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Jem's Uber Basket Trading Thread
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Author:  MurphyMan [ Mon Jun 25, 2012 11:44 am ]
Post subject:  How many pairs to a basket
Jem, thanks again for sharing all your methods.

In your first post you said:
Basket trading is a trading style where a selection of pairs are traded as one. Instead of looking at each pair individually we now look at it as a single basket and when that basket reaches X amount of pips our TP or SL is hit.

We add long/short positions only on the pairs that are trending strongly.
Do you have a minimum number of pairs to make up the basket?

Thanks!
Author:  Nicastro [ Mon Jun 25, 2012 12:14 pm ]
Post subject:  Re: How many pairs to a basket
MurphyMan wrote: Do you have a minimum number of pairs to make up the basket?

Thanks!

hi Jem,

Many thanks for sharing. It looks super.

Cant wait for your range trading ideas given the coming summer months when traditionally this is range trading season.

Can you please provide a link for the indicator shown in the main black coloured window of your first post - ie the indi with the variously coloured arrows giving the D1 trend status? This indy was not within the zip file dowloaded.

regards
Author:  nanningbob [ Mon Jun 25, 2012 12:24 pm ]
Post subject:  Re: Jem's Uber Basket Trading 10.2 Thread
Jemook wrote:Still in drawdown. I've put a stop in for the worst performing trades but still giving them some room to breathe in case they reverse. Hopefully a good way to reduce a bit of risk.
2012-06-25 05.56.26 pm.png
Well, dont close those aud, they will come down soon and the nzd will follow later. It probably will be a slow process though.
Author:  MurphyMan [ Mon Jun 25, 2012 12:25 pm ]
Post subject:  Re: How many pairs to a basket
Can you please provide a link for the indicator shown in the main black coloured window of your first post - ie the indi with the variously coloured arrows giving the D1 trend status?

regards
I believe it is the NB 10.2 TMA Slope Display v1.0
Author:  Nicastro [ Mon Jun 25, 2012 12:53 pm ]
Post subject:  Re: How many pairs to a basket
MurphyMan wrote:
Can you please provide a link for the indicator shown in the main black coloured window of your first post - ie the indi with the variously coloured arrows giving the D1 trend status?

regards
I believe it is the NB 10.2 TMA Slope Display v1.0
Thanks MurphyMan.
Much appreciated
Author:  Jemook [ Mon Jun 25, 2012 1:10 pm ]
Post subject:  Re: How many pairs to a basket
MurphyMan wrote:Jem, thanks again for sharing all your methods. Do you have a minimum number of pairs to make up the basket?
No prob. If there's 2 trending pairs then take the 2 trending pairs. I guess for it to be a basket trade it just needs more than one in the basket ;)
Author:  SteveHopwood [ Mon Jun 25, 2012 1:28 pm ]
Post subject:  Re: Jem's Uber Basket Trading 10.2 Thread
Gob-smacked amazement will not greet the announcement that I am planning the automation of this. :lol:

I shall keep the EA in a separate thread, so discussion does not clog up this one.

I have started a pre-coding consultation thread. Please visit http://www.stevehopwoodforex.com/phpBB3 ... 831#p16831 and post your comments, suggestions and requests.

:D
Author:  Jemook [ Mon Jun 25, 2012 1:33 pm ]
Post subject:  Re: Jem's Uber Basket Trading 10.2 Thread
Jemook wrote:Update on the basket I opened on Friday:

At Fridays close the basket was +250 pips and is now -100 pips. I'm going to let this run as I'd like to get a feel for letting a basket run to complete TP or complete stop. However if this was on a live account I'd shut it here and take a small hit so I don't risk a full stop out.

If you see a basket moving against you then you should re-assess if it's a good one to keep open. If your long pairs are breaking down under the daily pivot this is a good sign to get out and look for a re-entry again later. Opposite for short pairs. Today all my open pairs opened on the wrong side of the daily pivot which means watch out!

It's very important to cut your losses quick smart.
Just wanted to requote myself here. I can't stress enough how important it is to not be afraid to close basket that shows signs of weakness. You need to be able to judge the market and be a smart 10.2 trader for this!! Everything works in tandem and you will see sure-fire signs that a basket is turning to shit on all the pairs. Here are some example warnings.

Sign #1: Almost all of our basket pairs have weakened the .8 threshold. Everything moves in tandem. I'm not 100% sure yet but when everything goes off the .8 threshold this might indicate a reversal of currency strength.

Sign #2: Monday open on the wrong side of the daily pivot and didn't really break above on most pairs.

Sign #3: H1 Currency Slope Strength were showing diverging lines and strength in the wrong places.

Sign #4: Pairs such as the AUDUSD bounced off the Monthly Resistance 1.

I had plenty of opportunities to shut my basket today for a small loss but I didn't and now it's looking like a full stopout on this one. I still need to work out the best money mangement policy for this strategy. Should I TP when I see some? Or should I wait for a full TP/full SL? For now the only answer I have is the charts tell a story and you need to be able to read it. If you want to know how to read it study 10.2 & 10.2a!
Author:  feucht [ Mon Jun 25, 2012 1:51 pm ]
Post subject:  Re: Jem's Uber Basket Trading 10.2 Thread
When I was playing with Shelley, on the good days I was seeing moves far past my TP targets, so moved to a breakeven plus jumping stop strategy with an unrealistic (outsized) TP, so I could squeeze all I could out of the good days to compensate for the inevitable stinkers like today. I would rather the market took me out either way rather than target what would be (in a basket scenario at least) an arbitrary number of pips.

Just my 0.02.

J
Author:  Jemook [ Mon Jun 25, 2012 2:18 pm ]
Post subject:  Re: Jem's Uber Basket Trading 10.2 Thread
feucht I think what you are saying is very important too. 1:1 risk to reward is fine if we are finding that our baskets are more often successful than not. But if we can together work out the best way to squeeze as many pips out of the winners then that would be best.

Does anyone have suggestions on what to target for AdaptivePipsTP & AdaptivePipsSL? I'm going for 50 pips per pair at the moment. But I'm seeing way too often that the TP doesn't get hit (even though it's gone nicely up in profit).

I'd love to hear some ideas on breakeven + jumping stops used with this system.
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