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  • #1,681
  • Dec 10, 2011 1:37am Dec 10, 2011 1:37am
Good morning guys.

Let me explain what is a pull back candle with the use of a chart.
If theres bullish candles then a pullback candle will be considered a candle that forms a high and then you notice it pulling back. The close of the candle must form lower than then open of the candle. This will form a long upper wick.

If theres bearish candles then you will notice that the candle will form a low and start pulling back the close of the candle will form higher than the open. This will form a long lower wick

View the chart for visual examples of what i have just explained.
Attached Image (click to enlarge)
Click to Enlarge Name: pullbacks 1.jpg Size: 110 KB
X-man the legendary conqueror of markets
  • #1,682
  • Dec 10, 2011 1:51am Dec 10, 2011 1:51am
Regarding to money management I would advise all noobs not to risk more than 2.5%
The thing about correlated pairs i agree on the views that the traders i have posted.
My advice regarding this will to rather trade only E/U and master E/U. You really dont have to maximize your pips. the trick is if you use the method for months and then you make your constant wins for example every month you end up with 500 to 1000 pips then you know for sure that you are profitable.
From there you just increase your lot size as your account grows. Because at the end of the day you will need the dollars rather than the pips. You can just be making 500 pips with an increase lot size to make you monthly income.
DO NOT INCREASE YOUR RISK TO GREATER THAN 5%.
keep it to a maximum of 5% and lower.

Theres 1 trader that i know just makes 20 pips a day and thats it. he trades a huge lot size where he makes 1 pip = $1 000 so he makes $20 000 a day.
Of course he has the capital to do such things because he only risks 5% of his capital.
X-man the legendary conqueror of markets
  • #1,683
  • Dec 10, 2011 2:19am Dec 10, 2011 2:19am
I will be composing The most important rules on 1 document and will add it to post 1. This way everyone will have access to all the info they will need to trade the 1H E/U method.
This will be up by nextweek
X-man the legendary conqueror of markets
  • #1,684
  • Dec 10, 2011 2:43am Dec 10, 2011 2:43am
Quoting X-Man
I will be composing The most important rules on 1 document and will add it to post 1. This way everyone will have access to all the info they will need to trade the 1H E/U method.
This will be up by nextweek
Hi X-Man
Please also include TEMPLATE and all related Indicaotrs also to make it comprehensive.
Thanks

arasheed
  • #1,685
  • Dec 10, 2011 3:19am Dec 10, 2011 3:19am
Quoting X-Man
[color=Blue][size=3]Good morning guys.

Let me explain what is a pull back candle with the use of a chart.
If theres bullish candles then a pullback candle will be considered a candle that forms a high and then you notice it pulling back. The close of the candle must form lower than then open of the candle. This will form a long upper wick.

If theres bearish candles then you will notice that the candle will form a low and start pulling back the close of the candle...
thank you very much X-Man: this becomes clear as you explain it, but I would never have found alone!
  • #1,686
  • Dec 10, 2011 3:57am Dec 10, 2011 3:57am
Quoting X-Man
I will be composing The most important rules on 1 document and will add it to post 1. This way everyone will have access to all the info they will need to trade the 1H E/U method.
This will be up by nextweek
Thanks X-Man.

If possible, kindly include the documentation for the H4 Method too. Thanks in advance.
  • #1,687
  • Dec 10, 2011 4:39am Dec 10, 2011 4:39am
Quoting fxtrain
Do you mind what management ea you are using, thanks?
First of all thank you X-Man and Phx62 for your posts and teaching. It is a really impressive and encouraging!
I do not know what is the EA Phx62 is using, but the THV CaveManager 1.41 is able to follow the position the way Phx62 does. You can find it easily here on FF.

thrax
  • #1,688
  • Dec 10, 2011 6:49am Dec 10, 2011 6:49am
Quoting X-Man
Regarding to money management I would advise all noobs not to risk more than 2.5%
The thing about correlated pairs i agree on the views that the traders i have posted.
[size=3][color=blue]My advice regarding this will to rather trade only E/U and master E/U. You really dont have to maximize your pips. the trick is if you use the method for months and then you make your constant wins for example every month you end up with 500 to 1000 pips then...
What broker is he with?
  • #1,689
  • Dec 10, 2011 7:41am Dec 10, 2011 7:41am
Quoting thrax
First of all thank you X-Man and Phx62 for your posts and teaching. It is a really impressive and encouraging!
I do not know what is the EA Phx62 is using, but the THV CaveManager 1.41 is able to follow the position the way Phx62 does. You can find it easily here on FF.

thrax
Steve Hopwood's trade manager is another great one that has oodles of options.
Attached File(s)
File Type: ex4 Multi purpose trade manager.ex4   72 KB | 542 downloads
File Type: mq4 Multi purpose trade manager.mq4   102 KB | 595 downloads
File Type: pdf Multi purpose trade manager instructions.pdf   68 KB | 1,004 downloads
  • #1,690
  • Dec 10, 2011 7:55am Dec 10, 2011 7:55am
Quoting X-Man
I will be composing The most important rules on 1 document and will add it to post 1. This way everyone will have access to all the info they will need to trade the 1H E/U method.
This will be up by nextweek


In case you need help doing that let me know, I can put all the info into a nice PDF file.


regards
let's skype: @elchinoazul
  • #1,691
  • Dec 10, 2011 8:02am Dec 10, 2011 8:02am
Quoting Rodcisal
In case you need help doing that let me know, I can put all the info into a nice PDF file.


regards
Hi Rodcisal
This will be a good job. PDF file format works better instead of DOC file which does not open on computers of many traders.

arasheed
  • #1,692
  • Dec 10, 2011 8:33am Dec 10, 2011 8:33am
Thanks thrax.
Quoting thrax
First of all thank you X-Man and Phx62 for your posts and teaching. It is a really impressive and encouraging!
I do not know what is the EA Phx62 is using, but the THV CaveManager 1.41 is able to follow the position the way Phx62 does. You can find it easily here on FF.

thrax
  • #1,693
  • Dec 10, 2011 8:42am Dec 10, 2011 8:42am
Quoting fxtrain
Do you mind what management ea you are using, thanks?
I sometimes use the THV cavemanager EA that was posted by Erebus at post #763 of this thread. If you click the paperclip in the upper right corner of the thread and "hide images" you will find the download or you can go to post 763. The EA does not open any trades and there are many options for it's use. I will not use up anymore of X-Man's thread to discuss this further.
  • #1,694
  • Dec 10, 2011 8:48am Dec 10, 2011 8:48am
PhX62
Could you please post the set file for the cave manager? That way we can use the exact settings for the ea. You and Xman have been very helpful. Thanks for all the hard work.
  • #1,695
  • Dec 10, 2011 9:03am Dec 10, 2011 9:03am
Spent a bit of time today back testing X-Mans 1 hr E/U strat and running it through the trade simulator as well. Can see that a definite understanding of PA and the synergy bars is vital to the success of this strat. Want to thank X-man and PhX62 for their explanation of pullback bars, i have a much better understanding now. Still not ready to do away with the TDI but feel like i will be able to use both in conjuncton better. Here's to next week!
  • #1,696
  • Dec 10, 2011 12:23pm Dec 10, 2011 12:23pm
Quoting mshupe
PhX62
Could you please post the set file for the cave manager? That way we can use the exact settings for the ea. You and Xman have been very helpful. Thanks for all the hard work.

Hard to post a meaningful set file as that will vary from trade to trade and trader to trader.
  • #1,697
  • Dec 10, 2011 1:03pm Dec 10, 2011 1:03pm
For anyone who wants to practice this or any other system, I would recommend you setup and use this trading simulator. It's a much better way to learn than just back testing!

http://www.forexfactory.com/showthread.php?t=70742
  • #1,698
  • Dec 10, 2011 1:03pm Dec 10, 2011 1:03pm
I've read the thread and re-read the rules in the first post several times, but there's something that I can't understand:

Frankfurt opens @7:00h GMT (usually gives miss signals)
London opens @8:00h GMT (major volatility)

We place the first vertical line @6:00h GMT, and start looking for entry signals at the start of the Frankfurt open, is that correct?

I'm noob, but I always thought more logical to start looking for crosses on the TDI after the big bosses decided which way to go.

I've been trying to backtest this system since January and I want to be sure that I'm doing the right thing.

(sorry for my noobiness and bad eglish)
  • #1,699
  • Dec 10, 2011 1:40pm Dec 10, 2011 1:40pm
Quoting X-Man
Regarding to money management I would advise all noobs not to risk more than 2.5%
The thing about correlated pairs i agree on the views that the traders i have posted.
[size=3][color=blue]My advice regarding this will to rather trade only E/U and master E/U. You really dont have to maximize your pips. the trick is if you use the method for months and then you make your constant wins for example every month you end up with 500 to 1000 pips then...
Thanks for this great system. I would like you to clarify how you translate you risk percentage into lotsize.

As an example: If I wanted to risk 1% of $1,000 = $10; Would I assume a 50 pip target and set my lot size to 0.02 lots ($ 0.20 per pip) ?
  • #1,700
  • Dec 10, 2011 2:18pm Dec 10, 2011 2:18pm
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
I like your chart settings. Is it possible to post your template or at least your bar setting? Thanks so much and good trading!
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