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Trading is as simple as 1-2-3

  • #7,201
  • Oct 18, 2018 2:11am Oct 18, 2018 2:11am
Quoting HappyMan
{quote} A couple of things. First, everyone here was at a point when he or she was beginning to learn. Asking questions is a vital part of any learning. Second, the one who teaches learns twice. I have read twenty pages already and will re-read the thread starting from the beginning. If there is a particular post that you think would be helpful for me to read, feel free to say so. Best of all.
The one above by Lem is a great help. Then keep reading from the beginning instead of jumping across so many threads as you seem to be doing. Eventually you have to make it your own by constant demo or small stakes trading. Then you wont need to ask what is lenient etc. Keep reading and practicing.
every Saint has a past. Every Sinner has a Future
  • #7,202
  • Oct 18, 2018 2:15am Oct 18, 2018 2:15am
Quoting DaddyMacK
Quoting lemercenaire
{quote} Thanks Lem', I appreciate you taking the time to reply to me. I have done some trading in the past, but due to health have been unable for a few years. I wasn't overly successful previously in the long term and have now revised my ideas and wondering if I shouldn't have been looking for 50 odd pips and taken the 10 or so as they came available with more frequent trades as they came up, rather than being tied in to a trade for days. I have a 90% success rate so far with this method, although only after a few days,
...
Good luck D.M. Small and often is putting probability on your side ( just my humble opinion). :-)
every Saint has a past. Every Sinner has a Future
  • #7,203
  • Edited 4:09am Oct 18, 2018 2:25am | Edited 4:09am
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Long EJ +5 locked +40 20 trailer on
  • #7,204
  • Oct 18, 2018 2:29am Oct 18, 2018 2:29am
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Long JY +5 locked Generally steer clear of the repeated new lows like this, but it lined up pretty well with yesterdays high
  • #7,205
  • Edited 2:58am Oct 18, 2018 2:31am | Edited 2:58am
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Short CF +4 locked +20 10 trailer on
  • #7,206
  • Oct 18, 2018 3:37am Oct 18, 2018 3:37am
Quoting DaddyMacK
Quoting lemercenaire
{quote} Thanks Lem', I appreciate you taking the time to reply to me. I have done some trading in the past, but due to health have been unable for a few years. I wasn't overly successful previously in the long term and have now revised my ideas and wondering if I shouldn't have been looking for 50 odd pips and taken the 10 or so as they came available with more frequent trades as they came up, rather than being tied in to a trade for days. I have a 90% success rate so far with this method, although
[/highlight]...
No problem at all. Glad to help.

I used to run ultra-long tf trades. Weeks into months etc. That was my niche and the way I was trained to run things. Happy to do that when I was working for someone else.

However, when out on my own, I much prefer to scalp. Suits my personality much better (as does working on my own).

When it comes to trading, you really need to find a style that suits you psychologically, as if you try and fit a square block into a round hole, it just builds unnecessary stress (unless you use a VERY big hammer! )
  • #7,207
  • Oct 18, 2018 3:43am Oct 18, 2018 3:43am
Quoting HappyMan
{quote} Thanks for the explanation! I have read the first twenty pages but will start over to read more carefully. Which indi are you using to get the arrow? Also, as the 2nd bar test the High or Low of last bar, how much leniency is allowed? Sometimes it does not quite touch it by missing 1-3 pips. From your experience, how many pips are okay? Thank you!
Did bar #2 make a new H / L?

That's all you need to ask. It could miss by 10 pips or .10 it doesn't matter.
  • #7,208
  • Oct 18, 2018 4:15am Oct 18, 2018 4:15am
Quoting lemercenaire
{quote} Did bar #2 make a new H / L? That's all you need to ask. It could miss by 10 pips or .10 it doesn't matter.
This is where it gets cloudy. In the first post, the OP uses the word "test", meaning "touching the same level". Making a new low means beating the previous low at least by a pip.
Buy low, sell high.
  • #7,209
  • Oct 18, 2018 5:11am Oct 18, 2018 5:11am
Quoting HappyMan
{quote} This is where it gets cloudy. In the first post, the OP uses the word "test", meaning "touching the same level". Making a new low means beating the previous low at least by a pip.
Indeed he does...and throughout the thread it is explained that that definition is amended.

I do agree that perhaps the original wording could do with being amended also but that's TooSlow's call.
  • #7,210
  • Edited 7:26am Oct 18, 2018 6:45am | Edited 7:26am
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Long CF +5 locked example of price moving close to the low and then breaking back through the open price to target
+30 20 trailer on
  • #7,211
  • Oct 18, 2018 7:04am Oct 18, 2018 7:04am
Quoting lemercenaire
{quote} Indeed he does...and throughout the thread it is explained that that definition is amended. I do agree that perhaps the original wording could do with being amended also but that's TooSlow's call.
That's a valuable amendment. So, the current rules are,

1) Did a new daily high or new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.

2) Did this bar make [was "test (get near)"] the new daily high or new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.

3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.

Do these look correct? Have there been any other amendments?
Buy low, sell high.
  • #7,212
  • Oct 18, 2018 7:36am Oct 18, 2018 7:36am
Quoting HappyMan
{quote} That's a valuable amendment. So, the current rules are, 1) Did a new daily high or new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair. 2) Did this bar make [was "test (get near)"] the new daily high or new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair. 3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade. Do[/highlight]...
You could simplify it even further on #2:

Did this bar fail to make a new H / L? If so, go to question #3.

Takes all the ambiguity out of completely. It either does or it doesn't.

No other amendments.

So...

1. Bar #1 makes a New H / L...
2. Bar #2 fails to make a New H / L...
3. Enter as price crosses back over Open of Bar #2.
  • #7,213
  • Oct 18, 2018 8:18am Oct 18, 2018 8:18am
Quoting lemercenaire
{quote} You could simplify it even further on #2: Did this bar fail to make a new H / L? If so, go to question #3. Takes all the ambiguity out of completely. It either does or it doesn't. No other amendments. So... 1. Bar #1 makes a New H / L... 2. Bar #2 fails to make a New H / L... 3. Enter as price crosses back over Open of Bar #2.
Excellent! This post of yours can be a new reference point for newcomers.

Let me work with this and come back with tryout trades.

Thank you!
Buy low, sell high.
  • #7,214
  • Oct 18, 2018 8:39am Oct 18, 2018 8:39am
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Short CF +5 locked This time a same bar trade in the opposite direction
  • #7,215
  • Oct 19, 2018 2:10am Oct 19, 2018 2:10am
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Short GU +5 locked
  • #7,216
  • Oct 19, 2018 4:24am Oct 19, 2018 4:24am
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Short GU +5 locked second shot at the GU first one +5 then stopped, then rinse and repeat.
  • #7,217
  • Oct 19, 2018 4:47am Oct 19, 2018 4:47am
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Long EG +5 locked
  • #7,218
  • Oct 19, 2018 5:11am Oct 19, 2018 5:11am
guys,, im been doing this system for sometime on a demo acct.. but for its a 50% win rate,, maybe im doing something wrong,,, i have a question guys,, can you pls help me here.. im sorry if this was asked already before here,,

1. when is your entry? if i saw a candle went back to its opening after it it failed to break the low/high of the day.. should i enter after that candle close or right after it went back to its opening price?

2. stop loss is at the low/high of the day right?

3. what is your TP ? maybe im just putting a large TP...
PATIENCE AND DISCIPLINE!
  • #7,219
  • Oct 19, 2018 5:20am Oct 19, 2018 5:20am
pls check this trading of mine in GBP USD... i always put 1:1 trade... example is if SL is 10 pips .. my TP is 10 pips. am i doing it right? pls help guys
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PATIENCE AND DISCIPLINE!
  • #7,220
  • Oct 21, 2018 10:34am Oct 21, 2018 10:34am
Quoting HappyMan
{quote} Dear TooSlow, First of all, thank you very much for sharing this strategy with others. I especially like the entrance moment. It is the quickest there is. Second, sorry if I offended you by posting an indicator. Was trying to be helpful. Deleted already. Hope to keep learning from you and the others on this thread. All the best!
Thanks, Mate. Cheers!
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