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  • #6,861
  • Sep 20, 2012 5:28am Sep 20, 2012 5:28am
Thanks Geo and Tony.

It helps to confirm when we are all on the same page. I realize I waited too long for entry today.

To recap, we enter in the direction of first five seconds... no matter what.

Is this correct?
  • #6,862
  • Sep 20, 2012 5:42am Sep 20, 2012 5:42am
Quoting hazel1919
Thanks Geo and Tony.

It helps to confirm when we are all on the same page. I realize I waited too long for entry today.

To recap, we enter in the direction of first five seconds... no matter what.

Is this correct?
I suppose we must enter after 2 pips from the opening price of 9.00.00.

Tony could confirm it.
Don't give up
  • #6,863
  • Sep 20, 2012 6:25am Sep 20, 2012 6:25am
Quoting geomink
please fartist, could you clirifie your concept, thank you in advance
What i was putting across is that, you have to decide which is your priority, trading or work?

If it's work then naturally you would miss trades here and there. If you tell yourself trading comes first and no matter what i will not miss any trades if that even gets me fired, then there's no excuse to miss a trade anymore.

So it boils down to which comes first?
Whether you can or you can't, you are both right.
  • #6,864
  • Sep 20, 2012 6:29am Sep 20, 2012 6:29am
Quoting geomink
I suppose we must enter after 2 pips from the opening price of 9.00.00.

Tony could confirm it.
Hi Tony,

Could you confirm what Geomink says? Just to be sure. The moment we leave space for discretion and interpretation, the edge is lost.

Is this correct?
  • #6,865
  • Sep 20, 2012 7:04am Sep 20, 2012 7:04am
SL
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 146 KB
Don't give up
  • #6,866
  • Sep 20, 2012 7:04am Sep 20, 2012 7:04am
LO: -2

NO: -2

On to tomorrow!
  • #6,867
  • Sep 20, 2012 7:05am Sep 20, 2012 7:05am
Quoting geomink
unfortunately Oanda doesn't have 5 sec chart anymore

btw i supposed is clear with 10 sec too
let me know pls
Oanda does indeed still have 5 sec chart, I am looking at it right now on my screen.
  • #6,868
  • Sep 20, 2012 7:16am Sep 20, 2012 7:16am
LO:BE
Maybe not entirely correct entry

NO:BE
Entered long on 1.29554
SL:1.29574
When it was +1 moved the stop
Attached Image (click to enlarge)
Click to Enlarge Name: save.jpg Size: 45 KB
  • #6,869
  • Sep 20, 2012 7:26am Sep 20, 2012 7:26am
Quoting SmartGXL
Oanda does indeed still have 5 sec chart, I am looking at it right now on my screen.
I did not explain well myself

i meant 5 sec graph was no more available, so I posted 10 sec
Don't give up
  • #6,870
  • Sep 20, 2012 8:08am Sep 20, 2012 8:08am
Quoting SmartGXL
LO: -2

NO: -2

On to tomorrow!

Ditto
  • #6,871
  • Sep 20, 2012 8:10am Sep 20, 2012 8:10am
Quoting fartist
Perhaps if you were to put trading before work, would that work out better for you?

You could get fired but hey there's always work elsewhere.

So Fartist...just curious. Do you live with your parents.

Most of us have to pay the bills. Hard to trade if you can't afford to pay the internet bill.
  • #6,872
  • Sep 20, 2012 10:27am Sep 20, 2012 10:27am
Quoting spyderman
Most of us have to pay the bills. Hard to trade if you can't afford to pay the internet bill.
It seemed simple to me.............
Don't give up
  • #6,873
  • Sep 20, 2012 10:52am Sep 20, 2012 10:52am
Quoting hazel1919
Hi Tony,

Could you confirm what Geomink says? Just to be sure. The moment we leave space for discretion and interpretation, the edge is lost.

Is this correct?
I agree, it is a little vague right now what the "official" entry point is. Some people say it is "initial direction at the Open" meaning as soon as you see the first bar move either up or down, that is the direction you enter.

For me, what I am doing, when I see the market move by at least one pip in a direction after the Open, that is the way I go. For the market to move one full pip, to me, means that there is some consensus amongst the "central banks and big players" and so I jump on that direction.
  • #6,874
  • Sep 20, 2012 10:56am Sep 20, 2012 10:56am
One thing I want to mention about this system....I love the idea of compounding when you reach a new high point in your account balance, but if you keep compounding, you will eventually reach a point in the balance where you cannot afford the weekly refunds...so for example I compound to the point where my account balance is $20,000...and risking 0.7% of the account balance per trade is $140 per trade...times ten trades per week...that is $1400 per week that I need to refund (assuming there were no wins nor BE's). I dont have that kind of free liquid cash to continue refunding; most of my funds are tied up in 401k and some other non-available investments. So there is a limit, sort of, and when I reach that limit I have to most likely start to withdraw the profits and spend/invest them in other ways.

Not that I am complaining about having profits!! I am grateful for them, actually.
  • #6,875
  • Sep 20, 2012 2:54pm Sep 20, 2012 2:54pm
JMO but I think we're getting to hung up on the entry direction. I don't think for a minute that this group of traders or any other group of retail traders can effect the movement of the Eur/Usd. Not in the short term, and certainly not for any 100 pip move.

So again, in my opinion, the entry direction is arbitrary. If the first couple of pips is up, so what. Some bankrolled fund manager could wipe that blip just bending over to pick up a pack of smokes.

What makes this system profitable (for some...hopefully for more of us) is the huge R:R. When and if you hit it right, you get the big payoff.

This morning I took my first trade on the NYO long. Got stopped out. I took a bonus trade short, got to BE then stopped out. Very rarely does the market just take off (not counting news) in one direction, and when it does, I doubt seriously that it is necessarily in the direction of the first 5 pips of the session.

Just my two cents. Meanwhile, I'll try again tomorrow...in the direction of the first few pips.
  • #6,876
  • Sep 20, 2012 3:00pm Sep 20, 2012 3:00pm
Quoting SmartGXL

For me, what I am doing, when I see the market move by at least one pip in a direction after the Open.
For me, at least 2 pips
Don't give up
  • #6,877
  • Sep 20, 2012 9:31pm Sep 20, 2012 9:31pm
I'm writing a book and autobiography ... its gonna be free
Invest in alarm clocks
  • #6,878
  • Sep 20, 2012 9:43pm Sep 20, 2012 9:43pm
Quoting SmartGXL
One thing I want to mention about this system....I love the idea of compounding when you reach a new high point in your account balance, but if you keep compounding, you will eventually reach a point in the balance where you cannot afford the weekly refunds...so for example I compound to the point where my account balance is $20,000...and risking 0.7% of the account balance per trade is $140 per trade...times ten trades per week...that is $1400 per week that I need to refund (assuming there were no wins nor BE's). I dont have that kind of free liquid...
I give you my full agreement to that. At some point you will reach a point where will be difficult to refund a single 2 pip loss. Then you will know that you have succeeded
Invest in alarm clocks
  • #6,879
  • Sep 21, 2012 5:11am Sep 21, 2012 5:11am
Quoting Tony112
I give you my full agreement to that. At some point you will reach a point where will be difficult to refund a single 2 pip loss. Then you will know that you have succeeded

Hi ! I am new writing to your thread but I was lurking some time here and saw you Tony and your amazing story. Really great must say with your strategy we can build our dreams ! I hope its a reality not a fiction
Thank you Tony !

Luis, 23 years, learning forex about 2 years.
  • #6,880
  • Sep 21, 2012 7:02am Sep 21, 2012 7:02am
LO: -2

NO: -2

See everyone Monday morning!
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