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SRDC Episode I

  • #21
  • Edited 4:11am Oct 26, 2006 3:31am | Edited 4:11am
Examples (I miss wrote outside bars. It should read Inside Bar)
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Indicators show the past. Price Action "Indicates" the future.
  • #22
  • Edited 3:47am Oct 26, 2006 3:36am | Edited 3:47am
Example ( I should post these on the James16 thread ) red doted line 365 ema
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Indicators show the past. Price Action "Indicates" the future.
  • #23
  • Oct 26, 2006 11:08am Oct 26, 2006 11:08am
Quoting Najib the Newbie
BTW, as for my point of view about this method, to backtest it, using the daily bar is not a good idea.

Why? Because if the yesterday's high is broken, there are still posibilities that the price goes back down for sometime before contineu rising back up and therefore SL could have been hit. We cannot see that on daily bar. The best is that backtest it on 1hr time frame.

Just my 2 mini lot point of view.
What is a stoploss? Simple, to stop your losses:

a) When the trend is the reverse of your trade, losses is minimised
b) Not to get of a trade during a temporary reversal.

I see your point. When in doubt about the stop loss, put a bigger SL. Because average penetration of S&R is +-50pips. Or, dont put a SL at all. Not recommended when still a newbie tho.

Thanks
Change Your Thinking. Change Your Life - JD
  • #24
  • Oct 26, 2006 11:11am Oct 26, 2006 11:11am
Quoting jarroo
OrangeRoshan's SRDC method


Orange, this method along with James16 price action looks great.

I've been using James' price action with the previous day's and week's high and low (also the overall trend,fibs, pivots and 365 ema)to add support and resistance confluence.

The key is confluence (other indications not indicators)with price action.

I'll show examples.

Jim
Yes, I agree because it helps to filter the trades. I didnt mentioned it because, i donot want to make the method too complicated (as it is, it can be very profitable too) and dont have too much time to explain it in details.

But, you are welcome to elaborate it here, as it will help lots of good traders who wants to learn.
Change Your Thinking. Change Your Life - JD
  • #25
  • Oct 26, 2006 11:12am Oct 26, 2006 11:12am
Quoting AbgZuhaini
I just made +30 using u system, Thanks and SHR
Welcome to Hapi Pipland Abg!
Change Your Thinking. Change Your Life - JD
  • #26
  • Oct 26, 2006 11:19am Oct 26, 2006 11:19am
Quoting OrangeRoshan
Not recommended when still a newbie tho.

Thanks
Im a Newbie and always be...my FF name said so
Actually i use this on one of my trading method unfortunatly I fail to realise using daily bar, we could get higher % of winning. I usually view a 5min or 15min time frame and enter any recent Support or resistance. This could help me keep on more to winning side.

Keep rocking OrangeRoshan!
I Love Forex Factory!
  • #27
  • Oct 26, 2006 11:38am Oct 26, 2006 11:38am
Yupz, I have an aperantice who changed the rule and trade using lower time frame. The result: Disasterous! Daily candles gives a save Margin of pips especially during news. When it penetrates, it PENETRATES like a jedi saber!

Try this: 5 pips only for each major pairs. The 3 monkeys I mentioned in my doc, will give u 15pips total of quality pips!

Fomula: 5pips + spread + 1pip: SL Zero (or 25 for you maybe, hehehee)

Put pending orders on a finish daily candle (like when we straddle). Goto sleep and see your account gain weight the next day!

All the best lol
Change Your Thinking. Change Your Life - JD
  • #28
  • Oct 26, 2006 12:20pm Oct 26, 2006 12:20pm
can we trade during news time which move the market for more than 50 pips? or no trade during news announcement?

hopefully my account gained weight as you said, just like i'm gaining weight pasal open house inda beranti LOL

  • #29
  • Oct 26, 2006 1:01pm Oct 26, 2006 1:01pm
Quoting Narc
can we trade during news time which move the market for more than 50 pips? or no trade during news announcement?

hopefully my account gained weight as you said, just like i'm gaining weight pasal open house inda beranti LOL

Trade anytime as long as the S&R are being penetrated. When you see the trade is 30pips away from either S or R, then place your stop orders. Like I said, when it penetrates, It penetrates!!

The easier way, is placing the stop orders way ahead. This is one of the reason why i created this thread, to see when anyone can comeup with a good EA for it.

So, place your sotp orders and check your account weight tomorrow!! hahahaa
Change Your Thinking. Change Your Life - JD
  • #30
  • Oct 26, 2006 11:29pm Oct 26, 2006 11:29pm
Here are the results of yesterday's trade on the 3 majors:

GBPUSD: +120 pips
EURUSD: +77 pips
AUDUSD: +15pips

However, as I was buzy celebrating Raya, my Tp was only 50 for each except for AUDUSD, which is 20pips

GBPUSD: +50pips
EURUSD: +50pips

I let the AUDUSD to ride since yesterday and eventually get my +20pips just now!

AUDUSD: +20pips

Total Trade: +120pips

Pipastic!!
Change Your Thinking. Change Your Life - JD
  • #31
  • Oct 26, 2006 11:42pm Oct 26, 2006 11:42pm
Orange:

Thanks for sharing your system, I got my first 5 pips today with eur/usd and waiting for the other 5 from gbp/usd. I have a question, you place your orders right at high / low of last day?, and how far do you place a trailing stop?.

thanks.
roger
  • #32
  • Oct 27, 2006 12:47am Oct 27, 2006 12:47am
Orange,

Does the broker/platform's timezone matters in determing the "real" daily candle?

Thanks!
  • #33
  • Oct 27, 2006 1:00am Oct 27, 2006 1:00am
Quoting roger363
Orange:

Thanks for sharing your system, I got my first 5 pips today with eur/usd and waiting for the other 5 from gbp/usd. I have a question, you place your orders right at high / low of last day?, and how far do you place a trailing stop?.

thanks.
roger
Wait until a new candle emerges. Add 1pips + spread above or below the S&R.
Regarding trailing stop, it all depends on the currency pair. Anything with YEN, usually demands min of 30TL. EURGBP usually need only 10, and most other pairs 15. This is my usual TL, fm experience.
Change Your Thinking. Change Your Life - JD
  • #34
  • Oct 27, 2006 1:04am Oct 27, 2006 1:04am
Quoting wallym
Orange,

Does the broker/platform's timezone matters in determing the "real" daily candle?

Thanks!
Not really. There is no such thing as real daily candle. Different bank gives different quotes. Similarly different broker gives different quotes & spreads. What is important, the candle on your platform, unless your platform gives 20 spread on EURGBP!
Change Your Thinking. Change Your Life - JD
  • #35
  • Oct 27, 2006 7:44am Oct 27, 2006 7:44am
Its been another excellent day as minimum target of 5pips for each of the 3 pair are being hit!

GBPUSD: 5pips
EURUSD: 5pips
AUDUSD: 5pips

Total: 15pips (sweet!!)

Now, the trades are riding with SL being adjusted. As I type this, AUDUSD is over 30pips, GBPUSD is also over 20pips and EURUSD is over 10pips!!

Simple system that works!!

Isn't it Fantastic!!
Change Your Thinking. Change Your Life - JD
  • #36
  • Oct 27, 2006 8:02am Oct 27, 2006 8:02am
From the last data being released, Dollar is starting to weaken. Therefore expect GBP, EUR & AUD to bull their way to the next galaxy!!

Pipastic!!
Change Your Thinking. Change Your Life - JD
  • #37
  • Oct 27, 2006 9:18am Oct 27, 2006 9:18am
My TL got hit and here are pips made for Friday Oct 27th

GBPUSD: 62pips
EURUSD: 40pips
AUDUSD: 69pips

Pipastic!!

Fundamental update:

Cable is destined to rise against the weaken dollar as the cable interest rate is projected to increase. With this news, cable will strengtened and when the news is confirm, expect bullish cable all the way!!

Welcome to Hapi Pipland!
Change Your Thinking. Change Your Life - JD
  • #38
  • Oct 27, 2006 9:25am Oct 27, 2006 9:25am
Just made +50 pips using the system on GBPUSD, . I like it because it simple. I combine this system with fibo S&R for Profit taking.
  • #39
  • Oct 27, 2006 9:26am Oct 27, 2006 9:26am
Just incase you are wondering how in the world I get over 60+pips on AUD?
Well, thats the power of fundamentals, I bought it when the AUD went for a dive at the barrier reef! about 20pips extra.

As I type, the pairs are still climbing!

Fantastic!!
Change Your Thinking. Change Your Life - JD
  • #40
  • Oct 27, 2006 9:26am Oct 27, 2006 9:26am
Quoting AbgZuhaini
Just made +50 pips using the system on GBPUSD, . I like it because it simple. I combine this system with fibo S&R for Profit taking.
Welcome to Hapi Pipland!!
Change Your Thinking. Change Your Life - JD
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