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Mysticforex
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Everything posted by Mysticforex
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------------------------------------------------------------------------------------------------------------------------------------- 10:13 PM EST: Trade open currently +23 pips. more to follow.
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We have the Weekly Pivot at 14637. Price is currently at 14564, just more than 75 pips away. I I have a Buy entry order at 14587 ( 50 pips from the pivot ). TP is at 14727, SL 14527 Now we wait.
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This is something I did "live" for about a year, then for what ever reason it stop working. That happens sometimes. A bread and butter method just stops producing. I have not even looked at this for over a year, last week while eyeballing some charts, I stopped and spent a little time on GBP/CHF and it occurred to me it might be worth looking into, dusting off, and putting it back in my toolbag. It's not a System or even a Method. I guess you would call it a trick or a gimmick. I am going to trade it for the next 4 weeks or so on demo, see what the results are. The way it was first told to me, it is traded a lot more aggressively than I trade it. Here's how it was first described to me: On Sunday night, EST, wait for the previous weeks pivot to print. It varies platform to platform but is usually about 7 PM. IF price is 75 or MORE pips away from the Weekly Pivot, you have a setup. If not, you can wait. If you enter a position later in the day, or later in the week it is ok as long as price HAS NOT hit the Weekly Pivot. I would not enter the trade later than 5 PM Wednesday of that week. Assuming we are good to go ( more than 75 pips away and pivot has not yet been hit ), place an Entry Order 50 pips from the pivot, towards the pivot. TP is 40 pips. So, if the weekly Pivot is at 14700, and price is at 14625, place an Entry order at 14650 with TP at 14690, 40 pips. SL, for me is 60 pips. The reason I am good with the poor R/R is because this gimmick is based on the very high probability that price will hit the weekly pivot. I will be posting the setup on Sunday eve, with a chart, assuming we have met the requirements. One position, Entry Order. Most of the people I know that used this had 9 positions, stacked in the direction of the pivot. You can make a crapload of money, and you can lose a crapload of money. If you folow along with this you will see that although watching PA on the GBP/CHF can be as exciting as watching paint dry, when it does move, it does so in no uncertain terms.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Keep plugging away. How much of the loss do you think you can attribute to not being familiar with the platform, how much is systemic ? -
Well here it is, albeit a little late. Better a bit late then never ( lost my ISP for 3 days due to a freak storm ). http://http://traderspodcast.com/ Episode #189 is Rob's interview of me. We talk about our Random Trading experiment. Rob brings up some possible ways of improving the results which I think are Bullshit.
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2 weeks in a row, 2 Gaps in a row. Last week's Gap not filled . I also have 2 Daily Pivots ( below current price ) that were not hit. The only TF I have worth watching for a short is the 15M Chart, and if triggered would not take it down far enough to fill the Gaps or hit the Pivots. There are also times when though when price goes much farther then the target provided by our setup. So for me, for now at least, just make a note in my "Watch" book. I have often thought of GBP/JPY as a proxy for Risk Appetite . And I think the Tension caused by possible events in Syria has been priced in already.
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Zup, it's not a webinar it's a Podcast. sort of like a Radio Show. I had never listened to to any of them before so I checked out a recording of one to see what I am getting myself into. In the last installment they interviewed a comic book collector and talked about Sci Fi movies. This whole thing was tongue in cheek, I was bored.This was never meant to be construed as a system. If someone mistakenly thought I or anyone here was teaching a system they should probably still be visiting sites like Baby Pips.
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I said out the outset there would be no negativity on thethread. That's what I meant by yada yada. Easy solution. If you don't like him don't listen.
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So, I am scheduled to do a Podcast with Rob Booker on Tues (9/10/13 at 1 PM EDT The name of the podcast is: The Traders Podcast. The Traders Podcast I have never done, or even listened to a podcast. I think it is recorded at that time and date and then sent out to public via their web site, Itunes Twitter, and various other venues. So if you want to attach a voice to my name, check it out for a few minutes, or until you get bored ha ha. Like i said in an earlier post, we are going to talk about the results of our "coin flippin trading.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
My new indicator is a 5 CHF coin. -
It's not a Genie, it's a Kitty, and they only speak Spanish.
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Hey, I just got an Email from my friend Rob Booker. ( yeah I know, like him or hate him. so let's save all the yada yada yada ). He wants to interview me on one of his Daily Podcasts and talk about the Random trading we did. He is also buying his first Motorcycle and wants my advice. Ha ha ha on that one. I don't have the date yet. His people are going to contact my people and put something together. Just remembered, I don't have any people.
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Yeah, and I've got a brand new pair of Roller Skates.
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That Great ! I can believe in Gaps and you don't have too. I only have experience with Forex, and nothing is 100% .
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An as yet unfilled weekly gap @ 15209, and an unhit Daily pivot @15309.
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TP hit at 10:45 + 20 pips. We will see in the TL trading contest results the % gain we had for the month. I am thinking about 4.5 to 5% gain. I am sure we would not have that kind of gain every month. But by the same token, using this random flip we would not see huge losses either. I think keeping to a strict M/M is key. So if we could just give our selves a slight advantage. say increase probability a tick in our favor, or, improve R/R a tick in our favor. we should make money. I also realize that for the duration of our test we had what I would call a ranging market. A good number of our trafes opened in the 13340 area. Then would range up 30 or more pips, or range down 30 or more pips. This may have been because we opened at the same time ( NY Open ) every day and did not carry trades over night. It certainly has been interesting for me at least. I told a friend of mine about our little experiment. He also does a daily pod cast for his subscribers. He has invited me to talk about it sometime in the future.
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The Flip is Tails/Sell Timestamp: 2013-08-30 13:11:43 UTC Sell @13214 09:30 EST
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-------------------------------------------------------------------------------------------------------------------------------------- Closed manually at 18:36 EST -6 pips. http://cdn3.traderslaboratory.com/forums/attachments/24/36929d1377795093-traders-laboratory-forex-trading-contest-2013-08-29_1150.png
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Flip is Heads/Buy Timestamp: 2013-08-29 13:18:04 UTC Buy @ 13239 09:30 EST.
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=================================================================== TP hit +20 at 09:34 EST.
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Flip is Tails/Sell Timestamp: 2013-08-28 13:11:10 UTC Sell @13347 09:30 EST.
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--------------------------------------------------------------------------------------------------------------------------------------- http://www.traderslaboratory.com/forums/forex-trading-laboratory/9303-traders-laboratory-forex-trading-contest-85.html post #680
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-------------------------------------------------------------------------------------------------------------------------------------- TP hit +20 pips. 09:36 EST.
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Flis is Heads/Buy Timestamp: 2013-08-27 13:14:10 UTC Buy @13364 09:30 EST.
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------------------------------------------------------------------------------------------------------------------------------------- TP hit at 10:51 +20 pips.