trading big - my best EA's run on tick charts so watching the float on a manual position is relatively new to me. Any suggestions appreciated - also, do you guys still hang out in a chat room during trading hours? Manual trading is lonely.


I would aim for 100% in 5 weeks, about +60 lines per week or +12 lines per day (3 lines = 1%).

You don't really need a large lot size to reach your goal, just narrow the spacing of the lines a bit as you gain OPM.

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Jalarupa
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Re: The ideas that I trade by:

Postby Jalarupa » Thu May 26, 2016 4:31 pm

So I've been playing around with the possibility of trading these trendlines whilst I'm away from the PC...

Using this EA (http://www.forexfactory.com/showthread.php?t=297607) V37 and FX Synergy... I can manage trades whilst I sleep...

I have created a taste of things to come when Synergy launch their updated version in the coming months...

I have been Killing the Aussie Crosses with this combo this week...

Image

Trading just might get boring...:P
:smt065

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Re: The ideas that I trade by:

Postby Sacrophage » Thu May 26, 2016 4:38 pm

MightyOne wrote: I would aim for 100% in 5 weeks, about +60 lines per week or +12 lines per day (3 lines = 1%).

You don't really need a large lot size to reach your goal, just narrow the spacing of the lines a bit as you gain OPM.


Haha 4:1 for me is absolutely huge - need to force myself to do it.

What would potentially make it easier is some idea of expected win - I am writing an EA to test this (based on my first post), but since entries/adds are subjective, it will not give me a clear picture. Do you have a handle on how many false starts you get on average before hitting a full winner (3.5 entries)? Also, what does the variance look like - i.e. is it worth ramping up your volume because you have had X # of false starts... Of course this is trader-dependent, but hoping it falls into some statistical range for each trader over time.

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Re: The ideas that I trade by:

Postby Sacrophage » Thu May 26, 2016 4:54 pm

Jalarupa wrote:Trading just might get boring...:P


Deciding on the trendlines to trade off of is the hard part!

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Re: The ideas that I trade by:

Postby Jalarupa » Thu May 26, 2016 5:04 pm

Sacrophage wrote:
Jalarupa wrote:Trading just might get boring...:P


Deciding on the trendlines to trade off of is the hard part!


You can't go wrong if you trading off of high time frame extremes... ;)

Always consider the bigger picture first... Let that guide your decision making...

Then have fun with it...

[EDIT]

A little higher time frame confluence can do wonders for your conviction...

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Re: The ideas that I trade by:

Postby MightyOne » Thu May 26, 2016 6:01 pm

Sacrophage wrote:
MightyOne wrote: I would aim for 100% in 5 weeks, about +60 lines per week or +12 lines per day (3 lines = 1%).

You don't really need a large lot size to reach your goal, just narrow the spacing of the lines a bit as you gain OPM.


Haha 4:1 for me is absolutely huge - need to force myself to do it.

What would potentially make it easier is some idea of expected win - I am writing an EA to test this (based on my first post), but since entries/adds are subjective, it will not give me a clear picture. Do you have a handle on how many false starts you get on average before hitting a full winner (3.5 entries)? Also, what does the variance look like - i.e. is it worth ramping up your volume because you have had X # of false starts... Of course this is trader-dependent, but hoping it falls into some statistical range for each trader over time.


Holding for 4:1 would be pretty hard wouldn't it...
but that is not what I am suggesting.

I start by risking 3 SIXTEENS (48 pips = 1%) and then I narrow to 3 TWELVES (36 pips = 1%) and so on (16, 12, 8, 6, 4, ...)
All that I am looking to do is capture a few lines here and there as if I were scalping a small chart.

At first you might make 1.5 to 2 lines and then as you narrow the spacing of the lines it will increase to 2.5 to 5 and before you know it you are at your daily target no problemo; just because you start slow that doesn't mean that you are going to end slow.

The most critical part of reaching a daily goal is to not dig yourself a large hole at the open and that is why I start wide.

You can hold for as long as you wish but most of the time you just should grab and narrow; just as a scalper grabs pips most of the time and holds occasionally.

So, yeah, 3 to 5 charts for a few lines.

P&F entries are very basic, I am sure that you know all the breakout patterns.

If there is a two box reversal (it is really a 3 box, but it looks like two) then that triggers a trade.
After you get a sizable down column (BDP) and a retrace then a single box can trigger a continuation.

Mix in a little small chart context and I am sure that you can see how easy it is to grab a few lines here and there.

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Re: The ideas that I trade by:

Postby Jalarupa » Thu May 26, 2016 6:15 pm

MightyOne wrote:
Sacrophage wrote:
MightyOne wrote: I would aim for 100% in 5 weeks, about +60 lines per week or +12 lines per day (3 lines = 1%).

You don't really need a large lot size to reach your goal, just narrow the spacing of the lines a bit as you gain OPM.


Haha 4:1 for me is absolutely huge - need to force myself to do it.

What would potentially make it easier is some idea of expected win - I am writing an EA to test this (based on my first post), but since entries/adds are subjective, it will not give me a clear picture. Do you have a handle on how many false starts you get on average before hitting a full winner (3.5 entries)? Also, what does the variance look like - i.e. is it worth ramping up your volume because you have had X # of false starts... Of course this is trader-dependent, but hoping it falls into some statistical range for each trader over time.


Holding for 4:1 would be pretty hard wouldn't it...
but that is not what I am suggesting.

I start by risking 3 SIXTEENS (48 pips = 1%) and then I narrow to 3 TWELVES (36 pips = 1%) and so on (16, 12, 8, 6, 4, ...)
All that I am looking to do is capture a few lines here and there as if I were scalping a small chart.

At first you might make 1.5 to 2 lines and then as you narrow the spacing of the lines it will increase to 2.5 to 5 and before you know it you are at your daily target no problemo; just because you start slow that doesn't mean that you are going to end slow.

The most critical part of reaching a daily goal is to not dig yourself a large hole at the open and that is why I start wide.

You can hold for as long as you wish but most of the time you just should grab and narrow; just as a scalper grabs pips most of the time and holds occasionally.

So, yeah, 3 to 5 charts for a few lines.

P&F entries are very basic, I am sure that you know all the breakout patterns.

If there is a two box reversal (it is really a 3 box, but it looks like two) then that triggers a trade.
After you get a sizable down column (BDP) and a retrace then a single box can trigger a continuation.

Mix in a little small chart context and I am sure that you can see how easy it is to grab a few lines here and there.

USDCADH4.png


Please don't take this the wrong way... but I love you MO!
:smt065

Sacrophage
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Re: The ideas that I trade by:

Postby Sacrophage » Thu May 26, 2016 6:19 pm

MightyOne wrote:
Holding for 4:1 would be pretty hard wouldn't it...
but that is not what I am suggesting.

I start by risking 3 SIXTEENS (48 pips = 1%) and then I narrow to 3 TWELVES (36 pips = 1%) and so on (16, 12, 8, 6, 4, ...)
All that I am looking to do is capture a few lines here and there as if I were scalping a small chart.

At first you might make 1.5 to 2 lines and then as you narrow the spacing of the lines it will increase to 2.5 to 5 and before you know it you are at your daily target no problemo; just because you start slow that doesn't mean that you are going to end slow.

The most critical part of reaching a daily goal is to not dig yourself a large hole at the open and that is why I start wide.

You can hold for as long as you wish but most of the time you just should grab and narrow; just as a scalper grabs pips most of the time and holds occasionally.

So, yeah, 3 to 5 charts for a few lines.

P&F entries are very basic, I am sure that you know all the breakout patterns.

If there is a two box reversal (it is really a 3 box, but it looks like two) then that triggers a trade.
After you get a sizable down column (BDP) and a retrace then a single box can trigger a continuation.

Mix in a little small chart context and I am sure that you can see how easy it is to grab a few lines here and there.


Thanks Mighty - I was starting at 8's... Afraid 16's wouldn't get me there in 5 weeks - I will start with them.

Sweet intro into P&F - I am so used to relying on expected return and seeing quick wins/losses that waiting for momentum to continue is absolutely excruciating. Just like a dog, I learn through consistency and repetition. :lol:

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laksh
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Re: The ideas that I trade by:

Postby laksh » Thu May 26, 2016 7:26 pm

Sacrophage wrote: Need to get comfy with larger lot sizes if I am to succeed - have trouble trading big .


Hi Sacrophage,

MightyOne's Space money management idea has the magic to take away all the troubles with big size.

My experience: 6 Months ago I used to sweat to trade a size of $10 per pip. I started using space MM (1.5% initial risk and 21.6% way points) since January and at the current stage of my project, my $MAX_SIZE of $79 per pip feels like a pleasant walk in the park.

Even in the worst case if I take a full loss of 39 pips @ $79 per pip, all I lose is 1.5% of last way point balance.

Space MM has been such a boost to my trading psychology, when I reach a way point target it gives me mental ejaculations :-)


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