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  • #381
  • Dec 5, 2009 7:30am Dec 5, 2009 7:30am
Quoting Bobcat2
NM,

Thanks for providing the link to Hector's web site. Out of curiosity, did you take his course or did you simply use that 1st Chapter as a foundation for your trading strategy?

Thanks,
BC
HI BC,
I took the course about 4 years ago now. He has so much information in that free first chapter you could really trade from that one chapter alone. I have since then added a lot of my own techniques to it. So my trading is not exactly like you see in his chapters but it is the bases of my trading.

--NM
  • #382
  • Dec 5, 2009 8:07am Dec 5, 2009 8:07am
Hi NightMoves,

so, if I may ask, can you shed some light on which techniques you added to his system?

best regards

Quoting NightMoves
HI BC,
I took the course about 4 years ago now. He has so much information in that free first chapter you could really trade from that one chapter alone. I have since then added a lot of my own techniques to it. So my trading is not exactly like you see in his chapters but it is the bases of my trading.

--NM
  • #383
  • Edited 9:21am Dec 5, 2009 8:21am | Edited 9:21am
Quoting MktScape
Hi NightMoves,
I stumbled across this thread and was glad to see that you are following the same method i looking to apply.

Are you taking any trades in a pair which is in a range?

By the way how many charts do you follow? Also are you a full time trader?( I am not but intended to become one).

Thanks
Hi Mktscape,

I dont range trade intentionally, if the range is big enough to develop a trend based on the rules of this system then I will look for entries in the direction of the trend, but I do not place entries based on a top or bottom of a range. What I do is look at those tops and bottoms as levels of S/R if it is trending to those levels and if it turns around at those levels then I wait for the trend to develop.

I actively trade 21 different pairs

No I am not a full time trader, however I spend a lot of time looking at charts and fine tuning entry points, I am an Elelecrical design engineer as my full time job and a real estate broker.

I started trading about 4 or 5 years ago, and tried various methods, before I took a break from it for around 3 months, because too many trades were just not going the way I wanted them to go I never wiped out any accounts or anything but I figured there was something out there that worked other than just luck and indicators that never agree with each other...

So I searched for a method that has a higher probability of winning than I was using at the time, and I came across this system, and after practicing with it I got fairly good at it, and my losses started becoming fewer and fewer, your always going to lose a trade here and there no matter what, it is part of trading, just keep the losses short and let the profits run.

Well this system just made total sense, price action is the best indicator and once you learn how the Forex price action behaves...over and over, then you can take advantage of that action and really exploit the trends and everyone knows trading the trend is the best way to trade any market, and really thats what this system does.

I hope you reach your goals as a full time trader. And if you use this system learn it forward and backwards, listen to the MA lines they tell you lot of information, it is amazing that 3 silly lines can give so much information about what the market is doing and what it may be trying to do.


--NM
  • #384
  • Dec 5, 2009 8:59am Dec 5, 2009 8:59am
Quoting Custos
Hi NightMoves,

so, if I may ask, can you shed some light on which techniques you added to his system?

best regards
Hi Custos,
Well one of them is target placing, I use the swing high from from the previous swing high as my first target if there is room which is the way it was taught in the course and everything pretty much the same there, however for longer targets I use the ADR almost religously as a target, which is different and here is why, the second TP is normally placed by the length of the last impulse wave, I have used that with pretty good success but ususally you will have to let it run a couple of days for that to happen, and with the new rules in place here in the US stop trailing is no longer automatic, so you have to move your stop manually. So I basically use the ADR to set my TP now and not the original impulse length.

And that can add to a lot of pips to your account, if you have the ability to automatically follow the price, then you have no worries about giving to many pips back to the market after you go to work or to bed.

And the reason I did not mention this before is because I have given back as many as 100 pips when I cannot watch it, because it ran a few pips less than the TP and so the TP never got touched and I was not around to manage it. Even though I did not lose the trade, I still gave back a lot pips for no good reason.

And I did not want to have everyone setting there TP based on that method only to give them back because of that silly FIFO rule.

And once in a while I will use the 23.6 fibo retrcement depending on the history of the trend, but not very often so you can see one can add their own techniques to fit thier own style of trading. But the basics of the system have not changed. And the changes I use compared to the actual system are really small changes just to accomodate my trading style, no big changes.

Hope this answers your question.

--NM
  • #385
  • Edited 9:20am Dec 5, 2009 9:17am | Edited 9:20am
Quoting Custos
Hi NightMoves,

so, if I may ask, can you shed some light on which techniques you added to his system?

best regards
Custos,
Here in the US we cannot place our SL at the same time as we place our entry order and we cannot automatically follow it like we used to be able to do, and it has changed how I manage the trade and realistically has reduced my target levels by a substantial amount. So you find another way to manage the trade and that is what I have done until I find another way.
I cannot place a SL first and then the entry order last either because of the FIFO rule, so it is not like it used to be... But I still get pips out of this market just not as many in one trade as I was getting.


--NM
  • #386
  • Dec 5, 2009 9:40am Dec 5, 2009 9:40am
Quoting Custos
Hi NightMoves,

so, if I may ask, can you shed some light on which techniques you added to his system?

best regards
So I guess a lot of changes was not the correct words to use, I made those 3 changes to the original so maybe a few changes would have been a better choice to use. But the bottom line it is all the same system except for the way I set the targets and the 23 fibo rule (and I follow that rule most of the time) and the TP levels.

--NM
  • #387
  • Dec 5, 2009 9:46am Dec 5, 2009 9:46am
Hi NightMoves,

thanks for the info, makes perfect sense. I also think that the ADR is quite key for TP levels. I actually sometimes also use trailing stops, which my broker allows me to use.

best regards

Quoting NightMoves
Hi Custos,
Well one of them is target placing, I use the swing high from from the previous swing high as my first target if there is room which is the way it was taught in the course and everything pretty much the same there, however for longer targets I use the ADR almost religously as a target, which is different and here is why, the second TP is normally placed by the length of the last impulse wave, I have used that with pretty good success but ususally you will have to let it run a couple of days for that to happen, and with the new rules in...
  • #388
  • Dec 5, 2009 9:50am Dec 5, 2009 9:50am
Quoting Custos
Hi NightMoves,

thanks for the info, makes perfect sense. I also think that the ADR is quite key for TP levels. I actually sometimes also use trailing stops, which my broker allows me to use.

best regards
We used to be able to do that but we cannot anymore, I know a lot of the traders that my broker has switched to their UK account and I am seriously thinking about doing the same because you can still enter the SL at the same time and use trailing stops, and that alone is HUGE when you are just running shorter term trades that last say no longer than a couple of days, and to set the correct TP it really has to run about 2 days in some cases.

--NM
  • #389
  • Dec 5, 2009 9:55am Dec 5, 2009 9:55am
Quoting NightMoves
Custos,
Here in the US we cannot place our SL at the same time as we place our entry order and we cannot automatically follow it like we used to be able to do, and it has changed how I manage the trade and realistically has reduced my target levels by a substantial amount. So you find another way to manage the trade and that is what I have done until I find another way.
I cannot place a SL first and then the entry order last either because of the FIFO rule, so it is not like it used to be... But I still get pips out of this market just not as...
I am a bit confused about your statement. I trade principally with Oanda, and I can intitially place Entry, SL, TP and Trailing Stop positions all simultaneously. BTW, although Oanda has very rudimentary charts (which work ok with your strategy) they have the easiest and best trade entry system I've seen.
  • #390
  • Edited 10:18am Dec 5, 2009 10:07am | Edited 10:18am
Quoting Bobcat2
I am a bit confused about your statement. I trade principally with Oanda, and I can intitially place Entry, SL, TP and Trailing Stop positions all simultaneously.
I cannot do that, the first order I place in the market is the first to come out of the market, so lets say that I want to place an immediate entry, I can do that with a entry order, no problem, I cannot set the SL at the same time nor can I set the TP at the same time, I have to use an order entry to do that. Now lets say I want to set a SL first...all good I place the SL using a market order, and then place my market order to get in the trade...no problem, now lets say the market backs up on me and hits my SL, well because the SL was the first in, my market order gets taken out and SL now becomes a new order to the enter the market rather than SL. So I have to becareful how I set my orders.

I have to place the Market order then I can place SL and then TP and combine them as an OCO order and if I forget to do that then one cancels the other but because they are not linked together in the order in which they were placed I will be in the market and not out if it.

So it kind of complicates things a little bit, and I get around the no SL rule by linking each order as an OCO, but each one has to be placed indivually, I had to practice that on the demo account for a couple of days to make sure I had it down and I called the broker and they said because of the FIFO rule that is the way it has to be done. Unless I switch to the UK account platform.

--NM
  • #391
  • Dec 5, 2009 10:16am Dec 5, 2009 10:16am
Quoting Bobcat2
I am a bit confused about your statement. I trade principally with Oanda, and I can intitially place Entry, SL, TP and Trailing Stop positions all simultaneously. BTW, although Oanda has very rudimentary charts (which work ok with your strategy) they have the easiest and best trade entry system I've seen.
I use MT4 as my charting platform and trading station as my real trade platform, I like they way I can trade right from the charts on that platform, once I get all my OCO orders linked then I can just drag my SL line around the chart and it automatically changes my SL. I just do not like the way the trades have to be placed now, but that is not the fault of the broker.

--NM
  • #392
  • Dec 5, 2009 11:53am Dec 5, 2009 11:53am
Quoting Sutts
NM,

Well I've taken my first trade using your setup - this was on the CHFJPY pair which I know you were watching. I realise that plenty of resistance lies above and my first TP (last swing high on H1) provides a very poor R:R but I'm more concerned at the moment with spotting entries and going through the motions.

Can I ask you to cast your eye over my attached setup and entry charts and perhaps comment on my entry please? Some things I'm unsure about are:

1. Would you have passed on this trade due to the last swing high being so close to...
dave,
I missed one of the questions in your post,and that was the last one, looking for second targets.

There are a couple of ways to set second targets, You can use the ADR as a target, if you have a previous High or low to use as the first or you can use the length of the last impulse wave which is a good method. I have seen a lot of different ways of setting the second TP and if I can monitor the trade totally then I will set the target higher than the ADR.

--NM
  • #393
  • Dec 5, 2009 12:01pm Dec 5, 2009 12:01pm
Normally one would set the ADR or last swing high or low as target #1 and then use the last impulse wavelength as #2, but I do not do that too much any more because I cannot automatically follow the price, and I would have set up 24/7 watching it or take a chance and move my stop at a time when I really would not want too. So I base my target 1 and 2 and different levels other than what should be done.

--NM
  • #394
  • Dec 5, 2009 12:57pm Dec 5, 2009 12:57pm
Quoting NightMoves
I use MT4 as my charting platform and trading station as my real trade platform, I like they way I can trade right from the charts on that platform, once I get all my OCO orders linked then I can just drag my SL line around the chart and it automatically changes my SL. I just do not like the way the trades have to be placed now, but that is not the fault of the broker.

--NM
NM.

Hmmm...

In addition, I also have a live trading account with FXDD. I can place my Entry, SL and TP levels all simultaneously. But I do have to submit a TS after the order has been accepted. I consider all the manipulations that you have to go through just to make a trade as untenable...I would probably quit trading forex if I had to put up with all that nonsense. Who IS your broker, anyway?

BC
  • #395
  • Dec 5, 2009 1:06pm Dec 5, 2009 1:06pm
Quoting Bobcat2
NM.

Hmmm...

In addition, I also have a live trading account with FXDD. I can place my Entry, SL and TP levels all simultaneously. But I do have to submit a TS after the order has been accepted. I consider all the manipulations that you have to go through just to make a trade as untenable...I would probably quit trading forex if I had to put up with all that nonsense. Who IS your broker, anyway?

BC
The truth of the matter is ALL US brokers are required to follow this FIFO rule, however most of these brokers offer accounts with UK rules which do not have to adhere to this FIFO rule. And that is one of the reasons I am thinking about changing to a UK rules account. I have already talked to them about this. Even the broker I use basically said they could switch my account to a UK rules account platform and get back to normal.

So I am sure I will be doing that after the 1st of the year.

--NM
  • #396
  • Dec 5, 2009 4:23pm Dec 5, 2009 4:23pm
Quoting NightMoves
Musashi,

I looked at the pound trade you had going and were you able to get out of it before headed back north? Those real small TF trades are risky, I certainly have tried scalping on the smaller TF and I can honestly say I am no good at it. That is why I mentioned imo opinion that trend just did not have history of bouncing off the correct area for me to take it.

--NM
I was fully expecting the price to come within the vicinity of the next round number as price so often does in asia session. Plenty of room to give me a profit. After my initial entry I was in profit but as you seen the price reversed as it so often does.

Fortunately the next time price went in my favour I move my SL down to reduce my risk. The rest is history, price reversed during London Open.

All part of trading I'm afraid. Price could easily of continued in the direction of my initial trade. Something you at least need to give it a chance to do.
  • #397
  • Dec 6, 2009 1:08am Dec 6, 2009 1:08am
i had seen all the the post but i am still unclear when to enter the trade.. u all said BPC. i understand the pullback but the continuation. and the trigger point to enter the trade is the one i am not clear. thank anyone that could help here. =D
is it once it break the pullback trend? or when will it be?
  • #398
  • Dec 6, 2009 8:39am Dec 6, 2009 8:39am
Quoting ja5on
i had seen all the the post but i am still unclear when to enter the trade.. u all said BPC. i understand the pullback but the continuation. and the trigger point to enter the trade is the one i am not clear. thank anyone that could help here. =D
is it once it break the pullback trend? or when will it be?
Hi ja5on,

Look at this chart which shows the 1-2-3 formation and when to enter, the pull back is only a one candle pull back but it shows what the formation looks like and when to enter, you enter when the bounce occurs after #3 and clears the top of the #2.

This is an hourly chart of the E/J pair, these formations show on all time frames and pretty much can happen anywhere, but we are looking only at the retracement and at the point when the retracement reaches the conluence of S/R.

Make sense?

--NM

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: entry point.gif Size: 26 KB
  • #399
  • Dec 6, 2009 8:52am Dec 6, 2009 8:52am
Quoting NightMoves
Hi ja5on,

Look at this chart which shows the 1-2-3 formation and when to enter, the pull back is only a one candle pull back but it shows what the formation looks like and when to enter, you enter when the bounce occurs after #3 and clears the top of the #2.

This is an hourly chart of the E/J pair, these formations show on all time frames and pretty much can happen anywhere, but we are looking only at the retracement and at the point when the retracement reaches the conluence of S/R.

Make sense?

--NM

--NM
Here is where your SL would be placed.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: sl.gif Size: 27 KB
  • #400
  • Dec 6, 2009 8:55am Dec 6, 2009 8:55am
Hi NightMoves:

Thank you for starting this 3SMA thread from Hector. Let me introduce myself - I learnt this system several years ago but at the time was still mesmerized by indicators and didn't understand S&R/Price Action quite well.

Hence, I abandoned the system after several months when I couldn't find any trending trades on higher time frames (I was too impatient). It also didn't help that Hector stopped updating his website. His daily videos were a source of inspiration and motivation.

Anyway, I have now ditched indicators and have made dramatic improvements in my S&R/Price Action knowledge.

I look forward to contributing to this thread.

Thanks,
JS
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