No Name Trading System - page 5

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iGoR:
Hi Pip,

What you explain in your first posting does not make any sence.

You say that when you would trade a 10,000$ account you would never take in a position that is bigger then 0.5 lots.

Check out your trades that you took the 21st of Oct 2009:

You took in trades with a 160 lotsize. On that moment you had a balance of 85,000$.

Which would represent 16 lots with 8,500$. Which is completaly over-leveraged.

On top of that you say that you use a leverage of ONLY 5:1.

if you use a leverage of 5:1 that means this when you have 85,000$ in your account that this represents 85,000$ x 5 = 425,000$.

When you have 5:1 leverage with 85,000$ you can only trade 4 lots and never 160 lots.

On top of that when you calculate all the contracts that you took in a time span between 16:29h and 16:42h you had a total of 420!! contracts open.

I suggest that you do your home work again and adjust your 1st posting.

Friendly regards...iGoR

Hello iGoR,

First off, I am quite honored with your presence and humbled by your contribution.

You are very correct with your observation. I have started trading the system back in October of 2009 and as I was experimenting with the system, I toke some stupid trades (fear and greed had the best of me). on occasions I followed the martingale money management method, but I have abandoned it since. As I became more tuned to the system, I downgraded my leverage and followed my rules more closely. This is evident in the most recent trades where I have averaged my entries and followed the 5:1 leverage rule. The first post represents the culmination of my experience with the system and my current settings of trading. My performance page shows my trading journey with all its failures and success.

So, with a $85K balance I should not have taken more than 4 lots and would enter the market with two positions at 2 each or 4 positions at 1 each with all having the same stoploss value.

Please note that averaging your entry is not a requirement, you can certainly take an entry with full complement of lots, and I do that occasionally when I am more certain of the setup (the out come is a different story), but, you do have the option to average your cost too.

With that said however, I am continually working on my discipline and attempt to stop myself from taking more stupid trades (and I think this is a constant battle among many traders), so if you find some martingale creeping in there, don't' do it!

iGoR, please feel free to participate again in the thread, your feedback is always welcomed.

Cheers,

 

Hello again!

keyblaze:
Pip,

If I may impose upon your generosity with another question....

Could you elaborate on the proper use of the Cycle GJH4 indicator? I read that it was (as the name implies) optimized for the GBPJPY pair and the 4-hour timeframe.

1. How applicable is it to other pairs and timeframes?

2. I notice that on the EU H4, the Cycle indi often moves in the opposite direction to the trend--and I'm looking at fairly long, unambiguous trends. How to understand this behavior?

Thanks!

Dennis

Certainly...

If you start with the assumption that no indicator is perfect, then soon you will realize that the Cycle GJH4 indicator is no exception. Furthermore, if you hop on over to the digital filters thread here https://www.mql5.com/en/forum/172934, you will soon discover that the indicator is based on a specific filter entitled Range Bound Channel Index or RBCI for short. For simplicity (and how I understand it), RBCI indicators assume price is range bound within a specific boundary of a calculated moving average filter. This filter and associated boundaries are based on cycle analysis of the currency being observed. Since price is not range bound and will trend every so often and dominant cycles will change, this will result in the price moving outside the calculated boundaries and the indicator will start to diverge from the price move, but soon it will re-calibrate itself and begin oscillating again once a new cycle is established. Bear in mind that this is a very, very simplified explanation to help you visualize what I am about to discuss. Feel free to visit the thread I mentioned above for much more detailed explanation.

So, now that I have briefly explained what the indicator is and why it behaves the way it does, I can answer your questions as follows:

  1. The indicator has good applicability to other currency pair, specifically those crossed with JPY. However, it must be understood that the applicability does have limitations since different cycles are present at different times and for different pairs. It is never recommended to trade this indicator as a tops and bottom identifier since that is not the optimal way to use it. I use it to identify trend direction and filter out retracements, given that other indicators support this position.

  2. By referring to my explanation above you will begin to understand why the indicator diverges from price.

Please let me know if you have any additional questions.

 

One more thing

Hello again,

In addition to my previous comment, I forgot to point out that occasionally I will experiment with new methods on the same account. For example, early on during the current account usage I was experimenting with a scalping technique using some of the CTG-group indicators. That is probably where you will see most of the 100+ lots traded. I have since abandoned that method and focused on the one described in this thread. So far I have been progressing well with it.

Nevertheless, I welcome all positive criticism; after all, we are all here to learn and share our experience.

Cheers,

 

Nice Pip, will follow the thread closely.

Pip:
Greetings Members,

I am posting the trade I took today.

Currency pair: EURUSD

Entry time-frame: 1Hr

Trade type: Trend continuation on 1H

Trade Setup: Slow retracement

Entry price: 1.23819

Exit price: 1.23150 (projected Fibonacci support)

Stoploss: 1.24150

Profit: 66.9 Pips

Profit: $6690

Cheers,
 
GM2407:
Nice Pip, will follow the thread closely.

Welcome aboard! If you end up experimenting with this method, I invite you to post your trades.

cheers,

 

Well...

eagle9:
Well it looks lice a great system.

Hi Eagle9,

Well, a system is as nice as the user makes of it, to be honest. Some users may find it useful to them for trading (and that is my aim) and some may not. This will depend on their style of trading, mental state while trading and discipline. I am glad you find the system to your liking and I really hope it benefits you. Should you have any questions please do not hesitate to post it here.

Cheers,

 

igor, lol, always has something interesting to say.

 
witsnpips:
igor, lol, always has something interesting to say.

Indeed! Thanks for dropping by.

Cheers

 

Pip,

Here's one of mine (GBPUSD), currently in profit but uncomfortable how close my stop is over the weekend... anyway, was a great signal on the H1 timeframe, and looks to have further to drop on the H4. Loving the system, and I recommend to all to only get in when the trigger lines give the signal.

I got badly burnt last week trying to pick the bottom (and chase losses) going long on USDJPY.

 

Thanks for sharing, good stuff, mate. I'm now using a couple of your indicators, although on a renko chart. I like renko better because it does not have those long candles so that if you wait till it closes, half of the move is already gone.

but still, I think your system very clearly shows where we are in terms of price movement. And that's what we need on fx - to avoid being confused by all those endless fluctuations, and keep with the trend.

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