Jem's Uber Basket Trading Thread

[nonlinear]

My two baskest are together up 350 pips and all green except EURAUD.

[kelisa]

My two baskest are together up 350 pips and all green except EURAUD.

My basket is up 320pips except euraud, -25pips. Hmmm.........shud I weed out euraud?

[cmeade2]

My two baskest are together up 350 pips and all green except EURAUD.

My basket is up 320pips except euraud, -25pips. Hmmm.........shud I weed out euraud?

I did

[xlitang]

is retracement in making?

[garyfritz]

Definitely in my basket. I was up as much as 300 pips around 12:00 GMT and 7 hrs later I'm down to 100 pips. Most of the pairs I took are retracing, and most of the pairs I passed on are movingly strongly, natch. But since the other pairs are still moving well, I'm guessing the trend will re-assert itself.

[Thunder123]

Hey Jem, are you just looking at pairs over 0.4 level?

[The_Snowman]

1. Do not try to predict, react to actual price movements.
2. Keep your risk at no more than 1% or 2% of total equity per trade to avoid the risk of ruin.(This is a baseline, risk varies by system)
3. Always trade in the direction of the immediate trend.
4. Always have an exit strategy before you enter a trade.
5. Trade the probabilities not opinions or hunches.
6. In every trade have a limited down side but an unlimited upside.
7. You must have the discipline to follow your tested system 100%.
8. The only people that really always win with the buy and hold strategy is mutual funds by charging management fees.
9. You must be committed to your trend trading strategy for the long term.
10. Watch financial news networks for news and entertainment, read Trend Commandments to learn how to trade.

[niepce]

11. Respect your stops, and be aggressive on profit positions.
12. Fear to drift from your strategy, not to close loosing positions.

[garyfritz]

Speaking of levels...

How do people manage their watchlists, deciding what to follow, etc? Let's say I check the levels and pairs A, B, and C are > 0.6 (or whatever threshold value you use). I start watching them, waiting for a pullback. Then what?

I assume if new pairs D and E pop up over 0.6, you'd add them to your watchlist. No brainer.

But what happens if pairs drop below the threshold? It looks to me like the slope often drops below the key value when the pair goes into a pullback. So you couldn't drop them from the list just because their slope drops -- that's exactly the time you need to watch them closely.

So do you say "pair X got above 0.6, which means it's in a tradeable trend, so I will watch it until XXX happens" -- and take entries even when the D1 slope is below your threshold, as long as the XXX signal-canceling event hasn't happened? XXX might be "slope dropping below 0.4, or 0.2, or 0.0." Or "trend as measured by DP>WP>MP is no longer in place." Or... how do you do it?

For mechanics, I'm running SlopeValues on one chart, and I create charts for every candidate that gets above the D1 slope threshold. Then I watch the H1 slope on those pairs, looking for a pullback.

[forexripper]

I look at D1 slope values at start of Asian session and watch pairs which are above 0.4 value and has DP, WP, MP in correct order.
I watch WOH 2x1 for retracement (orange histo gets smaller and smaller if I were to long the pair and vice versa)
I wait for this pull back to complete and put MA 5.1 or MA 5.3 EA.
Now once I am in a trade I do not use basket TP or SL but individual exits at major S&R levels, D1 slope getting below 0.4 at end of day or close of H4 candle below key swing high/low, TP at avg weekly range etc.