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Attachments: Williams%R, SAR X-over 15 minute candles
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Williams%R, SAR X-over 15 minute candles

Quoting xiqat
{quote} How do you pick the pairs to trade the day? Do you use a currency strength meter?
See Post 2159
I was in a few USD trades going long this morning around NY open. Then about an hour later, all USD pairs dropped 10-15 pips out of nowhere, without news. Some trades got stopped out, others barely didn't. Rockypoint, how would you handle this type of PA? Just bad luck, wrong timing, or bigger SL?
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what pairs and how much profit /loss did they have when pullback occurred. what were you s/l's
Quoting rockypoint
what pairs and how much profit /loss did they have when pullback occurred. what were you s/l's
USDCAD up about 5pips, SL was 10pips, it would had stopped out, but I moved the SL to show you an example. USDCHF was up about 8pips, SL at 10pip. NZDUSD was up about 2pips before stopped out at 10pips. USD was strong throughout London, but did a complete reversal as soon as 8am NY open. I see often you enter trades before the NY open, and do well. What are your thoughts on days like this and how to handle such big swings?
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Best I can do without exact entries exits, NzdUsd good chart, Usd?cad not bad except for few hours around NY open, Usd/Chf don't love trading the Chf too often has large candles popping up at the wrong time.
Quoting rockypoint
{image}{image}{image} Best I can do without exact entries exits, NzdUsd good chart, Usd?cad not bad except for few hours around NY open, Usd/Chf don't love trading the Chf too often has large candles popping up at the wrong time.
Thanks for the reviews, very helpful. I took the NzuUsd sell right before your entry point to continue the trend. Would you had taken the same sell setup or would the divergence give you pause?
no divergence would've kept me out, plus not anything strong there 20+ pips up followed by 20+ pips down.
Quoting rockypoint
no divergence would've kept me out, plus not anything strong there 20+ pips up followed by 20+ pips down.
What do you mean by "plus not anything strong there 20+ pips up followed by 20+ pips down."?
trend not strong
Was today a non trade day for FX? I didn't see any good movements before NY open
I don't understand this system at all.

I'm amazed that you can do it full-time. Are you profitable? lol

No backtesting ... wow. It's through backtesting that I've tried every 'visual' TA approach known to man, and found that NONE OF THEM WORK CONSISTENTLY THROUGHOUT TIME.
Quoting xiqat
I was in a few USD trades going long this morning around NY open. Then about an hour later, all USD pairs dropped 10-15 pips out of nowhere, without news. Some trades got stopped out, others barely didn't. Rockypoint, how would you handle this type of PA? Just bad luck, wrong timing, or bigger SL? {image}

You've got buy signals below the MA; sell signals after huge bullish green candles ... what a mess.

How can anyone make money doing this?
Do you think tihs is a mechanical system based solely on indicators? If so you thought wrong. Judging by your above comment, I would agree that you don't understand the system. Did you read the thread? I stress pice action/market structure above all indicators,
money/risk management above all indicators. You've tried every visual TA approach known to man? I doubt it. Consistency in trading comes from the trader not the system.
It works.
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Trade-Emperor
Quoting rockypoint
Do you think tihs is a mechanical system based solely on indicators? If so you thought wrong. Judging by your above comment, I would agree that you don't understand the system. Did you read the thread? I stress pice action/market structure above all indicators, money/risk management above all indicators. You've tried every visual TA approach known to man? I doubt it. Consistency in trading comes from the trader not the system.

If you are in a position to day trade for a living you must already have a lot of capital.

If you are a retail trader, what kind of risk:reward are you aiming for?

Fixed risk:reward can leave you taking profits during a strong trending move. You are sitting on the sidelines waiting for another signal, all the while missing out on a strong trend. 'Time in the market not timing the market' would have been better.

Trailing your stops limits your potential for profit just as much as your potential for losses.

If you're a retail trader making small absolute gains, is it really worth the time, effort and potential for loss to be day trading? Most retail clients get shafted. How much money are the small number that are profitable making and is it really worth the hassle?
Quoting JauntyLoon
{quote} If you are in a position to day trade for a living you must already have a lot of capital. If you are a retail trader, what kind of risk:reward are you aiming for? Fixed risk:reward can leave you taking profits during a strong trending move. You are sitting on the sidelines waiting for another signal, all the while missing out on a strong trend. ... How much money are the small number that are profitable making and is it really worth the hassle?
Obviously this person does not know Rockypoint, and how he trades ... Apparently he has not read through most of the thread to understand the system before declaring it's no good. And I doubt he had "... tried every 'visual' TA approach known to man ... " as he said in Post 2171 above.

I agree with Rockypoint that consistency in trading comes from the trader ...
if simple mechanical indikator trading would really work,every trader in the world would be rich.this is a pure priceaction system and it s a long way to learn to trade price action sucsessfully.
JauntyLoon is a typical example of somebody who opens his mouth before his brain has been engaged. I am one of those people who hide in the background and follow certain valuable threads without actually engaging with the group. I have been checking this thread regularly for over six months because I respect Rockypoint and his method of trading. His trading system is clearly very profitable and he is always happy to answer questions and help others. If somebody comes across this thread, aka JauntyLoon, they should not just read the last couple of posts before jumping in with a catalogue of criticism without due diligence. Just scrolling back through the pages would clearly show how Rockypoint is achieving winning trades very regularly. It almost looks effortless, but I know it isn’t that simple. So my message to JauntyLoon is simply to afford the creator of this thread and other members a modicum of respect by at least reviewing the content, especially from Rockypoint, before “shooting from the hip” in a cavalier manner.
One constant in trading forums is there will always be those who campaign to spread the message of the futility of it all. I would bet most retail traders do struggle, fail, struggle some more, fail again, and so on.

But there does seem to be a way out of that cycle, and it is demonstrated here in this thread not only in general principle , but also rockypoint shows one particular example of how one can break the cycle of struggle and failure to have some success. In general, the key to here is finding a way to judge the market and what it looks likely to do next, and then define when to get in and when to take profits and when to cut for a loss.

Is it worth the time? To some yes, to others, possibly most, probably not. But that is for each of us to determine for himself or herself. Those with negative thoughts would be better advised to keep the mind pollution to themselves.

I think the right attitude is important too. I try to to view this as a retail sales business: We look for inventory (trades) that we think we will be able to mark up and sell for a profit. Some inventory we just can't find a market for, so we have to mark the prices down to get rid of that less desirable inventory to make room on the shelf for new, hopefully more desirable and profitable inventory. No different than the owner of a toy store looking to stock his shelves with the next "Tickle me Elmo" while selling the lees popular (less demand) toys at a loss.
Quoting JauntyLoon
I don't understand this system at all. I'm amazed that you can do it full-time. Are you profitable? lol No backtesting ... wow. It's through backtesting that I've tried every 'visual' TA approach known to man, and found that NONE OF THEM WORK CONSISTENTLY THROUGHOUT TIME.
Wish you luck in finding what suits you in another thread.
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