Attachments: X-Man's Super Simple System

X-Man's Super Simple System

#7,981
Aug 3, 2012 12:54pm Aug 3, 2012 12:54pm

Phx62
Joined Jan 2009 | Status: Trader | 924 Posts

Here are the trades I took this week. Please note...the duration of every trade taken was a mimimum of 5 hours each. It takes a lot of patience to monitor trades for that long which is why I often manage the trades with an EA, once they are in profit.
Wednesday's trade was a break even trade that would have been profitable if I had stayed in it, however I went back to bed and the EA closed it out at breakeven. No big deal, that is trading and it was not a loss.
The trade on Thursday was taken with a 50 pip TP but once news began to move the market up, I changed the TP to 100, which was hit....a risky trade during news but my SL was already in profit, so it was a free trade that worked out.
The daily range today (Friday) was 225 pips but I only got 76 of them.... I exited on the pullback following a double top (it was a double top when I exited).....as it turned out, the market retraced 70 pips, which is too much drawdown for me anyway, and then moved up 170 pips. I am very happy to get the 76 pips.

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#7,982
Aug 3, 2012 5:33pm Aug 3, 2012 5:33pm

Drewas
| Joined Mar 2011 | Status: Trader | 488 Posts

Thanks for sharing Phx, impressive a usual, gives the rest of us mere mortals hope and inspiration

We're all just one trade away from humility.

#7,983
Aug 3, 2012 6:14pm Aug 3, 2012 6:14pm

smarco
| Joined Jun 2012 | Status: Trader | 227 Posts

I'm always happy to see your post Phx!

With these beautiful pictures I can compare my reasoning made daily and correct my mistakes!

I wish you a sincere Good weekend!

Thanks again

#7,984
Aug 4, 2012 8:46am Aug 4, 2012 8:46am

dee50
Joined Jul 2010 | Status: Retired | 3,621 Posts

Quoting Phx62

Disliked

Here are the trades I took this week. Please note...the duration of every trade taken was a mimimum of 5 hours each. It takes a lot of patience to monitor trades for that long which is why I often manage the trades with an EA, once they are in profit.
Wednesday's trade was a break even trade that would have been profitable if I had stayed in it, however I went back to bed and the EA closed it out at breakeven. No big deal, that is trading and it was not a loss.
The trade on Thursday was taken with a 50 pip TP but once news began to move the market...

Ignored

Thanks, your charts and explanations are invaluable to me.

Curious, Your first entry was taken 2 hours before the signal appeared, your 2nd and 3rd entries 1 hour before, your 4th entry you took on the bounce as expected, your last entry you took 2 hours after the signal bar, presumably after price had cleared the top of the channel. How many pips are needed to confirm the breakout of the channel?

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Cut your Losers short and let your Winners run.

#7,985
Aug 4, 2012 2:50pm Aug 4, 2012 2:50pm

imperatorfr
| Joined Apr 2008 | Status: Trader | 139 Posts

Hi Phx62, thanks for your post. But i Have a question, why did you not take this sell trade ? (white arrow)

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#7,986
Aug 4, 2012 5:32pm Aug 4, 2012 5:32pm

smarco
| Joined Jun 2012 | Status: Trader | 227 Posts

Quoting imperatorfr

Disliked

Hi Phx62, thanks for your post. But i Have a question, why did you not take this sell trade ? (white arrow)

Ignored

Hello
Reading s3 rules in first post -PDF- (also Phx rules) don't trade asian session (no volume)

#7,987
Aug 4, 2012 8:00pm Aug 4, 2012 8:00pm

Phx62
Joined Jan 2009 | Status: Trader | 924 Posts

Quoting dee50

Disliked

Thanks, your charts and explanations are invaluable to me.

Curious, Your first entry was taken 2 hours before the signal appeared, your 2nd and 3rd entries 1 hour before, your 4th entry you took on the bounce as expected, your last entry you took 2 hours after the signal bar, presumably after price had cleared the top of the channel. How many pips are needed to confirm the breakout of the channel?

Ignored

RE: First entry.....I have learned that many times the London session will often continue the same direction as was established from the open of the day (considering there are no pending important news releases). With the strong move down I decided to try and take advantage of that and entered on the red candle following the first blue one....also please note, the green TDI line was below the red and the yellow and the 50 line giving me additional confirmation that price might drop.
RE: Second & Third entry....both trades were taken based on price action and pullback candles following LO. Obviously only one trade worked out.
RE: Fourth entry.....that trade was taken during the first candle of LO following a break of the 200EMA (three previous candles had already pierced the line and pulled back down).
RE: Fifth entry.....I normally only trade the London session. That day, I got to my computer at LO and took the trade after it broke the previous candle. I watched the trade carefully in case it reversed at the 200EMA. That happens quite often. Once it cleared the 200, I rode it until I saw a double top and exited.
I see you trade this system very well. Keep up the good work. I like the research paper you did on your last 30 trades....lots of good information to be learned there.
Good trading.

#7,988
Aug 4, 2012 8:04pm Aug 4, 2012 8:04pm

Phx62
Joined Jan 2009 | Status: Trader | 924 Posts

Quoting imperatorfr

Disliked

Hi Phx62, thanks for your post. But i Have a question, why did you not take this sell trade ? (white arrow)

Ignored

One reason has been posted by smarco....the other is that I normally only trade the London session and was not at my computer when the TDI gave that particular sell signal.
Thanks,

#7,989
Aug 5, 2012 7:34am Aug 5, 2012 7:34am

For Ex
| Joined Aug 2012 | Status: Trader | 11 Posts

Hello every one here,

I am a nob in forex but till now have wasted about 4k in trading. This system looks like it works really well. We just have to do some back testing.
I am trading on eToro not on MT4.

There are many terms which I didn't understand. I remember one guy on the 8th page said that you don't even know this and that so go and do something else. I believe that X-Man and other good traders are not Good by born. They have spend time and become good traders so far. I also want to learn it and Forum is always a good place to interact and to learn things.

There are many terms used in the PDF ebook which I didn't understand.
Like TDI, EA, PA is the King. Can I look at these terms some where ?
I know time is money but if some of you can make a video of complete procedure of atleast london time then it will be really easy to understand it for those who are not natives or which are new in this industry.

Ahmed

#7,990
Aug 5, 2012 11:40am Aug 5, 2012 11:40am

dee50
Joined Jul 2010 | Status: Retired | 3,621 Posts

Quoting For Ex

Disliked

Hello every one here,

I am a nob in forex but till now have wasted about 4k in trading. This system looks like it works really well. We just have to do some back testing.
I am trading on eToro not on MT4.

There are many terms which I didn't understand. I remember one guy on the 8th page said that you don't even know this and that so go and do something else. I believe that X-Man and other good traders are not Good by born. They have spend time and become good traders so far. I also want to learn it and Forum is always a good place to interact...

Ignored

Please, Please, Please, do yourself a favour, do not spend anymore money on trading until you have at "least" learnt the basic terminology of trading. You can not possibly hope to become a sucessful trader if you do not understand the language of trading. A usefull FREE resource is www.investopedia.com this site provides explanations of many aspects of trading. Also try www.babypips.com another easy to learn site that keeps things simple. When you have spent some time on these sites then come back and reread the beginning of this thread, if you then have an AAAAHHH!!! moment, then you are ready to move to demo mode.

Good Luck

Cut your Losers short and let your Winners run.

#7,991
Aug 5, 2012 12:05pm Aug 5, 2012 12:05pm

dee50
Joined Jul 2010 | Status: Retired | 3,621 Posts

Quoting Phx62

Disliked

RE: First entry.....I have learned that many times the London session will often continue the same direction as was established from the open of the day (considering there are no pending important news releases). With the strong move down I decided to try and take advantage of that and entered on the red candle following the first blue one....also please note, the green TDI line was below the red and the yellow and the 50 line giving me additional confirmation that price might drop.
RE: Second & Third entry....both trades were taken based on price...

Ignored

Greatly appreciate your time. Many thanks for the explanation.

This week was turning into a debacle for me but thanks to Draghi, it turned into a spectacular week. Although many of the pips gained are not directly attributable to the method I have attached my chart for the week. I have traded News for a couple of years now so I am comfortable staying in the market at those times and anyway my trade ( thursday) was at B/E at the time of the annoucement so nothing to lose.

Attached Image (click to enlarge)

Click to Enlarge

Name: 6E TDI 30 07 - 03 08 2012.png
Size: 69 KB

Cut your Losers short and let your Winners run.

#7,992
Aug 5, 2012 12:48pm Aug 5, 2012 12:48pm

Vantage
Joined Mar 2007 | Status: Trader | 7,195 Posts

Quoting dee50

Disliked

Greatly appreciate your time. Many thanks for the explanation.

This week was turning into a debacle for me but thanks to Draghi, it turned into a spectacular week. Although many of the pips gained are not directly attributable to the method I have attached my chart for the week. I have traded News for a couple of years now so I am comfortable staying in the market at those times and anyway my trade ( thursday) was at B/E at the time of the annoucement so nothing to lose.

Ignored

Hi dee
Love that chart, you seem to have those HH, LL flows nailed. Even the LH after divergence on the move up to 2340. Great stuff and I would like to see more of these types of posts. I'm sure they'll help lots of people.

#7,993
Aug 6, 2012 12:20am Aug 6, 2012 12:20am

robuk
| Joined Nov 2011 | Status: Trader | 470 Posts

Quoting dee50

Disliked

Greatly appreciate your time. Many thanks for the explanation.

This week was turning into a debacle for me but thanks to Draghi, it turned into a spectacular week. Although many of the pips gained are not directly attributable to the method I have attached my chart for the week. I have traded News for a couple of years now so I am comfortable staying in the market at those times and anyway my trade ( thursday) was at B/E at the time of the annoucement so nothing to lose.

Ignored

Congrats on great results, if poss can you explain more about your entry /exit methods ,to help us noobies ,do you use mostly , pa, tdi ,and how do you incorporate the hh ll etc into your trading

#7,994
Aug 6, 2012 12:40am Aug 6, 2012 12:40am

shakeyiu
| Joined Sep 2010 | Status: Trader | 76 Posts

I just curious why no one post/mention 4 hour swing method recently
When I read from beginning, X-man said 4 hour swing was the most profitable one.

correct me if i'm wrong, thx!

#7,995
Aug 6, 2012 1:07am Aug 6, 2012 1:07am

Vantage
Joined Mar 2007 | Status: Trader | 7,195 Posts

Quoting robuk

Disliked

Congrats on great results, if poss can you explain more about your entry /exit methods ,to help us noobies ,do you use mostly , pa, tdi ,and how do you incorporate the hh ll etc into your trading

Ignored

HH HL, LH LL gives you the flow of market the trend. So if you are in downtrend you should be seeing LH LL, in uptrend HH HL.

If you are seeing HH HL in downtrend you need to ask yourself 2 questions are you prepared to go counter trend (do you believe market has legs to go CT), or will you wait for downtrend to resume with a LH?

In uptrend should be seeing HH HL, so if seeing LH LL again you have to decide on going CT or waiting for HL to signal return to trend.

Price reacting to proven support resistance areas should help when reverting to trend, price closing and engulfing most recent range on 1hr would also help.

Divergence which signals a move back into trend and the HL or LH that follows is normally a strong move.

Dee's recent charts shows the scenarios very, very nicely.

#7,996
Aug 6, 2012 2:44am Aug 6, 2012 2:44am