To improve is to change. To perfect, is to change often.
1 trade per pair per year 6 replies
Extracted Post (per poster's request) 0 replies
Trading 24 hours per day, 5 days per week 14 replies
DislikedThe number of cz's per week.Ignored
DislikedThe indie/dashboard is there to help us locate the very best CZ's possible....Ignored
Disliked....Guess I got lost along the way.Ignored
DislikedYou had a perfect breakout that went into profit by over 50 pips, and you didn't even set a BE stop, because 50p wasn't good enough and 100p was what you were really after. What were you thinking??? Consider yourself long distance b-slapped! (LOL)Ignored
DislikedThe one thing you said that had the biggest impact on my trading success is this:
"The underlying concept behind SSBO is so simple it's hard: Wait until the market is doing "nothing" (relatively speaking) before setting out your plan of action. In other words: 1) When the market is active we do nothing; 2) When the market does nothing, this is when we plan for our next trade."
If a trader can understand this then you don't need the indicator...... but I like it so I use it :-)Ignored
DislikedCHFJPY15M : S/L hit @ 25.6 pips (R:R was set to 1 : 3.125) In retrospect, I could have gone out with a 1:2 even though my settings were aiming for an 80 pips; or at the very least, once the 1:2 had been reached I could have brought the S/L to BE+. Anyhow, it can't be all winners so I'm not giving much more than this into it .Ignored
DislikedI don't have the indi, but I would say its purpose is to locate areas of "inactivity"...Ignored
DislikedSame answer I told Jay: Yes, but that does not account for the breakout which follows.
Trading, by necessity, means actively taking a position. Looking for CZ's is only the beginning of this process, and it's not the answer to the question.Ignored
DislikedLet me throw my 2 cents in - this is a breakout system. When price breaks out of a cz it does 3 things, runs, stalls, or retraces - the fundamental concept is to eliminate as many variables as possible. At the core of ssbo is the zen like "do nothingness". Either it is a cz or its not.
What I am seeing and doing is a lot of indicator management instead of trade management.
What do I mean: say from my journal I see that price will most often move 14 pips on a breakout before retracing. Why in the world would I have a tp at 30 and not...Ignored
DislikedJay, it sure does seem like you are doing your homework.......I prefer the "Trading for Dummies" approach, which this system is for me.
I would be interested to see the results of your analysis of the big breakouts. Do most go straight to your big profit goal or do they retrace, I assume from your trade earlier that u have determined many dont have a big retrace. I still think you should move the stop and trail regardless, if most dont retrace you will hit your big goal anyway...if they come back you make profit.....sure u miss a big one...Ignored
Disliked....Third : Since I am focusing solely on the initial breakout and no recovery trades, my thinking was that I should be looking at reducing my risk exposure by having it balanced with a proper reward. From here I compared my pairs with 1:1, 1:5, etc. Until i find something that suits my taste, on to the next step.
Fourth : Once I find a sweet spot, such as the one shown in my latest CHFJPY chart, I compare the total amounts of CZ based on different QTP. The reasonning behind that is that I want to get an idea of how many actual CZ...Ignored
DislikedAnd btw, this whole discussion ties back directly to the baseball parable that was brought back up a few days ago! Breakout averages... trades reversing... ball coming back after only going out halfway to the target... QTP... it all fits together like a perfect puzzle if you give it time to sink in.Ignored