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Who is your favourite trading author? (books) 30 replies

What is your favourite basic indicator??? 43 replies

What is your favourite EA? 2 replies

Whats your favourite Trading Book/Movie/Show? 15 replies

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Attachments: What is your favourite indicator and why ?
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What is your favourite indicator and why ?

Quoting TheRumpledOne
...BUT YOU NEVER HAVE TO LOSE IF YOU FOLLOW THE SIMPLE RULES.
Wow, you've never lost a trade based on drawing a random line and candle color? Sounds like a kids coloring book.
Quoting TheRumpledOne
You trade at the line. Not 1 pip before or after.

I exit the trade based on whether or not there is any "gas" left in the tank.

What happens when news is released? Usually a lot of action!

Sometimes I may exit before news, sometimes I may enter before news, sometimes I will wait until after the news to enter/exit.

The main thing is to be trading the currency in the proper direction.

GBPUSD long, EURUSD short, USDCHF long, etc.... If you don't know the proper direction then you are just giving your money away.
One more question.
Let's say the price is at xxx.22 and it is generally long. Do you wait for it to hit xxx.25 and go long, or do you go long in anticipation of it reaching xxx.25?
Sorry for all the questions but it almost seems too easy, and I want to make sure I understand you r entry and exits as I evaluate this way.
Thank you,
Stan
Quoting TheRumpledOne
..This is so simple it is not even funny. They are giving money away everyday!
They weren't giving much money out to people that went long on GBPUSD today. Maybe my random lines were in the wrong place. Isn't that a cliche? Hmmm...
Quoting twinchell
They weren't giving much money out to people that went long on GBPUSD today. Maybe my random lines were in the wrong place. Isn't that a cliche? Hmmm...
Did you check the color before you enter the trade? There were many green candles too... Hmmm
Quoting twinchell
Wow, you've never lost a trade based on drawing a random line and candle color? Sounds like a kids coloring book.
Just like P&F chart many scalpers use... May be a kids play with X and O... Here Red and Green; or whatever works...
  • Post #66
  • Quote
  • Edited at 10:29pm Oct 10, 2006 10:27pm | Edited at 10:29pm
Quoting TheRumpledOne
Indicators are for suckers!

Trading is simple.

Just draw a horizontal line on the chart.

If the candle is green, go long at the line.

If the candle is red, go short at the line.

It IS that simple.

You only lose if you are too slow or too greedy!

It really is simple!!
That's the funniest and most eye opening statement I've ever seen in my trader's life. Now I feel badly about myself for having never noticed such a simple and easy thing. Thanks, TheRumpledOne. I am putting on Bethoven's "Pathetic Sonata" in your honor. Oh, yes, Linuxtroll, for you too!
Quoting lietuve
That's the funniest and most eye opening statement I've ever seen in my trader's life. Now I feel badly about myself for having never noticed such a simple and easy thing. Thanks, TheRumpledOne. I am putting on Bethoven's "Pathetic Sonata" in your honor. Oh, yes, Linuxtroll, for you too!
Oh! I love Beethoven : Pathetic Sonata 3rd Mvt (Piano); also Red and Green; Just listen to the video... Wonder how many years are you trading ForEx...
Pathetic Sonata 3rd Mvt (Piano) (video.google.com/videoplay?docid=3495173678695182738)
  • Post #68
  • Quote
  • Edited Oct 12, 2006 2:33am Oct 11, 2006 4:12am | Edited Oct 12, 2006 2:33am
Quoting TheRumpledOne
You trade at the line. Not 1 pip before or after.

I exit the trade based on whether or not there is any "gas" left in the tank.

What happens when news is released? Usually a lot of action!

Sometimes I may exit before news, sometimes I may enter before news, sometimes I will wait until after the news to enter/exit.

The main thing is to be trading the currency in the proper direction.

GBPUSD long, EURUSD short, USDCHF long, etc.... If you don't know the proper direction then you are just giving your money away.
Thanks mate.

Do you place a limit orders (Buy Stop or Sell Stop) at these lines based on the candle direction and is it the Ask price or the Bid price (ex. 1.8600/03 or 1.8597/00) ? What is the Stop Loss formula you use? Is it one x.xx25 above or below depending on the order type? Do you get your orders filled exactly at the price you ask for on these Buy Stop/Sell Stop orders?

Could you explain more on the proper direction and the example you had given? For GBP/USD going long works most of the time or it does not matter as long as I follow the trend and place my BStop/SStop limit orders?

When is the best and safe time to trade? London opening through London close (7 - 17GMT)?

I know it is one too many questions. Just want to make sure and learn from experienced person like yourself. Thanks.
Quoting turbokaos
Murry makes up a large portion of my trading. I happen to use it w/ esignals but have attached MT version


turbo
Turbo, could you explain please how to use MM indicator?
  • Post #70
  • Quote
  • Edited at 11:46pm Oct 12, 2006 4:47pm | Edited at 11:46pm
Hello, TheRumpledOne:
I am very interested in your trading methodology. I think that at first your posts were being received with a little bit of skepticism. In today's world where more (indicators) is supposed to be better than less, you can understand why - but that has changed. Perhaps you can give us a little more insight on how you do it. Forex has been a struggle for me so I certainly could use the help.

You tell us to trade with the trend (post #64). I use 'FX Sniper's MA.mq4' color changing moving average indicator set at 'SMA' and a 200 period for that. How do you do it?

The levels you prefer were not chosen at random. There is a reason for using them. Should we favor them too?

In Linuxtrol's post #46, the graph shows the very short term is down, the slightly longer term appears to be up and the most recent bar is green heading north. Since it is on a xxx.20 line we have a Buy signal. It was followed by a red bar in post #47 heading in my direction (south). How could you have made a profit on that? How did you know when to Close and still be ahead? Did you set a StopLoss at the Close of the green bar?

What do you believe is a reasonable pip target for the EUR/USD in today's market with this system? In other words, what target are you using? Do you use the average daily range in determining your pip targets?

Assuming everything is GO for a Buy and price advances through a trigger level, what would discourage you from taking the trade or encourage you to wait a little longer? Put another way, what can happen that would tell you not to enter a trade even though the basic rule says to do it?

Using the example above, the rule tells me to Buy when the price crosses, suppose a minute after I buy in it falls closing below the Open. We now have a red candle straddling the trigger line and I am now definitely at risk in this trade. What did I do wrong?

Is there a pair you prefer?

Do you use candlestick analysis?

Whew! that's a lot of questions. Yet every one of them is important, at least to me anyway. It funny how we overlook the obvious, i.e., trading increment levels of 5, 10, 20 or 25. Or should I say it is humiliating to have overlooked what was right in front of me? Mr. TheRumpledOne, thanks for sharing your strategy and patiently answering our questions. I am looking forward to more of your contributions.

Thanks again!
Rumple,

What time frame do you trade on?

Also, say price is right below one of your lines and crosses up through it... Do you long as soon as the bar crosses or do you wait for close and the open of the next bar?

Thanks,
Bago
"Skills pay the bill's!"
Quoting TheRumpledOne
But all you have to do is look at ANY chart on ANY interval.

Draw horizontal lines at x.xx00. x.xx25, x.xx50, x.xx75 and trade in the direction of the candle.

Green candle, go long at the line.

Red candle, go short at the line.

Newbies use 60 minutes...

Right now it's CABO WABO TIME!!

ADIOS.
when you say green candle, at what time frame?
{Link Removed}]
  • Post #73
  • Quote
  • Edited at 8:19pm Oct 14, 2006 3:54pm | Edited at 8:19pm
Hello, TheRumpledOne:
Thanks for answering my questions. It is probably intuitively obvious to everyone what you mean in your "Keep it Simple" post but I could use just a wee bit more clarification.

Ref. post #79: If I am scalping, I use the 60 minute candle to time entry and I use 1 minute or 5 minute to time exits.

Because you associate '60 minute' with 'time entry' in your statement:
Does this mean I draw the line on the 60 minute chart and enter Long the moment the green bar crosses the line at that Time Period, then go to the 5 minute chart to find an exit?

OR

Does it mean I go to the 1 hr. chart to see what color the current bar (candle) is, then go to my 5 min. chart and draw a line there that will take advantage of what the 1 hr. candle is telling me? In other words, if the 1 hr. candle is green, I should put a line above the 5 minute forming candle. If this candle becomes green (if this one doesn't, then one that does) and crosses my line, I take the trade.

"Rancho" is part of the name of the community I live in. I was wondering about the "TheRumpledOne." Interesting handle. Regardless, ...

Thanks!
  • Post #74
  • Quote
  • Edited at 7:27pm Oct 14, 2006 7:06pm | Edited at 7:27pm
As a full-time trader (8 years), I was trained as a COES Bandit. This invloved sniper trading. We basically traded high flying stocks like AOL in the late ninties and used the futures (Spooz and Nooz) to determine the entry points. Trades would last anywhere form 30 seconds to 15 minutes. It was rapid fire in and out. At the end of the trading day you were totally exhausted and hopefully in the green. Today, I still have the need to "push" the button and make the trade. I also have an account that I trade only daily and 4 hour charts (swing trades) Through various methodologies on the FF, I have settled into a profitable scalp trade routine. My favorite session is pre London session (12pm mtn time) and the London session (1am). It's a very simple trigger of lines crossing lines. I turn off all monitors but 1 and focus soley on the enlarged chart and block out all noise. I don't care about others opinions of where they think the currency is headed etc. Focus and react. If you use 2 lots or $20 pip profits, you only need 5-10 pips to make $100-$200 per trade. It's rapid fire and you only take the trades on the cross. As you get better, you can filter out trades and only go with the prevailing trend etc.. On a decent day, I can easily make $500-1000 per day with very little effort. Below is the chart. Candlesticks with an 8p RSI and 8MA in one window. It's self explanatory but it's fun and profitable. Sweep your profits into longer term trades that suits you best. Here it is- feel free to give it a go~
Attached Image
Trade what you see - Not what you think :money:
Can anyone help with an indicator like SummitFX has with the 8 RSI and 8 MA on the same window? Thanks.


Quoting summitfx
As a full-time trader (8 years), I was trained as a COES Bandit. This invloved sniper trading. We basically traded high flying stocks like AOL in the late ninties and used the futures (Spooz and Nooz) to determine the entry points. Trades would last anywhere form 30 seconds to 15 minutes. It was rapid fire in and out. At the end of the trading day you were totally exhausted and hopefully in the green. Today, I still have the need to "push" the button and make the trade. I also have an account that I trade only daily and 4 hour charts (swing trades) Through various methodologies on the FF, I have settled into a profitable scalp trade routine. My favorite session is pre London session (12pm mtn time) and the London session (1am). It's a very simple trigger of lines crossing lines. I turn off all monitors but 1 and focus soley on the enlarged chart and block out all noise. I don't care about others opinions of where they think the currency is headed etc. Focus and react. If you use 2 lots or $20 pip profits, you only need 5-10 pips to make $100-$200 per trade. It's rapid fire and you only take the trades on the cross. As you get better, you can filter out trades and only go with the prevailing trend etc.. On a decent day, I can easily make $500-1000 per day with very little effort. Below is the chart. Candlesticks with an 8p RSI and 8MA in one window. It's self explanatory but it's fun and profitable. Sweep your profits into longer term trades that suits you best. Here it is- feel free to give it a go~
"Loss and failure are inevitable but misery is optional"
This is a great thread. Thanks Rumpled, Troll, and Summit for sharing.
How you act is more important than how you feel.
The answer on how to set this up is at:
www.forexfactory.com/forexforum/showthread.php?t=7706


Quoting carmel
Can anyone help with an indicator like SummitFX has with the 8 RSI and 8 MA on the same window? Thanks.
In trading, there is no bullshit. You either make money or you don't.
Hello, Summitfx:
When did you draw in your trigger level lines - immediately after the doji (10th bar from the right) was completed? After the long blue bar (8th bar from the right) crossed the red dotted trigger line at 1.8530, did you wait for RSI to cross it's 50 level before you committed?

What is the significance of the brown dotted line at 1.8548 and the solid blue line at 1.8577?

You normally close a trade when the 8 ma crosses the 8 period RSI, right?

Any particular reason why this chart is a 15 minute instead of something smaller (i.e., a 5 min.)?

Many years ago while working at a research lab I learned this the hard way: If something is in question, never, ever, assume anything, no matter how obvious you think the answer is. So, please excuse my need for detail.

Thanks!
Quoting carmel
Can anyone help with an indicator like SummitFX has with the 8 RSI and 8 MA on the same window? Thanks.
I don't know how to combine indicators but I was able to modify a "fozzy method" template to match Summitfx's chart.

Attached File
File Type: zip summitfxscalper.zip   < 1 KB | 462 downloads
Is your SL my TP?
these lines are fibo/piv lines that are auto drawn- they give great entry and exit points. I exit when it feels right. Once I enter a trade I just manage it. no magic formula. since I'm scalping I'm happy with 8 -10 pips- if there is a strong current, I'll ride for 20 -30. Several factors come into play. If you want to experiment- just observe it and you will come to our own conclusions. This a version of the Fozzy method which has a thread so you might to read up on it there. I like the 15 or 30m tf best.

Quoting Rancho
Hello, Summitfx:
When did you draw in your trigger level lines - immediately after the doji (10th bar from the right) was completed? After the long blue bar (8th bar from the right) crossed the red dotted trigger line at 1.8530, did you wait for RSI to cross it's 50 level before you committed?

What is the significance of the brown dotted line at 1.8548 and the solid blue line at 1.8577?

You normally close a trade when the 8 ma crosses the 8 period RSI, right?

Any particular reason why this chart is a 15 minute instead of something smaller (i.e., a 5 min.)?

Many years ago while working at a research lab I learned this the hard way: If something is in question, never, ever, assume anything, no matter how obvious you think the answer is. So, please excuse my need for detail.

Thanks!
Attached File
File Type: mq4 FiboPiv_v2.mq4   5 KB | 405 downloads
Trade what you see - Not what you think :money:
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