The idea's we trade by, so we never lose again. p2. The students become the masters

[aliassmith]

H1 chart is too big.
I need conformation of success or fail quickly.
I can ONLY trade from 6-9ish am CST (self restriction as I'm now Retired)
2 setups, Zlines n Momo
1 pair
maybe two but TRO says 1 method/1 pair

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Thoughts??

You can trade the eurusd for 3 hours in the morning.
The 5 minute chart will give several opportunities through the week.
Try 1 to 2 trades a day.
Have patience if there are no setups dont trade.
Set trading rules for entries and exits as hyde mentioned.

Well now,
Lets see how tomorrow goes.

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I traded like that in the past. It is kinda like catching falling knives.
I would prefer to enter with structure and a bearish bias

[Mr. Hyde]

H1 chart is too big.
I need conformation of success or fail quickly.
I can ONLY trade from 6-9ish am CST (self restriction as I'm now Retired)
2 setups, Zlines n Momo
1 pair
maybe two but TRO says 1 method/1 pair

###7.JPG

Thoughts??

You can trade the eurusd for 3 hours in the morning.
The 5 minute chart will give several opportunities through the week.
Try 1 to 2 trades a day.
Have patience if there are no setups dont trade.
Set trading rules for entries and exits as hyde mentioned.

I agree 100%. You need hard trading rules for entries and exits. This is your problem. Your unwilling to make rules and trade by them, so your never holdiong yourself responsible. If price does A then you do B.

And before you say its not possible, i'll offer a setup that I personally trade. The flag pattern. My trade is broken up into 3 entries. 1 for the break of the flag extreme, one for the break of the candle that closed past the extreme and one for the retest and rejection of the extreme. All out at measured move. Stop losses are in order the other side of the box, the other side of the candle that closed past the extreme and the high/low of the pivot.

Real life example. Only got 2/3 of the trade on for first trade and only a 1/3 for the second. you can see the candle that broke the box on the first trade. I put Asmith's cool fib tool on it. It offered 3 to 1. second trade was 4 to 1.

USDJPYH1.png (41.8 KiB) Viewed 1647 times

You need hard rules like this. Type some out so me and whoever else can follow along with ya.

[Mr. Hyde]

So the most important thing im gonna look for is how many wins with using 1.5 as a target. From there we will see how far price will travel before getting stopped out. Also gonna look at a 50% retrace on entry with long bars. also will look at using the entry bar as the sl, not previous high/low. Also will look at the nearest pivot and how many times does it break it. Also I want to look at the 1hr timeframe and only if the trend or range is crystal clear that I blind person can see it how that effects the trade. Also want to look at entering on the close or break. What about a bar that breaks the sma, do we trade that or the bar that is vlearly past the ma. Also want to see break and retest setups. Probably will do 200 or more trades, since ill be looking at 10 markets

Sounds reasonable. I'm sure you'll have fun.

So the plan will be 10 pairs and one parir trade over one week in all three sessions. This way it will be spread out over 10 weeks offering different price action and not just off the past few weeks. Im gonna do a hard test on just the basic setup of strong bar past the sma with sl above swing high/low with a target of 1.5RR. Then I will see how changing the sl to the entry bar effects the win rate and RR. Then after that I'll start adjusting things and see how it affects it. Then if you want we can add in filters or anyghing else. Im curious to how it will hold up when price is consildating.

[Mr. Hyde]

I freaking love this method. Hopefully alais doesn't mind that I took his simple scalping method and turned into a 10 to 1 RR monster

But seriously it seems awesome for a simple scalp trade, but when the chance arrives and you have a potential HTF exit, it really allows you to make some stupid money.

You can see the red line shows London open. That was the orginal entry. The candle in the box is the add on. It closed past a S/R line. 7 to 1 and 3 to 1 RR.

[aliassmith]

I freaking love this method. Hopefully alais doesn't mind that I took his simple scalping method and turned into a 10 to 1 RR monster

But seriously it seems awesome for a simple scalp trade, but when the chance arrives and you have a potential HTF exit, it really allows you to make some stupid money.

You can see the red line shows London open. That was the orginal entry. The candle in the box is the add on. It closed past a S/R line. 7 to 1 and 3 to 1 RR.

I dont mind. It is only a tool and can be used many ways.
As you'll notice LeMercenaire traded it different than I do.
I'm interested with what you will come up with.

[Mr. Hyde]

So here is what I see as a possible problem for testing. When price just whipps back and forth. Blue line is open of session. Green is long, red is short. One thing that could be implemented is waiting of an open and close bar after price crosses the sma or even a strong close bar. I think this has the most potential for effecting the stats on this system, if you were to just trade it blindly. Alright. Definitely know what I want to look for, for my testing. Should have results by Monday.

I only marked trades in London.

[Mr. Hyde]

I freaking love this method. Hopefully alais doesn't mind that I took his simple scalping method and turned into a 10 to 1 RR monster

But seriously it seems awesome for a simple scalp trade, but when the chance arrives and you have a potential HTF exit, it really allows you to make some stupid money.

You can see the red line shows London open. That was the orginal entry. The candle in the box is the add on. It closed past a S/R line. 7 to 1 and 3 to 1 RR.

I dont mind. It is only a tool and can be used many ways.
As you'll notice LeMercenaire traded it different than I do.
I'm interested with what you will come up with.

So I think it has two uses. One as a pure day trade/sclaping method. Just looking at 5/15m chart and getting a quick 1.5RR or something like that. Then there is where you are at a possible turning point on a HTF chart and have a potential TP on the higher time frame and then use the setup on the STF charts for entry and sl. I mean its pretty much what has been presented on Kreslik for years and years, but I really like this setup for some reason. And I think a lot of unprofitable traders miss this. You need to trade something that works for you, that you can "see" price and you feel comfortable and confident trading. This is paramount.

We have traders on here that can trade 1m charts just looking at a chart and we have others who trade weekly charts and need candlestick patterns to intiate trades. All methods work, but not for all traders. This is y when I teach someone to trade I let them choose their method, that they are comfortable with.

[Mr. Hyde]

Just got this from my trainee. So he got out with a 6 to 1 RR. he was aiming for 8 to 1, but he wasn't able to find a add on trade and his proft stop was at 3.5 to 1. So he saw that price had dropped a lot with no retrace and he felt it wasn't worth holding and getting stopped out at 3.5 to 1 just to get another 2 to 1. For less then 2 months of trading not to bad. This was a demo account.

[Mr. Hyde]

9 to 1 short to the zline. 5-1 on the long.

[Mr. Hyde]

Don't know if anyone likes these long term trade ideas I post. But here is another one. Feel free to comment.

On the 4hr, you might have a possible reversal level at 1.5500. Then you have a what I think is a cup and handle formation on the daily. I have never charted one before so this is a first. Also I assumed you could do a measure move from the bottom of the cup to the handle. Then we have the motnly where you can clearly see some important levels where price may revers at. Also the pitch fork lines up real nice with that extreme at 1.7500 and the measured move right to about 1.6900.