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Almost perfect strategy

Quoting dkrock
{quote} Thank you for your explanation. I do not trade semafors though. I just like them on my chart. Sorry to confuse you. I have no idea what price action means, but I assume it is candlestick trading. When you get tired of that, come back to this thread and see the difference. Try reading my thread too. Eye opening. Have a nice day.
i must say you are amazing !
you do not trade with semafors...so what the hell are they doing on your chart.. .take them off !
you dont know what price action is? wow you are really amazing lol
so why the hell do i want to cone back to your thread when its clear you dont know much about what your doing.

really???
He or she is f.o.s., just put the fraud and freak on ignore. And this thread is bollox.

Quoting devontrader
{quote} ive read some b.s in my time but this really takes it. where is big money buying and selling. where is the liquidity 3 times of the day moves are made..when? you confirm higher tf with lower tf use higher tf to be a sniper. think institional.trader now retail. you only need price action to trade a chart not indicators....indicators lag cos there information is based off of price data. all you need is open high low and close
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Quoting dkrock
{quote} I thought you put me in your Ignore list, even though I am not sure we have ever communicated. All good. You do not seem to be very open-minded, so we probably would never get along anyway. If I remember correctly, most of your posts are trash talking from an economist point-of-view and have little to nothing to do with trading successfully. While sometimes I discuss other topics, I am much more of a technical analysis trader and don't really pay attention to fundamentals. Sorry you have invented an opinion of me that you think allows you...
touchè
Quoting freakout
I need some help with my strategy - it's simple and almost perfect but I still miss something. The main rule is to trade the first higher low or lower high after breaking the previous high or low. Here's an example: {image} The problem is that trading on the M5 without higher timeframes is quite risky and I would like to avoid stupid losses, but I don't know what could be the signal on the H1 or H4 timeframe. The best option would be a candlestick reversal pattern like doji, pinbar, inverted hammer or something, but still needs a good placement...
Hi, just addressing your first post. Keep it simple, follow the higher time frame. No matter what you do on a lower time frame, whether it's this or trendline breaks or Fibonacci retracements, it will have a greater degree of success if it's put in context with a higher time frame trend or likely price direction. Everything you wrote about higher time frame dojis and hammers is fine, just follow whatever is the higher time frame trend or likely price direction.
After reading opinions on various: money, investing and trading forums for close on twenty years, I’m stunned that I’m still seeing “Holy Grail” threads. I realise there’s a fresh, naive generation, just waiting to be willingly fleeced, but you’d have thought a message might have got through by now, and perhaps newbies would have learned by others’ mistakes. And yet these forums are still chokka full of guys thinking they’ve discovered a near perfect indicator based strategy. It’s depressing, on so many levels.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
My two cents.
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Quoting Spreadbetter
He or she is f.o.s., just put the fraud and freak on ignore. And this thread is bollox. {quote}

Why are you posting in a bollox thread then?
Quoting devontrader
{quote} great post batus....i see you were taught by the same mentor as me?
Hi devon... I too am interested to know who is your mentor

Thanks and Regards
Quoting devontrader
{quote} great post batus....i see you were taught by the same mentor as me?
You too? Definitely a relentless mentor. Just wouldn't give me a break until I started doing it right.
"The fun is in the hunt. Not the kill."
so it looks like that the easiest method is to find a candlestick reversal pattern on the higher timeframe and then wait for a HH-HL or LL-LH sequence on the M5...

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Trade or not to trade - that is the question...
My God. He's evolving.
"The fun is in the hunt. Not the kill."
Quoting freakout
I need to stick to the M5 timeframe as I want to trade with small stop loss and have at least 2-3 setups each day...
How long have you been trading full time and losing money? Honestly? Just be honest with yourself.

I am going to tell you something. You will always find something is missing in your system. Because there is no edge to be found in the charts.
And all those who replied in this thread explaining you what you should do are also losing money themselves.

Please do yourself a favor and stop this disaster now. It's really not worth to spend your life on it. Really.
Don't give up on your dreams. Keep sleeping.
Quoting dkrock
{quote} Seems all you have to do now is figure out how to do it in real time, lol. That is where the hocus pocus candlestick method is going to be a fun ride. Sorry you missed my posts with real trading information, but as usual, the trolls attacked, so I had to delete it before they learned anything useful. I traded 5M charts for about 11 years and recently switched to 15M charts. I only look for sweet spots and like to diversify across multiple pairs, so with all the 5M chart whipsaw lately, the 15M meets my goals better. I attached the same trade...
well, if every system could be turned into arrows then nobody would have a problem with trading I have the same feelings about M15 chart, but my strategy gives me very few setups at this timeframe - that's why I switched to M5...
Trade or not to trade - that is the question...
Quoting dkrock
{quote} As for few setups, that is not a problem. If you can catch 50 pips on swings, at 10 lots per trade, four times a week, that is $960,000 a year. How much do you need? Trade more pairs or trade more lots or trade more accounts. Once you can consistently pull in 200 pips a week, it is all compounding from there. Do your own research and see how many pips you can make only targeting the good trades. It is probably over 200 a week. You don't have to kill yourself to be rich.
well, the problem is that I have a very small account and I'm forced to trade with a tight SL... if I had a strategy that makes 200 pips a week, I wouldn't be here now this month will be 7 years since I'm on the FX market and I'm still in the red - I lost 3000$ in that time, mainly at the very beginning, but I don't like the fact that I miss something in my systems all the time... this is the main reason why I still don't make money
Trade or not to trade - that is the question...
Quoting dkrock
{quote} I think trading candlesticks is nonsense, so if that is what you are doing, and losing, why do you keep doing it? In my earlier post I suggested using two time frames and trading when they concur. It involves measuring momentum though and a single candlestick has 0 probability because its sample size is "1".
trading japanese candlestick patterns is the easiest method for me - I don't even know what else I could trade if I tried almost everything and still don't have any results...
Trade or not to trade - that is the question...
Quoting freakout
{quote} trading japanese candlestick patterns is the easiest method for me - I don't even know what else I could trade if I tried almost everything and still don't have any results...
i think you are Lazy man best choice leave forex


regard's
scalper16
Quoting dkrock
{quote} I have a thread that describes what I do, but it does not give specific values. You might read it and see if it sparks any ideas. Maybe it will enhance your style? I believe in sample sizes, so for me I would never rely on the shape of a single candle. Not only that, but each time frame has its own design. Too confusing. Too risky. I prefer to trade by comparing buyers and sellers across a larger sample through time. You have seen a snapshot of one tiny piece of my chart. If you think there is any credibility to it, then I invite you to...
thanks, I will look at it
Trade or not to trade - that is the question...
Quoting freakout
{quote} well, the problem is that I have a very small account and I'm forced to trade with a tight SL... if I had a strategy that makes 200 pips a week, I wouldn't be here now this month will be 7 years since I'm on the FX market and I'm still in the red - I lost 3000$ in that time, mainly at the very beginning, but I don't like the fact that I miss something in my systems all the time... this is the main reason why I still don't make money
You seem like a bright guy and you certainly have enough experience to trade successfully. You probably just need some small impetus, some little bump, to get you over the threshold. I have no idea what that might be, but I'd guess it's more psychological than technical.

The approach you're describing in this thread is perfectly fine, a lot of people successfully trade this way. Stop over-thinking it. Sticking with this approach as you described it won't be a hindrance, it's a good way to trade, there's nothing lacking in it. Understand that there's the Bigger Picture and there are the Nuances. This approach as you've described it is excellent in the Bigger Picture, and while you're learning its Nuances, and you're struggling with the Nuances as you learn them, don't think there's anything wrong with the Bigger Picture approach.
Quoting Rob Mondave
{quote} You seem like a bright guy and you certainly have enough experience to trade successfully. You probably just need some small impetus, some little bump, to get you over the threshold. I have no idea what that might be, but I'd guess it's more psychological than technical. The approach you're describing in this thread is perfectly fine, a lot of people successfully trade this way. Stop over-thinking it. Sticking with this approach as you described it won't be a hindrance, it's a good way to trade, there's nothing lacking in it. Understand...
thanks a lot for this post I know that this method is not bad, but my lack of certainty comes from the fact that I don't know how to combine a lower and higher timeframe - what should be my entry setup on H1 or H4? on M5 I'm looking for the first HL or LH, but what should I look for above and what should I pay attention to? this is the missing element in my strategy...
Trade or not to trade - that is the question...
  • Post #60
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  • Edited at 4:41pm Mar 12, 2018 3:50pm | Edited at 4:41pm
Quoting freakout
{quote} thanks a lot for this post I know that this method is not bad, but my lack of certainty comes from the fact that I don't know how to combine a lower and higher timeframe - what should be my entry setup on H1 or H4? on M5 I'm looking for the first HL or LH, but what should I look for above and what should I pay attention to? this is the missing element in my strategy...
From your posts I believe that the problem is that you have a misunderstanding or confusion as to how timeframes work.

Notice that on your first chart example on this thread it took 35 minutes (7 times five minute candlesticks) for price to break out of a 10 pip range...

At that moment your closest representation (on a higher timeframe) to those 7 times M5 candlesticks' sequence would be a bearish pin-bar close (long stem with a small body) on the 30 minute timeframe.

So combining one (or even a few) 5 minute cycles on M5 with H1 or H4 for a reliable signal is actually impossible unless you wait for a longer time lapse of M5 cycles to develop. It takes 12 times 5 for H1 to go from open to close. So you just don't have enough data on the H1 candlestick reflecting what's going on on M5.

By using the M5 timeframe you are simply and basically scalping based on a bullish or bearish candlestick signal. Not only it will very likely prove unreliable sooner or later, but the price range you're dealing in, will be -for the most part- just a few pips.

Hopefully this throws some light on your question. I believe that eventually you'll see that you're better off moving to monitoring price action on higher timeframes. You'd still be looking for the same candlestick signal but I can assure you it'd prove to be way more reliable.

You still want to see what's going on on H1 or H4 in combination with M5? Just wait for a candle opening on the hour, let's say 12:00 pm and follow M5 for each of its 5 minute cycles... Compare that with how H1 is developing. How does H1 look like? What's the candlestick formation at each of the M5 cycles beginning at the 12:00 pm candle opening.. etc.

Hope that helped.
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