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  • #41
  • Apr 3, 2012 5:58am Apr 3, 2012 5:58am
pangufx

just curious, how did you come up with the idea of this system ?

also, your sl and tp rules still appear vague to me. when would you have a tp of 10 pips as opposed to a tp of15 pips and why ?

current 4hr eu showed an up move of over 81 pips. so a short should be entered at the close of the current 30m candle. and of course 2 pips below the low of that candle. right ?

the issue here would be the sl again.

you state the sl should be 15 pips above the high of that 30 min candle. but that 30 min candle is already 25 pips in length. adding another 15 pips will give you a sl of 40 pips. is that right ? you will be risking 40 pips just to make 10-15 pips.
  • #42
  • Apr 3, 2012 6:20am Apr 3, 2012 6:20am
Quoting whatfx
pangufx

just curious, how did you come up with the idea of this system ?

also, your sl and tp rules still appear vague to me. when would you have a tp of 10 pips as opposed to a tp of15 pips and why ?

current 4hr eu showed an up move of over 81 pips. so a short should be entered at the close of the current 30m candle. and of course 2 pips below the low of that candle. right ?

the issue here would be the sl again.

you state the sl should be 15 pips above the high of that 30 min candle. but that 30 min candle is already 25 pips in length....
Yep, Big SL but nice pin bar to help drive down.
Wasn't too sure about counting the 81 across sessions.
But - TP hit already. Nice & clean.

cheers scalpz

edit: hangon, you said current bar. I had it a bit earlier after the 0930 gmt bar (maybe posting times).
TP on the 1100gmt bar. Using ibfx.
Target 2 : Stoploss in the green
  • #43
  • Apr 3, 2012 12:04pm Apr 3, 2012 12:04pm
Quoting whatfx
pangufx

just curious, how did you come up with the idea of this system ?

also, your sl and tp rules still appear vague to me. when would you have a tp of 10 pips as opposed to a tp of15 pips and why ?

current 4hr eu showed an up move of over 81 pips. so a short should be entered at the close of the current 30m candle. and of course 2 pips below the low of that candle. right ?

the issue here would be the sl again.

you state the sl should be 15 pips above the high of that 30 min candle. but that 30 min candle is already 25...

actually a good friend of mine taught me this system. He told me not to show anyone . Its based off of the likelyhood of some traders taking profit after a nice move.

while waiting for the next trade, I was thinking.... lets stick to original rules, we don't have to wait for any candle closing.

lets giv an example, pretend our pending order is 13 pips above/below the m30 trend extreme bar. 13 pips + 10 pips is a SL of 23 pips +2pips spread is 25 pips. now to decide the TP we can look to see how much room there is between our pending entry, and the 38.2 fibo. our TP is always 10-15 pips. Its very likely to reach 38.2 if we have caught the real profit taking retracement.

another option of course is to close 3/4 of our position at 10-15 pips, just before the 38.2, we then could move the SL to breakeven on the remaining 1/4 position, and let her ride. I'm guession 9 out of 10 times your would get stopped out at b/e on the remaing 1/4 position.

I prefer to close the full position all at once. Ok, i'll admit there are further trades, but i wanted you guys to get comfortable with the 1st entry. We can trade bounces off of the 50 line or the 68 lines

here are some strict guidelines to hopefully clear up some confusions:

Never more than 30 Pips SL - If you can't stay below 30, then skip the trade.

Never more than 15 pips TP (except for the multilot let her ride option).

If you want to wait for the m30 candle to close, you may do so, it seems safe, however you may miss some profit, and that is ok because theres more trades coming. I will continue to not wait for the close of any candle.

waiting..... will try to post the next one in real time.
feel free you guys to post some pics so we know what you are talking about in your posts. (i think i'm a visual learner.)
  • #44
  • Apr 3, 2012 1:16pm Apr 3, 2012 1:16pm
Quoting panguFX
actually a good friend of mine taught me this system. He told me not to show anyone . Its based off of the likelyhood of some traders taking profit after a nice move.

while waiting for the next trade, I was thinking.... lets stick to original rules, we don't have to wait for any candle closing.

lets giv an example, pretend our pending order is 13 pips above/below the m30 trend extreme bar. 13 pips + 10 pips is a SL of 23 pips +2pips spread is 25 pips. now to decide the TP we can look to see how much room there is between our pending entry,...



if you dont wait for the m30 candle to close, then you wouldnt know where to enter. remember your entry is based on the high low of the m30, you wont know the high/low until the candle closes ??

you are saying that the m30 candle must be 15 pips or less in length , right ? to give an sl of 30 pips ?

anyway please post charts with fib levels.
  • #45
  • Apr 3, 2012 1:54pm Apr 3, 2012 1:54pm
here we go friends....
Attached Image(s) (click to enlarge)
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  • #46
  • Edited 2:10pm Apr 3, 2012 1:58pm | Edited 2:10pm
Quoting whatfx
if you dont wait for the m30 candle to close, then you wouldnt know where to enter. remember your entry is based on the high low of the m30, you wont know the high/low until the candle closes ??

you are saying that the m30 candle must be 15 pips or less in length , right ? to give an sl of 30 pips ?

anyway please post charts with fib levels.
yes based high/low of candle ,but doesnt' have to be closed.

We should move in realtime with the live market.
  • #47
  • Apr 3, 2012 2:01pm Apr 3, 2012 2:01pm
we now delete pending order and wait to set next order....rule 6
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  • #48
  • Apr 3, 2012 5:04pm Apr 3, 2012 5:04pm
Quoting panguFX
yes based high/low of candle ,but doesnt' have to be closed.

We should move in realtime with the live market.

I'm afraid that makes no sense at all.

You enter on a 30 min candle breaking the high or low of a previous 30 min candle.
How could that previous candle not be closed?

I have seen very few, if any, of these potential trades that meet your SL rule.
  • #49
  • Apr 3, 2012 5:06pm Apr 3, 2012 5:06pm
Quoting panguFX
we now delete pending order and wait to set next order....rule 6
Still waiting for this 1, have no pending set now.

What about the earlier trade based on the >81 rise over night. Would that fit your rules?
Nice quick 15 pips.

cheers scalpz
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd m30 20120403.gif Size: 20 KB
Target 2 : Stoploss in the green
  • #50
  • Apr 3, 2012 5:24pm Apr 3, 2012 5:24pm
this is sideways movement, i'm expecting a false breakout south, this may give us our needed trend extreme bar, the trend ext. bar we have now doesn't allow for <30 pip SL.

for now waiting.....
Attached Image (click to enlarge)
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  • #51
  • Apr 3, 2012 5:27pm Apr 3, 2012 5:27pm
Quoting billbss
I'm afraid that makes no sense at all.

You enter on a 30 min candle breaking the high or low of a previous 30 min candle.
How could that previous candle not be closed?

I have seen very few, if any, of these potential trades that meet your SL rule.
well if the current m30 bar has not closed, and it would meet my SL criteria, then i wouldn't wait for it to close, i would set a pending order above/below the current open bar.

I've seen 2 or 3 trades that i missed already this week because i was on an airplane.

wow, this is frustrating, i don't know why i'm confusing everybody, my intention was to be simple and straight foward. i'll keep trying
  • #52
  • Apr 3, 2012 5:28pm Apr 3, 2012 5:28pm
Quoting scalpz
Still waiting for this 1, have no pending set now.

What about the earlier trade based on the >81 rise over night. Would that fit your rules?
Nice quick 15 pips.

cheers scalpz
i didn't check closely, but at a glance it looks like you are correct.
  • #53
  • Apr 3, 2012 5:38pm Apr 3, 2012 5:38pm
Quoting billbss
I'm afraid that makes no sense at all.

You enter on a 30 min candle breaking the high or low of a previous 30 min candle.
How could that previous candle not be closed?

I have seen very few, if any, of these potential trades that meet your SL rule.


when i see a FF member like billbss say that I'm not making sense, i start sweating bullets. lol, i mean I've been quietly reading his posts here for years.

  • #54
  • Edited 6:08pm Apr 3, 2012 5:42pm | Edited 6:08pm
Keepin it Motherfibbin real!
  • #55
  • Apr 3, 2012 5:56pm Apr 3, 2012 5:56pm
Quoting panguFX
here we go friends....

i guess the long red candle is your m30 signal (extreme) candle right ? but that is well over 30 pips, so does not qualify. so why did you set pending orders above and below it ?

in such a case, what are you looking for next and how many m30 candles do you wait..?

still dont understand why you say you dont wait for m30 candle to close before setting pending orders. unless the candle closes, the high/low could change. therefore where would you set your pending orders ?
  • #56
  • Edited 7:05pm Apr 3, 2012 6:06pm | Edited 7:05pm
Quoting whatfx
i guess the long red candle is your m30 signal (extreme) candle right ? but that is well over 30 pips, so does not qualify. so why did you set pending orders above and below it ?

in such a case, what are you looking for next and how many m30 candles do you wait..?

still dont understand why you say you dont wait for m30 candle to close before setting pending orders. unless the candle closes, the high/low could change. therefore where would you set your pending orders ?
"the long red candle is your m30 signal...."

wen i looked at the chart, that candle met all the entry criteria, so i set a pending, then it continued south, then rule 6 happenned. so because the candle hadn't closed, things changed in real time, so i deleted the order in real time.

"what r u looking for next..."

i'm looking for a new M30 bar to break below that trend ext, and then if all my 1-8 steps are met, set another pending order. this move that can be seen easily from h4 has not given its fruit yet.

so bars are containers that tell price within strict time parameters. we are trying to scalp and catch a small portion of a retracement, that seems to have kinetic energy stored from the >81 pip move. if i switch to m30 and i see the trend extreme bar meets my criteria, and if price is already at the trigger price (current high/low), i would then set an immediate market order. it is better for the motherfibber to ignore bar open/close as much as posible.
  • #57
  • Apr 3, 2012 6:13pm Apr 3, 2012 6:13pm
Quoting billbss
I'm afraid that makes no sense at all.

You enter on a 30 min candle breaking the high or low of a previous 30 min candle.
How could that previous candle not be closed?

I have seen very few, if any, of these potential trades that meet your SL rule.
Well I was wanting to enter my sell earlier on my trade posted.
The pin bar had basicly formed, the resistance had held.
My SL was getting bigger as my "profit" was being chewed on the chart.
Wanted to enter from the purple oval & below. That was towards the close of that 30min bar. Probably could have & let the dropping price overrun my pending near the lower end of the extreme bar.
Was trying to stick to the rules. But eventually broke the SL rule of 30max.
1 min pic attached of earlier 30 min post.

cheers scalpz
Attached Image
Target 2 : Stoploss in the green
  • #58
  • Apr 3, 2012 6:16pm Apr 3, 2012 6:16pm
Quoting scalpz
Well I was wanting to enter my sell earlier on my trade posted.
The pin bar had basicly formed, the resistance had held.
My SL was getting bigger as my "profit" was being chewed on the chart.
Wanted to enter from the purple oval & below. That was towards the close of that 30min bar. Probably could have & let the dropping price overrun my pending near the lower end of the extreme bar.
Was trying to stick to the rules. But eventually broke the SL rule of 30max.
1 min pic attached of earlier 30 min post.

cheers scalpz
thats an M1 chart. I can't see or understand what you are talking about. please show me on M30.
  • #59
  • Apr 3, 2012 6:21pm Apr 3, 2012 6:21pm
Quoting panguFX
Keepin it Motherfibbin real!

you got me curious again. so lets have the cot s.....r.

pm me if you wish....
  • #60
  • Apr 3, 2012 6:21pm Apr 3, 2012 6:21pm
Quoting panguFX
thats an M1 chart. I can't see or understand what you are talking about. please show me on M30.
Its a close up of the post above at post 49
http://www.forexfactory.com/showthre...72#post5539672
shows were I was wanting to place entry before 30min bar closes like you were saying.

cheers scalpz
Target 2 : Stoploss in the green
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