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SRDC Episode I

  • #1,001
  • Jan 14, 2007 2:18am Jan 14, 2007 2:18am
Quoting OrangeRoshan
LOL.

When I said Yesterday's candle I mean Friday. Its the last trading day.

The Thin Green Line is where Thursday's High was. Thats the 1st entry. Of course you have to allow spread and margin, but thats only a few pips. Thats why I said plus minus pips.

The Thick Green line is the ADV strategy entry:

-Penetration
-Wait for full formation of candle outside the line
-Trade on the next open

The Red line is Friday's high.
Sorry for the confusion.

OR
Ok thanks got it now.

Well since my timezone right now for yesterday is saturday(today is sunday), so i was like the redline cant be yesterday high coz yesterday was saturday . So my conclusion is the Thursday high.
But when you say it was on friday and i looked at the chart again, yup its friday high alright .

Thanks for bringing me back on the road
  • #1,002
  • Jan 14, 2007 5:02am Jan 14, 2007 5:02am
I LOVE the masterful teaching, here on the "creme de creme" of forex forums!...many thanks, ProfessOR !

Please help:
1) One of the SRDC1 basic rules is NOT to take trades when the price is near the weekly or monthly high or low. Unless I am mistaken, we are very nearly at both the monthly and weekly price high. If so, should we refrain from trading altogether until there is a definite downtrend? Or, should we take only Sell trades under these conditions? At what point would it be safe to resume Buy trades?

2) I downloaded the Teamspeak2 software, but I can't seem to make it work. Can anyone on this friendly forum help me, please?

Much appreciated,
Pipsqueak
  • #1,003
  • Jan 14, 2007 7:40am Jan 14, 2007 7:40am
Master Roshan,

SRDC 1 and the advanced method are my bread and butter( add jam and hot chocolate). Last Thursday, I encountered my first loss and it was a long battle that extended itself into the early morning hours of Friday when I finally surrender to the inevitable.... cut my losses and move on. The pair was the european monkey and looking in retrospective (monday quaterback in american football) and with the help of other more experienced trader, I felt that the timing was wrong. First, the euro had just experienced a large spike to the downside (110+ pips) followed by a ranging condition right before it triggered my SRDC 1. In addition to this the SRDC play took place during the slower Asian Session. Master OR, under these circumstances, was it incorrect for me to play the SRDC 1 method?
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  • #1,004
  • Jan 14, 2007 7:43am Jan 14, 2007 7:43am
Quoting Netpips
I LOVE the masterful teaching, here on the "creme de creme" of forex forums!...many thanks, ProfessOR !

Please help:
1) One of the SRDC1 basic rules is NOT to take trades when the price is near the weekly or monthly high or low. Unless I am mistaken, we are very nearly at both the monthly and weekly price high. If so, should we refrain from trading altogether until there is a definite downtrend? Or, should we take only Sell trades under these conditions? At what point would it be safe to resume Buy trades?

2) I downloaded the Teamspeak2 software, but I can't seem to make it work. Can anyone on this friendly forum help me, please?

Much appreciated,
Pipsqueak
1) We are still 300pips away from the high of the year, so I suppose it ok to take a long trade when it happens. But, should it come to that situation, yes; we take only the other direction. Since USA is in a holiday mood, the market will be dominated by the British, which means....

2) PM Mellisa, Bill or Glen.

May the force be with you

OR
Change Your Thinking. Change Your Life - JD
  • #1,005
  • Jan 14, 2007 7:58am Jan 14, 2007 7:58am
Quoting 4rex
Master Roshan,

SRDC 1 and the advanced method are my bread and butter( add jam and hot chocolate). Last Thursday, I encountered my first loss and it was a long battle that extended itself into the early morning hours of Friday when I finally surrender to the inevitable.... cut my losses and move on. The pair was the european monkey and looking in retrospective (monday quaterback in american football) and with the help of other more experienced trader, I felt that the timing was wrong. First, the euro had just experienced a large spike to the downside (110+ pips) followed by a ranging condition right before it triggered my SRDC 1. In addition to this the SRDC play took place during the slower Asian Session. Master OR, under these circumstances, was it incorrect for me to play the SRDC 1 method?
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Hi 4rex,

I looked at the Euro, theres a good 10pips on SRDC I basic trade and SRDC I adv setup was not tirggered. I don't know how you lost that trade.

Bearing in mind EUR and GBP have a very close correlation, and during BOE announcement, GBP goes the other way. Euro didnt follow the Cable as the sentiment was lagging. But, when you look at the history, the sentiment will follow suit after 1-2 days. Thats what happen last Friday.

Another thing also, zoom out your daily chart, you will see for the whole week EURUSD was at a retracement area (MAY-OCT). So, what happen was predictable.

Losing trade is part of FX Trading. Its only natural. What is important how your supercomputer between your ears handle this situation.

Move on and continue, like nothing happen. More winning pips ahead!

OR
Change Your Thinking. Change Your Life - JD
  • #1,006
  • Jan 14, 2007 8:59am Jan 14, 2007 8:59am
Master OR,
I have been following this thread for a while and i really love the way u preached,but i have a silly question(if u allow me to ask?),which method do u use most of the time to trade? and why? thanks!
  • #1,007
  • Jan 14, 2007 11:06am Jan 14, 2007 11:06am
Hey guys, just curious..how do we feel about the 'hunni i bought a 600SL' candle today-tomorrow...considering tomorrow is a holiday in the US?
- nick andre -
  • #1,008
  • Edited 11:43am Jan 14, 2007 11:10am | Edited 11:43am
If you look at the Euro SRDC1 trade from Friday morning 1:00 GMT time. The trade was only good for 2-3 pips for the first hour of trading after the new day started. If you drop down to the 15 min chart using SRDC1 + Advance that would have told us that the trade was bad to go for pips 5 pips. I myself got caught with that and did not use the advance to confirm that it was a losing trade.

Now if we would have used a higher s/l then you would have made the 5 - 17 pips including the spread around 13:00 GMT time. The question remains on are you willing to have a higher s/l. Master OR said that you should use 25 - 30 pip s/l or even 50 depending on the pair. I for one have done that and had a losing trade turn into profits. As you can see if we would have used a 40 or 50 s/l that trade would have turned out good in the long run.

Its all base on your MM if your willing to use a high s/l. Some people do not like using a high s/l just to get small pips and that is fine. You have to trade base on what you are willing to gain or lose.
  • #1,009
  • Jan 14, 2007 11:31am Jan 14, 2007 11:31am
Ziggy,

Very good point and one that should be seriously taken into account. If your risk management makes you play scared thus putting in tigher stop losses then you are not going to be succesful in the long run. I know, because I have done it at times and it makes one a bad trader. Another point and OR confirmed it in his reply to my post is that SRDC 1 and the advanced Part 1 may be easy to follow but there are other factors that should be taken into account. It is not automatic and even grandma needs to look in the rear view mirror(historical data) while driving the Pip Machine!


C U later Magic Man

GO HEAT





Quoting Ziggy43
If you look at the Euro SRDC1 trade from Friday morning 1:00 GMT time. The trade was only good for 2-3 pips for the first hour of trading after the new day started. If you drop down to the 15 min chart using SRDC1 + Advance that would have told us that the trade was bad to got for pips 5 pips. I myself go caught with that and did not use the advance to confirm that it was a losing trade.

Now if we would have used a higher s/l then you would have made the 5 - 17 pips including the spread around 13:00 GMT time. The question remains on are you willing to have a higher s/l. Master OR said that you should use 25 - 30 pip s/l or even 50 depending on the pair. I for one have done that and had a losing trade turn into profits. As you can see if we would have used a 40 or 50 s/l that trade would have turned out good in the long run.

Its all base on your MM if your willing to use a high s/l. Some people do not like using a high s/l just to get small pips and that is fine. You have to trade base on what you are willing to gain or lose.
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  • #1,010
  • Jan 14, 2007 11:48am Jan 14, 2007 11:48am
Thanks 4rex,

I wish that I could have given people a heads up on that trade so that we could either let the trade go or get out before and waited for the next opportunity. But anyway thats was then, tonight we should do good. I'll see you in TS around 6:30pm Est time.
  • #1,011
  • Jan 14, 2007 11:51am Jan 14, 2007 11:51am
Almost forgot, if anyone is interested in joining us in Teamspeak fill free to come in. Happy trading everyone.
  • #1,012
  • Jan 14, 2007 12:10pm Jan 14, 2007 12:10pm
Hello everyone!!!! This is my first post here as I have been busy reading and learning from this forum for 2 weeks. I want to thank Orange for teaching us his ways of trading!
  • #1,013
  • Jan 14, 2007 12:40pm Jan 14, 2007 12:40pm
Quoting fxnewbie 71
Master OR,
I have been following this thread for a while and i really love the way u preached,but i have a silly question(if u allow me to ask?),which method do u use most of the time to trade? and why? thanks!
I personally prefer SRDC1 .... like to keep things simple as long as they work well. IMO
  • #1,014
  • Jan 14, 2007 2:20pm Jan 14, 2007 2:20pm
Well I still can't find any charting that provides the weekend bars.
I looked at IBFX as suiggested but that just downloads MetaTrader4!
Any help much appreciated.....
Full-time trader and loving it!
  • #1,015
  • Jan 14, 2007 2:26pm Jan 14, 2007 2:26pm
Quoting Digitalis
Well I still can't find any charting that provides the weekend bars.
I looked at IBFX as suiggested but that just downloads MetaTrader4!
Any help much appreciated.....
A lot of brokers are using MetaTrader as their trading platform.
IBFX will show you the sunday candle, that's why most of us are using it.
If you want to only have one Metatrader application installed, you can copy the files you find under "Interbank FX Trader 4\config" folder with an .srv extension, copy it to your original installation, and open an account.

Good luck
Steve
  • #1,016
  • Jan 14, 2007 2:54pm Jan 14, 2007 2:54pm
Digitalis,

Join us in the SRDC1 room in TeamSpeak ( before 7pm est in the US)and we can tell you what the high/low of the last hour sunday candle is.




Quoting Digitalis
Well I still can't find any charting that provides the weekend bars.
I looked at IBFX as suiggested but that just downloads MetaTrader4!
Any help much appreciated.....
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  • #1,017
  • Jan 14, 2007 5:23pm Jan 14, 2007 5:23pm
I was wondering if anyone here can confirm on whether or not CABLE was the best pair to implement SRDC I, and on average how many PIPS can one expect from such pair. In other words, is a 5 TP too low and conservative or is it just fine ?

Thanks
"Lunch ? Lunch Is For Wimps !"
  • #1,018
  • Jan 14, 2007 5:44pm Jan 14, 2007 5:44pm
5 pips is 5 pips right?
this strategy will work on any pair. but as stated this isnt a just run your EA and go to bed. Look to the 15m timeframe and with good momentum, its in the bag. I say once over 5 pips, get out at any sign of reversal.
  • #1,019
  • Jan 14, 2007 7:12pm Jan 14, 2007 7:12pm
Quoting C.E.O.
5 pips is 5 pips right?
this strategy will work on any pair. but as stated this isnt a just run your EA and go to bed. Look to the 15m timeframe and with good momentum, its in the bag. I say once over 5 pips, get out at any sign of reversal.
Hello,

I've read about 30+ pages of this method and it seems good.l I'm only a beginner too and so this type of method does sound good. However I was wondering if someone or orange could answer this question.

which indicator should i use in conjunction with this method to determine the strength of the move through the previous low or previous high ? because there will be some cases when it might just move 1 or 2 pips and then reverse, but if we could work out the strength of the move or momentum then it could give a better confirmation of the signal.
  • #1,020
  • Edited 7:27pm Jan 14, 2007 7:15pm | Edited 7:27pm
hi,

i have another question.

what happens if for example you make a trade using this method, going short as it has breached the previous low and you take your 5 pips, then the price reverses to above the previous low but then goes back down.

should you take this as another singal to go short again ?

-- i just found the answer to this question an it appears to be yes. --
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