Is it an acceptable position? | Forex Factory

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Is it an acceptable position?

  • #1
  • First Post: May 22, 2009 2:11am May 22, 2009 2:11am
In reversal candle trading strategy, when price has reached S or R if no reversal signal happens is it acceptable that I open a position to the other direction? Is it an acceptable strategy?
  • #2
  • May 22, 2009 10:20am May 22, 2009 10:20am
If you have a reversal candle strategy and you start taking trades outside of the strategy then it doesn't sound OK to me.

You can't backtest guessing.
  • #3
  • May 24, 2009 1:44am May 24, 2009 1:44am
MACD? RSI? CCI? which one has the determining stronger?
  • #4
  • May 24, 2009 2:39am May 24, 2009 2:39am
you can place a market order in the opposite direction at x pips from where the current price is trading. in my opinion that is acceptable...
Twitter: @forexpokerpro
  • #5
  • May 24, 2009 11:37am May 24, 2009 11:37am
You are falling into a trap. Sounds as if you have given a name to the strategy you are using - but have no rules - or rules that you will follow. As Phil states - "you cant backtest guessing". Keyword is 'Discipline'.

What your really asking is can I abandon my original strategy and adopt another? Until you have mastered the original you have no reason to adopt another simply cause the original failed for a particular trade. Master your 'reverse candle' strategy first, get to a point where you understand the answer to your question is No. Then you may be able to ingegrate another strategy into your toolbox.


Quoting efiler
In reversal candle trading strategy, when price has reached S or R if no reversal signal happens is it acceptable that I open a position to the other direction? Is it an acceptable strategy?
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • May 24, 2009 11:42am May 24, 2009 11:42am
Quoting mrgreen
You are falling into a trap. Sounds as if you have given a name to the strategy you are using - but have no rules - or rules that you will follow. As Phil states - "you cant backtest guessing". Keyword is 'Discipline'.
Happy Anniversary! We turned 4 years old this month on FF (or 28 dog years).
  • #7
  • May 24, 2009 11:48am May 24, 2009 11:48am
Quoting philmcgrew
Happy Anniversary! We turned 4 years old this month on FF (or 28 dog years).
May /2005 was a good month for FF.
Happy Anniversary.
In trading, there is no bullshit. You either make money or you don't.
  • #8
  • Jun 14, 2009 9:46pm Jun 14, 2009 9:46pm
Quoting mrgreen
May /2005 was a good month for FF.
Happy Anniversary.
Is FF only 4 years old? It looks much older. Who was the first poster?
  • #9
  • Jun 15, 2009 7:46am Jun 15, 2009 7:46am
Quoting kenkomo
Is FF only 4 years old? It looks much older. Who was the first poster?
You should never say someone looks older...haha. I think there are some 2004 posts. We were far from the first but we are just a few of the survivors.
  • #10
  • Jun 15, 2009 8:05am Jun 15, 2009 8:05am
Quoting efiler
MACD? RSI? CCI? which one has the determining stronger?

You wil benefit most putting all three together and then analyzing approximately 100 signals one by one for a single pair.

RSI divergences - the best are in the oversold/oberbought area, the problem is with timing - you never know how far we are from the reversal when you see divergence.

MACD as far as I know are reliable - to certain extent.

Two remarks:

1. There are no reliable indicators, indicated market behavior is always only probable, never sure.

2. Better signals are on higher timeframes.
  • #11
  • Jun 16, 2009 4:31am Jun 16, 2009 4:31am
Quoting efiler
In reversal candle trading strategy, when price has reached S or R if no reversal signal happens is it acceptable that I open a position to the other direction? Is it an acceptable strategy?
Agree with Phil...

You would have to develop and backtest a different system for such a scenario.
  • #12
  • Jul 3, 2009 11:03pm Jul 3, 2009 11:03pm
Quoting philmcgrew
You should never say someone looks older...haha. I think there are some 2004 posts. We were far from the first but we are just a few of the survivors.
After surviving for 5 years and 1220 posts, what have you learned?
  • #13
  • Jul 5, 2009 9:42am Jul 5, 2009 9:42am
Quoting kenkomo
After surviving for 5 years and 1220 posts, what have you learned?
I learned that a lot of people like MT4 and that they blame their broker for their losses.
  • #14
  • Last Post: Jul 5, 2009 10:09am Jul 5, 2009 10:09am
Quoting philmcgrew
I learned that a lot of people like MT4 and that they blame their broker for their losses.
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