I decided to to take a little vacation from trading this week, see you all next week.Our beaches are open again so time to reconnect with the ocean.
every Saint has a past. Every Sinner has a Future
Williams%R, SAR X-over 15 minute candles
- #861
- Aug 20, 2020 9:57am Aug 20, 2020 9:57am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
Trade Examples - Thursday 20th 60 Min Change Direction/Momentum System
A forum member contacted me yesterday and asked why I did not take certain set up's from the prior day and my response was:
i. I did but with another system that utilises a different entry method;
ii. This particular system is not great when an existing trend is in place with no retracement;
iii. This is a system that is repeatable, reliable and reasonably mechanical.
In terms of losses; the system does not produce many losses but rather it's fault lies in the fact that it will miss opportunities; particularly when a strong candle (say >50% of the ADR) breaks the EMA. This system relies on a retracement in the next hour or so before a further leg and therefore if there is no retracement and if price is a runaway train, there will be no entry opportunity. But this system has made great pips this week, and isn't that what we all want?
But if you can bank 30-50 pips day in and day out you will make it in this game.
A forum member contacted me yesterday and asked why I did not take certain set up's from the prior day and my response was:
i. I did but with another system that utilises a different entry method;
ii. This particular system is not great when an existing trend is in place with no retracement;
iii. This is a system that is repeatable, reliable and reasonably mechanical.
In terms of losses; the system does not produce many losses but rather it's fault lies in the fact that it will miss opportunities; particularly when a strong candle (say >50% of the ADR) breaks the EMA. This system relies on a retracement in the next hour or so before a further leg and therefore if there is no retracement and if price is a runaway train, there will be no entry opportunity. But this system has made great pips this week, and isn't that what we all want?
But if you can bank 30-50 pips day in and day out you will make it in this game.
Trade Examples - Friday 21st - 60 Min Change Direction/Momentum System
A few traders have messaged me these last few days showing me that there were probably better entries available earlier in the move. Fair enough. I have never claimed this is the ultimate entry methodology; rather it is simply a methodical, repeatable, mechanical and consistent method to enter off a lower time-frame in line with a higher time frame change of direction/momentum.
A few traders have messaged me these last few days showing me that there were probably better entries available earlier in the move. Fair enough. I have never claimed this is the ultimate entry methodology; rather it is simply a methodical, repeatable, mechanical and consistent method to enter off a lower time-frame in line with a higher time frame change of direction/momentum.
Trade Examples - Friday 21st - 60 Min Change Direction/Momentum System A few traders have messaged me these last few days showing me that there were probably better entries available earlier in the move. Fair enough. I have never claimed this is the ultimate entry methodology; rather it is simply a methodical, repeatable, mechanical and consistent method to enter off a lower time-frame in line with a higher time frame change of direction/momentum. {image}
. I verified all 28 pairs(Majors, Minors) for Friday 21st - almost all pairs had signals(between london and NY session) following your rules..but you only entered on 9 trades as i see your document. Do you only trade limited pairs?
{quote} Thanks RobDragon for your selfless contribution
{quote} Vivi-l, my pleasure. Because I am not a "natural trader" I have need a very specific rule based criteria to approach the markets. Essentially, I need to be able to save me; from me! In terms of Friday, it was an extraordinary day in terms of qualifying pairs and generally I would not look to trade anything more than four (4) times a day. Further, from a risk perspective traders need to be adroit at handling multiple trades with multiple common currencies involve. For example if the GBP crosses all take off due to GBP weakness and strength...
..I like your mechanical approach.... I traded few mechanical systems before..but my problem is when I hit a losing streak, I lose the trust in the system and I deviate from the original rules. Another problem that I m facing when I have more pairs is overtrading.. Days like last Friday would have ended in a loss for me 
. I will try your system this week and will share my experience.
{quote} Thanks RobDragon..Me too, not a natural trader
