Exceptional day, will it continue ?

I've been asked about the signals and what they look like. I'm sure I did post one but here is one from this morning:

DTM Signal Alert The attached image shows this signal on the chart
================

Time: 2009.07.13 10:47:38
Symbol: EURJPY GMT+2
Type: DTM SHORT Signal - 15 min
Probability: 63.7 %
Entry: 128.76
TP1: 128.22 (53 pips)
TP2: 127.88 (87 pips)
TP3: 127.33 (142 pips)

Good luck! :-)


I think this one already made T1 and is on it's way to hit TP2. Most of the majors looks like they will make their second or maybe even third TP today.

Edit: Yes it did make TP1, nice 53 pips for less than an hours work.

Here is another from this morning.

DTM Signal Alert
================

Time: 2009.07.13 10:45:12
Symbol: USDJPY GMT+2
Type: DTM SHORT Signal - 15 min
Probability: 52.0 %
Entry: 92.32
TP1: 91.89 (42 pips) (Achieved)
TP2: 91.55 (76 pips)
TP3: 91.00 (131 pips)

Edit: Looking through the other it does look like a good day. One thing however that is clear is that the indi battles in the small hours of the morning with the tight range. I will have to add one or other filter to keep it out of these times. Trading during these hours are in any case looking for trouble. Other wise the last couple of signals could have made you close on 400 pips so far for the day if each was taken.

Great work and great thread. Price action rules everytime.

Here is another signal received just now on Eur/JPY. The indi generates quite a few signals and I will not be able to post them all but I think these last couple shows the potential of this system. Here was another quick +50 pips. Total must already be close to 450 for today so far.

DTM Signal Alert
================

Time: 2009.07.13 12:25:24
Symbol: EURJPY GMT+2
Type: DTM LONG Signal - 15 min
Probability: 53.0 %
Entry: 128.56
TP1: 128.77 (20 pips) (Achieved)
TP2: 129.32 (76 pips) +- 15/20 pips away (Achieved - after dipping back to TP1 - Max drawdown was 12 pips)
TP3: 129.66 (110 pips) ?? Lets see (Achieved - Though it first went down quite bit, new buy signal was given in 128.60 are so you could have had about another 100 pips as it reached TP2 from that buy. So just on eur/jpy today about 220/250 pips.)

Good luck! :-)

Just banked my last trade for the day. Managed to take 311 pips on live account. I quickly added up the signals received so far and it looks like one would have been able to take around 550 net pips so far today accross the pairs.

So it seems like the exceptional days will continue, for now at least .

Let me get back to my coding.

Correction: Did not count them all. Total banked is 418 out of a possible 725 on 6 pairs.

Hmm! The exceptional day is not just exceptional, but it is a good exceptional day. Whoever would want a bad exceptional day to continue, I don't. With so much pips per day, not per month, each of the exceptional day from the work of our genius mike_85 is good and will continue.
Well done mike.

I'm really looking forward to the release of your indicator. I'm 'quite new' to forex ( 2 and a half years ) and tested countless systems and indicators until now without great results but lately I thought about to dump this whole indicator thing and concentrated on PA. Since then i did significantly better in trading and hope i can make good use of your great piece of work, that you are about to release.

Greetings

Hi Mike,

Looks like an interesting system. Hope it continues to be profitable for a long, long time. Two questions for you though. On your signal alerts, you specify a probability. How is this calculated and how accurate is it. Second, you don't post any stops. If you are using them, post them in the future. Typically, how much are you risking per trade?

I will give you the short answer here. To understand the whole concept however you need to get the long answer which I will reserve for another day.

I base my stops on price action. With the indicator during testing I used a 35 pip stop.

This indicator is not a trading indicator i.e. entry, stops, exit type indicator. It was designed for a totally different purpose. With that said, during the development I have however found that it actually gave such a good mix of signals that it could be used for a trading indicator. Because of that I have decided to invest some more time and to develop it further.

So the stops are coming, together with many other things to aid in everyday trading. On the probabilities...is there such a thing as a 100% probability ? I wish there was. The market can turn from a 100% to 0% prob. in a matter of a candle or two. So in short, it is a best case scenario but no guarantee.

To go blindly on the signals given by the indicator might give you some good trades but eventually the market will catch up. I personally believe that you should be able to read a chart before you look at any form of indicator. Once you can do that the indicators will start to do their thing.

To everybody who visited and commented on this thread....my apologies for being a bit on the slow side but you know how it goes, once you decide to tackle a project everything else start screaming for attention to.

I have already put in over 30 hours of coding in the past three days and things are looking promising. I hope to have something for all here by latest Thursday. We can then tackle this thing together and make it even better if that can be done...total available pips for today was over 900....

Mike your results are awesome.Keep going mate.I think you are gonna be number 1 in the FXworld.

I could not resit to post this chart of the gbp/jpy of today. A screamer of a trade, went for over 300 pips.

Looking forward the indicator Mike, but just wanted to let you know if there's anything i can assist you with, I will be more than glad to!

Here is the same chart but with the hammers and the walls added. Can you see what the hammers and the walls are?

See how easy it can be to trade a clean chart?

I'm busy putting a document together now explaining the hammers and walls in detail together with a bunch of other stuff I know you guys will appreciate.

Off to bed for me, after 2:30 am here.

Cheers

I don't know that you need to apologize - this seems to be the start of an epic thread. I post infrequently to be useful only in my limited knowledge and experience and greatly appreciate the tempo you are providing.

Best regards to you and your work.


phoenix

When a market trends nicely like this, I use this wall idea (which is basically support for longs and resistance for shorts - its where the big boys have their orders stacked up waiting to be triggered), by entering as price reverses back to those areas. It happens time and time again. Hammers often appear as a result of a bounce off an SR level within the wave cycle, price goes back down to previous SR to then bounce back in the direction of the trend. But you can also enter these walls like a number 2 entry as in a 1-2-3 pattern. Joe Ross developed a method like this by entering at the peak of the swing high or low (hooks). His Trader's Trick method gets you in sooner by stepping down off the swing high or low until the high or low of the previous candle is breached by 1 pip.

With regards to the probability of these trades, regardless of how Mike is calculating it, entering the market in and around SR levels produces high probability trades compared to entry using indicators such as stochastics and MacD, MAs etc, as all of these lag and will often force you to enter into SR levels in the wrong direction.

Phoenix, I hope so. Reason for saying that was because I know that I have created some anticipation and I know myself, I'm a very impatient person . I'm however progressing at a steady pace, so watch this space from next week.

Porkpie,

Nail on the head. It is true what porkpie has to say. Call it what you want, support & resistance, ebbs and flows, swing high & low, dips in a trend etc... The basics remain the same even though it might be called by another name. As mentioned, the good stuff always stay around, they keep on popping up just with other names as each trader adapts it to his/her style of trading and when doing so giving it a name they are comfortable with.

I can see that the lights has 'come on' for you long ago. It is easy to spot a fellow trader who has reached the 'zone' so to speak. And yes, I'm familiar with the Ross hook and traders trick, very simple yet valuable if applied correctly. Joe Ross is also a name new traders can search for. Joe has shared some very valuable information in the past and I count it under the 'good stuff' as it just keeps on working, no matter the chart or time frame, just like the rest of the 'good stuff'.

Today I will be focussing on my trading a bit, need some more gren pips on my live account.

Good luck to all in the markets today

knows his stuff.

havent seen you around for awhile porkpie

Thanks Mike .

Copi, pm sent.

Outstanding mike. I can't wait to try it.