2009.06.17 DRAIN THE BANKS REV 8

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Patch
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Postby Patch » Wed Aug 19, 2009 12:25 am

Indigo

Great post and welcome to Kreslik. The Semafors, 1-2-3s are moving targets until they settle where ever. A strong moving market, up or down is going to have the sema's moving along with the direction. Spend time watching the market action and how the sema's move along with them. The last few days has had strong up trends and blown the sema's out. Every day the market does things differently. One thing I am trying out is to wait until the next candle opens and begins moving in the sema's candle direction. Wait till close or enter before close, I don't have an answer for you yet. I want to clear lots of pips, then remember I can also clear lots of pips via 5 pips on Xcontracts. TRO's statistics come into play in a very important way. Post your questions and charts of your trades. --Patch
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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TheRumpledOne
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Re: Hey Tro

Postby TheRumpledOne » Wed Aug 19, 2009 1:27 am

Indigo wrote:TRO

Can you tell me how you decide a semaphore is not going to move? I've had some mixed result with this, lost as much as gained in moving semaphore situations. I use the H1 & M15 and only enter when the semaphores are in agreement for direction and the M15 price is as close as possible to the trigger.

Before encountering the moving semaphore issue, I measured the pip ranges between opposing semaphores on the M1 & even M15 and the ranges looked good. But that assumes you entered AFTER the semaphores reached theri final positions, because entering prior to a move very likely will cause you to hit your 10 or 20 PIP SL after which a return to profitable range is no longer useful.

Thanks in advance and thanks for offering your work for free.


I do not decide that a semafor is not going to move. I look and see if it is moving.

You trade the breakouts THEN you trade the reversals.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

Indigo
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Re: Hey Tro

Postby Indigo » Wed Aug 19, 2009 2:04 am

TheRumpledOne wrote:
I do not decide that a semafor is not going to move. I look and see if it is moving.

You trade the breakouts THEN you trade the reversals.


Thanks for the Reply TRO

If you could clarify for me:

What do you mean by look and see if it is moving - I've seen them move by jumping over several candles from the one they first appear on. Do you mean you check to see if it is breaking a resistance or support level, then wait until the next candle opens?

Also, could you explain, in the "Drain the Banks" context, what you mean by, " trade the breakouts THEN you trade the reversals"?

Much appreciated!

P.S >> Patch & Jacal, I've been really busy, but meant to thank you guys for kindly offering advise. Full time Job, Kids, Home Improvements, and of course Forex, leaves me squeezed pretty tight!

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Postby BlackPearl » Wed Aug 19, 2009 2:35 am

Hi all. I'm starting to get it...slowly. Does anyone have a template that could be used that would be simple to understand for this newbie? I've tried looking through the threads but did not see anything. Of course, I have not read every page, but I've been reading quite a bit and cannot find a good easy to understand starting point. Any help would be appreciated.

And thank you TRO for all of your work, what would we do without you?

BP

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Postby jacal1 » Wed Aug 19, 2009 2:46 am

Well indigo, I must have been lucky with alot of my reversals last month as this month has been awash

patch doing something similar to yours and also watch those S/L they are really good at slowing down the best momentums

slowed trading a bit by waiting for close of next candle if it is lower or higher than close of previous then a good entry is possible but also watch how much the previous hour has traveled away from the sema as retracement may surprise you.

here is a pic of todays 2 trades was waiting for close of candle but everything was pointing to failure (dbl top from late US trading) so i could not resist but the pic is to show how much room there was on the 2nd candle of the reversal good 20pips

ps made 40 pips on the 2 trades but once again its comfort level
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Postby Indigo » Wed Aug 19, 2009 4:20 pm

Got completely killed today on the GBPUSD - looked like a near perfect setup by the rules as I understand them, soon as I entered it broke out on me so fast I couldn't even beat Alpari UK requotes to close. Very dissappointed. Won't use this system again until I figure out what information I'm missing. Damn.


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Postby BlackPearl » Wed Aug 19, 2009 4:25 pm

Just an observation Indigo, did you trade in the direction of the hourly and daily bias?

BP

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monolisa
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Postby monolisa » Wed Aug 19, 2009 4:34 pm

Well spotted, BlackPearl

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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Postby BlackPearl » Wed Aug 19, 2009 4:36 pm

Why, thank you Monolisa....

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Postby Indigo » Wed Aug 19, 2009 6:06 pm

Thanks for that suggestion BlackPearl

I've attached the H1 and D1 charts from the time of the trade. There was no "Do Not Reverse" on the charts at the time of the trade.

TRO had said in many places to use the H1 with a Semaphore as an indication that the pair is in play, then use the M15 to find entry, no mention of using other time frames to corroborate signals. I would only trade when H1 & M15 semaphores were in agreement, then get in as close to the 5 pip trigger as possible, though not always exactly on that point.

I know I made an fundamental error in that when I submit my order, I do not have the SL value included as part of the Order Entry. I have done this in the past as a way of avoiding stop hunting, but it's apparently a bad idea since I could not close the trade while it was running against me.

Thanks for your observations - if you are successful with this system, please let me know what the rules of your strategies are.

Indigo
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