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Slay the Dragon

  • #21
  • Feb 15, 2015 11:41am Feb 15, 2015 11:41am
Quoting Repipula
I keep telling myself to stop trading during NY session but I still do! The best time for this pair is when the two markets that are involved in it are open... Tokyo and London. NY is pure chaos and once it opens it will make you pull your hair out more often than not. It's better to spend those daylight hours here in Colorado playing golf or hitting the slopes. If you can stay awake to watch it, trading this system on 15 minute charts is an excellent way to scalp the London session before NY awakens.
Ok. Thanks.
  • #22
  • Feb 15, 2015 2:59pm Feb 15, 2015 2:59pm
Quoting Repipula
Another useful tip for the charts is to go into properties and change the Bar Up/Down colors to lime and then go to the other page and make sure Chart on Foreground is OFF. This lets you easily see the open and close. I've experimented with the smoothed HA and I like it. I am presenting a scalping system here, but with the smoothed HA worked in you could easily adapt this to a trending system where you add on each time the HA color is opposite your trade direction. Ready for this week to start but will probably wait til Tuesday for a good live chart...
Thanks for the tip and for the thread!
  • #23
  • Edited 3:11pm Feb 15, 2015 3:01pm | Edited 3:11pm
Quoting Repipula
Another useful tip for the charts is to go into properties and change the Bar Up/Down colors to lime and then go to the other page and make sure Chart on Foreground is OFF. This lets you easily see the open and close. I've experimented with the smoothed HA and I like it. I am presenting a scalping system here, but with the smoothed HA worked in you could easily adapt this to a trending system where you add on each time the HA color is opposite your trade direction. Ready for this week to start but will probably wait til Tuesday for a good live chart...
++++++++++++++++++++++++++++++++

Good tip on color change.

Have just looked at all non CHF pairs and am applying your basic 2 Bar technique on daily, then down to H1 for a better entry. Looks quite promising, and will keep you posted, although I do not intend on spamming you thread.
  • #24
  • Feb 15, 2015 8:58pm Feb 15, 2015 8:58pm
Quoting Cezaryl
Hello Really looking forward to test this strategy this week Is the setup is still valid if between the set up to current price we have 1 opposite bar, or more , but then the price breaks the previous set up? Also by "break" you don't mean closing? And are you still taking trade if you have large bar to break or it would be too large SL?
Hi Cezaryl, sorry I missed your questions and am just seeing them now...

The setup remains valid as long as the HA bars remain the same color. 1 opposite bar resets the system and then you need two in a row again for a setup. If what you described happens, then the market is ranging... best to shut the computer off for a day and then come back rather than try to figure out the nonsense.

I do not mean closing by 'break'. To use this system most effectively you would use Stop orders placed immediately after set-up. I would also consider a 3 pip buffer in your order entry....

Yes, still take the trade no matter what... you must make your own call on each trade as to how much risk/reward the setup allows.... the Pivots rule each day's possibilities (along with all those other important lines ... some days have lots of room for trades to run, other days have too many important lines everywhere and price goes nowhere.

Remember, this is a scalping setup. Take your pips quick and run.
  • #25
  • Feb 15, 2015 10:42pm Feb 15, 2015 10:42pm
hi repipula,

Based on this scalping strategy on GJ, approximately how many pips, on average would you say you are looking for per trade? Thanks.
SC
  • #26
  • Feb 16, 2015 3:05am Feb 16, 2015 3:05am
Quoting sclipp
hi repipula, Based on this scalping strategy on GJ, approximately how many pips, on average would you say you are looking for per trade? Thanks. SC
I'd say a minimum is 18 pips with the G/Y even if you trade the short time frames. The max is hundreds. It depends on the what the Pivots allow each day. Sometimes London will take a mad run at the R2/S2 level and you can bag some serious, serious pips if you just hang on and trail a stop for safety.
  • #27
  • Feb 16, 2015 1:53pm Feb 16, 2015 1:53pm
Hi there to anyone who is following this thread. I considered the bank holiday a day off, but Tokyo and London could have cared less it seems... you could have taken a 1HR trade last night short and the price went all the way to S3 today. I'm waiting for a long entry setup now on the 1HR and will post charts of that trade as it happens.
  • #28
  • Feb 16, 2015 2:48pm Feb 16, 2015 2:48pm
Quoting Repipula
Hi there to anyone who is following this thread. I considered the bank holiday a day off, but Tokyo and London could have cared less it seems... you could have taken a 1HR trade last night short and the price went all the way to S3 today. I'm waiting for a long entry setup now on the 1HR and will post charts of that trade as it happens.
You could enter based on M15 or M30 as well.
Do you look for the highest timeframe which has the setup (in this case H1) for the highest R:R, or how did you pick H1 in this instance?

Actually if you would have picked M30 you would have been already in a trade aiming for at least 30 pips (1 RR) with a TP at least at 182.2. Am I correct?
  • #29
  • Feb 16, 2015 3:33pm Feb 16, 2015 3:33pm
Quoting Repipula
Hi there to anyone who is following this thread. I considered the bank holiday a day off, but Tokyo and London could have cared less it seems... you could have taken a 1HR trade last night short and the price went all the way to S3 today. I'm waiting for a long entry setup now on the 1HR and will post charts of that trade as it happens.
Can you post your chart with S3 ?

Also, we don't know when "last night" is for you, maybe mention London Open or similar reference to time in future

I only have a daily range on GBP/JPY of 171 and didn't hit S1 - see below

Thanks, John
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  • #30
  • Feb 16, 2015 3:36pm Feb 16, 2015 3:36pm
You are correct sir! Yes, right now the 30m chart has triggered a long. Trail a stop of the last 3 closed bars back. However, we get new pivots in 30 minutes, and also Sydney opens, two hours til Tokyo. A take profit of 18-27 pips would be reasonable...

As far as timeframes, it all depends on what you can babysit. If you are at the computer non-stop you can trade 5 minute charts no problem with this. It all depends on you and what your life allows you as far as chart monitoring and order entry and modification goes.

For me, the hardest part is being awake at the times when the signals are the best, when London opens.
  • #31
  • Edited 4:07pm Feb 16, 2015 3:54pm | Edited 4:07pm
Quoting Repipula
You are correct sir! Yes, right now the 30m chart has triggered a long. Trail a stop of the last 3 closed bars back. However, we get new pivots in 30 minutes, and also Sydney opens, two hours til Tokyo. A take profit of 18-27 pips would be reasonable... As far as timeframes, it all depends on what you can babysit. If you are at the computer non-stop you can trade 5 minute charts no problem with this. It all depends on you and what your life allows you as far as chart monitoring and order entry and modification goes. For me, the hardest part is being...
Thanks! In this particular case I set TP to 182.2 because I expect price to go down based on the 4H tf.
I am glad you mentioned M5 because this is what I usually trade. Do you filter the signals with anything (MACD, HA etc.)?

Good luck with your trading!
  • #32
  • Feb 16, 2015 4:27pm Feb 16, 2015 4:27pm
okay, so Sydney has opened and the system has set-up and triggered long on the 1 Hour.

Stop loss is at 181.75 where the gold 'X' is.

Take profit is 182.95 which is the confluence of R1, the falling trendline that was spiked last week and the round number of 183.

If this fails (which is very possible), then the pip loss is small and we wait for a new long setup.
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  • #33
  • Feb 16, 2015 4:37pm Feb 16, 2015 4:37pm
M30 is later entry than M5, but has less false signals.
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  • #34
  • Feb 16, 2015 5:51pm Feb 16, 2015 5:51pm
sorry Erebus, I don't have yesterday's pivots any more, they change every day at 0:00 GMT. I can only vouch for the pivot indicator I posted and it's lines in reference to the G/Y. I will post a lot more charts to make it clear.
  • #35
  • Feb 16, 2015 6:26pm Feb 16, 2015 6:26pm
So it's nice that the first setup posted failed. This system isn't magical and wins every time...Losing happens 3 times out of 10 or more so get used to it. Because the current bar has broken the level of the last 3 1H bars back, we are short again until a new long setup occurs. I am short and my TP is 180.75, right above the Weekly S1 level.
  • #36
  • Feb 16, 2015 6:35pm Feb 16, 2015 6:35pm
I don't know how you can go long there, not sure if you even had daily open, price below daily pivot & weekly pivot

longer term trends are down ??????

I took a few trades on EUR/JPY already, 11 pip target

strictly DEMO for those critics
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  • #37
  • Feb 16, 2015 6:44pm Feb 16, 2015 6:44pm
Quoting Erebus
I don't know how you can go long there, not sure if you even had daily open, price below daily pivot & weekly pivot longer term trends are down ?????? I took a few trades on EUR/JPY already, 11 pip target strictly DEMO for those critics {image}

I'm scalping the market and I've seen this pair perform more tricks than Penn and Teller. I don't try to use logic or predict it. Go which way the colors say.

The last setup just lost about 20 pips and we are back on the right side of the market due to a last 3 bar back break continuation.

This pair is called the Dragon because the tail whips. It whips nasty and hard.
  • #38
  • Feb 16, 2015 7:04pm Feb 16, 2015 7:04pm
thanks repipula i just tried this pair and got 11 pips scalping in 20 mins... just using trend lines, fib, support, resistances and candlestick analysis


looks nice for me
Perfecting your entry will increase your profits
  • #39
  • Feb 16, 2015 8:31pm Feb 16, 2015 8:31pm
Hi Repipula

It's a fantastic strategy. If you had sold after the 2nd red bar on M30 broke you could have made 70-100 pips.
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  • #40
  • Feb 17, 2015 12:34am Feb 17, 2015 12:34am
Quoting Repipula
{quote} I'm scalping the market and I've seen this pair perform more tricks than Penn and Teller. I don't try to use logic or predict it. Go which way the colors say. The last setup just lost about 20 pips and we are back on the right side of the market due to a last 3 bar back break continuation. This pair is called the Dragon because the tail whips. It whips nasty and hard.
Yes, that's true, and probably more so when the Japan market isn't even open and the spread is sky high

Is there a problem with using some basic trading logic with this method?

Looks like the trend could be up today but see what happens when London opens, since price is right at Daily Pivot
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