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  • #781
  • Nov 17, 2010 3:45am Nov 17, 2010 3:45am
Thx. I managed to take the text off the charts.

Best of luck to All



Quoting fx1o1
Hi All and mainly Hoss.

I just finished reading the whole thread again. I used the system about a year ago and went through 100 trades. I'm back again.

Does anyone know how to get rid of the text in the MM levels. They take my whole chart !

Thanks!
  • #782
  • Nov 17, 2010 1:34pm Nov 17, 2010 1:34pm
Quoting biscuits
Please look at the printscreen I uploaded and let me know what I did wrong please. I went long when RSI went oversold and at a pivot point which has proved to be a strong support. How do I avoid situations such as these? Feel free to criticize/advise/etc, anything to help me improve. Thanks.
Sorry I haven't dropped by in a while. Biscuits, by looking at your chart, I think I can help you out a little. If you look to the left on the chart, you can see that price you got in at isn't really outside of the range of where it has been trading. Look for new highs and lows before getting in. What you are looking for is aggressive movement to higher highs and lower lows. Price is always doing one thing - moving to new highs and lows, or retracing from them. This is fact. This is how I exploit it. I am waiting for these inevitable retracements. Keep practicing it. You will get good at it. It is the only way I trade.
Life is too short to have anything but delusional notions about yourself.
  • #783
  • Nov 18, 2010 11:14am Nov 18, 2010 11:14am
Hi, great thread Hoss. Thanks for sharing your strategy. I have been trading a longer term strategy for some time with mediocre results. I need to diversify so I'm trying out your system and the first 10 trades have gone well. Only one stopped out. However, I am using a 10pip SL and 5pip TP. I just can't bring myself to trade w/o them. I always get too greedy or afraid. I also need more screen time with these 1m charts.

Anyway, my real question is about ranging and trending mrkts. Can anyone comment on how to anticipate or identify a ranging market? I have been thinking about implementing a rule like, 'I will not trade when world equity markets are up or down more then 1%'. This might lead to trading only in ranging mrkts...
  • #784
  • Nov 18, 2010 1:41pm Nov 18, 2010 1:41pm
Quoting relachezle
Hi, great thread Hoss. Thanks for sharing your strategy. I have been trading a longer term strategy for some time with mediocre results. I need to diversify so I'm trying out your system and the first 10 trades have gone well. Only one stopped out. However, I am using a 10pip SL and 5pip TP. I just can't bring myself to trade w/o them. I always get too greedy or afraid. I also need more screen time with these 1m charts.

Anyway, my real question is about ranging and trending mrkts. Can anyone comment on how to anticipate or identify a ranging...
Ranging market is one where price is moving slow within a channel and not making a new high or low. You want to see a violent move in a trending market before you decide to get into trades.
Life is too short to have anything but delusional notions about yourself.
  • #785
  • Nov 19, 2010 3:55pm Nov 19, 2010 3:55pm
ok, I don't think my equity mrkt rule would make sense... doing a little back testing and I'm seeing these setups occur more often as a breakout starts to slow down.

Hoss, check out this screenshot and let me know if I'm understanding this system correctly. 4/5 trades here are winners with 5pip tp and 10pip sl.

I'm trying to think of a way to let my winners run because as you can see there are plenty of profits I missed out on.

ps. I wish I had an ea alert for +/-30 pips from the 200ema.
Attached Image (click to enlarge)
Click to Enlarge Name: HOSSbacktest.JPG Size: 237 KB
  • #786
  • Nov 19, 2010 5:21pm Nov 19, 2010 5:21pm
Quoting relachezle
ok, I don't think my equity mrkt rule would make sense... doing a little back testing and I'm seeing these setups occur more often as a breakout starts to slow down.

Hoss, check out this screenshot and let me know if I'm understanding this system correctly. 4/5 trades here are winners with 5pip tp and 10pip sl.

I'm trying to think of a way to let my winners run because as you can see there are plenty of profits I missed out on.

ps. I wish I had an ea alert for +/-30 pips from the 200ema.
Your push 3 is in the wrong spot. You want to see another higher high. You have better chance at that point of a retrace. So, if you look over to the right where price makes a higher high, that's where I would look at getting in. Couple that with some resistance and you have a high probability set up. I only need a couple of those a day to do well. So, I wouldn't have traded 4 or 5 times on that chart. Probably just once.
Life is too short to have anything but delusional notions about yourself.
  • #787
  • Nov 19, 2010 6:28pm Nov 19, 2010 6:28pm
Quoting hoss
... I only need a couple of those a day to do well. So, I wouldn't have traded 4 or 5 times on that chart. Probably just once.
Thanks for the advice. So on average, how many trades do you take a week? and what's your position size?
  • #788
  • Nov 20, 2010 12:14am Nov 20, 2010 12:14am
  •  Amb
  • | Joined Sep 2010 | Status: think outside the box. | 7 Posts
hoss, im trying in demo same as you but i use heikin ashi, gives me a more clear picture of price action, 1M, eur/USD. working now on MM rules.
  • #789
  • Edited 8:09am Nov 20, 2010 7:56am | Edited 8:09am
If you would trade all the day only at M1 charts your chances for a unprofitable day would increase dramatically. M1 trading could be good enough from time to time with regard at M5 and M15 and the Murrey Math Lines or some EMA's, round numbers, support or resistance, some pivotals and so on. But be aware you doesn't find indicators which are good enough for a constant profit taking - but if you can wait here and there you can make good profits with M1 trading - no doubt!

Chart indicators:
CCI(14) blue line, RSI (red line), Pivotal Points & Murrey Math Lines, BB and some EMAs

http://cdn.forexfactory.com/attachme...1&d=1290176889

Kindest regards
FXcube
  • #790
  • Nov 21, 2010 12:15pm Nov 21, 2010 12:15pm
Quoting Forexcube
If you would trade all the day only at M1 charts your chances for a unprofitable day would increase dramatically. M1 trading could be good enough from time to time with regard at M5 and M15 and the Murrey Math Lines or some EMA's, round numbers, support or resistance, some pivotals and so on. But be aware you doesn't find indicators which are good enough for a constant profit taking - but if you can wait here and there you can make good profits with M1 trading - no doubt!

Chart indicators:
CCI(14) blue line, RSI (red line), Pivotal Points & Murrey...

I agree. Being patient is the most important part of this method.
Life is too short to have anything but delusional notions about yourself.
  • #791
  • Nov 21, 2010 12:16pm Nov 21, 2010 12:16pm
Quoting Amb
hoss, im trying in demo same as you but i use heikin ashi, gives me a more clear picture of price action, 1M, eur/USD. working now on MM rules.
Sounds good. Use whatever works for you.
Life is too short to have anything but delusional notions about yourself.
  • #792
  • Nov 21, 2010 12:17pm Nov 21, 2010 12:17pm
Quoting relachezle
Thanks for the advice. So on average, how many trades do you take a week? and what's your position size?
It varies. I try not to get glued to the screen. I trade better that way.
Life is too short to have anything but delusional notions about yourself.
  • #793
  • Edited 11:12am Nov 22, 2010 1:39am | Edited 11:12am
Quoting Forexcube
If you would trade all the day only at M1 charts your chances for a unprofitable day would increase dramatically. M1 trading could be good enough from time to time with regard at M5 and M15 and the Murrey Math Lines or some EMA's, round numbers, support or resistance, some pivotals and so on. But be aware you doesn't find indicators which are good enough for a constant profit taking - but if you can wait here and there you can make good profits with M1 trading - no doubt!
Well that is my take on things too, sort of. There needs to be a lot of different conditions that will make you stop trading. Often however i just study the charts live seeing the candles take form, when i know i shouldnt trade. In my thinking about 75% of the bankdays are days that one or more opurtunities should have been taken. And about 65% of bankdays there are several opurtunities. Sometimes there is no opurtunity, sometimes 1 for 4 pips, sometimes 19 opurtunities for 60 pips. I try not so expect much, there is no point in trying to calculate how many trade opurtunities there is in a day, every day is different and i take what ever i can.

For an example i accidentaly traded one of those days in the G20 meetings, and of course i lost a substantial amount. Thats one of those days where no opurtunities where good opurtunities.
My signature is: "Classified".
  • #794
  • Nov 23, 2010 4:22am Nov 23, 2010 4:22am
Hi Hoss,

If price hits the BB 2 times and then hits the other side of the BB, do you start your count from scratch for 3 new pushes? In other words, the touch on the other end of the BB invalidates the sequences of 3 pushes?

Thanks so much for all your help!!!!
  • #795
  • Nov 23, 2010 4:39am Nov 23, 2010 4:39am
Hi Hoss,

To clarify my question above:

I'm trying to figure out what do you call "pushes". Hits to the 80/20 RSI level, simply 3 higher highs (or lower lows), or else??

Thanks so much for all your help and wonderfull support!!!
  • #796
  • Nov 23, 2010 7:09am Nov 23, 2010 7:09am
Quoting fx1o1
Hi Hoss,

To clarify my question above:

I'm trying to figure out what do you call "pushes". Hits to the 80/20 RSI level, simply 3 higher highs (or lower lows), or else??

Thanks so much for all your help and wonderfull support!!!
I'm looking for at least 3 higher highs. I'm not too concerned with the bollinger bands when looking at the pushes.
Life is too short to have anything but delusional notions about yourself.
  • #797
  • Nov 24, 2010 12:02am Nov 24, 2010 12:02am
Hoss thanks so much again! Your support and kindness shine!!!

Quoting hoss
I'm looking for at least 3 higher highs. I'm not too concerned with the bollinger bands when looking at the pushes.
  • #798
  • Dec 6, 2010 3:59pm Dec 6, 2010 3:59pm
Hi all,

Missing a clear trade plan for me, bored with high spread at Oanda at news releases(10 pip on e/u), stop lose hits by news spikes on 1h-3h timeframe, so I have decided to get something else.

I know somebody are trading even at 10 sec chat, somebody at 1 min, somebody at 5 min.

I have bought an 1000$ forex trading lesson like a year ago: here it is what I got from that lesson:
- the trading "plan" must exist. It should be defined the ideal setups and the "accepted" setups.
- it must exist the stop lose, else do not open position.My huge drawdowns are are made with removing stop lose and increase the lot size to recover previous Mi$takes. The results was: margin call (50% of my money each Mi$take at 1:50 leverage)
- If you don't feel good don't trade, even is a clear , ideal setup: are you to sleepy of to are you hyperactive (from Red-Bull), take 10$-100$ and go to movie, relax, anyhow you will lose more here and you will feel worse.
- if you don't trade any single trade in 1 year your money will be still there, you are not forced to trade. So better wait, no trade minutes, hours, days, weeks, than miss once: be very-very patinet at entering in position, you are not forced to trade every wave, every move, what makes the price on each timeframe. Even 1 trade / month can bring enough money: it is 12 trade / year. 11 win trade from 12 is still good.
- I can't live from just this income(50$/day), if I don't have at least 5.000$ at Oanda. (1% / day average gain in a month: easy for some, but hard or impossible for most )

This I have learnt from the 1000$ lesson, trying to spend another 1000$ for something else lesson and do not pay 2x the same mistakes.

Anyhow I am to lazy to install an mt4 client to a broker, so I have decided to set up the indicators only at Oanda:
RSI 8,80,20
BB 14,2 and 20.2 - in one account 14 the other one 20

Started to test with 4-8 pip stop lose. To much SL
I have realized, do not enter at the first 80 or 20%, well it was better still not a winner plan, sometimes yes, sometimes losing often: missed the 200 ema requirement: do not trade with this when you are close to ema 200 That it was better. I have tested out of any logical daytime: Sydney and Tokyo opening on Monday...but in plan is defined to trade, when Lodon is open. Now is to late to access the 1 m London data in Oanda to verify a few setups, but Monday and Friday is a bit diff day than others in the middle of the week.

What I dislike in this plan:
- you need to watch the chart non-stop, (not allowed to work or do something other)
-not a trend follower setup. Can't look a setup here, and let him to run on a higher timeframe for like extra 100 pip Just 5-10 pip, even you look 2h the chart


What I like on this plan: the position will stay open for a few minutes => less stress even when L and NY closed there is some possibility to trade.

But what opinion have Oanda about those 20 sec - 5 min trades? did they started yet to put you on slippage?

Probably I will play on this style on an ECN broker at the beginning ( when I have just around the minimal founds to open an ECN account). At the moment I think for that time this is the plan when I want to follow.

Anyhow hoss: thanks for sharing with us this plan and your teachings.


Does anybody know a working, tested, trend follower setup on 1m chart?
I want to buy PATIENCE
  • #799
  • Dec 7, 2010 10:53am Dec 7, 2010 10:53am
On any higher timeframe: like 3h too.

set up the BB, the RSI and the 200 EMA

Watch the RSI when the RSI EXITS from 80 to middle or from 20 to middle.
Or when 70-30 if you want to risk more, but at that moment, when comes to the center line.( I read a setup about that ages ago)
Could be a very good idea to not trade the first but only the second, third push backs. (that I learnt from Hoss)
Also watch the news calendar for news spikes: I still don't like those -50 +100 pip moves in 5-10 min in unpredictable direction...I got a few pips even with 10 pip spread when I tryed 2-3x, but I prefer to not do it more.


http://img43.imageshack.us/img43/6749/hosssetup3h.png

Uploaded with ImageShack.us
I want to buy PATIENCE
  • #800
  • Dec 10, 2010 4:45pm Dec 10, 2010 4:45pm
I've been practicing the "hoss" method for a few weeks now. Seems to work very well! Being able to spot breakouts well seems to be the only real difficulty with this strategy.
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