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  • #9,661
  • Jan 7, 2013 10:46am Jan 7, 2013 10:46am
Quoting mary4x
Great thought, Dee. Question: How much for the cat??
How many do you want, they breed like bunnies here. We have 6 exactly like him, at the moment, and there will be more in March.
Cut your Losers short and let your Winners run.
  • #9,662
  • Jan 7, 2013 10:54am Jan 7, 2013 10:54am
Quoting dee50
There is a thread "another simple system" that explains the workings of the "Magic 10"

http://www.forexfactory.com/showthread.php?t=345586

Good luck.
Many pages lol. But I'll slowly read the posts. Thanks!! =]
  • #9,663
  • Jan 7, 2013 10:57am Jan 7, 2013 10:57am
Quoting Quezoy
Today I've entered perfectly on EU and EJ based on a HL and the 78.6 ret.
I've even drawn some harmonics which created a nice final TP with the ADR high ans 127 ext.

But when price started retracing I've panicked and closed both for a loss of about 15 pips on both, insted of a 60 pips gain on both.
Its my first week of live trading and thats the result of pressure.
It all changes when you go Live. Cold sweats, Puckering Up. Doubts. Hallucinations, euphoria, depression.
Cut your Losers short and let your Winners run.
  • #9,664
  • Jan 7, 2013 11:01am Jan 7, 2013 11:01am
Quoting IvanNC
Many pages lol. But I'll slowly read the posts. Thanks!! =]
Look thru the attachments, I think there are a number of PDFs that have been compiled, should save you some time and an awfull lot of confusion. That thread is about 3 different methods and the Magic 10 all jumbled up together.
Cut your Losers short and let your Winners run.
  • #9,665
  • Jan 7, 2013 11:33am Jan 7, 2013 11:33am
Hello everybody ,

2 trades today : -2 pip for the first

+56pip for the second
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  • #9,666
  • Jan 7, 2013 12:35pm Jan 7, 2013 12:35pm
Quoting dee50
How many do you want, they breed like bunnies here. We have 6 exactly like him, at the moment, and there will be more in March.
Time for a trip to the vet... No kidding, though, that's a beautiful cat.
  • #9,667
  • Jan 7, 2013 2:28pm Jan 7, 2013 2:28pm
Just closed the one trade I took today.....taken on a double bottom bounce and TDI bouncing off the yellow MBL during 2nd hour of London....bounced around till NY open and then moved up through the H4EMA to the 38 fib line, where it stalled.....good for +81.
Attached Image (click to enlarge)
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  • #9,668
  • Edited Jan 8, 2013 4:03am Jan 7, 2013 2:50pm | Edited Jan 8, 2013 4:03am
Nice, job Phx62

I started from today trading these system, I entered long on the candle that you entered, but i'm starting with this method and I don't have confidence, and I bail out on the red candle and also, my HA candles are different color, probably difference in data feed. I find out now, what is the issue with the HA
I'm studying your charts and I will need to use just one chart.

Hope I will master the method like you

Quoting Phx62
Just closed the one trade I took today.....taken on a double bottom bounce and TDI bouncing off the yellow MBL during 2nd hour of London....bounced around till NY open and then moved up through the H4EMA to the 38 fib line, where it stalled.....good for +81.
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd long 1-7-13.jpg Size: 160 KB
  • #9,669
  • Jan 7, 2013 5:05pm Jan 7, 2013 5:05pm
Quoting Phx62
Just closed the one trade I took today.....taken on a double bottom bounce and TDI bouncing off the yellow MBL during 2nd hour of London....bounced around till NY open and then moved up through the H4EMA to the 38 fib line, where it stalled.....good for +81.
Hi Phx62

I hope you can help me with this question: Today i took the same trade as you, but i bailed out after seeing the second red candle (closed) with opposite cross of TDI. What made you stay in the trade with such conditions?

Thanks

Munir
  • #9,670
  • Jan 7, 2013 5:09pm Jan 7, 2013 5:09pm
Munirpt very good question.
I took the same trade and I went out on red candle back then I enter as the screenshot shows

and another question: how do you know or exit the trade 20 pips 50 pips 40 pips 70 pips 90 pips etc?
  • #9,671
  • Jan 7, 2013 6:32pm Jan 7, 2013 6:32pm
Quoting munirpt
Hi Phx62

I hope you can help me with this question: Today i took the same trade as you, but i bailed out after seeing the second red candle (closed) with opposite cross of TDI. What made you stay in the trade with such conditions?

Thanks

Munir
The 1st London candle appeared to set the low of the day right at the yellow daily resistance line, so I entered the trade long.....I just didn't know price would take so long to go that direction. The drawdown on the trade turned out to be 8 pips and my SL was 16 pips so I stayed in it (actually my EA kept me in it.....I was asleep). The trade moved 21 pips in my favor on the third candle before bouncing down and the back up, so the EA moved my SL from 40 pips to 16 pips once price reached +18 pips. If I had monitored the trade, I would still have been in it at least until a candle broke the yellow daily resistance area. When I woke up, the NY session had started and price was moving up, so I monitored it each hour, from work, until price stalled for a couple of hours. I don't use the TDI for exits.
  • #9,672
  • Jan 7, 2013 6:52pm Jan 7, 2013 6:52pm
Quoting thomi
Munirpt very good question.
I took the same trade and I went out on red candle back then I enter as the screenshot shows

and another question: how do you know or exit the trade 20 pips 50 pips 40 pips 70 pips 90 pips etc?
Please see my last post for an explaination of my exit on this trade......
To answer your question, I set my TP and SL based on the Average Daily Range of the pair....after much study and testing, I am comfortable setting TP and SL at roughly 40% to 50% on the current ADR......right now with the ADR running at 90 to 100 pips, I enter all my EU H1 trades with a 40 pip TP and a 40 pip SL. When the ADR was in the 110 to 120 range, I would enter with a 50 pip TP and 50 pip SL. When I see long candles with no wicks on the bottom (long trades) I sometimes move my TP to 80 or 100 pips and wait for a pullback and/or a candle to close red (long trades) while the EA moves the SL approx 3 pips behind the previous candle following the close of a candle.....or if there is not strong consolidation, I let it run to the new TP. If I had been patient enough today, it would have come very close to hitting the 100 pip TP.
Hope this helps....
  • #9,673
  • Jan 7, 2013 11:04pm Jan 7, 2013 11:04pm
Good Morning Everybody

Thanks Phx60 and Thanks Dee for explanation, I learn a lot from your chart

I entered correctly maybe and things become very nicely

I let the trade continue after I locked in 26 pips and went to sleep

Price reached 80+ pips but I was slept that time, waked up on 3 red candle so thought to my self this is it, time to exit for 43+ pips

Should I have left the trade going on even though 3 red candle had already formed ?

To my suprise the third red candle spiked up just after I exit the trade and continued making sweet pips

Thanks X for this super strategy
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I Have Learned to Take Some Losses to Make Profits
  • #9,674
  • Jan 8, 2013 12:30am Jan 8, 2013 12:30am
Quoting Phx62
Just closed the one trade I took today.....taken on a double bottom bounce and TDI bouncing off the yellow MBL during 2nd hour of London....bounced around till NY open and then moved up through the H4EMA to the 38 fib line, where it stalled.....good for +81.

Hi Phx62,

You are simply the best . I am following your posts and trying to learn.

I want to match my chart with your charts.

Have you entered this trade before London opening ?

Is your server time is GMT+2.

Is your trading timing block -Green lines, starts from 8.00 GMT or 10.00 your server time.

Thanks
  • #9,675
  • Jan 8, 2013 3:14am Jan 8, 2013 3:14am
Hi guys this my first post on this thread so hope I can get asstiance with this problem. I download History Data for my Metatrader to go back to 2011 to view old chart. The problem is that I had an Uptrend on my Eu daliy now it is downtrend were bottoms and top are more then year back could I ask if anyone else chart look like mine.
Attached Image (click to enlarge)
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  • #9,676
  • Jan 8, 2013 3:36am Jan 8, 2013 3:36am
Reading thru the posts of yesterdays trade and you all talk about closing the trade because of the red HAs. What you did was correct. However, none of you talked about re entering the trade, Why Not? There was a perfect Breakout Pullback 123 entry just above the RN 1.3050 which would have given you 40 pips. If you did not spot the range, the entry was still visible. Pullback from the 1 hr 50 ema to support at the RN 1.3050. If you do not use the 1hr 50ema. Pullback from a minor S&R level from the asian session to the RN 1.3050. Come on Guys. I have marked this on the EU 15 min chart because it is highly visible on the 15 min although it is not exactly hidden on the 1 hr.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #9,677
  • Jan 8, 2013 3:38am Jan 8, 2013 3:38am
Quoting Phx62
The 1st London candle appeared to set the low of the day right at the yellow daily resistance line, so I entered the trade long.....I just didn't know price would take so long to go that direction. The drawdown on the trade turned out to be 8 pips and my SL was 16 pips so I stayed in it (actually my EA kept me in it.....I was asleep). The trade moved 21 pips in my favor on the third candle before bouncing down and the back up, so the EA moved my SL from 40 pips to 16 pips once price reached +18 pips. If I had monitored the trade, I would still...
thanks a lot PHX for the explanation. I get so impressed by the sharpness and clarity of your thought process....
  • #9,678
  • Jan 8, 2013 4:10am Jan 8, 2013 4:10am
Quoting mkfx
Hi Phx62,

You are simply the best . I am following your posts and trying to learn.

I want to match my chart with your charts.

Have you entered this trade before London opening ?

Is your server time is GMT+2.

Is your trading timing block -Green lines, starts from 8.00 GMT or 10.00 your server time.

Thanks
You are correct....my server time is GMT+2....the green box is the London session which opens at 8:00 GMT, which is also 10:00 my server time.....yesterdays trade was entered at 11:09 (server time), which was a little more than an hour into the London session.
  • #9,679
  • Jan 8, 2013 5:13am Jan 8, 2013 5:13am
Quoting Phx62
You are correct....my server time is GMT+2....the green box is the London session which opens at 8:00 GMT, which is also 10:00 my server time.....yesterdays trade was entered at 11:09 (server time), which was a little more than an hour into the London session.
Thanks for your reply.

I was confused by London opening timings in GMT . Now it is clear.
  • #9,680
  • Jan 8, 2013 5:37am Jan 8, 2013 5:37am
Quoting X-Man
Thanks buddy I wish you the same
Yes this will basically work on all the TFs.
I mastered this on the 15min TF for early entries.

I will also show you guys how to use the HTF as an advantage and for setups then we just execute them on the 1h.

everything is 1 and 1 is everything .

I learnt all this from a very good trader. He took my trading skills to a new level.
Sir X-Man...

Nice to see you here...

This will be a continuation for me too studyng Mr. Arjun Methode..

Thanks alot
I'm an under training pips hunter
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