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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #421 (permalink)
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The trade is over. Candle turned red and price going down the stairs.

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  #422 (permalink)
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cunparis View Post
This is what i've been trying to do lately, catch the runner. The problem is this after I get in price will often pullback 10-20 ticks and stop me out. After a few of these I'm down 30-40 ticks and then I need the runner just to get even.

Do you think this type of trading works better with currencies than CL? I've been doing both and CL stops me out much more often.

Hi Cunparis,

Good to hear you are grasping the naked trading style (naked chart that is ). On the CL, there are some great runs but they are entirely too difficult to predict in my opinion. With the CL being as whippy as it is I just look for quick scalps on it. At best I'll put a stop at breakeven once I'm 8 ticks or so in the money and then try to let it run a little but not much. Just my opinion on the instrument.

Good trading.

Blz

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  #423 (permalink)
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TheRumpledOne View Post
Could you do me a favor?

Post a chart of what you trade WITHOUT all those indicators.

Show the daily high, daily low, daily open lines.

Also, if you can have horizontal lines every 10 ticks that would be nice.

Then I can explain how I would trade your instrument.

OK - mark it up... Can I get you to do this real time for me...

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  #424 (permalink)
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Newtonian Trading

It's interesting that you have picked the long side to trade from..... I have found that I have a preference for the short side. I think of it as "Newtonian Trading" LOL... what goes up must come down . When I shifted from a stock buy and hold mentality and discovered the short side I was hooked. I figured that everyone had to sell eventually and I'd be right there when they did.

Here's a YM 10 range bar chart with trend candles and daily classic pivots. The solid green line is the high of day and the solid red line is the low of day. I hope this does the job.

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All you need-ym-12-09-9_10_2009-10-range-.jpg  
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  #425 (permalink)
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websouth View Post
OK - mark it up... Can I get you to do this real time for me...


That chart shows exactly what I am talking about... if after price made the daily low, you traded the green candle at the first horizontal line (4510) , you would have made money.

That is how simple it is.

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  #426 (permalink)
Trade with the flow
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TheRumpledOne View Post
There are only 3 results when you trade this way:

1) You are flat - there wasn't an entry

2) You went long and got stopped out for 10 pips.

3) You are long and you make a profit that has "unlimited" upside.

Before someone asks what the TP is, THERE IS NONE!! If you preset your TP then the BLACK SWAN can not work for you!! You learn to scale out of your position. The R:R should be higher than 1:1 if you trade smart.

Now, do not let the rat beat you.

A 10 pip stop for currencies is pretty tight isn't it? I'm trying to put my stop below the swing pivot and it's often 20-30 pips. I try not to let it get hit, so I bail earlier sometimes. So maybe it ends up the being the same as having 10 pip hard stop?

Do you trail your stop and exit on a stop loss? or do you exit on a trigger? I'm trying my best to always exit on a trailing stop loss. I'm experimenting with trailing it pip for pip or keeping it 2 pips above/below the last swing pivot. The former gets you out quicker and leaves less money on the table but you could miss a really big runner. The second way gives you more chance for a big runner but you often leave money on the table.

Got a 30 tick runner on CL and I exited near the low of the move. But I'm still negative cause of all the fake breakouts earlier.

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  #427 (permalink)
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Jeff Castille View Post
It's interesting that you have picked the long side to trade from..... I have found that I have a preference for the short side. I think of it as "Newtonian Trading" LOL... what goes up must come down . When I shifted from a stock buy and hold mentality and discovered the short side I was hooked. I figured that everyone had to sell eventually and I'd be right there when they did.

Here's a YM 10 range bar chart with trend candles and daily classic pivots. The solid green line is the high of day and the solid red line is the low of day. I hope this does the job.

Being a red rat works, too.

But you didn't put the lines that I asked for on your chart. The other poster did. So I can't help you until you put those lines on the chart.

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  #428 (permalink)
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cunparis View Post
A 10 pip stop for currencies is pretty tight isn't it? I'm trying to put my stop below the swing pivot and it's often 20-30 pips. I try not to let it get hit, so I bail earlier sometimes. So maybe it ends up the being the same as having 10 pip hard stop?

Do you trail your stop and exit on a stop loss? or do you exit on a trigger? I'm trying my best to always exit on a trailing stop loss. I'm experimenting with trailing it pip for pip or keeping it 2 pips above/below the last swing pivot. The former gets you out quicker and leaves less money on the table but you could miss a really big runner. The second way gives you more chance for a big runner but you often leave money on the table.

Got a 30 tick runner on CL and I exited near the low of the move. But I'm still negative cause of all the fake breakouts earlier.

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I do not need to lose more than 10 pips to know price is going against me.

If I risk 2% per trade, that's all I want to lose. Of course, I could lower my position size to get a wider stop, but what's the point? When price goes my way, I want to make money faster.

RISK = STOP LOSS * POSITION SIZE.

$1000 ACCOUNT BALANCE

2% MAXIMUM RISK

$1000 * 0.02 = $20

$20 = STOP LOSS * POSITION SIZE. If I pick 10 for stop loss, then I trade 2 minilots. If I pick 20 for stop loss, I trade 1 minilot. There is no "right/wrong" way.

After I get up X pips, I will put on a trailing stop sometimes to exit part or all of my position. IT DEPENDS!! I do not have a set method for exiting.

P.S. I have to say with the exception of a couple of naysayers, I have received a warm welcome here. Thank you. I hope the forum admin can see who the real troublemakers and negative people are. Perhaps they'll get banned instead of me.

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  #429 (permalink)
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Support and resistance based on previous high/low swing points.

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  #430 (permalink)
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How's this?


OK.... it's been a problem I've had since kindergarten...... "Does not follow directions" LOL

I was thinking support and resistance lines might be the most helpful.... I guess not. So... I simply put the horizontal lines on with the chart properties.... they are totally arbitrary. It turns out that they are spaced 15 points apart. If that makes any difference.

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