I wonder why the lowest limit is 10 pips, it doesn’t seem like it will work too well with the way we scalp. The pdf said they may increase the upper limit of 200 pips, but not the lower. With some practice and new confidence in my stop moving abilities, I think I’ll pass on the TS, at least for now.
Bernie-
My apologies if you answered this already. I’ve been going through this thread again and I know there was a time when you tried switching to the one minute charts once you were in a trade. You also mentioned that it jumps around and makes it difficult to move the stop when you’re on the M1 chart. Did you ultimately decide to stay in the M5 chart even when the trade is triggered? I’ve been switching to M1 and I’m thinking about staying in the M5 if it means less jumping around.
hi all,
lavaman, i have been bouncing back and forth between the one and five minute depending on how fast the activity is. often times when things are slower i will go to the one minute charts. also, often, when slower again, i will give the movement of the S/L in a post. usually what i am doing there is moving to the bottom of a preceeding candle, if in a long position, and vice versa in a short. i was thinking i might explain that when we start talking because again there really isn’t a rule and i haven’t been totally consistant with it.
DRUM ROLL: in keeping with experimenting with new ideas when ahead, for next week i will be trying the following to see how it works: i am going to call it 8 at 8, or 8/8. here’s how it works. very often, we have one of our strategies coming into play very early in our first trade session of the day beginning right at 8:00 am est. many times, however, we do not. one recent morning i think i waited over an hour. thus, here is what i am going to do beginning monday morn. if it looks like we may have to wait for a trade set up, just prior to 8:00 am, i am going to bring up a 15 minute chart. i then will place a buy order, one point above the high, and one point below the low of that last 15 minute candle, wicks included, before 8:00 am. hopefully, all will be in place by 8:01 am, and i will move back to the 5m chart. FOR THIS TRADE ONLY, I WILL MAINTAIN THE SAME S/L, BUT will MOVE THE TP TO +8, HENCE 8 AT 8. you are naturally free to do what you will. i will try it for the week to see how it goes. as in the past, if it is successful, i will continue to employ it. we shall see. with this system, we are attempting to play the quick pops that occur with the NY open and, again, the system incorporates no indicators!
later,
goji, bernie
I am following this thread with interest. I am still wearing my Forex diaper. I do have a question about the term “ema”, I can’t for my life decipher those initials. :D. Thanks and keep up the info line. I will start trading this week, cautiously. Michel
Hello Bernie, And everyone else , I have followed your thread with great interest as I see kindred sprits Just wanting to extract a little from this game we call Forex… I See by your last post you are open to try different ideas… I just posted this up on my thread and thought with your target goals this would be great for you guys , I will not bother ya’ll again just thought you might want to take a look might get you a few extra pips. Try it first with small amounts till you get the feel for it… But watch out if you get in the Zone with it you can feel you can’t fail and that is dangerous… Maintain your stop ideas.
KENNETH LEE
Senior Member
Join Date: Aug 2007
Location: Key West , Florida
Posts: 177
melisky’s question
Quote:
Originally Posted by melisky
Hi Ken, once again, thanks for all that valuable information
I have a question for you. When you look at you chart on the week end to draw your S/R levels, how long do you look back in time to see where the price react?
Thank you.
I use a 1 hr chart mainly with wide screen monitors there is a lot of information on that screen. But you can also use a 2 , 4 hr. Look at all three you will see generally the levels are the same , Just with the smaller time frames there will be more candles hitting the areas and retreating… 2 hr candle = 2/1hr candles and 8/15 min 24/5 min.
Again as always the higher time frames are the more accurate levels… Next post will explain that… I have posted a 2 hr then changed the time to 1 hr… As you can see it is the same areas , Just more detail. Some people prefer the higher time frame as to filter out some of the “noise” . Basically this refers to less detail and you might not pick a area as it wouldn’t have as many hits. I tend to draw almost all areas of interest then remove them if they aren’t profitable areas, But always do your s/r and resistance lines on your clean chart then save them as they will never lose there importance… Price will move away from them but when it comes back, they will already be there , even months or years later…
The 3rd chart I am going to call your Instant S/R chart. You didn’t do your weekend setup , or price moved further than you had drawn your lines. Price is coming back down… Your looking for a exit , or a entry for a small trade… You glance to your left what do you see. a nice little stand of wick trees
( area 1). Price reaches this area and you now know it has a great probability to move back up at least for the short term. Which it does… So if you were short you would have saved 40 pips or if you went for a long made about 40.
Now your saying yeah GREAT , But how do I know when to get in the trade, I see the areas but what says JUMP !.. This gets easier with time you can actually see it on the 15 minute The candles start to slow and then pull back and the next is green, But hold on you already lost few pips waiting for those 15 min candles to do there thing…
Chart no. 4 is AREA 2 but a 1 min. chart. You can see in area A the red candle slowing the next is a Inside bar higher low and lower high , Indecision
The next tried to continue down , But the green candle actually opened above the close of the red. That is your signal to JUMP !! I normally would have taken it off the red candle coming down and pushing threw the Support line. Then you ride it up till your 1 Min. Shows you another turn. As you can see A,B,C were all good trades… X was good too but it had pushed threw the Support line on the 1 min. But looking at the 15 it never stayed down there.
If you noticed price ended Friday right on a S/R line , Wonder which way it will go this afternoon ?
Good Trading To All Ken Lee
ema: exponential moving average.
Amazing what can be found in the babypip’s school !!
Thanks anyway, Michel:rolleyes:
Hello everyone,
I started early this morning and got unbelievable results so far.
-
long at 1.2760 at 3:45 - exit at SL - 9.9;
-
short at 1.2745 at 3:55 - exit at SL -9.9;
I was thinking of quitting, but did not quit.
-long at 1.2765 at 4:00 - exit at SL -9.9;
I was thinking of quitting, but did not quit.
-long at 1.2770 - GC order filled around 4:35 - exit at SL -9.9;
What a sequence!
-long at 1.2775 - filled at around 4:50 - exit at SL -9.9;
Took a break.
Got back at 5:20.
-short at 1.2755 PV order 5:25 - exit at SL -9.9.
Which makes it -59.4 for the morning and -2.9 for February. All my Feb pips have been killed.
Hey Chasingpips -
That’s a bummer, I know how that feels, big time. However, I fully believe that before we can become consistently profitable trading Bernie’s system, we need to learn the rock-hard discipline he employs. This is what is most difficult to me. Last week, by far the hardest thing I did was to stop trading after 2 -10’s in a row. I did that two sessions in a row in fact. I wanted those pips back so bad! But, now that I look back at it, that may have been my best trading day of the week, because I didn’t let my emotions take over too much and force me to make more trades. Now, (with some capital depleted), I have some money in my account to go another month, two months, three months, whatever it takes. I’ll just keep lowering my lots if my account continues to sink. If we employ decent money management, to be able to stay in this long enough to “get” the goji system, I think we might have a chance at it.
*No headset yet guys, I ordered it last week from one state away, go figure.
Hi guys,
Are you aware or am I wrong that there is a bank holiday in USA and banks are closed today, this could hve some effect on the trades maybe. I will be on the TS headset thingy in about 15 mins see you there if your around.
Yeah, that’s probably a major part of it, President’s Day. I was aware but didn’t think hard enough about the implications.
Morning trades:
8:10 entered short at 1.2760, -5 at 8:13.
8:17 entered long at 1.2770, -5 at 8:22.
Price action is a bit choppy today, with little volatility. I’m going to take a break and see if it picks up later. One goal for the future is to better “survey the scene” before I jump in and start making trades. One improvement I made today is that, before, both of my -5’s would have been -10’s and I’d be out for the session. Also, I just watched another likely loser that fit into the system go by without trading it.
Lavaman, there’s nothing wrong with my discipline, I did not mess with the system, all orders were by the rules.
Interesting though - had I done EXACTLY THE OPPOSITE to the system rules, I would have had a nice profit now.
Bernie, I can see you are connected to the server we were going to chat through, can you hear me?
I got two more full SL losers and one +6 meanwhile.
hi all,
i am finished for the morning. i am on teamspeak right now, but didn’t get on until 8:39 am. there was much activity but going nowhere fast. it is interestig because during the entire negative onslaught i just experienced, price never went above/below the parameters that were established by what would have been the 8/8. i had them at 1.2773 and 1.2754. after that i executed three trades, all losers, but no total 10 point S/Ls because i took to shortening the S/Ls almost immediately on entry. also, i didn’t want to get on teamspeak and then have that as the pseudo reason for all of the negative activity. here are my trades:
7:55 eol, 1.2775 10X
8:00 modify long to 1.2773
8:00 eos, 1.2754
8:10 eos, 1.2760 10X
8:10 short, 1.2760
8:11 moved S/L to 1.2769
8:12 moved S/L to 1.2767
8:14 exit, 1.2767 -7
8:15 eol, 1.2770 10X
8:17 long, 1.2770
8:18 moved S/L 1.2763-5
8:24 exit, 1.2763-5, -6.5 -13.5
8:30 eos, 1.2760
8:30 short, 1.2760
8:30 moved S/L to 1.2768-5
8:36 moved S/L to 1.2764
8:37 exit, 1.2764, -4, -17.5
THAT’S ENOUGH FOR ME THIS MORNING, I WILL BE BACK AT 7:00 AND FORGET ABOUT 3:00 TODAY, DUE TO THE HOLIDAY.
8:39 dialed up teamspeak and am still on but have not heard anybody during my typing time. i did hear some commotion twice but never anybody talking? i am glad i wasn’t on for this session of trading today for fear i woud have this to blame!
9:00 i am still on and going to submit this post.
later,
goji, bernie
ps. just heard “new player,” but nobody is there?
pps. 9:07, lava & chasing, i see you are on but i hear nothing. this is why i didn’t want to engage while trading. obviously, there are some bugs we have to work out. i will stay on until, at least 9:15 am. hope to hear from either of you or both, et al!
chasingpips -
Check post #307, Rule #7. Of course we can decide for ourselves what rules we implement. I was trading without this one up until last week because I just looked over it (or perhaps subconsciously chose not to use it!). It can definitely save us some pips on difficult days like today.
I see you guys on Teamspeak but can’t hear anything. Since I don’t have my headset I thought I could just check and see if I hear some chatter, but nothing as of yet (except for what sounded like someone dropping a microphone just now).
I cannot hear you gentlemen either
hi all,
i think i heard phil say, “hello,” and several minutes later, “anyone in here?”
i did find something about main configuration in FAQ. it said something about adding 213.202.254.117 to Bound To Ip1= on something called server.ini. but i can’t find that?
it’s 9:37 am and naturally at 8:50 am the e/u broke out. i just checked it now for the first time since my previous post.
“hello, anybody there?” i think it was phil who i just heard? it’s 9:39 am.
g, b
ps. just got a response from phil, i think, but i was playing with the volume at the time and couldn’t make out what you/he said. previously, i had no difficulty hearing him, so i have returned to previous settings for volume.
ook the TS, if you go to settings /sound and input settings and try the activate local test mode see if it works but dont forget to switch it off after.
Try turning your sound settings up.
I use push to talk and use the scrolllock key as its never used normally press set and then press that key
Then try settings options and on sound devices select primary sound driver for both
hope it helps
also if your right click a person in the chat screen you can send a message there which might be easier than posting here to get it resolved?
Hello everyone,
Well, now I also feel like I got my a… beaten enough for one day:o
I quit with -67.1 for the day, which makes it -10.6 for the month.
I can not remember, even when I backtested the strategy, even with bigger spreads, a possibility of having a trading sequence similar to mine today.
Lavaman,
As for the rule to quit if got 2 full losers, well, in my understanding, what’s behind this rule - is “quit, because you may get frustrated and do stupid things, like tampering with the system”.
Ohterwise, you’re gonna be back next day/session, obviously you can get a loser again, just like you wouldn’t quit.
The rest of the morning:
10:57 short at 1.2790, -2 at 10:59.
11:04 long at 1.2805, -5 at 11:05.
Volatility had increased so I came in for a few more trades. I’m now done for the day before I hit -20.
Today’s pips: -17.1
February Total: -15.2
Bernie, Phil,
I was able to hear you gentlemen, but it kept breaking, and, as I understood from what I heard, all you heard from me was “hello” three times:D
I’m going to look into that software and try to sort things out. It’s not that I’m too dumb :D, but somehow cannot get it going.
I will try to join Bernie at 7p.m., Bernie, pls let me know if you’re going to be there, cause I don’t know, it’s such a great day:o