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  • #1,661
  • Dec 9, 2011 11:58am Dec 9, 2011 11:58am
Hey has anyone read Millionaire Traders?
They interview some people that trade forex profitably.
It sort of relates to this method because the one guy said picking the time of trading is really important. The same method traded during a different session can produce regular losses.
This one guy trades pretty much the same time we do. They don't go into details about his method, but it involves moving averages.


Quoting Rodcisal
Is just my idea or GBPUSD follows EURUSD? today I was watching these two pairs and I noticed that GU was following EU behavior, maybe we can take profits out of this behavior
  • #1,662
  • Dec 9, 2011 12:44pm Dec 9, 2011 12:44pm
Quoting Rodcisal
i'm curious, did you enter just when the cross was taking place? you didn't wait till the cross actually happened?

thanks

regards.
On the first trade, at the open of the red candle the TDI green line just barely crossed the red line. I entered the trade as the red bar continued past the previous bar. Please understand, I no longer depend on the TDI cross to enter a trade.....if it crosses that only confirms what I am reading on the chart and the APB's......X-Man has explained that in recent posts.
On the second trade, I entered because the previous two bars had pulled back from the high....the TDI had not crossed yet but was heading down and was near the red line. Pullback trades can also be very productive.
  • #1,663
  • Dec 9, 2011 12:46pm Dec 9, 2011 12:46pm
Have to say this is a fabulous system, I followed it on the EU for the last 3 days and have made a total of +128 pips!

I wanted to know what other pairs the 1hr system works well on?
  • #1,664
  • Dec 9, 2011 1:17pm Dec 9, 2011 1:17pm
Quoting digf
Phx62

On some of your charts two broken lines are shown for yesterdays high/low.
Do you put them on manually or is it a indicator that does it?
It is an indicator that I got off this forum somewhere. It is names the Daily_High_Low.mq4 & this name is attached.....Copyright Terry Nicholls.
  • #1,665
  • Dec 9, 2011 1:35pm Dec 9, 2011 1:35pm
Firstly I want to say a big thanks to all for a great thread!

My question relates to “pullbacks”. I have noticed since the thread has progressed (congrats on topping a 100 pages) the pullback entry seems to be playing a big part and as such I hope someone can clearly define what is a “pullback” and yes I have read the answers “…. Price heads in one direction and then returns leaving a large wick” etc, ok fine, sounds straight forward enough. However my confusion is when I compare this answer to that of the image attached from “Why the easy Method”.

So my question is:

What is the difference between the “Strong Buy/Sell” examples below and the 2 "Pullback" candles that Phx62 identified in post #1649 ??

I hope I have not missed the answer to this somewhere, if I have apologies in advance, if not, then I think it would be beneficial to all us traders that are new to the system to have further clarification.

Thanks, and again great thread.
Attached Image (click to enlarge)
Click to Enlarge Name: APBs.png Size: 67 KB
  • #1,666
  • Edited 2:03pm Dec 9, 2011 1:46pm | Edited 2:03pm
hi my buddy.

please explain me how you recive 50 pip in second trade in today? how specify your target? thanks. have a good time .

your sincerly

amiralifx
  • #1,667
  • Edited Dec 10, 2011 8:45am Dec 9, 2011 2:16pm | Edited Dec 10, 2011 8:45am
Quoting amiralifx
hi my buddy.

please explain me how you recive 50 pip in second trade in today? how specify your target? thanks. have good time .

your sincerly

amiralifx
First...I only trade the EU H1 chart during the London session and I have spent hundreds of hours studying and learning how Price Action moves for that pair, at that time of day.....during news...during low volume...during high volume....etc. Occasionally I will trade NY on the M15 chart but my pips are basically earned on the H1 chart. I enter most of my trades with a 50 pip TP and a 50 pip EMERGENCY SL because on this pair, a TDI cross during London will normally move 50 to 80 pips before is retraces or reverses. Other pairs move differently....even the other two amigos. The 50 pip SL is in case my compter system goes down or the broker feed is interrupted, etc. I adjust my TP & SL as the trade develops. Seldom do I lose more than 20 pips on any trade. Trades need room to breath...they move up and down a few pips constantly and you don't want such a small SL that you get taken out and then watch price go for 50 or 100 pips in the original direction. If a trade is moving quickly in one direction, I will extend my TP to 100 or 200 pips. If it retraces 20 or 25 pips after I am in profit, I will usually exit with what I can get. I also use a management EA when I can't monitor the trade which moves my stops up to 5 pips below the previous candle. Hope this helps.
  • #1,668
  • Dec 9, 2011 2:29pm Dec 9, 2011 2:29pm
Quoting Phx62
First...I only trade the EU H1 chart during the London session and I have spent hundreds of hours studying and learning how Price Action moves for that pair at that time of day.....during news...during low volume...during high volume....etc. Occasionally I will trade NY on the M15 chart but my pips are basically earned on the H1 chart. I enter most of my trades with a 50 pip TP and a 50 pip EMERGENCY SL because on this pair, a TDI cross during London will normally move 50 to 80 pips before is retraces or reverses. Other pairs move differently....even...
thanks dear sir
  • #1,669
  • Dec 9, 2011 2:29pm Dec 9, 2011 2:29pm
Do you mind what management ea you are using, thanks?




Quoting Phx62
First...I only trade the EU H1 chart during the London session and I have spent hundreds of hours studying and learning how Price Action moves for that pair at that time of day.....during news...during low volume...during high volume....etc. Occasionally I will trade NY on the M15 chart but my pips are basically earned on the H1 chart. I enter most of my trades with a 50 pip TP and a 50 pip EMERGENCY SL because on this pair, a TDI cross during London will normally move 50 to 80 pips before is retraces or reverses. Other pairs move differently....even...
  • #1,670
  • Dec 9, 2011 2:39pm Dec 9, 2011 2:39pm
Hope this will help.

Notice the highlighted candle on the attached pic. Opened then went up strong and then really "pulled back" strong. Much smaller body then you would see in normal flow. Good indication PA is heading south.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 141 KB
  • #1,671
  • Dec 9, 2011 3:20pm Dec 9, 2011 3:20pm
As I see it, the optimal pullback candle (also known as "reversal" candle) in a bullish trend would exhibit a long wick in direction of trend, small body and a close at the low. That is, the bears won control in the price action battle against the bulls.
  • #1,672
  • Edited 5:34pm Dec 9, 2011 5:16pm | Edited 5:34pm
Trusting All had a good trading day to finish off the week

I will try to explain a pullback/reversal bar (candle) from our London session.

Unfortunately the image in post 1665 does NOT show the Open and Close of each bar, so that image really tells us nothing as far as PA is concerned. Look at the attached image from our last London session. You are able to see the little Red or Green ticks on each bar showing the open and close of each bar.

Our last big blue bar was charging north very strong---but closed 22 pips from its highest point...that is a "pullback" or "reversal". Added confirmation were the next 2 bars. Although they stayed blue, you can see both of them closed lower than they opened.

I hope this sheds a bit of light on a pullback/reversal.

EDIT---The image is from the M30 TF. I bounce between the H1 and M30 to look at two different perspectives of PA.

Wishing all a great weekend!!
Attached Image (click to enlarge)
Click to Enlarge Name: pullback.gif Size: 28 KB
Enter Signature
  • #1,673
  • Dec 9, 2011 6:25pm Dec 9, 2011 6:25pm
Quoting spyderman
Now that most of us are shutting down trading for the week I have a question of sorts for us to discuss over the weekend.

We are all concerned with money management (or should be )
Typically we decide to risk X% on a trade...let's say .5%
So we enter a trade on the E/U. Now as we develop our skills with Xman's 1hr method we try and expand to other pairs.

G/U is the next one mentioned. My question is this...
Since G/U so closely mirrors E/U, are we really diversifying by trading another .5% on G/U. Wouldn't we in essence just be doubling up...

Hey spiderman:

I've brought this subject up a couple times, here and TMS thread. It all seems to come down to how you feel about it. You see, because of correlation I use the Pound as a confirmation to my Euro trade. Sometimes I will take a strong GBP trade if it makes a stronger case for a trade than the Euro at the time. Euro news moves both pairs, while GBP news affects GBP more and Euro less. As far as risk goes, I agree with you. You are only doubling up on the same deal. It's great when you are winning, but the loss can be staggering. My opinion, concentrate on the EU, glance on GU afterward and after a while you'll see the nuances of both pairs and you can use that to your advantage. Sometimes, I use one to predict the other. Someone else has said that the AUD doesn't correlate as much and they are right. In fact look at that chart with just synergy bars; Look at the wave patterns on the AUD.
"IN CASH WE TRUST"
  • #1,674
  • Dec 9, 2011 6:42pm Dec 9, 2011 6:42pm
Quoting Rodcisal
Anyone went short on EURUSD at Newyork open?
I did and I got -40 pips lucky I went long at london open earlier and I made a lot of pips to cover this loss.
Dear Rodcisal,
If you want use the TDI signal perfect.You'd better during the London Session.The NY session is different from the London Session.

TDI nice time:From two hours before the london open to one hour before the NY open.

It is my view for your reference.
Chixie
  • #1,675
  • Dec 9, 2011 6:49pm Dec 9, 2011 6:49pm
Quoting Phx62
EU H1 London session
Some very nice PA during London. Two trades...first one....entered after London Open candle moved past the high of the previous candle, with a TDI cross and change of color....went straight up to the 100 TP......original TP was 40 but I moved it to 100 and moved to BE at about 32 pips in.......second trade...entered as the candle changed to red following a pullback of the two previous candles.......a very good day and a very good week after thinking PA would slow down for the rest of the month.
Dear Phx62,
May i ask
How did you define the TP for every trade？
higher or lower than your normal TP? I know the normal TP of your trade is 50pips and December would 40pips.
BR,
chixie
  • #1,676
  • Dec 9, 2011 7:27pm Dec 9, 2011 7:27pm
Quoting TheForce
Firstly I want to say a big thanks to all for a great thread!

My question relates to “pullbacks”. I have noticed since the thread has progressed (congrats on topping a 100 pages) the pullback entry seems to be playing a big part and as such I hope someone can clearly define what is a “pullback” and yes I have read the answers “…. Price heads in one direction and then returns leaving a large wick” etc, ok fine, sounds straight forward enough. However my confusion is when I compare this answer to that of the image attached from “Why the easy Method”....
Dear,
The secrect is the open and close of the candle and the distence from the top or bottom to the close.
see the blue box showed in the pic.It is better for you to understand.
Tip 1:The trade time is very important for this tread.pls noted it.
Tip 2:H1 chart.It is best if you monitor the chart.you would feel the market movement.
Enjoy it.
BR,
chixie
Attached Image (click to enlarge)
Click to Enlarge Name: e-u201112091.gif Size: 14 KB
  • #1,677
  • Dec 9, 2011 7:45pm Dec 9, 2011 7:45pm
Quoting chixie007
Dear Rodcisal,
If you want use the TDI signal perfect.You'd better during the London Session.The NY session is different from the London Session.

TDI nice time:From two hours before the london open to one hour before the NY open.

It is my view for your reference.
Chixie
thanks for the advice

Yes I'm backtesting EU chart as X Man's recommended and I'm getting this whole PA idea. Now I won't go in a trade just by looking at TDI I'll pay attention to PA instead and I will use TDI just as a confirmation.


Also is pretty useful what you've pointed out. Best hours to trade is at london open, more momentum and more accurate signals.


Regards and good luck all fellow traders with your backtesting!
let's skype: @elchinoazul
  • #1,678
  • Dec 9, 2011 7:57pm Dec 9, 2011 7:57pm
With a fair bit of conversation here about "pullback" bars, I would just like to say that this is NOT anywhere near a 100% occurrence.
Nov. 18th is a good example.
The 3rd bar into the NY session started a downtrend. It had a pullback of 26 pips. All indications told us we should have reversed, including being in the mid range of the TDI, BUT it did NOT.

There are higher probability bars than others. A high probability pullback bar would be one found on Dec.6th.
The 4th bar into the London session (the highest blue bar) made a new high for the session, but actually closed LOWER than it opened.

All I can pass on to those just starting out, is what I learned to be successful for me. If I choose to enter a trade based on the probability of a reversal, I do it in 2 stages. My trade risk is always 5% maximum (use whatever yours is) and I half it on my entry into the trade. If it is in fact a reversal, I add a second position with the remaining 2.5%.

If you are doing your back testing, be very mindful of everything you're looking at. Also keep in mind that you have jumped into the past and are viewing charts and PA that has already happened. "Stepping" through each day of your back test (using your F12 key) is the best way to replicate "live" trading...you cannot see the next bar and it allows the emotional level to get as close to reality as we can replicate.

Just some thoughts to share...
Enter Signature
  • #1,679
  • Dec 9, 2011 11:22pm Dec 9, 2011 11:22pm
Hi traders,
Just login today and found this heavily discussed thread over the past weeks. Will spend time over the next few days and catch up with this discussion.
Regards
VT
  • #1,680
  • Dec 10, 2011 12:16am Dec 10, 2011 12:16am
Hi all,

What you think about this chart? Are we good to go for SHORT? Thank You
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AU-CF H4 (2).JPG Size: 81 KB
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