Boiling it ALL Down and Simplifying
After much deliberation I finally decided on a method of finding what I like to call "Bread & Butter" trades. A lot of you have probably noticed that M5 sets up a lot of decent trades pretty regularly. Problem is, it also sets up a lot of not-so-good ones too.
I know I've been all over the map recently and I think it's partly because I've learned these indicators inside and out. There's just too much to be seen with them! But of what can be seen, there must also be a way to prioritize it. Otherwise, confusion quickly sets in. What often happens for me is that, because I've been in "research mode" for so long, I go off on yet another idea or my curiosity beckons me to look into "just one more thing."
I'm done with that now. Going cold turkey!
Today I deleted all the non-essential work spaces, templates and indicators from my trading platform. I think this thing is ready to finally go online for real.
Who Helped Me recently was a trader named "TooSlow" here on FF. "Too Slow" has a very simple method of selling the highest open for the day and buying the lowest open on H1 bars. Generally there's not many pips involved, but every once in awhile, he finds a whopper and because the money management is so rigorous, he can receive at least a pip or two until the big one hits.
So I started investigating this method. Here's a link: https://www.forexfactory.com/showthread.php?t=590623
Anyway, after reading hundreds of pages of not only the system being used, but the wonderful inspirational/mind-training bits, I felt convinced that TooSlow's method has something to offer where the M5 Hac & Rac is concerned. It wasn't immediately evident because his HILO method shuns any indicators or "squiggly lines" (as they put it over there), but I could see how using no indicators at all would help me retain focus on just the price and thereby keep me in a state of readiness. Using the HILO method simply tells me that something significant might be happening with the price and to keep an eye on the H&R indicators for a good signal.
Below is a great example from this morning. The GBPJPY generated a HOLO alert on H1. Note the simplicity of the chart - there's hardly anything to have to watch.
Next, I go to my HAC & RAC workspace for GBPJPY and see what's what. M5 & M15 were in great alignment with the HAC lines. The RAC on H1 hit the 32.84% level and created a support area (always good to see before a signal, whenever that happens). Risk on the trade was around 12 pips. Going to the 3x target produced 48 pips. The 4x (which I didn't have the patience or nerve for), produced 64 pips.
After much deliberation I finally decided on a method of finding what I like to call "Bread & Butter" trades. A lot of you have probably noticed that M5 sets up a lot of decent trades pretty regularly. Problem is, it also sets up a lot of not-so-good ones too.
I know I've been all over the map recently and I think it's partly because I've learned these indicators inside and out. There's just too much to be seen with them! But of what can be seen, there must also be a way to prioritize it. Otherwise, confusion quickly sets in. What often happens for me is that, because I've been in "research mode" for so long, I go off on yet another idea or my curiosity beckons me to look into "just one more thing."
I'm done with that now. Going cold turkey!
Today I deleted all the non-essential work spaces, templates and indicators from my trading platform. I think this thing is ready to finally go online for real.
Who Helped Me recently was a trader named "TooSlow" here on FF. "Too Slow" has a very simple method of selling the highest open for the day and buying the lowest open on H1 bars. Generally there's not many pips involved, but every once in awhile, he finds a whopper and because the money management is so rigorous, he can receive at least a pip or two until the big one hits.
So I started investigating this method. Here's a link: https://www.forexfactory.com/showthread.php?t=590623
Anyway, after reading hundreds of pages of not only the system being used, but the wonderful inspirational/mind-training bits, I felt convinced that TooSlow's method has something to offer where the M5 Hac & Rac is concerned. It wasn't immediately evident because his HILO method shuns any indicators or "squiggly lines" (as they put it over there), but I could see how using no indicators at all would help me retain focus on just the price and thereby keep me in a state of readiness. Using the HILO method simply tells me that something significant might be happening with the price and to keep an eye on the H&R indicators for a good signal.
Below is a great example from this morning. The GBPJPY generated a HOLO alert on H1. Note the simplicity of the chart - there's hardly anything to have to watch.
Next, I go to my HAC & RAC workspace for GBPJPY and see what's what. M5 & M15 were in great alignment with the HAC lines. The RAC on H1 hit the 32.84% level and created a support area (always good to see before a signal, whenever that happens). Risk on the trade was around 12 pips. Going to the 3x target produced 48 pips. The 4x (which I didn't have the patience or nerve for), produced 64 pips.