Trading the "Basket"

Welcome aboard, shellsnail. Another "basketeer" with experience. Your input of experience is welcomed. That's how we all learn. I've got a 14-pr basket running and all 14 are "in the money." Shaping up to be another good day. I started it at 0700 CST(GMT-6).

Personally, I don't think I could go back to single-pair trading.
 
snailshell,

Here's an idea I'm currently using with success. I'm trading the "Flavor of the Day." Using the free 1A Custom Ultimate 3.1 indi, I look in the lower right section where Groups are listed as Strong/Weak. I look to see all pairs and their profits are the same color. I load that specific basket and pull the trigger by 0700 CST (GMT-6). Then, I let it run til 4pm or retrace.

Yesterday's "Flavor" was JPY which dropped $2600 into my acct. Today's "Flavor" is EUR and it's running GREEN! Give it a try. Oh, the indi goes in /experts folder.
 

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Personally, I don't care who came up with it where first. As the forum name says, "Trade2Win." And that's what I do. When I come across something new to me, and it works for me, I share it where I find it's not mentioned. That usually brings out the naysayers immediately. Some know of the system but seemingly keep it to themselves. I don't. I share my findings. Every forum has people who "don't know" something. We in Forex use old things and ideas in new ways every day. Baskets are no different.
 
ezrydn said:
You're right. Conversation ended.

NVP,

Yes, there's a sort of manual. However, it doesn't cover the full setup procedure. I have mapped the procedure, making it simpler than slogging through 60 pages of posts like I had to. I've got two friends, newbie traders, who have learned and are using baskets on a daily basis. If you're having specific setup questions, let me know. I'll be happy to work with you.
Click to expand...

contact me at [email protected] with e-mails etc

we may be able to share some mutual ideas and observations .......ive played a little with these things over the last 10 years....

NVP
 
Had a "what if" moment in Paris last week. I wondered what would happen if I applied my favorite trading template to a basket setup. So, after I generated the offline chart, I applied the template. THEN, I applied the BasketTrader 2.3 to the offline chart. Works great!
 
Ever since my return from Europe, I've been wondering about mixing baskets with scaling. Problem was, both concepts were administered via an EA. Neither did any automated trading, just "field building."

Friday morning, I had an early JPY 7-pr basket running. All listed pairs were solid GREEN. I was looking at the list and my top producing pair caught my attention. I open a 15M chart for that pair, added my template and the Auto-Scaler EA. I set the EA to 0.5 lots, 4 add'l scaled trades with 5 pips separation. Original Scale order is set to 1 lot.

It worked. Took about 45 min for price to clear the order field and then I turned my attention to my next highest basket pair. Rinse/Repeat. Scaling your top 3 seems to work best.

Your "get out" is when you first sense a reversal. You need to sit with this one. Things happen fast, sorta. This is a Money Pump!
 
Scaled orders (Gold), baskets and Scaled Baskets (JPY) dropped $28K into my acct this week. How was your week?
 
ezrydn said:
Scaled orders (Gold), baskets and Scaled Baskets (JPY) dropped $28K into my acct this week. How was your week?
Click to expand...

not bad at all E........when I got to trade that is ........sorry dude i hanvt seen anything so will check all my filters......have I answerwed you at all as I might have done this week without realising ...no one was talking about baskets to me re quesions though

thanks
N
 
Hi ezrydn!

Came across your post and I am stepping out of my little world of just posting in the journal thread.

Although we may be trading different "method" I think conceptually they are very similar. I trade a pattern (well 2 patterns depending on the time frame) that consistently repeats itself. Entry is based solely on the probability of the pattern completing. Since the strategy is based on fading the strength or weakness (on the lower time frame) of a particular currency, I look for the best crosses to "pair it up" with. Depending on whats going on, this could be a single cross, or all 7 crosses. While the signal to buy or sell is pretty much mechanical, what crosses of the base currency are chosen is a bit discretionary. Ideally I like to see a currency that is in a longer term uptrend showing oversold on my "Strength Meter" and pair it up against weaker currencies that are overbought or vice versa. Sometimes I jump in with a full basket, other times I trade a single cross, and then on occasion I may pair up with 1 or 2 crosses and add additional crosses if the base currency is making a strong move in my direction.

NVP has a similar method as well and did an awesome job illustrating it in his PDF...I have not had the time yet, but I would like run his "correlator" side-by-side with my Strength Meter just to see what kind of confluence they have.

I have a "Live Strength Meter" running 24/5 on my site with a brief explanation of two ways to trade it if your interested: Live Strength Meter

Interesting stuff though ezrydn! Keep it up!

Happy Trading!

Joe
 
Thanks for the good words, Joe. It's refreshing to meet another "outta the box" trader. My Money Pump keeps me busy all day. As you know, it takes time for the basket to "season" and go All Green. So, I spend that time scaling Gold. When I see the basket's ready, I'll start scaling my top three producers. Again, takes time for price to clear the order field. So, I'm back to scaling Gold. Ihe Money Pump is built around a 3-rail concept, all 3 used as setups call for it. I have built-in checkpoints that keep me out of drawdown. The Money Pump is baskets, scaled baskets and scaled Gold. BTW, I use Forex Auto-Scaler. I'm lazy. LOL

With FAS, I've found it worthy to make your originating order at 0.01 lot, regardless what you set for your additional trades. If price balks, your only out pennies. When price crosses back over the last active order, I use a "Close All Open Orders" script to grab what I have so far, reset, rinse and repeat.

You don't need to test a basket scale as your scaling a pair that's leading in producing profit. Ya just gotta get the initial basket to run. Sweet, huh? LOL
 
I honestly didn't know US traders couldn't trade Gold til a US friend told me a couple weeks ago. That presented me with what I enjoy, a challenge. I needed something to take the place of Gold when scaling, to be fair to everyone. So, three trade buddies and I hopped on the problem and solved it in a week.

Now, I scale Gold, GBPJPY and CHFJPY on 5M TF. Originating order is still 0.01 lot. Set total orders/pip sep to suit yourselves. After price leaves order field, you can drop additional orders in front of price if it's on a run BUT, make them "Pending" orders. When price won't execute next order and/or begins retrace, close all orders. Rinse/ repeat.

Many times since, the GBP/CHFJPY combo has returned more profit than Gold did and that's during Gold's recent fall, too. Take a day or two to watch price action with the combo side-by-side. It'll become obvious. LOL
 
Hi ezrydn!

We can trade gold or any other commodity, just not CFD's that are traded thru most non-US forex brokers. Of course to trade any of those futures is much different, it requires are larger depost (probably 3-5K minimum) and the leverage it not nearly what you can get on a CFD. It's just our gov'ts way of protecting us from ourselves...:LOL:

In the US - 50:1 max leverage, no hedging, no CFD's and the dreaded FIFO (first in first out) rule. The first three I can deal with. I dont need the leverage, even at 50:1 I seldom ever use more than 50% of my available margin. Don't need to hedge and I can alway open a second account if I want to be long and short at the same time, can live without CFD's. However the FIFO rule irks me a bit, but again if I want, I can "swing trade" on one account and "daytrade" another.

Then I also have the option to open an account thru my GF who has dual citizenship, so there is always a way around things if your creative enough...:p. It's not hard to outsmart the idiots that run things here in the US...hehehe

Have a great weekend!

Joe
 
I have since upgraded the "basket" to my "Money Pump" concept. It's a 3-rail approach.

Rail #1: Std Basket Trading.
Rail #2: Scaling that Basket (My own idea.)
Rail #3: Scaling XAUUSD and/or GBPJPY and CHFJPY, at same time.
 
Hi i would love to learn your strategy do u have to have mt4 ? ALso a youtube video would be a great help!
ezrydn said:
I have since upgraded the "basket" to my "Money Pump" concept. It's a 3-rail approach.

Rail #1: Std Basket Trading.
Rail #2: Scaling that Basket (My own idea.)
Rail #3: Scaling XAUUSD and/or GBPJPY and CHFJPY, at same time.
Click to expand...
 
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