10.2a Oct. 2012 Edition

[nanningbob]

In two days I have scraped off some trades by going into range mode. My biggest winner was 35 pips but most have been simply scalps for 10-20 pips. Just 9 winning trades and 3 losers. Again just hanging on mostly to aud and nzd sells. Tried a couple of Euro buys but those didnt work. Sitting and not trading sometimes is the best thing to do.

[nanningbob]

The thing I like the most about Baluda's indicator is it lets me know the market is going to suck for a while so go scalp on a lower chart until the next big new story.

[thelearner]

@Wbear and NB thanks for sharing your thought on SL. IT IS the struggle now, whether to stay put or cut losses. I personally never tried more than 1 position on 1 pair...simply because I don't understand how recovery works so I don;t dare to try it.
Probably it goes like: this sell on DP break then if trades go up sell again at WP (2nd position) and if it goes beyond WP (e.g 20pips like you said) both positions are closed for loss. That's my basic understanding so far so CMIIW.
You mention baluda helps to see if market is ranging. Do you mean the slope strength value (the mud area?) or just h4 slope value below 0.2 level?

update: AUDUSD stop got hit (10 pips above WP). Phew...I am so bad at ranging market

[APQN]

Another amazing thread by Bob. Thanks so much

[nanningbob]

time for bed for me, didnt take one trade today, didnt close any trades today. Yuck see you at the JPY open.

[Jemook]

Cheers Bob, sleep easy mate.

[wBear]

update: AUDUSD stop got hit (10 pips above WP). Phew...I am so bad at ranging market

You're not the only one. I'm out too. Just as Bob said: YUCKS

[gustav213]

Never been good at ranging markets either, I checked the New York session but didn't see anything either. I will come back for Asia open to see how the charts are doing. And as Bob said love Baluda since I can really see if I should keep my money and site it out.

[fx800]

Thanks Bob for all your hard work.

Sold NZDUSD 10 pips below DP. SL 10 pips above DP.

Please note reverse pin bar on daily chart on Monday.

Cheers,
Peter

[nanningbob]

@Wbear and NB thanks for sharing your thought on SL. IT IS the struggle now, whether to stay put or cut losses. I personally never tried more than 1 position on 1 pair...simply because I don't understand how recovery works so I don;t dare to try it.
Probably it goes like: this sell on DP break then if trades go up sell again at WP (2nd position) and if it goes beyond WP (e.g 20pips like you said) both positions are closed for loss. That's my basic understanding so far so CMIIW.
You mention baluda helps to see if market is ranging. Do you mean the slope strength value (the mud area?) or just h4 slope value below 0.2 level?

update: AUDUSD stop got hit (10 pips above WP). Phew...I am so bad at ranging market

If you ever want to try multi-level trading start with your lot size you like to use and then break it up into 3 pieces. For example lets say you like trading with .4 lots. You would then enter your first stage at .1, second entrance .1 and third entrance .2 So what I am saying is you dont commit your entire entrance at one point. If the trade goes against you and you dont think your trade was good your loss is now 1/4 its normal size. If you think your trade is good but you just hit a bump in the road then find a good location for your second entrance. If the trade goes against you again you decide if you want to SL or keep the trade. If you SL then you have only used 1/2 of your normal SL. If you commit your full lot size on the third entrance and the trade goes against you then you can take out the first entrance and add a 4th but the philosophy is you never want to go bigger than the original lot size you want to trade with. That is multi-level trading but it is not martingaling.

Now if a trade goes positive you will want to add to the position as the trend continues until you have committed your normal full lot size you like to use. This is where the TMA slope on a high TF helps you in deciding to stay in or out. If I have caught a good trend I like taking partial profits along the way and letting part of the trade run.

If the trade ranges and doesnt go anywhere I use the 2nd entrance to cancel out the loss of the first or most of the time I get a small profit. That is how I try to trade. Smaller lot sizes, low leverage, keep my account safe and my funds protected from permanent harm. Large SL sizes.