I do not trade this method, but I do follow the thread as it contains some good information about MTF TRIX. Indrek (and others) have expressed the opinion that the future of this thread should be about trading - not about indicators, EA, etc. I think it needs to be taken a step further.
The screen shots of trades are very nice, but there needs to be some dialogue about the black hole known as "discretion". Each posted screen shot of a trade should include additional information:
- Was a valid trade signal received (TRIX and the checklist were GO)? If not, which rules were violated?
- Was the entry 100% according to the rules? If not, why did you pick a different entry?
- What TP and TS did you use and why?
And most importantly, when a valid trade signal is received but you did not take the trade, post the chart and explain why you filtered the trade!
Yes, it is more work for those successful traders. However, it appears you are posting your trades because you want to help people. So, a little extra work should not inconvenience you too much. For those struggling to see Gleneagles-type success with this system, these comments will help in understanding the intangibles needed to be successful with this system.
Also, the terms DISCRETION and PRICE ACTION drive me crazy. I doubt there are very many successful traders who simply write "I will use discretion and price action to filter entries and alter exits" in their trading plans. They are specific. Try to quantify (or at least put into words) what discretion and price action mean to you. You will be surprised how "mechanical" discretion and price action can be. Once you can specifically indentify what you look for on a chart, good trades will practically jump off the screen!
Indrek - thanks for the thread...keep up the good work!
The screen shots of trades are very nice, but there needs to be some dialogue about the black hole known as "discretion". Each posted screen shot of a trade should include additional information:
- Was a valid trade signal received (TRIX and the checklist were GO)? If not, which rules were violated?
- Was the entry 100% according to the rules? If not, why did you pick a different entry?
- What TP and TS did you use and why?
And most importantly, when a valid trade signal is received but you did not take the trade, post the chart and explain why you filtered the trade!
Yes, it is more work for those successful traders. However, it appears you are posting your trades because you want to help people. So, a little extra work should not inconvenience you too much. For those struggling to see Gleneagles-type success with this system, these comments will help in understanding the intangibles needed to be successful with this system.
Also, the terms DISCRETION and PRICE ACTION drive me crazy. I doubt there are very many successful traders who simply write "I will use discretion and price action to filter entries and alter exits" in their trading plans. They are specific. Try to quantify (or at least put into words) what discretion and price action mean to you. You will be surprised how "mechanical" discretion and price action can be. Once you can specifically indentify what you look for on a chart, good trades will practically jump off the screen!
Indrek - thanks for the thread...keep up the good work!
It would be great if traders who are willing to post their trades would try to explain why a certain setup has been traded or avoided.
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