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Less Watch time Method (LWTM)

  • #121
  • Jul 30, 2021 10:58am Jul 30, 2021 10:58am
Quoting Wiiikkks
{quote} Yes you are always welcome here for sharing your analysis which benefits others too. Have a blessed weekend. Its called fear of lossing pips, its hardest thing to overcome i feel in my trading history. After few pips we feel that we should close the trade otherwise we will loss these green pips. After closing trade we see market moves in the same direction and force us to open again at bad price. I have overcome these habits strictly follwing the pre planned rules.
Actually i'm not afraid of the market,I overcome this long time ago....broker has to be afraid of me lol...thats how I think,I was buying GU and GJ on the stop hunt at 3.40am London Open and Sell Gold at a breakout and retest.I didn't keep much exposure at any time,as I open multiple positions,small ones and close.
That's why I use small targets...your GBPUSD strategy is very good,teaches traders not to return all the money in profit back to the broker,but only minimum pips.

I have a daily goal and usually 1-3 instruments alone I trade - GU,GJ & XAUUSD

Have a good weekend too bro and be safe.Take care of the family.

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  • #122
  • Jul 30, 2021 11:08am Jul 30, 2021 11:08am
Quoting scsstnt
{quote} Actually i'm not afraid of the market,I overcome this long time ago....broker has to be afraid of me lol...thats how I think,I was buying GU and GJ on the stop hunt at 3.40am London Open and Sell Gold at a breakout and retest.I didn't keep much exposure at any time,as I open multiple positions,small ones and close. That's why I use small targets...your GBPUSD strategy is very good,teaches traders not to return all the money in profit back to the broker,but only minimum pips. I have a daily goal and usually 1-3 instruments alone I...
It's the same that i have used before, I open trades on London and NY open and get out with 25 or 30 pips on each trade. My daily goal was minimum 50 pips on GU. But now i have full day job and i can't give much time to screen thats why i have adapt the change and develop LWTM.
  • #123
  • Jul 30, 2021 11:42am Jul 30, 2021 11:42am
Quoting Wiiikkks
{quote} It's the same that i have used before, I open trades on London and NY open and get out with 25 or 30 pips on each trade. My daily goal was minimum 50 pips on GU. But now i have full day job and i can't give much time to screen thats why i have adapt the change and develop LWTM.
LWTM, very nice name you invented We can work on this each day in it development,this encourages me so much more since you are not dependant on indicators.
Thank for your reply.
  • #124
  • Jul 30, 2021 12:07pm Jul 30, 2021 12:07pm
Quoting Wiiikkks
I didn't closed today because of, 1- bearsh setup on 1H NY open candle, 2- GBP is under pressure because of corona delta viruse cases increasing in UK, 3- GU is extended widely, 4- it's possible GU may open at lower price on monday.
GU is doing great, entered again at 1.3949.
  • #125
  • Jul 30, 2021 9:55pm Jul 30, 2021 9:55pm
Quoting Wiiikkks
Okay here we add something to this system to reduce the drawdown. This system works perfect in trending market but in consolidation phase it sucks sometime. Here is the solution that I'm going to test from now on.... Consider the range of 1H NY open candle, it must be less than the 4 times of the range of last day ( last day range means starting from opening of last day NY session to the start of todays NY session) E.g, last day (thursday) range is almost 68 pips and if we divide it by 4 (68÷4) we get 17. So last friday NY open 1H candle range must...
What do you think about using a currency strength meter in combination with the candle patterns you are looking for? For example, if you are trading GBPUSD, then look at currency strength for the H4 or H8. If GBP is stronger, then look to go long on GBPUSD when you get a signal, and vice versa. Or trade the strongest currency against the weakest.
Learn from your mistakes and march on.
  • #126
  • Jul 31, 2021 12:47am Jul 31, 2021 12:47am
Quoting here2there
{quote} What do you think about using a currency strength meter in combination with the candle patterns you are looking for? For example, if you are trading GBPUSD, then look at currency strength for the H4 or H8. If GBP is stronger, then look to go long on GBPUSD when you get a signal, and vice versa. Or trade the strongest currency against the weakest.
All currency strength meter indicators have lagging element.
  • #127
  • Jul 31, 2021 4:00am Jul 31, 2021 4:00am
Quoting Wiiikkks
{quote} All currency strength meter indicators have lagging element.
By definition, everything we look at has a lagging element. Lagging element isn't what is preventing the tools from being used effectively.
  • #128
  • Jul 31, 2021 10:39am Jul 31, 2021 10:39am
Quoting here2there
{quote} What do you think about using a currency strength meter in combination with the candle patterns you are looking for? For example, if you are trading GBPUSD, then look at currency strength for the H4 or H8. If GBP is stronger, then look to go long on GBPUSD when you get a signal, and vice versa. Or trade the strongest currency against the weakest.
Higher TFs alike H1 and or above usually easy to trade especially when price turn into either trend,the hard part came when price movement in choppy state where mostly traders,system and setup fails -
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  • #129
  • Jul 31, 2021 11:01am Jul 31, 2021 11:01am
Quoting here2there
{quote} What do you think about using a currency strength meter in combination with the candle patterns you are looking for? For example, if you are trading GBPUSD, then look at currency strength for the H4 or H8. If GBP is stronger, then look to go long on GBPUSD when you get a signal, and vice versa. Or trade the strongest currency against the weakest.
The problem with currency strength type indicators is, they alert you to a small part of the action in the market. There is already plenty of action in the market as it is, you don't need currency strength indicator to limit your view to one or a few pairs.
  • #130
  • Jul 31, 2021 11:44pm Jul 31, 2021 11:44pm
Quoting renminbi
{quote} The problem with currency strength type indicators is, they alert you to a small part of the action in the market. There is already plenty of action in the market as it is, you don't need currency strength indicator to limit your view to one or a few pairs.
It is apparent you don't have much experience trading with currency strength meters. They are quite reliable when you know how to use them.
Learn from your mistakes and march on.
  • #131
  • Jul 31, 2021 11:46pm Jul 31, 2021 11:46pm
Quoting mntiwana
{quote} ...the hard part came when price movement in choppy state where mostly traders,system and setup fails - {image}
A good currency strength meter can keep you from getting trapped in such conditions.
Learn from your mistakes and march on.
  • #132
  • Jul 31, 2021 11:55pm Jul 31, 2021 11:55pm
Quoting here2there
{quote} It is apparent you don't have much experience trading with currency strength meters. They are quite reliable when you know how to use them.
I'm not saying they are reliable and I'm not saying they aren't reliable. What I was saying is they alert you only to part of the action in the markets. There is plenty of action in the markets that a currency strength indicator wouldn't even alert you to, does it make sense now?
  • #133
  • Aug 1, 2021 12:19am Aug 1, 2021 12:19am
Quoting renminbi
{quote} ...What I was saying is they alert you only to part of the action in the markets. There is plenty of action in the markets that a currency strength indicator wouldn't even alert you to...
But that really doesn't matter. The purpose of a currency strength meter is to measure strength and weakness. It's up to you to determine how you are going to use that information for trading.
Learn from your mistakes and march on.
  • #134
  • Aug 1, 2021 12:28am Aug 1, 2021 12:28am
Quoting here2there
{quote} But that really doesn't matter. The purpose of a currency strength meter is to measure strength and weakness. It's up to you to determine how you are going to use that information for trading.
I'm just making the comment that it really is restricting your view to what everyone else in the world is also looking at who is also using a currency strength indicator. I used to like it until I learned a bit more and now it seems pointless. Currency strength indicators are only fun while they work and, they don't always work regardless of whatever variation. The idea of it really is just not robust.
  • #135
  • Aug 1, 2021 1:11am Aug 1, 2021 1:11am
Quoting renminbi
{quote} I'm just making the comment that it really is restricting your view to what everyone else in the world is also looking at who is also using a currency strength indicator. I used to like it until I learned a bit more and now it seems pointless. Currency strength indicators are only fun while they work and, they don't always work regardless of whatever variation. The idea of it really is just not robust.
Currency strength indicators should work on the basis of standard indicators, but similar to the evaluation of football results. Each TF will run one round.
Please excuse the bad English via Google Translate.
  • #136
  • Aug 1, 2021 1:41am Aug 1, 2021 1:41am
Quoting dokopy
{quote} Currency strength indicators should work on the basis of standard indicators, but similar to the evaluation of football results. Each TF will run one round.
I understand it is a training wheel but I am certain it will be discarded at some point.
  • #137
  • Aug 1, 2021 7:50am Aug 1, 2021 7:50am
Quoting renminbi
{quote} I understand it is a training wheel but I am certain it will be discarded at some point.
LOL, a 'training wheel'? No. That comment suggests to me that you really don't know how to use a currency strength meter for trading. Professional traders also use currency strength meters.
Learn from your mistakes and march on.
  • #138
  • Aug 1, 2021 8:02am Aug 1, 2021 8:02am
Quoting here2there
{quote} LOL, a 'training wheel'? No. That comment suggests to me that you really don't know how to use a currency strength meter for trading. Professional traders also use currency strength meters.
Professional and retail trading are completely different. Retail trading requires a hell-of-a-lot more skill to become profitable in than any so called professional trader needs.
  • #139
  • Aug 1, 2021 8:06am Aug 1, 2021 8:06am
Quoting here2there
{quote} LOL, a 'training wheel'? No. That comment suggests to me that you really don't know how to use a currency strength meter for trading. Professional traders also use currency strength meters.
It's not even sensible for someone to claim knowledge with conviction on this type of forum unless they're at minimum showing a TE to back up what they're saying. As far as I can see, you have none so "LOL" back to you.
  • #140
  • Aug 1, 2021 8:09am Aug 1, 2021 8:09am
Quoting renminbi
{quote} Professional and retail trading are completely different. Retail trading requires a hell-of-a-lot more skill to become profitable in than any so called professional trader needs.
Yet another comment that suggests you are clueless about how to use a currency strength meter correctly. Your comment also suggests you don't have much experience trading.

It's not necessarily skill that separates a retail trader from a professional trader, but occupation/employment. A retail trader could have just as much skill trading as a professional trader, and even more.
Learn from your mistakes and march on.
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