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Tkpower8 ATM

  • #581
  • Dec 19, 2008 9:10am Dec 19, 2008 9:10am
Quoting deepsouth
Dangit!!!

I'm gonna have to move or learn how to live without sleep so I can trade the London open...Day in and day out perfect setups occur near the London open.....

Nice work everyone who was able to catch those big moves :0)

I feel your pain, Deep!!
  • #582
  • Dec 19, 2008 9:19am Dec 19, 2008 9:19am
There are people who work night shift and get paid peanuts. Just think of it as a night shift without the peanuts, lol
  • #583
  • Dec 19, 2008 9:23am Dec 19, 2008 9:23am
Best setups is to wait for two or more same colour candles in a row before a pull back. Once this happens wait for the candle eats candle +2pips. This way you know you are in a trend of some sort. Pivot, support ,res. fib, Murrey math are also all things I look at to decide if I should pull the trigger and when I take profits.
  • #584
  • Dec 19, 2008 9:25am Dec 19, 2008 9:25am
Tk, for your ebook....maybe some details on how you pull the trigger on entries? Do you set buy/sell stop orders when a setup is occurring, along with also inputting the SL and TP? Do you use a script for this? If so, some details on how to use a script for entries. Thanks.
  • #585
  • Dec 19, 2008 9:30am Dec 19, 2008 9:30am
Quoting CindyXXXX
Hey TK thanks for sharing your methods -

2 questions... -

Trading off a 2 min chart I am guessing this still works ok in a range market?

and lastly you say to trade at the start of the 8:00 and 14:00 sessions but on the template there are another two breakout zones....

Do you trade off these? and if not what are they for?

Thanks
I'm having an EA made for breakouts only, the other 2 are secondary highly probable breakout zones that I cannot trade manually because I don't want to. An EA however can and I have been checking them everyday for months, they are pretty damn good too.

I suggest you all go to maximum zoom out on your charts, make sure your gray zones are correct, and see for yourself how good they all are.
  • #586
  • Dec 19, 2008 9:35am Dec 19, 2008 9:35am
Quoting deepsouth
TK,
If this is being explained in your ebook, then please ignore this question.

With the exception of the NY open and NY afternoon session, I see that the gray areas are set to end at two minutes prior to the session open, which means we are now clear to trade. However for the New York open the area is set to one hour after the open as described in post #1. Is this to avoid extreme volatility due to news releases or is there some other reason?

If I just misunderstand or am just a dumbass, please someone clear this up for me... If this...
Important news is often at 15:30 which can cause for fakeouts instead of breakouts.

Just my opinion as always
  • #587
  • Dec 19, 2008 9:45am Dec 19, 2008 9:45am
I want to thank you all for your comments in regards to the ebook. I have noted them all and they have all been very useful. Some things I had brushed on to quickly it seems and a couple of things I had forgotten.

I will not be going into deep details anywhere because I want to keep this is a simple as possible without forgetting any pieces of the puzzle. I am sure you can respect that this is hard to get into words correctly but I will do my best. I think the videos will clear anything up after that.
  • #588
  • Dec 19, 2008 9:52am Dec 19, 2008 9:52am
I attach a few trades I took, I took a bit more, my BE is still positive. But this gone bad, maybe any comment?
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  • #589
  • Dec 19, 2008 10:03am Dec 19, 2008 10:03am
Quoting debitel
I attach a few trades I took, I took a bit more, my BE is still positive. But this gone bad, maybe any comment?
Debitel,

I'm certainly no expert with this system, but I will only trade the first opportunity when the colour of the 21sma has changed. I think that this would've kept you out of a couple of those trades.

Dazzer
  • #590
  • Dec 19, 2008 10:37am Dec 19, 2008 10:37am
I made a lot of bad trades today due to the ranging market. Since the breakout now, I am up 5% and done again for the day

Day 1 - 12%
Day 2 - 8%
Day 3 - 5%
Day 4 - 5%

This week took $5000 - $6640

I think this is a good system? LOL ,YUP!
I am always leaning from my mistakes. I become a better trader day by day. I will never try to make the same mistakes twice.
  • #591
  • Dec 19, 2008 10:43am Dec 19, 2008 10:43am
Quote
I made a lot of bad trades today due to the ranging market. Since the breakout now, I am up 5% and done again for the day

Day 1 - 12%
Day 2 - 8%
Day 3 - 5%
Day 4 - 5%

I think this is a good system? LOL ,YUP!

Good trading Big Bear....At that rate you'll be a gazillionaire in no time!

Deepsouth
  • #592
  • Dec 19, 2008 10:48am Dec 19, 2008 10:48am
LOL, yup over 2 million in 12 months. After 2 months of demo trading I will trade with real cash. Will start with $500 or $1000. If you can't make a million with $500 you will never make it with $50,000. This is my philosophy. Just be consistent and make you %. Nothing less than 2.5% a day and 5% tops! but I'll take more % if its handed to me an a quick move
  • #593
  • Dec 19, 2008 10:51am Dec 19, 2008 10:51am
Can anyone please tell me how to get the arrows on the chart as per tk8's post? I have downloaded the m2zip and placed the template on my platform.

Thanks.
Attached Image
  • #594
  • Edited 11:18am Dec 19, 2008 10:54am | Edited 11:18am
TK

Sorry been out all day so missed your request on #553 re the ebook.
What I would have requested:

It's obvious there are loads of 'correct' entry signals, so I would like your advice on
1) Selection - of good, high probability trades
2) Avoidance - of weak setups, very unlikely to win...despite meeting the obvious entry criteria.

rorieu

Sorry if I'm too late but you've probably covered these already.
  • #595
  • Dec 19, 2008 10:56am Dec 19, 2008 10:56am
Quoting 4FXsake
Can anyone please tell me how to get the arrows on the chart as per tk8's post? I have downloaded the m2zip and placed the template on my platform.

Thanks.
I think the arrows are coming in Edition 2 'ED2'
  • #596
  • Dec 19, 2008 11:27am Dec 19, 2008 11:27am
Quoting tkpower8
I want to thank you all for your comments in regards to the ebook. I have noted them all and they have all been very useful. Some things I had brushed on to quickly it seems and a couple of things I had forgotten.

I will not be going into deep details anywhere because I want to keep this is a simple as possible without forgetting any pieces of the puzzle. I am sure you can respect that this is hard to get into words correctly but I will do my best. I think the videos will clear anything up after that.
I think you are wise keeping it simple & precise . You are doing plenty without giving lessons in candle patterns etc . People need to do some homework and study on their own if they are new to the basics . babypips.com , investopedia.com and numerous other free sites with tons of info are out there . Thanks again Tk . You have put together a great price action method that nails the entry . Screen time , lots of hrs , will refine this for anyone . There are no shortcuts that I know of . We all become better traders the more we focus on learning one method well . Looking forward to the next step .
  • #597
  • Dec 19, 2008 11:31am Dec 19, 2008 11:31am
Quoting steel777
I think you are wise keeping it simple & precise . You are doing plenty without giving lessons in candle patterns etc . People need to do some homework and study on their own if they are new to the basics . babypips.com , investopedia.com and numerous other free sites with tons of info are out there . Thanks again Tk . You have put together a great price action method that nails the entry . Screen time , lots of hrs , will refine this for anyone . There are no shortcuts that I know of . We all become better traders the more we focus on learning...
I feel the same way steel777. Tk your doing a great job.
  • #598
  • Dec 19, 2008 11:34am Dec 19, 2008 11:34am
Quote:
Originally Posted by deepsouth http://www.forexfactory.com/images/buttons/viewpost.gif
TK,
If this is being explained in your ebook, then please ignore this question.

With the exception of the NY open and NY afternoon session, I see that the gray areas are set to end at two minutes prior to the session open, which means we are now clear to trade. However for the New York open the area is set to one hour after the open as described in post #1. Is this to avoid extreme volatility due to news releases or is there some other reason?

If I just misunderstand or am just a dumbass, please someone clear this up for me...

Important news is often at 15:30 which can cause for fakeouts instead of breakouts.

Just my opinion as always


Ok, I think I understand now...I didn't ask the right question, but your answer led me in the right direction. The gray area is simply the breakout area no more no less, hence the hour added into the NY open so as to weed out the false breakouts. So NY session trading starts at 8:00am EST regardless of the gray area. We just do not take a breakout trade when it happens prior to 9:00am EST....I think I got it.....If not someone set me straight, I know TK is busy with ED2 right now...

Tks
  • #599
  • Dec 19, 2008 12:40pm Dec 19, 2008 12:40pm
Here is chart that I posted in another thread. I'm reposting it here because I think it's relevant for helping to assess good trades. And M2 timeframe is too small to draw any trendlines.

We had a nice uptrend for the first part of the week....a reversal and finished right back where we started the week. What does this mean for next week....we'll see how it handles the low around 1.4812.

Throughout the week you could draw trendlines to represent what price might do to create a new trend, extend an existing trend...or range, while it decides what to do. No indicators can tell you this....it's pure price action...so it seems to be on topic for this thread.

So when you sit down to trade, before you do anything....load an M15 chart....zoom out and draw some trendlines...see if it helps you in your M2 trading.

It's near these threndlines that you start to get signals to do something. This is why sometimes price bounces for no apparent reason...and sometimes when you trade it turns immediately against you...cause you are doing exactly the opposite of the 5% who are getting it right.

Timeframe is M15 for GU for the week.

Cheers
CanuckCT
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  • #600
  • Dec 19, 2008 12:49pm Dec 19, 2008 12:49pm
Quoting deepsouth
Quote:
Originally Posted by deepsouth http://www.forexfactory.com/images/buttons/viewpost.gif
TK,
If this is being explained in your ebook, then please ignore this question.

[i]With the exception of the NY open and NY afternoon session, I see that the gray areas are set to end at two minutes prior to the session open, which means we are now clear to trade. However for the New York open the area is set to one hour after the open...
HI DS

Have a quick read of the first few posts in

http://www.forexfactory.com/showthre...03682&page=108

as an intro to Breakouts.

I didn't know what they were. After loading TK's ones I initially thought trading was supposed to be inside the grey box and only realised after studying the first few post on TK's thread that trading started after the two hour zones.

Do what TK said and look at them (the purple horizontal extended lines) over the last few days, it's surprising how strongly the price reacts at them, much more so than at PPs or the other lines.

regards
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