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.
Ignored
Hey diamond, how is your trading going on, what's the record?
Hey diamond, how is your trading going on, what's the record?
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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.
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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?
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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...
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".
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.
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.
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
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.
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.
Ignored
I don't know why.
I personally think the new rule is half-assed, and gives more losses.
