THE only Pattern | Page 104 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strategy behind 1 EA (buy only) and 1 EA (sell only) 2 replies

Can you trade only one pattern and be profitable? 61 replies

Script to change EA to long only/ short only at a price level? 1 reply

Price pattern scanner where I choose the pattern 4 replies

Pattern programs 1 reply

Attachments: THE only Pattern
Exit Attachments

THE only Pattern

  • #2,061
  • Jun 13, 2017 2:35pm Jun 13, 2017 2:35pm
Quoting atheer1
{quote} welcome
Thanks. I'll have to catch up on reading the thread to see if it's missing anything. I've only read the first post and there is one thing I've noticed missing so far that may be an improvement.
It takes money to make money.
  • #2,062
  • Jun 13, 2017 3:01pm Jun 13, 2017 3:01pm
Quoting Harpy
{quote} Thanks. I'll have to catch up on reading the thread to see if it's missing anything. I've only read the first post and there is one thing I've noticed missing so far that may be an improvement.
Wouldn't mind hearing how you trade it..
It's in fear when people show what they truly value.
  • #2,063
  • Jun 13, 2017 3:19pm Jun 13, 2017 3:19pm
Quoting Harpy
{quote} Thanks. I'll have to catch up on reading the thread to see if it's missing anything. I've only read the first post and there is one thing I've noticed missing so far that may be an improvement.
your notes are welcomed
atheer1
  • #2,064
  • Jun 13, 2017 4:03pm Jun 13, 2017 4:03pm
Quoting Harpy
{quote} Thanks. I'll have to catch up on reading the thread to see if it's missing anything. I've only read the first post and there is one thing I've noticed missing so far that may be an improvement.
https://www.forexfactory.com/showthr...22#post9811822

here's a doc that can speed you up.. atheer posts.. FAQ too.
It's in fear when people show what they truly value.
  • #2,065
  • Jun 13, 2017 4:57pm Jun 13, 2017 4:57pm
Quoting ensale
{quote} Wouldn't mind hearing how you trade it..
Quoting atheer1
{quote} your notes are welcomed
Okay sure. Thanks for the document and the welcome ensale and atheer1.

First, if you don't already have a better method that provides you with the structure of the market, the 50 pip grid on the daily for example, or his other pip grids on lower timeframes, is the next best thing for providing structure. It's simple, practical, and it makes sense.

Second, for the setup you can add 1 or 2 things to increase your chances. This would be to check that the previous 1 candle is the opposite color or, if you prefer to be more conservative then check that the previous 2 candles are in the opposite color.

That's pretty much it.

If I may provide some personal opinion, I wouldn't use any indicator for signaling because that's one sure way to mess this up. Layering random signals upon random signals with multiple indicators and looking for their intersection is even worse. If you must, use one to provide structure of the market or filtering but not anything for signals. The candles themselves give all the signals you need and based on my experience IMHO it doesn't get any better than that.

I personally do this on M1 with about roughly a 1:1 risk to reward depending on the rule of the situation. The rule of the situation sometimes puts me at 1:2 or 1:3 but it's based on rules that won't help here.

If it sounds subjective, it is not. It is simple and clear rules that I follow each day with zero subjectivity. I pay zero attention to the fundamentals and I never bother to look out for interest-rate decisions or other high-impact news.

I trade intraday and if I have some trades that haven't hit their TP or SL yet, I close everything and start fresh at the next trading day. There are times I do keep some trades past intraday going into day 2 and sometimes day 3 but this is based on a rule unhelpful here.

Depending on how much time I have for trading, I also sometimes do it on M5 and M15 and if I have even less time, I use H1.

I'm currently trading with about 0.10 lots on a 10K account which nets roughly about $500 to $1000 daily. I pretty much make all of my entries on M1 which consequently does result in lots of trades on lots of pairs but I've never experienced drawdown close to 50%.

If I had money, I would trade the same 0.10 lots on a 100K account which would imply less than 5% drawdown and around 1% daily return.

IMHO the analysis here is certainly good enough and should not be improved with indicators. Improving this system with associated candles may be possible but not with too many candles. Perhaps 1 to 3 previous candles.

The only other thing remaining would be to improve one's trading. By trading I'm talking about your skills for managing your trades. Some do this better than others and that is perhaps the only other difference.
It takes money to make money.
  • #2,066
  • Jun 13, 2017 5:40pm Jun 13, 2017 5:40pm
Quoting Harpy
{quote} {quote} Okay sure. Thanks for the document and the welcome ensale and atheer1. First, if you don't already have a better method that provides you with the structure of the market, the 50 pip grid on the daily for example, or his other pip grids on lower timeframes, is the next best thing for providing structure. It's simple, practical, and it makes sense. Second, for the setup you can add 1 or 2 things to increase your chances. This would be to check that the previous 1 candle is the opposite color or, if you prefer to be more conservative...
Pretty much what is used here.. and I agree indicator's don't help.. thanks for explaining,

sounds like your in and out, following the waves.. what pair's do you manage to do with M1? because that takes focus..
It's in fear when people show what they truly value.
  • #2,067
  • Jun 13, 2017 5:41pm Jun 13, 2017 5:41pm
Quoting Harpy
{quote} {quote} Okay sure. Thanks for the document and the welcome ensale and atheer1. First, if you don't already have a better method that provides you with the structure of the market, the 50 pip grid on the daily for example, or his other pip grids on lower timeframes, is the next best thing for providing structure. It's simple, practical, and it makes sense. Second, for the setup you can add 1 or 2 things to increase your chances. This would be to check that the previous 1 candle is the opposite color or, if you prefer to be more conservative...
thank you for your opinion it was greatly appreciated.........looking for your valuable participation..........
atheer1
  • #2,068
  • Jun 13, 2017 7:34pm Jun 13, 2017 7:34pm
Quoting ensale
On another note, I see many visitor's to this thread but only a handful take part.. . Sign up and take part, you get more out of it that way.. share what you see with images. Discuss. it would be great. Thank you
Hi ensale and atheer1, if it's ok I'd like to participate from time to time. We have a lot in common.
  • #2,069
  • Jun 13, 2017 7:36pm Jun 13, 2017 7:36pm
Quoting ensale
{quote} Pretty much what is used here.. and I agree indicator's don't help.. thanks for explaining, sounds like your in and out, following the waves.. what pair's do you manage to do with M1? because that takes focus..
I might be following the waves but I'm not sure. I don't look to try and figure out what the market is going to do with Elliott Waves or on a macro or fundamental levels.

I assume if any of us have any real money, it's not very much so it seems too risky to me personally to do anything other than scalp (by scalping I'm meaning from 10 to 50 pips or more). But, scalping intraday is not for everyone and I suppose a lot of people would get stopped out without having practiced.

I don't think a trader without sufficient capital necessarily has to scalp but, I wonder how much money there is to be made with just a few trades running for days on end. I would be happy to see that working with someone's myfxbook.

I personally don't have enough fait in the market to enter into a position and let it ride. If I had a usable trading account size of let's say 100K then yes, sure, I would have long-term positions, but I think we're all operating on $200 to $5000 or possibly $10000 accounts.

I think all of us can trade long-term just fine but there's just not enough breathing room in terms of equity for those wider stops.

The analysis on this thread is solid and historically speaking, it doesn't wear off and I can't imagine it wearing off moving forward. I believe it's just following psychology of human traders or strategies of whatever else HFT algorithms.

I'm catching myself making statements but they are just my opinions and I don't claim to understand the markets. It's just my best guess. I'm going off script, yeah you asked about the pairs I trade. I just trade the lower spread forex pairs that are offered by my broker and that keeps me plenty busy. Ignoring the disadvantage of higher spread, as you already know this obviously would also work on exotic pairs, CFDs, etc.

Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 43 KB
It takes money to make money.
  • #2,070
  • Jun 14, 2017 1:56am Jun 14, 2017 1:56am
Quoting Harpy
{quote} {quote} Okay sure. Thanks for the document and the welcome ensale and atheer1. First, if you don't already have a better method that provides you with the structure of the market, the 50 pip grid on the daily for example, or his other pip grids on lower timeframes, is the next best thing for providing structure. It's simple, practical, and it makes sense. Second, for the setup you can add 1 or 2 things to increase your chances. This would be to check that the previous 1 candle is the opposite color or, if you prefer to be more conservative...
thx for your explanation.
there are a few questions that came up.
you make between +500-1000 pips/day.
then you follow about 30 pairs, mostly trading from M1.
did i understand you right?
then how can you follow so many pairs? do you use an EA?
trading is like dancing, don't think and just listen to the music!
  • #2,071
  • Jun 14, 2017 2:36am Jun 14, 2017 2:36am
Quoting birdland
{quote} thx for your explanation. there are a few questions that came up. you make between +500-1000 pips/day. then you follow about 30 pairs, mostly trading from M1. did i understand you right? then how can you follow so many pairs? do you use an EA?
No problem, you're welcome. Does anyone actually scrolls the mouse to click the New Order button, then scroll to change order type to Pending Order, then select Limit or Stop order, enter TP, SL, at Price? There are many trade management PC softwares for Windows one could use. I'm not an affiliate and I don't want to be categorized as commercial so I don't want to recommend one or the other. Also, they're not cheap but IMO worth the investment. Clicking around MetaTrader would take me forever
It takes money to make money.
  • #2,072
  • Jun 14, 2017 4:25am Jun 14, 2017 4:25am
Quoting pips29
{quote} I am looking at 140.50/70
took the trade and came out with +34
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM15.png Size: 32 KB
the cautious seldom err....C
  • #2,073
  • Jun 14, 2017 4:41am Jun 14, 2017 4:41am
hello

This is an example of cutting it as soon as possible, but failed to realize that i should reverse.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 53 KB


have fun
  • #2,074
  • Jun 14, 2017 5:24am Jun 14, 2017 5:24am
Quoting bistolis
hello This is an example of cutting it as soon as possible, but failed to realize that i should reverse. {image} have fun
One comment, when you took the trade, price was tight, moving avg bunched up together. so breakout normally follows, I try and avoid trading when price is consolidating and go for the breakout..

I think you know this, this comment is just for those that are maybe using these Moving avg.
It's in fear when people show what they truly value.
  • #2,075
  • Jun 14, 2017 6:40am Jun 14, 2017 6:40am
Quoting Harpy
{quote} I might be following the waves but I'm not sure. I don't look to try and figure out what the market is going to do with Elliott Waves or on a macro or fundamental levels. I assume if any of us have any real money, it's not very much so it seems too risky to me personally to do anything other than scalp (by scalping I'm meaning from 10 to 50 pips or more). But, scalping intraday is not for everyone and I suppose a lot of people would get stopped out without having practiced. I don't think a trader without sufficient capital necessarily has...
Didn't mean Elliot or anything of that sort. anyway thanks for explaining, would be nice to see you involved with charts if possible..

FYI:And Yes:: a trade manager is a must;
It's in fear when people show what they truly value.
  • #2,076
  • Jun 14, 2017 6:41am Jun 14, 2017 6:41am
Quoting GEfx
{quote} Hi ensale and atheer1, if it's ok I'd like to participate from time to time. We have a lot in common.
Would be very pleased, indeed we have a similar approach..
It's in fear when people show what they truly value.
  • #2,077
  • Jun 14, 2017 8:32am Jun 14, 2017 8:32am
EURUSD.. session open price move's/OP 5min.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-06-14_14h18_53.png Size: 60 KB


..

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-06-14_14h24_49.png Size: 47 KB




I think Smart money likes to test session open price and obviously build their position there...

You can't say I have not mentioned this setup before on this thread. clearly works.
It's in fear when people show what they truly value.
  • #2,078
  • Jun 14, 2017 9:05am Jun 14, 2017 9:05am
[quote=GEfx;9974957]{quote} Hi ensale and atheer1, if it's ok I'd like to participate from time to time. We have a lot in common.[/quot

you are welcome......this will be nice from you
atheer1
  • #2,079
  • Jun 14, 2017 10:05am Jun 14, 2017 10:05am
Quoting ensale
{quote} Didn't mean Elliot or anything of that sort. anyway thanks for explaining, would be nice to see you involved with charts if possible.. FYI:And Yes:: a trade manager is a must;
Yep. The reason I mentioned the Elliot thing was to provide more relevant information in my response based on my experience so far. I think it does help to hear what others have tried and had problems with and and what they've tried and found some success with.

Nice, glad to hear I'm not the only one that doesn't click all over the place just to place an order.
It takes money to make money.
  • #2,080
  • Jun 14, 2017 10:51am Jun 14, 2017 10:51am
scalping...............GU short from around 1.2810
atheer1
11 traders viewing now