Bob, how do you handle the situation, when your pending order above/below a pivot or xx.00 line has been hit and the price immediately reverses to the other direction (just like stop-hunting)? This happens to me many times...
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| 10.6 EDSEL https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=3259 |
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| Author: | nanningbob [ Mon Nov 25, 2013 2:58 am ] |
| Post subject: | Re: 10.6 EDSEL |
It has been done. Great suggestion. |
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| Author: | nanningbob [ Mon Nov 25, 2013 3:58 am ] |
| Post subject: | Re: 10.6 EDSEL |
This is not a 10.4 trade nzd/chf, STO 7 is not in the right spot. |
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| Author: | nanningbob [ Mon Nov 25, 2013 4:00 am ] |
| Post subject: | Re: 10.6 EDSEL |
But the double red bars are showing a 10.6 trade. This would be a re-entry back into a strong trend. nzd/chf. We will see I have my sell pending at the DP daily pivot. This is the first day it has really retraced back behind the daily pivot. This could show the move is finally slowing down. However, I am expecting at least another good trade down. |
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| Author: | nanningbob [ Mon Nov 25, 2013 4:09 am ] |
| Post subject: | Re: 10.6 EDSEL |
Follow this story because if things escalate ...................... http://www.scmp.com/news/china/article/ ... fend-japan |
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| Author: | 95026862 [ Mon Nov 25, 2013 6:22 am ] |
| Post subject: | Re: 10.6 EDSEL |
i noticed confluence on the eur/usd .. any thoughts ? |
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| Author: | art [ Mon Nov 25, 2013 9:50 am ] |
| Post subject: | Re: 10.6 EDSEL |
bob your thoughts on handling news, i got hit on two trades last week because i was away from comp when news broke, i look at the calendat on forex factory every morning to see whats coming up, today for instance nothing, so if you're in a trade and away from the comp when news effecting you currency pair you're trading can be effected, can be risky any thoughts, many thanks |
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| Author: | elljay58 [ Mon Nov 25, 2013 9:53 am ] |
| Post subject: | Re: 10.6 EDSEL |
95026862 I was in this trade @ the break of the DP, as it is a range trade I have ½ my usual lot size. SL set 20 above 240ma. good luck Les |
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| Author: | zimezoom [ Mon Nov 25, 2013 10:11 am ] |
| Post subject: | Re: 10.6 EDSEL |
Bob, how do you handle the situation, when your pending order above/below a pivot or xx.00 line has been hit and the price immediately reverses to the other direction (just like stop-hunting)? This happens to me many times... |
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| Author: | nanningbob [ Mon Nov 25, 2013 10:59 am ] |
| Post subject: | Re: 10.6 EDSEL |
I play small lots and big SL so I dont get stop hunted. Basically stop hunting is not the brokers fault in many cases. People, businesses, and governments are exchanging money all day long so price bounces all over the place. So I play the long term trends and only close out if the long term trend changes. So far in the month of November I have stopped out one time. 22 other losses were from profitable or breakeven trades where I use a 2nd trade to nullify the first trade. All my other loss closes were done manually. I choose when to close a loss not the broker or price. I dont talk about it much anymore but I multi level trade because price is not predictable on the short term but can follow a trend long term. When I talk about lot size proportion I tripled the amount of funds I had at the beginning of the year and trade 3-4 cents per thousand dollars of account. That means if I have 1000 dollars I trade 3-4 cent lots. 10,000 dollars that means I trade thirty to fourty cent lots. I have 0 chance of wiping out my account that way or even seriously damaging it. It would take 40,000 pips in losses to wipe out an account. I do trade 20-40 trades at a time and am constantly pocketing winnings almost every session. I then take some of my winnings and close out any losing trades I think wont retrace anytime soon. By doing this I will show a profit almost every day and still keep the losers to a minimum number. I also balance my trades so if something moves strong against me something else will move strong for me. Kind of like hedging but not. I used to talk openly of trading that way but got so harassed by it so much I no longer talk about except on occasion. Traders will argue against it by saying two things about this kind of trading. 1. Your lots are too small to make money, but I do. 5-20% increase almost every month. 2. You stand a chance of price going against you so big you wipe out your account. Well, have never seen a 40,000 pip move yet. In October while testing the 10.6 system I had 7038 winning pips and 4772 losing pips for a total 2266 total pips and increased my account almost 11%. That was testing the system. I expect to do better in the future. It took me years to understand and comprehend to trade that way. But to answer your question, I take the loss and go on. I have many trades going so taking losses is not problem because I bank so many winning trades. My winning percentage per trade is over 70% I never agonize over a single trade and if I am wrong and take a 2, 4, 600 pip loss I usually can make it up in a couple of days. Traders absolutely freak out when I post this stuff and it drives them nuts but I have been able to do it for years. The 240 line is my absolute loss and often take it long before then but to play tight stop losses, I find all you do is get them hit and then price goes in your favor. The times that I am wrong are few enough that my winners always over come those occasional bad times. Basically what I am saying is, I am not afraid to hold a trade for a week or more if I think I have the fundamentals on my side. I close when it becomes clear to me the trade will not be good any time soon, hit the 240 line, or I have more than enough profits to close out some of my losers. I got crucified at Forex Factory for teaching this so this is all I am going to say about it here. If you comprehend it and can do it great. If you dont comprehend it, skip because you have to think multi-level and multi-dimensional to do this. So to answer your question, what is the CSS telling you? Is it telling you that the currency is weak, strong, or middle of the pack. I do a sell, and the currency is weak, I will ride the move out. Strength of currency compared to the others tells you a lot. So you have a choices to make: 1. Take a loss 2. Ride it out to profit 3. 2nd trade to break even If you trade small lots to account size you can do #2 and #3. If you trade larger lots to account size you have to do #1. So that is how I handle it. |
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| Author: | nanningbob [ Mon Nov 25, 2013 11:12 am ] |
| Post subject: | Re: 10.6 EDSEL |
Let me put it another way. If I have a 5000 dollar account and a trade goes 1% in the hole or 50 bucks I mean I am in the 5-700 pip loss range. What are you thinking letting a trade go that far bad?? It should have been closed long ago. My averages show that 7000 pips won in a month means I average 330 pips a day and lose an average 220 pips a day. I dont spend much time worrying about 1 trade that doesnt go my way. I am not afraid of losses, and I am not afraid to trade in the direction of the trend and wait it out. Of the 24 pairs I trade more will go my way than not go my way. So that is how I do it. |
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