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Ok, this is clear now. I thought you always used a 25 or 30 SL as well. It is more discretionary based on the current circumstances. I imagine usin the other side of the CZ gives more breathing room. But I guess you have to look at the risk:reward ratio as well and make a decision. ForexHard do you have a R:R goal or minimum in mind for each trade? Thanks for the clarification!

SirWolf

Quoting forexhard
PH22, the trader is always in control of his trades, not the other way around. I am very flexible in my approach, and I feel this is one of the keys to my success. But by flexible I don't mean 'all over the place'. I just mean flexible. Which is difficult to quantify since it primarily is based on instinct born of thousands of hours of watching price action. The difference of having a fixed 25-pip SL instead of a SL that uses the opposite side of the box, is a difference of only about 10 pips. I'm believing and trusting that anyone here can learn...
Believe and Achieve!
Quoting sirwolf
ForexHard do you have a R:R goal or minimum in mind for each trade? Thanks for the clarification!

SirWolf
...i asked the same an hour ago, a few posts back I need to do more due diligence on the expectancy of this approach.
Quoting forexhard
PH22, the trader is always in control of his trades, not the other way around. I am very flexible in my approach, and I feel this is one of the keys to my success. But by flexible I don't mean 'all over the place'. I just mean flexible. Which is difficult to quantify since it primarily is based on instinct born of thousands of hours of watching price action. The difference of having a fixed 25-pip SL instead of a SL that uses the opposite side of the box, is a difference of only about 10 pips. I'm believing and trusting that anyone here can learn...
Agreed FH, but in the trade u posted the entry after 2 closed candles was around 4274 and the other side of the cz box was approx 100 pips away with a DD of approx 90 b4 it turned around. I just wanted u to clarify, which u now have. Thanks for the feedback and have a great weekend!
ForexHard has given alot away, even on his confirmation signal before entry, how he defines what a good CZ is.
I hope you guys who are asking questions of where to put your stops or TP have at least looked at your charts. No offence intended.
You're right on the money Ash. Large quantities of face time with your charts will answer 90% of this type of question, guys. There are no shortcuts in this regard. Earlier in this thread I said that if you were doing it right your eyes would feel like toothpaste and you'd start forgetting your kid's names. I meant every word.
To improve is to change. To perfect, is to change often.
Forexhand, thanks for your contribution to FF, I really appreciate your effort on this thread, my question is should'nt we be addressing the issue of SL and TP? as you said earlier on that there is a method of exiting that can minimize the losses to be incurred using this method, how do we go about this with minimal SL
Quoting johnnyfx5600
Forexhand, thanks for your contribution to FF, I really appreciate your effort on this thread, my question is should'nt we be addressing the issue of SL and TP? as you said earlier on that there is a method of exiting that can minimize the losses to be incurred using this method, how do we go about this with minimal SL
The issue has been addressed! I've mentioned my most common settings at least a half dozen times in this thread and others. But what I haven't done (and will never do) is state that these settings are exactly what everyone should be using. This same philosophy goes for CZ box sizes, indicator settings, SL/TP, and so on. I am not here to spoon feed anyone. If you really need that type of individual attention, I am available for private mentoring for a fee. Otherwise, all you need to do is spend some quality time with your own favorite pairs and let the answers come to you like they came to me, and to some of the other guys around here who have copied my instructions very closely and have reaped the rewards for their efforts.
To improve is to change. To perfect, is to change often.
Quoting forexhard
You're right on the money Ash. Large quantities of face time with your charts will answer 90% of this type of question, guys. There are no shortcuts in this regard. Earlier in this thread I said that if you were doing it right your eyes would feel like toothpaste and you'd start forgetting your kid's names. I meant every word.
There is no substitute for this. At the start, you guys will not even know what you are looking at. Eventually, thingies become clearer.

It take a while, mind. 2 years plus in some cases - OK, in my case.

Just gawp at them charts. Then gawp some more. And some more again. Then ask your wife what your kids are called - if you can still find your wife. The gawp........

Good Gawping.

CAN IT BE AS EASY AS THIS????????????????????????????


am not a fan of multiple trading systems.
I manage to come to this thread through stepwoods Tools for forexhard's Stairstep Breakouts system thread.

nevertheless i am just thrilled by how FOREXHARD MADE TRADING LOOK LIKE AN IDIOT. IT IS TOO EARLY PASS ANY JUDGEMENT

but FOREXHARD you've made it look to simple try changing your alias to FOREXSIMPLE


you have imbibed the sharing spirit in me. I think it is time i start following the foot steps for great guys like you. You make people like me look stupid with all my indicators.


TO stepwood and squalou great work trying to make what is already simple simpler.


I have found some many role models to emulate of recent. it is great having you around

Thanks.
Quoting Adewumi
TO stepwood and squalou great work trying to make what is already simple simpler.
WHO IS STEPWOOD and WHERE CAN I FIND HIM. I wish I knew him, he seems like a very intelligent person.
Quoting astral77
WHO IS STEPWOOD and WHERE CAN I FIND HIM. I wish I knew him, he seems like a very intelligent person.

very funny. That was a very bad spelling mistake. it is
SteveHopwood (http://www.forexfactory.com/stevehopwood)

not stepwood

Sorry. Anyway thanks for pointing it out.
Quoting astral77
WHO IS STEPWOOD and WHERE CAN I FIND HIM. I wish I knew him, he seems like a very intelligent person.
Astral,

Shame on you if you don't know who SteveHopwood is!!

Just click on his name and read his threads or comments (and if you have several months of time to read them) then you will know who he is.

He is just a master coder who has given his time and energy to us inferior mortals. And I for one appreciate it very much thanks Steve.



JTH
Crikey - Steve Hopwood aka GOD

I thought everyone knew him.
Trust me guys, astral was gently teasing someone for a typo. I promise you he knows who I am, and has proven this many times.

Quoting handy148
Crikey - Steve Hopwood aka GOD

I thought everyone knew him.
I cannot possibly be God.

I am male and everyone knows that God is female.

My rationale?

We all know that women can have a capricious sense of humour.

Only someone/thing with capricious sense of humour could possibly have invented men.
3 threads now?

Ok here is my question. Regarding this system


I don't know if i can get a clarification on an issue. Does this system trade consolidations at the beginning of the session only (1.e prior to newevents) ? or every consolidation within a session?

I am asking because i may have misunderstood the whole idea.

After looking at the 1st, 2nd and 3rd posts in the thread. I saw that between a period or session (i.e the two period-separator lines in mt4 that separate the various trading sessions ). more than one Cz was highlighted by fxHard
Attached Image
Hey FH, I just discovered your thread yesterday and decided to give it ago. I love the simplicity of trading CZs and like how you put a new visual spin on the idea.

So, the chart I posted was my first "live" try at it (in a demo account). I've seen the EA thread but wanted to perfect it manually before even using it.

I placed the first short bar where I found a CZ and made 5pips off of it (the drop right before the short box I have posted). My trade made it to ~25pips so I set a trailing stop to 20 pips and got stopped out. (The long bar now sits where the short bar was originally, but ooched over so I could grab the corners)

From there I waited for it to re-consolidate and thus the current CZ. I feel like it's the correct placement but would like to have the teacher double check it.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 8-1-11.jpg Size: 116 KB
Quoting astral77
WHO IS STEPWOOD and WHERE CAN I FIND HIM. I wish I knew him, he seems like a very intelligent person.
Stepwood? I have heard of Torchwood. Maybe they are both enemies; one codes EAs and the other is a Broker.
Quoting SteveHopwood
I cannot possibly be God.

I am male and everyone knows that God is female.

My rationale?

We all know that women can have a capricious sense of humour.

Only someone/thing with capricious sense of humour could possibly have invented men.
Yes I agree. God is a woman. Proof? Well how come only woman can have multiple orgasms? Also, men's testicles are on the outside. No man would have designed us this way!
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