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  • #161
  • May 10, 2013 5:05am May 10, 2013 5:05am
Hey Ilzalama,

You took a few trades after huge candles, namely EUR/JPY (170 pips), USD/CHF (99 pips) and GBP/JPY (190 pips). Doesn't that put you off? Aren't you affraid that after such a big candle most of the move might be over?

And another thing, at the same time you also entered an USD/JPY trade... Since all those 4 pairs are highly correlated don't you fear that if you loose one trade you might loose them all? Do you adjust your lot size when something like this happens?

Thanks and well done on all those green pips!
Stay on the PIPest side of life!
  • #162
  • Edited 1:08pm May 10, 2013 7:15am | Edited 1:08pm
Hey Ilzalama,

I just took this EUR/USD short trade. Any comments?
Attached Image (click to enlarge)
Click to Enlarge Name: f3.png Size: 36 KB

Because there is an established resistance line should the original stop be placed just above that line or should i keep the 100 pips stop loss?

Thanks once again.
Stay on the PIPest side of life!
  • #163
  • May 10, 2013 9:27am May 10, 2013 9:27am
Hi, PIPer

Be ware of the number 1.3000. It is a dangerous position just like a support position.
Sellers and buyers will fight for positions near special number, for example 1.3000, 1.3100, 1.2900, etc.

Your entry is right and above is just an advice.

Best regards

Quoting PIPer
Hey Ilzalama, I just took this EUR/USD short trade. Any comments? {image} Because there is an established resistence line should the original stop be placed just above that line or should i keep the 100 pips stop loss? Thanks once again.
  • #164
  • Edited 1:08pm May 10, 2013 12:31pm | Edited 1:08pm
Quoting frsthr
Hi, PIPer Be ware of the number 1.3000. It is a dangerous position just like a support position. Sellers and buyers will fight for positions near special number, for example 1.3000, 1.3100, 1.2900, etc. Your entry is right and above is just an advice. Best regards {quote}
Thanks for you comments Frsthr, I was aware of that. But this account is a demo one so i took the trade anyway.

I don't know if Ilzalama takes round numbers into consideration when openning a position... Maybe he'll comment on this issue.
Stay on the PIPest side of life!
  • #165
  • May 10, 2013 4:26pm May 10, 2013 4:26pm
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
“Control, control, you must learn control!” - Yoda
  • #166
  • May 10, 2013 4:55pm May 10, 2013 4:55pm
Quoting PIPer
Hey Ilzalama, You took a few trades after huge candles, namely EUR/JPY (170 pips), USD/CHF (99 pips) and GBP/JPY (190 pips). Doesn't that put you off? Aren't you affraid that after such a big candle most of the move might be over? And another thing, at the same time you also entered an USD/JPY trade... Since all those 4 pairs are highly correlated don't you fear that if you loose one trade you might loose them all? Do you adjust your lot size when something like this happens? Thanks and well done on all those green pips!
Hey PIPer,

You took a few trades after huge candles, namely EUR/JPY (170 pips), USD/CHF (99 pips) and GBP/JPY (190 pips). Doesn't that put you off? Short answer, No. Aren't you affraid that after such a big candle most of the move might be over? There is something that took awhile for me to learn. It was one of the hardest things to control. FEAR. This market, any market really, is traded by humans. Humans are fearful & greedy. If you can learn to control that, that is your market edge. You can not be fearful. If you don't trade because of this, or that, or because this might happen, you are going to miss out on a lot. trading in it self, is easy. It's actually to easy. It is controlling yourself that makes it hard. My method tells me when this happens, do this, if that happens do that. if I want to succeed I have to keep doing what has been working. If the trade goes against me, I close it and wait for the next one.

And another thing, at the same time you also entered an USD/JPY trade... Since all those 4 pairs are highly correlated don't you fear that if you loose one trade you might loose them all? No, my risk is controlled. I go in knowing that if it turns against me, I will lose X amount. I am comfortable with that. If I was not, I shouldn't be doing it. Also, they may be correlated, but each pair is a different animal. Each one is tied to factors that are different as well as the same. Having said that, if I am going to short the Yen, why not short it against all pairs if my method agrees? Why would I limit my self to just USD/JPY? You see, in my eyes, is there is a trend, i can spread the risk around to different pairs. Do you adjust your lot size when something like this happens? My lot size only changes on the 1st of the new month, no exceptions.



-ILZ
“Control, control, you must learn control!” - Yoda
  • #167
  • May 10, 2013 4:58pm May 10, 2013 4:58pm
Quoting PIPer
Hey Ilzalama, I just took this EUR/USD short trade. Any comments? {image} Because there is an established resistance line should the original stop be placed just above that line or should i keep the 100 pips stop loss? Thanks once again.
Hey PIPer,

I place a 100 pip SL, UNLESS THERE IS AN ESTABLISHED S&R LINE. If there is, that is my stop. I do not adjust my lots size based on SL. it is still based on the 2%/100 pip risk.



-ILZ
“Control, control, you must learn control!” - Yoda
  • #168
  • May 10, 2013 5:09pm May 10, 2013 5:09pm
Quoting PIPer
{quote} Thanks for you comments Frsthr, I was aware of that. But this account is a demo one so i took the trade anyway. I don't know if Ilzalama takes round numbers into consideration when openning a position... Maybe he'll comment on this issue.
hey Piper,

Those numbers I call fear numbers. They are just psychological levels that are arbitrarily placed. Round numbers are nice and neat. I do not like neat. I am a choas kinda person. They do not bug me, if there is going to a trend I want to be in. Who cares what other peoples fear is making them do. If I am in and price breaks those fear levels, more often than not, price pushes out as all those pre-existing limit, stop orders are triggered. if I wait til after words, i just missed out on all that.

You can't be scared. if your risk is defined and you are comfortable, pull the trigger. There are only 2 results when you take a trade. You either win or lose. Simple as that.

Stay

-ILZ
“Control, control, you must learn control!” - Yoda
  • #169
  • May 10, 2013 5:19pm May 10, 2013 5:19pm
Hey all,

Another good week. Not as good as last week but I am still on target for the month.

For the week I realized 174.1 pips which equals 3.482% return.

I currently have 85 pips or 1.7% secure for next week.

Have a good weekend everyone.

-ILZ
“Control, control, you must learn control!” - Yoda
  • #170
  • May 10, 2013 5:40pm May 10, 2013 5:40pm
Like very much all your last comments, I completely agree. That's the key to all good trading.

On one thing only I do not agree:"" I am a choas kinda person "
YOU ARE VERY WELL OGANIZED AND DISCIPLINED, INSTEAD!!!

Good weekend to all
Gaia
  • #171
  • May 11, 2013 3:21am May 11, 2013 3:21am
Quoting gaia68
Like very much all your last comments, I completely agree. That's the key to all good trading. On one thing only I do not agree:"" I am a choas kinda person " YOU ARE VERY WELL OGANIZED AND DISCIPLINED, INSTEAD!!! Good weekend to all Gaia
I would like to make mine Gaia68's words...

Excelent posts, Ilzalama! Ture pearls of wisdom and knowledge!

Thanks, ever so much, for the kindness and taking the time to share your wonderful system and answer all our questions!

Thank you!
Stay on the PIPest side of life!
  • #172
  • May 11, 2013 3:33am May 11, 2013 3:33am
Quoting gaia68
Like very much all your last comments, I completely agree. That's the key to all good trading. On one thing only I do not agree:"" I am a choas kinda person " YOU ARE VERY WELL OGANIZED AND DISCIPLINED, INSTEAD!!! Good weekend to all Gaia
Hey Gaia,

I may be "ORGANIZED AND DISCIPLINED" when trading, but see me on a Saturday night.... you will change you mind about "The Chaos Theory" ...



-ILZ
“Control, control, you must learn control!” - Yoda
  • #173
  • May 11, 2013 3:35am May 11, 2013 3:35am
Quoting PIPer
{quote} I would like to make mine Gaia68's words... Excelent posts, Ilzalama! Ture pearls of wisdom and knowledge! Thanks, ever so much, for the kindness and taking the time to share your wonderful system and answer all our questions! Thank you!
hey PIPer,



I learned a lot here. I am trust trying to give a little back.

Pay it forward..



-ILZ
“Control, control, you must learn control!” - Yoda
  • #174
  • May 11, 2013 4:12am May 11, 2013 4:12am
Hi, ilzalam:

Thank for your great post! I have used a similar system for years and got quite saitfied result.

One of the different thing is 200MA. As you said, you do not trust EA and me too. But I use EA to test the history data. It will opitimize the number in MA for different pair.

You use TF 4h, be careful, because 4h candle is dfferent from broker to broker.
  • #175
  • May 11, 2013 4:17am May 11, 2013 4:17am
Quoting ilzalama
{quote} hey PIPer, I learned a lot here. I am trust trying to give a little back. Pay it forward.. -ILZ
Will do!
Stay on the PIPest side of life!
  • #176
  • May 11, 2013 9:41am May 11, 2013 9:41am
Quoting ilzalama
{quote} Hey Gaia, I may be "ORGANIZED AND DISCIPLINED" when trading, but see me on a Saturday night.... you will change you mind about "The Chaos Theory" ... -ILZ

ILZ, you have a PM
  • #177
  • May 11, 2013 10:06pm May 11, 2013 10:06pm
Thanks for sharing your strategy. I have a question re. how you use Support & Resistance Indicator as I find it a little bit confusing from your comments.

In Post #1, you said " This indicator is used as future stoploss levels/profit secure levels. "

In Post #2, you haven't mentioned about this indicator while explaining your entry method.

In Post #11, in Scenario 1, you said " price broke and closed above an established resistance point " while explaining a perfect entry, and in Scenario 2 and 3 you said before you take a trade, price would need to close above/below both the supertrend and current established S/R.

In Post #69, when you explained the rules for a short trade, you haven't mentioned Support & Resistance Indicator.

In Post #90, when you were showing your USDJPY long entry, you haven't looked for 30 pips close above resistance line.

In Post #137, you said " Re-entry is based on 30 pips away from candle Close "

Considering all above comments of yours, can you please explain how you use 30 pips close above/below SR indicator? Are you using this rule for Re-entries into the trend only? Or do you look for min. 30 pips close above/below SR indicator for all entries?

Thanks,
Regards,
Blackeagle
  • #178
  • May 11, 2013 11:03pm May 11, 2013 11:03pm
Hello ILZ,

Thank you for your method and all information that you give!
Can you tell us, if when 30 pips are reached when the candle is not yet closed, you move the stop loss or if you wait until the candle is enclosed? Also do you use a trailing stop (expert advisor), or is it that you always intervene manually?
Thanks
Best regards
Vcary
  • #179
  • May 12, 2013 12:18am May 12, 2013 12:18am
Hey ILZ
after being stopped, do you take a new trade when a new candle open after price broke and closed above (below) an established S/R, of course if the other criteria are good (color super trend and 200 SMA position)?
Thank you
  • #180
  • May 12, 2013 3:39pm May 12, 2013 3:39pm
Hello, Ilzalama,

First, thanx for sharing such great (and pretty simple) trading technique. Very good thread, I will surely be following it. Second, I don't know if anyone has asked you this question, but did you think about securing half of your position for each pair, say after 40 or 50 pips and then letting the rest run till the HL or LH is broken with the same stop loss moving method? Of course then you'll have to change some rules about your money management, because you will either be opening two positions instead of one or opening bigger lot size, in case you have the possibility to close your position partially.
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