Trading is as simple as ABCD

So are you suggesting to use these system entries around higher timeframe levels??? I agree with that philosophy also it is comfirmation that the level is holding and the traders are supporting that level , its a very low risk entry if you're right and costs little if you're wrong and in fact if 100lwma doesn't turn up then the levels got no chance of surviving has it???

I've got an automated version of what I do here which I have always thought could be used as an entry system at higher timeframe levels. \Basically lets say in the example above you like the look of 1.4130 level then whenever price comes down to it drop this EA on and if price turns your way and the 100lwma turns up it takes 2 entries for you and moves to BE asap then if you're right and they hold you're away if however you were wrong and price goes straight through so the 100lwma doesn't turn up , no harm done no entries taken. If it turns up and down again maybe you lose 10 pips???

It can be set on 5 min 100lwma too if you want a more confirmed signal. Very often if you use the 5 min version the 100lwma doesn't ven turn up unless theres good support for your level.

Just a thought, maybe we should work together on that idea as I'm not really a higher timeframe man, you tell me the levels you fancy at start of day and I'll drop the EA on to see what happens. If it works we can use it going forwards, what do you reckon???

Any good SR level can provide good CT trades as long as you accept that at times they will really run (thats where multiple entries comes in from repeat a b c's) and sometimes they will just be 20-30 pips or so before reverting to trend. Not to be confused with a trend that moves through a SR level and the retrace back to the SR level is the c point for trend continuation.

I have pretty much been a follow the 1hr type. Initially when scalping it was following a 1hr close and then taking the 1/5 min a b c's. One of the reasons I like your method is the 100lwma and cci filter (I still use cci70 on 1 min chart) did a pretty good job of approximating a good 1hr candle close. Later on when trading longer time frames (to give you an idea I think we are on 35 entries over 3 months so hardly packing those trades in) it became daily view and entry from 1hr (sometimes 15 min) a b c's in line with D view/market flow.

I still watch 1hr charts in conjunction with shorter TF's and if you have a proven SR level from the last week that has held or one that caused a turn months ago a system entry that is closer to the turn level is usually good. So yes if you can identify a level and then switch an ea on it would definitely be worth looking at. As mentioned above some will run some will be 20 pips and you have to be prepared for both.

Right now if I had an ea I'd switch it off, after several days of bouncing now looks like level might give way, TWT.

The EA I'm talking about can be programed from its inputs to do pretty much what you want. My initial thoughts are something along these lines, identify a strong hourly trend, TTindy set to hrly then wait for 1 hr CCI to give us our pullback. Now instead of just hitting an entry when CCI signals, put the EA on to only buy so waiting for 100lwma to turn up then when it does it takes the first 2 CCI signals on the 1 min(first 2 to stick at BE).

Once its got 2 entries to stick it stops taking entries. (you can set this to one if you like or as many as you like). best thing about it is if you're wrong about level and price cuts straight through it then as long as the 100lwma doesn't turn up no entries. Worst case you might lose 10 pips or so on a bad entry. Best case you've got 2 entries for small risk that could run on an hourly trend, how many pips might that be???

If I was to use it on hourly moves then might use it on a 5 min chart as less likely to give you a false start. The EA is just used to enter automatically with the trend buying dips and selling peaks ie CCI signals.

We've backtested it on some good runs with no limits on entries and to close when 100lwma turns back down and you'd be staggered the profit it makes, basically what I'm saying is if you put it on the right pair and it goes in your direction it makes a small fortune. Just keeps buyng every dip moving to BE and so on. Best thing is if price doesn't go your way eg 100lwma stays sloping against you it won't take a single trade....

The ideal trading scenario of small losers big winners...

Like I keep saying price can only go up or down , this EA just keeps buying every dip when price is going up and selling peak when price goes down, all dependent upon the direction of the slope of the 100lwma until the 100lwma reverses....then it banks what its caught...

Its got several ways to use it , one way I like is to wait to something is flying one way say down the page towards a daily level, then drop it on to buy only and it will wait for the 100lwma to slope up and start buying. Catching the reversal if there's going to be a reaction to that daily level.

As usual plenty of ideas just need to get on with it and start making some real money...

Basically after that post I was away from the computer. What a pity, oh well. 1.4130 broke, retest 200 pip scale retrace, clean a b c. Its lovely when the 'view' plays out with a perfect system set up.

I completely accept what you say about taking the 1hr strong trenders. Also though I am completely comfortable with using your original idea of using the cci210 on 1 min chart. OK I have switched to cci70 on 1 min. But then I am specifically looking for pairs to agree.

This is my current set up. In addition to normal entry rules I generally want to see one of the following:

- EUR and GBP strong/weak across the board. Say 3 or all 4 of the eur crosses are above their 100lwma then I'm looking at which pairs are highest on TT indi and then which move looks cleanest, or
- if the eur, gbp pairs are not strong weak across the board then say CAD is strong then wanting GBPCAD and EURCAD to both be looking like selling, below ma, cci70 red and hitting -100.

Then its clean a b c's that have probably broken range and retesting.

On the first scenario it would be clear that gbp or eur is trending across the board or at least showing signs of it starting to trend (by being uniformly above or below ma's). In the second scenario then its 1 currency thats strong or weak CAD mentioned in the example. Whilst I have missed some trades waiting for these its kept me out of trouble.

I don't know how you program that or even if its necessary judging from the results that you refer to. I am generally scared of ea's and probably biased. If it works great and only using that on a demo acc would prove that. I'd love an ea that would alert when set ups happen that manual intervention can choose the pair.

It would be interesting to see how much tweaking would be needed to try and differentiate between what looks like good set ups on a few pairs i.e. those that work and the ones that have no follow through i.e. eurcad works but say eurnzd doesn't or do you take both. Obviously trading manually picking the wrong pair happens and its always a pain. I suppose it all comes back to the idea that you won't get it all but are you get enough successful trades to meet your goals.

Care to share the ea and current settings?

Yep that was a cool setup that was a break and retest of the 100lwma followed by a break and retest of yesterdays low basically your 1.4130 level, of course the news didn't do any harm either

Looking at the EURCAD hourly then 1.4050/25 might spin us back up again??? Who knows??? But I wouldn't be surprised to see NYO take it back up would you???

GBP and EUR pairs are all looking like they might reverse this afternoon sometime with 100lwma flattening out and a few pairs across it already...

Look for a clear 15 to 25 pip push up then wait for pullback retest and off you go..

Got a problem with my platform lost some data overnight but this is a nice start to the day...

Added to that GBPAUD 4 times got to BE every time and stopped out so took 18.1 pips for my trouble as a bit of support at 1.8625 level...

Took my orphan off but of course its going to drop off the page now isn't it???

Quick break and retest of 100lwma if this holds could be a good one big IF with GBPNZD

yep survived but where to close thats the question???

took a quick 42 pips out of that one these orphans are working nicely today...

Got back in quick break and retest but don't trust it so straight to BE if it goes great if it don't no big deal

Tried same entry on GBPAUD break and retest 100lwma but not this time so gave some back can't win em all...

But time to sit back a bit and wait for a good un...

Not the best entry in the world but its got 2 chances...

that direction didn';t work but couldnit resist when I saw support the other way..

Hey Clive,

This market cannot be predicted and can turn at any time even when you enter the right trade. I use the M1 TF of the LCSM to monitor "possible" market turns. I was also in both EURUSD & GBPUSD shorts and closed them as soon as the M1 LCSM lines began to turn and PA slowed down. I have proven over the last 2 months that 3 pips here, and 5 pips there and a possible 10 pip somewhere add up, especially if you can get about 5 - 10 of such in a day. And this is why I trade full lots and take whatever the market gives me. The big one will come in one of such trades.

Cheers, and good trading for the new month. I'm off to snooze and will be back possibly during the US session.

Shalom

42 pips is not comparable to an orphan pot in poker or a single in baseball. It is more like a triple! 42 pips on a M1 chart is very nice! A single on a M1 chart is 5 pips here, 8 pips there, and so on...

Hi Capstone

Ha Ha I know it was a bit tongue in cheek when I said it.But its an orphan compared to what I was chasing before in my head!!!

Here's something interesting, all I'm doing now is holding my trade until the momentum fades or a really obvious level gets hit.. What I don't do is have some pre-arranged figure in my head like 5 or 10 or 15pips , I try to take what the market gives me rather than some pre-determined target or as I see it a self imposed limit in my mind. Rather than closing out for a mere handful go to BE instead and wait for momentum to subside before closing out..


So much of this trading lark is in our heads with some pre-determined point of view as to what the markets going to do,should do, or normally does or whatever??? I just try to hold until the momentum fades, have a look at your own trade on your journal I know you closed it because of taking kids to school but look at the CCI momentum, it stays over the zero line for quite a while and if you were to close on a zero line cross that would have got you about 15 pips.

There was a report done by FXCM recently(I've posted it somewhere on here) which concludes that successful traders have bigger winners than their losers. I know thats common sense but it goes a bit deeper than that if you think about it. If we trade with a 1:1 ratio then we have to get it right 51 times to 49 losers to make money and not much at that. However start to get 1:2 or 1:3 or even 1:5's winning ratios then all of a sudden you only need a 1 in 3 strike rate to make money and good money at that. That alone would take off the pressure of pulling the trigger wouldn't it safe in the knowledge you only need 1 out of 3 winners to make money.

Now thats one of my goals when I trade to have bigger winners than my losers , much bigger if I can. Thats the whole reason I got involved in 1 min charts in the first place to have small stops, get my risk off the table asap by going to BE quickly but most importantly to have bigger winners than my losers.

Thats why I see it as imperative to let the market give you as much as possible rather than come out too early. I try to let the momentum dictate my exit.

I think you will agree my winners are substantially bigger than yours , but its not because I'm braver than you or that I sit through drawdowns for hours on end, because I don't. Its quite simply I trade with the strongest trenders so when I get an entry right, price positively explodes away from my entry, then again because I'm on strong trenders the momentum drives price quickly and hard up the page, soon as I see it falter I close it out.

Take my gbpNZD trade this morning in and out in 26 mins!!! 46 pips thank you very much!!

The other thing about trading with a strong trender is the signals work well like break and retests and especially momentum indicators like my CCI.

The other thing I'd advise is to get to BE asap within a few pips, you've all seen my entries at BE after just a couple of pips sometimes. If its a good entry it won't come back after a couple of candles and if it does you want out because price has come past your entry so we want out, no sweating through drawdowns if we can help it, just GTFO!!

One thing I'm doing better now is taking my first run off the table, my orphan trades, it just feels so much better to have some profit in your bag early on...

Lastly on the subject of small losers and bigger winners, I'm also considering reducing the size of my losers by reducing my stops. My thoughts are I can't control the size of my winners as the market decides that but I can decide on the size of my losers. Tinkering with the idea of putting my stop behind my entry candle??? Will experiment with this idea a bit as I like the idea of very small losers.

So here's what I advise, trade with the strongest trenders you can then get to BE quickly, don't worry about it coming back at you, good entries go fast!!! Close out when momentum turns against you or a very obvious level is hit....

Hi George

We haven't had that skype chat yet?? Let me know when you're about and we're chat...

I hear what you saying about 1 mins going wherever they like but when they move they make very good trending patterns on their candles. If I'm on a strong trender lets say upwards then all I'm looking for is the 1 min trend to resume back up and place a pending order above the first good green candle producing a new high . Sort of a miniature breakout entry I guess as the last green 1 minute candle gets taken out. I even look at the tick chart for a reversal back my way, it all helps but of course doesn't gaurantee anything as you say, but then what does in life??

All the more important to make sure our losers are smaller than our winners, sure we don't know which way price will go next but we can control the size of our losers...

Good to hear You're having success on the 1 mins too, we must chat sometime and compare ideas...

Looking forward to our chat, all the best Clive..

Don't normally trade the Sydney open but just happened to notice this great reversal setup break and retest of 100lwma and just couldn't resist it!!!

Been a big move down too close to 180 pips so how far will this go back up??? whats 61.8% of 180 pips???