I'm not saying I was wrong for going long by any means. Just that my timing was off.....
- #302
- Nov 28, 2011 9:48am Nov 28, 2011 9:48am
- Joined Jan 2011 | Status: Senior Member - Pro FX Trader | 2,736 Posts
i hope xman can come in soon, and go over how he saw the NY 1hr method shaping up and what he wouldve done, i hear he was on sidelines, but still a walkthrough of what he saw etc so we can learn 
hey there smokeyD
Could you please tell me the months that showed you these results .
I would like to have a look.
I have back tested for over a year and I had consistent results.
As your experience builds using this method you wont even need TDI to tell you a signal. I just look at the synergy bars and i already can see what the market is doing.....
My testing was from June 6th to October 28th. As I mentioned earlier, IF the rules were followed to the letter, the success rate was about 40%. Yesterdays London open was a good example. IF the rules were followed to the letter, we would have gone short, as you did initially. The market hung at 1.3350 and then bounced northward, as you then took advantage of (as did I). I have used Mr. Fibonacci's brilliance as part of my trading since becoming a full time trader, and "ironically"...1.3350 was his infamous 61.8 mark. Additionally, the major players of this game split the currency increments into quarters as you probably know, so 1.3350 was additionally significant.
That said...I am becoming a fan of what you have developed and adding what I have learned to it.
.....BUT, I have to honestly say, it only becomes simple with MANY hours of practice and screen time because there is an interpretive element to the strategy.The unfortunate aspect of trading is that it is extremely difficult to carve hard rules in stone. I've been around this game long enough to know that the bulk of the people who have decided to "test the waters", are on a never ending quest for the "Holy Grail" and "push button" trading. While I believe most know deep inside it doesn't exist...their quest continues....Been there, done that!
I commend you for the time and effort you have brought to us to share your passion and system.
I hope I have added some food for thought.
Looking forward to London's Open!
Enter Signature
- #315
- Nov 28, 2011 10:07pm Nov 28, 2011 10:07pm
- | Commercial User | Joined Aug 2011 | 2,409 Posts
X-man the legendary conqueror of markets
- #316
- Nov 28, 2011 10:18pm Nov 28, 2011 10:18pm
- | Commercial User | Joined Aug 2011 | 2,409 Posts
X-man the legendary conqueror of markets
- #317
- Nov 28, 2011 10:23pm Nov 28, 2011 10:23pm
- | Commercial User | Joined Aug 2011 | 2,409 Posts
X-man the legendary conqueror of markets
- #319
- Nov 28, 2011 10:41pm Nov 28, 2011 10:41pm
- Joined Jul 2011 | Status: Gold Again | 10,630 Posts
My platform shows GMT so as i said mark 6:00 and 12:00 both these times are GMT which is 6:00 GMT and 12:00 GMT
Iceland has no daylight savings hence it is GMT all year; depending on where you are, and if your broker changes to daylight savings, you may have to adjust either 2 times or 4 times per year!
http://www.timeanddate.com/
It takes a lot for me to IGNORE you, but you can try.
- #320
- Nov 28, 2011 10:46pm Nov 28, 2011 10:46pm
- | Commercial User | Joined Aug 2011 | 2,409 Posts
[size=3][font=Lucida Sans Unicode]X-Man,
My testing was from June 6th to October 28th. As I mentioned earlier, IF the rules were followed to the letter, the success rate was about 40%. Yesterdays London open was a good example. IF the rules were followed to the letter, we would have gone short, as you did initially. The market hung at 1.3350 and then bounced northward, as you then took advantage of (as did I). I have used Mr. Fibonacci's brilliance as part of my trading since becoming a full time trader, and "ironically"...1.3350...
When traders go to other systems you will notice theres so many rules upon rules that you have to follow just to pull the trigger then when traders come to this thread you see a small set of rules that you have to master just to pull the trigger. This usually make people scared to pull the trigger because they think they need more rules and indicators to make a trade but in reality its the edge you build with time and experience (its psychological) .
Thats why i recommend traders to read trading in the zone.
Every trade is unique.
Dont expect your system to win every trade , thats impossible. Some traders visit the different systems and as soon the system give then few losses they quit it and look for another system.
Every system will make you lose trades but you have to find a system that will make you win more than lose.
I read somewhere that if your system gives you 55% to 60% wins then thats a good system.
My system gives me 70% to 80% win rate. Thanks to Big E
My system has a small set of rules to follow the rest will be based on back testing and monitoring those times to see how PA moves to master the system.
Then you will just know when you on the wrong side of a trade and can pull out with minimum losses and maximize your profits.
Happy pippin to all you traders.
X-man the legendary conqueror of markets