Hi guy. Here is my chart. Where she is going tomorrow ?
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How can you read that chart? So many lines all over the place.
I would look for a short position. Here's my chart, that's all I have for this system.....
It's good to see some activity here on this thread once again!
I wonder if some of you folks would be interested in working on simply refining the trade. In other words, I think it's fair to assume that this is a good, strong method. But, good methods don't always make good trading: Not every cross of the open line will result in a continued move in that direction, and when price rapidly retraces against us, many will jump out early with losers, only to watch that trade eventually blossom.
Some traders (with more experience) are able to determine with much greater accuracy when the cross will result in a winning trade, and when it is most likely to reverse. So, what I'm suggesting is that perhaps we could focus more on the finer points of taking this trade within the parameters of this method as originally presented (i.e., without the addition of endless indicators, EA's, etc.).
For example:
How to recognize a good entry trigger (when exactly to enter -- candle close?, next candle?, after retrace? and so on)
When to pass, and NOT take a trade
How to set effective TP targets
How to set your stop loss
How to manage your trade when it is in profit (or loss)
Personally, I'm trading gbpjpy, primarily with this method, and I'd like to exchange ideas with other traders of a similar mindset, with the goal of enhancing this terrific strategy and keeping this thread alive.
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
globalinvestHi
Hello !
Can someone tell me what the arrows of the "The onlypivot MA crossover signal" - indicator are based on ?
Seems the arrows show independent of the daily pivot line like the system was introduced.
Thank you if anyone can tell me how the indi plots the arrows
They are TheOnlyPivot_MA Crossover Signal......They show a signal when the two MA's cross..
My View if you have to have a Indicator to show you that the MA's have crossed maybe you should be doing something else.
My goodness ET!!! your still around trading? I would have thought you would have made so much money you would be retired and living on a South Pacific Island surrounded by young woman..
Jeff good to see you here as well.
I have revisted this method and I have made two trade's in the pairs GBPJPY +42 pips and +44 pips and EURJPY +34 pips and +31 pips......I entered on the opening of the 1 hour candle at 8.00GMT , I had a cross of the MA's and we had bounced of a Fibonnacci line , I only placed my TP at the next Fib line... so the whole process took me ten mins...
If I had followed the trade and waited for the MA's to cross back I would have made a lot more pips..
However the point is you can make 30-40 pips a night maybe three times a week, thats all you need to do to make money in this game...
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
I work out my TP's one of two ways and sometimes I use them to confirm each other..
The first one and : on a retraction put fibonnacci lines on it and look for the level of the retraction...
If it retracts. 26.4% it will extend to 127.2%
38.2% or 50.0% it will extend to 161.8%
The next one is 61.8% now I ahve found that in a strong move it will extend to 176.4% but your safer placing your TP at 161.8%.
The Second method and in my view the better one...is to take the high and deduct the low....multiply by 0.618 and that will give you youre profit in pips, so add or subtract from the high/low and you have your target.
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
Hi Jeff
The Subtraction method as you call it is one I have shown before but as always a picture is worth a 1000 words..
It is one of my methods from my years of studying Fibonnacci and Harmonics I dont want to get to heavy into that here as its another thread...
I agree with you there are many pips to be had but a nice senisble target of say 35-50 pips is all you need to make a good living, as you said you made 200 pips last week, theres a lot of guys around here that would love to make that week after week...
Even at 20cents a pip that still good money.
The Subtraction method as you call it is one I have shown before but as always a picture is worth a 1000 words..
It is one of my methods from my years of studying Fibonnacci and Harmonics I dont want to get to heavy into that here as its another thread...
I agree with you there are many pips to be had but a nice senisble target of say 35-50 pips is all you need to make a good living, as you said you made 200 pips last week, theres a lot of guys around here that would love to make that week after week...
Even at...
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a very good conclusions mate.... this words come out from a good trader
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Joined Dec 2006
|531 Posts
Hello. This is my first time on this thread. I loaded the template but my chart doesn't look like the latest charts posted. Is the WIN template still the correct one to use here?
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Joined Dec 2006
|531 Posts
Glenn, you posted:
The Second method and in my view the better one...is to take the high and deduct the low....multiply by 0.618 and that will give you youre profit in pips, so add or subtract from the high/low and you have your target.
I don't see what the "high" is the high of from your chart. It's not the daily high. Sorry, if I am not up to speed.
It's good to see some activity here on this thread once again!
I wonder if some of you folks would be interested in working on simply refining the trade. In other words, I think it's fair to assume that this is a good, strong method. But, good methods don't always make good trading:...
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I would be interested. I usually trade DIBS. Hopefully, I will be able to contribute.
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Joined Aug 2006
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Status: Fund Manager
|535 Posts
I hope this helps to clear up the High/low...As I said I dont want to take anything away from this thread so I will only show these pictures and I will leave it.
As we want to talk about this method of trading.
Picture 3 and 4 are Harmonic's and show the expected end to a retracment...ie....0.618 and 0.786 if it fails to turn at these points it stands a good chance to contiune to 1.00 and then we look at projection of 1.27 and 1.618...
The other two pictures are I hope clear views of how you can work out your Target, it also shows how many times in a day you can pick up the moves and because you are trading with the trend and with the break of the high/low you are reducing your risk..
