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Trading is as simple as 1-2-3

  • #1,461
  • Oct 26, 2016 11:45am Oct 26, 2016 11:45am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,462
  • Oct 26, 2016 1:15pm Oct 26, 2016 1:15pm
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 use a variant here, I use a Fib-Map around the trade and as it happens it usually works out that it's pretty much the same to begin with, so at (usually around) BE+5, I move to BE+1 and sometimes do as TS does and bank a portion of the position. If the initial move has been particularly violent, I will lock in a larger initial portion. I do not trail the trade at all, instead I will lock in profit as price moves over the fib-map, only closing it if it travels back over 3 lines. It's not perfect and it's easier to do than to explain but it keeps me in trades that I would be taken out of otherwise. Another, undoubtedly simpler way I have used, is to simply switch from the H1 tf to the m15 and trail the trade two bars back (this is how my brother does it). I have to say that I also re-enter trades that I have been taken out of if I am still in the same bar. Each to their own
  • #1,463
  • Oct 26, 2016 6:37pm Oct 26, 2016 6:37pm
EURJPY Top-and-tailed nicely today...how often does this happen, I wonder. I have previously noticed in passing that it seems to happen quite a lot on the USDCAD but never explored it further. Maybe I should...

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  • #1,464
  • Oct 27, 2016 9:16am Oct 27, 2016 9:16am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,465
  • Oct 27, 2016 9:53am Oct 27, 2016 9:53am
Question, when the lines draw a Higher Open or Lower Open on the chart I notice that some of them stay on the chart for some time while others drop off. Do you know if that has any significance of any kind?
  • #1,466
  • Oct 27, 2016 10:21am Oct 27, 2016 10:21am
Quoting hal7
Question, when the lines draw a Higher Open or Lower Open on the chart I notice that some of them stay on the chart for some time while others drop off. Do you know if that has any significance of any kind?
Please post an example showing what you are talking about.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,467
  • Oct 27, 2016 10:49am Oct 27, 2016 10:49am
Actually I think I answered the question what is showing is the signal from the previous day high our low designated as PD.
During the current day each previous signal line looks to be erased when a new high or low signal displays. Kind of hard to show that on a chart as they disappear. Somehow I thought they were retained for reference points, and for some reason it held some significance.

In any event believe it or not I have never posted a screenshot on these forums so you might have to clue me in on how that is done for future reference...
  • #1,468
  • Oct 27, 2016 11:23am Oct 27, 2016 11:23am
Quoting hal7
Actually I think I answered the question what is showing is the signal from the previous day high our low designated as PD. During the current day each previous signal line looks to be erased when a new high or low signal displays. Kind of hard to show that on a chart as they disappear. Somehow I thought they were retained for reference points, and for some reason it held some significance. In any event believe it or not I have never posted a screenshot on these forums so you might have to clue me in on how that is done for future reference... ...
1) On your MT4 chart right click and click on SAVE AS PICTURE.
2) Upload your chart picture by attaching it to your post by clicking on UPLOAD FROM DEVICE.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,469
  • Oct 27, 2016 12:04pm Oct 27, 2016 12:04pm
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Testing...testing...there it goes. This is just some handiwork from this morning on the EU. A series of stops punctuated by that last big one down. I stuck around for the six hours to catch it. What I was referring to on that last post was how the line stayed from yesterday at 1.09292. It would be nice to have that in the bank everyday just have to be there for that top and ride it down the road.... this one almost looks like that old trader's wive's tale of a so called head and shoulders.
  • #1,470
  • Oct 27, 2016 7:04pm Oct 27, 2016 7:04pm
Quoting hal7
{image} Testing...testing...there it goes. This is just some handiwork from this morning on the EU. A series of stops punctuated by that last big one down. I stuck around for the six hours to catch it. What I was referring to on that last post was how the line stayed from yesterday at 1.09292. It would be nice to have that in the bank everyday just have to be there for that top and ride it down the road.... this one almost looks like that old trader's wive's tale of a so called head and shoulders.

Whadd'ya'mean? Head and Shoulders isn't an old wives' tale - this guy was bald yesterday!

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  • #1,471
  • Oct 28, 2016 3:28am Oct 28, 2016 3:28am
Ha, ha, this guy has been spending too much time in front of his monitor like me.
  • #1,472
  • Oct 28, 2016 5:06am Oct 28, 2016 5:06am
Friday trading just pretty much observing things today. When I really get bored I peek in on Ghostriders 90% win "board" and check out the myriad of arrows pointing in all kinds of directions, usually late it seems. The squabbling is entertaining though. Who knows there might be a grail in there somewhere.

Some observations on that chart I posted up above there. Yeah that's me. I am experimenting some with this method of trading and as I had stated in an earlier post the rules are clear cut and for a reason I am sure. I decided to focus on one pair yesterday the EU. I think I took four or five consecutive trades off those highs each hour. They produced minimal pips or got stopped out. It was frustrating. Finally at 1800 time on my charts I got that big run up on the high, not sure it might have been news related or just a run of the mill spike. In any event I said screw it I am taking it on the signal at just let it ride to the stop if it does.

Well I liked the sign of that strong move up and failure. Sure enough it moved down smartly and ended going around 35 pips. I am still in the trade, will probably close it before the door closes later today. I think it went back to -6 overnight and at this point is heading back down again by about 7 or so. I left my stop up there above that high.

I am still studying where my take profit strategy will come into play. I think I am leaning toward taking some off the trade as it progresses and adjusting the stop. In the case of a pair like the EU yesterday when it is in a strong move out of London it does what I call walking the ladder, actually it is more like walking the plank. Those short moves down off the signal are just that usually noise or a brief pause before proceeding upward again. Today looks a bit more rangy and a better shot at more sustained reversals in the short run. One of the keys seems to be recognizing which type of market is trading and that is not always so easy without the advantage of a well crafted crystal ball. But what would trading be like without all the drama? Probably boring and profitable.

Reversals off a failed new high makes a lot sense to me, as a basic fundamental of trading. Criticism or comments welcome. Have a great weekend.
  • #1,473
  • Oct 28, 2016 6:58am Oct 28, 2016 6:58am
Quoting hal7
Friday trading just pretty much observing things today. When I really get bored I peek in on Ghostriders 90% win "board" and check out the myriad of arrows pointing in all kinds of directions, usually late it seems. The squabbling is entertaining though. Who knows there might be a grail in there somewhere. Some observations on that chart I posted up above there. Yeah that's me. I am experimenting some with this method of trading and as I had stated in an earlier post the rules are clear cut and for a reason I am sure....
Ha ha - every man needs a hobby.

''I am still studying where my take profit strategy will come into play.''

Taking profit is a little more open to interpretation and personal preference with 1-2-3 I feel. I've gone into my way of doing things before so won't go on but the fib-map works for me. It gets you a half-decent lock-in after the initial move and then anything after that is given a bit of room to move.

''Reversals off a failed new high makes a lot sense to me, as a basic fundamental of trading. ''

It's good to see you here, as 1-2-3 doesn't get all the attention of its relative HOLO but just gets on with things quietly, working away. I love it.
  • #1,474
  • Oct 28, 2016 9:39am Oct 28, 2016 9:39am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,475
  • Oct 31, 2016 11:59am Oct 31, 2016 11:59am
GBPUSD I know it's after the fact for the most part - I'd rather trade the move than post about it, sorry - but it's a great example of getting something out of a big move you've probably missed out on. In this case, the Long was so out of left-field, I got nothing but what goes up, etc, etc and so coming back, bingo...1-2-3 straight, no ice...

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  • #1,476
  • Oct 31, 2016 12:06pm Oct 31, 2016 12:06pm
GBPCHF This could bring us a nice fini to the UK session...

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  • #1,477
  • Oct 31, 2016 12:28pm Oct 31, 2016 12:28pm
EURJPY Fair enough so far...

Posted the set up in HOLO but still nice to see here.

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  • #1,478
  • Oct 31, 2016 12:35pm Oct 31, 2016 12:35pm
Quoting lemercenaire
GBPUSD I know it's after the fact for the most part - I'd rather trade the move than post about it, sorry - but it's a great example of getting something out of a big move you've probably missed out on. In this case, the Long was so out of left-field, I got nothing but what goes up, etc, etc and so coming back, bingo...1-2-3 straight, no ice... {image}

I caught the GBP trade still in it at +51 pips.
  • #1,479
  • Oct 31, 2016 12:56pm Oct 31, 2016 12:56pm
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Do not know why GBP pairs went up?
Who cares?
1-2-3
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,480
  • Oct 31, 2016 1:28pm Oct 31, 2016 1:28pm
I'm not sure why the GBP went up either, I just care it got to +73 on my particular trade.
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