Sorry Guys, dont wanna be a bad person, drowning your dreams …
But as Philo said, after bad times there will be good times, but you never know when this turningpoint comes. That’s the problem of trading. How do you know it is improving? If it is, you will already have missed your first oppurtunties to make some pips. And that are the pips you need to get over the loss you made the last few days.
So please take this little advice from me.
This system is a system that makes up the balance per week, as on friday you close out on all positions, and you leave none running for the weekend. So when you decide to trade or not to trade, you might do that best in the weekend. Never stop during the week itself. Personally I think that is the best moment to stop.
However, if you get emotionally too attached, you might get out directly and stop for 2 or 3 weeks…
Yep, trading is difficult…
I with you, jonkie, as I previously posted, the profits can be made back very quickly, and it seems traders have been waiting for some big EuroZone news today, and that uncertainty is what ranges the markets…I agree there is a constant bullish sentiment, seen both in the signals, and that the market never really fell all the way to big S/R levels yesterday, it has just been kinda ratcheting down just a bit…anyway the week’s sentiment gets more solid towards the, it seems, so I still have buys going on all pairs, now, just entered one on GJ, could have opened more on other pairs, but I have somany open trades, I need to watch margin…plus if these hit half TP, because of the low volatility, I’ll close them all and still have good profit, then if market cranks back up, I go back to trading to full TP…my account still has profit for this week, but if these trades all hit SL, I will be negative.
Well said jonkie, I was going to write a post asking for the system to not be changed just because of a couple of bad days, you here all too often of good systems being ruined by being changed too much to filter out losing trades, at the end of the day losses are going to happen, fact, I guess it’s how you deal with these losses that seperates the men from the boys in terms of trading. The important thing is a method needs to be profitable overall which from what I can tell this is. Keep up the good work jawa we all owe you a lot!
Don’t forget, Greek elections are this weekend, that in itself could be what is causing some market uncertainty and “irrational exuberance” …ie, bullish sentiment. Also, people were hoping for ECB to say they would bailout banks because that relevant index is at a level where it previously did bailout banks in the past, but ECB said no, they were at their limit. Next week should have much more certainty with that news behind us by then, as long as Spain and Italy don’t dominate the headlines with bailouts and “crisis”. …Keep your confidence in this system!
EDIT: P.S., I woundn’t hold any trades over the weekend because of those elections!
Sorry for all the posts…question for SithJawa…is the AU and AJ a valid morning star, if they stay “up there”? Sorta new at determinig these, and the in-between bars are hard for me to decide if it makes these valid.
EDIT: not entering these…no trades opened now, some previous hit TP, EJ went close but closed that too…still have postive pips for week, at about $30
Some of the folks believe making adjustments to your system is not a good idea. The fact is your system would not be what it is today if not for your diligence and hard work towards making improvements. You tediously back test any changes and confirm their value. I applaud and respect your dedication to this system. I look forward with excitement to your results. The possibility of less draw-down and a larger profit margin works for me!
I’m convincing myself about open a real micro account with FXCM UK, that has exactly the same bars as Forex.com to start next week trading this method
Today the trades are going nicely on my demo accounts, and the theory behind this method is pretty good: price action, multiple time frames, channel breakout, implicit support / resistance, cut the losers, let the winners run, fully mechanical system with well defined rules, so well defined that they can be automated with an EA.
Just think about the validation method of inside bars… You place a stop order on the high of the mother bar, a high that needs to be broken for the order to activate.
That level is a resistance, but the Sith Jawa didn’t call it with that name, therefore, is an “implicit” resistance.
I totally agree there, but not after a certain period of live testing. When ever you start doing something, you have to get your self a moment to compare with. See it like the snapshot of your system as you designed it.
You then trade it like a certain period. As this is a 4hour chart system. 2 months will do fin I guess. After that moment, you analyse the results and from ther you change something to the system, what you think will be a very good change. Then again you do a forward test of 2 till 3 months. And than you compare the outcome with your snapshot. I think that should be the right way to improve a system.
By the way, I know some guys, who have never changed their system ever ever. And they still make profits, year after year. People are always saying, “The markets has changed” I have to adapt my system, because it aint working anymore… Well, thats what it does…right? The markets always change, and change… we need change to make profits. But when does it change back ?? we never know… maybey never…
