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Trading is as simple as 1-2-3

  • #2,881
  • Mar 31, 2017 4:20am Mar 31, 2017 4:20am
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Thought I would repost my GU trade from yesterday to illustrate how I view SL management. I look at two things in making these trades. One do I want to take it, and two how I will manage it once in. I usually always take a partial profit at +5. Then I will move to BE on the SL. If the trade progresses I switch to a 10 or 20 trailing stop.

In the past I have fixed my stop and never move it. So I don't take as much profit it comes back. But if it moves it can hit some pretty big numbers. Yesterday I had the 10 trailer on this trade. I ended up with +43. A fixed stop would have gotten a potential of +108. They don't happen all the time but when you do catch them, nice.
  • #2,882
  • Mar 31, 2017 4:33am Mar 31, 2017 4:33am
Hello, traders. What is average RR here?
  • #2,883
  • Mar 31, 2017 5:00am Mar 31, 2017 5:00am
Quoting BroX
Hello, traders. What is average RR here?
I for one never let myself get bogged down with RR. If a method makes me money and it has the stats to back me, I'm going to trade it .
  • #2,884
  • Mar 31, 2017 5:11am Mar 31, 2017 5:11am
I would concur with Pent56. There is no such thing as an average RR. It depends entirely on how well the trader understands and applies the principles for themselves. That is different for everyone. Some will make lots of pips with this, others will manage to lose pips. That is your average.
  • #2,885
  • Mar 31, 2017 5:43am Mar 31, 2017 5:43am
Still in my AU short +18. I have my SL set at BE. Not going to do anymore trades today so I am going to set an unrealistic TP of +50 and let it go at that. TDR today is 30. Monthly average is 58 not sure if that will have any bearing. Only if it keeps going in the same direction that is.
  • #2,886
  • Mar 31, 2017 7:23am Mar 31, 2017 7:23am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,887
  • Mar 31, 2017 7:25am Mar 31, 2017 7:25am
Quoting BroX
Hello, traders. What is average RR here?
R:R is like a boxer's fight plan before he takes the first punch.

Mike Tyson explains one of his most famous quotes
November 9, 2012|By Mike Berardino, Sun Sentinel columnist
Of all the famous quotations Mike Tyson has spawned over the past quarter century, my favorite is this:
"Everybody has a plan until they get punched in the mouth."
In advance of the former heavyweight champion's appearance Saturday night at the Seminole Coconut Creek Casino, where he will perform his one-man stage show, "Mike Tyson: Undisputed Truth," I asked Tyson if he remembered the origins of that quote.
"People were asking me [before a fight], 'What’s going to happen?,' " Tyson said. "They were talking about his style. 'He's going to give you a lot of lateral movement. He's going to move, he's going to dance. He's going to do this, do that.' I said, "Everybody has a plan until they get hit. Then, like a rat, they stop in fear and freeze.' "
What I like so much about the quote is that its application stretches far beyond boxing. It really has meaning in any area of life, whether the blow comes from a health issue, losing your job, making a bad investment, a traffic jam, whatever.
It's how you react to that adversity that defines you, not the adversity itself.
"Exactly," Tyson agreed. "If you’re good and your plan is working, somewhere during the duration of that, the outcome of that event you're involved in, you're going to get the wrath, the bad end of the stick. Let's see how you deal with it. Normally people don’t deal with it that well."
He laughed. There's another way to spin his famous quote:
"How much can you endure, buddy?" he said. "Most talkers, they can’t handle it."
Tyson has always talked a lot. But at 46, he's still here, still moving forward in the wake of bankruptcy, incarceration and family tragedy.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,888
  • Mar 31, 2017 8:20am Mar 31, 2017 8:20am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,889
  • Mar 31, 2017 10:12am Mar 31, 2017 10:12am
Decent trade from a couple of hours ago which I held even though it made a new low after triggering my buy order. It did not drop far enough to panic me as the initial big drop down was purely due to CAD red news and GBP was looking fairly strong across the board. Took 2 levels of profit (it moved up nice and quick so bagged more than usual). Little bit left in running. I could have entered again the following hour setup but thought that would just be show-boating!
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  • #2,890
  • Mar 31, 2017 3:26pm Mar 31, 2017 3:26pm
Quoting Pent56
Decent trade from a couple of hours ago which I held even though it made a new low after triggering my buy order. It did not drop far enough to panic me as the initial big drop down was purely due to CAD red news and GBP was looking fairly strong across the board. Took 2 levels of profit (it moved up nice and quick so bagged more than usual). Little bit left in running. I could have entered again the following hour setup but thought that would just be show-boating! {image}
Good call and don't panic, I take these kind of trades all the time (where the trigger bar actually makes a new extreme and doesn't stay below the first bar's level). Be prepared, as if you post them, you'll find it brings the inevitable questions about ''...how come the second bar is higher than the first? That's not right?.''

I also have to admit that I will often enter a second trade on the following set-up - but that's probably just me, lol.
  • #2,891
  • Mar 31, 2017 3:54pm Mar 31, 2017 3:54pm
Quoting lemercenaire
{quote} Good call and don't panic, I take these kind of trades all the time (where the trigger bar actually makes a new extreme and doesn't stay below the first bar's level). Be prepared, as if you post them, you'll find it brings the inevitable questions about ''...how come the second bar is higher than the first? That's not right?.'' I also have to admit that I will often enter a second trade on the following set-up - but that's probably just me, lol.
Cheers Lem. Yes taking the second trade was very tempting but to be honest I had had such a good day with the EUR/GBP break first thing....I then got a great run on the USD/CAD dead zone trade at lunch (I owe you a drink or two!) and a few good 1-2-3 trades along the way I did not want to push it too far! Have a great weekend.
  • #2,892
  • Mar 31, 2017 4:11pm Mar 31, 2017 4:11pm
Quoting Pent56
{quote} Cheers Lem. Yes taking the second trade was very tempting but to be honest I had had such a good day with the EUR/GBP break first thing....I then got a great run on the USD/CAD dead zone trade at lunch (I owe you a drink or two!) and a few good 1-2-3 trades along the way I did not want to push it too far! Have a great weekend.
Now you see why I have built this group of methods the way I have. Although they can all stand on their own (great if you have limited time any particular day), they all run from one to the other and form a pattern that covers the day.
  • #2,893
  • Mar 31, 2017 4:12pm Mar 31, 2017 4:12pm
Have a good weekend all - see you fresh and ready to go on Monday.
  • #2,894
  • Mar 31, 2017 7:48pm Mar 31, 2017 7:48pm
Hey all

I need a simple template that shows the pertinent information to trade the 123 set up. The template that is in the thread has a lot of "other stuff" I have not been able to figure out how to get rid of.

If it is available. It would be awesome.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,895
  • Apr 3, 2017 3:13am Apr 3, 2017 3:13am
Not meant as a 'woe is me' moan but was too busy elsewhere to catch these this morning, so these are just for the record. So...just for the record, can I just say WOW!!! Lol...

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Oh yeah...and then there's this!!!

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You gotta' laugh
  • #2,896
  • Apr 3, 2017 3:13am Apr 3, 2017 3:13am
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Short the CF +7 profit locked
  • #2,897
  • Apr 3, 2017 3:16am Apr 3, 2017 3:16am
Quoting hal7
{image} Short the CF +7 profit locked
The Swissie seems to be like the JPY pairs and is very consistent in the period just around the UK Open. Nice one.
  • #2,898
  • Apr 3, 2017 3:37am Apr 3, 2017 3:37am
It worked out pretty good, misplaced my crystal ball over the weekend so had use price movement this morning.
  • #2,899
  • Apr 3, 2017 3:44am Apr 3, 2017 3:44am
Quoting Rufus
Hey all I need a simple template that shows the pertinent information to trade the 123 set up. The template that is in the thread has a lot of "other stuff" I have not been able to figure out how to get rid of. If it is available. It would be awesome. Rufus
Open a chart.
Set bar chart (and your preferred colour-scheme).
Go into your custom indicators tab on mt4.
Add smHiLoOpenLines-v1.2
Add $-TRO-Time
Add TRO_WATERMARK
The last two are also optional (and you will need to travel to another galaxy to acquire them) and although not needed for the method's functionality, they sure help let us see what's going on on your chart re pair, time of trade, etc.

Go into the edit feature of your new chart indicators.
On HiLoOpenLines, set to false everything you don't need...so all you're looking to leave is Present Day High (D1[0] High) , Present Day Low (D1[0] Low) and Present Day Open (D1[0]Open)
On the watermark, edit to pick the size and location of said watermark. You'll want to change my chart X, my chart Y, my font size and my corner (plus colour if needed to match your chart scheme).
  • #2,900
  • Apr 3, 2017 3:49am Apr 3, 2017 3:49am
Quoting hal7
It worked out pretty good, misplaced my crystal ball over the weekend so had use price movement this morning.
I've got a crystal ball - it's rubbish. Just keeps telling me the weather's going to be bad...

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