Simple as 1-2-3

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RicG
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Re: Simple as 1-2-3

Postby RicG » Wed Dec 03, 2014 11:42 am

A very basic EUR/CAD CCI TLB scalp good for 47 pips. As dchappy teaches in this thread, "keep it simple".


EURCAD.CCI.png
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download/file.php?mode=view&id=9225
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RicG
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Re: Simple as 1-2-3

Postby RicG » Wed Dec 03, 2014 11:31 pm

Obviously, they're not all winners. But at a 70%-80% win rate, and about a 3 to 1 reward to risk ratio - I'll happily take the small hit and move on to the next trade. This loss only about 12 pips:

eurjpy.png
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download/file.php?mode=view&id=9228
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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Re: Simple as 1-2-3

Postby RicG » Thu Dec 04, 2014 9:16 am

After the small 12 pip loss shown above - the next trade a winner! This one on the AUD/USD and good for 40 pips:

AUD.USD.jpg.png
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download/file.php?mode=view&id=9229
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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Re: Simple as 1-2-3

Postby Captain Pugwash » Thu Dec 04, 2014 8:52 pm

Hiya Ric

was your stop a bit bigger than your usual on that one? Or did you enter on the retrace?

Nice trading as usual

Image
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Re: Simple as 1-2-3

Postby RicG » Thu Dec 04, 2014 10:08 pm

Hey Captain,

The green down arrow marked the candle at which I entered the trade. When I'm using the CCI method on forex, I place my initital stop above the last swing high for a short and swing low for a long. In this case, it was just above the black candle, two bars back from the entry candle. Therefore the stop is not a fixed number, but is based on structure (i.e. most recent swing high or swing low).

I did seriously consider adding to my position on the retrace for two reasons:
1) I really liked the setup, the way price was acting, etc.
2) The retrace simply a reaction to AUD Retail Sales and Trade Balance numbers that came out last night, and not likely to change the overall trend.

However, I didn't add on the retrace - don't know why, darn it! Wish I would have.

Thanks for your post. Let me know if you have any other questions/comments, etc.

Regards,
Ric
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Re: Simple as 1-2-3

Postby Captain Pugwash » Sun Dec 07, 2014 10:17 am

Thankee Ric

When you were trading the serious stuff using points :) :) I notice you went four points into profit then moved to b/e plus one - here you went by "take a profit or take a loss" - Are you doing that just for forex..

Is your target still three to one?

I am including a smaller tf chart for future reference - just to show that recent swing high you used - and you that you took some heat before the target.

I presume if the swing was a swing too far you would pass on the trade?

Image

I do have a few other questions - but "slowly slowly catchee monkey" and the saying goes :)

Thanks again shipmate

crazily I need to learn when the current cci close over has "printed" - and not still wiggling so slowly i think its printed :oops:


edit changed the work adx to cci
Last edited by Captain Pugwash on Sun Dec 07, 2014 10:45 am, edited 1 time in total.
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Re: Simple as 1-2-3

Postby Captain Pugwash » Sun Dec 07, 2014 10:34 am

looks like another nice opp a bit later

Image

edit- the blue box has nowt to do with Ric - its me playing at making things more complicated :)
"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY

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RicG
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Re: Simple as 1-2-3

Postby RicG » Mon Dec 08, 2014 9:20 pm

Hey Captain,

When I came up with this strategy I conducted a lenghtly manual backtest on NQ to find the optimal profit target, stop loss, as well as the best type of chart to trade it on. The numbers came out that the most profitable was a 10 range chart, using a 6 point profit target, a 4 point stop loss, but moving the stop loss up to break even plus 1 point once price moved at least 4 points into my favor. On forex, I'm currently freestyling it a bit by using the most recent swing high/swing low (structure) and adding/subtracting 5-6 pips above/below to place my stop loss. For a profit target, I'm using a combination of fib extensions, structure, and the knowledge that so far I'm able to get on average, about a 3 to 1 realized reward to risk ratio. And as you've probably noticed, I've been trading it on a one hour chart.

Having said that, I plan to do a couple of things to setup a better CCI TLB strategy for trading forex:
1) Pick out 1 or 2 pairs, based on recent and long term ATR to focus on utilizing this strategy.
2) Do an extensive manual backtest, like I conducted on NQ, to find the optimal chart timeframe, stop loss and profit target.

In answer to your other questions:
1) Yes I took some heat on the trade you referenced, both shortly after entry and then again when it retraced back up to the EMA. As I mentioned in a previous post, I was willing to do that because I really felt it was a strong setup with a chance for a great profit, and because that retrace came as a result of an over reaction to an economic report. I almost added to the position at that point, but for some reason didn't pull the trigger.

2) Yes, had the swing high been much higher, I probably would not have taken the trade.

Hope this helps,
Ric


Captain Pugwash wrote:Thankee Ric

When you were trading the serious stuff using points :) :) I notice you went four points into profit then moved to b/e plus one - here you went by "take a profit or take a loss" - Are you doing that just for forex..

Is your target still three to one?

I am including a smaller tf chart for future reference - just to show that recent swing high you used - and you that you took some heat before the target.

I presume if the swing was a swing too far you would pass on the trade?

Image

I do have a few other questions - but "slowly slowly catchee monkey" and the saying goes :)

Thanks again shipmate

crazily I need to learn when the current cci close over has "printed" - and not still wiggling so slowly i think its printed :oops:


edit changed the work adx to cci
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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Re: Simple as 1-2-3

Postby MightyOne » Tue Dec 09, 2014 4:43 am

...here you went by "take a profit or take a loss"...


That is incorrect.

I NEVER advocate moving a stop let alone to breakeven + anything.

"take a profit" is present tense :lol: it means take a profit NOW rather than WAIT for price to retrace.
"or take a loss" means that you should be willing to risk failure to achieve your goals.

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Re: Simple as 1-2-3

Postby RicG » Tue Dec 09, 2014 9:26 am

Captain's question was for me and about this specific method, not for you and your methods. Also you haven't looked at the statistical data for my strategy, I have. The data shows that for the NQ CCI/TLB method, moving the stop as outlined in the rules given in this thread creates the highest profit.

MightyOne wrote:
...here you went by "take a profit or take a loss"...


That is incorrect.

I NEVER advocate moving a stop let alone to breakeven + anything.

"take a profit" is present tense :lol: it means take a profit NOW rather than WAIT for price to retrace.
"or take a loss" means that you should be willing to risk failure to achieve your goals.
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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