nicoacademia wrote:Bob.

Our GBPUSD race is almost over.

The_Snowman wrote:

websie wrote:I have been in this trade since WMR2, I know that strictly speaking I probably shouldn't have got in before it crossed back over the 240 but it was too tempting. My question is should I hang on to it or is it going to bounce back up? the overall trend is down, it did a huge move over the past few days but now seems to be coming back to rejoining the trend. I have a 2nd order just below the WR. I haven't had much success trading this system so far, but today I seem to be able to see a bit better when the trades are coming and be able to set them up. thanks in advance

websie, the eternal traders dilemma, when & how to take profit, well, occasionally I get one the right way

this may not be your answer but something to think about, why not just set a profit target? not the usual "x" pips, but a $$$$ amount?

I know that Steve's excellent MPTM will do that for you, but it is too much for simple trading, but there may be a simple, straight forward EA that does that somewhere here on Hopwood forum?

what I use is shown on the screen of the chart below, you set the dollar amount you want to close trade(s) at and it does so with great effect, you can have as any trades as you want, on as many charts as you want

which may be a problem if you wanted to close only trades on one pair, as I said, there may be a dedicated EA for that, anyone?

as for the chart, I had 3 trades on GBP-USD, sure enough, when I was sure of direction, price retraced as it does with every trade of mine, however this time, it reversed and continued down

as soon as the pre-determined dollar amount reached, I used 5% of balance, all trades closed

now, no matter what happens, you always feel good that you have made your % of balance on your trade(s), you may feel robbed half the time when price continues but on the other hand, half the time you feel even better when it retraces

Ray Singcar wrote:Bob
Thanks for a great system. I was previously a counter trend trader and loved the Beast..however he had a big bite sometimes. I have been live for 2 weeks now and banking plenty. Last nights results attached

nanningbob wrote:I have decided I dont need to change the system for range trading weeks. Just TP every level or 2 and be happy with it. It works when prices range. Now if price doesnt move more than 1 or 2 levels that is not the trading systems problem, that is the market. I am standing pat with the system as is. It is showing it works in range trades, just lower your expectations, and is dynamite when it trends. Now use sound MM and over the long haul you can be a steady trader grinding out profits from week to week. 10.4 is my holy grail and I dont see any need to look further. Just have to read how the week is going, strong medium or weak and trade it accordingly. I will play some with 10.5 which is a 10.3 update for scalping. When that tests out I can put some serious money into my account and go trade. I am happy with how I read my trades when it ranged and happy with my trades when price moved across the 240 line like the JPY did the last 2 weeks. I was able to change directions smoothly and efficiently. I correctly read the market and got my buys to switch to sells on one pair and not to trade on the others.

I took two SL hits on the usd/jpy for over 400 pips but other than that my total loss on the other JPY pairs is -80. If that is the only damage I can suffer on switch over I can deal with that. My losses were heavy on that one day when price spiked all over the placed Monday the 25 th but by Thursday I was back in the black. A big Friday I was still up 6% for the week.

10.4 is proving to be resilient if you take some hits, shows you to stop trading when the market changes, and when ranging you shorten expectations and go for smaller TP. But when the market moves you are there with those multiiple level trades that several other traders have shown. Yup I think I have my Holy Grail. I dont see it getting any better than this.

Wiggy1965 wrote:

Chris wrote:

Wiggy1965 wrote:

Chris wrote:

Wiggy1965 wrote:

Chris wrote:Just joined the forum here and have spent the last couple of days learning this system. Have now got about 9 pending orders. Wish me luck. I hope to be able to contribute and learn with the rest of you all. Looks like a great thread and system.
Thanks!

Chris, put you pending up and we can criticise/provide constructive feedback...

Wiggy

Let me have it.

Chris, fro what i can see, you entries are all perfect 10.4, however when placing you entries, you need to look left a little to ensure you pay attention to the basis of support and resistance and previous highs low.....Although you pending are perfect as per 10.4 sometimes (many times) you need to adjust them a little based on your surrounding....

Have a look at one of my earlier post to Dan (allisonmagic/grasshopper) he posted similar entries on many of these pairs and i made comments...

If i was to tell you, i think that all but two of you trades will hit their TP and two would be stopped out for significant loss based on your entry, what would you do to correct this....which entries would you alter and how, or which pending would you delete all together in order to get a 100% hit rate....I'm not saying this will happen, just posing a question to get you to look at your entries again as i feel some of them could be tweaked to get a better result your way....

Regards
Wiggy

Ok, I see my GU entry is right near previous support to the left and it is a long way from the 240. The same is true with EG although not as far from the 240
The EU entry is near a recent bottom and a long way from the 240
So do you suggest moving the entries beyond the support/Resistance zones or wait for more pull back. Or am I just way off base on the whole thing.
Thanks for taking a look Wiggy!

Correct, i think i make these points in the post to Grasshopper...

The EG and EU entries just need to be above and below previous highs plus spread, just to ensure you don't bounce off these....you may still get a peaker that goes past 10 or 20 pips, but you cant do anything about that, but you can give yourself a better chance....

The GU is just one of those trades that it has not retraced enough at this point to get me interested, you entry would be 24 pips from previous low....so unless it retraces further, say above WP, then i would pass on this....this is think is a low percentage trade.....What i would like to see, is price go down to weekly support, then back to weekly pivot, then i would enter short and the mid pivot, this is 100pips and may not happen this week...

If i was going to trade this, then i would enter below previous low at .2957 (approx) and ride it down to Weekly Sup1...This would be 75pips.....That way you have got past the low....you have given the market 24 pips as payment for showing you it's intentions, but you have a better chance of 75pips...

Just some thoughts...

I only commented on the three charts you have added, but i think you had about 8 pending....

Wiggy

nanningbob wrote:I have decided I dont need to change the system for range trading weeks. Just TP every level or 2 and be happy with it. It works when prices range. Now if price doesnt move more than 1 or 2 levels that is not the trading systems problem, that is the market. I am standing pat with the system as is. It is showing it works in range trades, just lower your expectations, and is dynamite when it trends. Now use sound MM and over the long haul you can be a steady trader grinding out profits from week to week. 10.4 is my holy grail and I dont see any need to look further. Just have to read how the week is going strong, medium, or weak and trade it accordingly. I will play some with 10.5 which is a 10.3 update for scalping. When that tests out I can put some serious money into my account and go trade. I am happy with how I read my trades when it ranged and happy with my trades when price moved across the 240 line like the JPY did the last 2 weeks. I was able to change directions smoothly and efficiently. I correctly read the market and got my buys to switch to sells on one pair and not to trade on the others.

I took two SL hits on the usd/jpy for over 400 pips but other than that my total loss on the other JPY pairs is -80. If that is the only damage I suffer on switch over I can deal with that. My losses were heavy on that one day when price spiked all over the placed Monday the 25th but by Thursday I was back in the black. A big Friday I was still up 6% for the week.

10.4 is proving to be resilient if you take some hits, shows you to stop trading when the market changes, and when ranging you shorten expectations and go for smaller TP. But when the market moves you are there with those multiiple level trades that several other traders have shown. Yup I think I have my Holy Grail. For me this is almost 7 years of trading experience to get me here. For you guys you get to learn from all my mistakes. I dont see it getting any better than this.

nanningbob wrote:

Ray Singcar wrote:Bob
Thanks for a great system. I was previously a counter trend trader and loved the Beast..however he had a big bite sometimes. I have been live for 2 weeks now and banking plenty. Last nights results attached

YUP. This has been a range dead week, wait til you see this when markets trend. You will really get excited then. I expect you should take me out to dinner sometime. LOL