Trade Update (1PM PST Candle)
Short AUD/USD @ 0.97410. Current Stop @ 0.98410
Long EUR/JPY @ 132.483. Current Stop @ 131.483.
EUR/USD - NOTHING
GBP/JPY - NOTHING - Price has to break major resistance @ the 156.70 area.
Short GBP/USD @ 1.52398. Current Stop @ 1.52318. +8 Secured.
Long USD/CAD @ 1.02222. Current Stop @ 1.02312. +9 Secured
USD/CHF - NOTHING - My resistance vanished. Oh well. Better safe then sorry.
Long USD/JPY @ 102.322. Current Stop @ 102.422. +10 Secured.
Gold - NOTHING
-ILZ
Guys, did you close your trade at the closing of market today? or just leave it to continue at monday?
Hey all,
Rough week. Majority of realized gains is from long held positions.
For the week I realized 374.8 pips which equals 7.496% return.
I currently have 27 pips or 0.54% secure for next week.
Have a good weekend everyone.
-ILZ
Hi ILZ!
Iām experimenting some optimizations during backtesting, especially for MM.
It would be great if you could provide the distribution of your past 1500 trades that you mentioned, i.e. x-axis (number of pips won/lost) vs y-axis (number of trades). A table is good enough, a plot is perfect, not essential.
Iām particularly interested in the tails of the distribution. This is crucial for optimization. May you kindly provide that, even via PM if you donāt like to share here. Much appreciated. Thanks!
Hey ILZ,
I have one question with regards to the candle shapes before entering. We have established that, letās say for a short trade, you wait for a candle that closes in the direction you want to trade.
Now my question is if we get this sort of candles, they qualify for entry in a short trade, or do you wait for a bigger candle?
[QUOTE=āPoseidonn;491674ā]Hey ILZ,
I have one question with regards to the candle shapes before entering. We have established that, letās say for a short trade, you wait for a candle that closes in the direction you want to trade.
Now my question is if we get this sort of candles, they qualify for entry in a short trade, or do you wait for a bigger candle?
<img src=ā301 Moved Permanentlyā/>
<img src=ā301 Moved Permanentlyā/>
<img src=ā301 Moved Permanentlyā/>[/QUOTE]
I would NOT tarde at the close of any of those 3 candles. Instead (next, 4 prior, 1 prior)
In my opinion you should have entered those trades after the closes of the big canlde crossing the Support, otherway you are a candle late or more.
Yup, I agree, watch out for small doji-like candles after break out. It usually means that the trend is not so strong and there might be a correction.
haha im sorry but i actually mean the close must break resistance and at least 30 pips away from the support.
sorry english isnāt my main language.
Thanks for your replies, guys. However my question was not related to the context in which those candles appeared in the attached charts, only on the candles themselves. IF those candles were the first when all conditions for a short trade would align, would you take the trades or not?
ILZ? How would you do it?
hello, about the gbpusd trade, i check it back and think the entry would be later around 1.5300. may i ask how you got in earlier? here is the pic.
[QUOTE=āPoseidonn;491794ā]
Thanks for your replies, guys. However my question was not related to the context in which those candles appeared in the attached charts, only on the candles themselves. IF those candles were the first when all conditions for a short trade would align, would you take the trades or not?
ILZ? How would you do it?[/QUOTE]
Itās unlikely that those candles will be the ones that give you the criteria to enter a trade, they have no body and the close is at about the same price as the openā¦ So no progress in that 4 hr period, and therefore difficult for them to have broken any level that the previous candle had not.
Anyway, itās a no trade for me any which way you look at it.
If i understand the system correctly i believe price would need to close above the resistance level shown on your chart for a long entry condition to be satisfied
Actually, the entry satisfies the rules of the system because the established resistance is more than 30 pips away. So it is a good entry, just monitor for a reversal that closes below the supertrend as you may need to manually close in that scenario to avoid hitting the full 100 pip stop loss.
Thank you so much for this clarification, i had not properly understood the 30 pips condition!
Hi ILZ, any update on your trading? this days have been very ranging, you might have been stoped out by 100pips SL on a lots of trades didnt you?
Hi Cheva
I donāt believe any 100 pip SLs would have been hit yesterday as prices were retracing back toward the 200 sma (on the pairs Iām watching anyway), so there would have been no valid entries.
I would also wait for price to cross and close above/below the Barry SR level before entering (as well as be 30 pips away from any previous SR level in direction of the trade, extending the SR lines from previous unbroken levels makes this easier to see). I reckon this offers some protection from ranging markets as youāll only enter on the breakout of the range. I think this is what ILZ originally intended.
I had only one 100 pips loss on that bike spike downwards on USDJPY.
