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  • #4,581
  • Jan 13, 2009 1:40am Jan 13, 2009 1:40am
hey guys,havent been here for a while,but would like to wish all a happy new year.

harold nice post re planning your trade.

anyway i hope everyone is doing well with the KTM trades.
Survive & Preserve
  • #4,582
  • Jan 16, 2009 6:59am Jan 16, 2009 6:59am
Quoting harold4x
ok let me verify a few things if daily is say up i go to 5 minute chart and wait for price to trend down at least 30+ pips then look for 123 the reason for the hard stop and target is you have to draw the line somewhere and just as the other fellow said the probability of hitting target is what it is all about. when deciding on that number during normal times a trend on 5 minute chart was about 50 pips so to take just a pip below half seemed acceptable to me to be my max. Now i traded last year at 3% per trade this year 5% the reason 103 wins and...
Hi
Could anybody help me out here.
If a persons mm is trading at 3% his pot of $10,000 = $300 per trade.
and my first trade is a target price of 15 pips (as its not always 24 pips )
then I would be looking at $20 a pip to keep my 3% per trade up.
Is this the right way to work this.
Thanks
  • #4,583
  • Jan 16, 2009 2:25pm Jan 16, 2009 2:25pm
Blackdog,

You are absolutely correct.
Take care,
Dave
  • #4,584
  • Jan 16, 2009 2:34pm Jan 16, 2009 2:34pm
Hi
GBP/USD
Any thoughts on this failure
Can anybody see any reasons for not taking the trade
when this appeared.
thanks

Edit thanks for the reply dave
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.gif Size: 39 KB
  • #4,585
  • Jan 16, 2009 3:35pm Jan 16, 2009 3:35pm
Blackdog,

It looks like the risk was more than 24 pips when you include the spread, which is a no trade situation. Also to take into consideration, was that there was support just below your entry (there was alot of traffic just to the left). I hope this helps.

Dave
  • #4,586
  • Jan 16, 2009 5:01pm Jan 16, 2009 5:01pm
Quoting davema
Blackdog,

It looks like the risk was more than 24 pips when you include the spread, which is a no trade situation. Also to take into consideration, was that there was support just below your entry (there was alot of traffic just to the left). I hope this helps.

Dave
Hi dave
Yes that has helped thanks
Do you draw your lines of S/R each day on the 5min or wait a few days
and then redraw.
  • #4,587
  • Jan 16, 2009 5:28pm Jan 16, 2009 5:28pm
Hi Blackdog,
I usually look at the higher timeframes first to find major areas of support/resistance, then work my way down to find recent areas that may be a concern.
Cheers,
Dave
  • #4,588
  • Jan 17, 2009 12:48pm Jan 17, 2009 12:48pm
Hello dave
Thanks for the reply.
Its very quiet around here these days
Everybody must have there heads down studying the system.
I am just bouncing a few questions around to see if it can be improved
regarding price action etcet. I think harold has done a great job with this
system its just fine tuning the MM now before i dip my toe in.
Would you be happy to trade KTM 123 full time.
  • #4,589
  • Jan 17, 2009 7:29pm Jan 17, 2009 7:29pm
Hi Blackdog,

Yes Harold is a great person who gives his time very generously. There aren't many people like him.
I would love to trade ktm fulltime but I cannot always be in front of the computer during market hours. Harold's results are amazing. He is truly awesome for sharing this with us.
Take care,
Dave
  • #4,590
  • Jan 19, 2009 1:21pm Jan 19, 2009 1:21pm
thanks for the encouragement dave i have been a little busy these days with a very important project i am still listening (lol)
  • #4,591
  • Jan 19, 2009 4:02pm Jan 19, 2009 4:02pm
Harold,

Thanks again. Good luck with your project.
Take care,
Dave
  • #4,592
  • Jan 22, 2009 4:28am Jan 22, 2009 4:28am
hi everyone,i hope all are getting some winning ktm trades on.

harold i have a ???? with the stochs,when they r about 25 ish do u take the trade & just watch it carefully or do u just wait for the next trade 2 come along??i have had a couple lately but didnt take them but they have worked which is good.actually both of them rsi & emas had just crossed which probably should have convinced me 2 trade,but i was being patient.

thanks in advance
Survive & Preserve
  • #4,593
  • Jan 22, 2009 7:57am Jan 22, 2009 7:57am
hi andrew if stochs are 25 i take them it its say 20 i leave them alone also if i see and lot of obstacles in the way when stoch are low i also may let it go i am very picky but thats money management
  • #4,594
  • Jan 23, 2009 12:33am Jan 23, 2009 12:33am
Quoting harold4x
hi andrew if stochs are 25 i take them it its say 20 i leave them alone also if i see and lot of obstacles in the way when stoch are low i also may let it go i am very picky but thats money management
cheers harold
Survive & Preserve
  • #4,595
  • Jan 26, 2009 12:31am Jan 26, 2009 12:31am
Hi all,
I saw a good setup so I took it, turned out to be winner.
Attached Image (click to enlarge)
Click to Enlarge Name: har1.gif Size: 16 KB
  • #4,596
  • Jan 26, 2009 3:28am Jan 26, 2009 3:28am
Quoting patrick25
Hi all,
I saw a good setup so I took it, turned out to be winner.
Nice trade patrick25
  • #4,597
  • Jan 26, 2009 3:46am Jan 26, 2009 3:46am
i m not having luck with this method so far. Price always tends to have fake breakout..
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  • #4,598
  • Jan 26, 2009 8:28am Jan 26, 2009 8:28am
super trade patrick i was not awake to take that one notice the head and shoulders of that 123 thats what a 123 is the right shoulder of head and shoulders pattern kris as for false signals not quite understanding where though all methods have then the indicators and rules pretty much filter them out
  • #4,599
  • Jan 26, 2009 5:04pm Jan 26, 2009 5:04pm
One thing that always holds me back from opening some trades is that sometimes I spot the 1-2-3 pattern after a reversal move, but some indicator (especially the RSI) is still far from the ok zone. I can't just react quickly enough to check all 3 indicators and open a trade exactly in the point where the price breaks out the "2" point.

Say, for example, a 1-2-3 indicating a sell trade. However, the RSI is around 60. I should, in theory, place a sell order below the point 2. However, I don't know if at that point the RSI will still be above 50 or not, and if I leave my order there, it may be the result of a fake breakout. What to do?

I can try to provide a chart example if needed.

The solution for that would be to open the trade manually, but sometimes the price movement is too fast and the position will end up being open too further down, skewing up the Risk-reward ratio.

In retrospect, after the close of the breakout candle we see "oh nice, RSI crossed down", but during the trade we cannot know if it will close that way or not.

Any advice on that?
  • #4,600
  • Jan 26, 2009 5:36pm Jan 26, 2009 5:36pm
Hi LazyPip,
You usually can tell that if price is about ten pips away from #2 and rsi is 59.
If price moves 10 more pips down, you know rsi will be @ 50 or 49. If price is 10 pips away from #2 and rsi is 65, you kind of know when price break #2, rsi is above 50.
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