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  • #2,301
  • Apr 17, 2012 10:41am Apr 17, 2012 10:41am
Quoting sconcha
Hi StairStep Breakout Friends!

I come to you today with a question.
Hope our beloved mentor can give some enlightenment, i think it's a valid question.

I present the eur_usd chart yesterday where i missed the move because:

- The entry was going to be made on a inverted hammer, but mostly because there was an extended CZ just ahead. The odds the price stall there were good ones, i thought.

The question is, FH, what importance we must give to the previous extended CZ's, or no importance at all? Since they were too close, i did not believe...
Hello Sconcha, and welcome to Stairsteps!

You have my full attention. Anyone that passes on an indicator in favor of drawing the CZ's by hand will always have my full attention!

These types of questions have 3 types of replies: the technical answer, the philosophical answer, and what would FxH have done.

The philosophical first: It's better to be out of a good trade wishing you were in, than to be in a bad trade wishing you were out.

Ah, the joy of knowing that our thousands of hours of self-education can be reduced to a single phrase! It just warms the heart, doesn't it? (j/k)

Now the (not so) technical: You've trained yourself to spot areas of interest on a screen. Areas of consolidation, areas of support, and areas of resistance. You digest this information, and using your head and not your gut you try to formulate a safe and effective plan of action based on your own personal taste for risk vs. reward. You'll never go wrong so long as you follow these rules and never allow your gut to trade for you. The absolute worst that can happen is that a few good trades pass you by. So what, there will always be others. You didn't cost yourself any money, and you didn't harm your self esteem by going against your best instincts. What more could anyone ask for?!?

As for FxH: He took that matching trade on G/U and currently has 40p locked in @ 8 lots.
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To improve is to change. To perfect, is to change often.
  • #2,302
  • Apr 17, 2012 2:43pm Apr 17, 2012 2:43pm
Quoting forexhard
Hello Sconcha, and welcome to Stairsteps!

You have my full attention. Anyone that passes on an indicator in favor of drawing the CZ's by hand will always have my full attention!

These types of questions have 3 types of replies: the technical answer, the philosophical answer, and what would FxH have done.

The philosophical first: It's better to be out of a good trade wishing you were in, than to be in a bad trade wishing you were out.

Ah, the joy of knowing that our thousands of hours of self-education can be reduced...
First to sconcha: As someone who likes to trade the EURUSD. I really like your manual CZs and your price action interpretation so I can sympathize with your frustration at what you feel was a missed opportunity.

I also noticed the similarity in GBPUSD that was actually giving a better signal of the breakout. I am only recently getting used to GBP in order to better follow this thread in which it is the OP preferred pair.

Since I took the same trade as FxH live, but failed to manage it to 40p of locked in profits, I would love some feedback on my analysis and trade management.
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  • #2,303
  • Apr 17, 2012 3:16pm Apr 17, 2012 3:16pm
Stopped out at 58p.
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To improve is to change. To perfect, is to change often.
  • #2,304
  • Apr 17, 2012 3:20pm Apr 17, 2012 3:20pm
Quoting Paradox
....I would love some feedback on my analysis and trade management.
Have you read the Sq. info graph on that chart? 64 CZ's? 4.6 per week????
To improve is to change. To perfect, is to change often.
  • #2,305
  • Apr 17, 2012 3:32pm Apr 17, 2012 3:32pm
Quoting forexhard
Have you read the Sq. info graph on that chart? 64 CZ's? 4.6 per week????
That's exactly what I was just about to post! You beat me to it by 8 minutes :-)
  • #2,306
  • Apr 17, 2012 3:38pm Apr 17, 2012 3:38pm
Quoting forexhard
Have you read the Sq. info graph on that chart? 64 CZ's? 4.6 per week????
But I am only using the indicator as a point of reference. The actual trade I took was based a my (right or wrong) visual observation of over 50 bars of consolidation with only the 1 minimal of blips out. This does not happen 4.6 times per week. From looking at your chart I thought this was the same basic breakout you were talking about. I actually felt pretty good in the trade I just wish I could have managed it better.
  • #2,307
  • Apr 17, 2012 3:44pm Apr 17, 2012 3:44pm
@ FxH
Thanks ForexHard for your wisdom.

I like your philosophical aproach

@Paradox
Thanks for your support. I actually did not "moan" my not entry in eur_usd because i did not belive in it in the first place. Anyway there will be another breakout to catch, and i am trying not to rush into it.

I have to confess that i was following G_U also, and actually entered the trade, but my view in eur_usd made me abort it.

Again, it is a thing that i must unlearn: trade what you see and do not mix the pairs, or their breakouts.

Lesson learned.

S.
  • #2,308
  • Apr 18, 2012 6:17am Apr 18, 2012 6:17am
Hi fellows !

I was dreaming about breakouts last night and i had this doubt wondering inside my head:

FxH if you had to choose between Price Action, and Time, what would you pick?

I believe that in this choice resides a powerful part of this system.

I will not blame you if you want to keep it to yourself.

Thanks a lot!

S.
  • #2,309
  • Apr 18, 2012 7:08am Apr 18, 2012 7:08am
My last trades:

Yesterdays EJ

First breakout hit SL but second one hit TP
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  • #2,310
  • Apr 18, 2012 7:10am Apr 18, 2012 7:10am
Trade from today

EU breakout - TP hit
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  • #2,311
  • Apr 18, 2012 8:00am Apr 18, 2012 8:00am
(Apologies, I posted this in the platform tech section under the stairstep indicator thread which is not the official thread!)

Firstly, thank you. Thank you for a system that is so simple yet so undeniably brilliant! I took my first trade today on the GBP/JPY for 60 pips.

Please also delete this post if it treads on any toes, I mention the sonicR system, but its not in any way shape or form meant to detract from the stairstep system. If anything, I just wanted to see any thoughts on it being used in conjuction with the dynamic indicator to help with exits.

I had a little play around last night to reduce the number of boxes on the pairs I'm using to 2.0 on the indicator, not going to ask if that's right or wrong as I've yet to really trawl through the thread but that's my fault.

I decided purely for information only to have a duplicate chart with the SonicR system on it. This was for trend analysis only but also to help with exit strategy.

I've also got a the pattern recognition master on my main charts to help reinforce my candlestick pattern knowledge.

I used the sonicR today to exit at 1.3018. The next candle was a shooting star and I got out basically at the end of the trend.

Once again, great system much appreciated!
  • #2,312
  • Apr 18, 2012 12:46pm Apr 18, 2012 12:46pm
Quoting rew2k7
Trade from today

EU breakout - TP hit
REW, nice to see you're still around! Looks like you've found your way around the charts just fine. Nice trades!

It's easy to tell that you've found a way to cut through all the crap and get right down to the most important aspects of this system. Which is what I wish for everyone here. But as you can clearly see from the last few pages, not everyone has had the same breakthough as us. It would be great to hear how this came to you. Maybe your experience could help some guys that are still struggling...
To improve is to change. To perfect, is to change often.
  • #2,313
  • Apr 18, 2012 12:48pm Apr 18, 2012 12:48pm
Quoting mcbgun
(Apologies, I posted this in the platform tech section under the stairstep indicator thread which is not the official thread!)

Firstly, thank you. Thank you for a system that is so simple yet so undeniably brilliant! I took my first trade today on the GBP/JPY for 60 pips.

Please also delete this post if it treads on any toes, I mention the sonicR system, but its not in any way shape or form meant to detract from the stairstep system. If anything, I just wanted to see any thoughts on it being used in conjuction with the dynamic indicator to...
Well done with your trading!

The lovely thing about this 'system', at least for me, is that you can make it work for you in many different ways. That's why I said, 'system' in inverted commas, because it hasn't got rigid hard and fast rules that you follow to take entries and exits. FxH has set out lots of ideas to spark your own imagination, but you have to do some work to turn it into your own system. I think you will always get more out of your trading and be more successful if you work to create your own system rather than just following someone else's ideas.

So if you want my advice, I would say: do what works for you. If the other system gives you confidence when taking trades off the CZs, then that's the right thing for you. Just don't get confused by working two systems at once!

Although I've been reading the thread for a while, I only started trading this a few days ago. I wanted something to complement my longer term inside bar strategy. The funny thing is that the more I look at the CZs and how the price moves around them, the more it is feeding into my other strategy and sparking ideas. Also, my ideas from my trend following system are feeding into this one and I'm realising that I can apply the same principles to help me enter trades and exit them on these shorter time charts.

I showed this system to the person who originally got me into trading and taught me the basics. He looked at it for a couple of minutes and said, "That's a very elegant way of looking at the market." He has almost thirty years of professional trading experience. :-)

Sue
  • #2,314
  • Apr 18, 2012 8:00pm Apr 18, 2012 8:00pm
Just a heads-up Everyone. After a very long pause, there's a tight CZ forming right now on my favorite pair. It must be close to 40 bars long by now, and only 20p tall. Good luck, and let us know tomorrow if you did something with it...
To improve is to change. To perfect, is to change often.
  • #2,315
  • Apr 18, 2012 8:01pm Apr 18, 2012 8:01pm
Quoting sue23
I showed this system to the person who originally got me into trading and taught me the basics. He looked at it for a couple of minutes and said, "That's a very elegant way of looking at the market." He has almost thirty years of professional trading experience. :-)

Sue
Thanks Sue, that made my day. Your friend is obviously a man of good taste!
To improve is to change. To perfect, is to change often.
  • #2,316
  • Apr 18, 2012 11:40pm Apr 18, 2012 11:40pm
Quoting forexhard
Just a heads-up Everyone. After a very long pause, there's a tight CZ forming right now on my favorite pair. It must be close to 40 bars long by now, and only 20p tall. Good luck, and let us know tomorrow if you did something with it...
Do you mean GU? I have orders set up on that.
  • #2,317
  • Apr 19, 2012 2:30am Apr 19, 2012 2:30am
Quoting forexhard
Just a heads-up Everyone. After a very long pause, there's a tight CZ forming right now on my favorite pair. It must be close to 40 bars long by now, and only 20p tall. Good luck, and let us know tomorrow if you did something with it...
I woke up to that one and just had another simple winner. I entered the trade as it broke the tight range I marked with the white box. Stop loss at the bottom edge and took profit around 1.6060.

There is now another range forming on EURUSD in anticipation of the Spanish Bond auction result due out this morning. Watching closely!

Sue
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  • #2,318
  • Edited 2:49am Apr 19, 2012 2:48am | Edited 2:49am
GU missed my 1.6078 tp by one pip
  • #2,319
  • Apr 19, 2012 3:05am Apr 19, 2012 3:05am
Hi forexhard
Just read through the forum (phew) and have been watching the system for a few days without actually placing any trades.
I'm new to trading and started off pretty well, increasing my capital by 50%, in my first month, which gave me a false sense of success. In my second month I lost all my gains and it felt as the more I was learning the worse I was trading. Having lost confidence in my ability I am hoping that using Stairsteps will give me a new outlook.

Martin
  • #2,320
  • Apr 19, 2012 4:00am Apr 19, 2012 4:00am
Stupidly went in without checking my chart (something I almost always do) didn't see the huge spinning top candle...got burned.

Lesson learnt
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