True Trading Tactics | Page 50 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Carpe diem: Intraday tactics for Dax and Dow 54,658 replies

What tactics will prevent getting hurt in enormous swings? 7 replies

NEWBIE Tactics! 18 replies

S/R Trading tactics 4 replies

True Range Trading 2 replies

Attachments: True Trading Tactics
Exit Attachments

True Trading Tactics

  • #981
  • Apr 14, 2012 4:21am Apr 14, 2012 4:21am
The above example, taken from July 2011, would have taken 1 : 1 and if you had split the trade into two, moving the second half to break even after 1 : 1, the second half would have easily made 6:1 or even 10:1.
Gone to a better place
  • #982
  • Apr 14, 2012 4:34am Apr 14, 2012 4:34am
Here's an example of a divergent candle which looks good, but that's all. You must have another reason to take it.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd120414h1candlepower2paint.gif Size: 33 KB


The second candle has lots going for it. It still might fail, so use 1 - 2% risk. Let it run if you possibly can. 2 trades is a good idea, 1 : 1 and at least 3 : 1 for the second. This means if you only get 50% right, you will not lose money.
Gone to a better place
  • #983
  • Apr 14, 2012 4:42am Apr 14, 2012 4:42am
Here is a perfect example. if you can wait for these then you will make a lot of money:

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd120414h1candlepower3.gif Size: 29 KB


I didn't bother to put an arrow here. Anyone can identify the lonely little candle.
Gone to a better place
  • #984
  • Apr 14, 2012 4:44am Apr 14, 2012 4:44am
That's it really. Sorry for hogging the thread. If you are like me, you will take a lot of dodgy trades and miss lots of good trades. That's why I'm typing this instead of sitting on some sun kissed beach somewhere. Bye for now...
Gone to a better place
  • #985
  • Apr 14, 2012 11:09am Apr 14, 2012 11:09am
Quoting smikester
Here's what to look for if you want the best entries. It's worth waiting if you can.

Attachment


Notice how long it took to make 1 : 1 if you used the candle length as your guide. Lots of patience needed, to wait for the set up and to wait for the profit. Rookies would lose money on this.

......nice......
The Chonchy
  • #986
  • Edited 1:03pm Apr 14, 2012 12:18pm | Edited 1:03pm
Quoting smikester
That's it really. Sorry for hogging the thread. If you are like me, you will take a lot of dodgy trades and miss lots of good trades. That's why I'm typing this instead of sitting on some sun kissed beach somewhere. Bye for now...
Nice to hear your comments.

When I started this thread i just wanted to give people an idea of simple trading. I really didn't go into to much detail as I believe people should adapt these strategies to suit themselves.

I showed the entry candle, how i use SL's etc using candle size, and where to look for candle (at highs/lows of days/week, not in the middle of a range..as you just said). I've always stipulate the importance of RN's and S/R.

I try to steer away from to many indicators, although i sometimes use 1 or 2, simply because we all use different one's at different settings..eg. you use MACD i tend to use Stoc's. if looking for divergence.

I find people posting charts on different TF's with different indi's confuses a thread, hence i post 1hr and dailies only, but maybe I should go a tad further.

I mentioned earlier in the thread that I used to do a lot of 15min TF trading (and i still do when needed), here's how:

This is a pic of the CU weekly. I draw a thick black line on weekly SR area's (pink lines are daily). you can see how it has been respected several times, you'll also find these often happen at RN's.
Attached Image (click to enlarge)
Click to Enlarge Name: lines1.gif Size: 235 KB
  • #987
  • Apr 14, 2012 12:26pm Apr 14, 2012 12:26pm
When price is approaching these higher TF S/R area's go down to the 15min TF and wait for an entry candle. We don't alway get one but a lot of the times we do. the Stoc's show some divergence. So we have a small entry SL of about 10pips, hitting a Weekly SR, hitting a RN, with divergence..note the divergence part is the least important to me
Attached Image (click to enlarge)
Click to Enlarge Name: lines1.gif Size: 217 KB
  • #988
  • Edited 1:06pm Apr 14, 2012 12:40pm | Edited 1:06pm
One more...GU, these are daily SR. the black circles indicate where the price has paid past respect to SR (always use the most recent, the rest are just re-enforcement)..the arrow is were i was waiting on 15m TF.
Attached Image (click to enlarge)
Click to Enlarge Name: lines1.gif Size: 217 KB
  • #989
  • Apr 14, 2012 12:59pm Apr 14, 2012 12:59pm
jump to 15min TF.....as you can see i got in on this (still have a small bet on).

these are hard to catch as they can happen anytime but the R:R can be huge, entering on 15m and using daily/weekly for TP area's......just another strategy to add to your trading tactics.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: lines1.gif Size: 215 KB
Click to Enlarge Name: lines2.gif Size: 226 KB
  • #990
  • Apr 15, 2012 5:08pm Apr 15, 2012 5:08pm
Quoting kraven
Nice to hear your comments.

When I started this thread i just wanted to give people an idea of simple trading. I really didn't go into to much detail as I believe people should adapt these strategies to suit themselves.

I showed the entry candle, how i use SL's etc using candle size, and where to look for candle (at highs/lows of days/week, not in the middle of a range..as you just said). I've always stipulate the importance of RN's and S/R.

I try to steer away from to many indicators, although i sometimes use 1 or 2, simply because we all...
Thanks for the thread, kraven, I've enjoyed reading.
Gone to a better place
  • #991
  • Edited 12:17pm Apr 16, 2012 11:54am | Edited 12:17pm
Kraven, I'm not deliberately targetting you but divergent candles are a pet subject of mine.

I draw your attention to the chart posted on page 1 of your thread - the Gbp/Usd chart, daily, 2011.

In your example you cite approximately 12 trades, 9 of which are winners.

In fact there were more than 14 in the time period you used. Of the first 14, 8 failed and 6 succeeded. Not a good ratio.

Here's my chart:

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd120416d1div.gif Size: 45 KB




I'm prepared to discuss each candle individually if you disagree. I don't think you did it deliberately but I don't think it's fair to leave that post without some sort of comment, do you?
Gone to a better place
  • #992
  • Apr 16, 2012 1:12pm Apr 16, 2012 1:12pm
Can you post my pic that you are referring too?

you say page 1, I believe all those were 1hr charts done from my demo account. Yet you show a daily chart?

the 1st page was full of idea's of how to trade 1hr TF.

On the dailies i tend to be strict with my SL, quick to BE and conservative with TP. SL is often put above the breakout candle like in post 12 to limit loss, or even at the open or close of the candle. I look for steep rises and drops, RN's, SR and major MA's etc.. to judge my trades. But i've explained that already. recently I had a signal on EU daily but never entered because the prior candles looked 'flat and ranging', it ended up an excellent trade...but i get quite a few of these, the market settling/running out of steam before a turnaround. I mentioned it before, but i'll say it again, every trade should be looked at differently. like buying a second hand car, look for the pro's, the cons and the price.
  • #993
  • Apr 16, 2012 1:56pm Apr 16, 2012 1:56pm
It's post No. 6
Gone to a better place
  • #994
  • Apr 16, 2012 2:41pm Apr 16, 2012 2:41pm
To ask me that is a bit disingenuous, don't you think?
Gone to a better place
  • #995
  • Apr 17, 2012 3:05pm Apr 17, 2012 3:05pm
why disingenuous? was it so hard to tell me where the pic was? after all you didn't show it you showed your own and I posted all that months ago.

This isn't a strategy, it's just something to look out for..a tactic as such. you use it with divergence which is good.

You will notice on the pic I merely indicated the candles. I wrote down how I seen it, quickly rounded up numbers where i'd take profit or BE and jotted it down, plus it was done all in hindsight. there was nothing scientific or even mechanical about it. I looked for around 1:1. however throughout this thread I have tried to stay away from strict R:R. treating each trade individualy.

This said, on the first entry if you entered and used the signal candle as your SL and let it run you could have got close to 1:3, but I know i wouldn't have. Around july 12 we have a pinbar type entry that if you entered it went past the previous high over 600pips. did I include all of them, no, as i know I wouldn't have got them all. But someone more patient and calmer then me might have.

if you read my last post you see I approach dailies different, all trades individualy. In live trading sometimes my SL is at the bottom of the signal candle, sometimes at the bottom of the breakout, sometimes at a RN or previous low. The pic you refer to was done as a quick opener as to what to look for and nothing more.

Where individuals when we trade. On this thread I've posted in hindsight and live trades. some win, some loose.
  • #996
  • Apr 17, 2012 9:03pm Apr 17, 2012 9:03pm
Smikester, I can see your point.

To me it seems that Kraven sort of cherry picked the trades. Though visually backtesting can sometime fool your own brain as you are baised for your method to work.
So I'll give Kraven benefit of the doubt.

However Smikester is ready to discuss each candle in detail and I suggest we should do that to verify if we truely have an edge here.

I do like the idea of using Trendline, R&S and divergence to select trades. Otherwise choppy market will take you for a ride one of these days.

Plus you can't just for any candle that failed to make a new high or low, that candle needs to show change in sentiment. That's where candle reversal patterns will come into play. and then this strategy is nothing new.
Vouch me and I vouch you back !
  • #997
  • Apr 21, 2012 10:50pm Apr 21, 2012 10:50pm
Kraven, has provided several ways to look at PA when it nears potential reversal...
Nothings set in stone on any setup...
If it follows thru, you make profit...
If it fails, you lose...
It's not called a bet for nothing...
To demand a debate over what each setup ended up doing or not doing is a fruitless waste of time and energy...
Better to spend a bit of time trading and make a few bucks...
Then enjoy the extra time you'll have with your family, friends...

Kraven,
Thanks for sharing your thoughts on using this setup on different TF's...
It has improved my trading profitability greatly...
Thanks much...
Cliff
I get exercise just pushing my luck
  • #998
  • Apr 22, 2012 12:23am Apr 22, 2012 12:23am
Hi K,

In the attached chart, breakout candle circled in blue is also a reverse candle in the opposite direction. How do you deal with this? Do you close short position and open long?
Attached Image (click to enlarge)
Click to Enlarge Name: breakout.gif Size: 44 KB
Follow me to the Promised Land
  • #999
  • Apr 22, 2012 1:39am Apr 22, 2012 1:39am
Quoting Vantage
You're never too old to learn and look at old concepts with a new perspective. I would agree with some comments that taking every trade blindly this method might well not be a winner but using some good old common sense it is effective.

OK first off all excuse the horrible squiggly lines at the bottom of the chart.

Each days first x trades I wouldn't take as they are too late in Asian session, would need to consider entries much earlier but I'm sleeping then.

30 Jan. The left arrow down certainly a trade and there is a continuation sell trade...

Please upload ur RSI MA indicator....
  • #1,000
  • Apr 22, 2012 9:43am Apr 22, 2012 9:43am
Hey xlitang...
Check out the chart provided by Kraven on post #4...
Look at the PA on 9th of Jan. Very similar to your example...
He demonstrated that based on his criteria it ended as a 25 pip loss...
I'm a bit more aggressive... My SL would have been above high of KRC in that example... So would have been profitable trade...
It all depends on your taste for risk and how much your willing to risk...

Another thought... The way your looking at what your calling a reversal candle circled in blue doesn't pan out. It does qualify as a breakout candle that finishes positive. It does not come any where near your SL suggested by Kraven in post #5 so you would stay with the trade which does end up in your favor.
If it had nailed your SL then it's a loss and you look for the next setup. This exact scenario is also highlighted by Kraven in the example trade on the chart in post #4... Jan. 9th... which ends up as a 30 pip win...

Once again, it should be stated that we, as traders, are not going to out think the market.
Play the setup that's presented... Your wins will out perform your losses...
Don't over think it... don't get juked... follow the body, not the legs...
Hope this helps...
Cliff

Quoting xlitang
Hi K,

In the attached chart, breakout candle circled in blue is also a reverse candle in the opposite direction. How do you deal with this? Do you close short position and open long?
I get exercise just pushing my luck
0 traders viewing now