Never Lose Again

[MightyOne]

I'll work on the colors and chart size...

Do you see how I try and get "wicked" into a trade?

The last thing I want is a candle to close against me!

[TheRumpledOne]

"These are the most common stop levels:

25-35-40-50-70-80 "

How do you KNOW that?

I don't know the exact stop level a trader is using, but I can see where price reacts after I make an assumption about where traders may have entered into the picture.

What stop loss do you use? 20-30 pips?

In my Forex mentorship by Rio Financial through Forex Wealth
the rule of thumb is 35 pips for EUR pairs and 45 pips for GBP pairs.

The traders entering on the 4H charts were using 100 pip initial stops
and 50 pip stops for trades placed every 4 hours based on HA candles.

When you consider the stop levels talked about on forums and trailing stops the above is a good rule of thumb.

OK, thanks.

Stops are natural to me since I am trading with the H1 candle color.

If I am long and the H1 candle turns red, then, (it should be obvious to the reader), I need to at least exit and possibly reverse.

If I am short and the H1 candle turns green, then, (it should be obvious to the reader), I need to at least exit and possibly reverse.

Then number of pips SL depends on how far from the open I entered.

[TheRumpledOne]

" Do you see how I try and get "wicked" into a trade? "

Not exactly.... perhaps you mean enter in the wick of the (previous) candle.

[winny]

TRO,

I read that you use EFX for trading,
but your indicators and systems function on the Metatrader platform.
(I believe EFX does not use Metatrader).

Do you use the Metatrader platform (with datafeed from Metaquotes)
to run your systems on, and use a different platform at EFX to place your orders ?

If so, is the datafeed from Metaquotes exactly in line with EFX ?
We are talking about a few pips scalping here, so I guess its better to run
the systems/indicators on the same datafeed that one uses for trading.

[cfabian]

I'll work on the colors and chart size...

Do you see how I try and get "wicked" into a trade?

The last thing I want is a candle to close against me!

Mighty,
I'm extremely interested in understanding your concept. Sometimes I feel your explanations are not quite understandable, thus will appreciate if you can explain (or signal in your charts) where did you exactly enter and its direction and where did you exit?????

Thanks a lot,

Cheers

[TheRumpledOne]

TRO,

I read that you use EFX for trading,
but your indicators and systems function on the Metatrader platform.
(I believe EFX does not use Metatrader).

Do you use the Metatrader platform (with datafeed from Metaquotes)
to run your systems on, and use a different platform at EFX to place your orders ?

If so, is the datafeed from Metaquotes exactly in line with EFX ?
We are talking about a few pips scalping here, so I guess its better to run
the systems/indicators on the same datafeed that one uses for trading.

I usually have at least 3 live FOREX feeds going.

EFX, now MBT, feed goes to eSignal.

I use Alpari for my MT4 and I also have TradeStation and FXCM.

After a while, you get a feel for who leads and who lags and at what time of day this happens.

Watching what the deal desk traders are doing with their bid/ask games also gives clues which way price is moving.

So, yes, I use different platforms and charting.

When I trade from my laptop, I usually just have MT4 and MBT running. Since MBT has Level II, I can see the order queue. So I don't worry about the charts not matching pip for pip.

[MightyOne]

I'll work on the colors and chart size...

Do you see how I try and get "wicked" into a trade?

The last thing I want is a candle to close against me!

Mighty,
I'm extremely interested in understanding your concept. Sometimes I feel your explanations are not quite understandable, thus will appreciate if you can explain (or signal in your charts) where did you exactly enter and its direction and where did you exit?????

Thanks a lot,

Cheers

Believe it or not it is all TRO's methods mixed with years of trading experience

Consider the last picture:

1. A 5m zero line forms the top red line.

2. Prev. H1 closes and a 5m green candle forms the high wick of the next hour.

3. Price closes below the ZL (will further candles close below the ZL? Will there be a burst of momentum short soon?)

4. Red candle closes turning the H1 RED

5. A ZL guards the high from a rise and the low before the candle in "4." creates a lower ZL further guarding against a rise.

Your goal is to short at or above those red lines unless you are running out of time (based on intuition) and must just short.

I am a discretionary trader which makes it difficult to give you details.
I may do some thing one way today and do it differently tomorrow.
Or 5m ago I could do things one way and then react to some thing I see happening now and do things differently.

For the most part my trading revolves around stats, buzzard, dynamic fibs, and thirds. The other stuff like zero lines, stops, wicks, OHLC is used to find a better price for entry.

[TheRumpledOne]

There's nothing magical.

By keeping it simple, sometimes you get "lucky".

A few traders nailed the GU for over 100 pips today just using the HORIZONTAL LINES at 00, 25, 50 and 75.

You just have to execute the entry and then manage the trade.

Lock in some profit by exiting 1/2 of the position and let the rest ride.

[MightyOne]

[glow=red]What a massive 1-2 punch to long term traders!
[/glow]

[TheRumpledOne]

MightyOne, you didn't like the TRO MULTIMETER ONETHIRD?