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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #1501 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
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monpere View Post
I have been known to take 5 losers in a row, when I was 80% sure they were all gonna fail, and I had no hesitation pulling the trigger the 6th time, because I knew based on my numbers, It will take 15 losers in a row for me to have a losing day. Do you know how much peace of mind that affords you? Those numbers sound extravagant, but they work because I trade with at strict fixed 2:1 reward/risk ratio. It will not be easy to do if your are trading less then 1:1 ratio, i.e. 6 tick stop 5 tick target. As I've said elswhere, I went from having a breakeven to losing 1:1 scalping method, to being near 100% profitable daily, by changing one thing, doubling my target. Of course you have to also look at the numbers and verify that your method and instrument can support that new target size on most of your trades.

Hi Monpere

Based on 30-day historical data, my current set-up does not work for 2:1 reward/risk ratio, ie

72% Win for 1:1 reward/risk ratio (PT/SL @6)
60% Win for 1.3:1 reward/risk ratio (PT/SL @8/6)

I'm not sure if a higher timeframe setting (say from the current 3-Range HA to 6-Range HA) may make a big difference. Maybe you will kindly give me some ideas please? Thank you.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1502 (permalink)
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wgreenie View Post
Hi Monpere

Based on 30-day historical data, my current set-up does not work for 2:1 reward/risk ratio, ie

72% Win for 1:1 reward/risk ratio (PT/SL @6)
60% Win for 1.3:1 reward/risk ratio (PT/SL @8/6)

I'm not sure if a higher timeframe setting (say from the current 3-Range HA to 6-Range HA) may make a big difference. Maybe you will kindly give me some ideas please? Thank you.

Beth

I don't use HeikenAshi, I use regular Range bars, so I don't know HA well enough to advise on them. I looked at them when I looked at the eminisniper system. I did not care for HA because they do not show real price action, and I could not wrap my brain around that. My trade management code is designed to enter trades at the close of a bar, and obviously everything went to pieces when I brought up an HA chart, because HA is not a bar type, it is an indicator that paints fake bars on the chart.

The regular 3 Range CL gives a lot of trades, and almost all of them will get you 6 ticks targets, but you will get a lot of wiggles that are 3 or 4 ticks wide, so you will get stopped out more frequently. The 5 Range CL trades really nicely, you get fewer trades, but also fewer bar wiggles, so you get much cleaner setups, and indicators are much smoother.

I don't think in terms of ticks per se, I think in terms of bars. I noticed that HA bars where generally bigger then the associated real price action bars. I always put my stop behind my entry bar, so if I am trading a normal 5 range bar, my stop goes behind the entry bar, 6 ticks from the entry, and my target is always 2 x the bar size, or 10 ticks for a 5 range bar. You can pretty easily get 10 tick targets on the CL, especially if you are trading divergence, since divergence generally gets you in at the apex of reversal moves.

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  #1503 (permalink)
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monpere View Post
I don't use HeikenAshi, I use regular Range bars, so I don't know HA well enough to advise on them. I looked at them when I looked at the eminisniper system. I did not care for HA because they do not show real price action, and I could not wrap my brain around that. My trade management code is designed to enter trades at the close of a bar, and obviously everything went to pieces when I brought up an HA chart, because HA is not a bar type, it is an indicator that paints fake bars on the chart.

The regular 3 Range CL gives a lot of trades, and almost all of them will get you 6 ticks targets, but you will get a lot of wiggles that are 3 or 4 ticks wide, so you will get stopped out more frequently. The 5 Range CL trades really nicely, you get fewer trades, but also fewer bar wiggles, so you get much cleaner setups, and indicators are much smoother.

I don't think in terms of ticks per se, I think in terms of bars. I noticed that HA bars where generally bigger then the associated real price action bars. I always put my stop behind my entry bar, so if I am trading a normal 5 range bar, my stop goes behind the entry bar, 6 ticks from the entry, and my target is always 2 x the bar size, or 10 ticks for a 5 range bar. You can pretty easily get 10 tick targets on the CL, especially if you are trading divergence, since divergence generally gets you in at the apex of reversal moves.

How do you place the trade when the range bar close which means the next bar opens?

 
  #1504 (permalink)
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omaha786 View Post
How do you place the trade when the range bar close which means the next bar opens?

Yes, with a regular range bar, you know exactly where the bar will close and the next bar will open, so when you see a trade setting up, you can put your stop limit order exactly where the next bar will open. There is an indicator on the site which marks where the next range bar will open.

 
  #1505 (permalink)
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monpere View Post
Yes, with a regular range bar, you know exactly where the bar will close and the next bar will open, so when you see a trade setting up, you can put your stop limit order exactly where the next bar will open. There is an indicator on the site which marks where the next range bar will open.

Would that be a 7 tick stop for a 5 range bar?

 
  #1506 (permalink)
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omaha786 View Post
Would that be a 7 tick stop for a 5 range bar?

I have the same question. I trade a 3R bar and a lot of times I try to enter at close of current bar and new bar has a 1 tick gap and often times doesn't pullback to fill my order. If I entered at open of next bar then my stop would be more than 3 with a 6 tick target. If my stop is now above/below prior bar say 5 ticks should I make target 10 ticks or stick with entering at close of bar and if no fill then wait for next signal?

If you do happen to get in at that close of a 3R bar and your stop is above that bar how do you get a 3 tick stop?

 
  #1507 (permalink)
Membership Revoked
 
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You cannot compare a backtest to real live trading.

Backtesting is a myth. Sim trade and work with these numbers.

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  #1508 (permalink)
Big game hunter
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monpere View Post
There is an indicator on the site which marks where the next range bar will open.

Here it is .

Attached Files
Register to download File Type: zip jtRangeMarker.zip.zip (3.4 KB, 20 views)
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  #1509 (permalink)
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SeeTrader View Post
I have the same question. I trade a 3R bar and a lot of times I try to enter at close of current bar and new bar has a 1 tick gap and often times doesn't pullback to fill my order. If I entered at open of next bar then my stop would be more than 3 with a 6 tick target. If my stop is now above/below prior bar say 5 ticks should I make target 10 ticks or stick with entering at close of bar and if no fill then wait for next signal?

If you do happen to get in at that close of a 3R bar and your stop is above that bar how do you get a 3 tick stop?

On a 3 Range bar, I have a stop limit entry order waiting where the next bar will open. My initial stop is 4 ticks behind that entry order, (which is actually at the low of the previous bar, which would be behind the entry bar, if the entry bar moved directly against me). Once I get 1 tick profit in the trade, my stop gets moved to 3 ticks behind the entry. With my system, trades move 1 tick in my favor at least 90-95% of the time, and most of my trades go directly to the 6 tick target within seconds, generally with no pullback bars. So, if a trade moves 4 ticks against me without even giving even 1 tick profit, it will create a bar going in the opposite direction, and I know I was way wrong on that trade, and I no longer want to be in it. My stop limit entry order are set both to the same price. If I don't get filled exactly at that price then no trade, because with a 6 tick profit target, for me, 1 tick slippage on the entry is too much.

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  #1510 (permalink)
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monpere View Post
On a 3 Range bar, I have a stop limit entry order waiting where the next bar will open. My initial stop is 4 ticks behind that entry order, (which is actually at the low of the previous bar, which would be behind the entry bar, if the entry bar moved directly against me). Once I get 1 tick profit in the trade, my stop gets moved to 3 ticks behind the entry. With my system, trades move 1 tick in my favor at least 90-95% of the time, and most of my trades go directly to the 6 tick target within seconds, generally with no pullback bars. So, if a trade moves 4 ticks against me without even giving even 1 tick profit, it will create a bar going in the opposite direction, and I know I was way wrong on that trade, and I no longer want to be in it. My stop limit entry order are set both to the same price. If I don't get filled exactly at that price then no trade, because with a 6 tick profit target, for me, 1 tick slippage on the entry is too much.

Just pointing this out... although slippage on the entry won't be an issue with the limit order, you can consistently expect to see a tick of slippage with your stop order exit, especially when trading CL.


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