GOLD 3 losses in a row

[vyt]

looking good setup ends up 3 losses in a row :confused:

21.03.07 in 658.2 stop 661.7 - 3.50
21.03.07 in 663.1 stop 664.6 - 1.50
22.03.07 in 663.2 stop 665.5 - 2.30

[AndyvB]

vyt:
Maybe you should email Steve and tell him exactly what you are doing to help you maybe...I cannot make out the charts so i am guessing no one else can either, so it is hard to help...But loses do happen....Good Luck
Andy

[vyt]

thank You Andy , I know it is hard to post good picture since limitation to the jpeg file size , that is why i post the date and entry price to check it on the MTP .

[jswin]

looking good setup ends up 3 losses in a row :confused:

21.03.07 in 658.2 stop 661.7 - 3.50
21.03.07 in 663.1 stop 664.6 - 1.50
22.03.07 in 663.2 stop 665.5 - 2.30

IMO the setups look okay from what I can see. Three consecutive losses are not necessarily an indication of either system failure or a mistake on your part. If you consider that you're looking at minimum and typical wpt zones as potential trade entry areas, then a few false signals are to be expected sometimes.
What I did with EOD stocks was to only consider trade setups at the typical wpt. This improved my winning %. I risked missing trades too but there were ample setups at this zone. Of course there are far less commodities to trade so you are probably best to take setups at both wpt's. The principle of small risk to large reward should see you succeed either way.
Joel

[vyt]

Thank You jswin , all setups are in the typ C zone , forgot to mentioned it is 240 min charts .

[jswin]

Thank You jswin , all setups are in the typ C zone , forgot to mentioned it is 240 min charts .

Looking closer, I personally I would not have taken the third setup. The top of the typ WPT looked to be acting as support rather than resistance - but I can't see too clearly. As someone just suggested in another thread, two out of three trades will be losers.
Matt Bowen has posted a very eye-opening chart somewhere on this forum showing probability of drawdowns for systems of various winning percentages. With MTP, you should allow for around 15 losses in a row (all valid setups) and position-size according to your tolerance for drawdown :)

[Steve Griffiths]

Exactly.............. why post here when the support people are just sitting here waiting to help you.

So email support if you feel you don't know what you are doing......

[vyt]

thank You jswin , You made my life happier , my problem is that I have no guts to come in the trade after 2 - 3 losses on the same setup , so having couple small losses and missing the main part of having big win .

[vyt]

Thank You Steve , I did not get it , should I discuss my trades with support ? Thank You .

[Steve Griffiths]

any and all questions should go to support - yes.

[Matt Bowen]

looking good setup ends up 3 losses in a row :confused:

21.03.07 in 658.2 stop 661.7 - 3.50
21.03.07 in 663.1 stop 664.6 - 1.50
22.03.07 in 663.2 stop 665.5 - 2.30

Man, I'm glad I don't work in the support office :eek: ha ha!!!

These people say they have all these losing trades and the trades are not even THERE...HELLO???

The First thing I looked at is the data on the bars that VYT is using... the data looks VERY thin ( I know it's hard to see because the chart is so small), but look at the bars they very thin which makes me wonder what index he is looking at or better yet, where did he get this data???

Second, he's got two trades on March 21 with a daily bar :confused: Last time I checked, you can only take one signal per day (on daily bars), but hey, maybe he knows something we don't???

Next, this one really threw me for a loop. How is he getting a fill off of today's bar and it has not even been compiled yet? The data services don't even have the data???

In any event, I ran the Gold Futures (June), XAU and the XGLD, we have had no signlas in any of these charts... Excecpt a DP trade off of the XAU chart.

So I ask again... where in the world is he getting this data from....sound like free Internet data... You pay for what you get :eek:

[vyt]

Matt , the data is from metatrader , You are right it is free , but does not mean not right . Maybe I'm not smart enough , but not completely stupit , as You tried to show me , the chart attached is 240 min Gold , every entry was made on red bar (for sell) on closing that bar .

[Steve Griffiths]

Our support team is still here and waiting to take a look at this, but you still have not emailed us :confused:

If this is a 240min chart, then it is a horrible looking chart with narrow then wide then narrow bars all over the place........... this is not the smooth swings you need to work with..... this is just common sense.

Again, I am waiting to see your data, but here these charts look horrible and not clean or smooth enough to try and trade off...

Steve

PS, you say you trade on the close of the bar - that is not the standard MTP trade entry technique, so the trades you mention may not even be valid anyway, even without the horrible looking chart. Again, to help you we need you to email support so we can take a look and then advise you.

This Forum is NOT the place for technical support questions like this...

Thanks

[d-day]

Matt , the data is from metatrader , You are right it is free , but does not mean not right . Maybe I'm not smart enough , but not completely stupit , as You tried to show me , the chart attached is 240 min Gold , every entry was made on red bar (for sell) on closing that bar .

VYT, I think you are smart enough and not at all stupid. Keep plugging away - no one ever said this was easy. Most of us, no doubt, have been stopped out of the same set up multiple times only to watch the market finally move in our favor after we've lost our heart to enter and take another potential beating.

Keep at it, keep strong, keep your losses small, and you'll find yourself able to keep your heart in the trim and ready for the daily batttle.

Best wishes,

D-Day

[Steve Griffiths]

Hi Guys,

David is correct, losses are al part of trading. but what worries me here is that these set-ups are NOT valid in the first place.

YYT, you say you "enter" on the close of the red bar, this is incorrect, you must wait until the low of the red bar is exceeded. This combined with the 2+2 guideline would instally remove one of these trades.........

Then, as I said earlier, I am concerned about how horrible the chart looks. I dint think it would be sensible, or good trading, to use such small range bars to enter, after such long bars before. the whole chart looks very messy.

Hence my point, losses are OK, and part of trading, but they must be off valid set-ups and used on sensible charts, this is not the case here

I hope this helps ?

Steve