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Trading is as simple as ABCD

  • #161
  • May 31, 2014 6:07am May 31, 2014 6:07am
Hello Clive

First, my deepest sympathies on your loss. Having lost my father just over 2 years now, and facing I fear the same with mom soon, I assure you you're not standing in that void alone. The fruit never falls far from the tree. A man wise enough to pass those words to you, is a man who also bore good fruit I'm sure. God bless you in carrying on in his likeness.

After having read your thread, it would seem you aren't standing alone in the void of the forex either. You have some very good people watching and posting here it appears. Claudia, Chicky, Vantage, all of whom have, and I should think will, share some valuable information worth taking into consideration. Lord knows I watch, listen and learn from each (and others) to this day.

So I'm not here to "give you my take" on things at this time. Except to say that I'll agree with the others that the larger time frames can, and will, filter out much of the noise of the lower ones. Like you, I'm an ABCD guy too. Swing trader mostly but a scalper when need be in a slow market....if I'm bored.......lol

I do believe your system has merit. I simply think you need to adjust the TF to which you apply it. In just the A leg of a daily chart for example, there can be many ABCD swings on a 4H or less. The rest has already been said here and I won't belabor it more.

Godspeed in your journey both here, and in life.

Chris
Ghost Rider - WWTBMD?
  • #162
  • May 31, 2014 8:19am May 31, 2014 8:19am
Hi everyone

Just popping in quickly to say thanks for all the great posts that have just gone up, haven't got time to answer them all right now as gotta pop out to work for a couple of hours, but rest assured I will respond just as soon as I can.

I want to try and acknowledge everyone who posts on my thread, after all if they have had the decency and take up thier time posting it would be very bad manners not to acknowledge them wouldn't it???

If there was one thing my Father absolutely hammered into me from the day I was born to the day he died, it was good manners!

He use to say:

"Manners maketh the man son and don't you ever forget it"

Catch up soon guys.
Feel the Fear and do it anyway!!!
  • #163
  • May 31, 2014 8:34am May 31, 2014 8:34am
Quoting Vantage
So heres the system, 1) Identify strong support and resistance levels on daily charts. 2) Wait for 1 minute to reverse in the direction of the Daily trend (suggest we trade a15 min CCI signal) 3) Enter on next two 1 minute CCI signals wave 2 and 4 elliot wave. (use 10 pip stop) 4) move to BE at say 10 pips 5) Trade the daily momentum so Exit on daily candles Hieken Ashi colour change. I reckon thats gotta be worth a shot. So if anyone sees any daily levels they like post them up here and I will take a shot at them,. Lets face it, its got...

Sounds like a perfect plan m8
Heed the lessons of failure.
  • #164
  • May 31, 2014 8:44am May 31, 2014 8:44am
Quoting albchr
Hello Clive First, my deepest sympathies on your loss. Having lost my father just over 2 years now, and facing I fear the same with mom soon, I assure you you're not standing in that void alone. The fruit never falls far from the tree. A man wise enough to pass those words to you, is a man who also bore good fruit I'm sure. God bless you in carrying on in his likeness. After having read your thread, it would seem you aren't standing alone in the void of the forex either. You have some very good people watching and posting here it appears....
Thanks Chris - I read the cable thread and know you from there. Cable is my life sad but true.
  • #165
  • May 31, 2014 10:09am May 31, 2014 10:09am
Quoting claudia1
{quote} Thanks Chris - I read the cable thread and know you from there. Cable is my life sad but true.
... lol

I know it is Claudia. I've spent considerable time lurking quietly in your thread. But I don't wish to clutter up Clive's thread here. See you in other places.
Ghost Rider - WWTBMD?
  • #166
  • May 31, 2014 7:43pm May 31, 2014 7:43pm
Quoting albchr
I simply think you need to adjust the TF to which you apply it. In just the A leg of a daily chart for example, there can be many ABCD swings on a 4H or less. The rest has already been said here and I won't belabor it more. Godspeed in your journey both here, and in life. Chris


It's not been long since I started trading... But talking to the right people at the right time made me switch from smaller time-frames to the higher ones. I don't say you can't do it on 1 minute. But maybe as a newbie it wasn't for me. But moving to higher TF definitely did help me a lot. And I guess it will definetly help you too. If you will try and shift to higher TF's.

And in fact I make more consistently than what I used to while on smaller TF's. Ummm actually I lost it all on 1 minute charts. Because as a newbie I always thought more trades = more money. But glad people around here helped me out.

I think you should give 1 hr and above a try. I tried your system back-testing today on 1hr and above ... it does work. I would rather try it forward testing on higher TF's.

Hope the best for you ! Cheers !!!
  • #167
  • Jun 1, 2014 2:58pm Jun 1, 2014 2:58pm
Quoting dannyrose
{quote} But surely they'd be better off scalping a 1 minute chart? It's where the action is at man!!! How many of the most famous traders that you can think of starting from Richard Donchian onwards via Dennis, Sekoyta, etc trade(d) anything other than daily charts or higher? (Ok, there's bound to be someone but I don't know them). That's enough information for me. If I can return 20%...
Ahhh, End of Day trading, now you're talking, Danny, thats a great way to trade if work gets in the way.

I agree with you 100% and obviously thats daily charts with weekly , monthly S and R etc. Also its basically passive income as like you say just 5 mins a day then off to work or whatever and let forex earn you some money whilst you're busy else where.

Yep like it and I have every intention of running an end of day system alongside my 1 min stuff.

My plan is to build up a large trading fund by daytrading then trade eod and just leave it making me money whilst I have fun all day,

Well thats the dream.
Feel the Fear and do it anyway!!!
  • #168
  • Edited 6:11pm Jun 1, 2014 3:36pm | Edited 6:11pm
Quoting Chicky
{quote} How many can walk on a rope? Very few indeed. But it doesn't mean it can't be done. It can be and has been done with excellence.
Hi Chicky

Wow!!! This is getting more awesome by the day, yet another great trader joins us!! I've checked out your profile and threads you're obviously a great trader with wicked intelligence and a "wicked" sense of humour to go with it. I wonder if one day I might become a "Grand Elite Trader".

Very wise words my friend, its interesting how other traders are so keen to tell me "It can't be done" , trading 1 minute charts profitably with any consistency. Its like a red rag to a bull for me when someone tells me something "Can't be done".

They might well be right too, of course and I know they all mean well just trying to help me. But I am not for turning , no sir, because you see, I am one of those guys who once he sets himself a goal just won't stop until its done or die trying.

Anyway I fully expect many more to join their ranks and tell me to stop wasting my time because it quite simply "Can't be done".

Well here's a funny thing,which I thought might appeal to your sense of humour, the other day when I was searching the internet for the author of the poem my dad gave me, I found another little poem which to me says it all , so I thought I would post it here and rather than get into any arguments with any future "doubters" post this poem instead.


"It Couldn’t Be Done"


Somebody said that it couldn’t be done,

But, he with a chuckle replied

That "maybe it couldn’t," but he would be one

Who wouldn’t say so till he’d tried.

So he buckled right in with the trace of a grin

On his face. If he worried he hid it.

He started to sing as he tackled the thing

That couldn’t be done, and he did it.


Somebody scoffed: "Oh, you’ll never do that;

At least no one has done it";

But he took off his coat and he took off his hat,

And the first thing we knew he’d begun it.

With a lift of his chin and a bit of a grin,

Without any doubting or quiddit,

He started to sing as he tackled the thing

That couldn’t be done, and he did it.


There are thousands to tell you it cannot be done,

There are thousands to prophesy failure;

There are thousands to point out to you one by one,

The dangers that wait to assail you.

But just buckle it in with a bit of a grin,

Just take off your coat and go to it;

Just start to sing as you tackle the thing

That "couldn’t be done," and you’ll do it.




Great to see you here Chicky thanks for taking the time to post.
Feel the Fear and do it anyway!!!
  • #169
  • Jun 1, 2014 4:08pm Jun 1, 2014 4:08pm
Quoting Vantage
{quote} If you are going to trade everything in sight yes I'd say you'll need a lot of luck. If you are going to trade a specific set up with a specific direction taking maybe 2 trades in a session I'd say you are taking what the big boys are doing (moving in a trend) and moving the odds in your favour by timing entries when short term flow in line with D. Let me take (hand on heart) the very first days pa I looked for. If after 13 May a trader could not identify that the odds for the 14th are down then he has serious problems. When the flow down...
Hi Vantage

You're posting so fast I can't keep up!!

Sorry I haven't replied to each and every one of your posts, but I have been trying to read them thoroughly and digest all the great advice within them. Of course they are all absolutely spot on the money. In fact your last post sums it up perfectly.

Yes of course,like you quite rightly say, if I just trade 1 minute charts haphazardly here there and every bloody where its a sure fire recipe for disaster but as you wisely point out if there's a strategy , tight money management and discipline then it has every chance of success and yes the key is reduce your risk with small 10 pip stop entries get to BE quickly (get your risk off the table) then hold for several hundreds of pips.That is exactly what I am after and with your extensive experience (the 1,000's of hours chart watching you refered to earlier) I can't see why you would fail??

Thanks for all your posts they are absolutely awesome beyond awesome and of great help to me. Due to your advice I will be looking for just 2 trades per market open(as per your 50-70 pip run post) and will only trade first 3 hours of any open or until I have found my runner and that will be it.

Also will look into your Daily or "D" set ups as you call them, got one in mind for Tomoz which will post about seperately.

Lastly you mentioned that if London drives price back in direction of the daily trend then watch out for a pre-New York session pullback before continuing with the trend?? Have I got that right?? if so then that is just begging for my little old 15min CCI turn back with the trend, then take next two 1 min cci signals.

Now as for the skype thing. Did you know that its is totally free to use and you can talk to anyone in the world for as long as you like and also share screens and therefore share charts together?? All totally free??? If you're interested its really simple to install on your computer just google "Skype" and it will be there. And don't worry its easy to use if a fellow "technophobe" like me can do it, then I'm sure you won't have any problems with it either.:nerd:Once its downloaded search for me under clive.packham1 and request contact I would absolutely love to have a chat and share some charts with you.

But don't worry if you don't want to, I understand, as I am sure you get pestered by guys like me everyday and must get fed up with it.

Thanks again for all your posts they have been incredibly insightful and helpful.
Feel the Fear and do it anyway!!!
  • #170
  • Jun 1, 2014 4:18pm Jun 1, 2014 4:18pm
Quoting n_aftab
Your father was a wise man, simple but very powerful words, may he rest is peace my friend. {quote}
Hi aftab

Welcome to my thread and thank you for your kind words. Here was a great man in so many ways.

Happy trading, Clive.
Feel the Fear and do it anyway!!!
  • #171
  • Jun 1, 2014 4:24pm Jun 1, 2014 4:24pm
Quoting claudia1
{quote} No offence taken at all! How do banks trade would take years to answer and I only know what I did. Day trader mainly cable. The only difference between what I do now as a retailer is there is no one breathing down your neck to hit targets, don't work 12 to 14 hours a day. Downside is of course I don't have access to large funding. Competitiveness in a corporate environment can be good however. Would I go back? No. There's a good thread somewhere on the forum 'are there any institutional traders' go find that and read the guy there is accurate...
Hi Claudia

Just read through your thread, great strategy trading pivots on GBPUSD I've found of all the pairs GBPUSD just loves those pivots. I will be paying close attention to all pivot trades on GBPUSD on my little old 1 min charts as the bounces are so exact sometimes its uncanny.

And yes I loved your sign off too.

"Keep it Simple"

All too often traders just over complicate the whole trading thing, like I said before it can only go up or down, can't be that complicated can it????

Many thanks for posting Clive.
Feel the Fear and do it anyway!!!
  • #172
  • Jun 1, 2014 4:33pm Jun 1, 2014 4:33pm
Quoting Intrepidpips
{quote} Hey Danny, All charts are just the same thing to me just a record of price movement, so whether it be D1 or M1 they all tell same story. You can trade D1 and make 20% a year or trade M1 and make 10% a day, every chart has it's own story, you just have to interpret them and exploit their potentials. Just tell me which of these charts has more potentials for profit, first one is GBPJPY and the other is EURJPY. One is a D1 and another is M1 but there seems to be no distinguishing features just that one will always find an entry and exit, so...
Hey Intrepidpips, You're my main man.

Great post!!!

I could of written that myself. Thats my whole piont about trading 1 minute charts they are exactly the same as any other chart you can mention, with trends, breakouts, pin bars, reversals, HL's LH's, fibs etc etc. Its all there you just don't have to wait 6 months for your signal and guess what miss one, don't worry there will be another along in 15 mins.

Just to endorse what you've said there are 1440 1 minute candles in a day so it will produce many many trading setups in a day. A similar amount of Daily candles will be over four and a half years!!! Sure the setups are there too, but who wants to watch a screen for four and a half years when you can do it in a day???

I know what I'd choose how about you old friend???

Together we can beat it!!
Feel the Fear and do it anyway!!!
  • #173
  • Jun 1, 2014 4:39pm Jun 1, 2014 4:39pm
Quoting Kuat
clive, maybe better if you find a job first.. and trade part time. gets your mind off your dad too. Sorry for your lost. But good thing is time heals. best of luck. Life is a cycle. up s and downs.. you'll be bouncing back up soon!
Hi Kuat

Thanks for your kind words and don't worry I have got a job I am a fund raiser for my local St Wilfrids Hospice and the great thing is I can fit it around the London and New York opens. Couldn't be better.

Thanks again for your post.
Feel the Fear and do it anyway!!!
  • #174
  • Edited 5:10pm Jun 1, 2014 4:53pm | Edited 5:10pm
[quote=albchr;7503906]Hello Clive First, my deepest sympathies on your loss. Having lost my father just over 2 years now, and facing I fear the same with mom soon, I assure you you're not standing in that void alone. The fruit never falls far from the tree. A man wise enough to pass those words to you, is a man who also bore good fruit I'm sure. God bless you in carrying on in his likeness.

Hi Chris

Many thanks for your kind words, you wouldn't believe how much starting this thread has helped me come to terms with my loss. The words of sympathy and support has been truly overwhelming and an immense help. Many thanks to you all.

Its also good to hear from another ABCD man, you obviously see the market very similar to me, and rest assured I don't ignore the longer term charts I just choose to enter on 1 min charts in the direction of the longer term trends. Did you ever see the FXCM report "traits of a successful traders guide"??

Attached File(s)
File Type: pdf fxcm-traits-of-successful-traders-guide.pdf   2.6 MB | 1,341 downloads


Astonishing report and the one thing that I chose to take from it was that successful traders have bigger winners than losers and vice versa for losers. Which led me to concentrate my attention on how I could achieve bigger winners than losers, much bigger winners than losers.

Well to me its simple it can only go up or down so choose your direction(longer term charts) then enter(short term charts) with as small a risk as possible get to BE quickly and hold for as long as you can on the longer timeframe charts. That would hit the button wouldn't it???

But of course thats the theory and as we all know the practice is so much harder, but I have set myself a goal to do just that.

Thanks again for your thoughts and wish me luck with my journey.

All the best Clive.

PS You're dead right about the quality of the traders posting here , you included.
Feel the Fear and do it anyway!!!
  • #175
  • Edited 5:42pm Jun 1, 2014 5:13pm | Edited 5:42pm
Quoting Donika
{quote} Sounds like a perfect plan m8
Hi Donika

Sorry I didn't reply to your earlier post I somehow missed it in the heat of the battle, please forgive me.

I'm glad you like the sound of my trade plan. Its one thing to have a perfect plan but another thing altogether to actually trade it. But I will give it my best shot thats for sure, in fact tomorrow GBPUSD is setting up nicely on the daily chart as below so I will be looking for a 15 min CCI turn back up in the London open and if I miss it there but London spins it back up with the daily trend then I will try Vantage's pre New York session pullback entry and again trade the 15 min CCI turn up taking the first 2 1 min cci signals.

But the thing I will be looking for in the London session is for price to come down towards the Daily 100sma and the strong S&R level at 1.6650. When 2 levels coincide like this there's every chance of there being a reaction of some sort. If it does happen then I will look for my 15 min cci buy signal(crosses from under -100 level), to me it denotes a 1 min reversal and will try to catch the first 2 HL's on the 1 min chart then hold for the rest of the day, hopefully eternity. Well actually if I catch it I will settle for the next 3 days momentum push back with daily trend. But first I have to catch it??

Of course it might actually do the opposite as looking at the daily chart you can see the first LH on the 22nd May proceeded by a LL on the 28th May so there's every possibility this is a full reversal playing out on GBPUSD Daily and it will in fact fall off the page tomorrrow.

You see there's always an argument for both directions which of course makes the market, but here's the great thing about trading the 1 min charts if I am right and we get a 15 min turn up, I can buy cheaply and hold, how ever if I am wrong and price smashes straight through that level I can quickly join the sellers and sell the break and retest.

Of course it will probably go sideways for the day in which case it won't come into my top 8 trenders so I won't even look at it. In that case I will just look for my London breakout trade strategy and just trade the top 4 trenders.

As for New York open well same sort of thing really but if I have caught GBPUSD in the morning then might try and add as per Vantages pre New York open pullback trade.

Well thats the plan as the say, I wonder what will actually happen????

Happy trading.
Attached Image (click to enlarge)
Click to Enlarge Name: could we catch these daily signals.png Size: 83 KB
Feel the Fear and do it anyway!!!
  • #176
  • Jun 1, 2014 6:02pm Jun 1, 2014 6:02pm
Quoting clivepackham
Did you ever see the FXCM report "traits of a successful traders guide"?? ... Well to me its simple it can only go up or down so choose your direction(longer term charts) then enter(short term charts) with as small a risk as possible get to BE quickly and hold for as long as you can on the longer timeframe charts. That would hit the button wouldn't it???
No I haven't Clive. But thank you for it. I have downloaded it and I shall. I traded much like you are now when I started. Enter, small stop, cover quick and let the good ones go. Nothing wrong with that in my humble book. Not only can it be done, it can be done quite successfully. I'm sure you'll nail it down since it's what you seek.

I chose a different path for my own personal reasons. Not because it doesn't work.

Have a chat with Magix for the ole 1M chart trading.
Ghost Rider - WWTBMD?
  • #177
  • Jun 1, 2014 7:01pm Jun 1, 2014 7:01pm
Quoting clivepackham
{quote} Hi Claudia Just read through your thread, great strategy trading pivots on GBPUSD I've found of all the pairs GBPUSD just loves those pivots. I will be paying close attention to all pivot trades on GBPUSD on my little old 1 min charts as the bounces are so exact sometimes its uncanny. And yes I loved your sign off too. "Keep it Simple" All too often traders just over complicate the whole trading thing, like I said before it can only go up or down, can't be that complicated can it???? Many thanks for posting Clive.
Good luck on your journey.
  • #178
  • Jun 2, 2014 1:47am Jun 2, 2014 1:47am
Morning Traders

I have learnt a new way to over come my posting problems. I will quickly post a "Hi" message like today then post it. Then I will immediately edit my post with what I want to say. Bit long winded but the only way I can find to get my "edit" toolbar up and place my charts in the right position in my posts.

So what I am saying is you will see a quick "Hi" message from me. Then just wait for me to edit and re-post the post.

Hope that makes sense???

Happy trading.
Feel the Fear and do it anyway!!!
  • #179
  • Jun 2, 2014 1:49am Jun 2, 2014 1:49am
Hi Guys

Looks like some AUD weakness and GBP strength this morning looking at my top 8 trenders.

So gonna look for a nice little ABCD move and enter on pullback.

Its got 2 chances.

Attached Image (click to enlarge)
Click to Enlarge Name: 1406020751.png Size: 61 KB
Feel the Fear and do it anyway!!!
  • #180
  • Jun 2, 2014 2:02am Jun 2, 2014 2:02am
First part done nice entry, went to BE in same 1 minute candle now where do I exit???
Attached Image (click to enlarge)
Click to Enlarge Name: nice entry.png Size: 56 KB
Feel the Fear and do it anyway!!!
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