Quote:
Originally Posted by dpaterso
Good (Thursday - payday???) morning all!!!
Well:
At the risk of boring you CRAIG:
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Not boring me at all. I'm just kidding with you.
Quote:
Originally Posted by dpaterso
Good
AUD/NZD is / could be an extremely INFORMATIVE trade for all!!!
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I agree, I've learned quite a bit about this trade. To be honest, the #1 thing I personally learned is to trust the systems. If they say SAR, either SAR or get out at the SAR point.
Quote:
Originally Posted by dpaterso
Good
Although +DI crossed below -DI and this was SUPPOSEDLY a good signal 'to go' look what's happened. Had I gone long at market I'd now be losing money again!!! I placed a stop order to go short after the close and of course that stop order has (as per usual) not been executed!!!
Also: I think I'm finally 'getting' the SIS the RIGHT way now!!! AUD/NZD AGAIN being a FINE example!!!
Take a look at the ASI. Now the way I've been trading the SIS (on the occasions when I have) I would have placed a stop order to go short 'a couple of ticks below the low' of last nights bar. WRONG!!! The stop order is to be place 'a couple of ticks below the low' of the bar that closed on 9 July 2008 which was the previous SIGNIFICANT LSP!!! THAT is your breakout (and entry) point!!!
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I'm not fully sure I follow this. If you look at AUD/NZD lows for the dates:
July 9 - 1.2581, July 16, 1.2611, July 17 1.2615. So while I agree about not going in at market, even if you went with a short order with yesterday's low (which I did - even added an extra $1k lot for you Dale
) you'd still be *happily* sitting on the sidelines in this trade. My entry criteria was the DMS signal (DI cross) and then applying the EPR (extreme point rule).
So while I'm in 100% agreement about don't enter at market, I am not sure why you chose July 9th as opposed to yesterday as opposed to July 9th. I guess my point is, how far back do you have to go before the data is no longer a "significant" high/low point? This gray area is one of the things I personally don't like about the SIS. If its working for you, continue on, but to me there's too much left for interpretation which is why I will possibly demo trade it, but won't live trade it at this point.
Another fine example of the extreme point rule saving your bacon, look at USD/NOK. DI cross closed last night to go long, and had you taken it at market you'd be down somewhere in the neighborhood of 160 pips (as of this writing).
Just my 2 cents (feel free to give me back change :-)