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  • #10,101
  • Jan 31, 2013 3:06am Jan 31, 2013 3:06am
Quoting heispark
Noisy 5 min.


THE SPREAD WILL EAT YOU ALIVE WITH MOST SYSTEMS!

Spark,

Here is the most important and primary reason you will lose. The spread. Any system that is short term and loses will lose the other way too. Heres a revelation for all of you. If 95% of traders lose, than why doesn't the 1 out of 20 who wins make 19-1 on his money every year? The answer is that the house, or brokerage firm is always the biggest winner. They are not giving you free websites and blogs and mt4 platforms and this and that if you think they are living on 1 or 2 or even 4 pips of your money,do you? There are so many little "holes" everybodys money falls into, I make the claim that anyone who trades for 5 or 10 pips at a time must lose in the long run. You cant win 10 pips,give your broker 3 and expect to win, giving away a 30% "chop" as we poker players call it. Impossible.

Now as far as your reverse system method. I too have been trying to find a system so bad that I can make a fortune going opposite the darn thing. Good thinking. Just make sure its based on at least 60m bars, daily is even better and the win or loss is at least an avg of 50-100 pips or more as to make the spread fairly insignificant.

If you really want the best system-open a small brokerage firm and then you can get filled in between the spread. If you are serious about it, PM me. I know a clearinghouse. Otherwise never trade anything that has an avg wiun of less than 20 pips. Its a waste of time. After 15 years I should know...no? -)
  • #10,102
  • Jan 31, 2013 4:16am Jan 31, 2013 4:16am
Ok, thanks, Silat. Then how about one hour chart. Have any one tried this?
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,103
  • Jan 31, 2013 4:26am Jan 31, 2013 4:26am
Quoting heispark
Ok, thanks, Silat. Then how about one hour chart. Have any one tried this?

There is an EA developed by SteveHopwood in the Commercial Content forum thread.
http://www.forexfactory.com/showthread.php?t=292301

You want to test it for yourself on every timeframe and all combination for entry, exit, sl, tp, etc. that you can think of.

When you get profitable results using the past 5 years data, you can share your testing results here.

Have a go at that EA, it is quite fun to run and see equity curve.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,104
  • Jan 31, 2013 5:01am Jan 31, 2013 5:01am
Thank you for your tip, Emmanuel. I will try.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,105
  • Jan 31, 2013 5:40am Jan 31, 2013 5:40am
Can you please assess my entry?

http://img194.imageshack.us/img194/7154/eu20130131.jpg


I do know that the market is uptreding, and trade is CT, however:
Double top with engulfing pattern. Top was at the level of yesterday's high. To me that is a reliable pattern that happens quite often.
Green/red crossed yellow and is sloping very steelpy down.

I have entered at 8:05 CET (GTM+1) (overslept market FO) and held the position because I fount this PA very reliable. Please, correct me if I'm wrong.
Since price is now stalling, I do not expect stronger down movement. Trend may resume.
Eventually I have set SL. Am affraid that new low will be rejected and price will stall (waiting for NFP) or resume primary trend. Wouldn't enter long though, since red is sloping steeply down).

Thankyou,
M.
Remember I'm a newbie!
  • #10,106
  • Jan 31, 2013 7:35am Jan 31, 2013 7:35am
Quoting TheScorpS
Pervis, what is that left green indi on the left side of your chart window, is it round number indi?

Thanks
Hi Scorp, you're correct, that's Round number indicator. (Do you talk about right side of my chart?)
  • #10,107
  • Jan 31, 2013 8:09am Jan 31, 2013 8:09am
Quoting emmanuel7788
before I go in details, please take a look at the D chart.
what can you make out of the previous D candle close?
I didn't look at the daily previously but looking at that chart now I see a one candle pullback (blue) with a rejection at 1.0475 by that blue candle and the next candle. Was this what you intended to show?
  • #10,108
  • Jan 31, 2013 8:30am Jan 31, 2013 8:30am
Quoting shoktrader
I didn't look at the daily previously but looking at that chart now I see a one candle pullback (blue) with a rejection at 1.0475 by that blue candle and the next candle. Was this what you intended to show?
Sorry , yeah right

the green indi on right side, can you share ?
I Have Learned to Take Some Losses to Make Profits
  • #10,109
  • Jan 31, 2013 8:47am Jan 31, 2013 8:47am
Quoting TheScorpS
Sorry , yeah right

the green indi on right side, can you share ?

Sure, here you go
Attached File(s)
File Type: ex4 SDX-SweetSpots_v5.2 BN.ex4   10 KB | 610 downloads
  • #10,110
  • Edited 11:30am Jan 31, 2013 10:53am | Edited 11:30am
Quoting thrax
Hi,

I have GBPJPY, EURUSD and USDCAD H4 trades which are still running. After closing I will share these trades, too.

take care,
thrax
My friends,

these H4 trades played out.
1. GBPJPY
Bullish TDI cross, price above ema(200), and there was space to the last significant high, so I entered long. TP1 was just below this last high, TP2 took manually, and the last portion was closed bacause price reached the ema(5)m hifted 3 which I used as TS.

2. EURUSD
Bullish TDI cross, price above ema(200), and there was space to the last significant high (at around 1.35800), so I entered long. I cloed one portion just below 1.35800 and today I closed manualy the second portion, as price was hesitating below this siginificant level.

3. USDCAD
Bullish TDI cross, price above ema(200), and there was space to the last significant high (at around 1.01000) plus I considered the 1.00000 level as a very significant support, so I placed my SL below 1.00000 and the TP below the last recent high. My SL was hit. I would not be surprise, if price would test the 1.01000 level soon after clearing the stops below the 1.00000 level.

I checked my losing trades and I recognized that these are usually occurring when after entering the trade the price is ranging. So these losses could be avoided after closing the trade if the price does not move significantly in the direction of the entry. The HA colour change is not so important in this case.


take care,
thrax
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  • #10,111
  • Jan 31, 2013 7:05pm Jan 31, 2013 7:05pm
Quoting shoktrader
I didn't look at the daily previously but looking at that chart now I see a one candle pullback (blue) with a rejection at 1.0475 by that blue candle and the next candle. Was this what you intended to show?
Hi shok...,

Trading Asian session, you must watch how the US seesion close.
There was a strong Red candle close on 30 Jan. There is momentum so we will very often see some follow through due to the selling momentum before we take a Buy trade. US session closing also mean profit takeing hence price move back up and there is not sign of a bullish trunaround.
Wait until market shows you that there are Buyers.

Very often, when the D follow through fail to recah fib-r 127%, it will reverse back into previous D range. You need to use Price Action to look for the reversal in such situation. The Asian session narrow range is also a hint how you trade S3 H1 method.

See attached pic which I hope will explain what I mean.

Regards,
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,112
  • Jan 31, 2013 7:21pm Jan 31, 2013 7:21pm
Quoting thrax
My friends,

these H4 trades played out.
1. GBPJPY
Bullish TDI cross, price above ema(200), and there was space to the last significant high, so I entered long. TP1 was just below this last high, TP2 took manually, and the last portion was closed bacause price reached the ema(5)m hifted 3 which I used as TS.

2. EURUSD
Bullish TDI cross, price above ema(200), and there was space to the last significant high (at around 1.35800), so I entered long. I cloed one portion just below 1.35800 and today I closed manualy the second portion, as price was...
Hi,thrax,your charts looks great,i love it.
can u share your template? Thanks and green pips!
  • #10,113
  • Jan 31, 2013 10:44pm Jan 31, 2013 10:44pm
Quoting thrax
My friends,

these H4 trades played out.
1. GBPJPY
Bullish TDI cross, price above ema(200), and there was space to the last significant high, so I entered long. TP1 was just below this last high, TP2 took manually, and the last portion was closed bacause price reached the ema(5)m hifted 3 which I used as TS.

2. EURUSD
Bullish TDI cross, price above ema(200), and there was space to the last significant high (at around 1.35800), so I entered long. I cloed one portion just below 1.35800 and today I closed manualy the second portion, as price...
These are nice trades, I'm still struggling in Forex, but this is expected as newbies, I would like to clear some information that you wrote which I think would help in my trading

When you say there is space to the last high or low , can you give me some more details on this?

And when you see the price is making a strong move and almost at resistance, do you enter or you just wait until it clears the resistance and then only you enter the trade?

I find my self in losing trades specially when market is ranging, the thing is most of the times I can get out with BE or little loss, but still I need more experience and controlled psychology to be able to do so


Thanks
I Have Learned to Take Some Losses to Make Profits
  • #10,114
  • Feb 1, 2013 12:09am Feb 1, 2013 12:09am
Thank God for X-man 4 this system.
Can anyone help direct me to step by step rules 4 entry and exit? D manual seems confusing!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #10,115
  • Feb 1, 2013 12:11am Feb 1, 2013 12:11am
I just completed the most FANTASTIC trade of my trading life....a 16 hour trade.....I have been studying training videos on the Pro Trader Network about Market Structure, Market Harmonics and Price Action (there is a link on the 1st post of this thread to the PTN). The site is run by a trader who has posted on this thread and the TMS thread under the name of dcginc. He is a full time trader whos real name is Rick and he runs the PTN site to help other traders...
Market harmonics builds on the concept is that price action moves in repeatable patterns and history repeats itself over and over again....we can see evidence of that in candle patterns, structure patterns, support and resistance, 123 or ABCD patterns, etc....the market moves in symetrical distances and times.
When we use these patterns with TDI confirmation, we find successful trades. Today was my most successful to date and the exciting part to me was that I expected price to move about 260 pips....the same as the 1st impulse leg.
Four hours into the London session on Tuesday the 29th, price set a low and reversed....price proceeded to trend long for 262 pips, then consolidated, tested the high again and then retraced to almost the 38.2 fib.....this created a 123 or ABC pattern.
At the beginning of the NY session on Thursday, 1-31, a bounce of the TDI confirmed the long trend beginning again. I entered on a break of the previous candle with the usual 50 pip SL and 50 pip TP. As the market continued to move up, I decided to test what I have been studying about Market Harmonics and moved my TP to 220 pips which coincided with the AB impulse leg...Market Harmonics states that the CD leg should equal the AB impulse leg of a move. I set my alarm to check the progress at the end of every hour (and sometimes sneaked a peek at work, in between).....if a candle had closed red at the end of an hour, I intended to exit the trade (still new to Market Harmonics) with as much profit as possible.
As you can see on the chart, there have been 16 blue candles in a row (now 18 blue candles)...so no need to exit the trade. Many times in my trading, I exit on a candle color change......I have found that once a strong trend goes for several hours, it will not reverse immediately (except for big news)....instead it will consolidate and range for a while first and then many times continue the original trend.
As price moved to 100 pips profit, I exited 1 lot and left the other lot to reach the 220 TP, which it did!!!!!! When I took off the 1st lot, I added the question to the chart..."will it go the entire 262 pips?".......the answer to that question is.....IT DID!!!!
Another eye opener for me and another tool for my tool box.......
Done for the week.......success to each of you.....
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  • #10,116
  • Feb 1, 2013 1:22am Feb 1, 2013 1:22am
Quoting Phx62
I just completed the most FANTASTIC trade of my trading life....a 16 hour trade.....I have been studying training videos on the Pro Trader Network about Market Structure, Market Harmonics and Price Action (there is a link on the 1st post of this thread to the PTN). The site is run by a trader who has posted on this thread and the TMS thread under the name of dcginc. He is a full time trader whos real name is Rick and he runs the PTN site to help other traders...
Market harmonics builds on the concept is that price action moves in repeatable patterns...
Congratulation , this is wonderful and top quality , thanks for posting, this is how I would love one day to view the market, to see the big picture

Best of Wishes
I Have Learned to Take Some Losses to Make Profits
  • #10,117
  • Feb 1, 2013 1:26am Feb 1, 2013 1:26am
Quoting Phx62
I just completed the most FANTASTIC trade of my trading life....a 16 hour trade......
Mrs V in same trade, stop now at +167 just to see where it goes.
  • #10,118
  • Feb 1, 2013 4:27am Feb 1, 2013 4:27am
cable +profit
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  • #10,119
  • Feb 1, 2013 5:03am Feb 1, 2013 5:03am
Quoting Opemipo
Thank God for X-man 4 this system.
Can anyone help direct me to step by step rules 4 entry and exit? D manual seems confusing!
hello Opemipo,

few questions:

1. How long have you been trading forex?

2. Do you know MT4 platform well enough to install those indicators in post#1 and save a chart and post a chart here?

3. What is confusing? there S3 E-U method pdf which explains the method clearly. If you have question relating to this pdf, please be specific with a question.

4. How many pages of this thread have you read so far?

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,120
  • Edited 6:42am Feb 1, 2013 6:12am | Edited 6:42am
Quoting davson90
cable +profit
Nice Tarde, how long have you been trading this strategy?

I asked because I think it would take time for me to develop the patience required to make a trade profitable

I see that after entry price draw down was almost - 30 pips or so, what made you continue staying in the trade?

This is what I would like to master, is knowing when a trade starts to draw down that this is just the trade is developing and to differentiate between this and a loosing trade

So in a normal trade draw down, patience is the key, wait and see your trade becomes profitable, in a looser , a draw down should be cut short

Lastly, what is this website that you use and gives details about the trade we took and complete analysis

Thanks and appreciate your posting your trades , the more reasoning you add to your chart the more its easier for us to understand how you took the trade
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I Have Learned to Take Some Losses to Make Profits
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