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  • #1,441
  • May 31, 2013 3:03pm May 31, 2013 3:03pm
Quoting FX-Trader
{quote} I've been marking them a week at a time instead of all together flowing 1 to the next.
Seems like a sensible idea.

Your 3rd EU chart shows a particularly good trade short on 24 May. Previous HOW was not taken out, and on the M15 chart, a lovely double top, an easy 50 pips.
  • #1,442
  • Edited Jun 6, 2013 7:09am Jun 5, 2013 8:17pm | Edited Jun 6, 2013 7:09am
Quoting Ishtana
..... it's not that I don't understand SM teaching. Throughout these months, I found his pattern to be rare, and when it does happen, it doesn't always work out. So now I've filtered the system and only use things that is apparent on the chart. It's my effort not to give up. Because I've given up on SM exclusive teaching.
His original teachings doesn't work anymore. If you've attended his earlier classes from December 2010, he said "this is the last course you'll ever need" and "you'll never have to pay a single cent more". Unfortunately things change and now his business has morphed into DMR subscription, and continued to fleece those believers who are willing and able to pay every month. You are not alone in having this struggle, if the method had worked as taught in the 4-days class, he wouldn't be able to collect more money from DMR subscribers. His dead Indian banker mentor would be turning in his grave to know that the "secrets" have now evolved into "paid services".
Attached Image (click to enlarge)
Click to Enlarge Name: dmr.png Size: 58 KB

If you're wondering about the indicator he mentioned, well if you read between the lines you know that there were very few takers.
No longer trading forex. Looking for full time job.
  • #1,443
  • Jun 5, 2013 9:37pm Jun 5, 2013 9:37pm
Thanks for the update M. Would love to have a look at the indicator if you come across it.

The only meaningful proposition I can take out of SM system is turning this into a relatively good scalping system. In almost my entries I never had a straight loss. My positions very often hit +3-5 pips before hitting my SL. But again, who wanna have such system with just 3-5 pips with about 70% chance? I think there are better scalping system out there.

The thing is, there are very few teachers of this method. Besides him, I can only think of Martin Cole. Anyone trading his teaching here successfully without the access to his PAT software?
  • #1,444
  • Jun 10, 2013 12:19am Jun 10, 2013 12:19am
Why is that Martin Cole's teaching requires his PAT software to work? Surely it does give you the advantage, but if we understand his logic, we should see it on ANY chart shouldn't we?
  • #1,445
  • Jun 10, 2013 3:37am Jun 10, 2013 3:37am
MMaker,

There's one word you can take out of SM~'s letter to Dear DMR Subscriber (so many subscribers that he cannot "personalise it??!), that speaks volumes about him.. The first word of the fourth line..

ARSE!
  • #1,446
  • Jun 10, 2013 8:46am Jun 10, 2013 8:46am
Quoting Ishtana
Thanks for the update M. Would love to have a look at the indicator if you come across it. The only meaningful proposition I can take out of SM system is turning this into a relatively good scalping system. In almost my entries I never had a straight loss. My positions very often hit +3-5 pips before hitting my SL. But again, who wanna have such system with just 3-5 pips with about 70% chance? I think there are better scalping system out there. The thing is, there are very few teachers of this method. Besides him, I can only think of Martin Cole....
Ish,
I think you are heading in the wrong direction if you are scalping 'The Pattern'. I don't know how long you have been studying it, nor how intensely, but it takes time to see these thinks in real-time. I took SMs course (online) in May2011 and I have also taken all his subsequent free education i.e all the Courses and Bootcamps and done all the homework/R&D - that must be more than an additional 60hrs of un-paid education. I find that either he is getting better at teaching or I am getting better at understanding, because the material in his latest Bootcamp has improved my success rate considerably (in demo). I don't understand why people knock Steve about the DMR - since the driver behind that appears to be Kar rather than Steve who seems to have come into this recent one to rescue it.

I don't think that the 'indicator' would be of any use to you because it appears that your problem is seeing too many Ms and Ws and not being able to determine which are the best ones. Anyhow if you want to play with it, just find a harmonic pattern detector indicator and put it on a 4hr chart. Personally I think its garbage, but perhaps if you took ONLY the Ms and Ws signalled by a Harmonic Indicator then you might have more success than scalping every M and W you can see.

So far as Martin Cole and the PAT software is concerned, the use of special software accomplishes 2 things. It makes it easier for the student to recognise the setups and more importantly it brings in revenue for the educator. Even a chart in Ticks, Range Bars, Kase or Renko males a big difference as to how price action appears - there are many examples of this on the internet.

I don't think you have looked at all for alternative teachers for Ms and Ws . Two have been mentioned several times in this thread both worked with and taught for SM. They are : Zen at Marketcheckdown , Kim Krompass at Priceationtradersinstitute but be aware that they charge by the Month.
  • #1,447
  • Edited 12:22pm Jun 11, 2013 12:00pm | Edited 12:22pm
Quoting ianf0ster
Anyhow if you want to play with it, just find a harmonic pattern detector indicator and put it on a 4hr chart. Personally I think its garbage, but perhaps if you took ONLY the Ms and Ws signalled by a Harmonic Indicator then you might have more success than scalping every M and W you can see.
The attached template displays a history of past harmonic patterns found on the chart, works with ZUP v110.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 98 KB
Attached File(s)
File Type: mq4 WRR_ZUP_INFO_v02.mq4   28 KB | 892 downloads
File Type: mq4 ZUP_v110.mq4   569 KB | 1,015 downloads
File Type: tpl zup_110_history.tpl   48 KB | 838 downloads
No longer trading forex. Looking for full time job.
  • #1,448
  • Jun 11, 2013 11:54pm Jun 11, 2013 11:54pm
Quoting Duffgen
SM~ has no "system" that will work in the LIVE market.
I challenge ANYBODY, who is using SM~ exclusively, to show proof of their success.
I'm sure Kar and Jim will be up to the challenge:

Quoting mickson
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No longer trading forex. Looking for full time job.
  • #1,449
  • Jun 12, 2013 8:33am Jun 12, 2013 8:33am
Quoting ianf0ster
{quote} Ish, I think you are heading in the wrong direction if you are scalping 'The Pattern'. I don't know how long you have been studying it, nor how intensely, but it takes time to see these thinks in real-time. I took SMs course (online) in May2011 and I have also taken all his subsequent free education i.e all the Courses and Bootcamps and done all the homework/R&D - that must be more than an additional 60hrs of un-paid education. I find that either he is getting better at teaching or I am getting better at understanding, because the material...
Thanks Ian.

To me M&W is the latest step on my mental checklist. I'm trying to combine MC and SM. So I always start with historical data, then finding the possible current accumulation area, then stop hunt, then M&W entry. It's good to hear if the Bootcamp helps your trading.

If the indicator that SM said turns out to be a harmonic indicator, then I'll be disappointed. I think he offers a superior understanding than Harmonic trading, or any other indicator for that matter. Unless, he's losing confidence on his own teaching and begins lowering himself by relying more on indy. I personally believe that there is no indicator that can tell what the MM is accumulating. That's the Holy Grail indicator.

I'm not looking for alternative teacher on M&W, but on market maker methodology. And so far I can only find MC and SM + his partners/students.
  • #1,450
  • Jun 12, 2013 6:37pm Jun 12, 2013 6:37pm
Banks Rig $4.7 Trillion A Day Currency Markets To Profit Off Clients


By GoldCore

The world’s biggest banks have been manipulating benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to a Bloomberg investigation.
Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said five current and former traders, who requested anonymity because the practice is controversial.
Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years.
The behavior occurred daily in the spot foreign-exchange market and has been going on for at least a decade, affecting the value of funds and derivatives and all investments.
The Financial Conduct Authority, Britain’s markets supervisor, is considering opening a probe into potential manipulation of the rates, according to a person briefed on the matter.
Informed observers have long warned that the global $4.7-trillion-a-day foreign exchange market, the biggest in the financial system has all the hallmarks of a casino.
The inherent conflict banks face between executing client orders and profiting from their own trades is exacerbated because most currency trading takes place away from exchanges
The FCA already is working with regulators worldwide to review the integrity of benchmarks, including those used in valuing derivatives and commodities, after three lenders were fined about $2.5 billion for rigging the London interbank offered rate, or Libor. Regulators also are investigating benchmarks for the crude-oil and swaps markets.
“The price mechanism is the anchor of our entire economic system,” said Tom Kirchmaier, a fellow in the financial-markets group at the London School of Economics. “Any rigging of the price mechanism leads to a misallocation of capital and is extremely costly to society.”
The benchmarks are based on actual trades or quotes, rather than the bank estimates used to calculate Libor. Still, they’re susceptible to rigging, according to the five traders, who said they had engaged in or witnessed the practice.
The traders interviewed by Bloomberg News declined to identify which banks engaged in manipulative practices and didn’t specifically allege that any of the top four firms were involved. Spokesmen for Deutsche Bank, Citigroup, Barclays and UBS declined to comment.
It is becoming increasingly evident that many key financial markets are being rigged and manipulated by banks and central banks today. Some of the manipulation is overt, some is covert.
The world's largest banks are fixing prices in many key markets and benchmarks which is affecting the value of money itself and will ultimately leading to the value of money in your pocket becoming worth much less.
Chance favors the prepared
  • #1,451
  • Edited 10:13pm Jun 28, 2013 9:10am | Edited 10:13pm
This is the new gig at CompassFX. As you know most of the staff there took Steve Mauro's course and supported his private forum and helped organize student meetups. Mark Coe, the guy who showed this Bloomberg terminal had also taken Steve's class.
http://i.imgur.com/ul7maw2.png

http://compasswebinars.s3.amazonaws....k_06282013.mp4
Attached File(s)
File Type: pdf Trade Desk Pro Glossary.pdf   389 KB | 1,948 downloads
File Type: pdf Parallel & Inverse Relationships.pdf   19 KB | 1,646 downloads
No longer trading forex. Looking for full time job.
  • #1,452
  • Jun 28, 2013 9:24am Jun 28, 2013 9:24am
Oh I so am missing talking in this thread =)

M, is that really how the new indicator looks like? How come they resort to MACD? Has Steve lost his fire? That change is too drastic from his original system.
  • #1,453
  • Jun 28, 2013 10:06am Jun 28, 2013 10:06am
Quoting Ishtana
Oh I so am missing talking in this thread =) M, is that really how the new indicator looks like? How come they resort to MACD? Has Steve lost his fire? That change is too drastic from his original system.
If the screenshot is of the latest and greatest, and it isn't SM~, perhaps it's the proof of the pudding, and the final nail in SM~'s coffin-lid? They've moved on, AGAIN! There was a new Compass "guru" called Sonny, who "lives on an island in the Pacific" who they punted out a few weeks ago. Dean Malone morphed the "Dolly" system with a new indicator and is charging $600 for the privilege. The Dolly indicator is freely available.

Let's face it, CompassFX is in business to make money. They're as much in the dark about the market as anybody, so a new angle is a new fee-stream. If SM~'s super, highly secret method was valid, they'd just quietly use the methodology, and make their money that way. If the guys who put SM~ on the map have been through several gurus since then, it means that those "closest" to SM~ can't make it work, because:
a) SM~ cannot "teach"
b) his method isn't a method.

Whichever way you skin the cat, SM~ fleeced a bunch of wannabees, and continues to fleece them with his DMR.
  • #1,454
  • Jun 28, 2013 10:48am Jun 28, 2013 10:48am
Quoting Duffgen
{quote} If the screenshot is of the latest and greatest, and it isn't SM~, perhaps it's the proof of the pudding, and the final nail in SM~'s coffin-lid? They've moved on, AGAIN! There was a new Compass "guru" called Sonny, who "lives on an island in the Pacific" who they punted out a few weeks ago. Dean Malone morphed the "Dolly" system with a new indicator and is charging $600 for the privilege. The Dolly indicator is freely available. Let's face it, CompassFX is in business to make money. They're as much in the dark about the market as...


Quite right, Duffgen. Mark is the new guru de jour. And the cost for the new trade room is $249 per month. There is no doubt that Dean's "DOTS" indicator is the rehashed Dolly indicator that is freely available. He has added a few minor features, such as when the day starts (NY, Asia, LO) and a trade room that is free (for now). And even before the life of the DOTS method has played out, they are pushing Mark's trade room as the greatest thing since sliced bread. It appears that many have learned from SM's model: Sell a "system" and when it fails sell a trade room to generate a nice monthly income stream. I have yet to communicate with anyone (except those running these trade rooms) making consistent money with any of this. And I have not seen any evidence that those running the trades rooms are making any money trading. Perhaps that is the lesson we are all to learn................

Recently in one of his boot camp sessions, one of the SM lieutenants was doing a presentation and he showed a trade that was taken in the middle of the blue box range and well before the London gap time (and before LO). It was nowhere near the current HOD or LOD. There was no M or W pattern. He said DMR grand master Kar had taken this exact same trade also. So I emailed him and asked him to explain the reasoning behind the trade. Guess what? NO RESPONSE.

Folks, you are one your own.
Chance favors the prepared
  • #1,455
  • Edited 8:26pm Jun 29, 2013 3:12am | Edited 8:26pm
It would saddened me greatly if SM turns out to be just another pawn in CompassFX to benefit Dean Malone. I had faith in his system, and I would honestly be left in the dark and utterly confused if even his philosophy is just another baloney in forex.

I'm now brainwashed to think that all indicators do not work. I would never have the same faith in a trend indicator compared to pre-SM version of me.

By the way, I've managed to trade again. This time I create my own system. This system is largely a "scalping" system of SM. It sounds ridiculous, but I managed to triple my $200 real deposit, with pure profit of $439.11 as of today 29/06/13. This is an honest to God real trading account, where my mistakes are not hidden, where my winning trades are not ballooned. You can even see when I blew my account at one time, hence the negative growth. I had to put in another $200 but quickly recover that $200, returning to my original $200 deposit, hence the positive absolute growth.

All credit goes to someone here who made all these possible + other mentoring members who are generous enough to help struggling trader like me. I'm merely a student. None of this result comes from my own creation/imagination/talent. And I'm only publishing this only because I've made a promise to that person who has helped me, to help others when I'm getting by. So here's to you my friend. I'm forever grateful.

I'm by no means a successful trader just yet. Considering all the money I've lost, I'm still deep in the red. And there is always a chance for me to blow this account and to be ridiculed by haters then. But I think I can offer my help. Whether you want to take it seriously or not, it's up to you. But if I can manage to triple my account in 3 months, that's a testimony that I understand something about the forex market.

I just want to prove to you all that with patience, discipline, determination, and saying no to failure, you can make money in forex. All my successes so far and in the future is the result of my hard work. Day and night studying the chart. Not talent. Besides, hard work doesn't require talent.


Wish me luck everyone, I'm about to embark something different in my life, becoming a forex trader.

https://www.myfxbook.com/portfolio/ishtana/581968

* My system is simply based on "3 levels of push and then scalp the reversal." 10-20 pips TP. It is very subjective as I don't follow SM entry and exit, and level counting is varied from person to person. And if you notice why I gradually lose the SL is because my equity can now stomach drawdown and martingale.
  • #1,456
  • Jun 29, 2013 9:16am Jun 29, 2013 9:16am
good luck ishtana you found the holy grail.it is yourself not a guru or system .
  • #1,457
  • Jul 1, 2013 10:09am Jul 1, 2013 10:09am
Quoting lotsofmoney
good luck ishtana you found the holy grail.it is yourself not a guru or system .
Thank you my friend. It's nowhere near the Holy Grail, but at least I'm now trading and not gambling as I previously used to do.

Imho, a guru is not needed, but a system is needed. Like Mark Douglas said, you have to have an edge and trust your edge. There was a time, and there still is, when I did not trust my edge, and that frustrated me.

I still make mistakes and losing trades, but my winning trades are more consistent now. I wish I could apply the original SM method because by scalping you're more glued to the monitor because you're executing entry and exit with precision. And I very often noticed had I become greedy and let the position open, price would reverse and spanked me in the ass as punishment.

From now on, 10-20 pips a day would do, it's now a matter of using larger lots when you're consistent.

If you have a specific question on SM method or my method, feel free to ask.
  • #1,458
  • Jul 1, 2013 12:27pm Jul 1, 2013 12:27pm
What happened to Dean's trading room?
Politics is the womb in which war develops.
  • #1,459
  • Jul 1, 2013 8:34pm Jul 1, 2013 8:34pm
I've found another site that is teaching a very similar system they even use many of the same words and concepts.
I am thinking about joining is anyone here a member?

http://www.youtube.com/user/DayTradingForexLive

http://www.daytradingforexlive.com/
  • #1,460
  • Jul 1, 2013 11:01pm Jul 1, 2013 11:01pm
Quoting xen11
I've found another site that is teaching a very similar system they even use many of the same words and concepts. I am thinking about joining is anyone here a member? http://www.youtube.com/user/DayTradingForexLive http://www.daytradingforexlive.com/
I'm a member there. Sterling Suhr's course fee is only a fraction of what Steve Mauro charged, and there are student forum and live chatroom as well. Some of his old threads before converting to Market Makers Method are below:
Quoting anyone
Do you recommend Sterling Suhr's course and live chatroom? I heard he's a copycat of Martin Cole and Steve Mauro. His old threads were on ForexFactory some years ago.
4H 5EMA System
5M G/U System
The Opens
DayTradingForexLive - Live Trading Room (pre-Steve Mauro)
His partner Chad sends out level counts analysis in his daily commentaries,
http://www.daytradingforexlive.com/c...ex-commentary/
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