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  • #81
  • Feb 25, 2008 1:04pm Feb 25, 2008 1:04pm
Thanx dude!

I really like reading your replies on threads!

"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #82
  • Feb 25, 2008 1:39pm Feb 25, 2008 1:39pm
I've personally closed the USD/CHF trade (Trade #7) - there is strong divergence on H1 indicating the resumption of an uptrend. I'll just let this one go for now and catch a correction later.

Result -20 Pips

And our first loss

Regards,
E. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #83
  • Feb 25, 2008 1:41pm Feb 25, 2008 1:41pm
I've been looking at this for a while now.

http://img156.imageshack.us/img156/5576/eurai3.jpg
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #84
  • Edited 2:16pm Feb 25, 2008 1:46pm | Edited 2:16pm
------
CLOSED
------

GBP/USD (Trade #1):
50%: +1.0%
50%: +0.0%

GBP/JPY (Trade #2):
50%: +1.0%
50%: +0.0%

AUD/JPY (Trade #3):
50%: +1.0%
50%: +0.0%

GBP/USD (Trade #4):
50%: +1.0%
50%: +0.0%

USD/CHF (Trade #5):
50%: +1.0%
50%: +0.0%

USD/CHF (Trade #7):
50%: -0.5% (20 Pips was less that 0.5% but, just to keep it tidy)
50%: -0.5% (Same here)

--------
FLOATING
--------

GBP/JPY (Trade #6):
50%: +1.0%
50%: +1.0%

---------------
Gain: +4.00% @ 2% / Trade
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #85
  • Feb 25, 2008 1:54pm Feb 25, 2008 1:54pm
Hi, I'm really new to forex struglling to build a personal trading system, but it seems to be very hard, especially to manage emotions.
Please let me ask one question, maybe it's a stupid one, but after the setup candle is closed, when exactly do you enter the trade, during the formation of the next candle?
Taking the last chart on eur/usd by example, the candle that is still forming corresponding today is your entry point for short?
So I put the sell order at 1.4829?
It seems to be a short setup, right?

Thank's
I don't say
  • #86
  • Feb 25, 2008 1:57pm Feb 25, 2008 1:57pm
Correct!
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #87
  • Feb 25, 2008 2:04pm Feb 25, 2008 2:04pm
I don't mean to nitpick but I just want to get a full understanding of how you are playing with price action.I the prior post you have a long position for gyp/jyp.The setup candle doesn't break the ema.What is going on in this trade? P.S post # 83
  • #88
  • Feb 25, 2008 2:08pm Feb 25, 2008 2:08pm
Thank's for the answer.
So I manage to understand a bit from your lessons.
So, for the opposite condition, BUY, we have to put the buy order at +1 pip above the open (if it's bearish)or close (if is bullish) of the candle, during the formation of the next candle, if the candle, during his formation, has reached the specified open/close, right?
I don't say
  • #89
  • Edited 2:22pm Feb 25, 2008 2:09pm | Edited 2:22pm
Hello,

In Post 83 EUR/USD Short (Trade #8) - we have a retracement and a violation of the setup candle lows.

We are taking a short position and placing our SL over the tripple top highs, approximately 40 - 50 pips higher from the low.

Thats all.
Regards.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #90
  • Feb 25, 2008 2:10pm Feb 25, 2008 2:10pm
The post is gone now.You must have took it down allready seeing the mistake.The show must go oooon!!I really like this system effi,Enjoy the vids too!
  • #91
  • Feb 25, 2008 2:13pm Feb 25, 2008 2:13pm
Quoting dragosd1
Thank's for the answer.
So I manage to understand a bit from your lessons.
So, for the opposite condition, BUY, we have to put the buy order at +1 pip above the open (if it's bearish)or close (if is bullish) of the candle, during the formation of the next candle, if the candle, during his formation, has reached the specified open/close, right?
Correct!
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #92
  • Feb 25, 2008 2:15pm Feb 25, 2008 2:15pm
When you enter a trade you enter 2 positions and the 1st position has a TP that is equal to the S/L. The 2nd position you have a TP that is 1:2 or do you have a trailing stop on this and if so, how big is the T/S? Is it in relation to the S/L or pair or both?
  • #93
  • Feb 25, 2008 2:15pm Feb 25, 2008 2:15pm
Do you perfer the 4 hour?And does the 1 hour work just as good?I would think so, we are not changing any of the dynamics of the system and price action is price action right?Also does this l;ook like a good setup here?We are at a resistance level and are we just waiting for the next candle to break the low of the setup candles()I have arrows pointing to them)
  • #94
  • Feb 25, 2008 2:21pm Feb 25, 2008 2:21pm
Quoting NowAndLater
When you enter a trade you enter 2 positions and the 1st position has a TP that is equal to the S/L. The 2nd position you have a TP that is 1:2 or do you have a trailing stop on this and if so, how big is the T/S? Is it in relation to the S/L or pair or both?
TP = SL... how ?

2 Lots, or 4 Lots, or 8 lots etc.

1st Half:
ENTRY - Low/High +1 Pip
SL - Above the Entry area or Setup Candle
TP - 1:1 (This is the difference between your SL and the TP)

2nd Half: Same Deal
-------------------

Procedure:

When both halves reach TP 1:1, close on of them.
Minimize your SL by reducing it for the remaining lot, or wait for a correction, before moving your SL to B/E
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #95
  • Feb 25, 2008 2:24pm Feb 25, 2008 2:24pm
Here's chart,divergence also showing with the stoch's
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 14 KB
  • #96
  • Edited Feb 26, 2008 2:19pm Feb 25, 2008 2:26pm | Edited Feb 26, 2008 2:19pm
Quoting jlmac27
Do you perfer the 4 hour?And does the 1 hour work just as good?I would think so, we are not changing any of the dynamics of the system and price action is price action right?Also does this l;ook like a good setup here?We are at a resistance level and are we just waiting for the next candle to break the low of the setup candles()I have arrows pointing to them)
I prefer the 4 Hour chart yes. The H1 works too, but i don't like to have to look at the chart every 60 minutes.

Price action may be price action, but the higher you go the more significant Opens, Closes, Lows and Highs become, plus the less choppiness you have.

Move lower at your own risk.

As for the chart. Divergence seems visible yes. Wait for MACD to adjust with at least one lower bar to be safer, the divergence may be serial.

Effi
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #97
  • Feb 25, 2008 2:29pm Feb 25, 2008 2:29pm
deleted....
I don't say
  • #98
  • Feb 25, 2008 2:30pm Feb 25, 2008 2:30pm
Quoting effilang
TP = SL... how ?

2 Lots, or 4 Lots, or 8 lots etc.

1st Half:
ENTRY - Low/High +1 Pip
SL - Above the Entry area or Setup Candle
TP - 1:1 (This is the difference between your SL and the TP)

2nd Half: Same Deal
-------------------

Procedure:

When both halves reach TP 1:1, close on of them.
Minimize your SL by reducing it for the remaining lot, or wait for a correction, before moving your SL to B/E
I meant that the size of the TP from entry is the size of the S/L making the R:R -> 1:1. Anyway thank you for the reply!
  • #99
  • Feb 25, 2008 2:38pm Feb 25, 2008 2:38pm
I guess a good system could be used on any TF and this system could be used on all TFs asI see it, but it's as you said about risk when going down in TFs and about the traders own psychology...
  • #100
  • Feb 25, 2008 2:38pm Feb 25, 2008 2:38pm
Man this is almost like live chat..LOL..I got you on the time frame Effi.Do you favor ant specific times to trade? London?My problem is time away from the screen.I have a full time job and the London is like impossible for me.I can take advantage of the asian but it is kinda slow.But with that said maybe the 4 hour is where I need to be..less screen time.I was also wondering if you lpan to put up anymore videos on this system?I hope on day I can be good at this and give back like you are doing now Effi.Your a giving person,thanks for your knowledge!!
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