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Trading is as simple as 1-2-3

  • #6,921
  • Aug 29, 2018 4:09am Aug 29, 2018 4:09am
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Long EJ +5 locked
  • #6,922
  • Aug 29, 2018 4:21am Aug 29, 2018 4:21am
Quoting hal7
{quote} Also you can see Lem had I been around 4 hrs earlier I would have caught that same short from the top. Those are fantastic set ups when that second high fails. But alas I have to sleep several minutes a day.
EG's got no right doing stuff at that time of night!
  • #6,923
  • Aug 29, 2018 4:40am Aug 29, 2018 4:40am
Quoting lemercenaire
{quote} EG's got no right doing stuff at that time of night!
Yeah, what's up with that?
  • #6,924
  • Aug 29, 2018 7:18am Aug 29, 2018 7:18am
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Earlier I had posted an EG trade I took long as a 1-2-3. It quickly reversed and I went with the strong trend down. Here is how that trade progressed and why I like to ride those momentum trends in the opposite direction.
  • #6,925
  • Aug 29, 2018 7:37am Aug 29, 2018 7:37am
Quoting hal7
{image} Earlier I had posted an EG trade I took long as a 1-2-3. It quickly reversed and I went with the strong trend down. Here is how that trade progressed and why I like to ride those momentum trends in the opposite direction.
Ok, so here's a wee thing you may find interesting.

If you get a move like the 1-2-3 in the middle of the night, that will often Dead Cat Bounce around the UK Open slot. It then turns and resumes its journey in the same direction as the overnight move.

Look at it this way. Something drove the unusual move out of hours, so maybe that something is strong enough to continue on through the day. Yes?

Remember, in Institutional FX, there is no such thing as out of hours.

Now, needless to say, there are certain pairs that this occurs on more than others. If you want to find out which, then hey, time to roll up your sleeves and do some chart-scanning. I've given you the bowl and the spoon. You have to feed yourself on this one
  • #6,926
  • Aug 29, 2018 8:14am Aug 29, 2018 8:14am
Quietly trading in the background. Grabbed 5.4 pips on this classic set-up.
I love engulfing bars...
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  • #6,927
  • Aug 29, 2018 11:46am Aug 29, 2018 11:46am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,928
  • Aug 30, 2018 3:06am Aug 30, 2018 3:06am
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Short EU +5 locked
  • #6,929
  • Aug 30, 2018 3:50am Aug 30, 2018 3:50am
Something is missing in my brain cause i really cant see it after 20 pages, I think maybe its the bar candles. Can someone help with more details please!

Does this system begin at the "start" of the NY open? and if so:

You wait for candles to form to make a "new daily high or low" ( is this comparative to "yesterdays" high and low? or just the current day wherein every candle moving into the new day is a potential high or low)?
life is a reflection of what we allow ourselves to see
  • #6,930
  • Aug 30, 2018 4:09am Aug 30, 2018 4:09am
Quoting mikeeating
Something is missing in my brain cause i really cant see it after 20 pages, I think maybe its the bar candles. Can someone help with more details please! Does this system begin at the "start" of the NY open? and if so: You wait for candles to form to make a "new daily high or low" ( is this comparative to "yesterdays" high and low? or just the current day wherein every candle moving into the new day is a potential high or low)?
The day starts with your broker's start of day.

The Daily High / Low is the high or low of that day.

For Short:

H1 tf.

Bar #1 makes a new H.
Bar #2 tries but doesn't make a new H.
Enter Short as price drops back over Bar #2's Open level.

That's it.

Flip for Long.

We use bars for 1-2-3 to easily identify the method as opposed to a HOLO set up which feeds off the same info. If you can't handle bars, use candles. Whatever floats your boat.
  • #6,931
  • Aug 30, 2018 4:36am Aug 30, 2018 4:36am
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And long EU +5 locked
  • #6,932
  • Aug 30, 2018 4:39am Aug 30, 2018 4:39am
Quoting lemercenaire
{quote} The day starts with your broker's start of day. The Daily High / Low is the high or low of that day. For Short: H1 tf. Bar #1 makes a new H. Bar #2 tries but doesn't make a new H. Enter Short as price drops back over Bar #2's Open level. That's it. Flip for Long. We use bars for 1-2-3 to easily identify the method as opposed to a HOLO set up which feeds off the same info. If you can't handle bars, use candles. Whatever floats your boat.
ok thanks, I think it clicked, is this right?
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life is a reflection of what we allow ourselves to see
  • #6,933
  • Aug 30, 2018 4:41am Aug 30, 2018 4:41am
Quoting mikeeating
Something is missing in my brain cause i really cant see it after 20 pages, I think maybe its the bar candles. Can someone help with more details please! Does this system begin at the "start" of the NY open? and if so: You wait for candles to form to make a "new daily high or low" ( is this comparative to "yesterdays" high and low? or just the current day wherein every candle moving into the new day is a potential high or low)?
Take a look at TooSlow's chart posting from yesterday. Expand and read the instructions listed there. It is that simple.
The bars are just the style that was set on this site by TooSlow, also makes it simple.
Here is a boat that Lem suggested... , but I prefer this ....
  • #6,934
  • Edited 6:21am Aug 30, 2018 5:43am | Edited 6:21am
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Short CA +5 locked

Ok walking through this set up. Did last hour make a new daily high? Yes. Did price this hour move from this hour's open toward that high and fail to make a new high this hour? Yes. Did price move back down through the open price of this hour? Yes..... Trade triggered short. That's about it.

Now it's just managing the trade. I take off usually 80% to 90% of the trade at +5. I did a short study sometime back and found I believe between 67-71% of these trades will get to +5. Sometimes I leave my stop where it is which is +5 above last hours high. Sometimes I will move the stop to BE, but not often as it will usually stop out rather quickly.
From that point If I get to +20 I will usually slap on a 10 trailer. If it keeps going then a 20. The other day I caught a GJ that kept running. I had a 40 trailer on it and it got past 100 and eventually stopped me out at +66.

The only other decision you have to make is whether to take the trade at all. You have to be careful not to over-analyze this, as I tend to do sometimes. But I am always looking to avoid those losses. Because my adage is lost pips are hard to make up. So I run through a number of scenarios where I will not take the trade. That comes from many hours of observation. Sometimes I am right sometimes I am wrong. But when I avoid a loss of say -15, I am even more satisfied than with a +5. Taking it a step further I will sometimes go with those opposite trends that got the -15, but that is for another thread.
  • #6,935
  • Aug 30, 2018 6:46am Aug 30, 2018 6:46am
Quoting hal7
{image} Short CA +5 locked Ok walking through this set up. Did last hour make a new daily high? Yes. Did price this hour move from this hour's open toward that high and fail to make a new high this hour? Yes. Did price move back down through the open price of this hour? Yes..... Trade triggered short. That's about it. Now it's just managing the trade. I take off usually 80% to 90% of the trade at +5. I did a short study sometime back and found I believe between 67-71% of these trades will get to +5. Sometimes I leave my stop where it is which...
Great explanation, Hal!
  • #6,936
  • Aug 30, 2018 6:47am Aug 30, 2018 6:47am
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Short EG +5 locked I liked this trade because of tighter rangy condition, and looking to the left had visited this area at the start of the day. Incidentally if you look to the upper left on this chart you will see the arrow where I took a 123 trade long yesterday. I quickly reversed out short, and look at all those new lows it formed, running down about 88 pips.
  • #6,937
  • Aug 30, 2018 6:54am Aug 30, 2018 6:54am
A classic set-up with EURGBP. Grabbed 5.1 pips.
I know it was headed into some demand but I felt the downdraft was strong enough.
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  • #6,938
  • Aug 30, 2018 7:10am Aug 30, 2018 7:10am
Quoting mikeeating
{quote} ok thanks, I think it clicked, is this right? {image}
Yep.

Except, enter AT that level, not near.

Oh and the one on the way up that followed was the one to be on .
  • #6,939
  • Aug 30, 2018 7:14am Aug 30, 2018 7:14am
Quoting mikeeating
{quote} ok thanks, I think it clicked, is this right? {image}
Welcome to the thread, by the way.
  • #6,940
  • Aug 30, 2018 9:19am Aug 30, 2018 9:19am
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Earlier had this CA short and took +5, stopped out on the run up. But gave another classic set up for +5 again
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