Do You Trade the "Basket?"

[mabra]

Hello ezrydn,

I hope you are fine with your Basket trading.

Please allow me some additional questions:

1. When do you go out of a trade, taking profit or stopping loss?
2. What by your experience is better: trading 7, 8 or 14 pairs?
3. At which signal do you decide to trade basket Buy or Sell?
4. Do you change the pairs in your different baskets or are they always the same?
5. What means "Supend Bot" on the Chart in the upper left corner?
6. Do you trade only manually or also automatic?

That are a lot of questions, but I hope I don't bother you with that.

You are so a helpful man - and you gave me the that kind of trading palatable ;-)

Kind Regards

mabra

 

[ezrydn]

Ok, Mabra,

The A part of the "Q & A." LOL

1. How do I exit. I don't use stop los ot take profit. I simply close or reverse my basket. When? When it quits producing and starts going negative. I look for price action, not order/cyclic bounce.

2. Which basket depends on "who" I'm tracking at the moment.

3. Once the basket is ready, I already know which way I'll pull the trigger. If all assets are red, why would you trigger BUY? See my point?

4. I preset my pairs, or "cases." Case 6 is my "basic 6 JPY 'sync' trade (minus GBPJPY), Case 7 is all 7 JPY, Case 8 is all EUR pairs. These are the only changes I've made to the software. I adjust cases as new trade concepts transpire.

5. I don't use the automatics or robot so I don't pay attention to "Suspend Bot."

6. As I said above, I trade manually all the time. Robots don't know what I know.

Hopes that helps.

Many times, I may not be sure of direction. When that occurs, my basket setup will open with 0.01 lots. Once I establish price action/direction, I close, reset the basket to 0.2/0.4 lots, depending on momentum of move.

I had no decent setups all last week until Friday around 2pm. I caught a drop w/ 7 JPY (my case 7) for $320 in about 1.5 hrs. Feast or famine! LOL I'm in CDT(GMT-6). My best baskets occur between 7-11am. Afternoons are slow movers.

 

[mabra]

Hello ezrydn,

Thank you very much for the declarations. I appreciate your work.

You are a very helpful man. I hope I learn the interesting basket trading with your support.

Eventually I am able in the future to support you too.

Manfred

 

[ezrydn]

Hang in there, Manfred,

It's confusing as hell when you start but becomes routine very quickly. Like much in life.

 

[mabra]

Hi ezrydn, Yes you are right.

But as I see, the BasketTraderv2.3 and the other indicators, you put together, are very good. I have even made some good trades on my FxOpen demo account.

But I am a little axious to trade on my live account. Hoping when I get more experience with the results on my demo, am I able to take the first little trades live.

When you know some special tricks for gaining better results, I would be very happy if you would tell it to me.

 

[ezrydn]

Just stay calm till you've got a good grip on baskets. It won't take long. I do most of my baskets in the H1 TF. Therefore, I need to stick close and keep an eye on it. A group retrace can get sour quickly. LOL Over 1 hour, you'll probably see pullbacks on an average of once every 15 minutes. You need to sit through those and continue on course. But, you'll get used to it and understand and expect them.

I'm glad you have your basket up and working. Fun, isn't it?!

 

[mabra]

Yes, Baskets seems to be a very interesting trading idea. Sometimes the basket runs in green very fast. But sometimes occur a minus which will become larger and larger.

I am not yet very convinced with my decisions. I will try to find a good Currency Strength Meter, which shows the strengths and the weaknesses of the pairs I have in the Basket. Hope that this will help me.

Have a nice weekend in the Mexican sun. Here in North West Germany (near Dutch border) is it too cold for middle of April.

 

[ezrydn]

I'm headed to Germany in two weeks. My buddy has a trade show there for three days then we're off to France and Normandy. Two week later, I'm back here. We hit 93 deg a couple days ago. Dry, too.

There's a free Excel-based Currency Strength Meter floating around. I've got it, somewhere, but can't locate it at the moment. I believe Austin Winston out of Canada offered it. Found it! I was wrong about author. It's at http://www.earnforex.com/forum/f4/free-currency-strength-meter-12486/

I see you're beginning to understand basket psychology. Just remember, there are, I've noticed, about 4-5 times in 1H that a partial retrace will occur. You just have to ride it to see what transpires. I normally, when GREEN, set a positive amount that will trigger a manual exit, remaining in positive cash flow.

If I'm concerned about the status of a basket, I'll set it to 0.01 lot as a test run. Give it a few minutes to get all lined up and then close, reset to probable 0.2 lots and restart the basket. I've also used the info off the 1A Custom Ultimate v3.1 indi to decide which pair within a group to trade opposite of the others. That usually gives me a full green field. If you've got 1-2 pair pumping but in the opposite direction, then list them in perameters to hedge.

Give that a try tomorrow or whenever.

 

[mabra]

Hi, you are wellcome in Germany. May you tell me, where the trade show is?

Regarding basket trading: Very valuable hints, thank you!

Can you tell me, where to find the 1A Custom Ultimate v3.1 indi?

And another question: At the moment I trade only the 7 pair -/JPY basket, which you configured. Do you change the basket from time to time? And which are your favorites?

Oh man, I have to learn such a lot yet.

 

[ezrydn]

Mabra,

I don't know where in Germany we're headed as my buddy is handling that portion of the trip. I'm just a tag-along for our first 3 days. I'm told not to ask questions about the WWII era. Is that still a touchy subject to your people? I don't want to put anyone in an uneasy situation, including myself, but it's a subject that interests me. Basically, I'm going to see Germany, France(Paris), Normandy (Utah Beach). I would like to catch a CC if we're near one.

I change my cases as I run across new ideas. My case 8 is all EURO pairs. Case 7 is all JPY pairs. Case 6 is all JPY, minus GBPJPY. Case 3 is Gold, Silver, and USDCAD.

I've attached the 1A Ultimate indi below. It goes in your /experts folder. Setup/save a Blank chart template and attach to the blank.

I just texted my bud asking what town and name of show. I'll post it when he responds. It would be fun to hook up if possible. He'll be tied to the show. I'll be free to wander. Laptop in hand, looking for a Starbucks. LOL Any forum members who are around are welcomed to show up. We fly out of Mexico on May 4. Return on May 18 (my BD). I thank Forex for paying for the trip, too!

Return message just in: City is Cologne (Koeln in German) and show name is INTERZUM. Other than that, I'm lost. LOL

One other tip: While the Baskettrader 2.3 may show you all as initial the same color (blue/red), final check the colors of the 1A Ultimate pairs in the group. They should all be the same. Otherwise, you'll have a basket going in both directions. Move on 1A Ultimate verification.

 

[mabra]

Hello ezrydn,

Thank you for the Indicator and the good hint how to need it.

Regarding WW II: No that is not a problem for most Germans. Most peoble are so young, they don't feel guilty for what their parents or grandparents have done 60 to 70 years ago.

Ah, Interzum in Cologne. Nice town. There you will find a good Starbucks ;-) - and KFC and McDonalds too. Cologne ist little America, haha.

Greetings

mabra (Manfred)

 

[ezrydn]

How far away are you?

 

[ituglobal]

Hi Ezrydn:

Your posts are awesome and your trading strategy is great. It's also kind of you to share great trading ideas with us. Thank you?

 

[mabra]

About 300 Kilometers. I will try to meet you in Cologne, if possible.

 

[ezrydn]

Hold up. Just had a "hitch in my get along." Seems my babysitter for my Goffin Cockatoo of 35 years won't be available to keep him for me. So, I've got one week to make other arrangements, OR, I have to eat my ticket. I'll let you know what the outcome is before the 4th of May.

 

[mabra]

Oh man, thats bad. Another option: Take him with you to Germany (But I think, he is too old). I am hoping you find a new babysitter.

 

[ezrydn]

I'm working on it. I'd never exile him to a plane's hold. Heard too many horror stories about that. I'm a "responsible" daddy. I'll eat the ticket if need be. He's just too important to me. He and I have weathered some crises in our life together and we're joined at the hip. I do, however, want to make it and meet up. It would be a blast.

BTW, 7-pr JPY basket is currently "running." I just closed the basket which was set at 0.2 lots and closed at $514. I reopened the basket at 0.4 lots and it's already at +$540.

 

[mabra]

Yes I understand you in full. A animal is often a better friend and partner as a human beeing. We have a cat without tail and we love him to.

So I wish you finding a babysitter.

Congratulate you for your success with your basket. I try it in demo yet but the results are pretty fine.

 

[ezrydn]

BINGO! My neighbor will take care of him for me. WHEW! This gal and her family have been a godsend to me since I've lived here. I know they're willing and able but I didn't want to take advantage of them. Talked with the daughter yesterday. She told her folks last night and I just sat a talked with the mom and everything's good to go now.

So, we need to figure out how, where and when to meet. We've got a week so give it some thought. Remember, I'll be like a "lost puppy." LOL

I got up early this morning, fixed our breakfast and read an email newsletter about JPY. I clicked over, checked it out, Yep, it running. Opened and you know the rest.

I'm really surprised about the level of animosity toward basket trading on some forums. All I really glean is "I can't learn it so it doesn't work!" Well, DUH! I did learn it and it does work. LOL However, you know the way we combat vets think. We haven't the ability to process words like "can't, won't and never."

 

[mabra]

Hi ezreydn, that is super for you. It is very good to have such neighbors.

If you know more about your time in Cologne please let me know, that I can check, if it is possible for me. Have a lot of business dates in that time frame.

With basket I have to learn when upset is best. But I hope, I do so.