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Trading is as simple as 1-2-3

  • #1,441
  • Oct 20, 2016 8:35am Oct 20, 2016 8:35am
Quoting hal7
Wow that looks like an an awesome method lemercenaire! Where do I sign up. There must be a holy grail in there somewhere. I would probably go short where those two lines converge. Or maybe the divergence would be better, those other two. No wait a minute I 'll figure it out here..... As TooSlow points out I am having a little difficulty following the price action.
Price Action? What's Price Action? Is that how much the EA will cost me?
  • #1,442
  • Oct 20, 2016 9:13am Oct 20, 2016 9:13am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,443
  • Oct 21, 2016 2:37am Oct 21, 2016 2:37am
Quoting lemercenaire
{quote} Price Action? What's Price Action? Is that how much the EA will cost me?
Well I'm not sure how much that EA will cost you, but I can assure you, you would probably make more money selling it than trading it.

I'm still studying this method and I will probably have some questions as time goes on. I was shocked to see some trades lose, but then again I could be applying the simple rules incorrectly (joke alert).

I have been knocking around on these boards since 2011, and attempting forex since 2005. I am at least persistent. So far no holy grail so I am about to scrap that idea. On the other hand I have come across some great practical ideas like this.

Have a great weekend.
  • #1,444
  • Oct 21, 2016 2:49am Oct 21, 2016 2:49am
Quoting hal7
{quote} Well I'm not sure how much that EA will cost you, but I can assure you, you would probably make more money selling it than trading it. I'm still studying this method and I will probably have some questions as time goes on. I was shocked to see some trades lose, but then again I could be applying the simple rules incorrectly (joke alert). I have been knocking around on these boards since 2011, and attempting forex since 2005. I am at least persistent. So far no holy grail so I am about to scrap that idea. On the other hand I have come across...
It's good to have you here, for sure. This method is TS's quiet child. It doesn't get the same attention as many others but what it does do is go about its business, just bagging those pips. I love it.

You will get the losses, of course you will, however by its very nature, they are controlled and always small - and so, so, many times you will find that if/when the first move fails, stick true to it and the next move will fly.

Speaking of which, we just had this one bag a few:

EURJPY
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  • #1,445
  • Oct 21, 2016 3:15am Oct 21, 2016 3:15am
EURAUD maybe not a classic 1-2-3 look but still did the job...

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  • #1,446
  • Oct 21, 2016 3:30am Oct 21, 2016 3:30am
EURCHF A bit of hesitation and then good-to-go around the pivot...

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  • #1,447
  • Oct 21, 2016 7:29am Oct 21, 2016 7:29am
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  • #1,448
  • Oct 21, 2016 10:47am Oct 21, 2016 10:47am
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  • #1,449
  • Oct 24, 2016 7:04am Oct 24, 2016 7:04am
Hi TooSlow, quick question, can this method be used as follow: daily candle makes a new hi or low within the monthly range?
you're currently evaluating the hourly hi/low during the daily range, i'm thinking about the same concept but within the monthly range using new hi/low for the month based on the daily candle.....would love to hear your thoughts?

Thanks
  • #1,450
  • Oct 24, 2016 8:21am Oct 24, 2016 8:21am
Quoting hdanial
Hi TooSlow, quick question, can this method be used as follow: daily candle makes a new hi or low within the monthly range? you're currently evaluating the hourly hi/low during the daily range, i'm thinking about the same concept but within the monthly range using new hi/low for the month based on the daily candle.....would love to hear your thoughts? Thanks
Look at the daily high/low for the month, quarter or year.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,451
  • Oct 24, 2016 8:29am Oct 24, 2016 8:29am
thank you.
  • #1,452
  • Oct 24, 2016 9:12am Oct 24, 2016 9:12am
Hi TooSlow,

I'm steadily working my way through the past posts here and not even a third of the way through so it will be a while.

I have been observing potential trades and the rules seem pretty clear cut. Follow the rules, don't cut corners, be patient, etc.

I had a couple of questions.

After the previous bar has set a new high or low for the day and the current bar now has its open price is there any emphasis placed on how far the current bar moves to that low or high? For example let's say the high was set on previous bar, the open on current bar was 0.89983 and it goes to 0.89984 then heads down past the 0.8993 open. My guess would be that is a valid entry because it did go higher before going lower.

On the other hand would you want that current bar to move much closer to the previous bar high as a better indication of failure to make the new high?


The second question is let's say a previous bar, 5 bars ago made a new daily high, triggered an entry on the next bar and the trade got stopped out with a 2 pip profit. The current bar now hits the exact high price of that previous bar. Would that still be a valid high to look for an entry on the current bar or would you require it to go above that hight. Hope that is not too confusing.

Thanks.
  • #1,453
  • Oct 24, 2016 9:17am Oct 24, 2016 9:17am
Quoting hal7
Hi TooSlow, I'm steadily working my way through the past posts here and not even a third of the way through so it will be a while. I have been observing potential trades and the rules seem pretty clear cut. Follow the rules, don't cut corners, be patient, etc. I had a couple of questions. After the previous bar has set a new high or low for the day and the current bar now has its open price is there any emphasis placed on how far the current bar moves to that low or high? For example let's say the high was set on previous bar, the open on current...
1) Yes. Valid.
2) Yes. Valid.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,454
  • Oct 24, 2016 4:47pm Oct 24, 2016 4:47pm
Quoting hal7
Hi TooSlow, I'm steadily working my way through the past posts here and not even a third of the way through so it will be a while. I have been observing potential trades and the rules seem pretty clear cut. Follow the rules, don't cut corners, be patient, etc. I had a couple of questions. After the previous bar has set a new high or low for the day and the current bar now has its open price is there any emphasis placed on how far the current bar moves to that low or high? For example let's say the high was set on previous...
Interestingly, myself and PtG had previously taken a (quick) look at this kind of question. It seemed to make sense that the entry point being further away from the High would lend more strength to the reversal - however on our (admittedly smallish) sample size, it didn't seem to make much difference - a little perhaps but not enough to stop me taking any entry that passed the rules anyway.
  • #1,455
  • Oct 25, 2016 1:33am Oct 25, 2016 1:33am
Thanks for both replies, that is helpful in understanding. My thinking was the further the current bar moved toward that high and failed the more valid the entry. If it moved just a pip and reversed maybe not as significant. But it looks like they both qualify equally.
  • #1,456
  • Oct 25, 2016 8:54am Oct 25, 2016 8:54am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,457
  • Oct 26, 2016 2:37am Oct 26, 2016 2:37am
A question on managing stops on a trade.
My initial stop is the high +2
When the trade hits +5, I set to BE
When it gets to +10 I go to a 10 pip trailing stop.

I believe you are setting your first stop move to BE +2.

Your thoughts on my procedure.
And am I right on yours, locking in 2 pips on your first stop move?

Thanks
  • #1,458
  • Oct 26, 2016 5:48am Oct 26, 2016 5:48am
Quoting hal7
A question on managing stops on a trade. My initial stop is the high +2 When the trade hits +5, I set to BE When it gets to +10 I go to a 10 pip trailing stop. I believe you are setting your first stop move to BE +2. Your thoughts on my procedure. And am I right on yours, locking in 2 pips on your first stop move? Thanks
I think, not 100%, it's +5 move to be+1 and then +10 (I usually exit) move to 5 pip trail
  • #1,459
  • Oct 26, 2016 8:00am Oct 26, 2016 8:00am
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  • #1,460
  • Oct 26, 2016 8:06am Oct 26, 2016 8:06am
Quoting hal7
A question on managing stops on a trade. My initial stop is the high +2 When the trade hits +5, I set to BE When it gets to +10 I go to a 10 pip trailing stop. I believe you are setting your first stop move to BE +2. Your thoughts on my procedure. And am I right on yours, locking in 2 pips on your first stop move? Thanks
At BE+5, I move to BE+1 and sometimes bank a portion of the position.
Meaning, a 0.10 position size would be reduced to 0.05 at BE+5 to lock in some profit.
Good for the mind.
Good for the portfolio.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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