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  • #2,481
  • Jun 27, 2010 12:43am Jun 27, 2010 12:43am
Quoting morfisher
I think this system that Tony has developed and shared with everyone is a little gem for newbie traders, newbie traders like myself tend to look at indicators and/or software, many give false signals that slowly nibbles away your money....
I'm very happy to hear this. Keep your SL tight and TP should be above 100 pips always.... it's all about management, I hope you will make your account grow and hopefully you'll be able to do it on the long term, don't give up.
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  • #2,482
  • Jun 27, 2010 2:44am Jun 27, 2010 2:44am
agreed! great strategy!

can i ask one more question.. do most of you guys ONLY trade the first two hours of the opens? I have only been monitoring 1 week, but if i had traded during the 2 hrs of opens i would have had 1 100 pip winning trade about 3-4 breakevens and no losses. however the entries which presented themselves outside the 2 hr periods would have given me a break even and 3-4 losses.

thoughts?
Limitation is a creation of the mind
  • #2,483
  • Jun 27, 2010 2:54am Jun 27, 2010 2:54am
Tony,

I was wondering if you could just clarify the rules in regards to your trading system.

Are the rules from post #1 still valid or is it now the direction of the first 5 sec bar during the open of london and ny (as I was told by another poster a couple of posts back) Just kind of confused.

Appreciate it.

Thanks
  • #2,484
  • Jun 27, 2010 4:08am Jun 27, 2010 4:08am
I like the idea behind this system, but need to clarify the entry rules or work on some rules.

as example london open,

some guys seems to draw a line on first minute high/low and enter there with 5 sec bar crossing

others seem to draw the high/low lines after the first hour and enter there

maybe we switch in the 1min chart just before opening and draw s/r lines and enter when there are crossed after london open with a big 5 sec candle.

any thoughts?
  • #2,485
  • Jun 27, 2010 3:43pm Jun 27, 2010 3:43pm
if you people don't see me answer its because I don't have time to read its summer


what are we doing this week folks?
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  • #2,486
  • Jun 27, 2010 3:45pm Jun 27, 2010 3:45pm
Quoting hiiqtrading
I like the idea behind this system, but need to clarify the entry rules or work on some rules.

as example london open,

some guys seems to draw a line on first minute high/low and enter there with 5 sec bar crossing

others seem to draw the high/low lines after the first hour and enter there

maybe we switch in the 1min chart just before opening and draw s/r lines and enter when there are crossed after london open with a big 5 sec candle.

any thoughts?
its good to enter at strategic levels... but can also be tricky... sometimes we don't even need these levels for a huge bar to appear and its a valid one that travels hundreds of pips away
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  • #2,487
  • Jun 27, 2010 4:09pm Jun 27, 2010 4:09pm
Quoting mannai70
Tony,

I was wondering if you could just clarify the rules in regards to your trading system.

Are the rules from post #1 still valid or is it now the direction of the first 5 sec bar during the open of london and ny (as I was told by another poster a couple of posts back) Just kind of confused.

Appreciate it.

Thanks
This has been a good thread but I'm now confused as well. It seems there has been some modifications to the original method posted on Page 1 and we won't know the specifics until Tony has time to explain it.

If there is anyone who is successfully trading a modified version of this strategy with specific rules, I would like to hear from you. Thanks.
  • #2,488
  • Jun 28, 2010 1:12am Jun 28, 2010 1:12am
sell the eur/usd like there is no tomorrow now
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  • #2,489
  • Jun 28, 2010 1:15am Jun 28, 2010 1:15am
foating at 12 pips now on Frankfurt open
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  • #2,490
  • Jun 28, 2010 1:15am Jun 28, 2010 1:15am
stop-loss is dust, should I 0SL it now?
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  • #2,491
  • Jun 28, 2010 1:19am Jun 28, 2010 1:19am
now floating at 16 pips
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  • #2,492
  • Jun 28, 2010 1:19am Jun 28, 2010 1:19am
sell the eur like there is no tomorrow and no today
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  • #2,493
  • Jun 28, 2010 1:27am Jun 28, 2010 1:27am
that wasnt a large bar, and just entering in the open direction mostly seems to get stops hit everytime due to fake outs every other day.. how did you figure to take this trade tony?
Limitation is a creation of the mind
  • #2,494
  • Jun 28, 2010 1:34am Jun 28, 2010 1:34am
Quoting schnitzeltra
that wasnt a large bar, and just entering in the open direction mostly seems to get stops hit everytime due to fake outs every other day.. how did you figure to take this trade tony?
i didn't figure it out, I just try every day, with a 2 pips stop-loss
that i of course, reduce to 0 pips after a few minutes or seconds
which is my dear and adorable 0SL that I have indeed placed

floating at 25 pips for a free ride to 140

good night folks
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  • #2,495
  • Jun 28, 2010 1:36am Jun 28, 2010 1:36am
i guess I'll stay away from the London battle tonight mates
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  • #2,496
  • Jun 28, 2010 2:03am Jun 28, 2010 2:03am
Hi Folks,

Just to try to help you doubters, confirmation seekers & back test junkies.


A few pointers.

 

  1. 1st off Tony has vigorously tested this method using his hard earned cash, he didn't ask anybody for help he just did it !
  2. As the markets changed Tony was able to spot this change and he altered his method accordingly.
  3. His current method as far as I can perceive ( I haven't had any contact with him) is to take a trade straight from the open.
  4. Which open you ask ?.First. He trades the first driver of the day which is the Frankfurt open at 07.00BST.
  5. How does he do it you ask ? Well as far as I can make out from reading his most recent post's he just dives in from the 1st open which as mentioned above is the Frankfurt open.
  6. Dives in you ask ? Yes enters in the direction of the impulse with a ridiculously small stop loss & a 140 pip take profit.
  7. What happens if this fails ? Well he takes a loss 4 pips that is.
  8. What does he do next ? He now waits for the London open at 08.00BST which is the main driver of the day. He again enters the market in the direction of the breakout using the same small stop-loss & 140 pip take profit.
  9. What happens if this fails ? Waits for the New York open at 13.00BST which is the final driver of the day.Enters the market as above.
  10. Does this method work ? Yes.
  11. Will we make money trading it ? Probably not !
  12. Why won't we make money trading it ? Because the method is too simple for most people to believe it could be profitable.

I have on previous post's mentioned how I trade a version of the method, for me it is a profitable enterprise.

Regards,


BabeFX.

  • #2,497
  • Jun 28, 2010 2:10am Jun 28, 2010 2:10am
Quoting BabeFX
Hi Folks,

Just to try to help you doubters, confirmation seekers & back test junkies.


A few pointers.

[list][*]1st off Tony has vigorously tested this method using his hard earned cash, he didn't ask anybody for help he just did it ![*]As the markets changed Tony was able to spot this change and he altered his method accordingly.[*]His current method as far as I can perceive ( I haven't had any contact with him) is to take a trade straight from the open.[*]Which open you ask ?.First....

Wow the colors woke me up, I was eating my cake with a glass of milk, floating at 15 and all of a sudden I saw the post

you have made very good observations the only thing I would add is that I don't necessarily always take a 4 pips SL... it's mostly 1 pip, 2 pips or better.. 0 pips which is my so called 0SL™

Thank you for clarifying, my recent evolution with the system... and be assured that I will post the new updates of this system soon... and as for profits and proofs... I will be posting my details oanda transactions pretty soon, i won't care

Has anyone heard that placing a trade with 1 pip Take profit and 100 pips stop-loss is eventually going to clean your bank account out? hoping to make 1 pip? Well, I'm doing the exact opposite... and even better with a 0SL, when I have the opportunity of setting one up.

Good luck
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  • #2,498
  • Jun 28, 2010 2:23am Jun 28, 2010 2:23am
Quoting Tony112
Wow the colors woke me up, I was eating my cake with a glass of milk, floating at 15 and all of a sudden I saw the post

I don't necessarily always take a 4 pips SL... it's mostly 1 pip, 2 pips or better.. 0 pips which is my so called 0SL


Has anyone heard that placing a trade with 1 pip Take profit and 100 pips stop-loss is eventually going to clean your bank account out? hoping to make 1 pip? Well, I'm doing the exact opposite... and even better with a 0SL, when I have the opportunity of setting one up.

Good luck

Hi Tony,

Thanks for the reply. I have been following your methodology for a few months now, I really appreciate all the hard work you have put into developing this method.

Take care,


Regards,


BabeFX.
  • #2,499
  • Jun 28, 2010 2:24am Jun 28, 2010 2:24am
nothing lost, nada
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  • #2,500
  • Jun 28, 2010 2:28am Jun 28, 2010 2:28am
Quoting BabeFX
Hi Tony,

Thanks for the reply. I have been following your methodology for a few months now, I really appreciate all the hard work you have put into developing this method.

Take care,


Regards,


BabeFX.

my pleasure, all the hard work on the planet could not amount to the limitless profits and benefits of a stable and long terms successful trading in forex
Invest in alarm clocks
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