PRICE Accordingly | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Close Price VS Median Price (or other price types) 33 replies

House price data price action 1 reply

Why closing price is not the same as opening price? 1 reply

Price on charts vs. Bid and Ask price 1 reply

differences between chart price and trading price 2 replies

Attachments: PRICE Accordingly
Exit Attachments

PRICE Accordingly

  • #21
  • Jul 28, 2011 8:32am Jul 28, 2011 8:32am
now.. SL and exit..

sl always goes above/ below the last PB.. it maybe 25 pips or as little as 10.

exit.. its simple... you set your heart like a scalper to pick +10/+15 when Price reaches the band and gets stuck..
if it breaks it hard.. you ride with it till you can secure comfortably your +10/+15 or take a nice little +30 or +40 at the end of its first exhaustion post band strong break..
this style of trading produces high hit ratio once you eliminate the silly mistakes at first.. and it produces minimum of 2 signals a day on each pair.. so there will be more than enough action and taking +10/15 out of each could some up to a very nice profit at end of the day.. that's only if you can stay contain and not worry so much that why you did not get the whole +150 ride..
we are after consistency and not predicting the runners.. if they come to us easily and within our set of rules.. fine it's bonus and we take it but if not, wont sweat it...
anyhow if you follow the concept you will see that you are in the mix of most breaks from a very early point.. so the chances are good that you could catch some of those sudden big moves and capitalize big.

I think i have covered the basic ground work for now... i will be stepping out for couple of hours.. this could give you time to settle in and pose your questions.. when i come back we get to it or i just continue about a few other important matter such as filtering and etc..

to be continued..

everyone welcome to the thread its nice to have you around.

regards,
Dean
  • #22
  • Jul 28, 2011 11:58am Jul 28, 2011 11:58am
Ok..
back after 3hrs and I see no questions so I just continue to wrap it up..

As you all see I do not use any multi timeframe confirmation indies of any kind as i think it only brings confusion and second guessing to the game.. I believe in mastering one time frame to pull profit with simplicity.
so the two indicator are TMA band and RF..
TMA band is a visual OB/OS confirmation.
RF is the trigger point.

Now, the hard rules are:
1) RF bar/candle must close and enter on the following candle with a buffer of 2-3 pips + spread..
2) The entry point to be preferably before the mid band or at least +10 pips room to the opposite end of the band.

Filtering..
as you will see the RF alert will sound quite often and it requires you to filter at least half of them..
the filtering is simple... if the signal does not fit to the three band plays that i have already mentioned then you'll need to ignore it.

on the next a few posts i will show today's setups example of each bands positions and the ones that to be filtered.
  • #23
  • Jul 28, 2011 12:16pm Jul 28, 2011 12:16pm
Neutral Band PA position example..

This is today's E/U chart..
obviously by just looking at it before the start of my working hours (franks open) PA was Ranging and created a very settled Neutral band.. as you see four signals all good for +10 accept maybe one.. but the last one took off nicely by breaking the upper band for bigger profit than regular +10/15..
so to break it down..
you'll need to firstly reco the band situation.. than fit the right play which is to wait for the pa to bounce of the OB/OS band and than wait for the RF to signal and close.. then set your order.

now.. on the same chart i want to show you the filtering...
as you see i have market a circle shape area.. that is where pa has taken off and broken the range for bullish move but it did not last and reversed straight down for a runner. the fact of the matter is at the top its bullish peak the band looks striking and simply and easily any alert signal can be ignored unless it slows down and makes a DT/DB before we can even think about entering short, which in this case it did not and the whole run was missed.. but guess what.. you will catch this ride most likely on other pairs like I did on GU..
so the concept is rock solid its just the matter of falling into your sets of rules and guidelines in order to take action on comfortably and confidently.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 48 KB
  • #24
  • Jul 28, 2011 12:20pm Jul 28, 2011 12:20pm
I keep forgetting to mention this little part below so accept my apology..

the pairs that i keep under my watch and trade are:

eur/usd.. gbp/usd.. eur/jpy.. aud/usd.. usd/cad

my reasoning..
well besides each of them being one of the major pairs but they also offer lower spread and more volatility... I must mention that cad is my least favorite because its least volatile and it starts runs out of the smallest band so its hard to take action on it.
  • #25
  • Jul 28, 2011 12:44pm Jul 28, 2011 12:44pm
ok.. example of trend looking band..
in this case not quite Striking but not mild either, so it qualifies as a trendy one..
in this chart you'll see two setups..
the perfect MOM (Momentum trade)... pa trending down for 60 pips, then pulls back throughway to the opposite side of the band and RF signals pops up and there you go..

and the later one is the Mid MOM setup.. this is where pa does everything just like the first one but it just don't hit the opposite band necessarily.. and this is where you as trader the master of your domain must have the skill to veto your indicator and go with PA and other times vise versa..
as its obvious that we got a nice trendy favorable bearish band.. pa has pulled back nicely.. and it fits to our two rules as well..
a) enough distance from entry point to LL..
b) risk is around our 15 pips comfort zone..

so its no reason to let go of such trade setups... and most times this type of setup payoffs are a few times more than the initial risk.. so if and when you get stopped occasionally i wouldn't worry too much.
Attached Image (click to enlarge)
Click to Enlarge Name: 4.gif Size: 46 KB
  • #26
  • Jul 28, 2011 12:57pm Jul 28, 2011 12:57pm
and finally the Mild Striking PA band..

This is today's GU chart..
i have in this picture singled out the Mild looking band where at first it looked striking for bullish run, but than it slowed down, bounced of its recent HH and created a DT (double top) and since it the pair was still in the 55 pips range mood.. it was worth it to take a shot at the reverse for a reasonable risk.

so to recap this one..
-mild looking band inside 50-70 range..
-waiting for the DB/DT to show up..
-RF to bar/candle to close.
Attached Image (click to enlarge)
Click to Enlarge Name: 5.gif Size: 49 KB
  • #27
  • Jul 28, 2011 1:04pm Jul 28, 2011 1:04pm
Hi Dean,

good to see you have started your own thread.

Will be following along with interest.

Question:- On the RF Finder, would it not be better if some of the filtering was already in place?

for instance:-

you are looking for a minimum of x pips to the opposite band (your example is 10), take into account the buffer of x pips to avoid false signals.

therefore for a buy trade the close of the candle that triggers the CCI switch to above 0 from below, the high of this candle must be 10 + 1.5 + 3 = 14.5 pips away from the upper band (the 1.5 pips is the spread)

conversely for a sell trade, the low of the candle must also 14.5 pips away from the lower band

This filter alone would reduce the amount of alerts going off

Another possible filter (though this might be a bit extreme) would be to ensure that the candles prior to the signal candle at least brushed/pierced the appropriate band, ie. signal for long, price must have either pierced or "brushed" the lower band

As I said this might be to the extreme because for all trades you need to visually "eyeball" the charts, however I tend to switch off alerts if it alerts to often.

Best regards, John
  • #28
  • Jul 28, 2011 1:13pm Jul 28, 2011 1:13pm
Quoting jmw1970
Hi Dean,

good to see you have started your own thread.

Will be following along with interest.

Question:- On the RF Finder, would it not be better if some of the filtering was already in place?

for instance:-

you are looking for a minimum of x pips to the opposite band (your example is 10), take into account the buffer of x pips to avoid false signals.

therefore for a buy trade the close of the candle that triggers the CCI switch to above 0 from below, the high of this candle must be 10 + 1.5 + 3 = 14.5 pips away from the upper band (the 1.5...
Hi John,
good to see you brother..
in regards to the filter of sound alert.. i hear you and its more than it should it sounds.. but personally it also keeps me on my toes... as i have mentioned in Kevins thread my weakness is to not be present for each and every valid signal and I rather hear it and reject it many times in order to not miss the one i should not miss.
however you are more than welcome to set the first filter (buffer and spread) and be kind enough to offer it in here for us so everyone who prefers it can use it.

on last note.. the last part of your post about "eye balling".. it is so true and its super necessary to be successful.

good to have you around.

Thanks,
  • #29
  • Jul 28, 2011 1:40pm Jul 28, 2011 1:40pm
OK...
I think i have pretty much laid out the basic Trading plan..
below I will do a quick simple recap so you can along with the prior posts and pictures of mine to put the two and two together and be ready to trade along side of me starting tomorrow and so on.

The plan is simple..

Reco the market at hand... reco the band.. reco the fit play based of the first two reco's and filter the rest.
The goal is to take apart each currency pairs of our choice in one time frame from OB/OS stand point.. getting in at the cheapest price and at lowest risk.
eg..
Neutral band = Ranging PA = trade both ways
Striking band = Trending PA = MOM or Mid MOM play
Mild Striking band = Trending rough/chop PA = look for DT/DB to show.

Initial SL always goes above/below last recent highs/lows.
profit taking is open due to weak or strong test of the band.

hard rules are:
RF bar/candle to close first and enter on following candle.
Trigger point to be preferably before the mid band or at least a +10 room to the band or LL/HH for mid mom setups.

thats it..

between the 5 pairs we get minimum of 10 signals a day and hit ratio is around 80%..
experience so matter and it takes time to grow confidence and trade it like mad habit.

I'll do live plays tomorrow or at least show real time setups if in case i miss it myself. you will see and understand more about trade managments and daily managments and so on as i explain things in the heat of the trading day.

I be around for a little while more if in case anyone got a question or comment otherwise i see you all tomorrow before franks open.

Thank you all.
Dean
  • #30
  • Jul 28, 2011 2:38pm Jul 28, 2011 2:38pm
This sounds quite interesting - I normally ignore anything less than M15 charts cos too much noise but you seem to have it cracked. Watching with interest.
Thanks for sharing.
  • #31
  • Jul 28, 2011 2:46pm Jul 28, 2011 2:46pm
Hi P.Dean,

I am not a native speaker...could you please explain a little more what the following phrases mean:

 

  1. striking....do you mean price crosses the band?
  2. mildly striking ??

Thanx.

  • #32
  • Jul 28, 2011 2:48pm Jul 28, 2011 2:48pm
the TMA mq4 wouldn't compile properly - anyone else have that problem ?
  • #33
  • Jul 28, 2011 2:57pm Jul 28, 2011 2:57pm
Following on from the suggestion about filtering, wouldn't an easy way be to set plus and minus levels above/below zero. I have no idea what level they should be or if this suggestion is workable or just a load of bo$$ocks,
  • #34
  • Jul 28, 2011 3:19pm Jul 28, 2011 3:19pm
Quoting P.Dean
now.. SL and exit..

sl always goes above/ below the last PB.. it maybe 25 pips or as little as 10.

exit.. its simple... you set your heart like a scalper to pick +10/+15 when Price reaches the band and gets stuck..
if it breaks it hard.. you ride with it till you can secure comfortably your +10/+15 or take a nice little +30 or +40 at the end of its first exhaustion post band strong break..
this style of trading produces high hit ratio once you eliminate the silly mistakes at first.. and it produces minimum of 2 signals a day on each pair.....
Hi Dean, Thanks for starting the thread the system looks and sounds solid.

I have a question. You refer to setting your SL above/below last PB. what is PB?
  • #35
  • Jul 28, 2011 3:36pm Jul 28, 2011 3:36pm
hi dean!

do you also take notice on how much room you have to the next pivot level or not?

thank you
passion and discipline
  • #36
  • Jul 28, 2011 3:53pm Jul 28, 2011 3:53pm
Quoting P.Dean
I give you all one live picture of G/U that i been active superbly today that shows pretty much all our signals minus the proper mom setup..

check it out..

Looks like this one didn't work out. Would have given you +8 (minus spread) before being stopped on a spike , but i still want to know more.

Any post match analysis?
I am usually Wrong
  • #37
  • Jul 28, 2011 5:24pm Jul 28, 2011 5:24pm
Got a question. When you are entering off the signal indie is it 2 to 3 pips above or below the signal candle, are you going off the body of the candle plus or minus 3 or the wick plus or minus 3 pips.Thanks
  • #38
  • Jul 29, 2011 12:11am Jul 29, 2011 12:11am
Hi Dean,

Would appreciate the background of your chart be of lighter colour to better see the bands

Thanks

BWT thanks for sharing... will follow your thread
  • #39
  • Jul 29, 2011 1:33am Jul 29, 2011 1:33am
Quoting Olarion1975
Hi P.Dean,

I am not a native speaker...could you please explain a little more what the following phrases mean:

 

  1. striking....do you mean price crosses the band?
  2. mildly striking ??

Thanx.

Hi Olarion,
striking means in our term here when PA band is trending sharply in one direction.. and Mild means its trending but not very strong or too sharply but still is moving in one direction.
  • #40
  • Jul 29, 2011 1:35am Jul 29, 2011 1:35am
Quoting winalot
Hi Dean, Thanks for starting the thread the system looks and sounds solid.

I have a question. You refer to setting your SL above/below last PB. what is PB?
Hi winalot,

PB = pullback
1 trader viewing now