i would like to know if it is just 4 the 4x market or maybe also suitable for lets say the emini's??
- #92
- Jan 14, 2007 11:24am Jan 14, 2007 11:24am
Interesting Joli. As I mentioned in FXS forum I might come back with some questions after I've read this more carefully. One question I have already though: How do you set your TP levels. Do you primarily use the vegas lines for this purpose?
Well i usually don't set a TP if i can monitor the market. If i can watch the chart i usually trail my stop loss manually to the next vegasline, pivot, yesterdays high/low and so on.
For exempel: Let's say the price breaks thru the Pivot R1 and countinous to a vegas line that's 30 pips higher. Then i move my stop loss slightly below the pivot r1 line.
If the price takes out the vegasline and countinous to the next resistance line i will move the stop loss to the first vegas line and so on and so on...
I hope you understand how i mean...
But if i need to go to my work and have allready entered the market... then i set a TP and i usually set it to the first resistance line (vegas, pivot, yesterdays high/low). Of course i don't set it to the first resistance line if the first line is to close.... i want some good profits you know.
:
- #99
- Sep 22, 2007 4:48pm Sep 22, 2007 4:48pm
sigit4ever:
Thank you. I appriciate those words. I did'nt think anyone used my system anymore. Happy to see that some stil likes it.
woopypooky:
If i may give some advice of how to use this system.
I have attached a chart showing 4 days. I have made a ring around some areas i think is important to be aware of.
First ring: Shows a bearish candle closeing just outside the "Break Stop L" -line. You would have been glad to not have entered a short trade here. First of all. If you entered a short trade here you would not have followed the rules for this system. And that is never good for any system. But let's say that the bear candle indeed would have slosed some pips hight and therefore between Break B-line and the Break Stop L-line. Would it have been a good desiscion to go short?
I think not. First of all we are right now in a tremendous uptrend at the eur/usd so why even consider a short trade?
Second... you see the Vegas thunnel... for me that thunnel represent a major suppport/resistance.
Second ring: People who don't folloe the rules would probably taken a long position at the first candle that closes above Break Stop H-line. Again this would be bad because you would not have followed the rules and it is also to close from a vegas fib.-line.
The only real oppurtunity to take a trade with this system comes at 18:00 CET when a candle closes exactly at the Break Stop H-line.
but would this have been a good decision to go long?
Yes a think so... Sure the vegas line is a bit to close for my taste, but remeber the extrem uptrend we are in.
In this case i set my stop some pips under the Open Price and risk about 20 pips and i think that risk is ok to take a long trade at this uptrending time.
And as you can see i would have been a great decision to go long at this point.
Third ring: There is only one candle that fits the rules to go long.. but yet not... because it is way to close the vegas fib.-line. I did not take that trade. And remeber the uptrend we are in.
Fourth ring: Have you ever seen a better set up for this system?! I don't think i have
Sure there was some pivot lines to block the way up. But in this uptrend i was not worried to risk soe pips tp go long here.
Fifth ring: At this day it were only one set up to consider. This long trade shows the importance to use discretion in your trading. This is NOT a mechenical system. try to see it as a tool in your toolbox. When the price approches the Pivor R1-line it can be smart to look at the price at a faster timeframe. If you the see some hasitation, close, take your profit and go out and enjoy yourself. There will come other days with other setups to take trades.
There is one more set up at the last day. And i think that it would not be wrong to take that trade.
But remeber to have a good money management.
In this last scenario i risked the 20 pips i gained of the first trade that day. The worst that can heppen is that i go break even.
Well... i hope i have made you understand the system little bit more. If not... just ask and i will answer as fast as i can.
/ Joli
PS. I'm working right now at a Breakout system that can be used with this system... or alone for that matter. I will post another thread once i'm done with all calculations etc. Stay tuned :-P DS
this is JL-Lines ... nice breakout
woopypooky:
can someone post the mq4 files here? i dun have winrar. this method make some sense unlike other methods and i wan to try it,
If i may give some advice of how to use this system.
I have attached a chart showing 4 days. I have made a ring around some areas i think is important to be aware of.
First ring: Shows a bearish candle closeing just outside the "Break Stop L" -line. You would have been glad to not have entered a short trade here. First of all. If you entered a short trade here you would not have followed the rules for this system. And that is never good for any system. But let's say that the bear candle indeed would have slosed some pips hight and therefore between Break B-line and the Break Stop L-line. Would it have been a good desiscion to go short?
I think not. First of all we are right now in a tremendous uptrend at the eur/usd so why even consider a short trade?
Second... you see the Vegas thunnel... for me that thunnel represent a major suppport/resistance.
Second ring: People who don't folloe the rules would probably taken a long position at the first candle that closes above Break Stop H-line. Again this would be bad because you would not have followed the rules and it is also to close from a vegas fib.-line.
The only real oppurtunity to take a trade with this system comes at 18:00 CET when a candle closes exactly at the Break Stop H-line.
but would this have been a good decision to go long?
Yes a think so... Sure the vegas line is a bit to close for my taste, but remeber the extrem uptrend we are in.
In this case i set my stop some pips under the Open Price and risk about 20 pips and i think that risk is ok to take a long trade at this uptrending time.
And as you can see i would have been a great decision to go long at this point.
Third ring: There is only one candle that fits the rules to go long.. but yet not... because it is way to close the vegas fib.-line. I did not take that trade. And remeber the uptrend we are in.
Fourth ring: Have you ever seen a better set up for this system?! I don't think i have
Sure there was some pivot lines to block the way up. But in this uptrend i was not worried to risk soe pips tp go long here.Fifth ring: At this day it were only one set up to consider. This long trade shows the importance to use discretion in your trading. This is NOT a mechenical system. try to see it as a tool in your toolbox. When the price approches the Pivor R1-line it can be smart to look at the price at a faster timeframe. If you the see some hasitation, close, take your profit and go out and enjoy yourself. There will come other days with other setups to take trades.
There is one more set up at the last day. And i think that it would not be wrong to take that trade.
But remeber to have a good money management.
In this last scenario i risked the 20 pips i gained of the first trade that day. The worst that can heppen is that i go break even.
Well... i hope i have made you understand the system little bit more. If not... just ask and i will answer as fast as i can.
/ Joli
PS. I'm working right now at a Breakout system that can be used with this system... or alone for that matter. I will post another thread once i'm done with all calculations etc. Stay tuned :-P DS
