Hi trader79,

how do you filter which point when Williams goes above -5 line to trade? or do you just take all the points that goes above line -5 to open the trade?

k3iroll

I considered each time WPR above -5 as sell opportunity and just sold at the start of active London session at 2am est. Simba mentioned that he already sold and he would add more at higher levels gave me confidence also.

HI ALL,

1-PERSONAL TRADE(JUST TO SHOW YOU THE MOST IMPORTANT THING TO DO AFTER CLOSING A TRADE)

THIS IS HOW MY OPEN POSITION STATEMENTS "SCREEN" LOOKED AT 10:30 CET (09:30 GMT)




GBP/USD Sell 1,500,000 1.9537 917.76 20/12/2006

The meaning is :


symbol : GBPUSD
operation: sell
size:1,500,000
traded: 1.9537
P/L(EUR):917.76
value date: 20/12/2006

Basically it means that my gbpusd sell @1.9537(done several hours before) was in 917.76 (EUR) profit situation.


I closed the position at 10:51 CET(09:51 GMT),when,after several hours carrying a loss,then being in profit for approx half an hour,the profit started to turn into a loss,in that case I usually close the position AND REEVALUATE,specially on low volatility days(at least for now,today is a low vol day)...FOR THE MOMENT

So,this is how the trade ended ,basically at break even(+114,72 EUR).I modified the last 4 digits of the 2 orders,the rest is just what happened

All times are in GMT
Foreign Exchange Confirmations

Date/Time Type B/S Base Currency Value Date Currency Pair Counter Amount Rate Order# Market Value, EUR
Dec 18, 2006 1:12:57 AM DDL S 1,500,000.00 DB Dec 20, 2006 8:00:00 PM GBP/USD 2,930,550.00 CR 1.9537 14778xxxx
Dec 18, 2006 9:51:35 AM DDL B 1,500,000.00 CR Dec 20, 2006 8:00:00 PM GBP/USD 2,930,400.00 DB 1.9536 14779xxxx 114.72 CR



NOW,THE IMPORTANT THING:WHAT DO I DO NOW?

I GO TO REEVALUATION MODE AND ASK MYSELF,WHAT COULD I HAVE DONE BETTER?(TRY IT FOR YOUR TRADES..)

IMPROVE MY ENTRY(SEE THE FIRST 3 PICS)

1-IF I had taken into account theFIB PIVOT LEVEL I would have entered at around 1.9560,I am trading the advanced,so,I can ,and usually do it.In fact I am going to ask you to do it,in afew days(NOT FOR THE MOMENT ,PLEASE..)
2-IF I had waited for an approach to the ANG autoch,1H TF,I would have entered between 1.9561(FIBPIVOT) and 1.9579(ANG)
3-In low volatility periods,usually the break out systems go bad(because of stop catching that creates false break outs).So,I USUALLY CHOOSE an excellent break out system and use its BUYSTOPS(1.9547/1.9567) AREA TO PLAN MY SELL ENTRIES..by the way the dolly is an excellent break out system,and had you followed it,at least for the buy entries and TP levels shown,you would have made money..
4-Follow my initial plan of a second entry in the 1.9560/1.9620 area..I didn`t ,volatility was very low,and I hate carrying positions opened in low vol days..BUT THIS IS AN EXCUSE..I shoud have followed my initial plan.

IMPROVE MY EXIT?

1-YES,and No.We are now below 1.9500,so,I have left a lot of profits on the table,but,I have learnt from the hard knocks school,to never let a profit become a loss in low volatility times..

Conclusion:1-If i had improved my entry to the 1.9560 area I wouldn`t have had the problem at exit,and would have exited in the 1.9507/1.9497 area,FRIDAY LOWS AREA(Remember low vol day means stop catching and rebound to range..)
2-I am lucky to base the core of my strategy on a consistent(BASIC SIMBA) system that,even when I make several mistakes,as today,HAS KEPT ME SAFE .If instead of being "advanced",Ijust had stayed with the BASIC i would have closed the position @1.9507 with 30 pips profit..so,for the moment,STAY BASIC

This trade is history now,BUT DOING THIS FOR EACH AND EVERY TRADE YOU CONVERT irrelevant history INTO trading EXPERIENCE

2-BASIC DRILL:YOU JUST PRACTICE THE BASIC,DO NOT START ADDING,YET,THE KIND OF STRATEGIES I HAVE SHOWN ABOVE..remember Crawling,Walking,Running
ALL OF YOU SHOULD BE IN PAPER PROFIT OF 30 PIPS PER ENTRY.SOME OF YOU WOULD HAVE ENTERED ONCE,SOME UP TO 5 TIMES,IT IS OK.. SEE LAST PIC

We will comment tonight.ANd,please post your papertrade history from the MT4 platform(pic of the history screen)
Regards,
SIMBA

Attached Images

	postmortem1.gif (23.6 KB, 800 views)
	postmortem2.gif (24.7 KB, 713 views)
	postmortem3.gif (22.6 KB, 702 views)
	postmortem4.gif (15.5 KB, 683 views)

EXCELLENT POINT,

Thanks,
SIMBA

GOOD POINT,

WE WILL COMMENT TONIGHT WITH EVERYBODY(I hope that you,at least took the first one.. ).
Regards,
SIMBA

Simba..what is your platform..which data feed or broker do you have your metatrader set on..caz it seem there is alot difference between them.

CP6 and several others.Please stay with the original settings ,as they are ,do not change to 180/170 periods just because the inmediate past tells you they are better..KEEP AT 90 PERIODS,MY SETTINGS HAVE A REASON WHY,AND THE PURPOSE OF THE DRILL IS TO USE MY SETTINGS FIRST,You will have ample time to express your creativity in a few weeks.
Sorry to seem so strict,BUT IF PEOPLE KEEP CHANGING THE SETTINGS AND POSTING THEM,THEY WILL CREATE A LOT OF CONFUSION,AND THUS,INSTEAD OF WASTING MY TIME I WILL STOP POSTING IN THIS THREAD.
You can open an alternative "simba clone" or whatever if you want-and prepare to invest a considerable amount of your time,but do not change the settings IN THIS THREAD,nor post alternative INDICATORS,ETC.

Thanks,
SIMBA

1-PLATFORM:GFTDEALBOOK..i ALREADY EXPLAINED SEVERAL POSTS AGO

2-BROKER:GFT

3-METATRADER: I HAVE SET UP SEVERAL ANALYZING platforms,and 1 Trading platform(GFT)

Regards,
SIMBA

[quote=alamanjani]Simba, template is not correct. If you open template in text editor, you will see, that template is loading only these two indicators:

- William%R
- FiboPiv_v2

Template is also trying to load:

- #MTF_xpMA_v2SATL

but since you attached to your last msg different file:

- _MTF_xpMA_v2SATL

loading is not sucessful. OK, no problem, you have to rename this file, but there may be some, who don't know this and don't know, how to do....

Now, what about these attached files:

- SATL
- xpMA_v2
- xpMA_2SATL

They are not suposed to be loaded, since they are not written in the template file. So what should I do? I load them all manually. But there is no difference. Looks like, that two of them are the same as _MTF_xpMA_2SATL
and one (SATL?) don't do nothing. I don't get 4H horizontal red/blue line?!?

I remember, week ago, somebody already said, that template is not right, so i have waited until 'new' version, but looks like it is the same old one with missing files.

Can you please make it easy and save on your computer your template again, and upload it here - with correct current indicators.
-------------------------------------------------------------------------------------------

PLEASE SEE POST 144 OF THIS THREAD. ***************
Regards,
SIMBA

Simba

In reference to "The Most Important Thing To Do After Closing A Trade," when do you determine to exit the trade? If you look at GBPUSD now, th etrade would have been profitable.