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So my summary of what I have learned from this post is that you successfully trade basically with the following setup....
1. 5 minute chart. 2. Normally on the GBP / JPY pair, but others should work as well. 3. You use MB trading because they are an ECN broker. 4. You use the last 21 bars on the 5 minute chart to plot your high and low entry points. (What you call the SR and RR) 5. You trade with the hourly trend (as shown by the current 1 hour candle). 6. You only use limit orders in order to insure that you get the entry price and exit price you want. 7. You use Metatrader due to the programmable interface items you can put on the charts (and have nicely provided as well, thank you!). 8. You enter trades after the bounce off of their support or resistance and then cross your limit price. So that is my basic understanding of your system, I agree that it is in many ways simple, as trading should be. Use the obvious to help you to success (like what direction we are going for the hour, or the day or the minute). Basically though I am still left with one question that haunts me.... what do you use as an exit? Do you set a take profit target, or set a trailing stop? If so, how do you determine the target, or how many pips do you use for your trailing? What about a stop loss if things reverse on you? Do you just set it a few pips past the resistance or support that you have already plotted? Thanks ahead of time! :) |
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Yes, the indicator is the SweetSpots Gold indicator. I posted it in the HORIZONTAL LINE THREAD. |
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5. If I go counter trend, it's for a quick scalp usually exit at/before the 23% Fib Retrace. 7. I started programming in MT4 so my buddies could have access to free charts. I also use eSignal and TradeStation. 8. Yes, I enter trades when TRO SR RR tells me. It has an alert ;) EXIT: I take profit when I can usually leaving too many pips on the table. Depending on the trade, I sometimes set a limit exit so they "hit me". Other times I just ride it. TARGET: Usually the fib retrace plots. Sometimes, I'll use a "mental" 2 or 3 pips trailing stop. Yes, they wiggle me out of the trade sometimes. STOP LOSS: I do NOT use a STOP LOSS. I will make another entry at the go line because I "know" price will eventually retrace. BUT IF YOU FEEL YOU MUST USE A STOP, THEN THE SL IS SUPPORT - 1 PIP OR RESISTANCE + 1 PIP. |
TRO you say ask better questions. I don't use indicators in my trading I only use s/r levels and some candle patterns.
In my entire trading career ive never used a channel of any sort but i assumed a channel would have lines in it i guess i was mistaken. also what does PAIN mean and how did you derive your values on your template????? they don't even come close or in anyway relate to the acual price. so pardon my ignorance i cannot use your template for anything at all becaus eI have no idea what i am looking at. as far as trend on the guppy i still see a short bias. the bulls are weak. id post a chart but i guess i don't know how to :( |
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LOOK AT THE CHART AND TELL ME WHAT YOU SEE. OBSERVATIONS ONLY. THIS IS KEY IN YOUR TRAINING TO NEVER LOSE AGAIN. |
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HINT: THIS IS AN H1 CHART. HINT: CANDLE STICK PATTERN ANSWERS ARE INCORRECT!! |
ok
i saw your link for pain. according to your template pain is .0043 but
right now price is 193.60?? i read real fast that pain is some
corelation price between hi low open close but i still fail to see any
relation to the guppy. i would post this chart but i dnt have time i
gotta go for now a builder is calling about a 30,000 sq ft warehouse
space.
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Perhaps if you look at "pain" on multiple time frames it may make sense. |
on the m5 i saw a downtrend, an uptrend when it retraced, and another downtrend :D on the other charts i saw a bit of a mess
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Yes.... another question...
What hours do you trade? Do you feel that it is valid to trade at any time of the day, or (for example) just when London is open? |
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QUID PRO QUO! |
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F "Downtrend" and "Uptrend" are INTERPRETATIONS! You must learn to SEE! Do it over. |
I
gather from that response that you mean to say that basically what you
see is what you get, and any time is as good as the next as long as you
just work with what you see.
My overall interpretation of the forex market in general is that it is VERY random on a day by day, hour by hour, and minute by minute basis, so as long as I am willing to stay in a trade I will likely get my take profit target hit at some point in the future. So, trade with the trend and take a little at a time when you can and call it good. |
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i also see it seems to have just bounced off the support line for a 3rd time but probably hasnt gone back up enough yet to be worth a long entry. |
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I have to say at this point that I'm doing much better since this thread started :) Ok, so skipping ahead a little here (I'll go back to where I left off later) what do I see you ask? The price at the left is higher than the current price. Between then & now, the price went down (low), up (high), and down (low) again. The 2nd high didn't get as high as the 1st high (lower high to the leftmost high), and the 2 lows stopped at basically the same level. The current bar is green...;) Am I overstating the obvious? |
I
think what TRO is trying to get across is that there are no "trends",
it is all random on a certain level (certainly on the shorter time
frame charts). Probably even almost completely random on everything up
to the daily and longer charts, which even then are somewhat random due
to the random nature of life (witness the market instability during
hurricane Gustav as proof of this).
So... what do I see... I see that the price on the last chart posted is green. Price is going up now (on that chart). So to oversimplify, I see a buying opportunity. So, whats my grade for that brilliantly simple observation? :P |
Also, the open of some candles is not the same as the close of it's previous candle...does that mean anything?
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Your grade is: F I did NOT ask for INTERPRETATION. I asked for OBSERVATION. WHAT DO YOU SEE? DO IT OVER. |
wick/shadow are very large when it is at top or bottom candle ....
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Calling the occurrence of price dropping 60 pips a DOWNTREND is an INTERPRETATION made by the observer and is subject to debate. There was no SUPPORT LINE in the chart just candles. You are SEEING things that are not there. Your grade: F DO IT OVER. |
If
there is no interpretation, then all that is left is the price that is
now, there is nothing else because anything else is projection and
interpretation.
But I would have to add to that a little and say that interpretation is necessary at some point as it is useless to randomly choose a direction of movement by refusing to use any of the past evidence and interpret it into at least a direction of movement and thus potential profit. Failure to do so would be the same as betting on black... it could be red 49% of the time so you would lose, it could be black 49% of the time so you win, but it could also be green 2% of the time, so you would ultimately lose. So, the only question is what clues to you use to interpret? And how do you translate those into trades? I think I know quite a bit about how you do that, but am always open to learning (or unlearning) more. |
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You made 3 OBSERVATIONS. Well done. But I want you to look a little closer and tell me what you see. I know you can do better. Your grade: B- HINT: YOU CAN COUNT |
When it falls really it is all red (or green for up).
Asap there are 2 consecutives opposite colors, then the price goes level or reverse. |
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The Candle Is Green. Nothing Is Moving On The Chart. A "Buying Opportunity" Is An Interpretation! Your Grade: F Do It Over. Hint: Quit Thinking. Look At The Chart And Tell Me What You See. A Five Year Old Child Will Be Able To Tell Me What They See. They Will Not Speak Of Candles, Trends, Support Lines, Etc... |
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YOUR GRADE: B NOW BE SPECIFIC. TELL ME EXACTLY WHAT YOU SEE ON THE CHART. YOU HAVE TO SHUT OFF YOUR BRAIN AND OPEN YOUR EYES. LOOK!! THEN YOU WILL BE "SEEING" FOR THE FIRST TIME! |
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Are you quitting? NOW LOOK AT THE CHART AND TELL ME WHAT YOU SEE!! I HAVE GIVEN YOU HINTS. YES, YOU NEED TO UNLEARN BEGINNING NOW! |
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Did you read it? Posting a chart? Use TinyPic - Free Image Hosting, Photo Sharing & Video Hosting. Upload the chart. Then copy/paste the [IMG] code. |
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Your grade: B+ Leave out the commentary and tell me what you see. HINT: I POSTED 3 CHARTS, M5, M15 AND H1. REMEMBER WHAT I SAID ABOUT NOISE? |
I
see a recent high of about 194.05 and a recent low of about 193.50. So
I see a trading range forming of about 55 pips. So some support at the
low and resistance at the high is forming apparently. That is what I
see.
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i see price stopping and stalling.
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ok :
M5 : 9 to 11 candles to make up or down, more 2 consecutives reversal colors can happen M15 : 4 to 5 for the same, no reversal color in the middle 1H : 3 candles for the same, no reversal color in the middle. |
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QUIT THINKING. JUST LOOK AT THE CHART AND TELL ME EXACTLY WHAT YOU SEE. SUPPORT AND RESISTANCE ARE INTERPRETAIONS YOUR GRADE D- HINT: QUIT TRYING SO HARD. DO NOT TRY TO IMPRESS OR BE WITTY. THE SIMPLEST ANSWER WILL GET THE COVETED "A+'. |
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The Chart Is Static. Nothing Is Moving. How Can You See Something Stopping If It Is Not Moving? Quit Interpreting What You See And Just Tell Me What You See? Your Grade: F Hint: What Color Is The Sky? What Color Are The Clouds? You Can Answer Those Questions Correctly, So What's So Hard About Telling Me What You See In The Chart? I KNOW YOU THINK I AM JUST MESSING WITH YOU BUT I AM NOT. I WANT YOU TO SEE. JUST LOOK AND SEE. NO INTERPRETATION. |
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Your Grade: B+ You're Almost There. HINT: IF YOU CAN SEE IT ON THE H1 CAN YOU SEE IT ON THE M15? IF YOU CAN SEE IT ON THE M5 CAN YOU SEE IT ON THE M15? IF YOU CAN SEE IT ON THE M15 CAN YOU SEE IT ON THE M5? |
The H1 is made up of (12) M5 candles or (4) M15 candles,
The M15 is made up of (3) M5 candles or (15) M1 candles, The M5 is made up of (5) M1 candles... ... |
THIS JUST HAPPENED AND WHILE I WAS POSTING, I MADE 25 PIPS.
DO YOU SEE WHAT HAPPENED? http://i33.tinypic.com/29osxnk.gif http://i36.tinypic.com/jt8e0x.gif http://i33.tinypic.com/24nplhl.gif I WASN'T PLANNING ON TRADING BECAUSE I WAS POSTING. NORMALLY, I WATCH THE M5. I LOOKED UP AND SAW "IT" ON THE H1 CHART. SO I IMMEDIATELY CLICKED BUY. THEN I WENT BACK TO POSTING. I LOOKED AGAIN AND CLICKED SELL. HAD I BEEN PAYING ATTENTION, IT WOULD HAVE BEEN 40 PIPS OR BETTER. I USED NO INDICATORS. ALL I DID WAS LOOK AT THE CHART AND REACT TO WHAT I SAW. M5, M15 AND H1 CHART. CAN YOU SEE WHAT HAPPENED? CAN YOU SEE WHEN TO ENTER THE TRADE? DO YOU SEE WHAT YOU NEED TO WAIT FOR BEFORE YOU ENTER THE TRADE? IT IS RIGHT IN FRONT OF YOUR EYES! ALL YOU HAVE TO DO IS LOOK AND SEE! |
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no Grade. But You Are Getting Warmer. Now, Just See It! |
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