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  • #2,341
  • Dec 17, 2011 9:46am Dec 17, 2011 9:46am
Quoting todd960960
Perhaps you should start your own thread so as to not confuse those here trying to learn X-Man's method.
Thanks for your concern, but X-Man has read my post and i just got a P.M. from him giving me absolute permission to discuss this as he feels it could help traders on this thread make more pips.
But if there are to many complaints or rejections to this TIP then i will gladly start my own thread as i certainly don't want to confuse anyone.

Good Luck
cajun
  • #2,342
  • Dec 17, 2011 10:08am Dec 17, 2011 10:08am
Quoting cajun
This was pm'd to me on another forum and have only been using it for a week and had 4 out of 5 winners,

I see three losers and two winners last week. What am I missing?
  • #2,343
  • Dec 17, 2011 10:37am Dec 17, 2011 10:37am
we'll get more information from divergence in TDI.
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  • #2,344
  • Dec 17, 2011 12:21pm Dec 17, 2011 12:21pm
Quoting cajun
[color=black][font=Segoe UI] EurUsd, H1 chart
-check the 7:00 NY candle, if it is long or short.
-when it closes, at 8:00 NY time, open a trade OPPOSITE to 7:00 candle.
-so if 7:00 candle closed down (short), you place a buy (long) trade.
-if 7:00 candle closes up (long), you place sell (short) trade.
- the 7:00 closed candle must be at least 3 pips body length, otherwise No Trade !
I set my SL at 25, because i can watch it i do not set a TP to try and pick up all the pips i can, i close the trade when i get a reversal signal.

Just trying to help
Good Luck
Hiya, cajun!
Thanks a lot for it.
Greed and fear kills traders
  • #2,345
  • Dec 17, 2011 12:25pm Dec 17, 2011 12:25pm
Hi Guys,

Just did a quick 50 day backtest on this because I've got nothing better to do on a Saturday lol. 22 winners and 28 losers, using a 25 pip SL. So, as wrenski also said, am I missing something?


Quoting cajun
X-Man hope you don't mind me sharing this little strategy on this thread, but if it will help others make more pips that would be good.
This was pm'd to me on another forum and have only been using it for a week and had 4 out of 5 winners, some of you may have already come across it and used it. Here it is.


[color=black]EurUsd, H1 chart
-check the 7:00 NY candle, if it is long or short.
[font=Segoe UI][color=black]-when it closes, at 8:00 NY time, open a trade...
  • #2,346
  • Dec 17, 2011 4:23pm Dec 17, 2011 4:23pm
Quoting Phx62
I entered each trade on the M15 with a 20 pip SL and a 20 pip TP. I moved my stop to BE at about 10 pips into profit.
If the candles are long with no wick on the back end, I remove the TP and exit manually at the point I decide the trend is exausted or is reversing.
Big E used to say he expected 3 to 8 candles in a row on a change of candle color and TDI cross. Today, during London, that proved to be true in every case. The least number was 4 in a row and the most was 8 in a row before the candle color changed. That can only give a trader the...
Phx62. Very interesting, thank you very much. I think this is the most difficult of the game and little by little I'll learn, especially with the help of very kind people like you.

Thank you very much.
Enter Signature
  • #2,347
  • Dec 17, 2011 5:25pm Dec 17, 2011 5:25pm
Got a question aimed at the more experienced traders in the thread.

What books would you recommend for essential reading?
  • #2,348
  • Dec 17, 2011 9:27pm Dec 17, 2011 9:27pm
Quoting Waqs
Got a question aimed at the more experienced traders in the thread.

What books would you recommend for essential reading?
Hi Waqs, here's one I found interesting: 'Beat the Forex Dealer' by Agustin Silvani. Just google it and you'll find a free copy.

Enjoy

Pete

PS. There's a thread here on FF with plenty recommended reading material.
  • #2,349
  • Dec 17, 2011 9:55pm Dec 17, 2011 9:55pm
Quoting pete123
Hi Waqs, here's one I found interesting: 'Beat the Forex Dealer' by Agustin Silvani. Just google it and you'll find a free copy.

Enjoy

Pete

PS. There's a thread here on FF with plenty recommended reading material.
Hi Pete. Thanks for the suggestion. Yeah I just did a search and came across a lot of recommended material!
  • #2,350
  • Dec 17, 2011 11:01pm Dec 17, 2011 11:01pm
Quoting wrenski
I see three losers and two winners last week. What am I missing?
More winners.
All you touch and all you see, is all your life will ever be.
  • #2,351
  • Dec 17, 2011 11:33pm Dec 17, 2011 11:33pm
Quoting wrenski
I see three losers and two winners last week. What am I missing?
@Wrenski,
What are your winners? in terms of R-multiples...
If you winners are 2R trades, and each loser is 1R, then you should be profitable after 5 trades...at 1R profit.
Kind Regards
ET
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,352
  • Dec 17, 2011 11:39pm Dec 17, 2011 11:39pm
Quoting Waqs
Got a question aimed at the more experienced traders in the thread.

What books would you recommend for essential reading?
@Waqs
2 good books must read and have on your bookshelf reference:
1) Trading for a Living by Dr Alexander Elder
2) Super Trader by Dr Van Tharp

..also google 'Van Tharp' and you will find very good resources for if you want to do trading as a business and to you develop yourself to become a super trader.

Kind regards,
ET
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,353
  • Dec 18, 2011 12:20am Dec 18, 2011 12:20am
Quoting Vantage
Can the eur go up, of course, but things have a habit of happening at certain times of the day. London open head fakes, London close reversals and in my humble opinion weak counter trend moves pre US open.

Would I be buying counter trend pre US open, not a chance. On smaller time frames much rather be looking for lower high/2b sells back into trend.
I think the recent discussion is what I was referring to. Don't take weak counter trend moves from 1hr but re-enter trend from 5 min (lower highs/higher lows/1 2 3's/2b trades) or 15 min signals (long wicks/engulfing). Again look up 2b trades if you'd like more info on those entries.
  • #2,354
  • Dec 18, 2011 12:26am Dec 18, 2011 12:26am
Quoting jbudd
Hi Guys,

Just did a quick 50 day backtest on this because I've got nothing better to do on a Saturday lol. 22 winners and 28 losers, using a 25 pip SL. So, as wrenski also said, am I missing something?
Never been a believer in blindly entering a trade but you can effectively use lower time frames to filter trades and give you a much better win ratio.
  • #2,355
  • Dec 18, 2011 12:41am Dec 18, 2011 12:41am
Quoting Vantage
Don't take weak counter trend moves from 1hr but re-enter trend from 5 min (lower highs/higher lows/1 2 3's/2b trades) or 15 min signals (long wicks/engulfing). Again look up 2b trades if you'd like more info on those entries.
From 13th I think it was. 12th was a neg close that broke the previous lows. Possible move up that reverted to trend giving a 2b entry just below 3200 and a 1 2 3 entry break of 2 point around 3175.

Waiting for short term TF to confirm is a good way to trade US open IMHO.
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  • #2,356
  • Dec 18, 2011 2:42am Dec 18, 2011 2:42am
Quoting Vantage
(classic 2b trade with divergence on 5 min)
Please
what do you mean by that : classic 2b trade
  • #2,357
  • Dec 18, 2011 4:57am Dec 18, 2011 4:57am
Quoting yosih36
Please
what do you mean by that : classic 2b trade
Its a reversal pattern (test and failure at hopefully a key level) and a variation of the double top/bottom, 1 2 3 top/bottom. Have a look at http://www.thepatternsite.com/2B.html. I am quite happy to take these trades from 5 min time frame in direction of trend.
  • #2,358
  • Dec 18, 2011 9:06am Dec 18, 2011 9:06am
Quoting emmanuel7788
@Wrenski,
What are your winners? in terms of R-multiples...
If you winners are 2R trades, and each loser is 1R, then you should be profitable after 5 trades...at 1R profit.
Kind Regards
ET
I did not go into that much detail on the trades. The OP stated he had 4 winners and 1 loser and I saw something different and I simply asked for some clarifications as to where I went wrong in my visual back testing.
  • #2,359
  • Edited 3:01pm Dec 18, 2011 10:26am | Edited 3:01pm
I meant 7 NY candle not 12 NY. Was a typo in the heading.

Well I went back 3 months for a quick look and found 19 wins and 26 losses. If it went 20 pips or more against me, I considered it a loss. If it went 20 or more in my favor, I considered it a win. Doesn't look like much of an edge if you ask me. Of course if you can let the winners run then the outcome may be better, but that's always the problem. When to TP.

I prefer sticking to X-Man's method and throwing in a bit of PHx62's 15min plays in the mix. Good luck with flipping the coin at the 7 NY candle.



Quoting cajun
Thanks for your concern, but X-Man has read my post and i just got a P.M. from him giving me absolute permission to discuss this as he feels it could help traders on this thread make more pips.
But if there are to many complaints or rejections to this TIP then i will gladly start my own thread as i certainly don't want to confuse anyone.

Good Luck
cajun
  • #2,360
  • Dec 18, 2011 1:39pm Dec 18, 2011 1:39pm
Quoting todd960960
I meant 7 NY candle not 12 NY. Was a type in the heading.

Well I went back 3 months for a quick look and found 19 wins and 26 losses. If it went 20 pips or more against me, I considered it a loss. If it went 20 or more in my favor, I considered it a win. Doesn't look like much of an edge if you ask me. Of course if you can let the winners run then the outcome may be better, but that's always the problem. When to TP.

I prefer sticking to X-Man's method and throwing in a bit of PHx62's 15min plays in the mix. Good luck with flipping the coin...
Yes, you are right. And for cable too.
Greed and fear kills traders
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