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The 10XROI System - A High "R" Factor Approach

  • #41
  • Nov 21, 2013 5:42pm Nov 21, 2013 5:42pm
Would this Qualify the daily requirements?
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  • #42
  • Nov 21, 2013 5:56pm Nov 21, 2013 5:56pm
Quoting ZA-Trader
{quote} Hi 110101 It's not my thread to say, but I want to take a shot and see if I'm on the right path. From what I see, and understand thus far, a long/buy was looking in order, with an entry 5 candles earlier on your last chart. But looking at that daily chart, that doji 4 candles back is putting me off. So lets wait and see what Pipskateer says. Regards

The long was not a good trade for this system. Remember, you have to look at the context surrounding the pattern. I'm not even sure there was a Push/Pull pattern there anyway. You said there was a "long" trade, but did you identify a specific Push/Pull pattern there?

Either way, a long trade there would have been trading right into major prior resistance after an extended upward move. It was likely to exhaust.
  • #43
  • Nov 21, 2013 6:02pm Nov 21, 2013 6:02pm
Quoting 110101
Is this considered a premature trade by this methodology? {image} {image}
Yes, that is premature. There is no momentum "push" yet in the short direction. You have one bear candle with another incomplete bull candle beside it. It seems to be forming a horizontal move, so you would need to wait for daily momentum to form pushing out of the sideways range. Then look for one of the various Push/Pull patterns to form and set your target level from that.
  • #44
  • Nov 21, 2013 6:02pm Nov 21, 2013 6:02pm
again its not me starving for a signal but i would like to go through the process of identifying a trade then waiting for an entry
"HEY! Whats all this chocolate on yo face?" - "It's doodoo, babby!"
  • #45
  • Nov 21, 2013 6:09pm Nov 21, 2013 6:09pm
Quoting 110101
how do i make myself go against myself
I presume you are talking about shoot from the hip trading? The best way I know to do that is to lock onto a set of RULES and learn them inside out. Trading by shooting from the hip is what our Egos want to do so we can feel unrestrained. We are rebellious rule-breakers by nature. Discipline must be cultivated and mastered, then it must be MAINTAINED. It is a constant battle and a moving target. A proven rule-set is the best way I know to prevent or discourage gunslinger trading.
  • #46
  • Nov 21, 2013 6:11pm Nov 21, 2013 6:11pm
Learning to Trade

If Pipskateer has to hold the hand of every new person that comes to this thread to teach them how to trade ,he will will soon get very sick of it.

Go to babypips and learn how to identify a trend, then start practicing on demo as suggested at the beginning of this thread.This is what everyone else has to do.

Good luck
  • #47
  • Nov 21, 2013 6:19pm Nov 21, 2013 6:19pm
Hello,

Very nice thread you got here and thx Pipskateer for all the work you are doing here,i'll post a chart ,can you check if this is the way to go on,i'm only trying to identify in the past.Is this what we have to look for??
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  • #48
  • Nov 21, 2013 6:20pm Nov 21, 2013 6:20pm
Quoting 110101
thanks for trying. i'm still out of touch but hopefully with more examples from different folks i can begin to see. i trade smaller time frames but coming to hourly and daily i can't seem to find the right direction. again thanks for trying but its me that's the problem right now
Go back and re-read the section where I talked about "context"... Direction and momentum are almost synonymous in this system. Momentum flows in a particular direction. Momentum is "seen" on the D1 chart by looking at the price action context. Is price CURRENTLY moving horizontally from candle to candle? Are the candles going up (higher highs/lows) or are they headed down (lower lows/highs)? Are the MAs pulling away from each other? Is price "hugging" the 3MA and gapping away from the 10MA? Is price setting up for a reversal? Such as a parabolic move already in progress? If so, you will be licking your chops and looking for a Push/Pull setup in the opposite direction. Is there sideways movement? Consolidation? If so, then look for a daily candle PUSH out of the sideways pattern and then look for a Push/Pull pattern to form....set your level on D1...then go look at the H1 chart for an entry opportunity in the direction of the PUSH. This will come in a retracement back to the level you identified on D1.

If you took the chart identifiers off your charts, you wouldn't be able to tell which time frame you were looking at....M1 is almost the same as D1 or weekly, except for maybe a lot more dojis during slow sessions. Point is...momentum will look the same on almost any TF.
  • #49
  • Nov 21, 2013 6:29pm Nov 21, 2013 6:29pm
Quoting 4xplosion
Would this Qualify the daily requirements? {image}

It might...except that...
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There is also no complete pattern here yet. You have basically one momentum candle in a continuation of a trend about to run into major resistance.
  • #50
  • Nov 21, 2013 6:34pm Nov 21, 2013 6:34pm
Quoting oztrader
Learning to Trade If Pipskateer has to hold the hand of every new person that comes to this thread to teach them how to trade ,he will will soon get very sick of it. Go to babypips and learn how to identify a trend, then start practicing on demo as suggested at the beginning of this thread.This is what everyone else has to do. Good luck
Unfortunately, you are correct. I don't mind helping folks out, I've received a LOT of help on MY journey, no doubt. But I also have done a LOT of work on my own. At some point, we all have to become the TRADER. That means taking responsibility for doing whatever is necessary to SEE what we need to SEE. Babypips.com is a very good starting point for those who are having trouble with foundational trading concepts and charting technicals. Thanks for joining us, Oz.
  • #51
  • Nov 21, 2013 6:36pm Nov 21, 2013 6:36pm
Well,I think i found another one on the daily,and those levels seem very strong
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  • #52
  • Nov 21, 2013 6:49pm Nov 21, 2013 6:49pm
i was looking for a pattern on an hourly not the daily. i'll try tomorrow.

thanks pip, sorry if i were annoying.
"HEY! Whats all this chocolate on yo face?" - "It's doodoo, babby!"
  • #53
  • Nov 21, 2013 7:10pm Nov 21, 2013 7:10pm
Quoting Deepfxtrader
Hello, Very nice thread you got here and thx Pipskateer for all the work you are doing here,i'll post a chart ,can you check if this is the way to go on,i'm only trying to identify in the past.Is this what we have to look for?? {image}
Hi Deepfx,

I'm trying to qualify the context of that price action and it really doesn't look like a parabolic move reversal on the D1, although it probably was on a lower TF. The more global context is UP on EJ and has been for the last year and a half. More locally on D1, you have that large, wicky bull candle two candles to the left of the first "push" back short. The next bull candle just barely breaks that high and then you get the first bear "push" candle. The second bear candle pushes slightly lower and closes lower. The next candle is the retracement back to the CLOSE of the 1st "push" candle. This would be the candle where we would begin looking for a short trade somewhere around the 124.85 level. We see that level pierced, but it looks like an entry at that level would have gotten stopped out. To me, the PA does not provide grade "A" context, but that's easy to say in hind sight. I looked at H1 charts there and PA wasn't much better there either. Can't say if I would have taken an entry or gotten stopped out.
  • #54
  • Nov 21, 2013 7:14pm Nov 21, 2013 7:14pm
Quoting Deepfxtrader
Well,I think i found another one on the daily,and those levels seem very strong {image}
I agree, I think that pattern looks MUCH better. You'd do well to look at H1 with that level on your D1 chart and see if you could have found a good technical entry there. I would think so.

Don't forget to add the MA's when you begin looking for context with momentum. I figure you are probably just using clean charts to find raw instances of the pattern, but the MA's will help clarify momentum is present or not.
  • #55
  • Nov 21, 2013 7:16pm Nov 21, 2013 7:16pm
Quoting 110101
i was looking for a pattern on an hourly not the daily. i'll try tomorrow. thanks pip, sorry if i were annoying.
Hey, not a problem. You were not annoying. I just want to be sure you weren't missing some important information from the beginning. This is really a simple system once you begin to "see" it. Cya tomorrow!
  • #56
  • Nov 21, 2013 7:41pm Nov 21, 2013 7:41pm
Quoting oztrader
Learning to Trade If Pipskateer has to hold the hand of every new person that comes to this thread to teach them how to trade ,he will will soon get very sick of it. Go to babypips and learn how to identify a trend, then start practicing on demo as suggested at the beginning of this thread.This is what everyone else has to do. Good luck

Thanks for your contribution to this thread. Excellent advice
"HEY! Whats all this chocolate on yo face?" - "It's doodoo, babby!"
  • #57
  • Nov 21, 2013 7:46pm Nov 21, 2013 7:46pm
I think i found something the only thing is the third candle retraced.
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"HEY! Whats all this chocolate on yo face?" - "It's doodoo, babby!"
  • #58
  • Nov 21, 2013 9:24pm Nov 21, 2013 9:24pm
Many thanks to Pipskateer for your time, energy and effort. I am in and already looking over charts to begin the process of proper identification. Here is a current EURCAD daily chart for your review, is this what we are looking for?
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  • #59
  • Nov 21, 2013 9:44pm Nov 21, 2013 9:44pm
Quoting 110101
I think i found something the only thing is the third candle retraced. {image}
Right, and this is something that doesn't seem to fit the Push/Pull examples I've seen, but it may work. You would have to backtest this variant to see if it causes signifcant trouble.

If you look to the left of the chart, the context is one of sideways chop with the MAs just intertwining. Zoom out further on your charts and do a "top/down" view of the overall situation for this pair. What do you see? Look at the historic S/R and you'll see that AUDJPY is currently oscillating around a fairly significant S/R level. That is why you are seeing this momentum that may or may not turn out to be momentum in your favor.

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  • #60
  • Nov 21, 2013 9:48pm Nov 21, 2013 9:48pm
Quoting 110101
{quote} Thanks for your contribution to this thread. Excellent advice
It sure is... This is where I send my very own sons who have expressed an interest in learning to trade. Never skip the foundationals. I learned many things from Babypips.com myself.
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