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Now, you have to understand that all indicators are reflectors of price, not effectors. Price couldn't care less that a 1-8 MM line exists at any point. The MM lines are there for your information only. Once price violates the levels, of course new lines will be calculated based on actual price action. What used to be a support level may become a resistance level when violated. A weak are may become a strong area, etc.
Don't get wrapped up with any of the static level indicators. They are for planning purposes only so use them that way.
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Change everything till it works!!! Test, test, test...
Well, this just re-enforces my view of trading being more mental than anything else. Made two trades, +16 for the day. Should have closed platform, and gone and joined the family. But then greed took over, wanted to be part of the action a bit more as I "knew" the yen crosses were going down. Got in, and like the pip god personally decided that he was going to punish me for being undiscilpined - it went against me!! Undiscipline compounds undiscipline, changed my sl, as I "knew" it was headed south. It went up some more. Eventually closed it out for -20, so -4 net for the day.
Strategy for next week - report to the wife after each trade, am sure she will be able to prevent me from going back to the computer after daily target is reached
On a serious note, I am extremely happy with the method, and really look forward to next week with rad's rules.
first I consulted an online pip calculator it said it's 0.61 or something
avoid this calc guys Info Forex - Pip Value Calculator
and as you can see based on that I entered a large position and suferred an unexpected loss
anyway here's the problem I have
attached is a live ibfx statement
trade1 : 4.87/(1.45*4) =0.839655172 that's 0.839
trade2 :30.46/(1.45*25)=0.840275862 0.840
trade3 :24.98/(0.99*30)=0.841077441 0.841
trade4 :17.5/(0.99*21) =0.841750842 0.842
Hey, lets keep this thread on topic as fas as the system and trading ideas. If you have a question about your trades or your account, call IBFX. They have always answered my questions promptly and completely.
Here is a good site for various tools including pip values updated daily.
Well said Rad- let's try to keep to this subject in this thread guys think we are on to something.
I re-read the original document today and did a manual backtest on 1hour chart GBPUSD from 9th July to 16th July = 207 pips profit for 6 days trading 24/7 which equals about 34 pips a day I think I may be on the way to finding my personal grail, need to do more testing but there is light at the end of the tunnel I have attached my testing results
Good work Leeb. I have attached a template for the gbpusd 60min showing the trades as per my setup and rules from 7-10 till now. Take a look and see how it compares to the trades you made. (for info only!!)
I am not trying to get you to change! You do things the way you are comfortable. Keep testing bro... You are on the right track.
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Change everything till it works!!! Test, test, test...
discipline, discipline, discipline
Linear Mode
