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[jjs]

Have not been posting for a long time.

Just a trade I did last night.

S 1x1.4011 scout deployed
S 1x1,4003 attack
B 1x1.3996 attack removed
B 1x1.3988 scout removed
Profit: 30 pips

I have to revisit the basics...patience, high ground, trends etc.  Of course, this is a result of some painful and expensive lessons.  I also tend to keep my sessions short.  I have to wake up to a day job after all.  As you can see, I missed out on a second leg because of that yesterday.  But I also kept my losses small on certain days and I get to sleep.

[HC]

jjs:

Sorry to hear that you had hit a wall.  I hope that it is not too painful for you, and you can learn something out from it.

Recently I was met with another bad trade cycle too - encounter a max open drawdown of some 20+% of my account; though 1 weeks+ later I close all at +1% profit, I actually doing all kind of flipping/rescue etc during this period and did not take full advantage of the huge fall of the EU during this period. 

In case you are interested: I actually hedge my positions overnight when I have to sleep and be away from the battle station for a long period of time if necessary.  When back to battle station, I have the following options depending on price action and chart terrain:
1. take the loss - close all the hedged positions
2. take profit from the profitable hedged positions (all or partial) if I think I can re-hedge it at a better price
3. take loss from losing positions (partial) first and close a corresponding size from the hedge leg later, if I think the I can close the later at a better price.

I also start another short skirmish (a new cycle of new scout) to bite off something from the current move as previously stuck positions does not allow new rescue to be deployed (because of the lot size and risk, too close the the previous rescue),  this time round have to be extremely careful, most of them are just scalping and cut if I must.  Use whatever profit to off set positions underwater, thus reducing the stuck size and risk, free up margin so that I can continue to fight.

When reflecting on this, I notice a few things:

1. Be cool, don't rush the rescue until you are quite sure.

2. Recuse is a damage control procedure, if all position cannot get to break even and above, and loss is acceptable, close all and re-access is better.

3. Cutting at 3 time average daily profit is worth serious consideration.  Even if rescue can be done, the time/effort spend and the opportunity lost may not worth the effort.

4. Flipping is hard to master, at least to me.  My trading records shows that my trading result is no good whenever I flipped.

Still learning.

[jjs]

Hi HC

How do you hedge?  Same currency pair or another? 

Through it all, I have gotten to understand the difference between how Lusan traded and what fti taught.  Trying not to trade like Lusan and most days I stayed out when the chart was not in my favour.  In fact the last trade was my only trade for the week.

[HC]

How do you hedge?  Same currency pair or another? 

Same Pair, same size, but just the opposite direction.  Basically it is locking all the P&L (mostly L, as profit we have no problem taking right? ), so that I can sleep better knowing the the losses are fixed, and it will not blow my acccount.

When I re-engage to battle, I can close it and take the hit immediately (plus a small swap) if the price has moved too far and I don't think I can reduce this amount.  But many times I just look at the chart and price action and adjust/reduce/add so that the current price swing give me a little advantage, and continues from there.

[jjs]

It's a good idea!

Will do that next time 

[dax]

Hi HC,

thanks for directing me to this section.
I need probably 1 or 2 weeks spending my time in TAF before I can comment about this trading.

[HC]

dax:

You are welcome.

Do spend screen time (demo) trading this method, as nothing can replace real time experience.

Happy pipping .

[dax]

Hi HC,

this guy's naked trading is so similar to my colleague's.
He made his 2nd million this year and he doesn't even know how to read chart. 

[HC]

This is the live trades done this afternoon, that I got caught on the wrong side, flipped and get out at small profit:

Pair: EURUSD, M5 Chart:

B 1x1.3647 scout deployed
S 2x1.3639 flip to short
S 2x1.3632 attack
B 2x1.3630 attack removed
B 1x1.3623 close position to fully hedged, then close hedge positions.

Session Profit: 12 Pips
Open drawdown: 12+- pips max.

Note: I tried to close attack level at 1.3625+- but was unable to do so because of requote.

[HC]

This is another session that follows:

Pair: EURUSD, M5 Chart:

B 1x1.3646 scout deployed
B 1x1.3649 attack, size did not increase as too close to previous top
S 1x1.3653 attack removed
S 0.5x1.3658 scout reduced as price approaches previous top
S 0.5x1.3666 balance of scout removed, session closed.

Session Profit: 20 Pips
Open drawdown: 0 pips

Note: Notice that my view of closing the previous (short) session is correct.

[dax]

thanks HC,

initially i thought the rescue effort must be in the same direction as the deployed scout.
if it went to the opposite direction it could also mean, the initial position is closed and opening up new position.

or have I misunderstood it?

[HC]

dax:

1. Rescue

You are right, recuse has to be in the same direction of scout.  I think you have missed my previous posting on rescue protocol:
http://chartistsunited.com/forum/index.php/topic,547.msg2706.html#msg2706

Here is a live trade on rescue:
http://chartistsunited.com/forum/index.php/topic,547.msg2817.html#msg2817

Here is on rescue that turn into more than just BE:
http://chartistsunited.com/forum/index.php/topic,547.msg2908.html#msg2908


2.

if it went to the opposite direction it could also mean, the initial position is closed and opening up new position.

Yes.  You are right.

What I posted at http://chartistsunited.com/forum/index.php/topic,547.msg4252.html#msg4252 is flipping.  Meaning that I think my initial direction is wrong after new bars are printed.  I want to change direction of trade.  This is the hurdle I am trading to master now, as flipping is difficult (at least to me).  Here is the warning from fti:
http://chartistsunited.com/forum/index.php/topic,547.msg2979.html#msg2979


3. There is no rule

Sooner or later after trading this method for some times, you will realised that this is actually a real time position size management based on price action and chart terrain, and the rules and skew are all so flexible that they are almost non-existance.  That is why I have this comment:
http://chartistsunited.com/forum/index.php/topic,547.msg3100.html#msg3100

Do take a look at the You-tube before the above comment to get more inspiration.

[dax]

dax:

1. Rescue

You are right, recuse has to be in the same direction of scout.  I think you have missed my previous posting on rescue protocol:
http://chartistsunited.com/forum/index.php/topic,547.msg2706.html#msg2706

Here is a live trade on rescue:
http://chartistsunited.com/forum/index.php/topic,547.msg2817.html#msg2817


Hi HC,

from the above example, the scout could be at wrong trend.
The rescue attempt also initiated in the wrong trend and can be rather dangerous and potentially blow up an account.
I don't mind to reverse (flip the position) as you did in above example. This probably makes more sense to me.

I have not gone through the fti discussion. Probably I'll find it more meaningful at the end.

[HC]

Here is a live trade on rescue:
http://chartistsunited.com/forum/index.php/topic,547.msg2817.html#msg2817


Hi HC,

from the above example, the scout could be at wrong trend.
The rescue attempt also initiated in the wrong trend and can be rather dangerous and potentially blow up an account.
I don't mind to reverse (flip the position) as you did in above example. This probably makes more sense to me.

1. I agreed with your view, now.

2. That post was done last year, where my trading experience in trading this method is 1 year less; and I am not in the heat of battle now.  So you can see that this is actually a non-stop development on the trader's part.

3. Flipping is not as easy as it seems.   I find that the difficulty in this trading method, running from easy to difficulty is in the following order:
a. rescue
b. attack
c. flip
Pls demo it yourself on real time chart and see for yourself.

[jjs]

Hi dax, welcome to this thread

HC, I look forward to the day when I can just deploy the scout and flip flop where the chart takes me This should be the 最高境界!