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  • #21
  • Nov 17, 2005 1:01am Nov 17, 2005 1:01am
Hello everey1 at FF

I new to FX trading... acutually i'm new to tradin in general, so please bear with me if i ask stupid questions :-)

Anyway i saw both the video's in this thread and an at a lost to how he used the MACD. I understand what his sayin but when i tried to bring up the MACD on my tradin platform i get 1 line moving through the chart. But on his chart i see two.

Is this because i don't have the right setting or does he have another indicator running through??

any help would be appreciated.
Cheers
  • #22
  • Nov 17, 2005 8:17am Nov 17, 2005 8:17am
Quoting WTB
I forgot to add about channel breakouts: only take those valid breakouts that do so in the direction of the trend. Avoide those against the trend.
Thanks for the info....as far as the trend are you speaking of the major trend on the time frame that you are playing the breakout or the next higher time frame or the weekly trend?

Thanks,

Scott
Still haven't found what I'm looking for...
  • #23
  • Nov 17, 2005 9:36am Nov 17, 2005 9:36am
Quoting Scooter
Thanks for the info....as far as the trend are you speaking of the major trend on the time frame that you are playing the breakout or the next higher time frame or the weekly trend?
Depends on what time frames you use. I personally set up the key tech analysis components (trendlines, fibonaccis, etc) in a longer time frame such as 1H chart, and then I slice down to the 15 mins for position-taking.

I guess I better show my point with few screenshots:
Attached Images
  • #24
  • Nov 17, 2005 9:48am Nov 17, 2005 9:48am
Quoting Scooter
Thanks for the info....as far as the trend are you speaking of the major trend on the time frame that you are playing the breakout or the next higher time frame or the weekly trend?

Thanks,

Scott
Also check out Phil "Newtron_Bomb"'s video on how he plays the Asian channel breakout. I use this method with very good success.

http://www.trade2win.com/knowledge/a...sian-breakout/
  • #25
  • Nov 17, 2005 10:19am Nov 17, 2005 10:19am
WTB and Beachie41.....Thanks for the explanation and links!
Still haven't found what I'm looking for...
  • #26
  • Nov 17, 2005 10:54am Nov 17, 2005 10:54am
Quoting Beachie41
Also check out Phil "Newtron_Bomb"'s video on how he plays the Asian channel breakout. I use this method with very good success.

http://www.trade2win.com/knowledge/a...sian-breakout/
I didnt quite understand what is it about? is it simply placing a buy/sell stop over the Asian session's high/low at the start of London session?
  • #27
  • Nov 17, 2005 11:16am Nov 17, 2005 11:16am
Quoting WTB
I didnt quite understand what is it about? is it simply placing a buy/sell stop over the Asian session's high/low at the start of London session?

yeah, I just watched, it wasn't the video I thought it was. I'm a member of the forum and there are dozens of vids, thought that was the one given out as a freebie to T2W
But, yes, basically play the Asian range 00:00 - 08:00 GMT breakout. Wait for BO, then enter on pullback. There are other considerations, but that's the essence of it. The example shown, as Phil explains, doesn't really have a range as it was trending.
  • #28
  • Nov 17, 2005 11:29am Nov 17, 2005 11:29am
on a slightly different note, an extract of a recent post on Phil's forum. Something to muse on.....

"Natalie wrote: Yes Bonza. Most people don't progress from where you were to where you are now...

I think that most people who look at indicators have that problem about the lagging issue. It's only when they learn how to read them properly and effectively that this goes away. The fact that averages lag is an advantage not a disadvantage, because of the ability to 'bounce' off them.

Most people look for crossovers as well when they start out with them (just as you have said) Crossover systems do not work. I'll repeat it. Crossover systems do not work! (How's that for repeating something for effect. http://www.trading-strategies.info/p...s/icon_lol.gif) But it takes people a lot of time and painful losses before they realise it and eventually throw them away.

Then they start to learn about price action. This gets them to a point where they begin to understand what is happening. After that, the re-introduction of 'some' indicators can be useful, because then they are being used either for things to bounce off (if carefully selected and observed over time for effectiveness) and confirmations levels (where oscillators are being used) i.e. is everything very low to allow room to support this long trade.

Also the question of divergence starts to come into play, where price action and indicators are telling a divergent story, giving a heads up to a possible turning point and possible trade entry point. what then happens is that a stable of set-ups from price action turns into a possibly increased stable of set-ups available to trade, but that are filtered and strengthened through the more skillful use of indicators as a supporting aid to price action.

This in turn leads to a much more comprehensive set of tools providing more set-ups, of better quality, with very sharp entry/exit, a higher number of winning trades, and a lower number of usually smaller losing trades.

It doesn't happen overnight at all, and can take years to develope at that level. But in the process lots of lights switch on and the effectiveness of the trader increases dramatically.

Hope this helps..."
  • #29
  • Nov 17, 2005 1:03pm Nov 17, 2005 1:03pm
Quoting Beachie41
on a slightly different note, an extract of a recent post on Phil's forum. Something to muse on.....

"Natalie wrote: Yes Bonza. Most people don't progress from where you were to where you are now...

I think that most people who look at indicators have that problem about the lagging issue. It's only when they learn how to read them properly and effectively that this goes away. The fact that averages lag is an advantage not a disadvantage, because of the ability to 'bounce' off them.

Most people look for crossovers as well when they start out with them (just as you have said) Crossover systems do not work. I'll repeat it. Crossover systems do not work! (How's that for repeating something for effect. http://www.trading-strategies.info/p...s/icon_lol.gif) But it takes people a lot of time and painful losses before they realise it and eventually throw them away.

Then they start to learn about price action. This gets them to a point where they begin to understand what is happening. After that, the re-introduction of 'some' indicators can be useful, because then they are being used either for things to bounce off (if carefully selected and observed over time for effectiveness) and confirmations levels (where oscillators are being used) i.e. is everything very low to allow room to support this long trade.

Also the question of divergence starts to come into play, where price action and indicators are telling a divergent story, giving a heads up to a possible turning point and possible trade entry point. what then happens is that a stable of set-ups from price action turns into a possibly increased stable of set-ups available to trade, but that are filtered and strengthened through the more skillful use of indicators as a supporting aid to price action.

This in turn leads to a much more comprehensive set of tools providing more set-ups, of better quality, with very sharp entry/exit, a higher number of winning trades, and a lower number of usually smaller losing trades.

It doesn't happen overnight at all, and can take years to develope at that level. But in the process lots of lights switch on and the effectiveness of the trader increases dramatically.

Hope this helps..."
An enjoyable post. Thank you Beachie!
I am intrigued by your adamancy that crossover systems do not work. James16 says he trades them profitably. I consider both of you to be thoughtful men. I wouldn't mind hearing both your and Jim's explanation of your opposing viewpoints. Could you elaborate please? Maybe Jim will respond.

Thanks again for the interesting post!

Dial
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  • #30
  • Edited 12:55am Nov 18, 2005 12:20am | Edited 12:55am
Quoting barzs
Hello everey1 at FF

I new to FX trading... acutually i'm new to tradin in general, so please bear with me if i ask stupid questions :-)

Anyway i saw both the video's in this thread and an at a lost to how he used the MACD. I understand what his sayin but when i tried to bring up the MACD on my tradin platform i get 1 line moving through the chart. But on his chart i see two.

Is this because i don't have the right setting or does he have another indicator running through??

any help would be appreciated.
Cheers
Metatrader is the only charting app I know of that doesn't use the standard MACD consisting of 2 MA's & a histogram. Do a Google for MACD +Metatrader and you'll find links to custom indicators that have been written to overcome that oversight.
  • #31
  • Edited 12:52am Nov 18, 2005 12:39am | Edited 12:52am
Quoting diallist
An enjoyable post. Thank you Beachie!
I am intrigued by your adamancy that crossover systems do not work. James16 says he trades them profitably. I consider both of you to be thoughtful men. I wouldn't mind hearing both your and Jim's explanation of your opposing viewpoints. Could you elaborate please? Maybe Jim will respond.

Thanks again for the interesting post!

Dial
First off I'm not Natalie
Secondly, I think we all realize that vanilla MA X-overs will drain your account in anything but a trending market. The point of the discussion was how a trader progesses.

The beginner generally overloads with every indicator possible. Then when this fails them they go searching and if they're persistent enough they discover Price Action.
As they progress along this path they gradually remove their indicators from the chart. The next stage is when they begin to understand how each indicator is constructed and what it "indicates".
Then they might judiciously use one or 2 to help guide their decisions, much like a flashlight helps find the path on a dark night. Divergence is a good example used.

I think James made the point in one post that with MA's even using a simple technique such as waiting for a retest/pullback increases the winning percentage dramatically.
Point being, it's not the X-over itself that triggers the trade, it's the PA surrounding the X-over point that dictates the appropriate action. Add in a confluence of other events such as major fib, S&R level, channel BO etc and we have a high percentage trade.

We now trade with "understanding" and we've progressed a long way from just looking at X-over's and blindly taking the signal.
Hope that clarifies.
cheers
  • #32
  • Nov 18, 2005 4:06am Nov 18, 2005 4:06am
Quoting Isotonic
I came across Phil's stuff last year on fxstreet. I saw his first video tutorial (the USDCAD one) and it looks like he's added a bunch more this time round.

Has anybody seen them all and could possibly comment? Which one was best or worst and why?

He's also an advocate of Joe Ross - good man!
Yes, he's added quite a few new tutorials plus he does quite a few vid reviews each month. I've seen them all, and have found them an invaluable learning tool.
I find live replay with commentary accelerates the learning curve as opposed to static charts & notes. But that's just me, each to their own.
  • #33
  • Last Post: Nov 18, 2005 4:09am Nov 18, 2005 4:09am
Quoting Isotonic
Well said Beachie! It sound llke you're quite an experienced trader.........
Please post more Beachie - you're a smart dude from down under!
Thanks for the compliment. But I have a dark secret.....I'm impatient & impulsive. That combo has caused me a lot of grief over the years, and I still battle it in regards to trading.
cheers
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