Baruch's Forex System Journal

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Hi Scientist,

A few questions on your eur setup:
1.Why did you consider the eur trade#2 low probability ?
2. The trend on the 60min is down but i notice you connected the lows to create the parallel line...shouldn;t the highs be where the trend line is formed and then the parallel taken from that?
3. When trading these setups do you bid/offer and set your stop at a level you are comfortable with, or do you wait for a rejection of the level , enter, and then set your stop? How do you trail the position?
4. Do you use any other technical indicators?

Also, what is the main time frame that you trade from on fx?
Other than volume data is there any reason why you trade fx futures instead of spot?

Thanks a lot... I appreciate the insight
Cheers
Kwai
 
Quote from Scientist:

L 117? Ironically that's where I took half my profits on a long!

I went on a risky long at bottom of 60m channel (065), and closed 1/2 here at 120, so +55, while targetting about 165 (+100) on the rest...

I'll attach the chart, picture says more than a thousand words. :)

Jay, any comments to this? Would you consider this one too bold a trade for yourself? What do you personally think about the strength of downtrend faded and R:R in this trade?
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Hi Sci,

Well done. But you made two big mistankes:
1. You sold half of your position 45 pips away from the top. Why?
2. Instead you should have added to your position. Always add to your winners, when the market is trending.

Those two mistakes did cost you 90 pips!

If
 
Quote from captain:

Hello Baruch,

I would like to know how you enter the market in the case, for example, your system trigger a long signal and you don't use a 10 pips filter. Do you buy the best ask immediately or do you place a buy at the level of a temporary support to try to get a better price or .....?

Captain.
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Hi Captain,

When the market is moving fast and trending, I don't use filter and just take the best bid. I don't want the market to run away from me.
 
Quote from Baruch:

Hi Sci,

Well done. But you made two big mistankes:
1. You sold half of your position 45 pips away from the top. Why?
2. Instead you should have added to your position. Always add to your winners, when the market is trending.

Those two mistakes did cost you 90 pips!

If
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I will think about changing the rules for my system, so it always add to winners, when the market is trending. It will make a lot more pips without more risk, when using a trailing stop.
 
Quote from Scientist:

I fundamentally disagree, no pun intended.

Charting is, for the most part, about direction, support, and resistance.

Support and resistance is displayed by places price wants to go or does not want to go. You can't "cross" a price bar through a trendline, saying that's support or resistance, that is paradox. If you want to have a valid channel, it has to orient itself on the outer most part of the range, and in a way that fits both sides.

Art? I don't know about that. I've been in the art industry, I still am a designer and have an art business. I design and paint and make music, you name it. I've read hundreds of books on art. My girlfriend is an artist. I have art all over my house. I've even created crazy "chart art". Downstairs, I have an entire room covered in charts. But when it comes down to it, I don't think charting is really art. I so wish it was, but I'm afraid it just isnt'. Charting is pretty dry stuff, down to logics and probabilities. Just ask some friend to look at your screen and ask him if he thinks it's art! :D

Seriously though. I'm not saying this out of mere opinion, but because I've backtested a myriad of ways to chart things, particularly retracements, trendlines and channels. There are ways of doing it that are statistically more reliable than others. Those are the ways that work best...

But of course it's up to you to do your own backtest. Do whatever works for you. I won't ague.
Hope you did well on your long!

S
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Hi again,

Your wrong. Charting is no science - it's a kind of art. But charts only tell you about the past - not about the future. There' no proof that you predict the future with charts.
 
Quote from Baruch:

A very bad day for me. Couldn't take the first (sell) signal because of tech problems. And when I took the buy signal, I was stopped out with a tiny profit, because I moved my s/l too early. I think I will stop trading more today.
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I can't trade realtime in a thread. So I will stop. I have to focus only on trading - not posting.
But my trades are not so important. It's the system that's important. And it works very well in trending markets. But we have to wait to see what will happen in a trading range. Will we get destroyed? I don't know.
 
Quote from Baruch:

OK, so you are fighting against the trend (our friend)?
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Trend? LOL it's the bottom of a channel, so it's, by definition, a trade off a trendline.
You really should study the charts I've attached so you understand better... They're loaded with great hints... :)
 
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