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Flag trading the trend

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
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.
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?
For the video-deprived... what is the tweak?
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.
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
  • Post #4,107
  • Quote
  • Edited May 2, 2011 12:07am May 1, 2011 11:56pm | Edited May 2, 2011 12:07am
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
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.
Quoting tritom
[list=1]
...
Thanks so much.
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
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.
If yr trading
not technically perfect: The bar before it entered dropped on the retracement finder.
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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..

Div. thanx for the tweak!
fosters, yes you're right
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.
Looks promising... ???

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

EDIT: Naaah, didn't trigger...
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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!
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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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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.
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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