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- KelvinM replied Aug 24, 2011
Second Step in the 2-Step Method — Once I have my "Master List" of acceptable currency pairs to trade, I then begin looking for pairs that have recently bounced off the EMA and have formed an Inside Bar. Again, GBP/CHF is an acceptable example ...
- KelvinM replied Aug 24, 2011
2-Step Method for Entering — Greetings all, I wanted to take just a second and share my 2-step method for entering trades every day, in hopes that this might bring clarity to the method and stimulate further discussion if you would like. In ...
- KelvinM replied Aug 24, 2011
Michael, this is really true, and gives the "big picture" view of the method. Thank you for your explanation here, and providing input.
- KelvinM replied Aug 24, 2011
Hello Anton, thank you for your contribution. Your analysis is right on, and you have described well the typical method of placing a stop loss. However if I may challenge you to consider something, it might affect the way you look at stop loss ...
- KelvinM replied Aug 24, 2011
Hello Bobcat2, good day to you. I initially got interested in trading this method by observing price action on Oanda's charts, and began my backtesting with them as they are the broker I trade live with as well. All was well with the backtesting and ...
- KelvinM replied Aug 24, 2011
Hello FX_California, The main thing we are concerned with is the price of the low or high of the Inside Bar, not as much the timing of when we place the order. For instance, we could look back up to a week on some currency pairs, spot an Inside Bar, ...
- KelvinM replied Aug 24, 2011
Hello Darryl, Glad to have a friend from Houston, Texas. I have family around that area, just a little bit north, so hope to make it through one of these days. I hope you get some rain, I've been hearing about the horrible droughts lately! Your ...
- KelvinM replied Aug 24, 2011
Hello Elovv, welcome to this method, and thank you for the good question. Currently I have orders in for several CHF pairs. GBP/CHF, USD/CHF, and EUR/CHF. Of course if you wanted to limit your risk to CHF you would only go with the strongest pair ...
- KelvinM replied Aug 24, 2011
Timezones are Irrelevant — Greetings winalot, glad to see you participating. If you examine your charts I think you will see the exact same thing as we teach in this method. By the exact same thing I mean, you will see the direction of the ...
- KelvinM replied Aug 24, 2011
Hi Michael, Great question, and thank you for posting the chart. Typically I like to see a bounce off of the EMA before trading it. Typically this system works good with that bounce because the bounce has usually happened by the time an Inside Bar ...
- KelvinM replied Aug 22, 2011
Great So Far! — Very nice application. I have Windows 7 and it installed just fine. It also sounded an alarm 15 minutes before mortgage news came out, just like I set it. Thank you for providing this to the community. All the best to you!
- KelvinM replied Aug 22, 2011
Hello Bobcat2, thank you for your comment today. I leave my orders in for 1 week and then reassess the market conditions after that time. The reason I do that is because in any trend you have several days that the market is counter-trend trading, ...
- KelvinM replied Aug 22, 2011
Welcome FX_California, glad to have you join, and please comment or question as able. Have a good afternoon!
- KelvinM replied Aug 22, 2011
Hi Michael, Glad to meet another bell-bottom jeans wearing trend trader. Should we start a club, meet on Wednesdays, and require all attendees to wear bell-bottoms? Yes, I wish everybody would read pipEasy and numbnuts' threads, those are ...
- KelvinM replied Aug 22, 2011
Hello adowland, Nice to hear from you. Glad you have benefited from Michael Covel's books too. I just read a book yesterday where the trader being interviewed said 'trend trading is basically dead' in this market. Every few years somebody else says ...
- KelvinM replied Aug 22, 2011
Good morning Vijidas, This is a good question. The answer has to do with backtesting. I know that many people say to put your stop loss at the previous high (for a short) or the previous low (for a long). However, doing so would cause a loss of many ...
- KelvinM replied Aug 22, 2011
Hello TheFutureAce, I did not take today's IB on EUR/USD. The reasoning comes from looking at EUR/USD for the past month or so, and what we see is a flat EMA with price doing lots of bouncing around the EMA. This is usually not the best trading ...
- KelvinM replied Aug 22, 2011
Hello Michael, You ask a really good question. Because we have so many pairs we can trade I don't usually trade when price is bouncing around the EMA. I prefer to see a slope on the EMA (up for longs, down for shorts) and then a bounce off the EMA. ...
- KelvinM replied Aug 21, 2011
Hi Stumpy1, I have only tested this on AUD/USD but am confident it would work on any market; not just currencies but futures, other commodities, stocks, oil, gold, etc. We're just following the trend, cutting losses short, letting profits run, ...
- KelvinM replied Aug 21, 2011
Next Screenshot — I wanted to post a trade that had multiple add-on trades, because this is where the real money is made in trend trading. On this screenshot you'll find (starting from the center of the shot): 1. 3 Inside Bars. Each one of ...