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  • #2,161
  • Jun 18, 2008 8:13am Jun 18, 2008 8:13am
Guys, just one thing i still dont fully understand.
when there is an IB for short (under the daily open) for example, do we take it under the low of the IB it self or the low of the big bar? i saw both versions but i think peter himself taking the short just under the IB.
The problem is sometimes the low of the day is just under ( the low of the big bar) , isnt it more logical to take the break of the daily low ? it maybe a worst price to short but maybe more safe?
  • #2,162
  • Jun 18, 2008 8:19am Jun 18, 2008 8:19am
Quoting HUnter123
Guys, just one thing i still dont fully understand.
when there is an IB for short (under the daily open) for example, do we take it under the low of the IB it self or the low of the big bar? i saw both versions but i think peter himself taking the short just under the IB.
The problem is sometimes the low of the day is just under ( the low of the big bar) , isnt it more logical to take the break of the daily low ? it maybe a worst price to short but maybe more safe?

Hunter,

I see what you are saying but waiting for the b/o of the daily low may affect taking profit at b/e thus delaying your free trade. Just my opinion.


good question
Unus pro omnibus, omnes pro uno
  • #2,163
  • Jun 18, 2008 8:26am Jun 18, 2008 8:26am
Quoting moneda
Hunter,

I see what you are saying but waiting for the b/o of the daily low may affect taking profit at b/e thus delaying your free trade. Just my opinion.


good question
it deosnt have to be the daily low just the low of the "big" bar that formed the IB. usually it contains the daily low.
  • #2,164
  • Jun 18, 2008 8:27am Jun 18, 2008 8:27am
Hi, could someone pls help me, i am based in Ireland, and trade off of a uk based platform, what i wish to know is, when i draw my line of least resistance from the close of the previous day, on my charts, GMT, does that line come off of the hourly bar 0.00 being 12 midnight or do i have to draw it from an earlier bar to coincide with the New York close (5 hours) previous, or does it come from the 5 am gnt bar...??? i know people will just say look back through the thread, but believe me i have and i still keep seeing different answers...??? Simple question, hope someone that has been trading this method consistently can help...!?
  • #2,165
  • Jun 18, 2008 8:35am Jun 18, 2008 8:35am
Quoting eltrader
Hi, could someone pls help me, i am based in Ireland, and trade off of a uk based platform, what i wish to know is, when i draw my line of least resistance from the close of the previous day, on my charts, GMT, does that line come off of the hourly bar 0.00 being 12 midnight or do i have to draw it from an earlier bar to coincide with the New York close (5 hours) previous, or does it come from the 5 am gnt bar...??? i know people will just say look back through the thread, but believe me i have and i still keep seeing different answers...??? Simple question, hope someone that has been trading this method consistently can help...!?
thats 00 EST
Never say never.
  • #2,166
  • Jun 18, 2008 8:38am Jun 18, 2008 8:38am
Quoting HUnter123
it deosnt have to be the daily low just the low of the "big" bar that formed the IB. usually it contains the daily low.

Hunter,

Sorry for misunderstanding your question.....yet I feel that my answer remains the same.... listen...at this point...for me ... I will stick to PC's suggestion until such time that I feel confident in adding my own discretion otherwise one has a tendency to continue on the perennial search for the perfect method or tweaking a simple approach. If it ain't broke or you have not giving it enough time to find out...then leave it alone.

Unus pro omnibus, omnes pro uno
  • #2,167
  • Jun 18, 2008 8:42am Jun 18, 2008 8:42am
Quoting razldazl
thats 00 EST

Hey Razldazl, thanks for your comment,

So, that would mean that 5 am uk bar would be the first bar i would be trading from plus the bar which my line for previous day comes off of...! Please excuse this simple question, im just trying to understand this fully...!
  • #2,168
  • Jun 18, 2008 8:46am Jun 18, 2008 8:46am
Quoting eltrader
Hey Razldazl, thanks for your comment,

So, that would mean that 5 am uk bar would be the first bar i would be trading from plus the bar which my line for previous day comes off of...! Please excuse this simple question, im just trying to understand this fully...!
thats your line in the sand. Different people seem to trade different bars but this is your open line. Jarroo says he will take IBs from before that time, but he uses the open time as his reference for whether to take long or short trades. Hope this helps, Raz
Never say never.
  • #2,169
  • Jun 18, 2008 9:00am Jun 18, 2008 9:00am
Hi all, please find attached this clock indicator. I seem it is helpful!
Directly on your graphs!

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 21 KB
Attached File(s)
File Type: mq4 Clock_v1_3.mq4   8 KB | 853 downloads
  • #2,170
  • Jun 18, 2008 9:11am Jun 18, 2008 9:11am
Alberto,


Thank you...everylittle thing helps.


Unus pro omnibus, omnes pro uno
  • #2,171
  • Jun 18, 2008 9:13am Jun 18, 2008 9:13am
Regarding the recurring question of how early an IB to take at market open:

Here is Peter's post where he shows an earlier IB that he takes when the market opens:
http://www.forexfactory.com/showpost...4&postcount=48

Here is that picture from this post with my comments:
Attached Image


As you can see, he takes an IB that occurs a few hours before 6 AM GMT.
  • #2,172
  • Jun 18, 2008 9:17am Jun 18, 2008 9:17am
Here is a tip for all the Vista users:

Just put a bunch of clocks in your sidebar. I've got three clocks in there: GMT, New York and my own time. It's easy to keep track of 6 AM GMT that way.

Attached Image
  • #2,173
  • Jun 18, 2008 9:25am Jun 18, 2008 9:25am
Quoting eltrader
Hi, could someone pls help me, i am based in Ireland, and trade off of a uk based platform, what i wish to know is, when i draw my line of least resistance from the close of the previous day, on my charts, GMT, does that line come off of the hourly bar 0.00 being 12 midnight or do i have to draw it from an earlier bar to coincide with the New York close (5 hours) previous, or does it come from the 5 am gnt bar...??? i know people will just say look back through the thread, but believe me i have and i still keep seeing different answers...??? Simple question, hope someone that has been trading this method consistently can help...!?
The times have been confusing. I believe Crown stated the trading day begins at 0600 GMT. He also stated it begins at 0000 CST. That reconciles during the Winter but not during DST. My understanding is that he said it begins at 0600 GMT, and that being an hour off during DST doesn't matter. 0600 GMT is 0600 GMT, no matter where you live. Currently 0600GMT is 7AM, London Time. If I am mistaken about any of this, I will stand corrected.
  • #2,174
  • Jun 18, 2008 9:30am Jun 18, 2008 9:30am
Quoting billbss
My understanding is that he said it begins at 0600 GMT, and that being an hour off during DST doesn't matter. 0600 GMT is 0600 GMT, no matter where you live. Currently 0600GMT is 7AM, London Time. If I am mistaken about any of this, I will stand corrected.
That's exactly how I see it.
  • #2,175
  • Jun 18, 2008 9:30am Jun 18, 2008 9:30am
Keep an eye on EUR/CHF

I know still a long way to go before end of hour but it could form a IB as it does not move that much.

Daily trend down and currently at top of channel!

Could be text book! (Well I think text book?)

Al
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur chf daily.gif Size: 23 KB
Click to Enlarge Name: eur chf hourly.gif Size: 30 KB
  • #2,176
  • Jun 18, 2008 9:31am Jun 18, 2008 9:31am
Hey sorry if its already been answered but just a question in regards to taking the first profit at 1:1 - are you talking pips or profit - just that if you closed half your position at 1:1 in terms of pips that would actually end up being only half of what you are risking...

I'm assuming it's profit but just trying to clarify

cheers
Time hides Nothing
  • #2,177
  • Jun 18, 2008 9:35am Jun 18, 2008 9:35am
Quoting jarroo
I believe he was talking about other breakout trading, i.e., trendline breakouts, S/R level breakouts, channel breakouts, etc. And that Inside Bar breaks give better trade risk and profit potentiial, (2-5 times the edge).
Let's confirm our understanding on this with Peter himself
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,178
  • Jun 18, 2008 9:37am Jun 18, 2008 9:37am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting billbss
The times have been confusing. I believe Crown stated the trading day begins at 0600 GMT. He also stated it begins at 0000 CST. That reconciles during the Winter but not during DST. My understanding is that he said it begins at 0600 GMT, and that being an hour off during DST doesn't matter. 0600 GMT is 0600 GMT, no matter where you live. Currently 0600GMT is 7AM, London Time. If I am mistaken about any of this, I will stand corrected.

0600GMT is always 0600GMT. GMT and UTC never move all other times are +/- of GMT/UTC. ie london is currently GMT+1, your broker times are set to a GMT time and never change.
BST, DST and EST change at differrent times so can be confusing.

I believe PC uses 0600GMT at all times, this way he can set his charts up get used to where the 0600gmt open is and forget about the confusion of BST EST and so on.

set and forget, lets not make this system complicated. KISS people.
  • #2,179
  • Jun 18, 2008 9:40am Jun 18, 2008 9:40am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting CindyXXXX
Hey sorry if its already been answered but just a question in regards to taking the first profit at 1:1 - are you talking pips or profit - just that if you closed half your position at 1:1 in terms of pips that would actually end up being only half of what you are risking...

I'm assuming it's profit but just trying to clarify

cheers

Each of us have our own way of managing money, but to answer this. By closing at 1:1 you are not banking profit, you are covering the potential loss of the second half, thus making the trade a free runner - this way you will either break even or make profit, but you will not loss once a trade make 1:1.

I personnally prefer to close 2/3rds and let the last 1/3 run free. this banks a little profit.
  • #2,180
  • Jun 18, 2008 9:45am Jun 18, 2008 9:45am
true the money management side of things is purely a personal thing I was just interested to hear how other people are interpreting this I personally would prefer to close half at a profit of 1:1 and then let it run it would bank profits in times of prolonged ranging (no trend).

And bank even more when it does trend.
Time hides Nothing
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