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  • #3,601
  • Feb 2, 2012 6:50am Feb 2, 2012 6:50am
I took 2 short trades today.

1st:
Half closed at +25
Half hit SL at BE+3

2nd:
Half closed at +25
Half closed at +58
Thoughts are things
  • #3,602
  • Feb 2, 2012 7:02am Feb 2, 2012 7:02am
Quoting Quezoy
I took 2 short trades today.

1st:
Half closed at +25
Half hit SL at BE+3

2nd:
Half closed at +25
Half closed at +58
Do you use an EA for scaling out?
  • #3,603
  • Feb 2, 2012 7:26am Feb 2, 2012 7:26am
No, manually.

Though I've never used an EA yet.
Thoughts are things
  • #3,604
  • Feb 2, 2012 8:08am Feb 2, 2012 8:08am
wow even correct entriesconservative failed today for me. All my entries got hit on BE and a loss. price moved 30 pips only to come and get me on BE twice. Will post a chart later.

Phx62 and Xman do you move stops to BE on a live candle if it comes back 30 pips or so to your entry point?
  • #3,605
  • Feb 2, 2012 9:00am Feb 2, 2012 9:00am
Quoting dcginc
X-Man

Thanks X. I'll be providing lots of articles just like it in the future. They apply to trading, but are also universal in their application.

Thanks for your support!

All the best.

dcginc
Hi Dc pls post the link to your blog and the particular article so we can all benefit.
Thanks!
Let it turn and find your entry.
  • #3,606
  • Feb 2, 2012 9:13am Feb 2, 2012 9:13am
Quoting Intrepidpips
Hi Dc pls post the link to your blog and the particular article so we can all benefit.
Thanks!
here ya go: http://www.protradenetwork.com/
  • #3,607
  • Feb 2, 2012 9:32am Feb 2, 2012 9:32am
Like others of you, the spike today stopped me out at -4 but when price pulled back down, I was able to enter short for +50.
Hale-mary....answer to your question....once the trade gets 25 to 30 pips in my direction, I move the SL to BE.
Lots of indecision in the market today.....done for the day.
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  • #3,608
  • Feb 2, 2012 10:01am Feb 2, 2012 10:01am
Intrepidpips
Quote
Hi Dc pls post the link to your blog and the particular article so we can all benefit.
Thanks!

Thanks wrenski for posting the link . . . been in and out of the thread today watching the indecision in the market.

Phx62
Quote
Lots of indecision in the market today.....done for the day.

Amen brother! Recovered my -35 and then some, but topsy turvy morning. I'm out too.

All the best.

dcginc
  • #3,609
  • Feb 2, 2012 10:15am Feb 2, 2012 10:15am
Quoting Kayens-23
May i ask you when do you put your SL to BE?
I took the same two trades as you, the only different thing was my SL methode, now locked my +4pips

I think if the next candle starts under the 200ema i will go short again...
I move my trade to BE once im 35 to 40 pips up.

Today i took a trade at the London open then moved my trade to BE when i seen I was 35 pips up. There was a sharp spike And that hit me out at BE.
Then i reentered due to the long upper wick in the candle and scored 60pips. I set my TP just above the 200EMA and it just just hit. IF that target wasnt going to hit then i was going to close for 50pips. EMA acts as support and as we can see now that PA did have a bounce off the EMA
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X-man the legendary conqueror of markets
  • #3,610
  • Feb 2, 2012 10:26am Feb 2, 2012 10:26am
I just closed a trade now for 37 pips. It hit within the first candle.

Total for today 60 + 37 = 97 pips

I set my TP just below the 4H trend line as this trend line is still holding.

TIP: If you always set your TP at sensible areas then you will notice how easily it will be hit.

Like now it wont be logical to set TP above the trend line if you went long.
Or if you went short it wont be logical to set TP below the 200 EMA.
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X-man the legendary conqueror of markets
  • #3,611
  • Feb 2, 2012 10:49am Feb 2, 2012 10:49am
Quoting X-Man

Total for today 60 + 37 = 97 pips

I set my TP just below the 4H trend line as this trend line is still holding.

TIP: If you always set your TP at sensible areas then you will notice how easily it will be hit.

Like now it wont be logical to set TP above the trend line if you went long.
Or if you went short it wont be logical to set TP below the 200 EMA.
awesome to see how many +pips you make every day

and thanks for the TP advice

Next question: Is your SL always 50pips? or are you looking there also for sensible areas?
  • #3,612
  • Feb 2, 2012 10:54am Feb 2, 2012 10:54am
Guys as you look at the charts i posted notice that the PA range it getting smaller and tighter.
As you can see that the 4H trend line is sloping down and the 200 EMA is sloping upwards. When these 2 gets closer and closer together thats when PA have a small range until the 200 EMA or the trend line breaks
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X-man the legendary conqueror of markets
  • #3,613
  • Feb 2, 2012 10:56am Feb 2, 2012 10:56am
Quoting Kayens-23
awesome to see how many +pips you make every day

and thanks for the TP advice

Next question: Is your SL always 50pips? or are you looking there also for sensible areas?
real choppy today. gains all wiped out and turned into losses due to the spike up as mentioned by all of you and other choppyness.

Did not set any tp, wanting to let the gains run but all of them turned negatively shortly.
  • #3,614
  • Feb 2, 2012 10:59am Feb 2, 2012 10:59am
Quoting Kayens-23
awesome to see how many +pips you make every day

and thanks for the TP advice

Next question: Is your SL always 50pips? or are you looking there also for sensible areas?
No problem , i do it as a motivation for other traders. To show them that they must not give up hope.

If the high swing or low swing is too big then i set SL at 50 pips. If the high swing or low swing is less than 50 then i will set it to what ever the swing is.
X-man the legendary conqueror of markets
  • #3,615
  • Feb 2, 2012 11:07am Feb 2, 2012 11:07am
Quoting X-Man
I just closed a trade now for 37 pips. It hit within the first candle.

Total for today 60 + 37 = 97 pips

I set my TP just below the 4H trend line as this trend line is still holding.

TIP: If you always set your TP at sensible areas then you will notice how easily it will be hit.

Like now it wont be logical to set TP above the trend line if you went long.
Or if you went short it wont be logical to set TP below the 200 EMA.
Hi X-Man,

I took this trade one candle earlier than you after the red pullback candle closed @ 1.3116. My SL was at the swing low (30 pips). TP was 30 pips.
So I made 30 pips. Which covers my 50 pip loss on the asian breakout trade.

What made you decide not to enter at that point? Did you wait for PA to cross the EMA?

It seems that you entered the trade even though your ratio was 1:1 but I guess 1:0.7 (I mean that tp/sl was lower than 1). Why did you enter? Isn't it dangerous to do so as your expected profit is lower than your loss.

Best regards
xeagon
  • #3,616
  • Feb 2, 2012 11:28am Feb 2, 2012 11:28am
Hello all. I'm a newbie here who is trying to find a reliable, manual trading system so that I don't have to rely on commercial EAs anymore.

S3 system is no doubt a great system proven by the number of active traders in this thread. Nevertheless, the same fact makes it very difficult for me to really learn it (reading the first post and the pdf file therein is not enough for me but it's also impossible to read from post #1 to the most recent - I ended up reading the first few and the last 10 pages or so).

My sole question at this point is about the pullback candle. I have found an article about the synergy bar and Heiken Ashi, and now sort of know that they have a different formula to draw bars from the normal candlestick.

My confusion came when you guys also suggested changing the price pattern to the "bar chart" to see the open and close ticks. That is, when I read the manual "A pullback candle is a candle if the previous candles are bearish then candle will form a low then reverse and close above the open.", I was wondering if the close and the open here are those for the synergy bar, e.g. open = the lower border of the body, close = the upper border of the body in the case of (blue) bullish candles??? If you rather mean the REAL open and close of the price, then that's a totally different interpretation.

The problem is that I tried to think about both ways and none of them matched with ALL of what people here identified as pullback candles. So, I would really, really appreciate if anyone can help clarify this. I know this may have been asked many times, but I really want to learn this wonderful trading system. Knowing only this and I'm sure I can learn the rest. Thanks all very much.
  • #3,617
  • Feb 2, 2012 11:29am Feb 2, 2012 11:29am
Quoting xeagon
Hi X-Man,

I took this trade one candle earlier than you after the red pullback candle closed @ 1.3116. My SL was at the swing low (30 pips). TP was 30 pips.
So I made 30 pips. Which covers my 50 pip loss on the asian breakout trade.

What made you decide not to enter at that point? Did you wait for PA to cross the EMA?

It seems that you entered the trade even though your ratio was 1:1 but I guess 1:0.7 (I mean that tp/sl was lower than 1). Why did you enter? Isn't it dangerous to do so as your expected profit is lower than your loss.

Best regards
xeagon...
Yeah my entry was late, if i entered on that pull back candle i couldve made easy 50 pips but i had to go do some shopping so as soon as i got back I seen what had happened and the entered after the first blue candle.

Yes my as you can see my SL is bigger that TP in my long trade today but even if market turned against me i would never let it go right up to -50 pips i would close it at maybe around -30.
When you trade this 1 pair long enough you start developing a 6th sense and you will know when the market it going against you etc.
If you trade a lot of pairs you will never really get a feel for a certain pair thats when you will always make stupid mistakes and blow your account for nothing.
X-man the legendary conqueror of markets
  • #3,618
  • Feb 2, 2012 11:37am Feb 2, 2012 11:37am
Hi X-Man,
I thank you once again for your tips and advices and cause I was one who was about to give up hope. Till i found this thread and its community.
Just one quick question: when we speak of pullback candle, we're speaking about japanese candle or Average Price Bar?
Thank once more!
U rock guys!
  • #3,619
  • Feb 2, 2012 11:44am Feb 2, 2012 11:44am
Quoting Dr_Zulu
Hi X-Man,
I thank you once again for your tips and advices and cause I was one who was about to give up hope. Till i found this thread and its community.
Just one quick question: when we speak of pullback candle, we're speaking about japanese candle or Average Price Bar?
Thank once more!
U rock guys!
No problem Dr Zulu
We talk about average price bars. i dont look at the Japanese candles
X-man the legendary conqueror of markets
  • #3,620
  • Feb 2, 2012 11:46am Feb 2, 2012 11:46am
Just wanna say a missive thank you to x-man for this amazing system, I have spend many hours studying the charts and found all the hard work is paying off!!

I am done for the week and made over 200pips
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