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Trading is as simple as 1-2-3

  • #7,701
  • Jan 17, 2019 6:18am Jan 17, 2019 6:18am
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Long JY +5 locked Today I fired off 7 trades near the London open. GJ, EJ, AU, NZ, CA, EU and this the final to come in JY. An unusual day that I had so many at the same time and all got my +5 plus. Most days I take one or two at this time.

I would like to address what JackintheBox brought up on an earlier post questioning how I trade this and that it is supposedly an invalid approach. He may have brought up some points to discuss but I have not had the time to dig into what he said. If I have some time over the weekend I may study it further and respond. For now trading is top priority, back to the grind...
  • #7,702
  • Jan 17, 2019 7:28am Jan 17, 2019 7:28am
Quoting hal7
{image} Long JY +5 locked Today I fired off 7 trades near the London open. GJ, EJ, AU, NZ, CA, EU and this the final to come in JY. An unusual day that I had so many at the same time and all got my +5 plus. Most days I take one or two at this time. I would like to address what JackintheBox brought up on an earlier post questioning how I trade this and that it is supposedly an invalid approach. He may have brought up some points to discuss but I have not had the time to dig into what he said. If I have some time over the weekend I may study...
Stay focused on your trading. Pay no attention to naysayers. Carry on, Mate. Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,703
  • Jan 17, 2019 8:46am Jan 17, 2019 8:46am
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Long JY +5 locked Another trade on JY again, on the method that doesn't work so well
  • #7,704
  • Jan 17, 2019 10:34am Jan 17, 2019 10:34am
Quoting lemercenaire
{quote} First of all, thanks for your analysis. I'm not sure I have the energy to test to that level any more. Your thoughts are interesting. For me, there are a handful of flaws in your analysis, however. (...) I do, however, think that that is more a fault of those who have a skewed view of what a genuine working method looks like and unfair expectations as to what is actually involved in making a living by trading, with this method or any other. So, anyway, 1-2-3 is obviously not for you, so I wish you good luck in your fx journey going forward....
Thanks for feedback, I'm semi-professional. It would be awesome to let me know your thoughts regarding the flaws. You said, there are other things you watch out for, so not taking every trade. I think that is the major step for most systems: "You have the bones; now put meat on it" (some nice pro said here).

As I said: The system works by bones, yes. And I'm grateful for TooSlow for showing because he got me Idea to look for lows in market.
But as I also said, for examlpe on EUR/USD 2016 we still had even W/L Ratios over 2,5 on hourly base, now it creeps around 1,2 as I said. That is what I wanted to mention. But yes, you definetly have a market edge. For me it is always a pity that newcomers trades 10 trades and the are frustated like puntid28.

Quoting hal7
(...)I guess the gist was this method is not supposed to work. I may or may not address that later.(...)Also take a look at the AU short from yesterday (arrow) I was not on for that full ride but I did take that trade and look where it went.
Thanks Hal for sharing. As You could see on Bone Backtest it works, yes. But I'm not satisfied with the outcome, especially because of the spread/TP ratio. I find it really hard currently to stay in Market for bigger moves than 5 pips (I use something similar). AS I said, 2016 was nice but it drops down to a minimum edge (for me at least on bone trading).

With what I have a problem is to handle the bigger SL if the LOW of the current entry candle has too much space to a low after the entry with 5 Pips TP. I have to check if the W/L Ratio gets better if the low of the entry candle is only few pips away from the open. But I suggest that you than get out too often due to the little Space you have (so you have less loss but more often,- so at the end it would be the same as just taking every trade, even with a bigger SL).

Quoting TooSlow
{quote} Stay focused on your trading. Pay no attention to naysayers. Carry on, Mate. Cheers!
Hmmm....I am not a naysayer...I just wanted the people to understand the the W/L Ratio on the bone trading of that system (market edge) currently is very low,- at least on EUR/USD compared to 2016. For example the GBP/USD currently is hard to trade because lots of fake price action is going on so the bone method presented is not sufficient to make a living out of it. May be you give hints how to handle that?

Anyway thanks for reply all, good trades!
  • #7,705
  • Jan 17, 2019 11:15am Jan 17, 2019 11:15am
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Long NZ +5 locked 2nd score on this pair, this time with the heavy lumber

Thanks Hal for sharing. As You could see on Bone Backtest it works, yes. But I'm not satisfied with the outcome, especially because of the spread/TP ratio. I find it really hard currently to stay in Market for bigger moves than 5 pips (I use something similar). AS I said, 2016 was nice but it drops down to a minimum edge (for me at least on bone trading).

With what I have a problem is to handle the bigger SL if the LOW of the current entry candle has too much space to a low after the entry with 5 Pips TP. I have to check if the W/L Ratio gets better if the low of the entry candle is only few pips away from the open. But I suggest that you than get out too often due to the little Space you have (so you have less loss but more often,- so at the end it would be the same as just taking every trade, even with a bigger SL).

I won't go into analysis now, because I don't have the time. I don't take every trade that shows for one thing, also there are many variations of trade management and profit taking. My target is always to get to +5 (locked) but like them when then run on too... not so easy to catch the ride but sometimes do. Offsets losses. But analyzing this method mechanically with a straight P/L potential I would probably not trade it either. But for me it works the way I apply it and I am changing things as I go, in managing the trade, sometimes for better, sometimes for worse... but certainly learn in the process. And the core principles stay the same without changing settings because there are none to change.
Good Trading to you also
  • #7,706
  • Jan 18, 2019 4:07am Jan 18, 2019 4:07am
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Short CF +5 locked
  • #7,707
  • Jan 18, 2019 5:57am Jan 18, 2019 5:57am
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Long AU +5 locked
  • #7,708
  • Jan 18, 2019 6:44am Jan 18, 2019 6:44am
Maybe a stupid and already answered question for Hal:

WHEN you lock 5 pips? In the moment that price goes +5? Or you wait for example price goes for +10?
  • #7,709
  • Jan 18, 2019 6:55am Jan 18, 2019 6:55am
Quoting MrGreen95
Maybe a stupid and already answered question for Hal: WHEN you lock 5 pips? In the moment that price goes +5? Or you wait for example price goes for +10?
It's a good question, when I say +5 locked it is just a target that I am looking to get to alter the trade. So at +5 on the trade I might move my stop to BE +1, I might take a % profit off, or take the 5 pips as profit. It all depends on price movement or may be on that particular day I am looking for a run on the trade I will move my stop to BE +1, then if it gets to +10 I may put on a 10 trailer, if it moves to big numbers like +40 I often will switch to a 20 trailer.
  • #7,710
  • Jan 18, 2019 1:29pm Jan 18, 2019 1:29pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,711
  • Jan 21, 2019 2:33am Jan 21, 2019 2:33am
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Short EU +5 locked
  • #7,712
  • Jan 22, 2019 2:41am Jan 22, 2019 2:41am
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Long GU +5 locked
  • #7,713
  • Jan 22, 2019 3:23am Jan 22, 2019 3:23am
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Short EG +5 locked
  • #7,714
  • Jan 23, 2019 4:15am Jan 23, 2019 4:15am
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Short GU +5 locked Look how my long progressed from yesterday, damn wish I had stayed in it...
  • #7,715
  • Jan 23, 2019 5:47am Jan 23, 2019 5:47am
Quoting hal7
{image} Short GU +5 locked Look how my long progressed from yesterday, damn wish I had stayed in it...
I also too this trade but took the whole position at 6 pips out! I'm glad I did. Awaiting new high to see if I'm in for another short!
  • #7,716
  • Jan 23, 2019 6:47am Jan 23, 2019 6:47am
Quoting Wapen
{quote} I also too this trade but took the whole position at 6 pips out! I'm glad I did. Awaiting new high to see if I'm in for another short!
Yep out at the right time on this day. Yet yesterday having stayed in it does not look like the BE+1 got taken out on the long and that would still be riding around +150. Woulda, coulda, shoulda. And then there is trading. Which makes it fun.
  • #7,717
  • Jan 23, 2019 6:50am Jan 23, 2019 6:50am
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Long EU +5 locked An interesting turn on this one. Just missed getting stopped on the first trade so added a second which was pretty risky as it moved still lower but turned around and got both trades out.
  • #7,718
  • Jan 23, 2019 7:25am Jan 23, 2019 7:25am
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Short AU +5 locked I set this trade with a sell stop. It took a bit for it to come in after it triggered, but was my trade of the day with 1% riding. You can see how nicely it lined up off that top. I like this pair along with NZ in the London and US session as it generally has made its move earlier through Asian.
  • #7,719
  • Jan 23, 2019 7:35am Jan 23, 2019 7:35am
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Long CA +5 locked Off a buy stop same bar. I caught the US Retail Trade numbers that propelled it
  • #7,720
  • Jan 23, 2019 9:24am Jan 23, 2019 9:24am
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Short EJ +5 locked Pretty good day trading today 8 of 9 hit, and recovered the loss. Beginning to think I am invincible. Famous last words.
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