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Trading is as simple as 1-2-3

  • #9,401
  • Dec 6, 2019 11:59am Dec 6, 2019 11:59am
Quoting tiestobob
So then this should be a valid entry. Short on H1[0] open? {image}
Yes. Short at H1[0] for a valid 1-2-3 entry.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,402
  • Dec 6, 2019 12:26pm Dec 6, 2019 12:26pm
Quoting lemercenaire
{quote} Yes. As price crosses back over that candle's open level.
Quoting TooSlow
{quote} Yes. Short at H1[0] for a valid 1-2-3 entry.

how do you use the previous day D1[1] daily high/low in this system? is it used at all?
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  • #9,403
  • Edited 2:03pm Dec 6, 2019 12:36pm | Edited 2:03pm
Are all those lower low's valid signals for entry LONG?

UJ H1:

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  • #9,404
  • Dec 6, 2019 2:22pm Dec 6, 2019 2:22pm
Quoting tiestobob
{quote} {quote} how do you use the previous day D1[1] daily high/low in this system? is it used at all?
I only use it as a reference line-in-the-sand, making a note where price is in relation to the last Daily Extreme.
  • #9,405
  • Dec 6, 2019 2:25pm Dec 6, 2019 2:25pm
Quoting tiestobob
Are all those lower low's valid signals for entry LONG? UJ H1: {image}
Depends on whether price made a new low before retracing back over the open level. If it did, then it wouldn't be a valid entry candle.
  • #9,406
  • Dec 6, 2019 3:29pm Dec 6, 2019 3:29pm
Quoting lemercenaire
{quote} Depends on whether price made a new low before retracing back over the open level. If it did, then it wouldn't be a valid entry candle.
So I guess the sequence of events plays an important role here. So this system can't really be backtested...am I right?
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  • #9,407
  • Dec 6, 2019 3:46pm Dec 6, 2019 3:46pm
Quoting tiestobob
{quote} So I guess the sequence of events plays an important role here. So this system can't really be backtested...am I right?
Backtested? There are 471 pages in this thread. What will backtesting do that you can't find in 471 pages?

Did you see the date of POST #1? It is First Post: Jul 16, 2015 11:07am. What do you think has happened in over 4 years? Have you bothered to read even 100 pages of this thread? Has this method changed since POST #1? How about taking ten 1 microlot trades and see what happens? Risk $1.00 (10 pips) PER TRADE. The worst that can happen is you lose $10.00, about 2 cups of coffee. Either get in the fight and learn how to trade or you can sit in the bleachers eating popcorn, like a bloody punter, and watch us trade.

Take the time to view this video:

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Cheers, Mate!!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,408
  • Dec 6, 2019 4:08pm Dec 6, 2019 4:08pm
Quoting TooSlow
{quote} Backtested? There are 471 pages in this thread. What will backtesting do that you can't find in 471 pages? Did you see the date of POST #1? It is First Post: Jul 16, 2015 11:07am. What do you think has happened in over 4 years? Have you bothered to read even 100 pages of this thread? Has this method changed since POST #1? How about taking ten 1 microlot trades and see what happens? Risk $1.00 (10 pips) PER TRADE. The worst that can happen is you lose $10.00, about 2 cups of coffee. Either get in the fight and learn how to trade or you can...
Yes I read the first post many times over. It was vague hence me asking the questions. And as for backtesting, reading last 471 pages won't achieve that. i can see the setups on my platform as well just by looking at previous candles. but whether not the candle made a new low/high before retracing towards the daily open is something you can only find out during real time trading as lemercenaire posted. And yes, I have been trading this system forward. it is the only way to trade it, and the only way to actually learn. I've only been introduced to this thread 3-4 days ago and acknowledge that post #1 is all you need. I just wanted clarification on post #1 that's all. I read the first 10 pages and it from there it was just people posting setups which didn't answer my question.

Anyways, thanks for the system, it has potential, but only if traded diligently and carefully. pip gain potentials in some instances are no more than 3-5 pips per trade so one ought to be careful as price can reverse a long way against you as well. I guess that can be said about any system. Money management is it.
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  • #9,409
  • Dec 7, 2019 4:32am Dec 7, 2019 4:32am
Quoting tiestobob
{quote} So I guess the sequence of events plays an important role here. So this system can't really be backtested...am I right?
i think u can do backtest using 1m-5m chart to see if price made low before retracing back over the open level or not example :-
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  • #9,410
  • Dec 7, 2019 9:06am Dec 7, 2019 9:06am
Quoting Drakeras
{quote} i think u can do backtest using 1m-5m chart to see if price made low before retracing back over the open level or not example :- {image}
Yes, you could but that would be drudge work in the extreme

Better to forward test, especially as this lets you gain experience in the way whatever money management method you chose works (or doesn't) for you.

You will quickly find that one, two or maybe three pairs which you learn inside out will give you the confidence to go in heavy, so maximising return on the +1, +2, +5 pips you tend to get, on a method which rewards strike rate over standard concepts of risk:reward.
  • #9,411
  • Dec 7, 2019 10:02am Dec 7, 2019 10:02am
Quoting lemercenaire
{quote} Yes, you could but that would be drudge work in the extreme Better to forward test, especially as this lets you gain experience in the way whatever money management method you chose works (or doesn't) for you. You will quickly find that one, two or maybe three pairs which you learn inside out will give you the confidence to go in heavy, so maximising return on the +1, +2, +5 pips you tend to get, on a method which rewards strike rate over standard concepts of risk:reward.

I appreciate your posts they are very helpful.

I think you’d need to trade pairs that have very low spread as you said the pip gains are typically +1-5 pips for a typical setup. You can probably get some good running ones with a trailing stop if you manage the trade actively.

Do you have any particular favourites pair wise or the majors are what you typically screen for setups ?
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  • #9,412
  • Dec 7, 2019 10:54am Dec 7, 2019 10:54am
Quoting Drakeras
{quote} i think u can do backtest using 1m-5m chart to see if price made low before retracing back over the open level or not example :- {image}
I was trading exactly that, 11.03 minutes the price goes very fast with the opening level.
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  • #9,413
  • Dec 7, 2019 1:53pm Dec 7, 2019 1:53pm
Quoting tiestobob
{quote} I appreciate your posts they are very helpful. I think you’d need to trade pairs that have very low spread as you said the pip gains are typically +1-5 pips for a typical setup. You can probably get some good running ones with a trailing stop if you manage the trade actively. Do you have any particular favourites pair wise or the majors are what you typically screen for setups ?
I specialise in The DAX and run multiple methods over that not multiple pairs in one method.

However, if I come across something as I scan the charts in quiet times I will take it. Generally I'll look at UC, UJ above others.

The spread as you say, does play a part but then it does for any method which is basically a scalping one.
  • #9,414
  • Dec 7, 2019 7:18pm Dec 7, 2019 7:18pm
Quoting tiestobob
{quote} Anyways, thanks for the system, it has potential, but only if traded diligently and carefully. pip gain potentials in some instances are no more than 3-5 pips per trade so one ought to be careful as price can reverse a long way against you as well. I guess that can be said about any system. Money management is it.
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Do not confuse the system with the performance of the trader. The system is the system. It is up to the trader to master the system.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,415
  • Dec 7, 2019 10:42pm Dec 7, 2019 10:42pm
Quoting TooSlow
{quote} {image} Do not confuse the system with the performance of the trader. The system is the system. It is up to the trader to master the system.
Can you elaborate on rule #2 please? I noticed that most people on this thread are not really abiding by rule #2 and I understand that because if you do then there's very very few setups that occur to satisfy rules #1,2, and 3.

I have rarely seen setups in the past bars where current bar has tested the previous daily high/low and then reversed the other way towards open and beyond.

Can you elaborate on this I mean do you take all you trades based on current candle H1[0] testing the daily high/lows and if so what do you mean by test? like touching the same level or just going towards it a bit and reversing? based on some of the 'accepted' setups posted on this thread I noticed people will take trades even if price merely goes towards the daily high or low a tiny bit and retraces back towards the open ...
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  • #9,416
  • Dec 7, 2019 10:58pm Dec 7, 2019 10:58pm
Quoting tiestobob
{quote} Can you elaborate on rule #2 please? I noticed that most people on this thread are not really abiding by rule #2 and I understand that because if you do then there's very very few setups that occur to satisfy rules #1,2, and 3. I have rarely seen setups in the past bars where current bar has tested the previous daily high/low and then reversed the other way towards open and beyond. Can you elaborate on this I mean do you take all you trades based on current candle H1[0] testing the daily high/lows and if so what do you mean by test? like...
"Test" is an admittedly slightly fluid term and open to interpretation.

In true-to-the-core ruling, then the trader would wait to see if price goes all the way up or down to the High or Low and then not pass that level.

However, how do you know if this move is the last one? Perhaps it'll drop away and then come back up an set a new H or L?

Well, you don't know.

You are basically using your eyes to see if perhaps price is moving fast, if it is hesitant etc. Perhaps down on the 5-min or 1-min charts you are seeing price-action that is giving you clues that a reversal is (or isn't) coming.

However, all of that makes for quite a long and cumbersome "rule", lol. So it gets streamlined and simplified.

Usually so long as price has made one half-decent move towards the extreme and then turned away, we will enter if it then crosses the Open Level.

You will get times when price immediately Opens the new H1 bar and drops away and yes, some will jump on board - and that will technically be a late entry, as the spread will mean your entry is already past your technical entry level.

That is a personal call.

However, in many of those kind of situations, you will find price will revisit the entry level and give you an opportunity to go on then. Not strictly in the rule book but hey, perfect the method and then make it your own.

If you don't feel comfortable with any given set up, then simply don't take it. There will always be another trade.
  • #9,417
  • Dec 8, 2019 10:29am Dec 8, 2019 10:29am
Hi,

Is the indicator available for a platform other than MetaTrader?

I am having difficulties installing MetaTrader on macOS
  • #9,418
  • Dec 8, 2019 10:45am Dec 8, 2019 10:45am
Quoting yikes
Hi, Is the indicator available for a platform other than MetaTrader? I am having difficulties installing MetaTrader on macOS
Only mt4. However, can you not set up a virtual PC desktop on your Mac?
  • #9,419
  • Dec 8, 2019 3:26pm Dec 8, 2019 3:26pm
Quoting lemercenaire
{quote} Only mt4. However, can you not set up a virtual PC desktop on your Mac?
Yes, I just didn't want to have to install a virtual desktop, but I will.

thanks for the help, I don't want to dirty the thread very much with this kind of question
  • #9,420
  • Dec 8, 2019 7:42pm Dec 8, 2019 7:42pm
Quoting yikes
{quote} Yes, I just didn't want to have to install a virtual desktop, but I will. thanks for the help, I don't want to dirty the thread very much with this kind of question
That's no problem, it's a valid question.

It can be cost effective to buy a refurbed i7 laptop on your friendly neighbourhood auction site and put nothing on it but your broker's mt4.

Ex-gaming machines are great.
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