Prices are never too high to begin buying or too low to begin selling.
The Big Dog Trading Secret 272 replies
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DislikedWhy did you stop trading? When the first breakout doesn't work and reverses, you take the opposite side when it breaks out as it did with the above pairs.Ignored
DislikedCTGUY, thanks for the insight. A few questions:
1) What other pairs, if any, are you trading? And have you incurred losses like the rest of us today? I traded the GBP/USD only today since I have a very active new system I am trading at the same time. I don't want to get too overwhelmed with a screen full of trades. I didn't incur a loss. When the trade reverses, I then capture it when it breaks out on the other side as it did today. Many traders think that if the breakout is short and doesn't work out, they quit as I see from the above postings. I jump out of the trade and then jump back in again. I trade up to 3 pm.
2) What are you using for a stoploss? Surely it can't be the opposite high or low. I use a 15 S/L when I trade.
3) Are you placing your order at 9 AM ET or 9:15 AM ET? There seems to be some confusion about that. I place my order in on the breakout of the 9:15 am candle as shown in the picture attached.
Thanks,
ScottIgnored
DislikedYou guys may want to add an offset (cushion) to your pending orders.
Pairs tend to test highs and lows and then may move the opposite direction, so putting your orders exactly at the high and low for the period you are marking as a breakout is a bit risky.
Use an offset of 5-10 pips. Would have turned your losing GBP/USD trades into a positive one today.
Also, you can see I use FIBs for targets. Pulling FIBs from the high to low in this case.Ignored
DislikedBecause the original poster said to cancel the other order once one got hit.
http://forexfactory.com/showpost.php...1&postcount=95
So the original poster was wrong?
ScottIgnored
DislikedHi Guys,
Another great system. Thanks for sharing. My small input would be to trade this system only in the direction of the 4 hour trend. It has worked beautifully for me for many months. For example, today would have produced an excellent trade on the GBPUSD. TP +50 pips. Yesterday was a no trade day for me. Sept 2, no trade also. Booked +100 pips on Monday.
Trading with the trend will keep you out of many trades, but the trades that are triggered have a higher probability of success. Happy trading.
fxpilotIgnored
DislikedHi there and welcome to the forum
Here is a current pic of the Big Dog System on the GBP/USD chart right now.
I actually trade this system looking for 10 pips ... but if the trade is moving nicely, I stay in it as I am doing now. When it hits 30 pips, I then use a 15 trailing stop. I do trade both sides if the trend reverses. I don't stay in the trade after 3 pm est.
This is one of two great systems I trade.
Good LuckIgnored
DislikedHey Scott... This was his perception. The originating poster only knew of the system a few days before posting the system. I have found several days when one can jump in on both sides of the trade.
I hope this helps.Ignored
DislikedI agree with henryfam question. Mr CTGuy, todat it looks like long trade there was some minor spike at the high of today cs between 7 to 9AM New York time. But you went short instead at the low of today cs.
Mind explaining the logic? and what is yout SL?Ignored
Disliked3) Are you placing your order at 9 AM ET or 9:15 AM ET? There seems to be some confusion about that. I place my order in on the breakout of the 9:15 am candle as shown in the picture attached.Ignored
DislikedSo what were you using on which pairs today, and was your SL hit yet?
ScottIgnored
DislikedThe beauty of the system is the idea behind it...Not all the rules..U can change accordingly to make it profitable...Am I seeing an ex-Kantor??
sonicIgnored
DislikedOne hour chart seems to be better than TF 15mn but you must open your stop order at 11:00am NYTime only.
EUR breakout is the blue range and NY breakout is the silver range.
Ignored
DislikedSorry if I am being a bonehead here. Just want to make sure I've got this straight. Your not being boneheaded... your asking for clarification which will give you a better understanding of how I and other trade this system. All questions are GOOD!
As I understand the system, we place a buy or sell stop a few pips higher or lower than the high or low of the 8 bars that comprise the period between 7 AM and 9 AM ET. Thus I am usually placing my buy/sell stop orders between 9:00 AM and 9:05 AM. Is this correct? It is actually 9 bars between 07:00-09:00 if this helps. At the 09:15 bar start... you set your sell and/or buy stops. At 09:15, you will know the exact high and low of the previous bars.
How many pips cushion are you using above and below the high and low of the two hour period? I had mine set to 3 today and was triggered long on the GBP/USD. Is 5 enough? Or should we maybe consider 10? That is up to you...but I keep mine one pip at the breakout.. if 1h and 4h charts show a long and the high of the 07:00 to 09:14:59 am est is 1.7010 (an example), I jump in at 1.7011. But this is my trading method.
Also, being that your risk:reward is 15:10, you have to win better than 60% of the time to be profitable. Has that been the case for you with this system? The money management/reward risk ratio is totally up to the individual trader. I can't tell you what to do here.
Thanks again.
ScottIgnored
DislikedSorry if I am being a bonehead here. Just want to make sure I've got this straight.
As I understand the system, we place a buy or sell stop a few pips higher or lower than the high or low of the 8 bars that comprise the period between 7 AM and 9 AM ET. Thus I am usually placing my buy/sell stop orders between 9:00 AM and 9:05 AM. Is this correct?
How many pips cushion are you using above and below the high and low of the two hour period? I had mine set to 3 today and was triggered long on the GBP/USD. Is 5 enough? Or should we maybe consider 10?
Also, being that your risk:reward is 15:10, you have to win better than 60% of the time to be profitable. Has that been the case for you with this system?
Thanks again.
ScottIgnored