" Never let the past hold the future to ransom "
- #1,621
- Aug 28, 2009 12:46am Aug 28, 2009 12:46am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
- #1,622
- Aug 28, 2009 1:24am Aug 28, 2009 1:24am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,623
- Aug 28, 2009 1:29am Aug 28, 2009 1:29am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,625
- Aug 28, 2009 2:36am Aug 28, 2009 2:36am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,626
- Aug 28, 2009 3:59am Aug 28, 2009 3:59am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,627
- Aug 28, 2009 4:59am Aug 28, 2009 4:59am
Hi Glen,
I am following along, but sticking to only one time frame combination (60-15-5) until I get the hang of this multi-dimensional game of chess we are all playing. So that I understand a little better, can you tell me if you used "trader discretion" to enter before the 60 min time frame confirmed? I make the 05:00 candle the first green one, with confirmation at 06:00.
A couple of times recently I find myself placing orders. but then canceling them when I see the 60 min time frame has not confirmed. I suspect, that as with all rules based systems, once you have internalised the rules, you then have the flexibility to know when to bend them to your advantage. I guess I could always turn those trades into 30-5 trades, but I am wary of my minds desire to see what it wants to see, so am trying to stick to the 60-15-5 combo until I have this wishful thinking under control.
I am following along, but sticking to only one time frame combination (60-15-5) until I get the hang of this multi-dimensional game of chess we are all playing. So that I understand a little better, can you tell me if you used "trader discretion" to enter before the 60 min time frame confirmed? I make the 05:00 candle the first green one, with confirmation at 06:00.
A couple of times recently I find myself placing orders. but then canceling them when I see the 60 min time frame has not confirmed. I suspect, that as with all rules based systems, once you have internalised the rules, you then have the flexibility to know when to bend them to your advantage. I guess I could always turn those trades into 30-5 trades, but I am wary of my minds desire to see what it wants to see, so am trying to stick to the 60-15-5 combo until I have this wishful thinking under control.
- #1,628
- Aug 28, 2009 5:19am Aug 28, 2009 5:19am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,630
- Aug 28, 2009 5:28am Aug 28, 2009 5:28am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,631
- Aug 28, 2009 5:31am Aug 28, 2009 5:31am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
Personally I don't wait for confirmation on the 60min because then you're actually trading the 60min chart, when I go I at least want to see the 60min and 15min the same colour.
" Never let the past hold the future to ransom "
- #1,632
- Aug 28, 2009 5:35am Aug 28, 2009 5:35am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
Actually, if you take your trend direction from 60m chart, you are effectively trading the 60M chart
The best place to enter is at the start of a new trend?
" Never let the past hold the future to ransom "
- #1,633
- Aug 28, 2009 5:37am Aug 28, 2009 5:37am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,634
- Aug 28, 2009 5:51am Aug 28, 2009 5:51am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
Hi Glen,
once you have internalised the rules, you then have the flexibility to know when to bend them to your advantage. I guess I could always turn those trades into 30-5 trades, but I am wary of my minds desire to see what it wants to see, so am trying to stick to the 60-15-5 combo until I have this wishful thinking under control.
I have burned my fingers a few times , jumping the gun. If 240M signaled short , I would not have considered pulling the trigger before the 60M candles closed.
I suppose that there are different little nuances and methods to trade this system that will all work but in the end, the system works well enough (at least for me) by just sticking to a few simple rules.
" Never let the past hold the future to ransom "
- #1,635
- Aug 28, 2009 6:14am Aug 28, 2009 6:14am
Thanks for the replies, folks. That clarifies it much better for me. It kind of confirms something I have always thought, and that is that good traders take the trade without too much excessive thinking, and then, when you ask why they took the trade, they come up with the rationale using the language of the system afterwards. And, believe me, that is meant in the most complimentary way.
I have never hunted, but it reminds me of hunting. There are lots of "rules". Don't wear strong smelling scent, always approach from downwind, don't make lots of noise etc. If you break the rules, your chances of catching something are much smaller. But you can follow all the rules, and still be a lousy hunter because in the end, it isn't about the rules, its about "being a hunter" - which is something completely different.
And, believe me, that is meant in the most complimentary way. I have never hunted, but it reminds me of hunting. There are lots of "rules". Don't wear strong smelling scent, always approach from downwind, don't make lots of noise etc. If you break the rules, your chances of catching something are much smaller. But you can follow all the rules, and still be a lousy hunter because in the end, it isn't about the rules, its about "being a hunter" - which is something completely different.
- #1,637
- Aug 28, 2009 6:31am Aug 28, 2009 6:31am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,638
- Aug 28, 2009 6:42am Aug 28, 2009 6:42am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #1,639
- Aug 28, 2009 7:10am Aug 28, 2009 7:10am
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
The system is simple enough without over complicating it with lots of additional rules.
Just for information, attached is 240M GBPUSD chart I posted a while ago.
Note the double bottom formed on the chart.
Look at where the price stalled.
Just below previous support ( now resistance?) and 618 fib level.
I closed the trade when it hit 2nd TP target before the fundi and missed out on a lot more pips but hindsight is always good to have
Just for information, attached is 240M GBPUSD chart I posted a while ago.
Note the double bottom formed on the chart.
Look at where the price stalled.
Just below previous support ( now resistance?) and 618 fib level.
I closed the trade when it hit 2nd TP target before the fundi and missed out on a lot more pips but hindsight is always good to have
" Never let the past hold the future to ransom "
- #1,640
- Aug 28, 2009 8:00am Aug 28, 2009 8:00am
GBPUSD +25 +35
GBPJPY +25 +35 +50
AUDJPY +20 +30 +40
EURJPY +25 (lagging?)
I am not going to post charts, you can pick up the entries from 5M charts.
since some days I'm playing with your and Indrek's setups. But - please forgive me if it sonds silly - I din't get how you manage your exits. Do you have an expert that dvides your lot-size in 3 equal parts with different exit-points? Do you use TS? Could you share - if it is an EA?
I've seen that Indrek uses Quik-Trailing - but this EA has only two steps to TP.
If there are pips you can collect - just do it! 