Yeah, but isn’t the amount of spread you’re paying lower? You don’t pay the spread on pips, but on dollars per pip.
I’ve never really though about this before but isn’t paying the spread on one 1.0 lot trade the same as paying the spread on 10 .1 lot trades?
Or am I missing something with my math?
Ok, I see what you mean now. We’re basically saying the same thing. 
I hope you’re not misunderstanding me. You’re not starting anything, and I’m not trying to start anything either. We need all the ideas in the blender we can get! Keep them coming! 
Quite right!
If I/we had the resources and time, there would probably be a mathematical way of determining the optimum relation between SL size / $ per pip value / win rate and average win.
It may be 0.1% risk with 25% winners or it may be .33% risk with 19% winners. Who knows.
Lacking these resources trial and error aka experience and forward testing will get us there instead.
Phil838, u can combine it with the “Line Reactor.zip” to do that. I have written an algo to find round numbers for 5/4/3/2 digits in that indicator. You can mod the parameter that feeds it to find more “round numbers” than it currently has.
Great!! I am rushing my assignment which is due on the 20th!!
One idea that bounced in my head after I read how o990l6mh draw major S+R lines on his chart and save it as a template…
Could probably code an indicator to store the S+R lines or zones (by drawing an extremely large rect, not possible by hand, but I think can be done by indicator though), or we could store the S+R Lines + zones on a website, and that indicator retrieve it from the website or something like that (similiar to forex calendar indicator - gettings news and displaying it in chart).
One for question: for the best pinbar reversal setup, do we get daily or weekly pinbars?
Was thinking of writing a pinbar finder? But I think before that particular pinbar can be used for “reversal” it needs to satisfy certain criteria ?
What are these criteria?
do we need to wait for the current candle to close before labeling it as pin bar?
let’s write down all the requirements of a James’s Pinbar,
[B][U]Pin Bar[/U][/B]
let me see if i can do an indicator to find these…
1st draft of PinBar Finder
[B]1st Criteria: Current Open and Close within the first eye[/B]
==> it means that the current open and close is within the range of the previous bar
[B]2nd Criteria: long nose relative to the open/close/low[/B] Currently set at 60%
==> a bar might consist of upper wick + body + lower wick
==> as long as length of upper wick / length of ( body + lower wick ) is more than 60%, or
==> as long as length of lower wick / length of ( body + lower wick ) is more than 60%
==> you can change the % to suit your needs
[B]3rd Criteria: protrude from surrounding prices[/B] Currently set at 60%, and 2 bars before current bar
==> to check if the current pinbar is an outstanding one
==> so, after taken into account of the previous bars (u can set this), the current bar is still protrude 60% more (u can set this too)
Please give your feedback
Have a good weekend!!
I see there’s good work going on here!
I traded GBPUSD on my real account last night and closed out Friday morning when I got to work and found the trade 40 pips or so in profit. I knew I wouldn’t be able to manage it more so in the choice between moving SL to BE or closing it out, I apparently made the wrong decision. 
Anyway, didn’t write that to brag but to say that I quickly glanced at the 1 min chart and found that placing the sell stop line at 1.6030 would have hit a home run line in the sand trade on the fifth attempt.
Nice to see!
I won’t be active here again until next weekend due to work. Can’t wait to see what you guys will cook up in the meantime. Just leave some profits for me too, ok?
Same to you!
8th attempt, if were to place orders if 30mins bar has closed below it.
is that GBPUSD?
This looks good so far. As long as it’s used correctly something like this would be very helpful.
People just need to remember it’s a tool to alert you to a [B]possible [/B]pinbar, and not a trading signal…
I was thinking if you were to set the 3rd criteria to take into account 5 to 10 previous bars, it would increase the possibility of a very good reverse pinbar!!
Here’s a progress report on my “Project MacGyver” testing…
I took my first trade today on the break of the 1.4844 line. My EA failed miserably because of a mistake I made in one of the equations, so the first trade had too large of a stoploss which screwed up the pip values, but that’s a technical error and has nothing to do with the soundness of the system, so I recorded my results as if it had worked correctly.
Also, I did figure out I can run two copies of MT4 at once, one with my live account and one on demo, so I was testing it on demo.
Anyway… After 6 failed trades number 7 took off, and the trade is currently at +49 pips.
The total loss so far is 1.5%, which is about the same as my floating gains right now, but I’m not reseting to breakeven yet. I’ll make a decision on that if/when it gets to +100 pips.
Let us know how it goes!
I was reading through this entire thread when I came across your post. This method of trading as I understand it (pyramiding, or averaging) can be quite successful. I’m still in the demo phase of testing it but three months into trading I have a 100% increase so far. I had a couple other demo accounts which unfortunately were closed by the broker (not liquidated! lol) but the results were similar before they shut down so I can’t say how well that would have done longer term. There is a modest amount of technical analysis using the standard indicators (MACD, RSI, etc).
I have been experimenting with position sizing for risk management purposes. Right now I am using .3 standard lots per trade per 10K. I started out using 1 standard lot but that seemed a little too risky. I may drop it down even lower to .2 lots. Or maybe even .1 at some point. Depending upon my longer term results and risk tolerance.
The beauty of this method is that it almost runs itself once you set it up. I am currently deployed in the military in Iraq with a crappy internet connection to boot. So this method does not require a lot of attention.
As I am writing this one of my TPs was just hit! Shorted EURUSD with a limit order last night at 1.4950, just passed thru 1.4875… yippy!
When it got to 120 pips and started going down I moved to breakeven (which was +40 pips) . I got stopped out a few hours later.
The good news is that I set my breakeven price to recover 2% risk, but I actually only lost 1.5% because it didn’t take all my attempts to get into the trade. So I actually made .5%. Too bad it’s demo money…
I’m planning to do all my breakevens this way, since I expect to BE 75% of the time or more on this system.
The current 4H candle (Oct 15, 12:00) is looking like a possible reversal candle, so I might have another trade coming up soon!
Hey guys
I’ve been away for a week so I’ll use this weekend to catch up on events, markets as well as this and other threads.
I hope no one has lost their life’s savings because of my idea while I’ve been away