Extracted Thread (per thread starter's request) | Page 349 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

1 trade per pair per year 6 replies

multiple systems per pair/multiple pairs per system? 3 replies

Extracted Post (per poster's request) 0 replies

Trading 24 hours per day, 5 days per week 14 replies

Attachments: Extracted Thread (per thread starter's request)
Exit Attachments

Extracted Thread (per thread starter's request)

  • #6,961
  • May 22, 2013 7:58pm May 22, 2013 7:58pm
Hello All,

As I have stated before, I have not posted here for the obvious reasons. FH and Xux have provided a tool and a very detailed methodology. The work is ours to perform in finding the currency pairs and time frames that suit our needs. That said, I wish to pass on a brief synopsis of my trading style for those of you wishing to ponder something different.

Using SSBO exclusively I trade 2 high volatility pairs only, EJ and XU. I trade these pairs on 1 trade set each, no Marty. What may be a bit different is I trade each of these pairs on 3 time frames, M1, M5, and M15. Not always, but usually my first position entry will be on the M1. While in that trade if the M5 triggers I open a second position, and a third if the M15 eventually triggers. The key is to have a high percentage Breakout Trade for each time frame. My M1's for each pair is just under 80% which give me the confidence on each initial entry and then let the trade be governed by PA from that point forward. The beauty of this is that obviously the SL is the least on the M1, so if PA changes direction, the failed trades are much less of a loss.

It just never made sense to me to try to intimately get to know half a dozen pairs, or more. Really "knowing" your currency pairs is a fundamental MUST.

Anyway, just some food for thought for everyone wanting to explore what can be a very profitable concept with low risk.

Many Pips to all, and wishing everyone a lifetime of success.
Wherever PA Goes ~I Go
  • #6,962
  • May 23, 2013 12:36am May 23, 2013 12:36am
Thanks Mr. M. An interesting concept. I do like your method of reducing risk, which is the reason for the much smaller time frames; I assume.
  • #6,963
  • May 23, 2013 1:25am May 23, 2013 1:25am
Quoting ForexFury
Fexitrade, Yes, I have traded this system without the indicator. This was during my initial phases with SSBO and I spent a few months with the boxes.
good stuff forexfury definitely seems like you have done your due diligence and expect nothing unreasonable from the system

I do use martingale MAX x2 on 1.5 - this works for me as im never that far in the hole but a bounce wont kill you and if you have the sweet spot it will work in your favour

I dont use the indi on most pairs I trade. I believe this system is good just with manual boxes so you develop an eye for what a cz is which is the real market edge of the system (also for external reference check out the darvas box)

lastly im not sure how fxhard is trading particularly but its probably the by product of years of experience....


todays looking good for cable, eur/usd and eur/gbp(pic) - all are forming czs nicely in my opinion
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpm1.png Size: 33 KB
  • #6,964
  • May 23, 2013 8:41am May 23, 2013 8:41am
good plays today with all the instruments I traded today -

eurgbp (pic) +7 still open

gbpusd +21 still open

and eurusd (pic) +30
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd - 1.png Size: 37 KB
Click to Enlarge Name: eurgbp - 1.png Size: 34 KB
  • #6,965
  • Edited 3:09pm May 23, 2013 1:32pm | Edited 3:09pm
I'm still reading this thread and manually picking CZ's on my m15 e/u chart. That's part of "training my eyes" phase, the most important IMO.

Here are some boxes. Am i on the right track?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m15-oanda-corporation-3.png Size: 27 KB
Listen to the Moneytalks
  • #6,966
  • May 24, 2013 12:08am May 24, 2013 12:08am
Quoting SOPMod
That's part of "training my eyes" phase, the most important IMO. Here are some boxes. Am i on the right track?
I couldnt agree with you more my ssbo bro - training your eyes is the most important step after that its all talent management and discipline to me...

now as for your boxes quiet frankly there seems to be too many. Ask yourself - would you trade all of those boxes? that being said you could trade these and be up in pips just in my humble opinion I wouldnt


personally out of these boxes Id trade:

the first part of the 2nd one - even if martingale had to be used

the 4th one starting about may9th 14:00 I would trade

and the last one

remember - wait for the market to come to you, you are a sniper and use the force luke
  • #6,967
  • Edited 7:07am May 24, 2013 6:14am | Edited 7:07am
Quoting fexitrade
{quote} I couldnt agree with you more my ssbo bro - training your eyes is the most important step after that its all talent management and discipline to me... now as for your boxes quiet frankly there seems to be too many. Ask yourself - would you trade all of those boxes? that being said you could trade these and be up in pips just in my humble opinion I wouldnt personally out of these boxes Id trade: the first part of the 2nd one - even if martingale had to be used the 4th one starting about may9th 14:00 I would trade and the last one remember...
Thanks! I'll continue my training (and i'll be more selective too).

About Martingale, i dont read this entire thread too see how its used on SSBO, but i have serious doubts about his efectiveness. Isn't too much risked using Martingale (specially on BO systems, that have a lot of stops)?

Attached, another CZ on e/u.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m15-oanda-corporation-2.png Size: 31 KB
Listen to the Moneytalks
  • #6,968
  • May 24, 2013 6:59am May 24, 2013 6:59am
And I agree that being obsessed with the indicator ain't a good thing so do not take this as me questioning your knowledge, I just see you as one of those who have mastered this system and I want to learn from you.



As promised my answer to your request. First I can just see FH’s reaction as he spits out his cup of morning JO in hysterics because you think I am a person who has mastered this system. I can tell you I am far from a master of the system. I am a master of myself only. I intend to make this my last post on this thread so I will make it a post that adds something new.


First let’s start with the premise; CZ’s exist, CZ’s are measurable, CZ”S are tradable.

Do CZ’s exist – I find them on every time frame as a natural development of price action in all markets, forex, stocks, commodities etc… I challenge you to find a market where they don’t exist.

Are they measurable? Yes – again I have not been able to disprove this point.

So now we come to the last part of the premise – are they tradable. We have over 400 pages of people over a 2 year period of time showing various ways to trade them. So I could just say read the thread and your answers are there.


That does you no service and is a cop out for me.


I remember a story of a man in Africa who had dreams of finding a diamond. In his quest to find a diamond, he left his farm and set out to find a diamond. After many years traveling around Africa, he never found a diamond and died penniless. The new owner of his property was walking along the creek on the property and saw a stone that looked out of place and bent down and picked it up. What he held in his hand was one of the largest diamonds in the world. He knew what he was looking for while the man with the dream didn’t start in his own back yard and learn about geology and rocks and gems. He only had a dream of finding a diamond. In truth, all you need to know is in the thread and what is needed then is an idea of what one is looking for.


So back to the question, are they tradable? We have two possible answers – yes or no. Many people say yes. A month ago or so we had a person who came on this thread and bragged about his 95% winning settings but when he was pressed he disclosed that he was only trading them on a demo account. In truth what he was saying was for him they are not tradable. I remember being incensed but now realize CZ’s are not tradable is a perfectly good answer and is just as valid as they are tradable. Keep that in mind – it truly is possible that they are not tradable. What is not valid is maybe they are or not tradable. A trader sits down in his back yard and finds the answer to the question. He picks up the rocks and looks at them and puts them in context. A trader puts in the time to find what works and what doesn’t. A trader answers the questions necessary to make his dream come true.

So what is the difference between something that works and something that doesn’t? Constraints.

Successful traders sit down and identify their constraints. The more honest a person is with this self-assessment, the better they are going to trade this system – or any system. I have several constraints – time, psychological, equity, technological, family, obligations, etc… the reason one person can trade a system and another can’t is because each person has different constraints. So for me to say this is the best way to trade this system is a lie. Only if I know your constraints would I be able to help you find the best way to trade this system.

So I will use some of my constraints as an example for you to find your own way down this path.

One of my constraints is time. I do not have free time to sit and watch price action so my solution was to use higher time frame charts. This is an example of acknowledging a constraint then finding a solution that works. Most of my settings are based on 4 hour charts. I have tried lower time frame charts and find I get all screwed up in my sleep cycles. One of the cons of higher time frames is fewer cz’s. One of the things I can do though is effectively fade my trades. Taking partial profit and moving my stop as price continues in my direction. This is why I can have a negative pip count on the indicator and still be profitable.

Another constraint I have is not being able to process a lot of information. Solution I don’t use EMA’s just adds another piece of information that I have to process. I tell the trend of a market based on how the cz’s are. If the last cz is lower than the current one – the trend is up and if the last one is higher the trend is down. If the cz’s are on top of each other the market is consolidating. So with a quick look at the chart I can tell what the market is doing. One person, (who I dished, my bad,) trades cz breakout’s in the direction of the trend only with a high rate of success.

Another one of my constraints is Psychological. The more I look at charts the more I am compelled to do something. Again trading the higher time frame solves most of this problem since I only look at my charts for a few minutes every day. Another is keeping track of how my mind works, where my thoughts are coming from in my brain. Certain regions are definitely a red flag.

Equity – I don’t have a large enough account to trade the way I want to. That is ok; I add additional equity to my account every month. My recovery trades are only one per CZ. If I lose both. I move on because I have large numbers on my side. I know in time I will win about 75% of my trades and since I am always close to a 1:1 r multiple on the first trade, I have room to make more money than lose as I fade out of my trades or stack them if possible. I have in essence become an order taker.

Technological – I added an app to my cell phone so I can track trades when I am away from my computer. I also use of a partial close ea so I can set my trades and forget them. Would have loved FH’s ea and I will not let not having it stop me from learning what it takes to be profitable.

I have taken the time to not only identify my constraints but to find solutions or make my trading plan honor my constraints. Again my choice is to not fight the market or my lifestyle. I have found ways to make them work for me.

So the only new thing I am adding to the thread is to encourage you to find your constraints. The indicator cannot do this but you can make the indicator work within the parameters of your constraints.

When you reread the thread with this concept, a lot of work done by others begins showing up in a new context making the journey for more fun as you find the diamonds in the creek.
I make money anywhere in the world by taking orders
  • #6,969
  • May 24, 2013 7:22am May 24, 2013 7:22am
SD:

Probably the best post I have read in a long time. Thanks for your insights.

T
  • #6,970
  • May 24, 2013 7:52am May 24, 2013 7:52am
Quoting SedonaPipper
And I agree that being obsessed with the indicator ain't a good thing so do not take this as me questioning your knowledge, I just see you as one of those who have mastered this system and I want to learn from you. As promised my answer to your request. First I can just see FH’s reaction as he spits out his cup of morning JO in hysterics because you think I am a person who has mastered this system. I can tell you I am far from a master of the system. I am a master of myself only. I intend to make this my last post on this thread so I will make it...
As someone who has read the entire thread, I think this is one of the best posts in it. Its a shame that it came after the thread had been moved the the recycle bin.........
  • #6,971
  • May 24, 2013 8:41am May 24, 2013 8:41am
Quoting SOPMod
{quote} Thanks! I'll continue my training (and i'll be more selective too). About Martingale, i dont read this entire thread too see how its used on SSBO, but i have serious doubts about his efectiveness. Isn't too much risked using Martingale (specially on BO systems, that have a lot of stops)? Attached, another CZ on e/u. {image}
yes thats a solid cz I traded it myself aswell actually (pic)

as for martingale I use it but sparingly - I go in at a 1.5x a max of 2times and only activate it on nice cz and its paid off all in all...

Also a question to the thread WHEN is this getting shut down?? - I also ask FXhard if its cool if we start another learning thread if this ones going down soon

good post Sedona pep!

Decent week all up for me guys ill be back on monday
  • #6,972
  • May 24, 2013 8:42am May 24, 2013 8:42am
correction I traded a different one
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd -2.png Size: 37 KB
  • #6,973
  • May 24, 2013 9:21am May 24, 2013 9:21am
Phenomenal post, SedonaPipper. Good luck on your journey. And thank you.
Remember, Red. Hope is a good thing, maybe the best of things...
  • #6,974
  • May 24, 2013 10:02am May 24, 2013 10:02am
Quoting fexitrade
correction I traded a different one {image}
And now, still in the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m15-oanda-corporation.png Size: 31 KB
Listen to the Moneytalks
  • #6,975
  • May 24, 2013 7:41pm May 24, 2013 7:41pm
Quoting Mister_M
Using SSBO exclusively I trade 2 high volatility pairs only, EJ and XU. I trade these pairs on 1 trade set each, no Marty. What may be a bit different is I trade each of these pairs on 3 time frames, M1, M5, and M15. Not always, but usually my first position entry will be on the M1. While in that trade if the M5 triggers I open a second position, and a third if the M15 eventually triggers. The key is to have a high percentage Breakout Trade for each time frame.
Hi, I have been using SSBO on 1/5/60 minute charts. I played around with a few different settings and have settled on a couple I like. Would you mind posting the settings you are using for each time frame. Thanks, mdavem. And of course thanks to all the people that created and maintained this thread, SSBO is a great tool.
  • #6,976
  • May 27, 2013 2:22am May 27, 2013 2:22am
good morning all

here's my trade for today


lp

dragan
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm15.png Size: 76 KB
fxkeys
  • #6,977
  • May 27, 2013 3:46am May 27, 2013 3:46am
Quoting dragan9
good morning all here's my trade for today lp dragan
id be careful of this cz because its a holiday in england and america... just my 2cents
  • #6,978
  • May 27, 2013 4:06am May 27, 2013 4:06am
Quoting fexitrade
{quote} id be careful of this cz because its a holiday in england and america... just my 2cents
thank you fexi trade, i'll see what happens till 4 o' clock, then i'll close

dragan
fxkeys
  • #6,979
  • May 27, 2013 4:28am May 27, 2013 4:28am
Quoting dragan9
{quote} thank you fexi trade, i'll see what happens till 4 o' clock, then i'll close dragan
The picure of the CZ is really nice. You've got a high and a low and now rising again. That shows that price is 'stumbling' ...
Good luck on that...

Update: Seems i'am also in the trade in a view minutes. Nice W formation within the CZ

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.PNG Size: 39 KB
  • #6,980
  • May 27, 2013 5:36am May 27, 2013 5:36am
Quoting hilavoku
{quote} The picure of the CZ is really nice. You've got a high and a low and now rising again. That shows that price is 'stumbling' ...Good luck on that... Update: Seems i'am also in the trade in a view minutes. Nice W formation within the CZ {image}

You lucky guy wit that all new gadget
fxkeys
8 traders viewing now