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  • #2,501
  • Edited 8:05am May 15, 2012 7:48am | Edited 8:05am
Well, no revenge arc to speak of, but I did get my breakout.

Nice going sumakianlee! Forget all that nonsense about optimizing your trades. That's just what people say when they bank 30 pips, but see the trade continue for another 30. It's just greed talking. So bank your pips, relax, and then plan for your next trades.

When you are ready for something more complicated I would recommend you follow Mer's advice about scaling out of your trades. But save it for after another 100 trades or so.
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To improve is to change. To perfect, is to change often.
  • #2,502
  • May 15, 2012 8:15am May 15, 2012 8:15am
Quoting mer071898
The best thing to learn as a new trader with this system is to understand that you don't have to try and hit a home run every time. Set your targets at reasonable, achievable levels. I personally scale out my trades as I hit my target levels which guarantees me profit (or at least break even) if by chance price reverses.
Yes, this is great. But then I couldn't look at the screen for long as I have a full time job. Probably would just lower my profit target (about 20 pips?) and shift my SL as and when I have the time to look at the trade. Guess I need to work around with my timings to find the best slots to trade.

IZ
  • #2,503
  • May 15, 2012 8:34am May 15, 2012 8:34am
Quoting forexhard
Well, no revenge arc to speak of, but I did get my breakout.

Nice going sumakianlee! Forget all that nonsense about optimizing your trades. That's just what people say when they bank 30 pips, but see the trade continue for another 30. It's just greed talking. So bank your pips, relax, and then plan for your next trades.

When you are ready for something more complicated I would recommend you follow Mer's advice about scaling out of your trades. But save it for after another 100 trades or so.

yes you are right,,,, FH,,,
thank you
regards
suma
  • #2,504
  • May 15, 2012 8:40am May 15, 2012 8:40am
Quoting isaaclimsc
Yes, this is great. But then I couldn't look at the screen for long as I have a full time job. Probably would just lower my profit target (about 20 pips?) and shift my SL as and when I have the time to look at the trade. Guess I need to work around with my timings to find the best slots to trade.

IZ
it's okay miss the bus
there will be the next bus in another day

regards
  • #2,505
  • May 15, 2012 5:04pm May 15, 2012 5:04pm
Quote
Yes, this is great. But then I couldn't look at the screen for long as I have a full time job. Probably would just lower my profit target (about 20 pips?) and shift my SL as and when I have the time to look at the trade. Guess I need to work around with my timings to find the best slots to trade.

IZ

Just do a search for trade management EAs. They can be set to move stops for you at certain price levels or at "X" number of pips when you can't be at your computer.
  • #2,506
  • May 15, 2012 8:27pm May 15, 2012 8:27pm
Quoting mer071898
Just do a search for trade management EAs. They can be set to move stops for you at certain price levels or at "X" number of pips when you can't be at your computer.
Never know there is such EA. Will check it out. Thank you, Mer! You are very helpful.

IZ
  • #2,507
  • May 16, 2012 12:48am May 16, 2012 12:48am
We just crossed 600,000 hits. That's 200,000 hits just since February 1st, or an average of 2040 hits per day. I don't know who you guys are really, since only a few of you post here, but I'm extremely happy to see that so many people have decided to make Stairsteps a part of their trading experience. I hope you all get as much from it as I have.

FxH
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To improve is to change. To perfect, is to change often.
  • #2,508
  • Edited 1:34am May 16, 2012 1:11am | Edited 1:34am
hai Forexhard,

first of all I wish to thank you for sharing this simple system.
I'm a newbie in this forex business (just 4 month learning) and I find that your system make perfect sense (at least to me) compared with any technical indicator that I had learned.

your system explain the price movement, if there is a consolidation zone took place, then the price will sure try to breakout of it. this is the logic or reasoning that I dont get from any technical indicator that I know, especially lagging indicator, where the indicator follow the price movement.

I have read all this thread, I even enjoy the drama ,
I try to tweak the SQ indy setting, I have papertrade it during the last weekend, but I'm not too sure if this is the best setting, so today I'm gonna start using your system using a demo account.
According to my current setting, there is a consolidation zone forming in EURUSD M15 as attached. So I will look forward to a breakout possibility.

I'll post the trade updates later on. any suggestion or critic from you or any of the experts here will be highly appreciated.

Edit: this is very silly, but because I am very busy at work, I completely forgot that I already took the trade lol. the chart that I attached was from this morning, but I didnt have time to post here until just now.
the breakout already took place and I already enter a position and it hit my TP at 20 pips
this is another advantage of your system, I can use the "set and forget", but what do you know, I completely forgot about it =))



PS: English is not my native language, so I aplogize if there are grammatical or typing mistakes.
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  • #2,509
  • May 16, 2012 1:28am May 16, 2012 1:28am
Hi ForexHard
I'm one of the learners who view your methodology. I've incorporated it at times into my strategies. Thank you for the input you've given
Cheers
Bill
  • #2,510
  • May 16, 2012 3:37am May 16, 2012 3:37am
Congrats FXHard,
I posted a while back in the thread but postponed my trading due to family commitments.
But I have been at least one of those 2000 hits a day, just to keep myself familiar with things and ready to go when the time comes.

Anyway, just to say hi and well done!

B.P.

ps..I only trade my smaller live account.
Of my 9 boxes formed yesterday, 8 hit TP. I risk 1%, with 1:1 risk:reward.
3 of the 8 were GBP pairs so in my 'big' account would not have taken all 3.
Still good going!
  • #2,511
  • May 16, 2012 6:40am May 16, 2012 6:40am
hello forexhard

usd jpy looks interesting
but maybe i was too early to go in

regards
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  • #2,512
  • May 16, 2012 7:34am May 16, 2012 7:34am
My first profit!

Saw the setup for EU this morning. Not sure the direction, place a Buy Stop and Sell Stop with SL opposite the range and TP at 17pips (as shown on the proposed line on the indicator).

Came back after work and saw the Sell Stop was triggered (gold circle) and hit TP (pink circle). Cool! 17 pips!

I must thank Mer for his advice on the level of TP. Be realistic and go for low hanging fruits first, especially when I couldn't monitor the trade.

Cheers!
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  • #2,513
  • May 16, 2012 1:29pm May 16, 2012 1:29pm
EU has been moody whole day. Had my SL hit after 30 pips in green. Waiting for another run, up/down doesnt matter.

Regards
A.
  • #2,514
  • May 17, 2012 6:03am May 17, 2012 6:03am
GU nice trade, even though there is an indicator package on this screen I use it to confirm the basics of the SB set ups ie just disregard it.
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  • #2,515
  • May 17, 2012 6:17am May 17, 2012 6:17am
Thought I should show the trade I actually made - looks like I left a bit on the table.
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  • #2,516
  • May 17, 2012 6:20am May 17, 2012 6:20am
i miss this one because i'm not comfortable about the formation
better wait for the next bus
regards
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  • #2,517
  • May 17, 2012 9:54am May 17, 2012 9:54am
Quoting rew2k7
EU has been moody whole day. Had my SL hit after 30 pips in green. Waiting for another run, up/down doesnt matter.

Regards
A.
EU short opened again this morning. TP hit=40

Regards
A.
  • #2,518
  • May 17, 2012 11:45pm May 17, 2012 11:45pm
hello FH
aud usd breakout look like go down
but don't know the next

regards
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  • #2,519
  • May 18, 2012 7:00am May 18, 2012 7:00am
I thought this might be a lesson worth passing on.

The 2 attached charts are of the gbpusd yesterday, same time. The one is with the indicator loaded and is set for 32 15m candles 24 pips range and shows no box. The other has a box drawn by me with the same parameters and does show a box, and it was very tradeable.

The reason that the indicator does not show this box is because it was 24.1 pips! It didn't make the cut by that little.

I am just saying that it is well worth drawing your own boxes, so you don't miss the borderline cases either for range or for the odd candle.
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  • #2,520
  • May 18, 2012 1:12pm May 18, 2012 1:12pm
I love it! 10.5 months into this and we still have guys using hand-drawn boxes, just like on Page One. Nothing succeeds like success! Great job Larry, Suma, and Silversurfer!
To improve is to change. To perfect, is to change often.
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