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  • #61
  • Nov 29, 2012 2:31am Nov 29, 2012 2:31am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Now is the time I shock you with my trade management. From a trade perspective, my goal is 10 pips per day. I can tell you that for this trade, under my normal trading conditions I would have also placed a TP at 5 pips, and have already banked half my quota.

Then I move to the 5m and 15M to scalp my way to 10 pips. Once at 10 pips, I lower lot size and spend the day looking for any more entries

Here though - it is my intention if the EU will allow me, to show you how to:
1. remove the risk
2. lock in profits
3. trail your stop behind price, gradually locking in profits, this is a whole process in and of itself, that requires supreme patience!
  • #62
  • Nov 29, 2012 2:33am Nov 29, 2012 2:33am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
ok - move your stop to Break even and breath, the risk is gone. If you get taken out on the BE - no worries there are other opportunies. never enter twice in the same candle (my preference)
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  • #63
  • Nov 29, 2012 2:43am Nov 29, 2012 2:43am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
ok - I drew a fibo from B to C and did not like what I saw. Price has already exceeded the 127.0 level of the B to C leg (actually it is pushing the 261).

So hopefully I am not seeing the beginning of a pinbar - but time will tell. I literally have NO clue what it is going to do, it is approaching a daily pivot point also - so what next?

#2 Lock in profit. I just moved my stop to lock in my 5 pips! i am happy - I just made half my daily quota!

Next we look to trail our stop if the EU lets us.
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  • #64
  • Nov 29, 2012 2:52am Nov 29, 2012 2:52am
resolve my problem....already have the right template...now it's time to study this style.thank you
  • #65
  • Nov 29, 2012 2:55am Nov 29, 2012 2:55am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Also one last point - I know I am ranting but this is how I trade. Notice the RSI getting ready to tag 70 on the 1H. When it does that and if my stop has not already been taken out, depending on what candle forms in conjunction with the RSI at 70, I move my stop in segments, not by the candle.

We are still bullish and when RSI hits 70 it's a good chance that the next candle will close bearish, but not necessarily a true trend reversal.

If the 70 tagged candle is extremely bearish (like a large inverted hammer), my stop is moved to it's low, with a sell stop just below that. These are the opportunites where your pip Wave riding take place!

If the candle is indifferent with it's bias, I move my stops in segments. I find the most recent higher low and move my stop below it. I keep doing this until a candle paints on the chart that tells me to exit.

Using this method I have gone on 150 pip rides (including last week)

Can anyone find the long ride I took last week? hint: It went through until Friday (Ipaid a hefty swap fee, but banked quite a bit!)
  • #66
  • Nov 29, 2012 2:56am Nov 29, 2012 2:56am
Do we use the fibo levels that are supplied with the IBFX platform or must we add on and if so,

what is your suggestion please?

Regards

John
  • #67
  • Nov 29, 2012 2:58am Nov 29, 2012 2:58am
Quoting 9er
Damn I can't believe I left this out. Bill Williams Fractals. When price crosses through the alligator mouth you look for the first fractal to form OUTSIDE of the alligators mouth. The absolute strongest and best opportunity for a buy or sell stop - very powerful

Take a look at the 1H chart, find the first up fractal that formed outide the mouth. In this case the fractal price corresponds very nicely with my buy stop.

Are you starting to see how these indicators work eith in solo or in tandum with each other? Now that I have formed my premise...
Hello, 9er.
Just a quick question in order to make sure I understand you correctly - by saying "first fractal formed outside the mouth" you mean you look for a candle formed completely outside the moving averages, right?
  • #68
  • Nov 29, 2012 2:59am Nov 29, 2012 2:59am
Great teaching. I'm probably a bit slower than most but I'm learning and going to keep pushing forward. It's easy to see that you have developed a strong vibe with the market and that is very impressive.
  • #69
  • Nov 29, 2012 3:02am Nov 29, 2012 3:02am
Hello 9er, I have one question too.
If you use this your 'style', about how many trades do you make in 1 day?
  • #70
  • Nov 29, 2012 3:09am Nov 29, 2012 3:09am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Very interesting! Take a hard look at this chart (1H). I've marked it up for you and use it as an example that things change, and all is not hard coded.

Speculation: have we truly just completed the B to C leg? Was what I thought to be X really A?

Believe we are about to see a reversal here. My stop has been take out at +5 pips. The last candle went to the 78.6 retrace, if this premise is true - believe for the rest of the day we are going to see price going down.

Any thoughts?
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  • #71
  • Nov 29, 2012 3:11am Nov 29, 2012 3:11am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Really don't track it too much, but if I had to average it - it would be 2 trades a day. Remember we don't live in the past, we think forward and never worrie about such things! Your most important trade is your next one

Quoting Jacolos
Hello 9er, I have one question too.
If you use this your 'style', about how many trades do you make in 1 day?
  • #72
  • Nov 29, 2012 3:13am Nov 29, 2012 3:13am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Exactly to the 78.6!
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  • #73
  • Nov 29, 2012 3:18am Nov 29, 2012 3:18am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
If this is B to C our target will be around the 1.2850 area.

Draw your FIB from B to C and the target area is usually the 127.0 to the 161.8.

This premise now cannot be ignored until price continues to creep upwards and exceeds what we now lable as A's high.

We wait
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  • #74
  • Nov 29, 2012 3:19am Nov 29, 2012 3:19am
subscribed 9er...indeed a student handbook for me...will study ur way and hopefully learn it
  • #75
  • Nov 29, 2012 3:21am Nov 29, 2012 3:21am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
For your reference
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  • #76
  • Nov 29, 2012 3:27am Nov 29, 2012 3:27am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Use the default. but also notice that the ZUP indicator provides the fibo in it's drawings

Quoting jmcl
Do we use the fibo levels that are supplied with the IBFX platform or must we add on and if so,

what is your suggestion please?

Regards

John
  • #77
  • Nov 29, 2012 3:28am Nov 29, 2012 3:28am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
yes COMPLETELY outside the mouth

Quoting Barbossa
Hello, 9er.
Just a quick question in order to make sure I understand you correctly - by saying "first fractal formed outside the mouth" you mean you look for a candle formed completely outside the moving averages, right?
  • #78
  • Nov 29, 2012 3:34am Nov 29, 2012 3:34am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Donatello thank you. You start somewhere right? This method is so hard to teach in a practical classroom type setting. There truly is so much more, which I will share as the trade opportunites present themselves.

if ever you feel overwhelmed, take a break - this style can come across as complex, but literally I am only trying to make you see every possible angle before taking a trade. It truly does does get easier, but it is critical you don't mix and match styles, systems or pairs.

Stay with one pair, one style and before too long you too will find your groove

You'll get it, of that I have no doubt!

Quoting Donatello
Great teaching. I'm probably a bit slower than most but I'm learning and going to keep pushing forward. It's easy to see that you have developed a strong vibe with the market and that is very impressive.
  • #79
  • Nov 29, 2012 3:48am Nov 29, 2012 3:48am
Thanks 9er. I really appreciate that. I'm sticking to EUR/USD only. I don't want to try and bite off more than I can chew. I'm paying attention to everything that you are sharing and taking notes also.

I don't expect to have a solid grasp anytime soon but I know with hard work and focus, I will get there.

Quoting 9er
Donatello thank you. You start somewhere right? This method is so hard to teach in a practical classroom type setting. There truly is so much more, which I will share as the trade opportunites present themselves.

if ever you feel overwhelmed, take a break - this style can come across as complex, but literally I am only trying to make you see every possible angle before taking a trade. It truly does does get easier, but it is critical you don't mix and match styles, systems or pairs.

Stay with one pair, one style and before too long you too will...
  • #80
  • Nov 29, 2012 3:52am Nov 29, 2012 3:52am
9er

From memory I think is was the KorHarmonics 6.7.13 version that drew ABCD - don't have the indi any more but sure you can find it on google.
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