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Flag trading the trend

  • #4,101
  • May 1, 2011 9:20pm May 1, 2011 9:20pm
it really wasnt perfecting it it was getting back to it with a little tweek for stop and target the goal is to get to target while staving off the risk
  • #4,102
  • May 1, 2011 9:53pm May 1, 2011 9:53pm
guess i need to watch the webinar again, was thinking we switched to an uptrend after taking out the #2, thought that pt became the LH but i guess the line is only moved down after a LL is made--look forward to watching again and getting this imbedded. thanks for all ur time and effort with us.
  • #4,103
  • May 1, 2011 10:02pm May 1, 2011 10:02pm
Quoting Divergence
it really wasnt perfecting it it was getting back to it with a little tweek for stop and target the goal is to get to target while staving off the risk
++++++++++++++++++++
Semantics Div. I guess humble goes with the territory. Looks like improvement to me.

What else do you need when you have a weapon of this caliber?
  • #4,104
  • May 1, 2011 10:08pm May 1, 2011 10:08pm
For the video-deprived... what is the tweak?
  • #4,105
  • May 1, 2011 10:12pm May 1, 2011 10:12pm
Hey fellas, I know this is off topic...but news is out that Usama Bin Laden has been killed in Pakistan. Hats off to the US Military.
  • #4,106
  • May 1, 2011 10:48pm May 1, 2011 10:48pm
Quoting tb62
Hey fellas, I know this is off topic...but news is out that Usama Bin Laden has been killed in Pakistan. Hats off to the US Military.
Hear Hear
If you think you can or cannot do it you are correct
  • #4,107
  • Edited 11:07pm May 1, 2011 10:56pm | Edited 11:07pm
Quoting NorwegianBlu
For the video-deprived... what is the tweak?

  1. No more looking for "larger" trend to determine direction
  2. Treating every day as a separate unit
  3. No more numerous S/R lines on the chart
  4. Working with just recent S/R levels using a single one horizontal line; following the market step-by-step
  5. Continuously monitoring HHs LLs LHs LLs to gauge direction and watching for 123s to signal possible change of direction. You have to watch the video to get a clue.
  6. Divergence on RSI becomes a less important factor. It's not necessary to use RSI at all.
  7. Setup bar rules (CCI, MA distance) are the same
  8. Stop is placed above/below setup bar, NOT recent swing H/L. Target is still 1:1. So both stops and targets are smaller now. Maximum stop size is no more 26 but 20 pips, thus maximum SUB size is 18 pips. If it's bigger - no trade. Minimum stop is 9 pips (applied if setup bar is too small).
  9. Stop is moved to BE at 3(TP=9-11p), 4(TP=12-13p) or 5(TP=14-20p) pips within target.

In general: more smaller trades, no arguing about "trend is up, trend is down, this H/L of 2 days ago has to be taken out" etc..

:-anything
  • #4,108
  • May 1, 2011 11:21pm May 1, 2011 11:21pm
Div,

Thanks for the words and sharing your system/tweak. Watched the video and now ready to start looking at charts this week.

I will be reporting back on my lessons learned and asking questions as needed.

Great work.
  • #4,109
  • May 1, 2011 11:26pm May 1, 2011 11:26pm
Quoting tritom
[list=1]
...
Thanks so much.
  • #4,110
  • May 1, 2011 11:46pm May 1, 2011 11:46pm
this night's training - winners: 1xEU 1xEJ 3xGU (?! -- I keep wondering to see this pair best tradable tonight - with clear reasons for all 3 trades), one loser on AU (0205GMT SUB) was my fault: there was a lot of of time to bail out with few pips gain and there were PA signs I should listen to.
:-anything
  • #4,111
  • May 1, 2011 11:49pm May 1, 2011 11:49pm
tritom, you're a beast.

Not going to trade today due to it being a bank holiday in many European countries, but I'll observe the market.
  • #4,112
  • May 2, 2011 3:21am May 2, 2011 3:21am
If yr trading
not technically perfect: The bar before it entered dropped on the retracement finder.
Attached Image (click to enlarge)
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  • #4,113
  • May 2, 2011 4:39am May 2, 2011 4:39am
Assume setup bar is just 2pips high with all other conditions ok, we TAKE trade and apply a 9pip StopLoss and TakeProfit ??
Quoting tritom

  1. Stop is placed above/below setup bar, NOT recent swing H/L. Target is still 1:1. So both stops and targets are smaller now. Maximum stop size is no more 26 but 20 pips, thus maximum SUB size is 18 pips. If it's bigger - no trade. Minimum stop is 9 pips (applied if setup bar is too small).

In general: more smaller trades, no arguing about "trend is up, trend is down, this H/L of 2 days ago has to be taken out" etc..

  • #4,114
  • May 2, 2011 4:45am May 2, 2011 4:45am
Div. thanx for the tweak!
fosters, yes you're right
  • #4,115
  • May 2, 2011 5:19am May 2, 2011 5:19am
Quoting tritom
[list=1][*]No more looking for "larger" trend to determine direction[*]Treating every day as a separate unit[*]No more numerous S/R lines on the chart[*]Working with just recent S/R levels using a single one horizontal line; following the market step-by-step[*]Continuously monitoring HHs LLs LHs LLs to gauge direction and...
Hey tritom,
On pt. number 8, if I remember correctly div. said you still can take the trade if the setup bar is over 18 pips long but you still use a stop and tp of 18. I might be wrong on this, will have to watch video again.
  • #4,116
  • Edited 5:47am May 2, 2011 5:20am | Edited 5:47am
Looks promising... ???

Thanks Div for the new webinar, sounds and looks great.

EDIT: Naaah, didn't trigger...
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  • #4,117
  • May 2, 2011 6:15am May 2, 2011 6:15am
I have some serious problems with staying within an open position... I tend to close too quickly, just minutes ago I took just a tiny 4 pips instead of easy 9-10. The trigger candle H/L was 9 pips and the trade I was in made its target but got out to fast!!!

Any cure around for this one??? Probably risking a lot less and shifting to BE according to new rules rather early would help. Although I did manage to make my daily percentage, I definitely lack discipline and 'hope'.

Oh well, may be it'll come one day!
Attached Image (click to enlarge)
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  • #4,118
  • May 2, 2011 6:30am May 2, 2011 6:30am
Guys as we treat a new day separately, it is nice to have a tool showing a daily candle...
I have found THV4 Pivot usefull, where it gives me an idea of what a current day look like.

Sorry for posting again, but cannot edit and manage gif's/jpeg's at the same time...
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  • #4,119
  • May 2, 2011 6:49am May 2, 2011 6:49am
Quoting Ral1n
I have some serious problems with staying within an open position... I tend to close too quickly, just minutes ago I took just a tiny 4 pips instead of easy 9-10. The trigger candle H/L was 9 pips and the trade I was in made its target but got out to fast!!!

Any cure around for this one??? Probably risking a lot less and shifting to BE according to new rules rather early would help. Although I did manage to make my daily percentage, I definitely lack discipline and 'hope'.

Oh well, may be it'll come one day!
That looked like a no trade to me. candle was more than 2.4 pips from MA.
  • #4,120
  • May 2, 2011 7:04am May 2, 2011 7:04am
Quoting Toothman
That looked like a no trade to me. candle was more than 2.4 pips from MA.
Hey Toothman

As far as I understood the rule of 2.4pips is concerning the setup bar not the entry bar.

I might be wrong but this is the way I perceive it.
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