Vantage, Hope ur well. Just wondering why SL of 20 pips on EURGBP is higher than EURAUD at the same lot size. Alwys the spread of EURAUD >EURGBP. dont you think something is fishy wit ma broker
- #283
- Edited 6:22am Jun 6, 2014 6:05am | Edited 6:22am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} The trend is your friend perhaps and only go CT when your rules (whatever they are) are complied with. If you can make an above average return from trend trades why dabble with CT? Your CT trade from earlier still doesn't seem to be much more than winging it, you are trading with real money and need to build confidence and (I'll say it again) a repeatable method. What would be a repeatable method for 1 min, just throwing things out here: OK there is the London Close reversal but that's been done, perhaps a 5 or 14 day ATR exceeded, reaction...
Thanks for your great advice here today and everyday since I've started my thread. Like I've said before I believe in the power of the universe and it put us together for a very good reason.
I appreciate everything you've posted here and that includes your last post. Harsh??? No the truth!! And the truth never hurts as long as you learn from it. And I've learnt so much from you over the last 2 weeks its untrue. I've learnt so much from you, I am 100% confident that, thanks to you, my father and another guy called Earl nightingale, I can achieve my 30 day goal with absolute ease.
Let me introduce you to Earl Nightingale, he's awesome and if anyone here wants to a change thier life play this and take up your own 30 day challenge and change your life. By the way by some strange coincidence he is the splitting image of my grandad, yep, my Fathers Father, Hmmm strange but true???
http://daringtolivefully.com/wp-cont...ightingale.jpg
https://www.youtube.com/watch?v=1Y5g2Pe08uc
Thanks again for all your incredible advice, thanks to you and the universe I will achieve my goal, that I absolutely know to be 100% true.
Listen to Earl nightingale words and you will know what I mean. He's awesome!!!
By the way I have taken all your advice and written myself a new trading plan, that I will start trading from Monday. I will post it here over the weekend, please let me know what you think.
Many thanks again, catch up soon.
Feel the Fear and do it anyway!!!
- #284
- Edited 9:37am Jun 6, 2014 8:40am | Edited 9:37am
- Joined Sep 2010 | Status: I'm not here... or am I? | 4,000 Posts
None farm payroll today and this is the kind of early trade I'd like to get in and get out of asap. CM showing eur weak and the strong currencies clear, I thought euraud and ej were gimmies on this method and 15 pips on my 2% risk comes out a fairly painless 3% trade for 15 mins work. Good separation on ma's, -100 all the way on 210 cci, I still feel this is a little gem you are sitting on pls stop messing around, focus on whats working almost every day!!!!!!!!!!!!!!!!!!!!!!!{image} {image}
May I ask what the brown line on your chart right around the 25 level is? I assume it is a pivot line but can't see where it is marked. Either way it / the 25 level capped price nicely right around LO.
I hope you & Mrs V are both doing very well.
Today's zone = Tomorrow's opportunity!
- #286
- Jun 6, 2014 4:02pm Jun 6, 2014 4:02pm
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} Earl Nightingale, he's awesome and if anyone here wants to a change thier life play this and take up your own 30 day challenge and change your life. By the way by some strange coincidence he is the splitting image of my grandad, yep, my Fathers Father, Hmmm strange but true???
I listen almost every week and I keep hearing "once you've made your goals there's no way you cannot achieve it"
See you at the top mate!
Let it turn and find your entry.
- #287
- Jun 6, 2014 4:40pm Jun 6, 2014 4:40pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Hi Clive, great stuff, you are sharing here, my trading turned from despair to lively hope when I got the "Strangest secret" audio last year. I listen almost every week and I keep hearing "once you've made your goals there's no way you cannot achieve it" See you at the top mate!
We're two of a kind you and I, we will be in that top 3% sooner than you "Think" just keep thinking my friend, just keep thinking.
Feel the Fear and do it anyway!!!
- #293
- Jun 7, 2014 10:56pm Jun 7, 2014 10:56pm
{quote} Currency meter link http://www.forexfactory.com/showthre...11#post7239911
I hope it's not memory consuming/ slowing my MT4
I'll give it a try anyway
i worshipped... Momentum
- #294
- Edited 9:16am Jun 8, 2014 7:41am | Edited 9:16am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} I have read a lot of the motivational type books, have a look at some of the general thoughts here scroll own to the bottom of the page http://www.vantagefx.blogspot.com/20...1_archive.html this stuff and the basics of my method written 4 years ago and still valid.
I absolutely agree 100% with the blog posts this link sent me to, you obviously discovered then, what I am learning today. Your blog post are quite awesome and spot on the money obviously, as your trading has demonstrated since.
It gives me an even stronger belief to follow my path just like you did yours and find my own way.
Many thanks yet again for your inspirational blog and posts.
Will post later about my trade plan from Monday.
Thanks again, Sir you are a star.
PS There's some weird stuff going on here as just noticed the date of that Blog post you sent me to, 31st May, just so happens thats my birthday. I know , I know, I'm just saying????
Feel the Fear and do it anyway!!!
- #295
- Jun 8, 2014 10:28am Jun 8, 2014 10:28am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
[quote=clivepackham;7520778There's some weird stuff going on here as just noticed the date of that Blog post you sent me to, 31st May, just so happens thats my birthday. I know , I know, I'm just saying????[/quote]
Strange indeed!!
The chart I posted on previous page and those you posted on page 2 reflect how I'll be trading the system.
In general I would expect to see:
- good separation on ma's (below ma sell, above buy)
- cci 210 to have touched -100 or +100 level,
- then the following two abc moves where ha candles have had a colour change back to trend (red sell, green buy),
- if ha candle not changed and cci 14 bar smaller than prev bar then price to trade above/below the candle extreme, or
- ha colour change, cci 14 colour change
I think that's about it, no need to complicate further.
[/quote]Strange indeed!!
The chart I posted on previous page and those you posted on page 2 reflect how I'll be trading the system.
In general I would expect to see:
- good separation on ma's (below ma sell, above buy)
- cci 210 to have touched -100 or +100 level,
- then the following two abc moves where ha candles have had a colour change back to trend (red sell, green buy),
- if ha candle not changed and cci 14 bar smaller than prev bar then price to trade above/below the candle extreme, or
- ha colour change, cci 14 colour change
I think that's about it, no need to complicate further.
- #297
- Edited 4:41pm Jun 8, 2014 1:14pm | Edited 4:41pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Strange indeed!! The chart I posted on previous page and those you posted on page 2 reflect how I'll be trading the system. In general I would expect to see: - good separation on ma's (below ma sell, above buy) - cci 210 to have touched -100 or +100 level, - then the following two abc moves where ha candles have had a colour change back to trend (red sell, green buy), - if ha candle not changed and cci 14 bar smaller than prev bar then price to trade above/below the candle extreme, or - ha colour change, cci 14 colour change I think that's...
The spooky bit is on Friday as it was NFP I was only going to trade the post news strategy as London opens on NFP are pretty naff for breakouts. To pass the time away I was writing out my trade plan as per your advice on one of your post. When I looked up and noticed EURNZD giving me the perfect example of the breakout trade I was after in all future London and New York opens, it was so weird as if the universe was saying "Here you go son, have a look at this. Is this what you after??"
Heres a chart of what I saw last Friday with my notes posted along with it for good measure.
The filters I spoke of are quite simple really if you look at the chart you will see some common signals that I have referred to on numerous occasions throughout the thread but here they are just in case anyone has missed my previous posts.
1) EURNZD top of 1 min trenders and NZD top of strength meter and EUR in bottom 3, always look to trade top 3 against bottom 3 and nothing in between.
2) By the way after I took this picture I changed my second top trender timeframe to 5 min so I had 1 min on left and 5 min on right like I use to have and guess who was top?? Yep you got it, dear old EURNZD so my first filter is only look at the top 4 in 5 min trenders and wait for one of them to appear in top 4 on the 1 min top trender.
Basically what thats doing is looking for a sustained move rather than a quick punt on the 1 min alone. My theory is if its going to be a London breakout trade it should appear top of 5 mins, shouldn't it?? In fact I gaurantee it will be there if it is going to follow through and become the London breakout.
3) The separation of the 2 mas that you referred to above.
4) 15 min CCI over the -100 level.
5) Each pullback should come back to a good level for us to slip our 10 pip stop behind. These levels are:
- A 25 level trades 2,3 & 4 as per this example.
- A previous S or R 1 min level
- The 100 sma.
- The daily pivot again in this example. First arrow.
- Yesterdays high,low or close.First arrow and confluence with pivot.
6) The 15 min has recently turned over and is below the -100 level. (1 minute reversal)
7) The 1 min CCI must go over the +100 level to qualify as a pullback worth trading then start reducing its candles eg momentum in the pullback is falling and in fact reversing back with the trend. Very very important to see this shift in momentum in the 1 min CCI before even considering an entry.
8) The entry is after the 1 min CCI has turned over then the next HA candle that changes colour back to red is our signal candle put a pending order below it and if taken out you're in, if not then like you say a cci candle the other way cancel pending order and start again waiting for 1 min CCI to start losing momentum as pullback obviously hasn't finished.
By the way we might simplify this by just saying hit it with market order when CCI crosses zero line. However I prefer the pending order gets me in very deep into the pullback.
9) Place stop 10 pips back and be ready to close out if a opposite colour HA candle appears, thats your signal candle to close if its high is taken out.
10) Move stop to BE asap for me thats 3 pips, if its gonna go its gonna go, trust me, get your risk off table asap.
11) Get ready to close out if price wavers especially as it approaches point B, if its gonna break it and continue with the trend,then price should just blast straight through, if you see a couple of attempts fail then close out for whatever you've got, its not playing ball today. Have a look at this EURNZD trade and you will see how price just goes straight through point B, no messing, thats what we want to see in our trades. Any faltering or taking a couple of steps back just grab your doe and wait for the next setup.
12) If it breaks through and carries on hold and try to add on qualifying ABCD moves using entry procedure as above.
13) Trail all trades down each lower high until stopped out or as an alternative close out when 15 min CCI turns back up over the -100 level.
Use this chart and its price action behavior as a reference for what we are looking for going forward. This is a typical London breakout trade and I am hoping to catch 2 or 3 a week with any luck.
Now I said to use this chart as our perfect trade example and there is some beautiful ABCD's like we should be aiming to catch, so I have used one below as a great example of a qualifying ABCD move worth trading. Please see chart below.
I have ticked some of our first filters so won't go over them again but cannot over emphasize how important it is to only look for ABCD's that are in strong trending pairs so it is critical to only trade after our first few filters have been observed as above. Once we are happy that we are looking at a strong trending pair, then and only then, do we look for our perfect ABCD move to trade.
The perfect ABCD move is:
- Very clean push down clear of the last low, the HA candles should be all red or at least 75% red.
- A very clean pullback again all green is best but at least 75% green.
- 1 min CCI momentum over +100 and moving lower, this is absolutely crucial to see before we should even contemplate taking an entry.
- Price should be heading towards one of our recognized levels as per point 5 above. Notice I said heading towards do NOT enter just because it hits it wait for confirmation that its an active level. Wait for momentum, our 1 min CCI, to show signs of turning before taking any action. Here we are just qualifying the ABCD move as to whether we trade it or not.
- Point C cannot exceed point A, it can be level but as soon as it goes past A the whole setup is null and void.
If the ABC move is as above then we must assume it is a qualifying ABCD and we trade it as described above, just beware of rule 5 if at any time price passes point A the whole setup is null and void, move on to the next setup.
Well that's about it, now i'm sure there are many guys saying "Yea right you're gonna check all that as you go???" Well the answer is yes, as thats what I've been attempting up to do up to now but only in my head. Now thanks to MR V's advice I have written it all out and with a chart to clarify it.
I have some more rules about how to mange the trade throughout the whole move but perhaps that's best kept for another day.
Well Mr V. I've done my homework as you prescribed and written out my trade plan with exact rules plus chart examples etc and a very useful exercise it was too, now all I've got to do is trade it.
Well that's exactly what I aim to do all next week at every London and New York open looking for the breakout trade so wish me luck and lets see how it goes.
Just like price my accounts got 2 options, it can either go up or down.
Feel the Fear and do it anyway!!!
- #299
- Jun 9, 2014 3:23am Jun 9, 2014 3:23am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #300
- Jun 9, 2014 3:29am Jun 9, 2014 3:29am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!