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True Trading Tactics

  • #241
  • Edited 4:43am Feb 10, 2012 4:30am | Edited 4:43am
there was no signal on AU..
long on EJ at 8:00GMT that moved +20
same on NU that went +18
long on UChf thats going now 45+
on EU false at 8:00 -17, another mid range at 9:00 72+ still going
and on GU at 7:00 at +50, and a sell at 10:00 a 40+ and still going

...hope some of you are in some of these?
  • #242
  • Feb 10, 2012 4:55am Feb 10, 2012 4:55am
hi kraven, for the UChf long position, there wasn't much of a trend development other than the long red bar just before reversal candle. does that mean trend development is not as important as a good reversal candle?

thanks for sharing your system!
  • #243
  • Edited 5:40am Feb 10, 2012 5:07am | Edited 5:40am
really a simple system to trade.. if you are patient enough to take the right one.

My favourite is:

AU
EU
GU
EJ

today i made hefty pips shorting GU and AU. I just need to fine tune my risk reward ratio and the lot sizes to gain on a longer run.

Kudos for the creator.
Holy Grails! Do exist with a proper forex plan
  • #244
  • Feb 10, 2012 5:10am Feb 10, 2012 5:10am
not really Omd, you have to take the hole picture into account. on UChf we have been in a flat 50pip consolidation for about 72hrs, which we all know will break eventualy but which way is a mystery. however the trade itself was at a low for the day, it was turned at 9500. plus in order to break the reverse candle we would then have moved above todays open.

I personnaly took GU, bailed at 1.5782 (+36). it was at a daily high, came off a recent trend line (last 2 peaks) also at 58500 and if broken would have to move below weekly open.
  • #245
  • Feb 10, 2012 5:23am Feb 10, 2012 5:23am
Quoting kraven
tiwa you seem to keep missing the entry. it was below the red pi at the top of the range (reversal candle) see my last pic...you seem to keep entering on a continuation.

PT i'm going to take half at 102.80...take more at 102.51 (then move sl to 102.80)...let rest go.

***look at my pic, i actualy got in late and got a good price.
the EJ trade has netted me about +50pips in total...i've took most of my lot and locked in profits for the remainder by putting SL above the top of current candle. this plus GU profit and i'm done for now.

I'm still in GU daily sell from yesterday.
  • #246
  • Feb 10, 2012 5:28am Feb 10, 2012 5:28am
Quoting kraven
there was no signal on AU..
long on EJ at 8:00GMT that moved +20
same on NU that went +18
long on UChf thats going now 45+
on EU false at 8:00 -17, another mid range at 9:00 72+ still going
and on GU at 7:00 at +50, and a sell at 10:00 a 40+ and still going

...hope some of you are in some of these?
If you got in any of the latter trades you should have made enough for the week lol. you should have locked in some profits or at least moved SL's above/below last candles.
  • #247
  • Feb 10, 2012 5:30am Feb 10, 2012 5:30am
thanks kraven! i see what you mean about the consolidation of UChf...i took the GU too, entered at about the same price and have closed half earlier and moved SL to BE. will be closing shop soon for the day. should be a nice 70+pip from GU today for the earlier long position and current short position.
  • #248
  • Feb 10, 2012 5:51am Feb 10, 2012 5:51am
Omd

i keep repeating myself but if you get a few of these right per week it's all you need, most days you can trade it one way then the other. even if the trade doesn't work out and you use some cautious tactic (moving sl to breakout candle bottom, then to BE) you can often minimize losses...that then maximizes your gains.
  • #249
  • Feb 10, 2012 6:00am Feb 10, 2012 6:00am
I just moved GU daily SL to above todays open (sl is about -15)

i 'm looking at AU (before i nap)..it's stopped at 06500 and is still in a overall up trend
  • #250
  • Edited 7:49am Feb 10, 2012 6:14am | Edited 7:49am
Here also a h1 chart! Nice setups
Attached Image (click to enlarge)
Click to Enlarge Name: m15.gif Size: 20 KB
  • #251
  • Feb 10, 2012 6:53am Feb 10, 2012 6:53am
Quoting kraven
not really Omd, you have to take the hole picture into account. on UChf we have been in a flat 50pip consolidation for about 72hrs, which we all know will break eventualy but which way is a mystery. however the trade itself was at a low for the day, it was turned at 9500. plus in order to break the reverse candle we would then have moved above todays open.

I personnaly took GU, bailed at 1.5782 (+36). it was at a daily high, came off a recent trend line (last 2 peaks) also at 58500 and if broken would have to move below weekly open.
yah, i'm perfectly happy to make a few steady pips a week just one more questioni forgot to ask just now, hope it's not too stupid (I'm a newbie): why is it important to "move above today's open"?
  • #252
  • Feb 10, 2012 8:18am Feb 10, 2012 8:18am
Quoting Omd
yah, i'm perfectly happy to make a few steady pips a week just one more questioni forgot to ask just now, hope it's not too stupid (I'm a newbie): why is it important to "move above today's open"?
Its an important area (just 1 of many) that is likely to be defended. So you can look to trade the reaction to these important areas.
  • #253
  • Feb 10, 2012 8:21am Feb 10, 2012 8:21am
Quoting kraven
I just moved GU daily SL to above todays open (sl is about -15)

i 'm looking at AU (before i nap)..it's stopped at 06500 and is still in a overall up trend
0k AU trade worked out, i'm out for +15 (it was a set and forget trade...i went for a snooze)

Omg the open is a strong SR line...think about it as the market either being positive or negative for the day.
  • #254
  • Feb 10, 2012 8:27am Feb 10, 2012 8:27am
Omg you can download pivots indi here http://www.forexfactory.com/showthread.php?t=108544 it has an adjustable start time so you can change to midnight GMT (in need depending on your platforms start time) which is a good general rule of thumb. Has pivots (no surprise there ) but also days open prev days high/low and a few other nice options).

Cheers Kraven Mrs V warming nicely to this way of assessing trades. Thanks.
  • #255
  • Feb 10, 2012 8:38am Feb 10, 2012 8:38am
No problem, glad she likes it. But dump your indi's

as V says it's nice to have open, previous high/low (forget about pivots and camilla's etc). i have just recently put a weekly one on too, although i'd love a weekly ADR.

**I have a seperate enhancement too the way i trade but i need a coder, if one is reading this and like what he see's can he pm me. cheers
  • #256
  • Edited 11:08am Feb 10, 2012 10:26am | Edited 11:08am
Really gained huge pips this week, using this wonderful and everlasting method as it is based on pure price action. below is a beauty no one could have missed this run on GU i hr chart
Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 9 KB
Holy Grails! Do exist with a proper forex plan
  • #257
  • Feb 10, 2012 2:41pm Feb 10, 2012 2:41pm
Hello everybody,

I hope everybody of you made some good pips this week. I would like to ask if anybody possibly considered (and perhaps did) a long trade after the break of the bullish engulfing candle in the hourly this morning (@ 1, 3276 - see arrow) ? The break out failed ... and I would like to know if this was anyhow foreseeable, because I have the impression that most of the trades took short trades today ....

Have a good weekend you all!

Take care
Dortmunder
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_06232011_pivot_low.gif Size: 13 KB
  • #258
  • Edited 7:42pm Feb 10, 2012 7:15pm | Edited 7:42pm
Quoting Dortmunder
Hello everybody,

I hope everybody of you made some good pips this week. I would like to ask if anybody possibly considered (and perhaps did) a long trade after the break of the bullish engulfing candle in the hourly this morning (@ 1, 3276 - see arrow) ? The break out failed ... and I would like to know if this was anyhow foreseeable, because I have the impression that most of the trades took short trades today ....

Have a good weekend you all!

Take care
Dortmunder
You must read all thread for find this clue.....see post #25, #37, #98, #174 for just quick references.....there is no clue like "bullish engulfing candle or doji or morning star glory" here.....but it just a few rule based on reversal candle and trend made by kraven.....keep it simple mate!

A chart on Friday is always nice to study:
EU

http://i600.photobucket.com/albums/t...ndofWeekEU.jpg

GU
http://i600.photobucket.com/albums/t...ndofWeekGU.jpg

AU
http://i600.photobucket.com/albums/t...ndofWeekAU.jpg
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #259
  • Edited 8:47pm Feb 10, 2012 8:02pm | Edited 8:47pm
Something that always be a concern

The best exit tactic in the world is 1:1 RR

http://i600.photobucket.com/albums/t...or/cacheRR.jpg

http://i600.photobucket.com/albums/t...Major/ttt3.jpg


But let say we have an alternative exit tactic design for this strategy:
Based on your TP criteria
TP generally the lenght of the reversal candle
1.If we get opposite signal after new reversal candle (signal) then exit after opposite signal bar form or your SL hit.....
2.If after 10pips move the SL from above the reversal candle to above the breakout candle..... (If i take a 'mid range trade' i'm more ready to jump to BE then if i took a trade from the top of a range....post#261).

http://i600.photobucket.com/albums/t...sMajor/kkk.gif

Update based on post #261
3. Target TP at recent Lows-Highs, Open line, and plus others (see ADR indie).
http://i600.photobucket.com/albums/t...ndofWeekGU.jpg


Anyone who have better idea for the exit?

Note:It would be nice if @betterlife add this visual TP feature in the reversal bars indie.....
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #260
  • Edited 8:25pm Feb 10, 2012 8:03pm | Edited 8:25pm
Quoting kraven
there was no signal on AU..
long on EJ at 8:00GMT that moved +20
same on NU that went +18
long on UChf thats going now 45+
on EU false at 8:00 -17, another mid range at 9:00 72+ still going
and on GU at 7:00 at +50, and a sell at 10:00 a 40+ and still going

...hope some of you are in some of these?
Dortmunder you are right it was a trade, i mentioned it before as a loss. there will be losses, it's not perfect. nothing is in this game. Adding indi's etc will keep you out of as many good trades as bad (...i've ranted about my thoughts on indicators already on this thread). That's why i look at 6 pairs so i can choose the entries. Roels is right, keep it simple.

there was some nice trades today, using this method it was impossible to loose if you took them. they was even 2 good +25 pip trades (EU and EJ) just before close. IF (and it's a big if) you get into every reverse candle (someone called it a KRC 'kravens reversal candle') i believe you would still make a good profit.
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