DislikedFeliks
Why? change a winning formula
why? change the aligator to a smoothed ma
why? confuse people
????
TomIgnored
Andy
- #466
- Jun 15, 2011 10:19pm Jun 15, 2011 10:19pm
Here are the trades I took on the GBPUSD
Total= 114 pips and a nice end to my week. Questions?
i get two questions about how to enter a trade.1. did you set a buy stop or buy limit order when you spot a signal? or do you enter a trade after the system confirm the signal? How to confirm a signal? or just wait until the candle closed?
2. when you scan the price action, do you look for a higher timeframe such as H4 chart or Daily chart for a WHOLE VIEW of a big trend?
thanks for your thread, and happy pips! dude
best regards, Joey
- #467
- Jun 15, 2011 11:02pm Jun 15, 2011 11:02pm
- | Commercial User | Joined Oct 2007 | 1,015 Posts
Hello welcome aboard. After reviewing your questions, it seems to me that maybe you should go to post #1 and read the rules for entry again.As for a buy stop or a buy limit order, I won't get into charting 101 with you. Set a "pending" order per the rules and you can't go wrong. As for using higher time frames to confirm, occasionally I do. But this is completely up to you. The only hard and fast rule is the entry. How you choose to confirm if that entry is valid is up to you. Use this thread to post your questions about potential setups.I think with a little time, you'll see how simple this method is!Post a chart and ask a question. Welcome to the thread and many happy pips to you!
Very good strategy. thanks. 4out 5 wins----win rate is nice.
1. did you set a buy stop or buy limit order when you spot a signal? or do you enter a trade after the system confirm the signal? How to confirm a signal? or just wait until the candle closed?
2. when you scan the price action, do you look for a higher timeframe such as H4 chart or Daily chart for a WHOLE VIEW of a big trend?
thanks for your thread, and happy pips! dude
best regards, Joey
- #469
- Jun 15, 2011 11:38pm Jun 15, 2011 11:38pm
- | Commercial User | Joined Oct 2007 | 1,015 Posts
Booktimes - Thank you for that. I think the majority of people here can sympathize with where you have been. I believe you captured my life in a nutshell as well. Wasn't until I learned that my way of thinking wasn't working, my hard headedness was my undoing.
I thank Bill Williams Books - the mentality I learned from reading his books (not the methods, the mentality) helped immensely.
The one part of his second edition book that stumped me over and over again was trying to figure out the Balance Line (5th dimension) system. The chapter starts out by saying that the method sounds complex, but really isn't.
I tell you I read that chapter ump-teen times and gave up. it was too complex.
My epiphany happened when it occurred to me that I was trying too hard to apply his methods EXACTLY as they were written. There are variables, many of them, and they all affect every trade differently.
The night that the light came on for me, was after 6 consecutive losing trades using the balance line method, I was disgusted and about ready to quit.
Just as I was powering off my computer, I went to close MT4 (I have a 42"monitor in my room), and I looked at the chart improperly and saw something that was always there, had been staring me right in the face all along.
I looked directly at the blue line (USD/JPY) and saw how price reacted when it got to the line. With Bill Williams method he tries to get you into the trade well before price gets to the line, so I wasn't looking for signals at the line, I was looking for signals well above or below the line.
I switched to other pairs and there it was over and over and over again.
it was like price was sitting there waving it's arms and legs saying "Hey Rick - here I am, right here, right on this blue line - what the hell are you waiting for?"
I gotta tell you, I didn't sleep that night. As luck would have it, on the USDJPY that night there was a Bounce setup on the hourly (I actually saw the bounce methodology before i saw the cross).
Before I went to bed, I used the same rules for entry as all of the other methods I use, I just like the "Spread+-3 pips" rule. and I set a pending sell order.
Went to bed and got maybe 2 hours of sleep. I turned my computer on in the morning, checked the trade I set and I'll be damned, I was up 78 pips! The rest is history, and here we are!
Thank you for the encouraging words -Lets do this!
I thank Bill Williams Books - the mentality I learned from reading his books (not the methods, the mentality) helped immensely.
The one part of his second edition book that stumped me over and over again was trying to figure out the Balance Line (5th dimension) system. The chapter starts out by saying that the method sounds complex, but really isn't.
I tell you I read that chapter ump-teen times and gave up. it was too complex.
My epiphany happened when it occurred to me that I was trying too hard to apply his methods EXACTLY as they were written. There are variables, many of them, and they all affect every trade differently.
The night that the light came on for me, was after 6 consecutive losing trades using the balance line method, I was disgusted and about ready to quit.
Just as I was powering off my computer, I went to close MT4 (I have a 42"monitor in my room), and I looked at the chart improperly and saw something that was always there, had been staring me right in the face all along.
I looked directly at the blue line (USD/JPY) and saw how price reacted when it got to the line. With Bill Williams method he tries to get you into the trade well before price gets to the line, so I wasn't looking for signals at the line, I was looking for signals well above or below the line.
I switched to other pairs and there it was over and over and over again.
it was like price was sitting there waving it's arms and legs saying "Hey Rick - here I am, right here, right on this blue line - what the hell are you waiting for?"
I gotta tell you, I didn't sleep that night. As luck would have it, on the USDJPY that night there was a Bounce setup on the hourly (I actually saw the bounce methodology before i saw the cross).
Before I went to bed, I used the same rules for entry as all of the other methods I use, I just like the "Spread+-3 pips" rule. and I set a pending sell order.
Went to bed and got maybe 2 hours of sleep. I turned my computer on in the morning, checked the trade I set and I'll be damned, I was up 78 pips! The rest is history, and here we are!
Thank you for the encouraging words -Lets do this!
Hey Colo
shout it out loud my friend, like I said I have read this thread 3 times now and it has literally been like a light bulb moment in my melon, I have traded on and off for about 3-4 years, with moderate success, used every strategy and indi going, read and read and read, spent hours upon hours scanning websites, I have this inbuilt determination to learn this business, spent a kings ransom in doing so, but I put that down to the cost of my education, hey nothing for nothing, so even though my bank account now gives me the finger when I want...