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  • #721
  • Oct 23, 2009 1:22am Oct 23, 2009 1:22am
Quoting JR_globalp
Ive been hovering this thread for about 2 months. I have also had an indicator made for Ninja trader with an alarm to try to use tony 12...
Glad to hear about your results. I watch charts like hawk nonstop and i know Tony's system works. It is much like fishing and most patient ones get the biggest reward in this one. This is really one of my favorite ways to trade, considering relatively low risk and high leverage that can be used but with greater rewards. It's a great way to trade and i'm sure many give up because it's so demanding on time and patience but this is a true price action scalping that can generate massive gains. Stick with it and let winners run longer, you'll be impressed.
  • #722
  • Oct 23, 2009 3:33am Oct 23, 2009 3:33am
30 pip candle stick.
http://img11.imageshack.us/img11/6113/ex15.th.gif
  • #723
  • Edited 4:29am Oct 23, 2009 4:05am | Edited 4:29am
Quoting stinger88
30 pip candle stick.
http://img11.imageshack.us/img11/6113/ex15.th.gif

No, this is a candle-SICK... not candle-stick
Invest in alarm clocks
  • #724
  • Edited 4:55am Oct 23, 2009 4:18am | Edited 4:55am
Prelim GDP q/q ... the next Prelim GDP q/q is coming up on January 22, 2010.

Might want to take note of that.

.... I have to add the chart reminds me of the Niagara Falls
Attached Image (click to enlarge)
Click to Enlarge Name: 105.gif Size: 40 KB
Invest in alarm clocks
  • #725
  • Oct 23, 2009 4:45am Oct 23, 2009 4:45am
So I've figured out a way to trade the news. When you see a 30+ pip candle stick, get the f*** on board and buckle up.
  • #726
  • Oct 23, 2009 4:53am Oct 23, 2009 4:53am
Quoting stinger88
So I've figured out a way to trade the news. When you see a 30+ pip candle stick, get the f*** on board and buckle up.

yes, hoping that it won't whipsaw in the opposite direction in the next seconds... if it doesn't ... it's a good thing set the stop-loss to 0$, go to bed and close the trade hours after
Invest in alarm clocks
  • #727
  • Oct 23, 2009 5:16am Oct 23, 2009 5:16am
Quoting Tony112
yes, hoping that it won't whipsaw in the opposite direction in the next seconds... if it doesn't ... it's a good thing set the stop-loss to 0$, go to bed and close the trade hours after
This is the only part that concerns me and why I didn't jump in for the ride during the 30 pip dive....possible whip saw. I watched the cdn/usd yesterday, whip down 20 pips then back up 30 pips in what seemed like the blink of an eye. I might try putting in automatic stops...like 5 pips to prevent catastrophic loss.
  • #728
  • Oct 23, 2009 9:43am Oct 23, 2009 9:43am
I think its mainly because the UK was set to officially to come out of recession...however the news was...we are still in the recession. I felt like crying when I saw this today. I could have made a KILLING!! aaaggrrhh

Oh well there will be more and more....

I just wish there was an easier way to do other things whilst watching the charts etc....

My question still stands would this work on the GBPJPY?

Oz
  • #729
  • Oct 23, 2009 2:08pm Oct 23, 2009 2:08pm
This strategy sounds like it could be nicely automated. Especially since the MM rules are quite tight.
  • #730
  • Oct 23, 2009 2:18pm Oct 23, 2009 2:18pm
Quoting Tony112
RULES HAVE CHANGED

SETTINGS:

- 5 SEC. CHART. SURVEILLANCE (3am to 10am NY EST TIME) - GBP/USD

- WAIT FOR A 10 PIPS TALL or + "5 SEC. CANDLE"[size=2][color=dimgray][b][font=Arial]...

Just thinking out loud here. Pin bars on 5 sec charts are pretty rare during liquid times (which 3 am to 10 am certainly is), this is great!

What I like about this system is that it becomes very clear whether a trade works or not. If not, you know very quickly and move on. The simplicity of the rules means that an EA would not have to account for that many variables which could break later on.

The only problem I see here is that EA systems like MT4 do not account for 5 sec candles!
  • #731
  • Oct 23, 2009 2:30pm Oct 23, 2009 2:30pm
actually stinger88 it doesnot have to be a 30pip candle,main ingredient continuous price action?just my take?
  • #732
  • Oct 23, 2009 8:40pm Oct 23, 2009 8:40pm
Quoting monies
actually stinger88 it doesnot have to be a 30pip candle,main ingredient continuous price action?just my take?
Try that out and let me know how it turns out for ya.
  • #733
  • Oct 23, 2009 9:40pm Oct 23, 2009 9:40pm
Quoting stinger88
This is the only part that concerns me and why I didn't jump in for the ride during the 30 pip dive....possible whip saw. I watched the cdn/usd yesterday, whip down 20 pips then back up 30 pips in what seemed like the blink of an eye. I might try putting in automatic stops...like 5 pips to prevent catastrophic loss.

what do you think about entering in a random direction 1 sec. before the news and setting a tight stop-loss?

thinking about it it's gambling.... you could end up guessing the wrong direction many times in a row... which would be catastrophic too...
I like your idea of a tight stop-loss. Let's say you enter as fast as you can and you set a 15 pip stop-loss... max.. then you let the news ride for at least 200-300 pips.... it would make sens

Waiting for "L"s is good too like we said.... but most of the move would be over... like yesterday's Prelim on GDP... by the time you wait for an L opportunity... the thing is already down 100 pips....

the only obstacles are slippage, huge spreads and whipsaws... when I think about those it makes me feel ill
Invest in alarm clocks
  • #734
  • Oct 23, 2009 11:39pm Oct 23, 2009 11:39pm
Quoting Tony112
what do you think about entering in a random direction 1 sec. before the news and setting a tight stop-loss?

thinking about it it's gambling.... you could end up guessing the wrong direction many times in a row... which would be catastrophic too...
I like your idea of a tight stop-loss. Let's say you enter as fast as you can and you set a 15 pip stop-loss... max.. then you let the news ride for at least 200-300 pips.... it would make sens

Waiting for "L"s is good too like we said.... but most of the move would be over... like yesterday's...
I've been temped to try your idea of guessing the news and putting in a trade just before the news comes out. Its worth a shot so long as you keep tight stops.

The other thing I was thinking was putting a buy-stop and a sell-stop order 10 pips from the current price just before the news, so which ever direction it goes, you get filled.

Again, the only problems with these like you said are whip saws, with huge spreads, which can wreak havoc with your account.

The strategy you used yesterday for the 30pip move yesterday was really effective. You ended up with 100 pips, which is pleanty for me. I think for now, I'm going to stick to what you do. Next time I see a huge candle stick(minimum 15+ pips) , as long as the price continues for a few seconds, I'll jump in.

If its less than 15 pips, I'll probably wait for an L-shape before jumping in.
  • #735
  • Oct 25, 2009 10:17am Oct 25, 2009 10:17am
Set your alarms for tonight !

8:30 PM EST TIME AUD PPI q/q - impact should be big.
Invest in alarm clocks
  • #736
  • Oct 25, 2009 11:20am Oct 25, 2009 11:20am
On what pair Tony?

Oz
  • #737
  • Oct 25, 2009 11:40am Oct 25, 2009 11:40am
Quoting ozzieb88
On what pair Tony?

Oz
AUD/USD
Invest in alarm clocks
  • #738
  • Oct 25, 2009 12:08pm Oct 25, 2009 12:08pm
hey guys i study the way that GERMAN guy trades, he waits for the banks to push the market at the us open with a 2pip sl/5pip tp all he do is ,if it's a up trend (meaning banks pushing up) he buys every candel that opens(if the candel is long he keeps buying), the reason w he has a good w/l ratio,because in a up tend price will have more bull candels than bear candels, so haveing a sl at 2pip and a tp at 5pip so the odds will be in the tend favor ,so price needs 3 bear candels to put u in -negative,but if price is trending up and u get some bear candels u will still be in profit, becaues of the perv. candels tending up (JUST MY 2 CENTS):nerd:
  • #739
  • Oct 25, 2009 12:34pm Oct 25, 2009 12:34pm
thanks Tony,

Kareem wow thanks alot for that! Will have a look into it. Now that you have said that Im sure everyone will try it lol

Just a thought is anyone on msn messenger? We can have a group session online when markets open to keep in touch any takers? This method mainly but can talk about others

Oz
  • #740
  • Oct 25, 2009 4:03pm Oct 25, 2009 4:03pm
Quoting kareem
hey guys i study the way that GERMAN guy trades, he waits for the banks to push the market at the us open with a 2pip sl/5pip tp all he do is ,if it's a up trend (meaning banks pushing up) he buys every candel that opens(if the candel is long he keeps buying), the reason w he has a good w/l ratio,because...

kareem if you speak german could you possibly translate the post where he disscuses his system for us.

http://www.sr-trading.eu/forum/viewt...sd=a&start=225

ie his post made on 7 oct 2008 at 14:52

For example you said he starts at the us open, but for how long does he continue? Does he also trade the uk open in the same way? How does he establish the trend is up or down before he begins buying and selling?

thx
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