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  • #5,481
  • Edited 5:04pm Feb 24, 2012 3:53pm | Edited 5:04pm
Phx,
What was your reasoning for the friday E/U buy?
The TDI while crossed, green was way above 68 which signaled risky trade in my book.The cross was also at the beginning of london which is often an imprevisible candle(you said it and I agree).

PS
I took the buy too and even later than you(work commitments) but I still feel bad for breaking the rules
My buy was on TDI bounce, still over 68 level though which made me feel unconfortable.

Thanks!
  • #5,482
  • Feb 24, 2012 4:17pm Feb 24, 2012 4:17pm
Quoting sarmatius
Phx,
What was your reasoning for the friday E/U buy?
The TDI while crossed, green was way above 68 which signaled risky trade in my book.The cross was also at the beginning of london which is often an imprevisible candle(you said it and I agree).

PS
I took the buy too and even later than you(work commitments) but I still feel bad for breaking the rules
Thanks!
London Open is unpredictable....anything can happen. The TDI crossed one candle earlier but that candle was almost a doji, so I entered....if it had reversed at all, I would have been out.....trading forex is about taking calculated risks....this one worked out well.
  • #5,483
  • Feb 24, 2012 4:35pm Feb 24, 2012 4:35pm
Quoting Sgs2
Hi Guys..

Sorry to ask this question as a newbie. What is actually a PA, Price Action? Is it the price bar or the TDI Cross over line?

PA is about to trade reading only what price does on the charts, without any lagging indicator, contrary to what many think, a true price action trader will never depend on any lagging indicator, this is a big contradiction.
Indicators always obey Price, not the other way.
  • #5,484
  • Feb 24, 2012 4:36pm Feb 24, 2012 4:36pm
Quoting prftablefool
As I am going through the process of testing the system, I think it is a good idea to test the myth of "BE or not to BE" as well.

Below is the EURUSD trade which I took this morning while heading for work.

Entry : 1.3325
SL : 1.3260
TP : 1.3490
During the day price went up as expected however, it was shy by 5 pips to hit the TP of 1.3490

The day ended with a close of 1.3446 and the question was to close the trade, move to BE, use RR technique, take partial profits or use some arbitary SL. I exercised none of these options but employed the same methodology based on which I took the trade at first place i.e. S&R. I drilled down to lower TF of 1HR and placed my SL below the 1HR support (marked orange on chart).

There is a high probability of the price going down but we will see how this potential drawdown will effect the trade taken on 4HR.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 20 KB
Forex is boring but profitable with patience and discipline
  • #5,485
  • Feb 24, 2012 4:40pm Feb 24, 2012 4:40pm
Quoting prftablefool
Here is another trade which I took this morning

Entry 1.0688
SL 1.0600
TP 1.0780

I am posting only those charts where price did a run of atleast 40-50 pips. The trades which did not run at the first place hit the SL anyways therefore no trade management at all.
This trade turned against me and ended the day at 1.0693 - very close to point of entry therefore no change in SL.
Forex is boring but profitable with patience and discipline
  • #5,486
  • Feb 24, 2012 4:41pm Feb 24, 2012 4:41pm
No excitment in this trade as it hit the TP without any problem.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 26 KB
Forex is boring but profitable with patience and discipline
  • #5,487
  • Feb 25, 2012 12:13am Feb 25, 2012 12:13am
Quoting emmanuel7788
No problem. You asked a newbie question what I asked many years ago. You will always get an answer here in this thread. We are here to help one another.

PA is is not simply price bar or the TDI cross ...etc.

See attached picture. This is one way for you to get started.
Really nice from you to answer a question like that. You so right, we here to help one another.
  • #5,488
  • Feb 25, 2012 5:19pm Feb 25, 2012 5:19pm
Quoting chiche
Really nice from you to answer a question like that. You so right, we here to help one another.

You are welcome.

A picture is worth a thousand words. The fact well understood by observation and well guided development, is worth a thousand times more than a thousand words.

To be in the market is like living in the wilderness.
There is freedom and beauty to enjoy.
But there is always lurking dangers.
To be in this wilderness, one needs survival instincts.
When you place a stake in the ground you take position.
When you do that, the opposite forces will pursue you.
Often you will be confronted with life-and-death type situations.
This is when you rely on your survival instincts.
To survive, you must think fast and also must act fast.
You must be innovative and search for every resource out there.
You must make use of every resource available to you.
You need endurance and the stamina to maintain your position.
When you have done everything and you survived, it is not you who did it.
There is always a much bigger force than you.


Watch this video to its very end. Enjoy!.
http://www.flixxy.com/bear-animal-nature-film.htm

_________________________________---
Ancient wisdom:
I hear and I forget.
I see and I remember.
I do and I understand.
-Confucius (551 BC - 479 BC)
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,489
  • Feb 25, 2012 10:44pm Feb 25, 2012 10:44pm
Hi,

For those who are looking for an EA Tool to help you in your manual trading, here is a great tool. It places trades entry and manages exits.

Note: This is NOT an auto trading robot which many wish for. Study the tool manual and determine how you can use this in trading S3 here.

Do NOT flood this X-Man's thread with questions on this EA Tool. Use that thread link below:
http://www.forexfactory.com/showthread.php?t=250637

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,490
  • Feb 25, 2012 11:29pm Feb 25, 2012 11:29pm
Quoting emmanuel7788
You are welcome.

A picture is worth a thousand words. The fact well understood by observation and well guided development, is worth a thousand times more than a thousand words.

To be in the market is like living in the wilderness.
[color=black][font=Times New Roman][size=3][color=black]There...
Like nice video. Yes there is always a much biiger force than us
X-man the legendary conqueror of markets
  • #5,491
  • Feb 26, 2012 7:27am Feb 26, 2012 7:27am
Hi,
there is another question i want ask, i did a back testing and i found this type of situation happen.

The blue line is exactly at london open, green line is exactly at NY open

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 46 KB


at line A
I go short because the the TDI cross and then, the red synergy close with no upper wick indicate a strong downtrend, but the market went long.
lose 25 pips

at line B
i go long because the TDI cross and the synergy bar close with no down wick ( indicate strong lond trend), but the market went short.
lose 25 pips

So my question, is my reading of market if wrong or it is just the market?

Thank you.
  • #5,492
  • Feb 26, 2012 8:56am Feb 26, 2012 8:56am
Hi All,

I am happy I had found the S3 method following 18, unfortunately unsucessful months I spent with another method. It was very difficult to admit, that I have to change the method (J16 Price Action trading on M5 TF with BB and RSI), but sometimes you have to do it. Thank you for all the contributors, especially the "senior" members for your help here.

While backtesting during this weekend, I made a collection of 100 pcs S3 pullback candles/reversal or signal bars, as you like it and would like to share it with you.

These are rather reversal setups, many of them consisting of not only one signal bar, but 2-3 bar price action patterns: Inside Bars, huge Outside Bars (engulfing 2-3, sometimes even more tiny bars), double or triple bar highs or lows launching a big move and many Pin Bars or pinnish formations.

All of these setups are "responsible" for at least a 40-50 pips move, so I hope studying them will be useful for you.

Imre
Attached File(s)
File Type: rar Pullback.rar   895 KB | 1,057 downloads
  • #5,493
  • Feb 26, 2012 11:42am Feb 26, 2012 11:42am
another question, i did back testing during week end, but i always repeat because i dont have much data. Do you think i can improve even i back test the same data? or i need to find new data to back test?
  • #5,494
  • Feb 26, 2012 3:09pm Feb 26, 2012 3:09pm
Quoting capab
Hi,
there is another question i want ask, i did a back testing and i found this type of situation happen.

The blue line is exactly at london open, green line is exactly at NY open

Attachment

at line A
I go short because the the TDI cross and then, the red synergy close with no upper wick indicate a strong downtrend, but the market went long.
lose 25 pips

at line B
i go long because the TDI cross and the synergy bar close with no down wick ( indicate strong lond trend), but the market went short.
lose 25 pips

So my question,...
Hi

This is what i think.... on the 1st trade you were going against a very strong uptrend on the daily timeframe and the 4 hour time frame. I try to look at the higher time frames to know the overall direction of the market and try get into the trade in the same direction and not against it.

second trade, the candle closed lower than what it opened, for me that represents that the price is dropping. if i am looking to buy, the candle has to close higher than the open and vice versa when i want to go short. But very nice question, looking forward to input from other traders.
  • #5,495
  • Feb 26, 2012 3:34pm Feb 26, 2012 3:34pm
Quoting capab
Hi,
there is another question i want ask, i did a back testing and i found this type of situation happen.

The blue line is exactly at london open, green line is exactly at NY open

Attachment

at line A
I go short because the the TDI cross and then, the red synergy close with no upper wick indicate a strong downtrend, but the market went long.
lose 25 pips

at line B
i go long because the TDI cross and the synergy bar close with no down wick ( indicate strong lond trend), but the market went short.
lose 25 pips

So my question, is...
I do not trade this methode by now, but following it longtime , i like it.
What i can say, enter this wired TDI and totaly overbought(i hope my english is understandeble) is risky, better wait for clean setup.
But if you enter there, be sure yuor losses are small , no sweat, small losses are OK nothing to wory about.
Later in your pic you seee better entries with winnig insted of loosing,
and dont make it to complicated, just follow the rules
  • #5,496
  • Edited 7:10pm Feb 26, 2012 7:10pm | Edited 7:10pm
Quoting capab
Hi,
there is another question i want ask, i did a back testing and i found this type of situation happen.

The blue line is exactly at london open, green line is exactly at NY open

Attachment

at line A
I go short because the the TDI cross and then, the red synergy close with no upper wick indicate a strong downtrend, but the market went long.
lose 25 pips

at line B
i go long because the TDI cross and the synergy bar close with no down wick ( indicate strong lond trend), but the market went short.
lose 25 pips

So my question,...
Just by looking at TDI cross and APB alone, I don’t see anything wrong for trade A.

What you can consider to improve in reading the market:
- at the beginning of the trading week always do a big picture analysis to get a fresh view of the market. Also at each new day, review the previous days.
- make use of recent support and resistance; you can use the weekly pivots and daily pivots, previous days highs and lows, and
- more important when there was a recent big move exceeding its average week range or simply the previous week’s swing highs/lows. Such moves are very visible. Use fibo tool and see the retracement levels.

Big picture – week01 was a dip of +400 pips over 3 days. So the next week we must observe if there will be a correction/retracement and how deep would be the retracement. Usually 30% ~ 50%n is common. If less 38% then a continuation is more lightly. All these you need to see the volatility and price action HH,HL or LH,LL type of movements.
The retracement on Monday 9Jan was shallow at 23% and was resisted by the weekly pivot 1.2774. In fact, the week01 weekend gap and narrow Asian session plus prospect of correction was good to get a breakout trade that Monday before LO. But this mean we break the S3 EU H1 rule.
-
On Tuesday 10 Jan,
Early day review would show it is tricky with WP, DP and fib-r 23% so close. So more caution as we are trading a possible retracement which we do not how deep it will go. At best to 50% and that would have give some good intraday pips.
For your Trade A: the second red APB bar is a ‘gravestone’candle or doji’ which is usually interpreted as indecision and not bearish although the APB indicate. It is also sitting on the fibo-r 23%, trapped between the weekly pivot and daily pivot. I actually went long at the first H4 candle breakout, and loss 41pips when I see the ‘gravestone’.

Trade B – can say much as market sometimes behaves this way. But my observation is when there is no volatility and momentum, the TDI PL and TSL will remain within the 55 and 45 levels for many candles and this is opportunity to wait for the next breakout again.

After all, I think you made good attempt in doing these back-testing. It is good practice that is really important.
How do you do back testing? With strategy tester or visually?

See my attached chart from my journal.

Have a good trading week ahead.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD week 02 trades .png Size: 126 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,497
  • Feb 26, 2012 8:01pm Feb 26, 2012 8:01pm
Quoting hupipko
Hi All,

I am happy I had found the S3 method following 18, unfortunately unsucessful months I spent with another method. It was very difficult to admit, that I have to change the method (J16 Price Action trading on M5 TF with BB and RSI), but sometimes you have to do it. Thank you for all the contributors, especially the "senior" members for your help here.

While backtesting during this weekend, I made a collection of 100 pcs S3 pullback candles/reversal or signal bars, as you like it and would like to share it with you.

These are rather...
Hi hupipko,

Thank you very much for the screen shots. Obviously you put in great effort and time to do this. Really appreciate that you shared these.
When you love what you do, you don't work another day.

Have a Good Trading week!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,498
  • Feb 26, 2012 11:32pm Feb 26, 2012 11:32pm
How do you do back testing? With strategy tester or visually?

Thank you for all the feed back, i will learn how to analyze market better before entering a trade, n learn how to use fibo tracement..

i use strategy tester, i found someone teach how to use strategy in this thread earlier..
  • #5,499
  • Feb 27, 2012 12:34am Feb 27, 2012 12:34am
As usual a quiet Asian session on Monday after last week' rally up.
EU and GU seeing H4 TDi crossed. Surely all the long positions now cover their positions, but where do they place their stops?
How far will the retracement go - 23%? or 38%?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,500
  • Feb 27, 2012 1:43am Feb 27, 2012 1:43am
simple and effective...questions to come...jamaica trades too...
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