Ok, nvm, I’ll just keep reading the thread for the next month or so to check your comments.
cheers
Trade Update ( This afternoon)
Short AUD/USD @1.01881 Current Stop 1.01741. +14 Secured
Long EUR/JPY @131.193. Current Stop 130.193
EUR/USD - NOTHING - Long EUR/USD @ 1.31607. Manual Close @ 1.31038 - 56.9 Lost
Long GBP/JPY @ 155.477. Current Stop 154.477
GBP/USD - NOTHING - Long GBP/USD @ 1.55408. Stopped @ 1.54426. +4 Realized
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.93853
Long USD/JPY @ 99.301. Current Stop 99.431. +13 Secured
Gold - NOTHING ( I have a lot of trades open, i did not want to use the margin on a trade that was not a clear break of S&R on Gold.)
-ILZ
Trade Update (Current)
Short AUD/USD @1.01881 Current Stop 1.01741. +14 Secured
Long EUR/JPY @131.193. Current Stop 130.193
EUR/USD - NOTHING
Long GBP/JPY @ 155.477. Current Stop 155.507 +3 Secured
GBP/USD - NOTHING
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.93853
Long USD/JPY @ 99.301. Current Stop 99.461. +16 Secured
Gold - NOTHING
-ILZ
Hey Randy Trader,
That candle for me is the 5AM to 9AM candle. I do not always wake up to check that one, I try but sometimes I just cant get up. that is the hardest candle for me to keep track off. I catch 5 of 6 H4 candles a day but that one is hard sometimes.
-ILZ
Hey Petre,
First, it seems that in some cases the initial stop can be less that 100 pips, in case there is an established S/R level somewhere in between the entry and the 100 pips initial stop. Are you following any specific rules for that? Do you still calculate your position for that trade based on 100 pips risk or do you trade larger positions in this case?
[I][U]If there is a established S&R line I use that for my initial SL. No, I never increase or decrease pip value until the start of the new month. That is when I recalculate & use that amount as a basis for all trades for that month. Even if I have a stop of less then 100 pips at trade start, the risk & pip value is still based on the full 2%/100 pip calculation.
[/U][/I]
Then, I have noticed an entry on GBPUSD that you posted in your first trade update post “Long GBP/USD @ 1.52784. Current stop 1.54150. +136.6 secured”
On this entry, the price broke through the SuperTrend but there was a resistance level just above your entry (less than 30 pips) but you did not wait for the price to break through the resistance before entry. Any particular reason why? Is there something that I am missing?
[I][U]No your not missing anything, honestly it was a mistake. I had no reason to take that trade. Even though it broke through supertrend, supertrend was half blue and half red. I should have taken it a few candles later. In my journal I wrote “OOPS”. I did not realize it till the next candle. By that time I was in the green so I kept it going. That mistake netted me an extra 55 pips from where I would have got in. It still would have been a big winner. That was not my 1st or last mistake. ;)[/U][/I]
-ILZ
Trade Update
Short AUD/USD @1.01881 Current Stop 1.01741. +14 Secured
Long EUR/JPY @131.193. Current Stop 131.263. +7 Secured
EUR/USD - NOTHING
Long GBP/JPY @ 155.477. Current Stop 155.557 +8 Secured
GBP/USD - NOTHING
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.93853
Long USD/JPY @ 99.301. Current Stop 99.481. +18 Secured
Gold - NOTHING
-ILZ
Thanks a lot for your answers.
One last thing, regarding re-entries.
Suppose you have this situation and you are not in a trade, or you were taken out. The price is currently going down and there is no resistance established (or even if it was, let’s say it was more than 30 pips away so it would qualify for a re-entry).
When would you re-enter in this situation, considering that price is moving against you? would you wait for a bull candle, or enter at closing of current candle even if it is a bear candle?
Hey Poseidonn,
For re-entry, I wait for a candle to close in the direction I am looking for.
-ILZ
Hey All,
I have been getting some PMs with some questions about this method.
Lets see if I can help sort it out for you. Here is a hypothetical trade:
Long GBP/USD
Initial SL 100 pips [B][I][U](Unless there is a closer established S&R)[/U][/I][/B]
Next candle I am DOWN 50 pips.
Verify these questions:
Did last candle close above 200 SMA?
If YES [B][I][U]Move to next question[/U][/I][/B].
If NO CLOSE TRADE
Did last candle close above Supertrend?
If Yes, [B][I][U]Move to next question.[/U][/I][/B]
If NO CLOSE TRADE
Is super trend still BLUE?
If YES [B][I][U]keep trade alive.[/U][/I][/B]
If NO CLOSE TRADE.
Hope that helped. If you need more explanation, let me know.
-ILZ
2 Likes
Trade Update
Short AUD/USD @1.01881 Current Stop 1.01731. +15.0 Secured
Long EUR/JPY @131.193. Current Stop 131.283. +9.0 Secured
EUR/USD - NOTHING
Long GBP/JPY @ 155.477. Current Stop 155.577 +10.0 Secured
GBP/USD - NOTHING
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.94933 +8.0 Secured
Long USD/JPY @ 99.301. Current Stop 99.511. +21.0 Secured
Gold - NOTHING
-ILZ
:)) this post just about covers all the other questions that I had, so I’ll shut up now 
Thanks again.
When you refer to S&R (such as [I]“stop at 100 pips, unless there’s closer S or R”[/I]) are you referring to the S&R dots drawn by the S&R (Barry) indicator? Or do you ever draw your own support and resistance lines at swing highs and lows?
Thanks again!
Jeff
Trade Update
Short AUD/USD @1.01881 Current Stop 1.01651. +23.0 Secured
Long EUR/JPY @131.193. Current Stop 131.293. +10.0 Secured
EUR/USD - NOTHING - Short EUR/USD @ 1.29825. Stopped @ 1.29785. +4 Realized
Long GBP/JPY @ 155.477. Current Stop 155.597 +12.0 Secured
GBP/USD - NOTHING - Short GBP/USD @ 1.53288. manual Close @ 1.53577. - 28.9 Lost
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.94993 +14.0 Secured
Long USD/JPY @ 99.301. Current Stop 99.561. +26.0 Secured
Gold - NOTHING
-ILZ
Hey Jeff,
I wait for the lines to be drawn. I could just go to new swing hi/lows, but I do not want to start messing with a good thing without testing first.
-ILZ
Hey ILZ,
Another question regarding re-entries. Do you have any other rules regarding re-entries?
What I understood until now is that if the 3 conditions below are met, you re-enter a trade (example is for longs)
- price is above the MA and SuperTrend
- Latest drawn resistance is at least 30 pips away
- SuperTrend is Blue
Do you ever look if the SuperTrend is flat of not? Or if the MA is sloping down or up?
Thanks
Hey Poseidonn,
It does not matter if Supertrend or 200 SMA are flat or sloping. Remember, these are lagging indicators.
-ILZ
Trade Update
Short AUD/USD @1.01881 Current Stop 1.00318. +156.3 Secured
Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured
EUR/USD - NOTHING
Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured
GBP/USD - NOTHING
USD/CAD - NOTHING
Long USD/CHF @ 0.94853. Current Stop 0.95713 +86.0 Secured
Long USD/JPY @ 99.301. Current Stop 101.442. +214.1 Secured
Gold - NOTHING
-ILZ
[B][U]EVERYONE PLEASE READ [/U][/B]
Yes, the S&R levels are used for new Stops/Profit protection. Sometimes, however, they do not show up for a long while which I personally do not mind if the market is just bouncing along. However, if my trades are in deep profit, I can adjust my stops with out waiting for the S&R to show up. You can see new levels of S&R even if you do not see the indi show up. It is a money management decision. If your ok with waiting for them great, if not adjust your trades as you wish.
This thread was started for the method, not the money management. I discussed my money management to give people an idea of what & how I control the trades. I have showed this method to a few colleagues. Some of them liked my MM method, some did not. One of them uses PSARs, I believe his settings are Step 0.02, Maximum 0.2. I actually liked that one but just stuck with mine because it works. He is comfortable with that, I am comfortable with mine. My buddy uses automated Trailing Stops. Some one else moves his stops to every S&R green & red. If it brakes and closes, he moves his stop.
You guys see what I am getting at? You must be disciplined but do not be so rigid that you lose money just because a line didn’t show up on your chart. Come up with a MM method that works for you. Don’t use mine if you do not believe in it. Make one that works for you, use some of the ones that my colleagues use. The bottom line is, we are here to make some money, lets go make it.
I want read and see what you guys are doing, post some charts and let me know what you guys are trading and what MM method you are using.
Another quick note about creating a MM scheme.
Please go live. Even if it’s just a few cents a pip. If you dont, you will find yourself in a world of trouble if you can not handle how your MM works with real money VS demo.
Take care-
-ILZ
Trade Update
Short AUD/USD @1.01881 Current Stop 1.00318. +156.3 Secured
Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured
EUR/USD - NOTHING
Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured
GBP/USD - NOTHING
USD/CAD - NOTHING
USD/CHF - NOTHING- Long USD/CHF @ 0.94853. Stopped @ 0.95713 +86.0 Realized
Long USD/JPY @ 99.301. Current Stop 101.442. +214.1 Secured
Gold - NOTHING
-ILZ
ILZ, everything great, I’m following you closely in this thread. I’m also planning to test your system, but right now I prefer to see your results, since they are more significative in your hands.
Please, could you add in your reports also the total balance in pips, since you started? Some quick statistics would help, i.e., average pips G/L per trade, number of trades per day/week, etc.
Otherwise, I think we are starting to get lost with all the “secured/realized” reports. We need some global perspective.
Thanks.