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Flag trading the trend

  • #4,361
  • May 13, 2011 8:33am May 13, 2011 8:33am
Quoting diamonddbw
+++++++++++++++++

Hi Vince. The list, in general, has been way quieter than normal. Maybe summer trading is underway. Everyone has made Sooooo Much money, that the list is beneath them.
Hey diamond, how is your trading going on, what's the record?
  • #4,362
  • May 13, 2011 8:54am May 13, 2011 8:54am
Quoting vince
Hey diamond, how is your trading going on, what's the record?
+++++++++++++++++
Doing OK. Not trading as too much until I get internet hooked up. I moved to a somewhat rural area and service is difficult to get dialed in. Cox is coming next week to bury 200' of new 3G cable so until then I trade from Panera Bread.

Had a couple of small winners this am, although not necessarily by the book.

How are you doing?
  • #4,363
  • May 13, 2011 9:22am May 13, 2011 9:22am
Quoting diamonddbw
+++++++++++++++++
Doing OK. Not trading as too much until I get internet hooked up. I moved to a somewhat rural area and service is difficult to get dialed in. Cox is coming next week to bury 200' of new 3G cable so until then I trade from Panera Bread.

Had a couple of small winners this am, although not necessarily by the book.

How are you doing?
i'm ok but can't be consistent in taking good trades. Still struggling little bit with 123s, like below, it hit my sl and went up...
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  • #4,364
  • May 13, 2011 9:48am May 13, 2011 9:48am
Quoting vince
i'm ok but can't be consistent in taking good trades. Still struggling little bit with 123s, like below, it hit my sl and went up...
+++++++++++++++++++++

What day was this?
  • #4,365
  • May 13, 2011 9:50am May 13, 2011 9:50am
yesterday, london session
  • #4,366
  • May 13, 2011 9:59am May 13, 2011 9:59am
nice flag on gu
  • #4,367
  • May 13, 2011 10:36am May 13, 2011 10:36am
Quoting vince
nice flag on gu
Vince, was the SUB at 14:20? RFI was not below -50.
  • #4,368
  • May 13, 2011 10:42am May 13, 2011 10:42am
Quoting InspClousteu
Vince, was the SUB at 14:20? RFI was not below -50.
no, sub was at 14:45GMT
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  • #4,369
  • May 13, 2011 10:54am May 13, 2011 10:54am
Quoting vince
yesterday, london session
+++++++++++++++++++

Sometimes 123's fail. That one did come back, but too late for your stop. I've had better success with 123's then other set ups. Haven't put "Forex Trader" banner on my website yet. Still just says "Forex U Student".
  • #4,370
  • May 13, 2011 10:55am May 13, 2011 10:55am
Quoting vince
no, sub was at 14:45GMT
OK, now I see it. Nice call.
  • #4,371
  • May 15, 2011 11:09am May 15, 2011 11:09am
Hi this is my first post and I joined to use this system after reading the thread. Intend to post just on this thread various set ups and ideas.

I had a look at the pdfs rcw did and they are great! Thanks alot! Only thing after reading the first 150 pages of this thread - the stop loss in the early part was defined as the " the stop is the low of last pullback" see the graph on post 7 for instance and also he stated "I trade the 5 min chart eurusd never look for more that 26 pips stop". The Pdf states that the stop loss should be the set at the high or low of the set up bar. I am not sure as I have read the subsequent 150 pages to see if this was changed. I like the original idea of stop loss to be set at the high low of the previous retracement with a max of 26 pips. Would be good to clarify this.
  • #4,372
  • May 15, 2011 12:36pm May 15, 2011 12:36pm
Hi Finsia,

there was a later development to this which can be found in the videos. Basically a few additional rules were added, including changing the stop loss. The new stop loss is to be placed above or below the setup candle.

As for the other rules I am not to sure as I haven't really adopted them. I still use the old rules with the old stop loss placement.

I hope this sheds some light and no doubt one of the other will be along soon to elaborate on the new rules.

Pip
  • #4,373
  • May 15, 2011 3:08pm May 15, 2011 3:08pm
Cheers
  • #4,374
  • May 15, 2011 3:28pm May 15, 2011 3:28pm
Does anyone know where the videos are?
  • #4,375
  • May 15, 2011 5:21pm May 15, 2011 5:21pm
Here are the updated rules:

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 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.
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=14-20 p) 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.
"Be the change that you wish to see in the world." --Gandhi
  • #4,376
  • May 15, 2011 5:59pm May 15, 2011 5:59pm
interesting rules but who came up with this rules? divergence? These rules are any better then the original rules?
  • #4,377
  • May 15, 2011 7:28pm May 15, 2011 7:28pm
Quoting spike00spieg
interesting rules but who came up with this rules? divergence? These rules are any better then the original rules?
Divergence did, in the latest webinar.

I personally don't like the new SL rules, and I still maintain the old rules.
  • #4,378
  • May 15, 2011 7:39pm May 15, 2011 7:39pm
can you say why? I can't see the webinars. But the old rules aren't good anymore. In my opinion these rules are just a test or he is bored and wants more trades.

on the other hand, these rules may work better in strong trends when there isn't much noise still it will be helpful if someone can say why he changes the rules.
  • #4,379
  • May 15, 2011 7:40pm May 15, 2011 7:40pm
Quoting spike00spieg
can you say why? I can't see the webinars. But the old rules aren't good anymore. In my opinion these rules are just a test or he is bored and wants more trades.

on the other hand, these rules may work better in strong trends when there isn't much noise still it will be helpful if someone can say why he changes the rules.
I don't know why.

I personally think the new rule is half-assed, and gives more losses.
  • #4,380
  • May 15, 2011 8:42pm May 15, 2011 8:42pm
i am using the new adjustments they make sense to me if you want to keep the old thats fine its your money they both work is the traders choice
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