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Trading is as simple as 1-2-3

  • #8,481
  • Jun 6, 2019 6:18pm Jun 6, 2019 6:18pm
Quoting lemercenaire
{quote} So basically from one candle to the next, should the present one not make a new extreme and price crosses back over the open, then you have an entry? This is pulling on the tail of RAT theory along with candle colour change and top-of-the-(hour)-bar. Interesting.
Yes, 123. I don’t know what RAT theory is and I’ve always liked candles. I have a friend who incorporates 123 into other good “systems” with good success. I’m not a detail person though, or maybe I just can’t concentrate for long so I much prefer the longer TF. If I can get it to work and understand it better I’ll be happy. “L” plates here.
  • #8,482
  • Jun 6, 2019 6:59pm Jun 6, 2019 6:59pm
Quoting Tereticornis
{quote} Yes, 123. I don’t know what RAT theory is and I’ve always liked candles. I have a friend who incorporates 123 into other good “systems” with good success. I’m not a detail person though, or maybe I just can’t concentrate for long so I much prefer the longer TF. If I can get it to work and understand it better I’ll be happy. “L” plates here.
Actually something just occurred to me after rereading the above posts. What you are describing is actually the Wick Zone principle - which states that price will look to leave the areas between the extremes of high and low and the open and close of any given candle. That is, it will either break out of the H/L or retrace back into the body of the candle.
  • #8,483
  • Jun 6, 2019 7:14pm Jun 6, 2019 7:14pm
Quoting lemercenaire
{quote} Actually something just occurred to me after rereading the above posts. What you are describing is actually the Wick Zone principle - which states that price will look to leave the areas between the extremes of high and low and the open and close of any given candle. That is, it will either break out of the H/L or retrace back into the body of the candle.
now the serious discussion is started, body or wicks in the area of interest? interesting strategy.
  • #8,484
  • Jun 7, 2019 4:05am Jun 7, 2019 4:05am
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Long EJ +5 locked
  • #8,485
  • Jun 7, 2019 5:22am Jun 7, 2019 5:22am
I have a question for everyone guys.. in oder for you guys to start looking for trades... Do you guys wait for a certain time first(session)? Before looking for HoD and LOD

Secondly do you guys use higher time frame for trend direction first or what?

Thirdly... Stops and take profits. Where are you stops and where are your TP Target?
  • #8,486
  • Jun 7, 2019 5:55am Jun 7, 2019 5:55am
Quoting Zekiefx
I have a question for everyone guys.. in oder for you guys to start looking for trades... Do you guys wait for a certain time first(session)? Before looking for HoD and LOD Secondly do you guys use higher time frame for trend direction first or what? Thirdly... Stops and take profits. Where are you stops and where are your TP Target?
You asked a lot of questions there, and everyone probably has a different approach about when take a trade and how they manage it. In my case I don't look for a particular time. I happen to start my trades during the London open session though. Sometimes I can catch the reversal from that time, but have to be careful of bucking a strong move against starting then also.

Another approach could be to wait for the session to play out and look for exhaustion on the move for the day in the other direction. There are really no sure shot approaches. You have to experiment a lot and make trades and learn what suits you best.

I set my stops 5 pips above the high on a short, and 3 pips below a long off the low. If a trades turns quickly against me I may pull the plug sooner to save pips. Talking profit is really a personal thing. I am looking always to get to the +5. From there I may take a percentage off and move my stop up to BE. Then I might switch to a trailing stop of 10 or 20 if the trade moves strongly in my direction. Sometimes I may just take the 5. I vary this, and look at how the market is moving in general.
  • #8,487
  • Jun 7, 2019 6:01am Jun 7, 2019 6:01am
Quoting hal7
{quote} You asked a lot of questions there, and everyone probably has a different approach about when take a trade and how they manage it. In my case I don't look for a particular time. I happen to start my trades during the London open session though. Sometimes I can catch the reversal from that time, but have to be careful of bucking a strong move against starting then also. Another approach could be to wait for the session to play out and look for exhaustion on the move for the day in the other direction. There are really no sure shot approaches....
thanks for your response... I see waiting for London to start or to unfold itself first will work by looking at charts from yesterday....

And with stops and tp obviously as people we differ. Makes sense also more especially with stop loss ppositio.



All of above here you trying to tell me that no higher time frame is being used for overall trend. As long as you had your low or high of the day then you look to strike
  • #8,488
  • Jun 7, 2019 1:58pm Jun 7, 2019 1:58pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,489
  • Jun 7, 2019 2:02pm Jun 7, 2019 2:02pm
Quoting Zekiefx
... All of above here you trying to tell me that no higher time frame is being used for overall trend. As long as you had your low or high of the day then you look to strike
We don't talk about concepts like trend here. High and low are a reality.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,490
  • Jun 10, 2019 2:26am Jun 10, 2019 2:26am
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Short EG +5 locked
  • #8,491
  • Jun 10, 2019 3:11am Jun 10, 2019 3:11am
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Long GU +5 locked
  • #8,492
  • Jun 10, 2019 9:38am Jun 10, 2019 9:38am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,493
  • Jun 11, 2019 2:37am Jun 11, 2019 2:37am
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Short CF +5 locked
  • #8,494
  • Jun 11, 2019 7:17am Jun 11, 2019 7:17am
Quoting hal7
{image} Short CF +5 locked
Dear hal7
Seems that you enter the trade very soon that the method TooSlow explains. Am i right?
can you explain this please?
  • #8,495
  • Jun 11, 2019 9:26am Jun 11, 2019 9:26am
BE +1! One of those days...
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Everything should be made as simple as possible, but no simpler - Einstein
  • #8,496
  • Jun 11, 2019 9:36am Jun 11, 2019 9:36am
Quoting pincher
{quote} Dear hal7 Seems that you enter the trade very soon that the method TooSlow explains. Am i right? can you explain this please?
Hi, not really sure what you are asking by soon. But for the most part I just follow the rules as presented.
  • #8,497
  • Jun 11, 2019 10:14am Jun 11, 2019 10:14am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,498
  • Jun 12, 2019 4:03am Jun 12, 2019 4:03am
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Short EG +5 locked
  • #8,499
  • Jun 12, 2019 4:51am Jun 12, 2019 4:51am
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Short EU +5 locked
  • #8,500
  • Jun 12, 2019 5:35am Jun 12, 2019 5:35am
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Long JY +5 locked
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