Well well well seems that things have agian heated up in teh SSBO debate. So maybe its time I started posting. No i did not give up on the thread. Truth be told it took 3 attempts to start the thread befvore the moderators finnaly stepped in. The drama associated with starting the threads just didnt make it worth it to continue since it was interferring with my my personal goals. I guess some could say without fault that yes I did abandon the thread. For that I apoligize but Just to set the record straight
1) There is nothing hard about trading breakouts and you can really only take it so far.
2) I think I mentioned that my goal was to become a licensed professional trader and at the time I started the thread (for the 3rd time after being hijacked on 2 previous attempts). I was working towards that goal. I started the thread because it seems that the author of another thread refuses to take critism and will do evrything in his power to get those that threaten to expose his methid for not really being a method or an accomplished professional trader banned.
Now for the update
I have achievd my series 34 license and am about a 2 months away form my series 3 at which time i will be a licensed professional trader an 1 step closer to my ultimate goal of opening and running my own Forex fund.
I have taken another step towards that goal and became a Zulu trader in July. So that I have a track record.
I guess before we go on I should give my view and background. I am a technical trader not really tied to one specific system. I prefer Ichimoku Darvas and Fibonnaci. I have recently started studying EW.
I do like range trading but feel trading it alone can lead to problems. Therefore what I have done is combine a couple indcitors that I found along with traditonal technical anaylsis and a money managemnet system to form a COMPLETE METHOD to trade breakouts and price action.
I beleive in order to have an ACTUAL METHOD THERE NEED TO BE 3 KEY ELEMENTS or you might as well flip a coin.
This is based on one thing. Its not the enrtry its the exit that leads to success.
So to actually have a system YOU ABSOLUTELY NEED THESE 3
1) An Entry Strategy
2) An Exit strategy
3) A money managemnet system.
As near as I can tell its been 14 months and a certain other thread is still trying to come up with the last 2. Kudo's to teh programmers who are working on that the new indicator looks promising.
Ok so this methid has all 3 of those elements.
Step 1) Get ready to trade and pick a pair to trade to do this there are a couple of steps
a) determine teh bias
b) detremine teh trend
The strongest trades are with trend and bias matching
To find teh bias we use a 30 minute time frame and the 50 ane 100 ema's
We prefer and have the best chances when we trade with the bias. If bias is mixed find another pair to trade or you may want to sit it out till it changes.
Bias is defined in the following ways
Bullish Bias: 50 is above 100 and price is above both
Bearish Bias: 50 is below 100 and price is below both
Mixed Bias: price is above teh set of EMAS opposite of teh bias
See example bias chart.
Ok great step 1 is complete. The prefered pair is a pair where you can find a trend as well as confirming bias. you do not howevere have to have both.
To do this step everyday should take you abouut 1 minute.
It is also not neccesary to have teh ema's on your trading chart.
Step 2)
Once you have determined what pair you want to trade apply the indicators.
I have been using 3 differnt indicators and alternate based on market conditions.
The indicators are attached and are:
1) The No trade zone Filter- helps take profits using teh SQ indicator or can be traded alone.
2) The second is a break out startegy with projected profit points. It is the tpr mod indicator that is attached. It resets everyday at the start of teh asian session and the projections and sell/buy area are good for all 3 sessions.
3) The thrid would be teh sq indicator but I intedn to try using the the new one posibly.
The indicators are exteremly easy to read and I think helpful
Lets deal with the filter indicatior.
Leave teh settings at default but change the colors as follows
0 medium blue dotted line
1 red dotted line
2 medium blue dotted line
3 red dotted line
4 medium blue dotted line.
The result should look like teh filter chart attached to this thread
Teh TPR mod indicator is based purely on fibonnaci. Teh theory is sell or buy off teh 61 and 38 fibs based on teh previous days range. Targets are calculated automatically. In my use of this indicator the 3rd tier is rarely hit.
The idnocator also plots teh daily high low and previous high low. I find these to be annoying and that they clutter the charts so I just switch teh colors to none. I also turn off teh comment in the inputs.
See the attached chart labeled fib trader
Finnaly the 3rd indicator is of course the one that started the reasearch in this thread and it is teh SQ indicator. I like this indicator and have not yet ttried the new one.
Trading these is pretty self explanatory but I will discuss each in a seperate post to keep it from getting confusing. I am currently trading tonight so it may be tommorw when I get it all written up buit they are attached and ready for any and all to experiment with.
Sorry I pulled a Houdinni for a while but I think you will find teh wait was worth it
Calstar
1) There is nothing hard about trading breakouts and you can really only take it so far.
2) I think I mentioned that my goal was to become a licensed professional trader and at the time I started the thread (for the 3rd time after being hijacked on 2 previous attempts). I was working towards that goal. I started the thread because it seems that the author of another thread refuses to take critism and will do evrything in his power to get those that threaten to expose his methid for not really being a method or an accomplished professional trader banned.
Now for the update
I have achievd my series 34 license and am about a 2 months away form my series 3 at which time i will be a licensed professional trader an 1 step closer to my ultimate goal of opening and running my own Forex fund.
I have taken another step towards that goal and became a Zulu trader in July. So that I have a track record.
I guess before we go on I should give my view and background. I am a technical trader not really tied to one specific system. I prefer Ichimoku Darvas and Fibonnaci. I have recently started studying EW.
I do like range trading but feel trading it alone can lead to problems. Therefore what I have done is combine a couple indcitors that I found along with traditonal technical anaylsis and a money managemnet system to form a COMPLETE METHOD to trade breakouts and price action.
I beleive in order to have an ACTUAL METHOD THERE NEED TO BE 3 KEY ELEMENTS or you might as well flip a coin.
This is based on one thing. Its not the enrtry its the exit that leads to success.
So to actually have a system YOU ABSOLUTELY NEED THESE 3
1) An Entry Strategy
2) An Exit strategy
3) A money managemnet system.
As near as I can tell its been 14 months and a certain other thread is still trying to come up with the last 2. Kudo's to teh programmers who are working on that the new indicator looks promising.
Ok so this methid has all 3 of those elements.
Step 1) Get ready to trade and pick a pair to trade to do this there are a couple of steps
a) determine teh bias
b) detremine teh trend
The strongest trades are with trend and bias matching
To find teh bias we use a 30 minute time frame and the 50 ane 100 ema's
We prefer and have the best chances when we trade with the bias. If bias is mixed find another pair to trade or you may want to sit it out till it changes.
Bias is defined in the following ways
Bullish Bias: 50 is above 100 and price is above both
Bearish Bias: 50 is below 100 and price is below both
Mixed Bias: price is above teh set of EMAS opposite of teh bias
See example bias chart.
Ok great step 1 is complete. The prefered pair is a pair where you can find a trend as well as confirming bias. you do not howevere have to have both.
To do this step everyday should take you abouut 1 minute.
It is also not neccesary to have teh ema's on your trading chart.
Step 2)
Once you have determined what pair you want to trade apply the indicators.
I have been using 3 differnt indicators and alternate based on market conditions.
The indicators are attached and are:
1) The No trade zone Filter- helps take profits using teh SQ indicator or can be traded alone.
2) The second is a break out startegy with projected profit points. It is the tpr mod indicator that is attached. It resets everyday at the start of teh asian session and the projections and sell/buy area are good for all 3 sessions.
3) The thrid would be teh sq indicator but I intedn to try using the the new one posibly.
The indicators are exteremly easy to read and I think helpful
Lets deal with the filter indicatior.
Leave teh settings at default but change the colors as follows
0 medium blue dotted line
1 red dotted line
2 medium blue dotted line
3 red dotted line
4 medium blue dotted line.
The result should look like teh filter chart attached to this thread
Teh TPR mod indicator is based purely on fibonnaci. Teh theory is sell or buy off teh 61 and 38 fibs based on teh previous days range. Targets are calculated automatically. In my use of this indicator the 3rd tier is rarely hit.
The idnocator also plots teh daily high low and previous high low. I find these to be annoying and that they clutter the charts so I just switch teh colors to none. I also turn off teh comment in the inputs.
See the attached chart labeled fib trader
Finnaly the 3rd indicator is of course the one that started the reasearch in this thread and it is teh SQ indicator. I like this indicator and have not yet ttried the new one.
Trading these is pretty self explanatory but I will discuss each in a seperate post to keep it from getting confusing. I am currently trading tonight so it may be tommorw when I get it all written up buit they are attached and ready for any and all to experiment with.
Sorry I pulled a Houdinni for a while but I think you will find teh wait was worth it
Calstar