RandyCandles - Information - page 37
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Hi itguy,
I have noticed your recent charts are all 5M. Though you started out saying you only traded the 15M charts. Have you changed your view? Or just become so much more comfortable with the setups that you can read the 5M better now? Still following the 30M stoch?
Good trading so far.
Cheers,
K.Well yes and no. I am in a state of flux at the moment. I was trading only the 15 min charts and using the 5 min charts for confirmation. When I was only trading the 15 min charts I was also basing much more of my trading on stochastics and not so much Randy Candles.
You are correct in thinking my comfort level with the setups is increasing. The extra input and collaboration on this thread has a lot to do with that. So now I find myself spending almost all my time on 5 min charts and using the 15 and 30 min stochs to show me higher tf trends.
I still trade 15 and 30 minute charts using the stochastic methods I learned from Spudfyre, but more and more of my time seems spent glued to these RC setups.
I enjoyed reading your earlier post, consistency and following a set of rules and personal guidelines will get you far in this business. I have a similar system for trade management (my pip targets are a bit higher though
).
Here is what I am using now for my charts. I modified a macd/osma and added alerts to a mtf stochastic indicator. Same principles. Here's my trade from this evening, and my modded indies.
Kermut & Itguy
Kermut
Thank you for your exit strategy info...It sounds like you are doing well.
ITguy
On your last chart I don't see an alert candle....man I sure am getting confused with this stuff
Kermut
Thank you for your exit strategy info...It sounds like you are doing well.
ITguy
On your last chart I don't see an alert candle....man I sure am getting confused with this stuffAhh, sorry it's the 00:00 candle under the red vertical line, I thought about how it was hard to see when I put it on there. You should be able to match my chart up with yours and see it easily.
Got It
I see it.......
Ahh, sorry it's the 00:00 candle under the red vertical line, I thought about how it was hard to see when I put it on there. You should be able to match my chart up with yours and see it easily.
Hi Vegas,
I know it is a bit late to reply to your post abt exits, but haven't been able to get to the thread due to wrk.
I have two favourite sayings abt forex
1. Profit is profit
2. Exits determine whether you get to buy a mercedes or a ferrari! (I sort of parapharased here!!)
Nearly every system/method has discretion as part of its exit strategy. That is where experience, comfort zone, mental prepartion, and most of all, faith in the system come in.
I would like to share with you my personal strategy for exits, and I am sure it is the least profitable, compared to summit, rad and itguy. It has been adapted from another trader from another forum, but since I have started following it, my trading is better, and my mental attitude is more balanced.
- I have a monthly plan, which is to basically average 10 pips per day. This is printed out as an excel sheet and pasted next to my keyboard. This allows me to grow my balance at a level that I would like (wouldn't we all like more). Why 10 pips - because the less time you are in the market, the less oppurtunity it has to take your profits from you. I had started with a target of 5 pips, but when I realised how profitable this method is, I halved my leverage, and doubled the pips target - sl stays the same, so my $ loss when sl is hit is reduced.
- When I have reached the 10 pips for the day, I stop live trading. But continue demo trading. This allows me to be free from the pressure of thinking abt a trade, spend time with family, but above all else, the market can not take it back from me.
- I still demo trade, the same set ups that I am doing live, with targets that I initially thought it would reach (usually far in excess of 10 pips). and eg. of this was the eur/jpy trade I took last nite, I entered at the set up when it went thru 4/8 murray level, and my target was 0/8 murray level, as there was a fib level at that level as well. CONFLUENCE, look for it, and you will be amazed how accurate it can be. This level was about 45 pips away. Took my 10 pips off, made mental note of what I had projected as target, and watched it. Training your mind to watch a trade that you are out of, go more in profit is also a very good thing, prevents u over trading in the long run.
- Once balance is high enough to afford to double my trading size, I shall take half off at +10, and trail the rest. This is what makes christmas come early.
Like I said, it is probably the least profitable from the others that are using it, but it is good training, and you will actually be amazed at how much the stress is reduced. Once I get to the level of summit, itguy, and rad to be able to follow the trade for its full potential, I'll shout everyone drinks ;-)
Until then, ten pips per day is the goal.
Cheers,
K.
PS. I apologise for the long post guys, but thought it would help vegas and others about the money management, and exits.Nice post!
I follow a similar philosophy to yours. I try to target 20-25 pips daily.....depending on daily price action and volatility. I am more likely to bag my pips quickly rather than let them run and risk losing them back. Doing this consistently is my goal....then I can play with lot sizes. This RC-hybrid method has been working great as the setups keep on showing up. When everything lines up....it has been almost like a slam dunk. Once I get over my targeted pips....if things still are popping, I can risk a SL on another move, equal to my overage pips. Once to breakeven.....I try to let them run.
I read a post by a fund manager on one of these forums a while ago. When addressing the idea of closing out a trade and then watching it continue to run for 50-100 pips more.....his reply was "so what".......as long as they were meeting their daily goal, he and his partners could not care less about the pips that they "coulda, woulda" made. Tomorrow is a new day with new opportunities and setups!
Thanks again to those that have kept this thread flowing with ideas.
It doesn't get any easier than this. My work for today is done, I'm going golfing....
Nice work ITGuy~ I'll see you on the 19th.
There goes the 100ma. Are we headed for the 200ma? Can't wait for the next move up!!
From newstraderfx:
Carry Trades Unwind as Bonds Are Bought
Global yields are down across the board, as traders concerned about further subprime problems close out their risky positions positions. Yield on the US 10y has lost 6 basis points so far today in early trading.
S&P Futures on the Sept contract extended their loss to 17 points from 14 points after the durable goods report was released. Core durables showed a decrease of -0,5% vs an expected 0.5% gain. The prior months number was revised to -0.2% from -0.4%.
European profit reports were not meeting analyst expectations and Exxon Mobile profits also fell short. There were good profit reports from Shell and Apple.
European equities have had their worst day in over 4 months so far today.
Sorry to post again the same question, thanks ITguy for your input could anyone give a definitive defintion of what is :
1) chilli pepper bar
2) zorro bar
3) stretch bar
surely these are the keys to the system not the indicators ?
Thanks !