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Sharing my profitable and simple strategy

  • #101
  • Jul 14, 2014 10:06am Jul 14, 2014 10:06am
Thanks to diamonddbw who saw first this good trade...
What's happen on the 1,7075 -1,7074 level ?!?!?
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  • #102
  • Jul 14, 2014 10:22am Jul 14, 2014 10:22am
Quoting Nepul
Thanks to diamonddbw who saw first this good trade... What's happen on the 1,7075 -1,7074 level ?!?!? {image}
++++++++++++++++++++++++++++++++


Thanks, however I did not take this trade because:

• My chart showed breach of 5.6 pips beyond H4 low of GU. This is 1.6 pips more than post #1 refers to.

• Last weeks low is only 9 pips above potential long entry. If the practice is to make a minimum of 1:3 Risk:Reward then this does not meet that requirement for my money. Also my spread is usually about 2.2.

Signed,
Tight Wad...
  • #103
  • Jul 14, 2014 10:47am Jul 14, 2014 10:47am
Quoting Sesamstrasse
But Nepul my question is : Is this a valid entry by your rules ??... broke the low more than 4 pips .. , so enter a long position?? Thx , Guido {image}
Your entry could be valid cause there's a strong low and next bar went down to hunt stop.
By the way as i said in the first post it's better that the next bar break for not more than 4 pips include spread, this is only cause my trade management need tight stop loss.
In your case stop was 6-7 pips, so it depend's by you, how much do you want risk...
  • #104
  • Jul 14, 2014 11:13am Jul 14, 2014 11:13am
Quoting Nepul
{quote} Your entry could be valid cause there's a strong low and next bar went down to hunt stop. By the way as i said in the first post it's better that the next bar break for not more than 4 pips include spread, this is only cause my trade management need tight stop loss. In your case stop was 6-7 pips, so it depend's by you, how much do you want risk...
Try to understand ,helped a lot , thx !
Risiko birgt immer auch die Chance.
  • #105
  • Jul 14, 2014 11:22am Jul 14, 2014 11:22am
Quoting Nepul
{quote} Your entry could be valid cause there's a strong low and next bar went down to hunt stop. By the way as i said in the first post it's better that the next bar break for not more than 4 pips include spread, this is only cause my trade management need tight stop loss. In your case stop was 6-7 pips, so it depend's by you, how much do you want risk...
++++++++++++++++++++++++++++++++


Thanks for the detail.

Nepal has agreed to help me start up a Skype room so we can all share what we are seeing on our charts.

Skype rooms can get quite cluttered with non trade related posting. That makes it very annoying for those of us that that do not spend 24 hours a day online, having to read through 100's of posts to find any trade related info. So please observe the following protocol:
• Post ONLY questions regarding trade specific information. That includes:
-- Trade set ups.
-- Trade specific questions that can help you better understand what it is that makes a more or less desirable trade.
-- Things you see on the charts that may be important information regarding why a trade may have problems due to: Approaching news, - Daily, Weekly or Monthly levels, or other specific areas on the chart that can create a problem.

Trading can be a lonely profession and most of the time distractions can be more harmful than good. However if enough people want to socialize we can always create another Skype room for that purpose.

If you think you would like to participate please PM me and I will be able to add you to room.

Darryl
  • #106
  • Jul 14, 2014 11:42am Jul 14, 2014 11:42am
Still having a hard time determining exact entry. For example, after your min/max candle closes, the very next bar goes the 4 pips past the previous candles high/low, when this candle returns to the high/low of the min/max candle, we place our trade in the opposing direction, or do we wait for this candle to close as well?
  • #107
  • Jul 14, 2014 11:57am Jul 14, 2014 11:57am
Quoting Pharoah
Still having a hard time determining exact entry. For example, after your min/max candle closes, the very next bar goes the 4 pips past the previous candles high/low, when this candle returns to the high/low of the min/max candle, we place our trade in the opposing direction, or do we wait for this candle to close as well?
++++++++++++++++++++++++++++++++


The way I understand this is you wait for price to re-enter H4 candle by 1 pip. In other words if bear candle low is 1.6100, your entry would be when price reaches 1.6101.
  • #108
  • Jul 14, 2014 12:21pm Jul 14, 2014 12:21pm
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ The way I understand this is you wait for price to re-enter H4 candle by 1 pip. In other words if bear candle low is 1.6100, your entry would be when price reaches 1.6101.
Ok, so we're entering during the formation of the candle following min/max candle. Gotcha thanks

I'm down for the Skype Room, the more brokers/candle formations we have to work with to verify upcoming entries the better I would think.
  • #109
  • Jul 14, 2014 2:50pm Jul 14, 2014 2:50pm
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ Thanks for the detail. Nepal has agreed to help me start up a Skype room so we can all share what we are seeing on our charts. Skype rooms can get quite cluttered with non trade related posting. That makes it very annoying for those of us that that do not spend 24 hours a day online, having to read through 100's of posts to find any trade related info. So please observe the following protocol: • Post ONLY questions regarding trade specific information. That includes: -- Trade set ups. -- Trade specific questions...
Hi Darryl,

thats a good suggestion.

should this group concentrate on H4 timeframe, or on different timeframes?
I think we all use different brokers, so there is a problem regarding the opening and close time of the candles, any idea to solve this issue within the group?
  • #110
  • Jul 14, 2014 3:40pm Jul 14, 2014 3:40pm
Would it be at all possible to have an EA each group member uses, which all links to a central location to give the broker averages across all group members? I'm just wondering if this would be a good tool to use to help determine true overall market movement.
  • #111
  • Jul 14, 2014 5:47pm Jul 14, 2014 5:47pm
my question also is, how ong does a candle be considered as max or min?
  • #112
  • Jul 14, 2014 9:56pm Jul 14, 2014 9:56pm
Quoting Forex Lion
{quote} Hi Darryl, thats a good suggestion. should this group concentrate on H4 timeframe, or on different timeframes? I think we all use different brokers, so there is a problem regarding the opening and close time of the candles, any idea to solve this issue within the group?
++++++++++++++++++++++++++++++++


H4 candles are dependent on your broker, as well as daily candles too. I don't have a simple answer for H4. For Daily & H1 it's a little easier to figure. This is not an exact science but it is a great exercise is studying Price Action which can enhance you market knowledge far more than indicator dependancy.

Hope you join us, more eyes mean more potential for all.
  • #113
  • Jul 14, 2014 10:00pm Jul 14, 2014 10:00pm
Quoting Pharoah
Would it be at all possible to have an EA each group member uses, which all links to a central location to give the broker averages across all group members? I'm just wondering if this would be a good tool to use to help determine true overall market movement.
++++++++++++++++++++++++++++++++


If I'm understanding your question properly, the simple answer is no. Reliable (for what that's worth) forex brokers will have similar prices (within a pip or two) almost all the time except during rollover and news. Hope that answers your question.
  • #114
  • Jul 14, 2014 10:01pm Jul 14, 2014 10:01pm
Quoting mario777
my question also is, how ong does a candle be considered as max or min?
++++++++++++++++++++++++++++++++


A good rule of thumb is for a candle to be almost twice the size of previous candles, or even larger.
  • #115
  • Jul 15, 2014 4:49am Jul 15, 2014 4:49am
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  • #116
  • Jul 15, 2014 5:16am Jul 15, 2014 5:16am
How many trades were possible to do on this price level?heheheeh
1,7143 - 44
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  • #117
  • Jul 15, 2014 5:24am Jul 15, 2014 5:24am
Quoting Nepul
{image}
Mine looks different .. GMT issue of the broker I think.
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Risiko birgt immer auch die Chance.
  • #118
  • Jul 15, 2014 5:32am Jul 15, 2014 5:32am
Quoting Sesamstrasse
{quote} Mine looks different .. GMT issue of the broker I think. {image}
Different GMT, by the way you can see the same from your chart
  • #119
  • Jul 15, 2014 5:39am Jul 15, 2014 5:39am
Quoting Nepul
{quote} Different GMT, by the way you can see the same from your chart
You count the wicks to the candle close ?? ( like a " dead end" )
I thought only candle close .. and open in the " counter diirection " of the big candle after it brakes the high / low ( not more than 4 pips )..
Risiko birgt immer auch die Chance.
  • #120
  • Jul 15, 2014 5:46am Jul 15, 2014 5:46am
Quoting nepul
{image}

profit +15 hehehe risking only 1,3 pips + spread
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