Disliked{image} Took the CA long this hour, just missed getting stopped and moved up for my +5Ignored
Trading is as simple as 1-2-3
- #3,362
- May 2, 2017 10:31am May 2, 2017 10:31am
- Joined Mar 2012 | Status: Trader | 14,370 Posts
Do you see the FREIGHT TRAIN on H4?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #3,364
- May 2, 2017 12:24pm May 2, 2017 12:24pm
- Joined Mar 2012 | Status: Trader | 14,370 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #3,366
- May 2, 2017 1:58pm May 2, 2017 1:58pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Any takers for some late-night fun? Of course, there's always that red NZD news in 4 hrs to keep in mind 
...Yes? No? Do ya feel lucky???
...Yes? No? Do ya feel lucky??? - #3,368
- May 2, 2017 4:12pm May 2, 2017 4:12pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
As an aside - no Weird Bunch trades from me today. Not because there weren't any, or there was anything wrong (there may not have been, or have been something wrong - but I have no idea). Simply because, as yet, I haven't had any time to check them out at all. I will look to at least post up how the day went for them later.
I'll comment on each as they come...
The US30 looks a mess but actually if you read it from left-to-right, they'd actually be straight-forward. The only strange one would be the third, which technically would be a short entry but no-one in their right mind would go in on that after such a drop into a new low. Taking it as a new trade on the way up would be the way to go (or if you really had to you could take the second marked ''or'').
The big-brother 500 was much more clear-cut...
The 100 followed that lead...
Stellar performer of the day was the DAX, which took one win and one loss before taking off big-time. The blue entry options are shown but obviously you'd hopefully already be in on the big move Northwards and wouldn't be interested in these, other than to use as a heads-up level to move your trailing-stop up.
Finally, the F40 gave you an early good entry, leading into price making a new high. As shown, you could have had a reverse-entry here. This behaviour then tracked price up through the rest of the day. With a bit of luck, one would have been in long and stayed in that long on that early first move...
All good - see you tomorrow.
- #3,369
- May 2, 2017 4:17pm May 2, 2017 4:17pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Oh and did you feel lucky?
If so, a double-dip was the way to go...
If so, a double-dip was the way to go...
- #3,372
- May 2, 2017 11:30pm May 2, 2017 11:30pm
{quote} If it's a new low on candle #1...wait... If candle #2 doesn't make a new low, go in on that candle's open. That's it. Nowhere in the rules does it mention anything about closing above or below the daily open.
saw this response the other day, and finally got around to a reply
I have always seen things pretty much the same as FK, as in I read this part of the rules (I assume) the same.
You are ALWAYS trading towards the daily open with this method. (From Post 1)
I Read that rule as......okay, that means if I have a (e.g.)SELL trade I want to take.....then current price HAS to be above the daily open......because I ALWAYS have to be trading back towards the daily open. (visaversa for a BUY trade)
No drama's though. Just my interpretation. @TS. Could you clarify that please Mate.
Cheers
Michael
- #3,373
- May 2, 2017 11:36pm May 2, 2017 11:36pm
- Joined Mar 2012 | Status: Trader | 14,370 Posts
{quote} Hi Lem, saw this response the other day, and finally got around to a reply
The lowest possible daily high is the daily open price.
Logic dictates, trading a 1-2-3 short trade means you would trade towards the daily open in most cases.
If price were to open and drop a 100 pips, give or take a few, then the only way for a 1-2-3 trade to occur where you would short away from the open is when price makes a new daily high only a handful of pips above the daily open.
Is that clear, Mate?
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #3,374
- May 2, 2017 11:52pm May 2, 2017 11:52pm
{quote} Yes. The lowest possible daily high is the daily open price. Logic dictates, trading a 1-2-3 short trade means you would trade towards the daily open in most cases. If price were to open and drop a 100 pips, give or take a few, then the only way for a 1-2-3 trade to occur where you would short away from the open is when price makes a new daily high only a handful of pips above the daily open. Is that clear, Mate? Cheers!
- #3,375
- May 3, 2017 1:41am May 3, 2017 1:41am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} I got stomped btw. Perhaps the news
I'd seen the red news was coming but I wasn't able to trade around it as I wanted an early night. Did anyone get this? Nice one if you did.
- #3,376
- May 3, 2017 1:54am May 3, 2017 1:54am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} Hi Lem, saw this response the other day, and finally got around to a reply
My basic mind-set is still though that I do not make a conscious decision to ask ''Which way is the Daily Open?'' when I go to enter a trade.
- #3,377
- May 3, 2017 3:16am May 3, 2017 3:16am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
Short GJ +6 profit locked.
- #3,380
- May 3, 2017 5:12am May 3, 2017 5:12am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
{quote} Im still in this trade. I dont moved my stopp yet. You were stopped out +7? Hello everyone. I like your method tooslow. Its good for beginners like me. Ive read half of the thread since i have a question : The entry rules are crystal clear. But as i understand the exit is left to everyone. Its seems to me that the most important thing is to protect wins and not look for huge ralleys. so you better go out with 2 or 5 pips instead of taking a loss?
No I am still in this EG at about +2. I take the bulk of my trade off usually around +5 as my target, in this case +7. Then I either bring my stop to Break Even and let the trade run its course. Sometimes I do not move the stop and take a loss on the remainder but usually remain in profit for the trade. With this latter strategy I have been able to pull some very big moves.
You need to experiment with the style you want to take on managing profit and stop loss. The fundamentals of the method meaning set ups and entries never changes. That is the power behind in, consistency. Repetition of trading will also teach a lot more about what works and what doesn't than any of us can tell you. It will also mean more to you.
Incidentally the GJ short trade I am in is +18 so that may be a big mover for me today.... Good luck...
