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  • #2,361
  • Apr 25, 2012 2:23am Apr 25, 2012 2:23am
Thanks Pipraiser.

I'm watching the CAD. Looking to see if a swing forms between the two purple lines, then I'm looking for a breakdown of that for entry. It's not two closes outside the box no, but it's how I look at PA. Testing to see if the CZ boxes give me an advantage when trading like this.

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Daz.

EDIT: 0.9859 is previous low on a daily chart, if this breaks down could be a nice trade.
Keep smiling
  • #2,362
  • Edited 3:57am Apr 25, 2012 2:43am | Edited 3:57am
Ohhh hahahah, look at cable! Looks like I was watching the wrong pair, never mind. Watch out on Cable today chaps, GDP at 9.30 UK time, that's about 45 mins from time of this post.

Daz.

EDIT: Kinda glad I steered clear of cable this morning. Back into recession for us.
Keep smiling
  • #2,363
  • Apr 25, 2012 8:21am Apr 25, 2012 8:21am
Due to time constraints I have switched to H1. I'm not sure if my settings are correct for hourly yet but this is still experimental for me. So don't copy me! Just posting some pics as I know FH likes them Anyway short and at b/e so a free trade for me.

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Daz.
Keep smiling
  • #2,364
  • Apr 25, 2012 8:50am Apr 25, 2012 8:50am
You're not alone. I'm here with you. Though you far apart you're always in my heart. MJ

http://i45.tinypic.com/3499nr4.gif

Here is the trade i took today on GU. already closed it with 1 week target in the bank.
Exactly at the TP point the GU started to pullback. and now i'm waiting for it to revenge.
Such a beautiful pair indeed
Risk Less Gain More, Trade Less Make More
  • #2,365
  • Edited 9:11am Apr 25, 2012 8:56am | Edited 9:11am
Quoting Misterdaz
Ohhh hahahah, look at cable! Looks like I was watching the wrong pair, never mind. Watch out on Cable today chaps, GDP at 9.30 UK time, that's about 45 mins from time of this post.

Daz.

EDIT: Kinda glad I steered clear of cable this morning. Back into recession for us.
Nothing wrong with that Long G/U trade. I took out 12p @ 25 lots by going Long.

You guys need to take a long hard look at your personal expectations. What do you expect, like 50 or 60p on every trade and zero whipsawing? Keep dreaming!!! LOL I'd be earning a million per month if that were possible!!!

Everyone, perspective is your most important tool as an experienced trader. You don't need improbably long runs with penny trades. What you really need is complete and total confidence in your system. This will eventually lead to more logical risk & reward. Which in turn will lead you to reasonable profits.

It's a step-by-step process, but it begins by not second-guessing your system once you've decided to go with it.

I never promised 50-pip runs with zero whipsaws. I promised a foolproof method of identifying Consolidation Zones, leading to impending breakout. The thread name is "Stairstep Breakouts", not 'stairstep swing trading' or 'stairstep trend trading'. Trade the breakout.

(Not singling you out, Daz.)
To improve is to change. To perfect, is to change often.
  • #2,366
  • Apr 25, 2012 9:05am Apr 25, 2012 9:05am
I would have traded the first break long it was just that I missed it. The short, although fantastic I would have not touched as it happened over fairly big figures which I personally refuse to trade over.

I grabbed 20 pips off the CAD short, seems ok to me.

Daz.
Keep smiling
  • #2,367
  • Apr 25, 2012 9:15am Apr 25, 2012 9:15am
Thanks for the feedback guys
I think it might be a settings problem (something i'm still unsure off).

When I look at my GU from this morning I only got the alert at the bottom of the drop with a zero pip profit.

As I am new I am only trading small lots, as I can't make any consistent profits, as soon as I am able to do this I will trade larger amounts. At the moment I have more losing trades than winning ones, so I know i'm not ready for that yet.

Martin
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  • #2,368
  • Apr 25, 2012 9:22am Apr 25, 2012 9:22am
Quoting ukmartin
Thanks...
The setting might be wrong. but this system is great even without indi bro. most probably the alert came late because of the news happened that time.

You should learn to train with your naked eyes first so you can get the feeling of FXH system. then you can modify it the way you like it. Trust me it's great!!!
Risk Less Gain More, Trade Less Make More
  • #2,369
  • Apr 25, 2012 9:27am Apr 25, 2012 9:27am
Quoting ukmartin
Thanks for the feedback guys
I think it might be a settings problem (something i'm still unsure off).

Martin
Martin, welcome to Stairsteps. But here's the thing, both of your posts so far have dealt with very basic material which has been covered already in detail throughout the thread. So I'm suggesting you go back to the first page and try again. Do the 1-week exercise mentioned in the 1st post, and spend another week reading the thread. It will do wonders for your confidence.
To improve is to change. To perfect, is to change often.
  • #2,370
  • Apr 25, 2012 9:31am Apr 25, 2012 9:31am
FH, I'm not trying to catch you out here lol.

Re the cable break this morning. I thought you personally took trades once you had 2 closes outside your buffers? Apologies if I have that wrong, I'll go to the back of the class!

On my chart, I appreciate it's probably a different broker, timezones etc, but I only have one close.

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Daz.
Keep smiling
  • #2,371
  • Apr 25, 2012 9:39am Apr 25, 2012 9:39am
Thanks forexhard
I;ll do that. I think I have lost confidence in my own ability. I m probably overlooking somerhing really basic.
I appreciate most people on this thread are vastly more experienced than me and I probably look at bit dumb, but we all have to start somewhere. I have looked at lots of systems, that didn't impress me but I can really see the logic with this one, so am determined to stick with it

Martin
  • #2,372
  • Apr 25, 2012 9:42am Apr 25, 2012 9:42am
I just spotted this FH.

"(Not singling you out, Daz.)"

Lucky you put that I was about to cut my wrists hahahahah.

I would expect whipsaws over GDP though, that's why I steered clear, call me a chicken if you like but I'm too old for crazy dancing lol.

Daz.
Keep smiling
  • #2,373
  • Apr 25, 2012 9:44am Apr 25, 2012 9:44am
Quoting Misterdaz
FH, I'm not trying to catch you out here lol.

Re the cable break this morning. I thought you personally took trades once you had 2 closes outside your buffers? Apologies if I have that wrong, I'll go to the back of the class!...

Daz.
Daz, that indicator came late into the game. I had already been trading this system for years before Squalou created his indicator (which came about only because of this thread).

We still have guys using hand-drawn boxes, so obviously following the indi is not a foregone conclusion. My comments RE 2-bar-breakouts are meant to show noobs how to identify momentum from a breakout, nothing more. It's just another one of the confidence-building steps needed along the path to eventual freedom from mentorship. If you remember, in another post I said something along the lines of getting 10p from a CZ is a virtual certainty, or words to that effect. That too was a hint, but one directed more to the experienced trader.

I hope by now you appreciate the complexities of hosting a thread like this. It's a constant balancing act between holding hands, patting backs, cracking whips, and guys leaving the nest and never hearing from them again.
To improve is to change. To perfect, is to change often.
  • #2,374
  • Apr 25, 2012 9:57am Apr 25, 2012 9:57am
Quoting pipraiser
There are 2 perfect CZs forming on the GBPUSD and USDCAD. The GBPUSD one is 19 pips hgh and 49 bars long (19p x 49). And the USDCAD one is 14 pips high and 38 bars long (14p x 38). I'm sure forexhard must be watching them closely since he does'nt bother with CZs with bars that are 25 pips high...
Nice to see someone is paying attention!

How did your trades work out, PR?
To improve is to change. To perfect, is to change often.
  • #2,375
  • Apr 25, 2012 9:59am Apr 25, 2012 9:59am
Quoting forexhard
Daz, that indicator came late into the game. I had already been trading this system for years before Squalou created his indicator (which came about only because of this thread).

We still have guys using hand-drawn boxes, so obviously following the indi is not a foregone conclusion. My comments RE 2-bar-breakouts are meant to show noobs how to identify momentum from a breakout, nothing more. It's just another one of the confidence-building steps needed along the path to eventual freedom from mentorship. If you remember, in another post I said...
Absolutely fine mate. All that's good to know. Don't worry I'm not here to cause you grief either (and I know you never said that). I'm trying to find my own way with it, I'll apply a bit of common sense. I'm still in test phase anyway. I'd rather support you here if a I can, I like what you've done.

Also, I hope you don't mind if I have a little joke now and then. Trading is serious business but nothing wrong with a little caberet eh FH?

Daz.
Keep smiling
  • #2,376
  • Apr 25, 2012 10:04am Apr 25, 2012 10:04am
Quoting Misterdaz
....Also, I hope you don't mind if I have a little joke now and then. Trading is serious business but nothing wrong with a little caberet eh FH?

Daz.
What the hell do you think I was talking about? This is my cabaret act in a nutshell:

...It's a constant balancing act between holding hands, patting backs, cracking whips, and guys leaving the nest and never hearing from them again.

*LOL*
To improve is to change. To perfect, is to change often.
  • #2,377
  • Apr 25, 2012 10:06am Apr 25, 2012 10:06am
Hahah, you can handle it, you've got broad shoulders by the look of it!
Keep smiling
  • #2,378
  • Apr 25, 2012 10:44am Apr 25, 2012 10:44am
What's not to love about this CZ? You could have gone Long for 20 (or 12p, like me), or Short for 46p a little later. Either way, there was plenty of opportunity for bagging pips. And if that weren't enough, price comes right back into the exact middle of the CZ like a gift from heaven. So UP, then DOWN, then back to EVEN again. Like the nose on your face...
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To improve is to change. To perfect, is to change often.
  • #2,379
  • Apr 25, 2012 12:19pm Apr 25, 2012 12:19pm
When you talk about it coming back to the zone are you setup to trade it again? I have been over alot of the thread. Wish Alex was still posting. And the initial exercise of moving the 30 pip box around was good because you realize you can keep adjusting from high to low of each bar made until this great consolidation fits in over a decent period of time. You know a consolidation when you see it moving the box around because it fits the right height and fits over a good range that makes you say 'got one'.

After reading the double close stuff I was kinda like eww the point is breakouts, but I realize you were trying to cater to people who wanted to see a confirmation. I would have to demo but first close over or a strong break just watching pa seems like enough and locking in what you have been given and not giving back would seem most important.

Everyone hounding you about exact rules I can understand, but also understand your stance. Yes you may have a great pip box parameter but how is that what is holding ppl back?? I just think ppl never want to be whipsawed or wrong, well it happens, and as for all the risk reward fuss I think most just wanted to here they were getting better than 1:1 because anything less is 'not good'. Hmm w/e it works well keep interested.
  • #2,380
  • Apr 25, 2012 2:39pm Apr 25, 2012 2:39pm
Hey forexhard. This thread was like a good book you can't put down! Can't help say that the soap opera parts were pretty entertaining and I mean no disrespect. Obviously many can't stand to see success. Likely because they have been unsuccessful and are vested in other's failure. The trading methodology presented here is a real gem. I've been a supply and demand trader for sometime and what I notice about this method is the CZs often are in the places of significant supply and demand where bulls and bears are not sure where to go. Your system provides an unambiguous way to effectively trade out of these areas.

Posted is my first trade. I entered early this morning and rode it out during the Feds statements. Almost stopped out! Still holding. I'm drawing my own artifacts/boxes based on the beginning of the thread.

I understand the method and I am trading live. Look foward to more
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