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  • #3,341
  • Jan 15, 2015 1:28pm Jan 15, 2015 1:28pm
What a day in the currency market?!!! The impact of SNB's action on the currency market is just beginning to unfold as most brokers, and trader that were unfortunate to be on the wrong side of the market have been wiped out of business. Luckily for me, I was still sleeping when this happened and only came into the market around US open, and as soon as I saw the charts, I just decided to sit on my hands and do nothing. Although I later took a CHFJPY short, long after the dust settled and took 60+ pips in 2 minutes but just received a letter from a broker that lost all its operating capital as a result of the market moves.

I trust you guys are all okay and doing well, and this goes to underscore the important of using stop losses in our trading, although I don't know whether a SL would have made any difference today.

Trade safe guys, and God bless

Shalom

George
Attached Image(s) (click to enlarge)
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Low Risk Low Stress High Reward High Probability Trades
  • #3,342
  • Jan 15, 2015 2:09pm Jan 15, 2015 2:09pm
this could be account 0 situation
whats your broker
  • #3,343
  • Jan 15, 2015 2:11pm Jan 15, 2015 2:11pm
Hi All

I have just created ABCD Traders Group on Skype with Permission from Clive. We are on Board.
Its nothing but to learn from each other on real time with instant reply.
Would you like to join? Just add me on Skype: AKCodingEye

-AK-
Be Greedy
Dices Return This Week: na
  • #3,344
  • Jan 15, 2015 2:20pm Jan 15, 2015 2:20pm
Thx AKcodingeye. This will be very helpful.
  • #3,345
  • Jan 15, 2015 2:38pm Jan 15, 2015 2:38pm
Quoting 21vs7
this could be account 0 situation whats your broker

Are you referring to my post or another? If you referring to mine, then I use Pepperstone and there's no problem with them as I placed my trade about 6 hours after the SNB debacle. Trade went smoothly for execution and exit, and spread was normal too.
Low Risk Low Stress High Reward High Probability Trades
  • #3,346
  • Jan 15, 2015 2:41pm Jan 15, 2015 2:41pm
Quoting 919gilead
{quote} Are you referring to my post or another? If you referring to mine, then I use Pepperstone and there's no problem with them as I placed my trade about 6 hours after the SNB debacle. Trade went smoothly for execution and exit, and spread was normal too.
ok, good to hear this.
yes..saw the notice and thought

laterz
  • #3,347
  • Jan 15, 2015 3:18pm Jan 15, 2015 3:18pm
Quoting OAPDave
Hello DevonTrader Good stuff man hahahaha not seen to much of you so lets have a bit of fun, not seen Navk since your request to not only show you his well thought out charts but to write the rules out for you (hope he as not gone) really liked his stuff, you even tried it with the great Mr V so perhaps you need to wake from your snooze, even asked you a question but still no answer All good fun no offence meant, if you give it you have to take it, show me that you are not just a indicator collector hahahahahaha My post to you was 3289
hey old timer lol
well if i can cover all your points ill reply....

what i was trying to achieve in the past posting was to use clives method but see if i could continue the trade on into the higher timeframe instead of cutting the trade out at break even.

yes the extra indicator or two i have are good and i still use them

i asked for the step by step process in analysing the charts for 2 reasons,,,1 so i can clearly understand the method to try it out
2,,,for others to have the same understanding too on here.

clive and i both work full time jobs,,,,clive is able to hit the charts in the morning whereas im not,,,,im away to work at 0530 and home from 1600,,,im typically on the charts 2000hrs onwards so you could say im testing these methods out in any time of day trading not just market opens.

as for clive and his method,,,clive and i have had skype calls and have gone over his method and i fully understand it
as for navk,,,yes again we have had skype calls and he has explained his chart and method to me.
i will say all is based around the abcd method and both clive and navk works.

what i am doing is trading on demo accounts.
ive tried these systems with candle heiken-ashi range and renko charts
it works perfectly fine to what ever you choose to use.

i would say to anyone using a method/chart setup of there own,,,, what i mean is if its different setup to say clives chart or navk chart then before starting to post comments with different looking charts maybe dedicate 1st post with a title "devontrader chart"
have a picture of the chart and allindicators and template so anyone interested can download it and try it out
then post your comments on it,,,,so everyone can read the comments,,,,have the chart on the screen and have read your rules,,,,,and clearly understand what your meaning in your comments.
besides each chart is different but the basic concept of abcd is the same.
some may prefer person 1 chart layout over person 2

eg navk and clive is 2 different type of layout but works the abcd method

i guess what im interested is this

yes i agree with clive the 1st move of any move starts on m1
lets say we are into a trade,,how can we identify the larger picture of a bigger move instead of stooping out for breakeven?
what i am doing is enter on m1 then goto m5
if m5 is same direction go up higher timeframe again and so on.
does this work? also would this method be made into the bigger picture of say swing trade?

have i missed anything?
  • #3,348
  • Jan 15, 2015 3:37pm Jan 15, 2015 3:37pm
Quoting devontrader
{quote} hey old timer lol well if i can cover all your points ill reply.... what i was trying to achieve in the past posting was to use clives method but see if i could continue the trade on into the higher timeframe instead of cutting the trade out at break even. yes the extra indicator or two i have are good and i still use them i asked for the step by step process in analysing the charts for 2 reasons,,,1 so i can clearly understand the method to try it out 2,,,for others to have the same understanding too on here. clive and i both work full...
"have i missed anything?"


Just a fullstop or two.....
Feel the Fear and do it anyway!!!
  • #3,349
  • Jan 15, 2015 4:02pm Jan 15, 2015 4:02pm
An incredible day and its still going on now. We need to learn from days like this, don't get involved when its crashing around from one way to the other but once its calmed down a bit and some nice smooth price action develops then these are some of the strongest trends to trade ever..

Just look at these lovely CCI signals, a couple of losers too but the winners far from make up for them... Use 20 pip stops on days like today and wait for the CCI to go over bought or sold then in yer go...

It certainly shows the benefits of trading with the trend once and for all...we had readings in their thousands today at times. A rare day indeed.

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I know its kinda risky but once the announcement was made it all calmed down a bit and just set up some pretty smooth trends to be traded..

It was like a post news trade that lasted the whole day. This is definately the way to use this 1 minute system, after a high differential news release look for the strongest trending pairs on the 1 min TTindy and then start trading em...Classic post news trade..
Feel the Fear and do it anyway!!!
  • #3,350
  • Jan 15, 2015 4:22pm Jan 15, 2015 4:22pm
Devontrader
Thanks for your reply, but it will not surprise you that I do not agree with any of it, but rather than go into each point and bore the guys that know what their talking about let me just ask you one question
Why do you assume that if you trade a bigger timeframe you need a bigger stop ? If you want to Buy/Sell something at say 1.5000 and it goes 10/20pips against you, your wrong get out and just wait again and that applies to any time frame
  • #3,351
  • Jan 15, 2015 5:28pm Jan 15, 2015 5:28pm
Quoting OAPDave
Devontrader Thanks for your reply, but it will not surprise you that I do not agree with any of it, but rather than go into each point and bore the guys that know what their talking about let me just ask you one question Why do you assume that if you trade a bigger timeframe you need a bigger stop ? If you want to Buy/Sell something at say 1.5000 and it goes 10/20pips against you, your wrong get out and just wait again and that applies to any time frame
why do you assume that if you trade bigger timeframes you need bigger stops?Well grandad lol can you answer that? Dont bother im very busy...i do it for you! Cycles dear boy cycles in the market!Price moves a greater cycle on higher timeframe then smaller.or put another way....price range a h1 candle could have a 50 pip range where as m1 may only have 10 pip.as a result your drawdown is bigger meaning bigger stop meaning more risk meaning smaller trade size......fullstop clive loloh good evening clive nice to see your back.....thought you made that million and left us to it lol
  • #3,352
  • Jan 15, 2015 5:32pm Jan 15, 2015 5:32pm
Ok guys

whose good at problem solving?

as you.know via clives method we have a ttindy telling us what pair to look at and the 100lwma slope
but with this abcd method the earliest we can enter is the c to d move thus missing out on the first a to b to c

so can anyone come up with a way to get in earlier so we can get more pips in the move.

or are we more or less saying we let price move the pull back to retest prior level before entry?
  • #3,353
  • Jan 15, 2015 5:40pm Jan 15, 2015 5:40pm
Vantage

with the greatest respect....i love your posts...clear and informative.

but

unless im blind thick stupid.and more i never read how you.go about trading your charts.
i see new indicators.in pics but your comments are generalised rather then offering advice to say hey guys im.using this and entering here and it.seems better off.

could you share how your trading this method.to us all?
I dont know.about others but i get ideas when i learn from others and i explore if there any good or i mix and match charts together...eg bit of.yours.bit.of.mine bit of clives amd see if the chart looks clearer etc.

if i offend i appologise....just trying to throw things into the open...i think its good.if all can share and everyone contributes so we can all try make this method as good as possible
  • #3,354
  • Jan 15, 2015 9:05pm Jan 15, 2015 9:05pm
Quoting clivepackham
An incredible day and its still going on now. We need to learn from days like this, don't get involved when its crashing around from one way to the other but once its calmed down a bit and some nice smooth price action develops then these are some of the strongest trends to trade ever.. Just look at these lovely CCI signals . . . . Classic post news trade..
Clive, oh my! You are a TRADER. I say this with the greatest respect. After the SNB news I looked at anything with a CHF on it with apprehension. You took a look and saw post-trauma OPPORTUNITY.

Bravo! Take a couple of steps up to the Gold Medal platform.

FS
  • #3,355
  • Jan 16, 2015 2:35am Jan 16, 2015 2:35am
Quoting turnip15
{quote} Why are so many lower indicators required when Clive only uses one ? Surely less is better when trading a fast time frame such as the one minute ?
I have RSI on my higher TF charts. On the 1 min I have kept the additional cci 70. Clive started with 210 but has chucked it, I have chosen to keep on the 2nd cci. I might drop it I might not, its no biggie either way.
  • #3,356
  • Jan 16, 2015 2:40am Jan 16, 2015 2:40am
Quoting devontrader
Ok guys whose good at problem solving? as you.know via clives method we have a ttindy telling us what pair to look at and the 100lwma slope but with this abcd method the earliest we can enter is the c to d move thus missing out on the first a to b to c so can anyone come up with a way to get in earlier so we can get more pips in the move. or are we more or less saying we let price move the pull back to retest prior level before entry?
Have a look at kumo breakouts combined with kijun-sen cross as setup, then wait for first PB and off...
  • #3,357
  • Edited 4:04am Jan 16, 2015 2:55am | Edited 4:04am
Quoting devontrader
Vantage with the greatest respect....i love your posts...clear and informative. but unless im blind thick stupid.and more i never read how you.go about trading your charts. i see new indicators.in pics but your comments are generalised rather then offering advice to say hey guys im.using this and entering here and it.seems better off. could you share how your trading this method.to us all? I dont know.about others but i get ideas when i learn from others and i explore if there any good or i mix and match charts together...eg bit of.yours.bit.of.mine...
OK I did list the things I am looking for in a set up a day or two back. All the charts I post for actual trades I have gone to account history and dragged the trade onto the chart, taken the pic so the actual entry and exit are shown on the chart.

Here they are again, to find a potential set up:

- Sell below, buy above 100lwma
- cci 70 hit -100 for sell +100 for buy (I don't mind if it retraces within the -100 +100 range if the other items listed are present)
- Is GBP or EUR strong/weak against many pairs (either on TT or visually above/below 100lwma on charts) or aud/jpy/nzd/cad strong/weak against both gbp and eur (I'm not interested in other pairs). For me this is at the moment the most important thing as your odds increase if trading in line with genuine strength/weakness
- Looking for clean ab that tests range or breaks and retests range
- Small bc retrace (see chart above perfect example) to complete abc pattern, 200 cci retrace on scale or to +100 -100
- Whats at/near top of TT indi to narrow the focus

Then the only thing I do is wait for a closed (set up) candle in the direction of the trade that has little or no wick (so little/no lower wick if selling) and then if price goes 2 pips or so beyond the set up candle I enter.

Heres an example from this morning, I didn't trade it just got to computer now. But run through the list and see where you would enter. The red line shows the range, look for the break and test. GBP was strong across the board with numerous pairs in TT top 8.

You should be able to take any chart and run through your rules list to check for compliance on trades.
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  • #3,358
  • Edited 4:54am Jan 16, 2015 4:23am | Edited 4:54am
devontrader
Take a deep breath and calm down dear.
If you react like this when someone, ok a OAP of which you seem to have a major problem with, asks you how you got on tinkering with clive's method and why you think you need bigger stops when trading bigger timeframe, you must be very careful of not letting your emotions cloud your judgement when trading particular when you have a loser on your hands
Just on your answer to my last question, a am sure even you know a little about Fibonacci and Pivots so why use a high or low of a any timeframe candle for a stop ?
Moving on a little I have noticed that in your near 2 years on here you have taken a look at a fair amount of threads (nothing wrong with that) Sonic, 4hr box breakout you even joined Traderathome now that's a guy I would not want to tangle with, did you really give their methods a chance and trade them as they presented them, Udine as a good one, do not think it would fit in with your work hours, you have a demo use it for what its meant to be used for, anyway you have arrived a Clive's thread, have you ever traded it as he as set out, The really good guy Mr V did and is now doing really well, you have contacted another good trader Navk he does it slightly different and makes pips have you tried to copy him. Deep down I think you a frustrated because you think the only way to make it in this game is now 1minute charts and your job is stopping you.
Yet again you have called for help and the great Mr V as answered your call but will you really do it, you may say yes but how you are at work 5.30am until 4.00pn
That's the same problem for Clive now, if I remember correct (forgive me if I am wrong OAP bad memory) Cive as a friend Ted who is a fulltime trader for what ever reason Clive did not copy him whilst finding is own style hence back at work doing what he does not want to do sitting with a very good trading method on his hands but cannot put it into play
Just to bore you I paid money for VSA now called Tradeguider even met Tom Williams, ForexMentor, Tradingmadesimple, MurreyMaths even met Mr Murrey what a strange guy, and far to many books and software packages to mention even paid £2000+ a year in the early day for a Market-eye data feed, even let a broker lose me £50,000 in options when the twin towers were attacked but hey I lost money sadly many many good people lost their lives
You are paying nothing to learn just sending out pleas for help I really hope you make it but have my doubts.
I feel I have been round the block and still not a really good trader, what have you done just sat on Forex Factory looking for the Holy Grail well their is not one
Arriving at my time of life I find
I don't trade to live
I don't live to trade
I trade when I want too
  • #3,359
  • Jan 16, 2015 4:47am Jan 16, 2015 4:47am
devontrader, I recall asking Islander many years ago about how he got such clarity in his trading. I've said elsewhere (probably here also) that his answer was he has 10,000 hours of trading time in front of a computer. Add in the countless hours he does researching (and I know because I've done it with him on some things) then you get the idea. I've given up trying to get an idea of the chart time I have but it was 10,000 hours many moons ago. It took me a long time to get to a stage where I 'saw' certain things clearly.

You need to research a method that fits in with your trading psyche (some hate 4hr charts just as some hate 1 min) during the times you have available to trade. If you are at work then what markets are open early in your day/late in the evening. Then test, test, test use a trade simulator (obviously back testing 1 min charts can be time consuming) that can speed things up. You need to get to a stage where you are comfortable with trading as a bigger picture concept (flow of market, support/resistance, trend) once you have that you can slip into whatever method takes your fancy.

If you are struggling with time you might need to look at the longer term threads (like Trading made simple) or the trend systems that have ea's written (100pipsadays triple screen strategy I think would be one that comes to mind).
  • #3,360
  • Jan 16, 2015 5:19am Jan 16, 2015 5:19am
devontrader
I understand that being a OAP you have no respect for any of my views, but listen to My Hero Mr V start with a couple of charts that's all you need and follow them day after day after day get to know them inside out, as he says chart time chart time and more chart time
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