thanks for the help. is this profitable for you?
- #17,561
- Oct 23, 2008 3:36am Oct 23, 2008 3:36am
- #17,564
- Oct 23, 2008 12:47pm Oct 23, 2008 12:47pm
- | Commercial User | Joined Nov 2006 | 2,223 Posts
i've been to many forums and found many trading systems that had numerous pages, but a lot of those pages were just complaints, revisions, questions, small talk and at the end the general consensus was it did not work. There is a thread on here called eur/usd. you will be surprised at how much nonsense goes on in there.
how much have you made?
The strategy is still the same as from day one.
Greetings
- #17,569
- Oct 23, 2008 10:10pm Oct 23, 2008 10:10pm
Hi ssq,
I personally wouldn't take a trade like that (I'm no pro though). To me, Price Action is too unpredictable, with huge bull candle, and then huge bear candle that are way out of proportion to surrounding candles - there is no smoothness to it. I found this post of Phillips from July (page 1068, post 16009) pretty helpful in filtering out high reliability TCs vs average ones http://www.forexfactory.com/showpost...ostcount=16009 He talks about the best signals being where there is a slowing down of price towards the 21, followed by an increase in momentum as price moves away from 21 with a TC again.
This TC is a lot like the USD/JPY TC he talks about (even though there is no Trend line in the way).
I personally wouldn't take a trade like that (I'm no pro though
). To me, Price Action is too unpredictable, with huge bull candle, and then huge bear candle that are way out of proportion to surrounding candles - there is no smoothness to it. I found this post of Phillips from July (page 1068, post 16009) pretty helpful in filtering out high reliability TCs vs average ones http://www.forexfactory.com/showpost...ostcount=16009 He talks about the best signals being where there is a slowing down of price towards the 21, followed by an increase in momentum as price moves away from 21 with a TC again.This TC is a lot like the USD/JPY TC he talks about (even though there is no Trend line in the way).
back off 21ema. trend continue !!!
Attachment
edit:maybe the stoploss is too big,more than 100pips,so i would wait!!!!
Hi ssq,
I personally wouldn't take a trade like that (I'm no pro though
This TC is a lot like the USD/JPY TC he talks about (even though there is no Trend line in the way).
Thank you Phillip Nel for replying to my message, would have thanked you earlier but I am experiencing some tech problems with my PM. Your success results are quite amazing and can lead to some amazing results if applied with innovation.
Thanks again, your time and effort is priceless.
P.S I have read the 13 lessons, your insights of the tsunami are quite brilliant!!!
Thanks again, your time and effort is priceless.
P.S I have read the 13 lessons, your insights of the tsunami are quite brilliant!!!
- #17,575
- Oct 24, 2008 7:33am Oct 24, 2008 7:33am
With the market like it is today its even hard to find good SL on 5 min. We have some 5 min candles of over 100 pips....
- #17,576
- Oct 24, 2008 7:39am Oct 24, 2008 7:39am
Remember one thing also everyone, especially new guys/girls. DO NOT get frustrated and force trades today when you have missed the entry. This can lead to you putting larger Stop Losses and they have a good chance of being hit with this type of volatility. Be patient and disiplined. Its hard to do, but if you can restrain yourself, come back and then make a good trade, your well on your way to becoming a sucessfull trader. Emotional detachment is the key. Don't get over confident, but also don't become too cautions. Pretend your a trading machine sent from the future........hey that would be good!!
- #17,580
- Oct 24, 2008 3:41pm Oct 24, 2008 3:41pm
- | Joined Jul 2007 | Status: believer of Random Walk | 32 Posts
Wow, I'm not a big poster on this forum, but one of the most insane candles I've ever seen today on the GBPCHF prompted me to post.
I'd already had one of my biggest trades ever in such a short time by shorting the GBPCHF at 1.97 to 1.89 based on the very large bearish daily candle on the 15th at strong confluence.
Now with all my greed I wish I'd kept the trade on- I'd have doubled it in a day!
...crazy times guys... horrible for stocks- great for forex...
I've been trading a very similar 'system' to Phillip's for a couple of years- ie discretionary based on price action without the MACD. I love the 89- that's been a real plus to my trading- thanks very much for that Phil- I'd always used the 21, 50 and 100 and 200 SMAs and never had much use for the 50 and 100 as S/R- only as a gauge of how far the retacement had come- I much prefer the 89- gives you great gauge of the "emotion"
I'm know this was briefly talked about before- but does anybody use the 4hr system on a daily candle basis?
Also, what other threads would people recommend for PA? I already follow this, James16 and Jacko.
Thanks everyone, JTD
I'd already had one of my biggest trades ever in such a short time by shorting the GBPCHF at 1.97 to 1.89 based on the very large bearish daily candle on the 15th at strong confluence.
Now with all my greed I wish I'd kept the trade on- I'd have doubled it in a day!
...crazy times guys... horrible for stocks- great for forex...
I've been trading a very similar 'system' to Phillip's for a couple of years- ie discretionary based on price action without the MACD. I love the 89- that's been a real plus to my trading- thanks very much for that Phil- I'd always used the 21, 50 and 100 and 200 SMAs and never had much use for the 50 and 100 as S/R- only as a gauge of how far the retacement had come- I much prefer the 89- gives you great gauge of the "emotion"
I'm know this was briefly talked about before- but does anybody use the 4hr system on a daily candle basis?
Also, what other threads would people recommend for PA? I already follow this, James16 and Jacko.
Thanks everyone, JTD
pessimism of the intellect and optimism of the will