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X-Man's super simple system 4 hour method 1 reply

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X-Man's Super Simple System

Quoting LazyLobster
Chucky:

I traded the trade, but I have already whipsawed out when I saw the position go too far against me, but this is the way I trade. I will take say three or four whipsaws losing no more than 15 pips max (sometimes break even often less than 15 pip loss) and catch the 50 to 60 pip movement. I also trade the 15M, but it was the Hourly that you are showing that drew me in as an aggressive entry. At this minute price keeps moving up and down with no real direction so I am waiting for a conservative signal.

Cheers L L

Yes I understand. I'm allowing my stop to be at the bottom of the upswing to give it room.
Anyway I'll see how it goes
Quoting LazyLobster
Chucky:

I traded the trade, but I have already whipsawed out when I saw the position go too far against me, but this is the way I trade. I will take say three or four whipsaws losing no more than 15 pips max (sometimes break even often less than 15 pip loss) and catch the 50 to 60 pip movement. I also trade the 15M, but it was the Hourly that you are showing that drew me in as an aggressive entry. At this minute price keeps moving up and down with no real direction so I am waiting for a conservative signal.
took too with SL in place.

no real direction at all.
Well, this is probably the only trade I'll get this session and it makes up for my whipsaws at like 27 pips. Take care guys.

LL
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"IN CASH WE TRUST"
Quoting Phx62
I closely monitor how quickly PA is moving in my direction. If I am up 35 or 40 pips and price is moving quickly, I will usually move my TP from 50 to 100 and continue to monitor.
Phx62, I took the same entry. When 15 pips in profit I moved to BE+1 and was stopped out during the following candle. Had to re-enter and gave away lots of pips.

So my question is when do you move your SL to BE+1 and when not?

Thank you for continuously posting charts!

gary
Quoting gms
Phx62, I took the same entry. When 15 pips in profit I moved to BE+1 and was stopped out during the following candle. Had to re-enter and gave away lots of pips.

So my question is when do you move your SL to BE+1 and when not?

Thank you for continuously posting charts!

gary
IMO 15 pips is way too small on H1 EU ... 20 would be absolute minimum, but 25 - 30 would be better ... Obviously there's a trade off somewhere, but I guarantee you 15 will see you stopped out prematurely almost every time ... Even 30 can see you miss out on good moves sometimes.
1 pip at a time ... if the entries are strong, the rest will follow ...
Quoting antantnz
IMO 15 pips is way too small on H1 EU ... 20 would be absolute minimum, but 25 - 30 would be better ... Obviously there's a trade off somewhere, but I guarantee you 15 will see you stopped out prematurely almost every time ... Even 30 can see you miss out on good moves sometimes.
gms,

Definitely,

20pips is absolute minimum for H1 (I'm using 20-25). And with R:R at least 2:1 u will stay in profit, despite rollercoaster days like today ; ) I move to break even after 30-35pips, trade need to breath. But when I enter a trade and it's going opposite right away, Im cutting lose fast.

Cheers
P.
Quoting Polleczko
gms,

Definitely,

20pips is absolute minimum for H1 (I'm using 20-25). And with R:R at least 2:1 u will stay in profit, despite rollercoaster days like today ; ) I move to break even after 30-35pips, trade need to breath. But when I enter a trade and it's going opposite right away, Im cutting lose fast.

Cheers
P.
Yip i also agree.
15 pips is tooo small to move your SL to BE.
I would say at 30 pips then it would be ok to do such a thing
X-man the legendary conqueror of markets
X-man:

Did you take and trades during london today? How about yesterday American session? I stayed out cause I "missed the train" as I was busy at work... Little did I know it was going to keep going and going and going. http://www.forexfactory.com/images/icons/icon7.gif

I would also say that 15 pips is to small for the 1 hour, But my entry was on the 15M backed up by the 1HR guys.. Some would also really hate getting whipsawed like I do, but for now its working... It allows me to get RR of 1 to 5 or so. Somehow, It feels safe for me and allows me to pull trigger easier. This is going to change soon, however, as my patience and eye for better signals gets better. In the mean time, I know that if I lose it will only be 15 pips on the 15M and I can say "great, I am out and didn't do big damage to my account" This is also part of the mental training I am doing. Instead of getting stressed about the 30 or 40 pips lost at a time wondering how many I am going to get before I get the 100 pips back. Its easier to positive talk internally when the losses are small, even if they are more numerous than the wins. Seems odd but that's what I am workin' on psycologically.
"IN CASH WE TRUST"
Quoting tillandran
I have went LONG for USD/CAD. The signal looks perfect
PA is under 60 EMA!!!!!
Quoting LazyLobster
X-man:

Did you take and trades during london today? How about yesterday American session? I stayed out cause I "missed the train" as I was busy at work... Little did I know it was going to keep going and going and going. http://www.forexfactory.com/images/icons/icon7.gif

I would also say that 15 pips is to small for the 1 hour, But my entry was on the 15M backed up by the 1HR guys.. Some would also really hate getting whipsawed like I do, but for now its working... It allows me to get RR of 1 to 5 or so. Somehow, It feels safe for...
Hey there buddy

Yes i did take yesterdays trade and made 40 pips, today i went short after the long wick but PA not going anywhere so i closed my trade for 5 pips.
When I take a trade on the 1H chart and after 3 4 candles i see PA not moving thats when i just close at BE or whatever i have.
X-man the legendary conqueror of markets
Quoting farzan20
PA is under 60 EMA!!!!!
I agree... I would rather wait for a bounce off the MA to go short. Daily channel is declining.
Hey guys heres a trade that took place today?
Anyone got this trade?
I entered after the long wick but didnt hold the trade that long , missed out on some delicious pips.

The trade went for around 50 pips.
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X-man the legendary conqueror of markets
Quoting X-Man
Hey guys heres a trade that took place today?
Anyone got this trade?
I entered after the long wick but didnt hold the trade that long , missed out on some delicious pips.

The trade went for around 50 pips.
I got this trade on demo. I entered at directly after the long wick candle closed. Stop loss was the candles high. I ignored the time limit and decided to let the trade run as PA was still below the ema and went to univerity. TP was hit when i came back
Didn't catch it either.
Quoting xeagon
I got this trade on demo. I entered at directly after the long wick candle closed. Stop loss was the candles high. I ignored the time limit and decided to let the trade run as PA was still below the ema and went to univerity. TP was hit when i came back
Nice work
X-man the legendary conqueror of markets
Quoting LazyLobster
Well, this is probably the only trade I'll get this session and it makes up for my whipsaws at like 27 pips. Take care guys.

LL
you did not follow the rules for the 1h x-man's strategy right? you need to wait for a pull back candle
possible setup at the top of the hour in the making?

Xman, would this be too late in the day to take a trade? I dont recall reading how long into the ny session you can take a trade?
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Having alot of fun backtesting the 1H system, im only up to mid may 2011 and my confidence is soaring!
Its allowing me to tweak the strategy to suit myself, and learning the way EUR/USD moves.
Would definatley recommend it to anyone :nerd:
Quoting msc400
possible setup at the top of the hour in the making?

Xman, would this be too late in the day to take a trade? I dont recall reading how long into the ny session you can take a trade?
I would trade the first 3 4 hours of the NY session. I wont take a trade after that.
if i have a trade running from earlier then i would keep it open if it still look good.
X-man the legendary conqueror of markets
Quoting robthorp
Having alot of fun backtesting the 1H system, im only up to mid may 2011 and my confidence is soaring!
Its allowing me to tweak the strategy to suit myself, and learning the way EUR/USD moves.
Would definatley recommend it to anyone :nerd:
I get happy when i see someone making effort.
Im glad that you see the light at the end of the tunnel.
This is where you develop your 3rd eye and will have a feel for your trades.
Now the effort you put in will pay off.
X-man the legendary conqueror of markets
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