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Tkpower8 ATM

  • #541
  • Dec 19, 2008 3:15am Dec 19, 2008 3:15am
My current short
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  • #542
  • Dec 19, 2008 3:19am Dec 19, 2008 3:19am
c
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  • #543
  • Dec 19, 2008 3:20am Dec 19, 2008 3:20am
Quoting blee95
Hello TK and others,

Do you know of a resource where I could learn more about exactly the implecations of the LL and LH's you are talking about. I have went through babypips and others and I also understand the triangle issues but the issue of the LL and LH seems to be difficult for me to grasp in regards to this trading style. Please excuse my ignorance if it is obvious but I have reread the first post several times and do not completely understand this aspect of the price action style. I appreciate all of your time since I know answering questions...
Blee

There will undoubtedly be better explanations out there of higher highs, higher lows, lower highs and lower lows, but here's how I use them.

If a ccy pair is making higher highs and higher lows it means that when the bulls are in control they're able to push prices higher than they did on the last swing, and when the bears are in control they're unable to push prices as low as they did previously. This indicates to me that the trend is upwards, in fact it will be clear to see on the chart. I always want to stay on the right side of the trend and trade with current momentum, so if the bulls are pushing prices higher with each swing, then I want to be on their side, as the odds are in favour of them at that moment in time. Once a higher low is broken, and a lower low and lower high are formed, for me I see the bias as changing to negative and then I'm more likely to stick to trading short until the situation changes again.

Reverse the above for lower lows and lower highs. That's a really basic explanation, there will be more detailed stuff out there (just try searching around the net) but that's how I use them.

Pilks
  • #544
  • Dec 19, 2008 3:24am Dec 19, 2008 3:24am
Quoting blee95
Hello TK and others,

Do you know of a resource where I could learn more about exactly the implecations of the LL and LH's you are talking about. I have went through babypips and others and I also understand the triangle issues but the issue of the LL and LH seems to be difficult for me to grasp in regards to this trading style. Please excuse my ignorance if it is obvious but I have reread the first post several times and do not completely understand this aspect of the price action style. I appreciate all of your time since I know answering questions...
Its coming in the ebook I will release tomorrow, hang tight
  • #545
  • Dec 19, 2008 3:25am Dec 19, 2008 3:25am
Stopped out at the x
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  • #546
  • Dec 19, 2008 3:25am Dec 19, 2008 3:25am
Quoting SankeX
Hi,

I've noticed that many of you has changed some setups of sma (at the beginning there was two colours but now only green). So how do you guys trade with that? Wasnt it that you take shorts only with the red sma and longs when it is green?

Long trades abowe sma and vs maybe ??

I've followed this thread since beginning and havent seen any changes of that rule.

OK there was a new template at the 1st post
But what are the rules with it?
  • #547
  • Dec 19, 2008 3:27am Dec 19, 2008 3:27am
Quoting xecret
I missed it feeling the sidewalk was to long.
TK, how do you feel? Is it a good entry for you?
Breakout setting up in sync trumps anything for me. You can trade those breakout lines with no strategy at all and win over 70% of your trades. Backcheck and you will see, it will nearly always go at least 20pips
  • #548
  • Dec 19, 2008 3:28am Dec 19, 2008 3:28am
Quoting rorieu
TK
How did you exit the GU one - when you got 40 pips or on the 804gmt blue candle 40pips??
The sell I see on EJ had a blue reverse on the second candle. Did you sell there or continue for 40+

r
Just had a TP of 25pips, my attention is elsewhere
  • #549
  • Dec 19, 2008 3:31am Dec 19, 2008 3:31am
Quoting Gajowy
And one more dont trade before the 08gmt ; )
I took that two trades two. I hope that when tkpower8 will finish his ebook evrything will be clear for us. ; )

I diminished my losses with this trade on e/u - crazy still falling ; )
http://images6.fotosik.pl/354/f76de863dd7cba7e.gif
You need to sort out your gray zones
  • #550
  • Dec 19, 2008 3:32am Dec 19, 2008 3:32am
Quoting rorieu
c

I start at 0800gmt
  • #551
  • Dec 19, 2008 3:39am Dec 19, 2008 3:39am
Thanks TK. Could you explain a bit more about "Breakout setting up in sync". Maybe I didn't caught what you really mean.
Quoting tkpower8
Breakout setting up in sync trumps anything for me. You can trade those breakout lines with no strategy at all and win over 70% of your trades. Backcheck and you will see, it will nearly always go at least 20pips
  • #552
  • Edited 3:44am Dec 19, 2008 3:40am | Edited 3:44am
Quoting blee95
Thanks Pilks.

Then you would not use a trailing stop? Just a fixed stop... After looking again at the chart I see your point on the first trade, I should have passed on that one. The issue on the second is really how to setup a good SL strategy. I am not sure if I should us a trailing stop or not.

Thank for your input.
Personally I don't use trailing stops, but if I did I would only activate it once my trade had moved into profit. Initially (in the case of a short trade) it might be best to put your stop either a couple of pips above the high of the previous candle (the bull candle that was eaten) or if it's close enough, a couple of pips above the previous swing high.

Saying that, fixed stops do have their downfalls - they tend to be in obvious places (like above the previous swing high), and traders in large institutions often go stop hunting, in which case you can be spiked out of a trade, only to see it then go in its original direction.

Just a few thoughts, but yeah, I use fixed stops when entering a trade.
  • #553
  • Dec 19, 2008 3:52am Dec 19, 2008 3:52am
Quoting xecret
Thanks TK. Could you explain a bit more about "Breakout setting up in sync". Maybe I didn't caught what you really mean.
OK this will have to be my final post till much later as I need to focus, I will check back in a minute though to see your answer to this.

What do you guys want in much more detail in the ebook?

So far I have included;

The System and Rules plus what roles Breakouts, Pivot Lines, Price Action, Trading Times, and Elliott Waves have in my decision making


Am I missing anything?
  • #554
  • Dec 19, 2008 3:59am Dec 19, 2008 3:59am
Here is an example of what Pring teaches. Iused a 1hr chart because it's easier to see.

We have a change in trend from up to down on 1 hr chart.
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  • #555
  • Dec 19, 2008 4:13am Dec 19, 2008 4:13am
Quoting tkpower8
OK this will have to be my final post till much later as I need to focus, I will check back in a minute though to see your answer to this.

What do you guys want in much more detail in the ebook?

So far I have included;

The System and Rules plus what roles Breakouts, Pivot Lines, Price Action, Trading Times, and Elliott Waves have in my decision making


Am I missing anything?
I am sure you have thought about it already, but what is the significance of the purple, black and green lines in the gray zones. I don't quite understand that. This might be better explained in your ebook.
JTH
  • #556
  • Dec 19, 2008 4:13am Dec 19, 2008 4:13am
Anybody getting any decent bites to day besides the first hour of trading?G/U seems a little choppy, I'll cya for ny open.
  • #557
  • Dec 19, 2008 4:22am Dec 19, 2008 4:22am
Quoting ubp
Anybody getting any decent bites to day besides the first hour of trading?G/U seems a little choppy, I'll cya for ny open.
I am finished for i have allot more than the daily target amount of pips. One of my biggest problems is over trading, I am like a dog with five bones, i don't want to lose any of them but i can't put all of them in my mouth at once, so i end up losing them all. I just have to learn that one bone is good enough.

I am itching to get in some more trades but i am fighting it, discipline has to rule. So i am finished for the day ( i am still looking at the screen to see what would been a good entry or not LOL)

JTH
  • #558
  • Dec 19, 2008 4:30am Dec 19, 2008 4:30am
Quoting jth
I am sure you have thought about it already, but what is the significance of the purple, black and green lines in the gray zones. I don't quite understand that. This might be better explained in your ebook.
JTH

Yep, got it in there, thanks for the input.

Anything else anyone or are we all covered?
  • #559
  • Dec 19, 2008 4:32am Dec 19, 2008 4:32am
Quoting tkpower8
OK this will have to be my final post till much later as I need to focus, I will check back in a minute though to see your answer to this.

What do you guys want in much more detail in the ebook?

So far I have included;

The System and Rules plus what roles Breakouts, Pivot Lines, Price Action, Trading Times, and Elliott Waves have in my decision making


Am I missing anything?
One more idea that might be good for the ebook, say you had four different example entries (images) from the text book entry to the worst entry and explain why you would take them and why you wouldn't.

This could help others to stay out of bad trades and allow us to take the best possible trades visually.

JTH
  • #560
  • Dec 19, 2008 4:37am Dec 19, 2008 4:37am
Quoting tkpower8
OK this will have to be my final post till much later as I need to focus, I will check back in a minute though to see your answer to this.

What do you guys want in much more detail in the ebook?

So far I have included;

The System and Rules plus what roles Breakouts, Pivot Lines, Price Action, Trading Times, and Elliott Waves have in my decision making


Am I missing anything?
One last thing i promise i'll shut up after this LOL.

Have you got a section in there about money management?

JTH
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