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Catch the 1 min trend

  • #161
  • Jan 20, 2017 3:13pm Jan 20, 2017 3:13pm
Quoting stevepatt
{quote} Hi MidnightRun, Yes, that's right but it's also down to how Clean the Price Action is as a New Swing Develops. See Chart below. {image}

Once you have Structure and Clean Price Action in place you are good to go.

Unfortunately, Indicators alone are not enough you must also be able to read Market Structure and Price Action, at least, to gain a real edge.

At the end of the day it comes down to personal experience and what works for you.
Attached Image (click to enlarge)
Click to Enlarge Name: 20th Jan 17 GBP:JPY M5 Observations 2.png Size: 152 KB
  • #162
  • Jan 20, 2017 4:21pm Jan 20, 2017 4:21pm
Quoting stevepatt
{quote} Once you have Structure and Clean Price Action in place you are good to go. Unfortunately, Indicators alone are not enough you must also be able to read Market Structure and Price Action, at least, to gain a real edge. At the end of the day it comes down to personal experience and what works for you. {image}
Maybe indicators are enough. I think making consistent profits in forex is hard for most traders because we over complicate things. Maybe we (humans) are too intelligent for our own good sometimes. I like what you have shown here and I think the right indicators could make the idea a stand alone system without even looking at candles, bars or any other representation of actual price. Actually I think candles and bars are possibly the main reason that a lot of traders try to trade against the trend.

Apologies Forexpinbar for the off-topic posts.
Indentify > Plan > Accept > Execute
  • #163
  • Edited 6:34pm Jan 20, 2017 4:50pm | Edited 6:34pm
Quoting Scrambleguy
{quote} However, had you taken it where your thumbs up is that would have been a stop out.. {image}
depends on your own RR and MM

anyway I don't use 20pips as sl..

Cheers

Al.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #164
  • Jan 21, 2017 4:52am Jan 21, 2017 4:52am
Quoting stevepatt
{quote} Once you have Structure and Clean Price Action in place you are good to go. Unfortunately, Indicators alone are not enough you must also be able to read Market Structure and Price Action, at least, to gain a real edge. At the end of the day it comes down to personal experience and what works for you. {image}
Hi Steve, In your own thread you are advocating the 34 high and low, any reason why you have suggested 21 on here?
  • #165
  • Jan 21, 2017 5:42am Jan 21, 2017 5:42am
Guys just take a look what results can be achived with 1: 3 RR imagine 1:5 fantasy
Attached Image (click to enlarge)
Click to Enlarge Name: rr.png Size: 15 KB
  • #166
  • Jan 21, 2017 5:59am Jan 21, 2017 5:59am
Same scenario with 20 pips risk it looks better with more risk (50 pips) and there is more room for trade to breath by the way cheking history for last week it looks like some trades had so large potential sometimes has gone farway than 250 pips + in favor of trade it looks intresting very very intresting!
Attached Image (click to enlarge)
Click to Enlarge Name: rr.png Size: 18 KB
  • #167
  • Jan 21, 2017 6:27am Jan 21, 2017 6:27am
Small scenarion inicated according to rules: Red ractangles are hites Sl with -50 pips (2 x 50 = - 100 pips) and green ones are wined trades with 250 +pips TP G/J =
+ 400
Attached Image (click to enlarge)
Click to Enlarge Name: ee.png Size: 25 KB
  • #168
  • Jan 21, 2017 6:48am Jan 21, 2017 6:48am
Quoting stevepatt
{quote} Once you have Structure and Clean Price Action in place you are good to go. Unfortunately, Indicators alone are not enough you must also be able to read Market Structure and Price Action, at least, to gain a real edge. At the end of the day it comes down to personal experience and what works for you. {image}
GOLD NUGGET alert. read it well guys ...
  • #169
  • Jan 21, 2017 7:26am Jan 21, 2017 7:26am
Quoting Scrambleguy
{quote} Hi Steve, In your own thread you are advocating the 34 high and low, any reason why you have suggested 21 on here?

Hi Scrambleguy,

Either will work with GBP/JPY but not necessarily with all other pairs.

Every pair has a different Average Daily Range (ADR) have different Average Swings in pips etc.

I use the 21 LWMA High and Low as my Line in the Sand above I'm looking for Long Trades below I'm looking for Short Trades.

But it's no good me just relying a Market Break of a MA to enter.

Other things have to be taken into account also, like I said yesterday, Market Structure is important HH HL LH LL and how Clean the Price Action is.

When Trading GBP/JPY on M5 my SL is usually 15 pips (1R) my TP is +30 pips (+2R) I move the SL to BE +1 pip at +15 pips (+1R) the reason I do this is because it works for me. It suits my personality.

Another thing I'm always aware of is where the nearest Swing is to my Trade entry for my TP it needs to be at least +2R away. Check this post Post #156

At the end of the day it's what the individual can make work for them we are all different and have different attitudes to risk and react differently to seeing a +2R or +3R Trade coming back and taking us out at BE or worse.

We need to know the Pair/s we are Trading but most importantly we need to know ourselves.
  • #170
  • Jan 21, 2017 7:31am Jan 21, 2017 7:31am
Quoting stevepatt
{quote} Hi Scrambleguy, Either will work with GBP/JPY but not necessarily with all other pairs. Every pair has a different Average Daily Range (ADR) have different Average Swings in pips etc. I use the 21 LWMA High and Low as my Line in the Sand above I'm looking for Long Trades below I'm looking for Short Trades. But it's no good me just relying a Market Break of a MA to enter. Other things have to be taken into account also, like I said yesterday, Market Structure is important HH HL LH LL and how Clean the Price Action is. When Trading GBP/JPY...
Steve what i think would be good would be if you produced a video of what your explaining...i think that would work better
  • #171
  • Jan 21, 2017 10:11am Jan 21, 2017 10:11am
Quoting stevepatt
{quote} Hi Scrambleguy, Either will work with GBP/JPY but not necessarily with all other pairs. Every pair has a different Average Daily Range (ADR) have different Average Swings in pips etc. I use the 21 LWMA High and Low as my Line in the Sand above I'm looking for Long Trades below I'm looking for Short Trades. But it's no good me just relying a Market Break of a MA to enter. Other things have to be taken into account also, like I said yesterday, Market Structure is important HH HL LH LL and how Clean the Price Action is. When...
1.basic structure rule for trading

2.15 sl on GJ wow ,,one hitch from this monster and your sl can be there..
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #172
  • Jan 21, 2017 12:16pm Jan 21, 2017 12:16pm
Quoting Almo2312
{quote} 1.basic structure rule for trading 2.15 sl on GJ wow ,,one hitch from this monster and your sl can be there..

Hi Almo,

1. It's surprising how many people ignore this basic Structure Rule.

2. It's only a Monster if you don't take the time to understand it's Moods.
  • #173
  • Jan 21, 2017 5:47pm Jan 21, 2017 5:47pm
Hi I am a new trader in England trying my luck my my student finance lol. Thanks for this great thread I have only been live trading for 2 weeks but learnt so much and hardly slept. One question, is the 365 moving crossover 200 SMA or EMA?
Did Mike Jordan always make so much bank or Snoop Doggy roll so much dank?
  • #174
  • Jan 21, 2017 7:00pm Jan 21, 2017 7:00pm
Quoting stevepatt
{quote} Hi Almo, 1. It's surprising how many people ignore this basic Structure Rule. 2. It's only a Monster if you don't take the time to understand it's Moods.
GJ is my favorite pair also but to be honest i give the SL more space as i look also for nice sum of pips to fish..,

Cheers mate,

Al.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #175
  • Jan 22, 2017 4:47am Jan 22, 2017 4:47am
Quoting stevepatt
{quote} Once you have Structure and Clean Price Action in place you are good to go. Unfortunately, Indicators alone are not enough you must also be able to read Market Structure and Price Action, at least, to gain a real edge. At the end of the day it comes down to personal experience and what works for you. {image}
Keep it very very simple....no need for all the buzz words like structure and clean price action that you seem to be hooked on bla bla.

Simply know what your chart looks like on a current t/f to know whether you are looking to be a buyer or a seller first..... before deciding whether to trade, via the next lower t/f.

Then know where a s or resistance level is (using whatever means is preferred).

Then look to trade a pullback for value.

Last part of this process is keeping stops and targets realistic (based on the t/f you are entering the market from!).....15 pips stop on GJ is much too tight btw as someone has already pointed out.

Follow the basic principles above....keeping it simple to avoid confusing yourselves
  • #176
  • Jan 22, 2017 5:59am Jan 22, 2017 5:59am
Quoting Landline
{quote} Keep it very very simple....no need for all the buzz words like structure and clean price action that you seem to be hooked on bla bla. Simply know what your chart looks like on a current t/f to know whether you are looking to be a buyer or a seller first..... before deciding whether to trade, via the next lower t/f. Then know where a s or resistance level is (using whatever means is preferred). Then look to trade a pullback for value. Last part of this process is keeping stops and targets realistic (based on the t/f you are entering the...

Hi Landline,

For me looking at Basic Market Structure and Price Action is simple and I've made a 15 pip Stop and 30 pip Take Profit work for me on GBP/JPY.

Everything else you have said above I agree with.

I've read some of your previous posts and I agree completely with you that everyone has to find what works for them and not rely on the methods others to also work for them.
  • #177
  • Jan 22, 2017 6:05am Jan 22, 2017 6:05am
Quoting Landline
{quote} Keep it very very simple....no need for all the buzz words like structure and clean price action that you seem to be hooked on bla bla. Simply know what your chart looks like on a current t/f to know whether you are looking to be a buyer or a seller first..... before deciding whether to trade, via the next lower t/f. Then know where a s or resistance level is (using whatever means is preferred). Then look to trade a pullback for value. Last part of this process is keeping stops and targets realistic (based on the t/f you are entering the...
This has just confused me...what Steve said was very simple and clear
  • #178
  • Jan 22, 2017 6:13am Jan 22, 2017 6:13am
Quote
Hi Almo,

1. It's surprising how many people ignore this basic Structure Rule.

2. It's only a Monster if you don't take the time to understand it's Moods.

1

very good again active stevepatt forum...........i am see ur made simple thread old post.. i am study it all post ur share experience thank u very much
  • #179
  • Jan 22, 2017 6:22am Jan 22, 2017 6:22am
Quoting stevepatt
{quote} Hi Landline, For me looking at Basic Market Structure and Price Action is simple and I've made a 15 pip Stop and 30 pip Take Profit work for me on GBP/JPY. Everything else you have said above I agree with. I've read some of your previous posts and I agree completely with you that everyone has to find what works for them and not rely on the methods others to also work for them.
Steve i agree with what you say....however learning your method and how you go about doing what you do .
I for.one want to find what works for me but to do that need to learn the basic core method.....thats what i seek
  • #180
  • Jan 22, 2017 6:24am Jan 22, 2017 6:24am
Quoting Emerald2112
{quote} This has just confused me...what Steve said was very simple and clear
Experience (both good and bad) eventually breeds confidence in life in general and in trading!

Your comment suggests to me that you have not yet acquired sufficient experience to confidently trade. I'd therefore say stick with SPs system on that basis, it is good imo (and has similarities to my own style in some ways)
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