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  • #8,501
  • Feb 8, 2009 3:21am Feb 8, 2009 3:21am
Quoting pipexplorer1
Hey

For all those of you that have been following this thread for a long time, I was wondering, when BRV says he gets over 90% accuracy, does that figure include the trades off 5 and 15 minute charts? Or is that level of accuracy achieved only on 1 hr and 4hr?
I guess it's from the H4 and H1 TF's, but he did not exactly pointed it out. Anyway, he did promote trading from H1 and H4 TF's and Ironman trades like this too.

I also found my success after abandoning <H1 TF's... There is no way I would EVER look for anything smaller than H1. I even removed the M1, M5, M15 buttons from MT4.

Trading with the trend, using trendlines and S&R does the magic for me. It's my personal holy grail.
  • #8,502
  • Feb 8, 2009 6:07am Feb 8, 2009 6:07am
Quoting hendrix
I guess it's from the H4 and H1 TF's, but he did not exactly pointed it out. Anyway, he did promote trading from H1 and H4 TF's and Ironman trades like this too.

I also found my success after abandoning <H1 TF's... There is no way I would EVER look for anything smaller than H1. I even removed the M1, M5, M15 buttons from MT4.

Trading with the trend, using trendlines and S&R does the magic for me. It's my personal holy grail.
Thanx. That is what I was expecting. I myself also don't like looking at 5 and 15 minute charts.
  • #8,503
  • Feb 8, 2009 3:54pm Feb 8, 2009 3:54pm
Quoting Knightz
u can say that again~~~~~
i blew up 33% in a day... emotions can kill~
Im really very sorry to read your and Buma's storys here.

Very few guys Ive ever met in this business are qualified to lecture anyone on this stuff, certainly not me, LoL, but sometimes I cant stop myself throwing in my 2 cents when I see guys getting messed up here. So please take my suggestion with the humility with which it's offered here...
STOP TRADING LIVE MONEY NOW.
(or at least switch to a mini/micro and trade 1% only per trade.)
These kind of losses in any investment activity are not normal.
Maybe in gambling or videogaming.. but if you are treaing FX in that wy.. forget it.

When you guys joined this thread you read the stuff that BRV and Ironman very clearly documented in Post1. Its not rocket sclence, and its about as clearly written as ANY Ive ever read. Ive been trading version of it for some years before coming across it here.. It works. So If you did, fully study and understand and have been faithfully following the stuff in post1, you are getting 75% winning trade entries. BRV promised 90% but that assumes have HIS experience to use the system with the same skill that he does..
So with respect guys, youve either NOT read and studied it, are NOT following it or are screwing up big time on Psychological discipline (controlling emotions of fear, greed and anxiety) or Money management*** (risk reward decision analysis for each trading opportunity - when, where, why and how much to bet on a particular event) So stop giving your hard earned money away until youve restudied the system and thought good and hard about the Psych and MM aspect of your technique. And check out where you are making your mistakes...
Theres no high IQ needed..and no shame in pulling back... its SMART...panic is bad but fear is good...listen to it. So my 2 cents is this ...Its simple.. if its not working STOP THROWING your money away, until you sort the problem.

NOTE...This thread and 95% on public forums are about trading methodology (long or short-term, technical versus fundamental analysis, type of trading system, etc); But in reality In My very Humble Opinion, this is LESS THAN 30% of surviving. ..The BIG ONES IMHO are Psychological discipline (controlling emotions of fear, greed and anxiety) and Money management (risk reward decision analysis for each trading opportunity - when, where, why and how to bet on a particular event) These NEVER get newbie traffic because they are full of jawjaw, boring formulas and (apparently)unsubstanciated opinion.) Personlly I hate them too LoL..
But I CAN tell you that if you keep trading without taking time out to grasp this stuff, you WILL blow your accounts out.
  • #8,504
  • Feb 8, 2009 5:33pm Feb 8, 2009 5:33pm
Hi!
I discovered this thread some days ago and am trying to apply this ideas to my trading strategy.
żMay I ask you something It isn't clear for me yet?
Please check attached chart, just present EURGBP 60m.
A, C and D points are clear to me: short, with a double entry to avoid not beeing touched by PA.
B level is also a clear long.
But regarding point E, you would try long (same as point B) but it would be a loss.
After reading most of the BRV notes I see he talks about having just some few pips of profit and closing.
My question is:
1- How to achieve 90% of accurancy while much more than 10% of "Points E" you find in your way will be loosers?
2- How to avoid losing too many pips in these situations?
3- Ar you reversing just in the point your SL is touched?
Thanks you all for your help!
Attached Image (click to enlarge)
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Trading: the skill of avoiding trades
  • #8,505
  • Feb 8, 2009 5:56pm Feb 8, 2009 5:56pm
cliffedwards - totally appreciate ur concern. i've reckon i've read most of the pdf's and the numerous posts of BRV n Ironman, and that i jus started the live acc. i'm gonna start my lookin at only >1h TF and back to 1.5% risk per trade with 40SL. although it may b hard earned money but i've set it aside for 'investment' purposes. so yeh - if i'd get knocked down, i'd get up again - some say failure is success's first step~
  • #8,506
  • Feb 8, 2009 6:00pm Feb 8, 2009 6:00pm
C NOTE

Hello my name is Gerard. Could i ask why u thought the pinbar #3 was not a good choice since ialso took this one. You refer to congestion but i dont see it.Appreciate your comments.

Regards Gerard
  • #8,507
  • Edited 6:37pm Feb 8, 2009 6:18pm | Edited 6:37pm
Did you trade this or are you a just looking at a 1h chart?
Heres what happened...on 5m of your 1h chart at point E.
Im sure Im missing something.. but from your question I think (forgive me if Im wrong) I think you misunderstand point E on your chart..
There is NO guarrantee that point E will be a Long.
The whole point is that Point E on your chrt will be a critical point in what happens NEXT. To see it you must go down to 5m.
What DID happen Next was a BREAKOUT.. NOT a BOUNCE...
but just to confuse people, the market brokeout/down.. retraced ..rejected and continued the breakout.
The value of these levels is that they are MARKET DECISION POINTS.,, in an otherwise relatively relatively chaotic price action patterns.
Intrestingly even trading a Bounce here with an SL of 40 would have allowed you to exit at BE on the retrace.
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  • #8,508
  • Feb 8, 2009 6:28pm Feb 8, 2009 6:28pm
Quoting Knightz
cliffedwards - totally appreciate ur concern. i've reckon i've read most of the pdf's and the numerous posts of BRV n Ironman, and that i jus started the live acc. i'm gonna start my lookin at only >1h TF and back to 1.5% risk per trade with 40SL. although it may b hard earned money but i've set it aside for 'investment' purposes. so yeh - if i'd get knocked down, i'd get up again - some say failure is success's first step~
Complete respect my friend.. but dont mix up courage with competence. This is just business...LoL ...No medals for failure.
The grave yards are full of heros.
  • #8,509
  • Feb 8, 2009 7:45pm Feb 8, 2009 7:45pm
Quoting cliffedwards
So please take my suggestion with the humility with which it's offered here...
STOP TRADING LIVE MONEY NOW.
Cliff,

I certainly second the motion of what you said here. There is absolutely no reason to trade with high leverage. Sure, lots of people trade with 1.5% - 2.0% of their capital. But one has to assume that before they do, they have proved to themselves that they can trade a methodology with success, lack of emotion and consistency. Otherwise, whats the point? To see how fast one can blow the account?

BRV said that this is not rocket science. He's right. I am (or was in an earlier life) a rocket scientist; so I know that for sure. But, dammit, it just ain't easy. If it were, 90+% of the people who try to do this would not fail.

What are the big stumbling blocks? That is easy to define. (1) Not having a well defined method of trading that gives you an edge. (2) Not following it carefully and for long enough to learn it and to allow the probabilities to work. (3) Not having an understanding of yourself and your psychological hangups that will get in the way of your success.

The first item here has been given to us. Thank you BRV and others. I mean that sincerely.

But the others here are huge. It cannot be over emphasized how human nature gets in our way. But it does.

The suggestions made by Cliff are valid. Trade Micros. Trade in demo. Trade in whatever way you can without stress, emotion, etc. That usually means without fear or greed; read without much money on the line.

Remember the old adage: "The smart trader learns from his/her mistakes; but the wise trader learns from the mistakes of others."

Good luck. Trade smart. But don't give up.

SR
  • #8,510
  • Feb 9, 2009 12:58am Feb 9, 2009 12:58am
Quoting cliffedwards
Im really very sorry to read your and Buma's storys here.

Very few guys Ive ever met in this business are qualified to lecture anyone on this stuff, certainly not me, LoL, but sometimes I cant stop myself throwing in my 2 cents when I see guys getting messed up here. So please take my suggestion with the humility with which it's offered here...
STOP TRADING LIVE MONEY NOW.
(or at least switch to a mini/micro and trade 1% only per trade.)
These kind of losses in any investment activity are not normal.
[i][size=1]Maybe...
Thanks, Cliff. Yup, I am using a mini account with IBFX, not throwing my "food money" to this yet, LOL... As of BRV, I've read his book at least 4 times and watched his videos at least 20 times, but I don't think it's a methodology problem, as I've said. I know this works because I've seen it work. It's the psychological part that kills me (and most noobs, I guess). If I sticked to my rules, I would be profitable as we speak. But... I lost 25% of the account when I didn't know support/resistance and I lost the rest about 20% after I started using this. Not because of the method, but because of stupid stuff, like scaling in (I don't think this is good for a noob), widening stops in hope "it will reverse in my favour", forgetting to watch the news calendar (this brings up painful memories) and stuff like that. You know, stupid things that noobs do
  • #8,511
  • Feb 9, 2009 1:08am Feb 9, 2009 1:08am
Quoting bumasoft
Thanks, Cliff. Yup, I am using a mini account with IBFX, not throwing my "food money" to this yet, LOL... As of BRV, I've read his book at least 4 times and watched his videos at least 20 times, but I don't think it's a methodology problem, as I've said. I know this works because I've seen it work. It's the psychological part that kills me (and most noobs, I guess). If I sticked to my rules, I would be profitable as we speak. But... I lost 25% of the account when I didn't know support/resistance and I lost the rest about 20% after I started using...
Bumasoft,
i'm in the same boat as you are :
i am really good at this -- but something inside of me finds creative ways to mess up my account .

i have a small account with fxpro...trading that account over the past 4 months...always in profit.... but not much progress forward, because of giving the money back to the markets....for no good reason.

i'd say overtrading is my biggest concern...and the famous 'fear of missing out'.

cj.-
  • #8,512
  • Feb 9, 2009 1:13am Feb 9, 2009 1:13am
How about this for a no brainer?
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  • #8,513
  • Feb 9, 2009 1:25am Feb 9, 2009 1:25am
Quoting bumasoft
How about this for a no brainer?
Its good just be aware that if prices makes it that far down you would be bearish in that chart at that time so it all comes down to how you plan and mange it as well as if your trying to catch a higher timeframe move by simply timing a smaller one or you are scalping it really all comes down to how you are trying to manage it and what your trying to do with it once in it.
  • #8,514
  • Feb 9, 2009 1:27am Feb 9, 2009 1:27am
Hi all,

I have been looking at this thread for quite some time. Thanks BRV and all other senior members who have been putting very valuable posts.

I would recommend, if we can create a group of around 10 (hopefully senior pros) and each concentrate on one pair and post trade setup (if it comes) for their currency pair. Just a recommendation. I would like to know your view.

thax
  • #8,515
  • Feb 9, 2009 1:29am Feb 9, 2009 1:29am
Quoting Shermenator
Its good just be aware that if prices makes it that far down you would be bearish in that chart at that time so it all comes down to how you plan and mange it as well as if your trying to catch a higher timeframe move by simply timing a smaller one or you are scalping it really all comes down to how you are trying to manage it and what your trying to do with it once in it.
I was thinking of a scalp maybe
  • #8,516
  • Feb 9, 2009 2:15am Feb 9, 2009 2:15am
Quoting cliffedwards
Did you trade this or are you a just looking at a 1h chart?
I am in, short, but following a 123 pattern long term strategy.
Quoting cliffedwards
Heres what happened...on 5m of your 1h chart at point E.
Im sure Im missing something.. but from your question I think (forgive me if Im wrong) I think you misunderstand point E on your chart..
There is NO guarrantee that point E will be a Long.
The whole point is that Point E on your chrt will be a critical point in what happens NEXT. To see it you must go down to 5m.
What DID happen Next was a BREAKOUT.. NOT a BOUNCE...
but just to confuse people, the market brokeout/down.. retraced ..rejected and continued the breakout.
The...
Your comments are very clear!
I dont like setting blind entry points in long term charts, so your comments about using short term charts after identifiying critical points in long term charts are very clear and help me a lot to understand this strategy.
I really appreciate your help, thank you very much!
By the way, do you always use long term to identify opportunities and short term to set the entry points?
Trading: the skill of avoiding trades
  • #8,517
  • Feb 9, 2009 2:30am Feb 9, 2009 2:30am
Good Morning All

I'm glad it's a slow news day we can catch our breath and watch some normal market behaviour for a change. Feeling a littlw bit groggy this morning so I'm adopting a slow and steady approach.

Back to No Brainer Trades...

USDCHF has a very interesting level at 11831 confirmed by Fib, however the range could go as high as 11922.

On the long side 11500 is support, a round number, a Fib level and is backed up by a TL.

Criticism is welcome as always.
  • #8,518
  • Feb 9, 2009 3:00am Feb 9, 2009 3:00am
well i`m struggling to get my 10 pips on usd/cad,but yes my entry was late
  • #8,519
  • Feb 9, 2009 3:01am Feb 9, 2009 3:01am
Winner
  • #8,520
  • Feb 9, 2009 3:05am Feb 9, 2009 3:05am
usd/jpy looks good as for long but i`ll wait till 1h bar close
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