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It works for me. Again thanx TRO |
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could probably code it myself but ive spent half the day coding my alert already |
Hi all,
i m complete newbie, and i have been reading this thread for the last few days. i was struck by the apparent simplicity of the idea at the beginning of the thread. the original idea. ( resistance and support over last 21 candles, then go long and go short lines based on middle point of that s/r range.) then i kept reading and many more questions and answers kept coming. every single additional question, answer, indicator after the original idea made things more complicated. finally i reached page 16 i think where i just cant take anymore as i am completely confused. so my understanding so far is that : market moves in waves. when im at the top of the visual wave, i go short nd when at bottom of wave i go long. ( basically the tro sr/rr) as i cannot ride wave both ways ( just for practical reasons) i will have to choose one direction, which i will do by quickly checking the longer timeframe to get an idea of trend. another understanding( big name huh) is that action brings reaction, big unexpected move down, should be followed by a reaction ( all those poor guys who dont wnt it to happen) big move up. ( i will try to see more light into that, how can any action bring about a reaction) so for the next few days i will experience with those ideas, keep the original TRO idea, and just forget about all the rest. i have to do that for my own sanity. i will stop reading as it only brings more confusion and try to see some light with just a few concepts. wish me luck... :):) |
Went long at 1.4029 and 1.4041, five pips on each. Man, I just made 4% today in less than three hours!
http://i37.tinypic.com/hv2jhj.gif |
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This is fun LOL
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We started early back with the TRO Dynamic Support/Rsistance and Buy indicator, which creates buy and sell signals at certain distance from support/resistance, to be used once support or resistance has been touched. All good stuff and lessons we can use with or without the indicator. Combine that with rules of candle color on multiple time frames and now we're filtering for better possible trades. Add some candle characteristics with higher/lower highs and lows, then you can start visualizing when the price direction is running out of steam and likely to reverse. Pivot points could help determine exit points (I'm still not sure when I'd use pivot points in my trading. Need to re-read that section). Now we have some criteria we can use to trade based on the fundamentals that many of us have overlooked. Now remove several of those ideas and start trading randomly based on candle direction on a minimum of two charts doesn't seem like such a good thing anymore. I've tried it several times today. I open my platform, check candle color on M5, H1 and D1 and opened a position. Results aren't good. You say you enter on the horizontal line, but when you place horizontal lines based on nothing, what good is the horizontal line?? Please understand that I am just trying to understand. |
Tro,
all though I have a lot to learn and yet to fully utilize your indicators (b/c ofdifferent charting), I have still learned a great deal from your posts and "brain stimulators". I had my first net positive day! 34 pips! And I am stopping! Not huge by any standard, but a start! btw, I have contributed to your cause even though you may not know it directly ;) |
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You mixed the M5 in with the H1 and D1. I don't recall posting that. See, LOSSES happen when you do NOT READ CAREFULLY and FOLLOW INSTRUCTIONS. When baking, do you follow the recipe or do you "wing it" by adding in something the recipe didn't call for? |
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No reason to push it. Relax. Enjoy your victory. The market will be waiting for you. Thank you for your support. |
EU trade as discussed today
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TRO this is the trade we were speaking about in the room today.
How should the indicator been interpreted? |
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Bias was DOWN so you should have PASSED on the long trade. But it looks like you could have made a quick 5 pips or so. Please use TinyPic - Free Image Hosting, Photo Sharing & Video Hosting so you can post the chart inline with the text so we don't have to flip back and forth between chart and text. |
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OK. Carry on!! :D |
Shorting
under support levels can yield mixed results. I suppose is the same
when buying above resistance. Also, the slow hours of EURUSD don't help
much.
edit: this was just to prove myself (and if other newbies care to read it) that the good trades are between support and resistance, not outside. http://i38.tinypic.com/ruwcgp.gif |
thats
the problem i had with it on M5 (that and the distance between sup/res
and go long/short is so small it can trigger on the slightest few pips
retrace and then continue the original direction), if the price drops
fairly constant all day rather than being choppy and ranging up and
down a bit, it might never go back above the goshort line to trigger
another short trade, so you either short from below support which is
high risk, or you dont get many trades, especially only going with the
H1 candle which is the safe way.
thats why i decided to go for 1h chart and trade the candle colour when it crosses certain lines. which tro proved seems to work very well. so i must just have the worst luck in the world because most of them turn the second i place a trade, even if its with the d1 candle colour. |
Proper entries
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I did move the stop when price moved up, so a 1pip gain. Trades are executed in the direction of the 1H Bias..got that. For entries, it the original entry is missed and price does not retrace to that entry point, but continues in the direction of the 1H Bias, do you advocate enter the trade along the way; if so, what are the guidelines, if not way? Regards, FX |
i
have a question about the 1h bias. is the bias based on the current
hour (which may only be 1 minute old for example so isnt worth much
weight) or based on the previous hour?
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The current hour candle.
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Answering the question about losing trades....
I made up this spreadsheet to backtest TRO's "random line" method. I have only done the first 6 hours or so, but i'll put it up to show anyway: Starting from day open of 9/9/08 using GBPJPY (corresponding to TRO's posted charts). Rules used were: *only 1 trade per level per hour (multiple trades in 1 hour allowed if new level has not yet been broken inside the hour). *Entrys noted were all in the same direction of hour candle when that candle touched any of the random lines previously mentioned. *Exits were only when 5 pip profit obtained.....TRO has not yet mentioned anything about any a stop loss or a closing of the trade pre-profit target (with regard to this excercise). Data includes; Time of entry (taken from minute chart) Colour of hour and day candle Entry price Duration of trade (in minutes unless otherwise noted. 0 = trade open for less that 1 min) Max down = maximum pips moved in losing direction before profit target reached Profit (set at 5 pips) So the answer is... I see no losing trades, but even in the small amount of data shown...I see a few large drawdowns. Admittedly the largest one is against the daily candle colour, but there are also 2 trades with the colour that went over 40 pips down before returning to profit. How much would YOU let the trade go sour before you gave up? Surely 40+ pips risk : 5 pips reward is an unacceptable ratio in anyones book. Is it not? |
I
think TRO mentioned, the stop loss is 5 pips. If you apply it to your
spreadsheet, you will have losers, but a +40 profit at the end.
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i wouldnt like 40 pips when going for 5 pip profit either. if i was going for only 5 pip profit i would probably have a 10 pip stoploss, and even that isnt a good ratio. |
Just
re-read the relevant posts...TRO did say that he considered the trade a
loser if it failed to gross 5 pips, but there is no mention of stops.
But...Metalorn was correct about the 40 pips profit if a 5 pip stop had been used. |
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(Hope I'm not stepping out of line in posting this here.) :eek: |
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Feel free to post your indicators. |
http://i37.tinypic.com/2buqsx.jpg
I am out for today maybe i kick in this afternoon. 3h of trading for a netprofit of 332euro |
Fun and games with MQL4
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http://i34.tinypic.com/2w1yy47.gif It displays a total count of fractals over multiple time periods for the current price +/- 5 pips. (BTW, I am rather inexperienced at programming, so the code is probably not as efficient as it could be). Feel free to use, modify, delete....etc |
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Mind Sharing DRAGON33
Hi Dragon33,
sincerely this method works but I believe with much practice and monitoring of price action, most especially the bias (lower high, lower low etc) but how do we know when there is a reversal coming. Even a red Hour and Daily candle doesn't mean trades can't reverse as fast as the colour changes. I seem to be out of place and seeing u post positive trades makes me feel I am not getting something right, though I made some profit and some loss, my loss happen when I am scared and getting out of trade too fast just as I get out of positive trades as fast as lightning. just in few words kindly tell us your own strategy, what is your stop loss and what do u look at b4 u jet in and out of trade. Never mind repeating what the wise one has said (therumpledone) but in your own language/style .... aight! Thank You ... QUEST |
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I also use the 50 ema high and low to get the direction. If the ema's are flat (horizontal) i don't trade. It could be a reversal. I get in when the indicator trigger the go short signal and when ema's are down, H1 and D1 are red get ready it could be a big trade. If the dynamic indicator trigger a buy signal i only get in when H1 is green, if not i'l wait until its green. Otherwise i go for a small gain (5pip) If H1 never turn green i take a new short if it breaks last resistance only when the H1 candle is not to big allready. Calculate the average of the last (choose your number) red candles. |
http://i37.tinypic.com/vhtjea.gif
This a possible buy or short If green candle cross the red line H1 turns green If it can't pass it is a short for a few pips at least probably more. |
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I've been stopped twice on EURUSD. I bought at 1.3928 and 1.3933...
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You mean you lost?
Sorry but why didn't you take your profit? You could have 40 pips Don't be greedy. I was to but after i met TRO and that is just a few weeks i am winning the war. A few pips here and there will make the difference. |
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