This e/u has been ranging around the 1.280 with resistance and support for the last 2 hrs!! I wush it would breakout I would advise not to trade until it does as it will just keep taking your order and stopping you out…
hi all,
i have quit for the day, week! i am quitting because my candles are not in sync with my bid/ask line on oanda. is anyone else having this problem? here is an example; on my 8:45 am candle, which was red, the bottom was at 1.2780, the bid/ask line, which had returned to almost normal spreads, was at 1.2810. this has been going on since the news was reported at 8:30 am and is very disconcerting. using our rules it is impossible to trade and since i usually quit earlier on fridays and we have had a pretty good week. i’m out of here.
phil, i employ the wicks when determining a goji candle. chasing, i agree totally with your 8:30 assessment. that is exactly why i do not trade news. hmmm! since i was away from my computer, i can not verify this. i wonder if the problem i am having this morning was also present yesterday morning for a shorter period of time? this morning i was not having any problems until the news hit. for the next 20 minutes i watched the bid/ask bounce all over the place and the candles were not keeping up. this may explain yesterday morning. i do not know. i also know i checked two different news sources for information regardling news releases and for some reason saw nothing. that was yesterday, and now today’s problems and i guess that’s trading!
have a great week end everyone,
goji, bernie
Okay, my week is over. I woke up at 2:45 last night and decided trade a bit. Volatility looked decent and I noticed several TP trades for the previous hour, so I gave it shot. I made three trades, two were EMA crossovers and one was a goji inside bars trade. My results were -10, -8, and +10. So it goes.
This morning I got on the computer to trade a little after 9:00, and things looked alright, so I made a trade that resulted in about +5. The only problem was, that I moved my S/L to +5, and the candle stalled around +8. I decided to manually sell at that point and take the +8, but the candle must have triggered the S/L just before I clicked “sell”, so then I had an open short position I never anticipated. I closed it immediately for a small loss. I think I’ll stick to using the SL and TP line in the future for all trade closings. This is my week to make errors! Okay, so then I opened a completely random trade I should not have done for -10. Now, I could feel this was about to set off my revenge trading emotions, I mean, it already had. So I took a step back and said, “Alright, Fridays are not always my bag. I’m in profit of 36 pips for the week. It’s quittin’ time”. And then I thought of what I would call a “Bernie-ism”, it was “If I could make 36 pips consistently, every week, would I take it?” I think you all know the answer.
How long did it take most of you to be able to stick to and trust in a specific trading plan? I don’t know why it’s so difficult to me. I hadn’t traded anything before October, so maybe I’m on the right path, hopefully. It’s just funny cause I’ve read 20 trading books since then and tons of forums and I understand the psychology and importance of a plan. It just doesn’t come all that easy for me. Next week I’m going to try to make it not about the pips, but how close I can get to the results of others following the goji system. Maybe I’ll reward myself if my results come within 25 pips of Bernie’s or something like that.
Have a great weekend! I’m optimistic (and feeling a bit too much like Doogie Howser at the moment).
Today’s pips: -15
February Total: +36
Philbot44, thanks for the advice, I have a trading journal but I’ve neglected it recently. I think it would be a good idea to start writing these things down (I guess this thread as a bit like my trading journal at the moment too).
Bernie, everyone,
My trades this morning.
8:20 - long at 1.2810 - exit at BE;
8:55 - long at 1.2835 - exit at SL -10.8;
10:00 - long at 1.2875 - exit at +1;
10:30 - long at 1.2880 - exit at +3;
10:35 - short at 1.2870 - exit at +5.8.
This makes -1 for the day and +27 for the month.
Great weekend and best of luck to everyone.
Bernie,
you’d better post a couple of losing trades, or people here may lose trust in you:D
Have a great weekend:)
hi all,
baby pips did their update and everything is working fine now? technology! chasing et al, when i quit, i advertise such because i want you all to realize it is perfectly OK to quit. i do not want to trade in abnormal conditions. last evening, the range on the e/u was terrible, on the order of a 15 to 20 range for several hours. under those conditions, if you really want to trade, which i did not, you might go to a one minute chart. this morning, i was not about trying to trade when something appears to be wrong with the platform. now, no one else has reported they had a problem, so perhaps the problem was with my equipment. i was on my laptop so, i do not know. also, i know what you mean by perhaps being excessively successful. at many of our gochi meetings reps will get up and announce their successes. mine are meager and i always feel like the low man on the totem pole. it is easy to sit and wonder why some of the others are able to be so successful. i always come back to,a rationalization, i am not teaching anymore and unless i create the situation, as a retired teacher, trading currencies, now three sessions per day, i just don’t see a lot of people. maybe i am being more serious here than i should be. however, i really do take this trading very seriously.
enough preaching, i’ll see what i can find for my saturday morning lesson. nick b. is running something that i think looks pretty good, we’ll see.
goji, bernie
Bernie,
In regards to the problem you mentioned as the reason to quit, the charting not being in sync with the prices, well, I’m surprised you say it’s news for you.
Practically every morning, when the price changes rapidly, the charting is a little “in behind”. The candles, I mean.
Just a heads-up: Oanda is beta testing a trailing stop, finally, after all these years. Should be available before too long.
hi all,
HERE IS YOUR SATURDAY MORNING LESSON.
though i was not trading this morning, i was busy considering the addition of one more strategy to our line up. i have been hesitating because the rules are somewhat nonexistant with the strategy. in fact, i offered the goji candle several weeks ago, becasue i think it is easier to learn as its rules are more defined. some of you have started employing the goji candle and others have not. nothing says that you ever have to and nothing says that you have to embrace this new strategy. i will be using it in the coming week. i am doing so because i had a positive week and now seems a good time to begin. thus in keeping with my reporting to you what i am doing attitude, here goes:
this new strategy stays within the parameters of what i like to do, as such:
- we are still using the 5 min. time frame
- we are using the same pair
- we are not adding any new indicators
thus, i offer you peaks and valleys to go along with 10 ema crosses, and goji candles:
i will first discuss the major problem, as i see it, with using peaks and valleys.
as you will see when i go on, they are visual and sort of devoid of rules. i think i have already indicated some of the benefits above, but one more important one is that peaks and valleys can also serve, somewhat, as a re-entry. i hope you can get through this without the visuals. to help, i will be referring to friday morning’s activity from about 9:35 am until around 10:50. also, i will be able to show you one long trade and one short trade.
the long:
- the 9:40 candle forms a peak at 1.2893, however you do not know this then
- as price drops to 1.2851, at 9:50, a valley MAYBE forming
- the 9:55 candle reverses
- the next several candles are green and creating a valley
- as such, we enter a long order at 1.2895
- we use the same TP and S/L and if we get filled we move the S/L as usual
now the short:
- use the valley bottom formed from above, the 1.2851 at 9:50
- thus, you will be looking for a 1.2850 entry coming off of the peak
- this eventually occurs at 10:40 and it occurs after we may have gotten out of a short 10 ema trade, thus a re-entry.
i hope the addition of this strategy does not cause considerable problems due to the lack of rules. as a suggestion, you may want to watch what i do for awhile before attempting to trade. as usual, i will be willing to answer all questions.
later,
goji, bernie
Hi Bernie,
You explained that quite well, i undersood and could follow it but then its easy looking at the candles after the event.
Basically it is more like looking at a retracement in this case eol and the eos is looking at it bursting back through the last 5 min low.
I quite like it and will give it a try too, perhaps we should try to find out if there is an acceptable pip size for the valley before we commit the to limit orders?
We could try something else here which is if a valley is formed similiar to thsi one and if the bottom candle of the valley does not x the ema but the wick does we could put in a limit order to enter long on thsi bottom candle which mean we get in earlier than the method you proposing bernie?
In the case of the eos already placed based on the ema why do we not just move our TP to the new valley entry value + the further TP 13 rather than trying to control 2 trades at same time?
Real money next week, thingers crossed I dont panic lol…
Lets hope next week is better than this one…
Hey Bernie,
I really dig the addition. It seems very clear to me and I don’t think I’ll have a problem following it one bit (as you know by problem is more related to being able to accept losses). I’m excited about the new rule because I’ve always been drawn to recent support and resistance levels, and I even remember thinking “I would like this a lot better if it had a simple S/R play”. Well, now it does and I’m going to stop trying to add my own additions to your system. In fact, I logged into Oanda last night and changed my TP level from 15 to 12.9.
hi all,
phil, your point is well taken considering the eos order. i would not want to enter or manage two trades at the same time. also, since i use about 80% of my bankroll on any one trade that would not leave much in reserve. i like the idea of expanding the TP line even if it was in slight anticipation of a peak and valley trade. then basing TP off of what would amount to that entry. with that said i will again refer to the friday morning activity and create as much visual as i can:
- 10:35 candle eos (10 ema cross) at 1.2870
- make your self aware that you have the possibility of a valley trade at 1.2850
- as price continues to drop, instead of just moving the S/L, you consider moving the TP line, also
- if you should get stopped out because of price action on the S/L, you know you have a re-entry
- if you do not get stopped out, you ride price down to PV entrance and start everything all over, perhaps movig to the BE of 1.2850, at +4 (1.2846) etc
- with this scenario, we would generate just under 34 pips, with a TP hit at 1.2837-1, off of the 10:40 candle, a very nice trade
- undoubtedly, individual differneces will enter into this trading, thus the bottom line, at all times, will be to make additional money and not worry if your trades do not match up perfectly to anyone elses.
ok, later,
goji, bernie
Thank you Bernie for showing us all these…can anyone please be kind enough to show some illustrations in a pictorial diagram incorporating the above as well as the goji candles concept? I have read everything from this thread but failed to understand the mechanics of the above…I am a nincompoop!
Much appreciated,
tirasong
Hey Tirasong,
Here’s a diagram of the setup Bernie just explained. I’m not as good as some with the chart editing, but I hope this helps. I’ll attempt to diagram the goji inside bars trade next.
Here is a diagram of the goji inside bars trade as I understand it. The 9:15 candle here barely pierced the high of the goji candle, but not high enough to trigger the order. I would have let this go until the trade was triggered, but I’m not sure if it violates the trade in Bernie’s view. Also, the diagram doesn’t show it, but a sell order would also have been placed under the candle’s low, at 1.2820. I thought that might clutter the diagram even more so I didn’t show it. That order would be canceled once the long order was triggered in the 9:25 candle.
Hi Lavaman,
Nice diagrams I need to do that myself too, the goji candle trade is spot on for a eol (perhaps you should of put a pending eos on this diagram too). Im not sure the other diagram is correct the actual normal cross occurs at 10.20 and the normal trade would of occurred on the 10.25 candle?
tirasong,
look back a few posts there is a word document I did which has a diagram explaining the simple goji method, I suggest you learn that one 1st then take a look at the other methods later it will be alot easier that way. Perhaps LAvaman can upload a simple Goji diagram trade from the oanda platform as these diagrams look better.
Does anybody fancy setting up a Teamspeak so we can all chat together whilst trading, its simple to use I can set one up and explain how to join it but you would need a headset with microphone. Let me know if you are interested.
Very interesting/useful information in this post.
I may have missed it in my perusing, but what is your total pips gained since 10/3 with this ?
Hey Philbot44,
The 10:25 candle in that diagram actually canceled the 10:20 short order as it crossed back over the 10 EMA in the opposite direction. In fact, I noticed that chasingpips took the 10:30 long trade and grabbed 3 pips before the 10:30 candle crossed back down over the 10 EMA creating a new opportunity that I documented in the diagram. Also, good idea about the chat, but I don’t have a headset. Sounds like it would be fun though!
Philbot,
"Does anybody fancy setting up a Teamspeak so we can all chat together whilst trading, its simple to use I can set one up and explain how to join it but you would need a headset with microphone. Let me know if you are interested. "
- I AM interested. Pls explain what’s needed.
Pretty straight forward really,use to use them a while back when playing some games online. Basically I would pay a hosting company to host the teamspeak server very cheap ($10 for 3 months) and i can log into access to set password etc. then all you do is d/l the Teamspeak client open the client login and as long as you have a headset its just like being on the phone or if more in conference and its quite clear, could help with the boredom and stop Lavaman going into too many unneccessary trades and if you miss 2 trades tha will pay for a headset they are cheap too lol.
If we can get 4 or 5 interested I will set it up