Gentlemen always play by the rules. If they can't, they change the rules.
- #3,463
- May 22, 2011 9:48am May 22, 2011 9:48am
Hi 2scoops,
I already use a trailing stop of 12 pips on the H1 timeframe. I move my stop of 50 pips to BE+3 after 15 pips and then start trailing. This takes care of Big E's rule that he exits when price pulls back for 10-15 pips.
Your ideas about setting the TP near s/r lines etc. is great. I do it myself, too.
PS:
After 15 pips I close about 1 out of 3 lots, 2nd lot at +30 pips and last lot when TDI gives an exit signal at the opening of the next candle.
Cheers,
Olarion
Just want to ask,How do you move your stop loss to BE+3
Please share this with us.
Thanks.
It Is Well With My Soul..(Amen)
- #3,464
- May 22, 2011 9:57am May 22, 2011 9:57am
I have been trading BigE's 5M method for quite a while....
Good pips.
- #3,466
- May 22, 2011 10:05am May 22, 2011 10:05am
I agree with you, we have to be careful not to make this post a mix of indicators(as have many others). And lose the essence of the method. But I found this last indicator useful only for showing visually the concept of 12-02 (buy) and 4-6 (sell). However, the method remains the same.
Good pips.
I do agree though that some posts on this thread have gone a little too far in complicating the method.
- #3,472
- May 22, 2011 12:24pm May 22, 2011 12:24pm
Hi folk's,
Well, i've been here 3 night's, and up to page 55, so a way to go to catch up, but you know what? I'm really enjoying reading and learning about this method at my own pace. Taking my time so it all sinks in to my big boof head. I seriously suspect as a beginner, i've landed on a bloody good thread.
Hope you're feeling better there E man. Thank's everyone for sharing.
Good trading, G-bloke.
Speaking of going off topic (and since the market is closed at the moment) what kind of equipment do you play, Bloke? I have a fender strat, and my pride and joy, an accoustic Guild GAD 50.
Shakey
- #3,473
- May 22, 2011 1:11pm May 22, 2011 1:11pm
How does the momentum look right now (12-2, 4-6)
Hi, Big E, or anyone, can explain to me regarding the momentum (12-2, 4-6)? thanks.
(You may already know this, apologies if I you are an old pro). The numbers, volumes and rapidity of the buy and sell orders going through the dealing desks are what drives the price up or down.
Indicators use various algorythmns to reflect this volume. If the volume is low, the sample size of the formula is too small to give an accurate reading on the indicator.
With most indies, the momentum is reflected by the steepness of line type indies (or height of histogram types). This is especially true of moving average indies. Most indies involve moving averages in some way shape or fashion (I think the TDI may be some variation of the RSI)
Indies are lagging at best, and the smaller the volume, the more lagging it is. Higher volume moves the lag up a little closer to real time.
If volume is small, nearly all indies that I know of are worthless, and even harmful.
This is why E and the gang keep talking about looking back at the size of the last few candles. Large Candle = high volume.
HHs, HLs . . . LHs LLs show direction, Engulfing (HH, LL), Inside Bars (LH, HL), pin bars, spin tops (long wicks) indicate hesitation, indecision and possible direction changes. This is what forms bar # one, along with the TDI steep cross.
These direction changes combined with Higher Volume (steeper TDI cross) gives your entry a good push towards being a profitable trade.
If you trade any indie system during low volume periods, you might as well just write a check and mail it to your broker.
Pardon me for stating the obvious to most of you.
(pardon me for being so long winded. The market is closed, I am bored. I got the trading monkey on my back, and he is using the whip)
Shake
- #3,475
- Edited 2:06pm May 22, 2011 2:00pm | Edited 2:06pm
Here is an example as I see it. This is not an actual trade... it is cherry picked.
See that there is a fake out. Hope this is clear and readable. Please give any input, observations, or errors I may have made.
Shake
UH Oh! The text at the top should read "Higher Highs HIGHER Lows" Sorry
See that there is a fake out. Hope this is clear and readable. Please give any input, observations, or errors I may have made.
Shake
UH Oh! The text at the top should read "Higher Highs HIGHER Lows" Sorry
- #3,476
- May 22, 2011 2:42pm May 22, 2011 2:42pm
- Joined Mar 2007 | Status: Symbol | 2,788 Posts
Here is an example as I see it. This is not an actual trade... it is cherry picked.
See that there is a fake out. Hope this is clear and readable. Please give any input, observations, or errors I may have made.
Shake
UH Oh! The text at the top should read "Higher Highs HIGHER Lows" Sorry
FF journal: Peaks and Troffs
- #3,479
- May 22, 2011 3:21pm May 22, 2011 3:21pm
- Joined Jan 2010 | Status: Primary Technical Trader | 8,594 Posts
For the understanding of all, I did this to illustrate better. And if you have doubts, there is the Trendline By Angle Tool (that probably, will not use more it from the third trade). And always are talking about the green line direction.
=)
Great job Astom. Much appreciated.
From 30-90 degrees a buy
and 330-270 degrees a sell
At last, that Trendline By Angle Tool is good for something.