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Against Conventional Wisdom

  • #21
  • Sep 23, 2012 5:37pm Sep 23, 2012 5:37pm
I don't really like to trade during the Asian session as the volatility has been pitiful since the banks destroyed the carry trading a few years ago.

I do check everything wen the market opens for the week.
Mark ... Everything you have been told is a LIE
  • #22
  • Sep 23, 2012 5:51pm Sep 23, 2012 5:51pm
The way this system is set up I don't have to sit and constantly watch the screen. About 5 minutes or so before the bottom or top of the hour, I will go through the three trading charts (M30, H1, & H2) to see how things look. About 80% of my trades I know in advance what I want for the entry and am just waiting on that. The other 20% do require screen time for a hit off an indicator.
Mark ... Everything you have been told is a LIE
  • #23
  • Sep 23, 2012 6:19pm Sep 23, 2012 6:19pm
Quoting spzd
The way this system is set up I don't have to sit and constantly watch the screen. About 5 minutes or so before the bottom or top of the hour, I will go through the three trading charts (M30, H1, & H2) to see how things look. About 80% of my trades I know in advance what I want for the entry and am just waiting on that. The other 20% do require screen time for a hit off an indicator.
I hope you don't mind me following your thread. I find it very educational. I like the way you are explaining things.
  • #24
  • Sep 23, 2012 6:24pm Sep 23, 2012 6:24pm
Quoting duffstuff1
I hope you don't mind me following your thread. I find it very educational. I like the way you are explaining things.
My pleasure Duffy. I won't be going into too many specifics, but you can ask those questions on our forum.
Mark ... Everything you have been told is a LIE
  • #25
  • Sep 23, 2012 6:36pm Sep 23, 2012 6:36pm
Even with the possibility of the H2 close-open being below the Daily support I mentioned, there is a problem.

This is the H1.

(1) The yellow indicator has gone flat.

(2) This Gold is ready to cross the yellow and has already crossed the Purple.

This will put the H1 into a cycle and there won't be a decent, safe entry until it comes out of that cycle. So I will definitely evaluate everything when the 2000 H2 prints.
Attached Image (click to enlarge)
Click to Enlarge Name: H1-2012-09-23_192657.jpg Size: 118 KB
Mark ... Everything you have been told is a LIE
  • #26
  • Sep 23, 2012 6:36pm Sep 23, 2012 6:36pm
Quoting spzd
My pleasure Duffy. I won't be going into too many specifics, but you can ask those questions on our forum.

I can understand that. I do like that manner in which you explained things. My current goal is understanding where my supports and resistances are in line with the trend and the way you described on the one chart opened my eyes a bit. You're doing a good job of getting your idea across. I'm very proud to have you as a friend and mentor.
  • #27
  • Sep 23, 2012 6:45pm Sep 23, 2012 6:45pm
Quoting duffstuff1
I can understand that. I do like that manner in which you explained things. My current goal is understanding where my supports and resistances are in line with the trend and the way you described on the one chart opened my eyes a bit. You're doing a good job of getting your idea across. I'm very proud to have you as a friend and mentor.
Thank you very much Duffy. That does mean a lot.
Mark ... Everything you have been told is a LIE
  • #28
  • Edited 7:43pm Sep 23, 2012 6:55pm | Edited 7:43pm
The Spread and My Charting Application

I use AccuCharts provided by FXSol. I'm sure this system can be coded on some other charting platforms, but have not bothered to try. The only other one I have tried it on is MT4 and there is NO possibility of MT4 being used.

The first thing that almost everyone says about FXSol is "It's a fixed spread. How can I make any pips with a fixed spread." Easy!! Unless your a scalper or high frequency traderlooking for 2 to 5 pips a trade. And to be honest, I don't see how a retail trader can even think of HFT. And for all of you who think you need to enter and hold a trade for days or weeks, what is the difference between 1.5 or 2 pips and 3 pips??? Seriously, your going to hold a trade for days and your concerned with a pip or two.

As I've stated, I'm looking for set-ups that will give me my 40 pips a day minimum. I've never had a problem being filled and have never had a problem with slippage.

In all honesty, if you want to truly be a professional trader and make a living from this, you need to really start "thinking outside of the box" that all these so called experts are trying to pin you in.
Mark ... Everything you have been told is a LIE
  • #29
  • Sep 23, 2012 7:14pm Sep 23, 2012 7:14pm
Thanks for your insights! I was hoping
someone would have a fresh look and method because I couldn't find one that worked for me.
  • #30
  • Sep 23, 2012 8:10pm Sep 23, 2012 8:10pm
Sorry was distracted for a bit.

The open of the 2000 was not an entry. But the H2 did retrace to a resistance and I took a short entry there. Currently Have BE locked in and +15 as of this post. Entry was 1.2978. Will see how it goes.
Mark ... Everything you have been told is a LIE
  • #31
  • Sep 23, 2012 8:19pm Sep 23, 2012 8:19pm
Quoting spzd
Sorry was distracted for a bit.

The open of the 2000 was not an entry. But the H2 did retrace to a resistance and I took a short entry there. Currently Have BE locked in and +15 as of this post. Entry was 1.2978. Will see how it goes.
Entry was taken off the H2, bit I am still concerned with the H1. If the bands on the H1 don't fan out and instead remain flat I will exit this trade.
Mark ... Everything you have been told is a LIE
  • #32
  • Sep 23, 2012 8:43pm Sep 23, 2012 8:43pm
Changed stop to lock in 20 pips. If this holds I will re-evaluate at 2200.
Mark ... Everything you have been told is a LIE
  • #33
  • Sep 23, 2012 9:01pm Sep 23, 2012 9:01pm
Locking in +35 wit TP @ 1.2925
Mark ... Everything you have been told is a LIE
  • #34
  • Sep 23, 2012 9:10pm Sep 23, 2012 9:10pm
Quoting spzd
Locking in +35 wit TP @ 1.2925

Nice work Boss
  • #35
  • Sep 23, 2012 9:14pm Sep 23, 2012 9:14pm
Quoting duffstuff1
Nice work Boss
It stalled out. Exited with +40. Not to shabby for a Sunday evening.
Mark ... Everything you have been told is a LIE
  • #36
  • Sep 23, 2012 9:27pm Sep 23, 2012 9:27pm
That's it for today. I will be back some time tomorrow. Take care all. God Bless
Mark ... Everything you have been told is a LIE
  • #37
  • Sep 23, 2012 9:36pm Sep 23, 2012 9:36pm
Quoting spzd
That's it for today. I will be back some time tomorrow. Take care all. God Bless
God Bless you too. I am so happy for you that you finally got this going. I know you're going to be fabulous at helping those that listen and care.
  • #38
  • Sep 24, 2012 10:39am Sep 24, 2012 10:39am
I can'twait to get started with this system. I felt like I learned alot just reading some of the comments on here yesterday. I am confused what BE means. Is that lingo for some type of exit?
  • #39
  • Sep 24, 2012 10:42am Sep 24, 2012 10:42am
Recap of Last Nights Trade

As you recall, I did not like what I was seeing at the 2000 bar on the H1. Because of this I did not take entry at that time. I was then distracted with a phone call. During this time I had the H2 up and saw the hit on the Purple (1). I went short at that time. One of the great things about this system is how areas on one chart correspond with another chart. On the M30 ST there was also an indicator hit at the same time as the H2. (2) Same area, different indicator. Amazing isn't it.

After my entry, my concern was the Bands on the H1. These bands were starting to squeeze in. (3) What I wanted to see in order to continue with the trade was the bands fan out. (4) They started to. It was not text book, but it was enough to stay in the trade. At this point I changed my stop to lock in profit and my TP to the lower pivot at 1.2925. It came within 4 pips then stalled. I then made my decision to exit the trade with +40 pips profit.

I need to briefly revisit the topic of PA. As I have said PA, in and of itself, is unimportant and an illusion. I still stand by that and always will. I also said you need to have a reference point regarding PA. This entry was an example of using a reference point with PA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: H2-09-24_102721.jpg Size: 93 KB
Click to Enlarge Name: M30ST-09-24_102912.jpg Size: 112 KB
Click to Enlarge Name: H1-09-24_103814.jpg Size: 104 KB
Mark ... Everything you have been told is a LIE
  • #40
  • Sep 24, 2012 10:44am Sep 24, 2012 10:44am
Quoting durant9999
I can'twait to get started with this system. I felt like I learned alot just reading some of the comments on here yesterday. I am confused what BE means. Is that lingo for some type of exit?
That is lingo. It means Break Even. It is when you set your stop to get out with no loss or gain.
Mark ... Everything you have been told is a LIE
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