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Masterrmind Mar 7, 2016 9:19pm | Post# 241

1 Attachment(s)
EURGBP [M1; 200 - manual]

Zoom out but remain on an M1 TF ...........

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Still happy to follow PA across the chart.

Will price make it up to resistance level shown on chart .... we do not know .... so we wait and we simply observe.

Price has shown us its intention to continue up so we follow PA and we wait for an opportunity to short this pair down (if an opportunity exists)

Masterrmind.............

diamonddbw Mar 7, 2016 9:21pm | Post# 242

True confession, I'm also trading EU because of small spread. It moved enough earlier for me to collect about 10p total for 2 positions. I may breakdown and start using FXCM just so I can trade other pairs.

diamonddbw Mar 7, 2016 9:26pm | Post# 243

MM, I take it that you have no entry yet on EG?

Masterrmind Mar 7, 2016 9:26pm | Post# 244

True confession, I'm also trading EU because of small spread. It moved enough earlier for me to collect about 10p total for 2 positions. I may breakdown and start using FXCM just so I can trade other pairs.
No problem at all diamonddbw..........

Masterrmind...........

Masterrmind Mar 7, 2016 10:16pm | Post# 245

MM, I take it that you have no entry yet on EG?
That's correct!

Simply watching PA and trying to show the importance of being patient .... taking trades every day is not a requirement of this strategy.

Waiting for the right opportunities is however a requirement which the manual approach has over the EA approach.

Masterrmind...........

Masterrmind Mar 7, 2016 10:19pm | Post# 246

1 Attachment(s)
EURGBP [M1; 200 - manual] Zoom out but remain on an M1 TF ........... {image} Still happy to follow PA across the chart. Will price make it up to resistance level shown on chart .... we do not know .... so we wait and we simply observe. Price has shown us its intention to continue up so we follow PA and we wait for an opportunity to short this pair down (if an opportunity exists) Masterrmind.............
EURGBP [M1; 200 - manual]

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Name: Screenshot1.png
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Notice how the pivot is between the lower 200 trending line and current PA.
Price could drop down to the pivot but what then .... continue through or bounce back to the upside?
Keep a close watch on the pips that are on offer too sometimes it might not be worth taking a trade.....

Masterrmind...........

diamonddbw Mar 7, 2016 11:35pm | Post# 247

{quote} EURGBP [M1; 200 - manual] {image} Notice how the pivot is between the lower 200 trending line and current PA. Price could drop down to the pivot but what then .... continue through or bounce back to the upside? Keep a close watch on the pips that are on offer too sometimes it might not be worth taking a trade..... Masterrmind...........
++++++++++++++++++++++++++++++++

Hope you can shed some light on why this trade was not worthwhile. I'm not really understanding why.

jgoedhals Mar 7, 2016 11:40pm | Post# 248

{quote} ++++++++++++++++++++++++++++++++ Hope you can shed some light on why this trade was not worthwhile. I'm not really understanding why.
Same here

Masterrmind Mar 7, 2016 11:46pm | Post# 249

{quote} ++++++++++++++++++++++++++++++++ Hope you can shed some light on why this trade was not worthwhile. I'm not really understanding why.
Today I was going through the mental part of monitoring and watching PA across the chart so traders can begin to form their own opinions on entering trades or not.

Waiting for me to enter a trade and then following might be ok in the learning phase on demo but I do want traders to start making decisions by themselves.

I did not say that the entry was not worthwhile however being aware of PA continuing to push price up towards the resistance level should have made traders hold back on the entry.

What I wanted to see was PA test the resistance level and the bearish intent enter the market with price heading down with momentum.

Price actually rolled over shy of where I would have jumped in and that's perfectly fine by me.

Remember we do not have the luxury of hindsight when we are trading live.

If traders took those shorts and within total risk outlay of an assigned 3% per cycle then I say job well done!

Early entries at the start of the session then I would think quite differently about your reasons for entry!

Masterrmind.............

Masterrmind Mar 7, 2016 11:50pm | Post# 250

If any traders took some shorts on the EURGBP within the Asian trading window today please post a screenshot of the actual entries so we can examine and make constructive criticism if and as applicable.

Please treat this month as a learning month for asking any questions you might have before April hits and we go live!

Masterrmind...........

jgoedhals Mar 8, 2016 12:13am | Post# 251

2 Attachment(s)
I would have trade from the pivot points towards the DO see attachements
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Masterrmind Mar 8, 2016 12:35am | Post# 252

1 Attachment(s)
I would have trade from the pivot points towards the DO see attachements {image} {image}
I assume the top chart is EURGBP and the lower chart is EURCHF ..........

The red boxes you have circled in the upper chart (assuming EURGBP) shows shorts from the pivot heading back in the direction of the DO line.

On my EG chart price moved about 3 pips from those entries and we can assume that even the best traders never get 100% of the move so we assume 50 to 70% at best.

50% of the move nets you maybe 1.5 pips
70% of the move nets you maybe 2 pips

Ask yourself do you think it was worth taking these trades for potentially such a small return?

EURCHF

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Look at the PA prior to your assumed entries.

Clearly price is intent on running down with a series of small pullbacks to the DO line but as the trend continues you can see price having more and more of a struggle to get back to the DO line.

Closing out a few pips prior to the DO line in this case and in other cases is usually a good idea because you never really know when the bears are going to come back with strength and drive price down again.

The discretionary part of trading is the difficult part to learn because you never really know in a live market exactly when you should let the trade run a little more, a lot more or close it out for a small profit.

Masterrmind............

ramzam Mar 8, 2016 1:04am | Post# 253

{quote} Open the M-Candles indicator and set the variable 'bcgr' = true Masterrmind...........
thank you master ... can you tell me where to change in mql4 file.. i seen true and false in 3 places so i cant able to change in that source itself.... that will be helpful to me to learn mql4 also

Masterrmind Mar 8, 2016 1:08am | Post# 254

{quote} thank you master ... can you tell me where to change in mql4 file.. i seen true and false in 3 places so i cant able to change in that source itself.... that will be helpful to me to learn mql4 also
If you wish to learn how to code MQL4/5 etc you might like to visit the following:

www.mql4.com or

www.mql5.com

Masterrmind............

jgoedhals Mar 8, 2016 3:29am | Post# 255

MM what about the direction/type of 1hr candle, looks like it could play a big role in the way one can trade

hibernate Mar 8, 2016 4:07am | Post# 256

{quote}Clearly price is intent on running down with a series of small pullbacks to the DO line but as the trend continues you can see price having more and more of a struggle to get back to the DO line. Closing out a few pips prior to the DO line in this case and in other cases is usually a good idea because you never really know when the bears are going to come back with strength and drive price down again. The discretionary part of trading is the difficult part to learn because you never really know in a live market exactly when you should let...
That is very true ;-).

Just wanted to stress out again how important news are. Once again today we had Swiss data and as you can see price did exactly what we expected - trend strongly. And once again Mastermind, everything that you teach here is worth gold, I simply want to make it clear (exclusively for EURCHF) that 99% of the problems are resolved by simply not trading asian sessions prior to data.

Have a great day folks!

Masterrmind Mar 8, 2016 5:42am | Post# 257

MM what about the direction/type of 1hr candle, looks like it could play a big role in the way one can trade
Great that you are thinking about the system but how do you see it as a big role player!

Masterrmind...........

Masterrmind Mar 8, 2016 6:02am | Post# 258

{quote} That is very true ;-). Just wanted to stress out again how important news are. Once again today we had Swiss data and as you can see price did exactly what we expected - trend strongly. And once again Mastermind, everything that you teach here is worth gold, I simply want to make it clear (exclusively for EURCHF) that 99% of the problems are resolved by simply not trading asian sessions prior to data. Have a great day folks!
Thanks hibernate!

Masterrmind...........

jgoedhals Mar 8, 2016 6:56am | Post# 259

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{quote} Great that you are thinking about the system but how do you see it as a big role player! Masterrmind...........
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No real support at end of 1hr candles

jgoedhals Mar 8, 2016 7:04am | Post# 260

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see attached
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