Feel the Fear and do it anyway!!!
- #142
- Aug 11, 2011 12:30am Aug 11, 2011 12:30am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
HHmmmmmmmmm!
Didn't like that 08.24 candle, someones playing silly buggers!
Not sure so will hang on a bit and see what developes here, might leave this first pullback as Im not too sure whats going on?
Lets see what happens, let the market show us whats really going on, before we jump in with both feet!
Didn't like that 08.24 candle, someones playing silly buggers!
Not sure so will hang on a bit and see what developes here, might leave this first pullback as Im not too sure whats going on?
Lets see what happens, let the market show us whats really going on, before we jump in with both feet!
Feel the Fear and do it anyway!!!
- #143
- Aug 11, 2011 1:43am Aug 11, 2011 1:43am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Oh! So thats what the market was thinking! Well I'm not interested Mr EURCHF! You're not fooling me!
I know you gotta come down sometime and I will be waiting!
Like I said earlier, I don't know when its gonna happen, but trust me its coming down.
Good thing is I've still got my money in my pocket, so I can fight another day!
I'm just not interested in any moves up on this pair as to me its got "Going Down" written all over it!
So its back to square one, the hourly chart is still setting up nicely, we've just got to keep watching for that reversal on the one minute chart.
Soon as I see the reversal, I will jump on 1st pullback same as before.
By the way you can do the same thing on 5 or 15 min charts if you prefer. In fact there's a strong argument thats its better to wait for one of the longer term time frames to turn down as its a firmer confirmation that its reversing.
Saves you from having so many false starts on the 1 min like I do.
So why do I keep messing around with the 1 minute charts?
Well, the thing is I know the reversal will happen on the 1 min first and the higher time frames will follow. Therefore if I can get in on the 1 min chart for say 20 pips risk and assuming it drops 500 pips like Tuesday. With a 2% risk I would increase my account by 50%!!!!
You don't have to find too many of those trades to grow your account fast!
Of course that's assuming I don't get shaken out too early,like Tuesday ehh, Stricky?
So Here's my revised plan for the day, I'm going to wait for EURCHF to show signs of reversing on the one minute and then I'm going to watch the actual reversal take place. Once I have confirmation of that reversal, I'm going to enter on first pullback. Sound familiar???
In fact I can see signs of it slowing down now so I better shoot and start watching!
I'm watching you mister EURCHF!!!!
I know you gotta come down sometime and I will be waiting!
Like I said earlier, I don't know when its gonna happen, but trust me its coming down.Good thing is I've still got my money in my pocket, so I can fight another day!
I'm just not interested in any moves up on this pair as to me its got "Going Down" written all over it!
So its back to square one, the hourly chart is still setting up nicely, we've just got to keep watching for that reversal on the one minute chart.
Soon as I see the reversal, I will jump on 1st pullback same as before.
By the way you can do the same thing on 5 or 15 min charts if you prefer. In fact there's a strong argument thats its better to wait for one of the longer term time frames to turn down as its a firmer confirmation that its reversing.
Saves you from having so many false starts on the 1 min like I do.
So why do I keep messing around with the 1 minute charts?
Well, the thing is I know the reversal will happen on the 1 min first and the higher time frames will follow. Therefore if I can get in on the 1 min chart for say 20 pips risk and assuming it drops 500 pips like Tuesday. With a 2% risk I would increase my account by 50%!!!!
You don't have to find too many of those trades to grow your account fast!
Of course that's assuming I don't get shaken out too early,like Tuesday ehh, Stricky?
So Here's my revised plan for the day, I'm going to wait for EURCHF to show signs of reversing on the one minute and then I'm going to watch the actual reversal take place. Once I have confirmation of that reversal, I'm going to enter on first pullback. Sound familiar???
In fact I can see signs of it slowing down now so I better shoot and start watching!
I'm watching you mister EURCHF!!!!
Feel the Fear and do it anyway!!!
- #144
- Aug 11, 2011 2:22am Aug 11, 2011 2:22am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #146
- Aug 15, 2011 3:56pm Aug 15, 2011 3:56pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Bobowang
Thanks for your comments, its much appreciatted. I really enjoyed posting my trades as I went, it was fun.
But I am very aware that I have practically ambushed Jon's thread and thats not very polite or good FF etiquette.
So I think its best I don't post my "live" trades here anymore as I'm sure thats not what Jon set it up for. He wanted members to post their set ups and share them with everyone else.
I had hoped that if I kept posting then others would follow and post their own setups. But unfortunately thats not the case.
Therefore I won't be posting here anymore other than the odd setup as per Jon's original thread idea.
However that being said I did enjoy posting my charts and thoughts as I went, it also helped me to develop my ideas as I went and to answer your other question, no I hadn't seriously back tested it as to be honest I was still developing it as I went along.
I am still developing my strategy as we speak and I think it is getting better and better so once I am happy with it maybe I will start a thread of my own and keep posting my "live" trades as I go.
I will let you know when I start a new thread by PM if you like and if anyone else would like to know just PM me and I will PM all interested parties if and when I start it.
I will still post setups here as per Jon's original wishes but won't be adding live commentary as I go.
All the Best Clive
Thanks for your comments, its much appreciatted. I really enjoyed posting my trades as I went, it was fun.
But I am very aware that I have practically ambushed Jon's thread and thats not very polite or good FF etiquette.
So I think its best I don't post my "live" trades here anymore as I'm sure thats not what Jon set it up for. He wanted members to post their set ups and share them with everyone else.
I had hoped that if I kept posting then others would follow and post their own setups. But unfortunately thats not the case.
Therefore I won't be posting here anymore other than the odd setup as per Jon's original thread idea.
However that being said I did enjoy posting my charts and thoughts as I went, it also helped me to develop my ideas as I went and to answer your other question, no I hadn't seriously back tested it as to be honest I was still developing it as I went along.
I am still developing my strategy as we speak and I think it is getting better and better so once I am happy with it maybe I will start a thread of my own and keep posting my "live" trades as I go.
I will let you know when I start a new thread by PM if you like and if anyone else would like to know just PM me and I will PM all interested parties if and when I start it.
I will still post setups here as per Jon's original wishes but won't be adding live commentary as I go.
All the Best Clive
Feel the Fear and do it anyway!!!
- #147
- Aug 15, 2011 4:28pm Aug 15, 2011 4:28pm
Hi Bobowang
Thanks for your comments, its much appreciatted. I really enjoyed posting my trades as I went, it was fun.
But I am very aware that I have practically ambushed Jon's thread and thats not very polite or good FF etiquette.
So I think its best I don't post my "live" trades here anymore as I'm sure thats not what Jon set it up for. He wanted members to post their set ups and share them with everyone else.
I had hoped that if I kept posting then others would follow and post their own setups. But unfortunately thats not...
and I like your honest! the system is still under construction
. hope it will work in a long run. My another advice is to link a mt4 account(demo or live) to your FF trade explorer, then everybody can get the exact overall performance of your system in a glance !
- #148
- Sep 2, 2011 11:44am Sep 2, 2011 11:44am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Guys
Haven't been around much lately but here's a couple of sell setups to keep your eye on early next week. One on GBPAUD and one on EURCHF, both pairs are in strong down trends on daily charts so looking good for a short when these trendlines break.
Both sell trades on hourly charts, wait for first red Hieken Ashi candle then either enter when its low is taken out and stochs are above 80. Oh and by the way changed my entry technique in line with Divergence's "Flag trading the trend" system. Basically wait till CCI (8) goes -50 then next candle takes out its low by 1 pip.
Or of course you could always drop down to the 1 or 5 min charts and spot the reversal earlier. Look for trendline break or 123's.
Looking at daily charts these could result in a 100 plus pip trade, all being well.
I will certainly be trading them both, so hope you will too.
Hope it works out ok.
All the best Clive.
Haven't been around much lately but here's a couple of sell setups to keep your eye on early next week. One on GBPAUD and one on EURCHF, both pairs are in strong down trends on daily charts so looking good for a short when these trendlines break.
Both sell trades on hourly charts, wait for first red Hieken Ashi candle then either enter when its low is taken out and stochs are above 80. Oh and by the way changed my entry technique in line with Divergence's "Flag trading the trend" system. Basically wait till CCI (8) goes -50 then next candle takes out its low by 1 pip.
Or of course you could always drop down to the 1 or 5 min charts and spot the reversal earlier. Look for trendline break or 123's.
Looking at daily charts these could result in a 100 plus pip trade, all being well.
I will certainly be trading them both, so hope you will too.
Hope it works out ok.
All the best Clive.
Feel the Fear and do it anyway!!!
- #149
- Dec 27, 2011 4:05am Dec 27, 2011 4:05am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
Hi Bobowang
Thanks for your comments, its much appreciatted. I really enjoyed posting my trades as I went, it was fun.
But I am very aware that I have practically ambushed Jon's thread and thats not very polite or good FF etiquette.
So I think its best I don't post my "live" trades here anymore as I'm sure thats not what Jon set it up for. He wanted members to post their set ups and share them with everyone else.
I had hoped that if I kept posting then others would follow and post their own setups. But unfortunately thats...
like your charts..
jon
PATIENCE... DISCIPLINE
- #151
- Dec 29, 2011 12:28pm Dec 29, 2011 12:28pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Jon or Clive,
Do you use pivot points on any of your trades? Your charts are so clean.
thanks
No I don't , I personally like to keep my charts clear and uncluttered so i can read the price action. I look for trends via higher highs/higher lows for uptrends and lower highs/ lower lows for down trends. Hence I like the HA candles as they make that very clear on the 1 min charts.
In fact if I can't clearly see the trend then I look at another pair where I can, simple as that really if its not obvious whats going on then walk away. Personally i believe the most important thing in trading is to trade with a clear, strong trend. Thats why I love the 1 min charts so much, there is usually a strong trend somewhere on one pair or another at anytime of the day. (but best around London and New York open where you get strong moves).
I havent been trading last couple of months due to a change in my personal circumstances but I am now back at it though very,very rusty, so looking to develop my 1 minute system over the coming months.
But the very basics of it are:
1) Identify a strong trending pair. Basically strongest currency against weakest)
2) Wait for a strong move with the trend. Watch the move happen, in other words let the market show you its direction. (no need to guess!)
3) Wait for the first pullback on 1 minute chart.
4) Enter as pullback ends and price starts back in direction of first move ie its trend direction. Use only 10 pips stop max. I use trendline breaks, stochastics, CCI and Hienekin Ashi to help identify when the pullback has ended.
5) Move to break even after 3/5 pips.
6) Take profit at 20 pips (2:1 ratio).
Thats about it really, can't over emphasise the importance of a strong trend and picking the right pair in the first place.
I'm looking for one trade in London open and one trade in New York open where most big moves happen.
I aim to have a 50/50 win ratio with a 2:1 profit therefore with 2 trades per day, thats 10 trades per week. I risk 2% per trade so will have a 10% account growth per week.
Well thats the plan as they say, so lets see what happens???
Sorry for such a long winded answer to such a simple question but you caught me when i was just planning my strategy for the year so had to tell someone!!!
Here's wishing everyone a Happy New Year and many prosperous trades.
Feel the Fear and do it anyway!!!
- #152
- Dec 30, 2011 6:09am Dec 30, 2011 6:09am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #155
- Edited 4:49am Dec 31, 2011 4:27am | Edited 4:49am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #156
- Dec 24, 2012 8:24am Dec 24, 2012 8:24am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #157
- Dec 26, 2012 5:24am Dec 26, 2012 5:24am
- | Joined Sep 2006 | Status: Trader | 2,228 Posts
I only discovered this thread a couple of days ago. There were only a few pages to read so it didn't take long to go through the whole thread. I was impressed with the simplicity of this method, easy to understand and implement. Then suddenly the whole thread died for almost a whole year. I always scratch my head when I see that happen with a good thread. What happened?
Maybe it was because there weren't enough indicators to use so people wouldn't actually have to think for themselves. Or maybe it was because some folks are just constantly looking for the holy grail. Who knows?
At any rate, I enjoyed this thread. This method is something that could be used forever by newbies or seasoned pros on large or small time frames and still be successful.
Maybe it was because there weren't enough indicators to use so people wouldn't actually have to think for themselves. Or maybe it was because some folks are just constantly looking for the holy grail. Who knows?
At any rate, I enjoyed this thread. This method is something that could be used forever by newbies or seasoned pros on large or small time frames and still be successful.
Hi, my name is Barry and you can keep your doctor...
[quote=We are always lookin for a tight stop and great R:R, but we cant be greedy and waste the trade either. One good way of using a tight stop is on a retrace to the first trouble area ( FTA ) or the TL.
i have put some ideas on the chart...
cheers for your contribution, lets hope the thread takes off a little
jon[/QUOTE]
Hello
Interesting concept. How do you define your FTA, First Trouble area ?
Happy Christmas, Happy New Year
Martin
i have put some ideas on the chart...
cheers for your contribution, lets hope the thread takes off a little
jon[/QUOTE]
Hello
Interesting concept. How do you define your FTA, First Trouble area ?
Happy Christmas, Happy New Year
Martin
- #159
- Feb 8, 2013 6:52am Feb 8, 2013 6:52am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #160
- Edited 9:42am Feb 8, 2013 8:47am | Edited 9:42am
Btw, this method also trade-able in lower TF. Like what I got here from todays chart. (See Attachment)
Just got hit 100 pips with only 15 pips SL
I use fixed SL 15 and TP 50 - 100 depends on market condition. I know I did close it a bit too early but 100 pips a day is more than enough. I trade GBPJPY since this pair is capable of running 200 - 300 pips back and forth a day so It will give me the volatility that I need to crank up my RR. See the chart. Candles go rapidly about 150 pips south after I enter and come back about 150 pips north to where it started then another 100 pips south again. See those horizontal white dot lines. Those lines are indi that I use to mark round number level every 50 pips. This pair is really a wild beast...
For those of you who trade or still practicing this method at M15 or below, here's my cents:
Dont trade at random time on chart. You have to deal with too many fake breakout if there is not enough money to move the chart. Look your entry only during market open and special time at 1 hour before london. That's where we expect for fresh money comin into the market and move the chart one way. This is why I prefer to trade on lower TF. In Higher TF than M15 I can not see this move clearly, but below M5 is way too wild.
Those vertical lines there are
Light Blue = Euro Open,
White = 1 Hour before London,
Dark blue = london
Red = NY.
Hope this additional information useful
Just got hit 100 pips with only 15 pips SL
I use fixed SL 15 and TP 50 - 100 depends on market condition. I know I did close it a bit too early but 100 pips a day is more than enough. I trade GBPJPY since this pair is capable of running 200 - 300 pips back and forth a day so It will give me the volatility that I need to crank up my RR. See the chart. Candles go rapidly about 150 pips south after I enter and come back about 150 pips north to where it started then another 100 pips south again. See those horizontal white dot lines. Those lines are indi that I use to mark round number level every 50 pips. This pair is really a wild beast...
For those of you who trade or still practicing this method at M15 or below, here's my cents:
Dont trade at random time on chart. You have to deal with too many fake breakout if there is not enough money to move the chart. Look your entry only during market open and special time at 1 hour before london. That's where we expect for fresh money comin into the market and move the chart one way. This is why I prefer to trade on lower TF. In Higher TF than M15 I can not see this move clearly, but below M5 is way too wild.
Those vertical lines there are
Light Blue = Euro Open,
White = 1 Hour before London,
Dark blue = london
Red = NY.
Hope this additional information useful
