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  • #2,481
  • Jan 2, 2012 11:02am Jan 2, 2012 11:02am
Quoting Chlam
X-Man,

Thanks for sharing your great thread. I'm a newbie for forex.I'm going to follow the simple trading system. after I read the word file S3 E-U method in the first post and many your posts, I back test and found the win rate is not so high as you mentioned around 80%. I think I must mis-understanding something on how to identify the pullback candle. Please help to clarify them when you come back.

[size=4]1. "[color=red][font=Calibri][i][color=black]Previous candles are bearish" , does it mean...
The 80% win rate is based on your edge as a trader. Some weeks i get 100% win rate and other weeks i get 70% win rate. To get to such win rates is based on how much effort you are going to put in practicing .
The more you practice the better you will get.
To execute trades will become second nature and when you just look at charts you will be able to tell whats happening.
It becomes instinct and thats how you increase your win rate.
I am here to share my knowledge but the rest is up to you as a trader to master the system.
Its like school. you go to school the teacher will teach you whatever there is to teach.
You as a student will have to learn the work.
If you dont study then it is obvious you will fail at the end of the year. If you study you will pass and if you study it like a nerd you will pass with a distinction.
The same thing applies with sports etc.

Always remember that practice makes perfect
X-man the legendary conqueror of markets
  • #2,482
  • Jan 2, 2012 11:09am Jan 2, 2012 11:09am
Quoting Vantage
Hi hale mary

Just working off 1hr is obviously not clicking for you yet.

May I suggest you have a good look at daily SR levels and take into acc that roughly 70% of the time 1 day will follow the next. I suggested it before and will do so again. Look for D higher lows and lower highs i.e. looking for trends to resume buying dips in uptrend, selling rallies in downtrend.

Take your cue from the daily. Have a look how your trades would have been IF you just took direction from D crosses of TDI ie D crossed up just looking for buys, D crossed down...
I totally agree that a certain TF will not suit every trader.
Traders have to find a TF that will suit their personality.
Britpip have started a thread for the daily TF and if traders cant seem to master the 1H TF then another TF will have to be looked at.
X-man the legendary conqueror of markets
  • #2,483
  • Jan 2, 2012 11:30am Jan 2, 2012 11:30am
Quoting X-Man
The 80% win rate is based on your edge as a trader.[color=Blue][size=3] Some weeks i get 100% win rate and other weeks i get 70% win rate. To get to such win rates is based on how much effort you are going to put in practicing .
The more you practice the better you will get.
To execute trades will become second nature and when you just look at charts you will be able to tell whats happening.
It becomes instinct and thats how you increase your win rate.
I am here to share my knowledge but the rest is up to you as...
I have to fully endorse what X-Man is saying here. Continually back test and verify entry patterns / SL settings and TP levels. Try looking at the charts zoomed out to better see S/R levels.

Read up on the previous posts and charts from the experienced traders - there are always undiscovered nuggets there.

One thing that the thread initiators encourage is to share the knowledge - we get to learn in the process and that way we all get the benefits.

Happy New Year to all of you - let's go pip farming in 2012 - should be fun
"To live with Passion, it takes Courage and Grace to survive"
  • #2,484
  • Jan 2, 2012 11:43am Jan 2, 2012 11:43am
Quoting sativa11
Thank you Emmanuel, I've got the ebooks. I want to quote the first paragraph of the introduction section in the Trading for a living book:
"You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody. This is the life a successful trader. Many aspire to this but few succeed....... He reaches for the money - and loses. He reaches again - and loses more. Trader lose because the game is hard, or out of ignorance, or lack of discipline. If any of these ail you, I wrote this book for you."

Want...
My personal opinion is that trading aint hard at all. Its the most fun game for me.
If you have a good trading system then you know for sure if i take the signals i will have more wins then losses.

I believe that every trader can win and this is not hard at all but the reason they lose is because of ignorance , lack of discipline , Greed , not making the effort mastering the system by practicing and back testing.

If a trader just controls all of that you will see how much fun and how easy trading can be.
X-man the legendary conqueror of markets
  • #2,485
  • Jan 2, 2012 1:03pm Jan 2, 2012 1:03pm
Quoting X-Man
My personal opinion is that trading aint hard at all. Its the most fun game for me.
If you have a good trading system then you know for sure if i take the signals i will have more wins then losses.

I believe that every trader can win and this is not hard at all but the reason they lose is because of ignorance , lack of discipline , Greed , not making the effort mastering the system by practicing and back testing.

If a trader just controls all of that you will see how much fun and how easy trading can be.


Welcome back X-man (would that be Wolverine or....)
I just wanna say thank you for having such a generous heart and you are gonna go places in the international financial markets.
Yeah trading is fun when you have internalised all you need to succeed.
Hoping all S3 traders continue on this pip amassing journey I'm riding first class.
Intrepid
Let it turn and find your entry.
  • #2,486
  • Jan 3, 2012 1:53am Jan 3, 2012 1:53am
TP of 35 pips hit.
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  • #2,487
  • Jan 3, 2012 3:38am Jan 3, 2012 3:38am
It did not break the days High and formed a decent pullback I think. Just got stopped out now. I entered on the candle after the pullback candle which has a red arrow. To be clear, the pullback candle has the red arrow and I entered on the next candle
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  • #2,488
  • Jan 3, 2012 4:11am Jan 3, 2012 4:11am
Absolutely beautiful bullish PA right now. Riding it up.
  • #2,489
  • Jan 3, 2012 4:17am Jan 3, 2012 4:17am
Quoting hale-mary
It did not break the days High and formed a decent pullback I think. Just got stopped out now. I entered on the candle after the pullback candle which has a red arrow. To be clear, the pullback candle has the red arrow and I entered on the next candle
Hale-mary,
1. no TDI cross (with close of signal candle)
2. no candle color change
3. strictly speaking the pin bar was not a bullback, because Close > Open

I was long and just exited with 50 pips.

gary
  • #2,490
  • Jan 3, 2012 4:30am Jan 3, 2012 4:30am
Quoting gms
Hale-mary,
1. no TDI cross (with close of signal candle)
2. no candle color change
3. strictly speaking the pin bar was not a bullback, because Close > Open

I was long and just exited with 50 pips.

gary
thanks. please show why you buy ? your entry setup?
  • #2,491
  • Jan 3, 2012 5:01am Jan 3, 2012 5:01am
Entered long E/U 1.3030. Late in the move but on the 15 Min TF Price pulled back but remained blue bullish. Next bar closed higher confirming bulls were still running the show. TDI Green line was slightly above 68 but still showing upward bias. Not looking for a huge move but the trend on the 4HR is bullish and short term resistance on the 4hr is around 1.3065. See what happens!
  • #2,492
  • Jan 3, 2012 5:13am Jan 3, 2012 5:13am
Decided to paper trade tonight as I was not sure that price would move very far today. Glad I did because there was some good practice to be had and for those that went in live it was very good picking. Will move to live trading either next session or tommorrow london. I used mostly price action to make decisions. I felt that the candle before the last entry was a pullback candle. Please note that this is the 15 minute timeframe. Good pippin' folks.
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"IN CASH WE TRUST"
  • #2,493
  • Jan 3, 2012 5:25am Jan 3, 2012 5:25am
Quoting LazyLobster
Decided to paper trade tonight as I was not sure that price would move very far today. Glad I did because there was some good practice to be had and for those that went in live it was very good picking. Will move to live trading either next session or tommorrow london. I used mostly price action to make decisions. I felt that the candle before the last entry was a pullback candle. Please note that this is the 15 minute timeframe. Good pippin' folks.
Hi LL, saw the same pullback candle on the 15 TF. Was wondering what gave you the confidence to take that trade bring as PA was still under the 4 MA, and prior to TDI cross. Still trying to learn, thank you!
  • #2,494
  • Jan 3, 2012 5:26am Jan 3, 2012 5:26am
Quoting amiralifx
thanks. please show why you buy ? your entry setup?
See enclosed (yellow dotted lines are entry/exit).

I moved to M15 since the ATR(7) was below 20 during London open. The reasons for my entry were:
1. bullish pullback using yesterday's high as support
2. followed by candle color change
3. TDI crossing
4. TDI still < 68

I entered conservatively after the TDI crossing candle was closed. Probably X-Man would have entered one or two candles earlier right after the pullback candle without TDI confirmation.

When the green TDI line flattened I considered exiting, but I was lucky and my TP 50 was just hit.

gary
Attached Image
  • #2,495
  • Jan 3, 2012 5:41am Jan 3, 2012 5:41am
Quoting Brifx
Entered long E/U 1.3030. Late in the move but on the 15 Min TF Price pulled back but remained blue bullish. Next bar closed higher confirming bulls were still running the show. TDI Green line was slightly above 68 but still showing upward bias. Not looking for a huge move but the trend on the 4HR is bullish and short term resistance on the 4hr is around 1.3065. See what happens!
Just closed at the 1.3048. Price seemed to be getting rejected a bit by the 1.3050 RN. All in all +18 for the London session, could have been more if i was around but happy with i was able to get. Will wait to see what happens during the NY session. Good luck!
  • #2,496
  • Jan 3, 2012 7:10am Jan 3, 2012 7:10am
Quoting gms
See enclosed (yellow dotted lines are entry/exit).

I moved to M15 since the ATR(7) was below 20 during London open. The reasons for my entry were:
1. bullish pullback using yesterday's high as support
2. followed by candle color change
3. TDI crossing
4. TDI still < 68

I entered conservatively after the TDI crossing candle was closed. Probably X-Man would have entered one or two candles earlier right after the pullback candle without TDI confirmation.

When the green TDI line flattened I considered exiting, but I was lucky and my TP 50 was...
Well Done Gary! I like, I like........
  • #2,497
  • Edited 8:13am Jan 3, 2012 7:51am | Edited 8:13am
I thought this trade on EU had the perfect signs for a short. The previous bar pulled backed, TDI crossed over. Entered when price got below that pullback bar on the current candle.

Is my timing off, should I have waited for this current candle to close?
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  • #2,498
  • Jan 3, 2012 8:00am Jan 3, 2012 8:00am
Quoting hale-mary
I thought this trade on U had the perfect signs. The previous bar pulled backed, TDI crossed over. Entered when price got below that pullback bar on the current candle.

Is my timing off, should I have waited for this current candle to close?
I'm assuming you went short. The problem with that signal is, although it looked like a great short, it also happened right when New York opened which has a greater influence on price than PA did.
  • #2,499
  • Jan 3, 2012 8:13am Jan 3, 2012 8:13am
I got hoodwinked too. I think the trick is to stay up all night to trade London. Ugh.
My favorite crochet hook is size J. It's a J-Hook!
  • #2,500
  • Jan 3, 2012 8:26am Jan 3, 2012 8:26am
Quoting littlebunny
I got hoodwinked too. I think the trick is to stay up all night to trade London. Ugh.
It depends on how many pips you want to take. You can just wake up at London open and look for a signal for the first hour and either take the trade or go back to bed until NY open. It isn't necessary to make more than one trade per session to be profitable.
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