Don’t worry about the questions - it’s only a pleasure to try and help (I just hope I don’t end up making you broke)!!!
At Delta I have my lot size set to be equal to my capital balance figure (rounded up to the nearest thousand) not for any good reason other than the fact that it ‘fits’ with me (makes me feel better that I at least based the lot size on something and did not just ‘suck it out of my thumb’). Doing it this way has kept me from (almost) running out of margin (this time around anyway i.e. it nearly happened to me last time around so I have reduced my lot size and it seems to be the ‘magic’ balance).
Look - I’m trying to organise something for everybody following this thread - which will allow us to stop using Parabolic SAR on range bound instruments - but it’s being held up by certain people at the moment - and I can’t afford to say or do anything else right now. Put it this way - Wilder did develop two systems which are to be used when you cannot or should not be using Parabolic SAR - but I cannot post details of these systems because that would be a copyright infringement (and Parabolic SAR is not making THAT much money that I can afford to cover the cost of defending the law suit against me and pay the ensuing penalty that I’m sure would inevitably follow my conviction)!!!
I had a look at your (latest) charts. Don’t be fooled!!! There has already been a discussion on this i.e. MT4 WILL draw a Parabolic SAR dot BEFORE the candle has closed - and - when you look again - the price will have retraced - and the dot will have dissapeared - and then you’ll be swearing at me. Rather wait for the candle to close - and if the dot indicating a reversal is still there - then take the position - otherwise - stay away (I ALWAYS DO THIS DON’T I - I’VE SAID THIS BEFORE - SO MANY TIMES HAVEN’T I)!!! (if you’ve read this whole thread then you’ll have got the ‘joke’).
I know it’s difficult - I mean - if you look right now - USD/CHF is still going ‘south’ - but - I’d rather lose the few PIP’s today - and enter late on Sunday - than write off the PIP’s that I’ll almost guarantee I’ll lose if I stopped and reversed now (which inevitably means that it will now continue to go ‘south’ for time and all eternity and trend down for the next year JUST because I said it won’t)!!! The sad part about it is that I know without a doubt that if I had an open position of USD/CHF at the time I WOULD HAVE STOPPED AND REVERSED!!! At least I’m honest with myself (not so Ingot54)!!!
I forget to mention: I’m real glad it’s a demo account (I don’t believe in them but I’m glad for your sake this time round anyway).
By the way everyone: we MAY not have the ‘holy grail’ of ‘systems’ here - but it’s sure starting to look like we have the longest thread on babypips.com (probably all my ‘inane’ drivel)!!!
No no don’t worry dale i am following the rules i will not open it untill it will closed!! i am just saying watch it out also there will be in near future another pair which i think will be penetrated soon it is not yet penetrated but i think by the end of this day!! which is the ERU/GBP also have a look and i think on sunday it will be a vailed entry too!!
Don’t worry i am not following u guys blindly i am trying to make some action on this forum as i feel every body should do coz we r seaking to have the holy grail for all time may be with sharing our thoughts that will help it!!!
Thanks for the input - and yes - this is what this thread is for - and I reckon that in the long run - we will be saving HUNDREDS of new traders from the pain and anguish that I went through for the first couple of months (you’d be surprised at how wiping out a good few $10K live accounts tends to accelerate your learning curve)!!!
Put it this way - even if nobody is interested in Parabolic SAR - I’m hoping that the ‘methodical’ way we are approaching the subject - will stand others in good stead. It’s cost me dearly to just ‘skim over’ the basics and ‘jump in’ boots and wallet and credit cards and all - and then only to find out that somewhere - in one little paragraph of the material - there lay a ‘gem’ - that I just ‘skimmed’ over)!!!
And I can tell you that I’m really enjoying answering these messages and sharing ideas and getting input from everyone (can you tell I don’t have any friends anymore - only you guys left)!!! Seriously - I’m so sick and tired of the response that I get from people when they ask me and I tell them what I (now) do for a living. It’s always something like ‘Yes - but that’s high risk - you could lose everything’ or ‘isn’t that a bit like gambling?’!!! I’m sick of it!!! You know what’s really ‘funny’: from what I can see - the ‘big players’ on Wall Street - the one’s that have made the the MAJOR bucks and are still around to ‘tell the tale’ - have the LEAST appetite for risk!!! I believe that if you ‘attack’ the market or a ‘system’ the way that we are doing here - and do the ‘ground work’ - and have patience - you have more risk of losing your job working for a boss on a daily basis that may one day take a disliking to your face or did not get ‘it’ last night and decides to give you ‘marching orders’ - than you have of ‘wiping’ out in trading - IF you follow certain basic rules and principles).
And - in closing (wow - this is really coming across as a ‘speech’) - today is REALLY the way trading is supposed to be (for me anyway) - THE MARKETS ARE ALIVE - THE INDICES ARE FALLING - THERE IS VOLATILITY - I CAN GO SHORT - LIFE’S GOOD!!!
Don’t worry - I know EXACTLY how it feels - it’s that kind of ‘empty, scratchy, annoying, why the ‘f**k’ did I miss that entry’ type of feeling!!! It happened to me on Monday / Tuesday on EUR/RON and this is an EXTREMELY high yielding pair - and it’s just gone up and up and up!!!
i can’t not take the ERU/CHF no more it is dropping badly man and i said earlier it will be a valied entry on sunday but i think i will jump on it now!!! it has been dropped for like 40 pips the moment i told u about to watch it till now!!!
Good ‘luck’ Akram (thanks - I prefer names - good on you).
Not to ‘rain on your parade’ but ‘Gold WILL be over $700 USD an ounce tomorrow or the next day’. Do you know when I first heard that statement??? In APRIL of this year on Bloomberg TV and CNBC!!! It got to $700 USD an ounce YESTERDAY!!! And - the point is???
OK - well I don’t know what’s going on here - I got a signal to go short last Thursday already (at Delta) but this was one of the positions that I closed on Friday last week i.e. closed all positions at the end of the month.
For some or the other reason it appears that MT4 has an issue with this pair!!!
I can tell you though - that - aside from todays move - according to Wilders’ DMI - the pair has been and is currently range bound. Now whether that is once again two indicators giving conflicting information OR Parabolic SAR ALWAYS being right and we can forget about anything else - I do not know. Put it this way - if the price retraces before the close today - DMI was right - if it doesn’t - then there is NOTHING like Parabolic SAR - right???
To get REALLY into this - if you know anything about the CORRECT use of Wilders’ RSI - you’ll notice that there was a ‘failure swing’ about two weeks ago - supposedly a ‘strong’ RSI indication of a pending reversal.
My money says that it will not go much further than it is now - and it will still be range bound (so - after me making that statement - if you’re currently short - you will probably make a fortune)!!!
Again - I’m starting to ‘add’ to the ‘pure’ Parabolic SAR ‘method’ and I find myself getting confused, doubting, anxious, apprehensive, blah, blah, blah . . .
Oh - by the way - have you seen CAD/CHF and EUR/CAD (just to add insult to injury)???
Well it’s (almost) the end of the trading week and boy - what a lousy week.
I had high hopes for today - with the volatility and all - but - unless something ‘explosive’ happens in the next hour or so - I will be roughly at break even (on forex anyway) - which is really lousy - a whole weeks worth of work - for nothing (although it’s better than taking a loss - but it still does not feel good).
On the other hand - I reckon next week is going to be good for Parabolic SAR - I think that there are quite a few pairs that are setting / have already set themselves up for a reversal - and there are also one or two that I think maybe, just maybe, have started trending - but we’ll see next week.
Oh - before I forget - Akram - when was the last time you checked EUR/CHF (‘LOL’)??? For once - just once - I played the ‘waiting game’ - and it’s paid off!!! No worries mate.
Edit:
In all fairness to you Akram - I forgot that you were using Metatrader 4 - and I just looked on MY MT4 and that dot at the top does not look like it’s going anywhere soon - so - you MAY just have gotten the ‘jump’ on me. On my Delta chart though Parabolic SAR definitely has AT LEAST another day to go before it’s even penetrated let alone indicating a reversal.
Anyway - thanks again to everybody for their valued input this week - we REALLY are getting somewhere with this - now all we need is for the (forex) market to ‘meet US halfway’ and ‘play along’ from next week until month end (I have a competition to win you know).
Have a great weekend and feel free to post some more if you have the time (I eat, sleep, and drink this stuff at the moment so I’ll be checking the thread from time to time over the weekend - as always).
As i told u i will not wait ,i broke the rule for this time i went for short postion and i got 36 pip then i excuted the order!! i think i will open another short position on sunday coz as u know we have to stick to the rules no matter what are the temptations!!.Well i know i broke it i will never do that again (i think i am leing to my self!!!)
Any ways Dale on Sunday i want u to post the new posible valied list for the week.thank god u didn’t lose any Money this week hopefully your account next week will go on green!!
Have a nice week end although in Egypt the week end is about to be finshed:(
I was just having a look at the different charts / platforms that I trade with and I can tell you this - that Delta’s Parabolic SAR definitely gives ‘the least’ ‘false’ Parabolic SAR signals of the three. I’ve just logged into my demo account with them (they were kind enough to let me have both until their Indices come online) and I can tell you that Parabolic SAR on their platform has not given a single false signal on the Dow (or on Gold for that matter). Maybe it (Parabolic SAR) IS more ‘sure’ on stocks and the like? Can’t really say.
I must say that I’m quite surprised with MT4 i.e. I have always ‘loved’ that platform but I have started to see a lot of false Parabolic SAR signals coming of late (thanks to you people for pointing them out to me) and I’m really not sure why as I don’t remember it being like this when I first opened an account with an MT4 broker (although I suppose I was not relying on Parabolic SAR at the time and don’t trade anything currently with my MT4 broker because they are going through a ‘little bad patch with the authorities’ or something like that at the moment so I only have the bare minimum in my account with them but at least I can check MT4 on a live account).
Hey Akram,
What do you mean by:
Have a nice week end although in Egypt the week end is about to be finshed
Don’t you have weekends like us (me)? Just for interest sake I’d like to know (and besides - I have never had a conversation with anyone from Egypt before - nice to know).
Now don’t go being ‘silly’ and doubling up on EUR/CHF on Sunday night. Patience is a ‘virtue’ - let this one position run it’s course - there will be other days and other trades - soon - I promise. Doubling up that position is something I would have done a couple of months ago - and that ‘mindset’ helped me wipe out many a live account back then!!! I can tell you that there is nothing quite as nice as having loads of free margin ‘hanging around’ - it alleviates the ‘stress’ of trading - so that you can ‘ride’ the trades whichever way they go - without breaking into a ‘cold sweat’. Man - I’m surprised I did not lose more weight and dehydrate in the beginning (they say that our bodies are made of mainly water - although I suppose mine is made up of a large percentage of rum - maybe THAT’S why I’m still here to tell the tale)!!! Anyway - hey - but that’s just me.
ok i will not open this postion i will wait and check them next week.
Well our week end starts on friday end on saturday (all the middle eastern country are like that).that is why it is about to be finished not like what u have In SA or any where else in this world!!
As for the MT4 i don’t know man why they r having these false signals.As i told u before i think i should check them through Delta platform to get the riht sginals before openning any postions.But to be honest with u i feel the coming week will have lots of opportunities for us lets wait and see what will happen.
Hi ,
First thanks for the indicators.Then I don’t understand what do you mean by "using nonlagzigzag and the zigzagpointer"
You attached only 1 indicator.that I don’t know nonlagzigzag or zigzagpointer