Extracted Thread (per thread starter's request)

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Ehm... sorry....there was an image to attach, but I had troubles in uploading it. ASAP I'll post it
http://desmond.imageshack.us/Himg812...if&res=landing
There it is...

i seriously develop trading systems, a renko base and non repainting , but i cant post it due to my membership . thats including a breakout as one of my parameter.

Which pair is that? One of the exotics?...looks horrible to trade!

Sue

That looks very interesting, but rather off-topic for this thread. Have you read through the thread from the beginning? If not, it's worth investing the time.

Sue

It seems that today will be not the best day to trade breakouts! At least judjing from my personal experience so far. Probably it is because of the 4-th of July bank holiday tomorrow.

Yep..it is one of them...but, this seems to be really nice CZ...if you only focuse on this pattern, whenthere's a little bit of volume you made a sure profitable breakout, such as the one I posted.

People such as myself who are attempting to learn this system can get awfully confused when junk is introduced to the thread.

I agree - there seems to be a lot of off-topic posting going on lately. If you're new to this system, I suggest you simply focus on the first post and get used to drawing the boxes by hand. Ignore all this noise until you are absolutely sure of the basics. The CZs and careful money management are all you need, in my opinion.

Sue

ATTENTION!

THIS THREAD IS NOW RESERVED FOR ACTUAL FOLLOWERS OF THE STAIRSTEP SYSTEM THAT CAN SHOW THAT THEY HAVE FOLLOWED THE RULES AND DIRECTIONS FROM THE FIRST POST.

This thread is now over 1 year old. It started as a system that was known to me and which I had traded for years, and now it has proven itself to hundreds of traders from all over the world. If you are not here to learn THIS system, then do not post here.

I used to have an unwritten policy of allowing people to post 3 or 4 messages before deciding if they were being serious, or were merely here to kill time as they bounced from system to system. But not any longer. STARTING TODAY I AM GOING TO BEGIN BANNING ANYONE THAT POSTS WITHOUT FOLLOWING THE DIRECTIONS GIVEN IN THE FIRST POST. WE DON'T NEED THE NOISE OR THE DISTRACTION. THIS THREAD IS NOW RESERVED FOR SERIOUS STAIRSTEP TRADERS ONLY.

By now EVERY pertinent question you might have has already been answered. All you have to do is invest the time to go dig out the answers. It's fun, and it's profitable, but it will take you at least a week to read it all. Three weeks if you take your time and take notes and demo trades as you go. But what ever you do, do NOT post your questions until you have done this. Because starting today I am banning anyone that takes short cuts, expects special treatment, introduces outside indicators, or otherwise causes an unwanted distraction to our thread and our system.

Getting back on track, here is what Cable looks like at the moment. Last night there was a small breakout to the south, and the scalpers among us probably grabbed a few pips there. I've mentioned elsewhere that most every breakout will get 10 to 15 pips, and this is a perfect example of what I mean.

But price quickly returned to the extended CZ, and there are now 97 M15 bars and counting! Not only that, but the tail end of the price bars are getting smaller and tighter. If this continues, then after another 10 bars or so I will have another CZ forming in the shadow of the one I have now. Which will basically mean one gigantic consolidation zone with at least 125 bars.

No doubt that much of this is caused by the US holidays. But the reason for it is not nearly as important as the CZ itself. We don't care what causes them any more than we care about the direction price takes upon breakout. One of the biggest hurdles we must overcome on our way to becoming professional traders is the hurdle of "caring". When you care, you then naturally try to predict. And when you think you can predict, then you naturally start to risk more than you should on a single trade. And when you risk more than you should, you eventually end up losing 10% of your equity on a sure thing that you just knew was going your way. And it all started with caring.

There are new systems popping up every week around here, and every one of them is based on a prediction model. As far as I can tell, Stairsteps is the only system here at FF that teaches the opposite -- to have ZERO bias at all, ever: not on why a CZ is forming, and not on where price will go afterwards. And I am convinced that ours is the better way.

I absolutely agree with FXH's above two postings. And before some idiots start calling him "Forex Hard-Ass" let me remind you that ALL he is requesting is that you read the thread from the beginning, paying particular attention to the first 10 pages.

So - it takes you what - 3 weeks? What's 3 weeks to invest in your future financial freedom? Spend 10 months (and boucoup money) to go to a Vocational School and you come out as say a "Dental Assistant" and earn close to minimum wage to start.

This is IMO THE best thread and money maker here. Taking short cuts, well - the results doing that are predictable!

BOOM, there it is! Two consecutive CZ's, just as predicted. 112 bars wide and counting...

Don't know who, but somebody made a big move just before the US bank holiday.

Perfect breakout. Barely an 8p DD. Bagged 45p on this one. Easy money.

Happy July 4th to all our US Stairsteppers!

To you guys PMing me: No, I am not hoping that the thread will die off or anything like that. Nor am I looking for excuses to ban folks. As far as I'm concerned, the thread will continue just as it has been. The only difference is that starting now I will be taking a firmer position against guys that post without actually participating in what we are doing. Posting by itself does not equal participation. Participation equals participation, and that begins by following the directions and advice from the first post. From now on I'm hoping that the only people posting will be the guys that have decided it was worth their time to do so, that's all.

Another beauty for us to trade today

Bog standard, just set and forget

Larry

What have you set?

Dear Forexhard,
Congratulations on your post being over 12mths young. It feels like that's how long it took me to read it. I am grateful that you opened this thread, put up with the; sometimes inane questions, slurs and obvious fawning (this post included). I must also congratulate all the women and men who have made positive contributions to SSBO thread, I for one have learnt a lot.
I didn't wait till the last post to start trading SSBO, I saw the light, got the rhythm and walked the walk. A few trades later and I have increased the account by over 10%.
Will promise to post trades; as soon as I work out how to do that. That is if there isn't one attached to this post.
In conclusion; Thanks for the heads up (I don't know why I'm using so many idioms). I look forward to being able to positively contribute.

Best regards,
Manfred.

My little EA that runs my trade

Larry

Here's a refresher on why I usually set my TP for 50p or less.

This pic shows my E/U M15 CZ's for the last 2 weeks. The red line divides the chart in half; the white line goes from the center of one CZ to the center of the next, and so on; and the blue line follows the price as it zig zags around making new highs and lows. I chose this chart because it's a fair representation of how price moves long term.

The object of this exercise is to count how many times the white and blue lines crossed the red one. It then becomes crystal clear that price does not move in a straight line, not even when it gains 400p in a Short direction over the last 2 weeks, like shown here.

The same lesson can be seen on the micro level by isolating the individual CZ's and counting how many time price bounces across the mid-point before finally breaking free.

Again, this is all very typical price action. It pays to zoom out every so often to regain perspective. And this is why I count on hitting several 45-50p wins, instead of looking for a single 300p win during the same 2 week period. While some are hoping for the 300, I am positive that I'll be bagging the 50 several times over.