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the key to the mint

  • #1,081
  • Jan 3, 2008 4:03am Jan 3, 2008 4:03am
Quoting pipcruiser
Couldn't resist it! Caught another 25 quick pips on EJ from 160,79....Daily total 75 net pips.

PC
Yes, I still have them open.

151 on GY
60 on GU
37 on AJ
61 on GC
50 on EJ

This is why I posted those indicators. The potential is huge, if you always have a SL of 30 pips why set a TP and not let the winners ride ? After a while move SL to breakeven and keep monitoring. Use a combination of support and resistance, fibonacci levels and candlestick patterns on 30 mins chart to close your trades.
The quality of your life is brought about by the quality of your thinking.
  • #1,082
  • Jan 3, 2008 4:11am Jan 3, 2008 4:11am
I've set some TP

GY 214.95
GU 1.9700
GC 2.1995
EJ 160.20
AJ not decided yet
The quality of your life is brought about by the quality of your thinking.
  • #1,083
  • Jan 3, 2008 4:12am Jan 3, 2008 4:12am
Excellent trading .

Let me tell you how I use Harold's system.

I use it as my daily "guide". I only take signals in the direction of the daily/1 hr as per the rules.

Then I move on to more basic "tools" like S/R, Fibs and round numbers.

In my opinion this is the best way to use this system, if you don't wanna trade it mechanically.

Next step for me is to let the winners run longer, but I like a profit in the pocket, well the usual dilemma when in a winning trade, but I don't complain when I bank a profit, even 1 pip is a victory

PC


Quoting hornet
Yes, I still have them open.

151 on GY
60 on GU
37 on AJ
61 on GC
50 on EJ

This is why I posted those indicators. The potential is huge, if you always have a SL of 30 pips why set a TP and not let the winners ride ? After a while move SL to breakeven and keep monitoring. Use a combination of support and resistance, fibonacci levels and candlestick patterns on 30 mins chart to close your trades.
Less is more...
  • #1,084
  • Jan 3, 2008 4:15am Jan 3, 2008 4:15am
Quoting pipcruiser
I use it as my daily "guide". I only take signals in the direction of the daily/1 hr as per the rules.

Then I move on to more basic "tools" like S/R, Fibs and round numbers.

In my opinion this is the best way to use this system, if you don't wanna trade it mechanically.
So we are on the same wavelength
The quality of your life is brought about by the quality of your thinking.
  • #1,085
  • Jan 3, 2008 4:23am Jan 3, 2008 4:23am
LOL yes, but you have more ice in the stomach way to go...

PC

Quoting hornet
So we are on the same wavelength
Less is more...
  • #1,086
  • Jan 3, 2008 4:25am Jan 3, 2008 4:25am
Quoting hornet
I've set some TP

GY 214.95
GU 1.9700
GC 2.1995
EJ 160.20
AJ not decided yet
GY TP +182 pips
EJ TP +78 pips
The quality of your life is brought about by the quality of your thinking.
  • #1,087
  • Jan 3, 2008 4:28am Jan 3, 2008 4:28am
Quoting pipcruiser
LOL yes, but you have more ice in the stomach way to go...

PC
As I said, I am only demoing today.

I like this strategy but trading it mechanically is not the best way to profit from it. You will still win but, discretion is required on exits. I agree with set SL even though 30 pips on JPY pairs might be too small.

This is just my 2 cents, coming as a contribution to thread and not a critique to the strategy.
The quality of your life is brought about by the quality of your thinking.
  • #1,088
  • Edited 5:16am Jan 3, 2008 4:36am | Edited 5:16am
GY TP +182 pips
EJ TP +78 pips
GC TP +107 pips
AJ closed it +72 pips
GU closed for +40 pips

Total for the day +479pips (4,410$)

It could have been more but I am quite satisfied for first day of demoing this strategy.
The quality of your life is brought about by the quality of your thinking.
  • #1,089
  • Jan 3, 2008 5:42am Jan 3, 2008 5:42am
I'm going to go out on a limb here and disagree with you. IMO, discretion should be required with the entries and not the exits.

With Pivot Points and Fibos, people tend to MAKE them work in hindsight alot, even if price undershoots or overshoots a level before retracing, people will still say "look, it bounced there".

I did an interesting experiment once with S&R on GBPJPY. I inserted a horizontal line on every peak and valley that I considered valid (subjective of course). WOW! Didn't take too long before all those lines looked useless.

Needless to say that I personally no longer believe in that hocus pocus anymore.

For trailing stops and the like, it seems as though everytime I try to just let a trade run, I get bit in the bum.

Lately, I've adjusted the way I trade to fine tune my entry by observing the dinapoli stoch cycle on a 5 min chart. (that's after weeding them out on the daily and 1hr patterns of course.)

Working pretty good so far... For Example, tonight, I've only traded the EURJPY for +25 pips/1% account gain (with the target and SL based mechanically from the daily ATR14).

Your results are impressive though. If you can keep it up perhaps I may re-visit that line of thinking...

I just have to say again, HOLY CRAP :surprised, your result today was impressive. (especially since you were using tools that I don't believe in)....

I'm gonna have to keep my eye on you .
  • #1,090
  • Jan 3, 2008 5:50am Jan 3, 2008 5:50am
HOLLY MOLLY !!!!!!! I know this system is good but not made in heaven
I am on top of it now and spending more time understanding and "automating" it



How about adding BBs ???? Just a thought ....



Quoting hornet
GY TP +182 pips
EJ TP +78 pips
GC TP +107 pips
AJ closed it +72 pips
GU closed for +40 pips

Total for the day +479pips (4,410$)

It could have been more but I am quite satisfied for first day of demoing this strategy.
- Syd [dust is my bed...]
  • #1,091
  • Jan 3, 2008 5:55am Jan 3, 2008 5:55am
All SHORT yes???

Quoting hornet
GY TP +182 pips
EJ TP +78 pips
GC TP +107 pips
AJ closed it +72 pips
GU closed for +40 pips

Total for the day +479pips (4,410$)

It could have been more but I am quite satisfied for first day of demoing this strategy.
- Syd [dust is my bed...]
  • #1,092
  • Jan 3, 2008 6:00am Jan 3, 2008 6:00am
bunjow:

I think that S/R and Pivots alone could be levels where you could close part of open position. Say a third on first level, another third on second level and let the last one ride until you get a trend reversal (maybe trail it).

The thing about S/R, as you say, is that they would need further confirmation. ie: GY today went another 100 pips from where I closed it. I put a TP there but there was no candlestick confirmation. So I could have kept it open until 213.96. Around that level there is a confirmation with a blue hammer on 30mins charts. That would have been the correct level to close at. And this is what I mean by closing the last lot, when you get some kind of trend reversal indication. The last lot could have been closed at the close of that candle at 214.27.

syedks:

Using BBflat (that someone posted somewhere), could also be an option. I am looking at it and find it interesting. It could work as confirmation for the S/R levels.
The quality of your life is brought about by the quality of your thinking.
  • #1,093
  • Jan 3, 2008 6:00am Jan 3, 2008 6:00am
Quoting syedks
All SHORT yes???
Obviously
The quality of your life is brought about by the quality of your thinking.
  • #1,094
  • Jan 3, 2008 6:08am Jan 3, 2008 6:08am
bunjow:

Another thing you want to consider in regards to S/R and FIBO levels is where the candle closes. If it closes over the level it ususally proceeds to the next one. If the candle breaks through the level but then doesn't close over it then the level is holding. I use 30mins candles.
The quality of your life is brought about by the quality of your thinking.
  • #1,095
  • Jan 3, 2008 6:14am Jan 3, 2008 6:14am
Cool ...... come one mate give us a ...
done a good job .. i've also just made +40 on GU
too busy at work and dont have time to look at MT4 ... boss is around too..

Quoting hornet
Obviously
- Syd [dust is my bed...]
  • #1,096
  • Jan 3, 2008 6:19am Jan 3, 2008 6:19am
Closed GBPJPY for 100 PIPs
Closed GBPCHF for 50 PIPs

Thanks harold4x
  • #1,097
  • Jan 3, 2008 6:28am Jan 3, 2008 6:28am
Hey thanks for the details, hornet.

For now, I think I'll just observe that kind of stuff (been burned alot in the past - probably from doin' it wrong - lol)

So far Harold's methodology for an entry only/fixed target kind of system has been working for me.

Keep us posted though... Consistent results interest me.
  • #1,098
  • Jan 3, 2008 6:35am Jan 3, 2008 6:35am
Quoting bunjow
Hey thanks for the details, hornet.

For now, I think I'll just observe that kind of stuff (been burned alot in the past - probably from doin' it wrong - lol)

So far Harold's methodology for an entry only/fixed target kind of system has been working for me.

Keep us posted though... Consistent results interest me.
Sure, no problem. If it turns out that a fixed TP works better then I will obviously consider that strategy.

The entries seem very good and I would not dare touching them, just the exits could be improved for more profits. We will see how it goes.
The quality of your life is brought about by the quality of your thinking.
  • #1,099
  • Jan 3, 2008 7:39am Jan 3, 2008 7:39am
just to double check, you only took trade on a hourly CROSSOVER yes ?? :-)
just wanted to make sure that we both are doiung the same ... will put my results soon..

but I am winning at the moment ..

Quoting hornet
Sure, no problem. If it turns out that a fixed TP works better then I will obviously consider that strategy.

The entries seem very good and I would not dare touching them, just the exits could be improved for more profits. We will see how it goes.
- Syd [dust is my bed...]
  • #1,100
  • Jan 3, 2008 7:56am Jan 3, 2008 7:56am
Quoting syedks
just to double check, you only took trade on a hourly CROSSOVER yes ?? :-)
just wanted to make sure that we both are doiung the same ... will put my results soon..

but I am winning at the moment ..
i took sell trades on the crossover, maybe not exactly on crossover but as soon as i saw it. also took eurcad but closed it immediately after checking chart properly.

see image attached for entry and exits prices
Attached Image (click to enlarge)
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The quality of your life is brought about by the quality of your thinking.
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