I like your post very much. I always welcome people that are able to think out of the box. No matter how perfect a system is, it can always be improved and this can be achieved only by an "aggressive way of thinking" as you said. I like your trades and your willingness to see how aggressive you can trade a trend from bottom to top and from top to bottom. If this system is still alive it is because 1 person (Phillip) was able to think out of the box and strive for a system that could make him $. Phillip laid the cornerstone and other traders laid other stones on it but then as it always happens people get lazy once they start to think that they are sitting on a gold mine! Couch potatoes!
I'm working on an add on that will be ready in 1 or 2 weeks. I needed a better display for Phillips system, something that could render the buy/sell signals more visual and more accurate to me. Whether my add on will work for other people I don't know and it is not that important for me. What matters to me is not only to make pips but to make quality pips that are based on logic and the only logic that governs any kind of market is price action. Price must determine my actions and nothing else. I have therefore established a rule in my trading style that says: "Trade always in the direction given by price action" , in other words if you want to short the first candle previous to your entry must be bearish and if you want to go long the first candle previous to your entry must be bullish. Very easy, even a toddler might understand it! I believe that trading must be as simple as possible, twisted things don't work in the long run. I do also believe (not recommend) that counter trading can be profitable as long as the above rule is in place. I strongly believe in the filtering concept, which means that price actions filtered through an indicator is better than price action alone. It is like having water and a water filter that purifies the water and makes it potable. Once water is pure you can drink it, once your trading system is clear to you, you can trade! My filter tells me in real time where the market is now, not where it will be in the future but where it is going now. If you know where the market is at any given time you can trade accordingly and make your profit by following price action. We all know that we are in bearish territory below the 50 sma and in bullish territory above the 50 sma. There are however different grades of bearishness and bullishness within each territory. If I know that I'm in a strong bearish trend I must trade accordingly and if I know that I am in moderate bearish territory with the bulls seeking to jump above the 50 sma into green pastures I must trade accordingly or stop trading at all. We must be like those cowboys that follow the herd! More to come.
I'm working on an add on that will be ready in 1 or 2 weeks. I needed a better display for Phillips system, something that could render the buy/sell signals more visual and more accurate to me. Whether my add on will work for other people I don't know and it is not that important for me. What matters to me is not only to make pips but to make quality pips that are based on logic and the only logic that governs any kind of market is price action. Price must determine my actions and nothing else. I have therefore established a rule in my trading style that says: "Trade always in the direction given by price action" , in other words if you want to short the first candle previous to your entry must be bearish and if you want to go long the first candle previous to your entry must be bullish. Very easy, even a toddler might understand it! I believe that trading must be as simple as possible, twisted things don't work in the long run. I do also believe (not recommend) that counter trading can be profitable as long as the above rule is in place. I strongly believe in the filtering concept, which means that price actions filtered through an indicator is better than price action alone. It is like having water and a water filter that purifies the water and makes it potable. Once water is pure you can drink it, once your trading system is clear to you, you can trade! My filter tells me in real time where the market is now, not where it will be in the future but where it is going now. If you know where the market is at any given time you can trade accordingly and make your profit by following price action. We all know that we are in bearish territory below the 50 sma and in bullish territory above the 50 sma. There are however different grades of bearishness and bullishness within each territory. If I know that I'm in a strong bearish trend I must trade accordingly and if I know that I am in moderate bearish territory with the bulls seeking to jump above the 50 sma into green pastures I must trade accordingly or stop trading at all. We must be like those cowboys that follow the herd! More to come.
DislikedHello everybody!
ok here is a trade i took on Gu today, it's kind of strange as it has nothing to do with the signals that this system aims to exploit, but ofcaorse this 5 min system led to the trade...
so why did i do it? well, today was a real good day at the office with 5 consecutive positive trades through the system i felt i could afford to play around a bit..
so here is the trade;
http://i81.photobucket.com/albums/j2...us/entry-2.gif
so what prompted me to take the trade?
well the first thing was the higher lows visible on the chart, on the SMAngle and the MACD (the grey rectangles drawn on the chart show them)
(flashback: even before i implemented the system properly i was always curious to know when and how can i ride the major 5 min trends defined by the MA's used in this system)
next i scrolled back in hiostory to see how do the trend actually develop into full time trends, i noticed that it often happens if candles close with authority over our major SMA that is the 50 SMA. i found some other reasons to be very important signals too like higher/lower lows/highs like in this case...
although i had never tried it before the fact that i had some pips in the bag already and that the setup was there to be had i took the trade (and yes it was not according to any entry rules of this system) so far it really has been doing good.
my only concern is that i mistook the trade a bit and lost some pips there i eneterd at the blue circle when i saw a green anuthority candle close over the 50 SMA. the price did retrcae a bit to the support line (i think a trade here was the right to way to go abt it) but anyways so far it does look to be a solid trade, ofcaorse i am closely following the market rythm Golfer and Phillip talk abt very often, and i am moving my stops along the previous lows like i should though i now have set a trailing stop of 25 pips as it is bed time for me and i can't be around to monitor it for long.
so why the heck i am bragging abt all the pips i made? just for you guys to know that there may be a new branch evolving around in the system, I know that the system has clearly been improved since the first time Phillip posted it so maybe this could be just another addition to it where we look to ride the full trends from top to bottom, though i agree it's going to be an aggressive way of thinking but atleast so far it is working...so i decided to post this up for all of us to look into and see if we can define some specific rules of such an entry to maximise pips.
Regards,
GhousIgnored