Never Lose Again

[razorboy]

not sure all of the time actually.

Part of what i need (wont speak for anyone else) to be able to separate price action from candle color and figure out appropriate stop losses. All i really use are the dynamic fib lines set to 5 or 8 periods and a pivot point blug in.

one way i play is that if price hits a res line after a series of 4 or more higher highs and lows, I start looking for a short - price falls through a pivot point - regardless of candle color - price is color blind . If you are going to play like this, you need to take your profits when a new support line forms and play with about a 20 to 22 pip stop loss. you also need to look at support and res relative to fib retracement lines

if you play like this, you cannot cut your winners short, if anything you have to let them ride long if you can as you need to make up for the occasional 22 pt loss you will take.

The other thing I think you need to be prepared to sometimes is hedge if price is trading in a narrow band - I am not sure how narrow a band at this point, but my thoughts are that if price is within a 38% retracement range - (i am totally guessing here), you either need to be short and long or get out all together as you dont know which way price will break. If you stay in, one of your positions will eventually lose the 22 pips and the other will make it up - this dramatically cuts down your profit - but always keeps you in the market - 6 of one, half dozen of the other - could be totally wrong on this hedging thing

Just look at the rides between the lines and you can see the profit

[razorboy]

not sure who has or has not heard of this group. It is worth a read. not so much because of the technical system they used, but more from the approach of the need for consistency

http://www.google.com/search?q=turtle+t ... CA301CA301

down load the pdf. should be the first result you see.

Cant up load it here.......too big

[winny]

Hi,

I've been an admirer of TRO's work a long time ago, but I haven't been able to trade a lot because of my work. However, I think its time to begin being more consistent in trading, because I see a great opportunity with what TRO is trying to make us SEE.

yes, I noticed that TRO is already teaching and giving away all his indicators for years (also at Tradestation board).
His simple approach opened my eyes. And it does work for me.
He is a Good person. respect !

[ptejerina]

My first trade posted: a loser. Entered a short on the last candle at 1.2650 (see red line). Moved just 2 pips positive, and retraced and hit my stop of 25 pips. Should have taken the buzzard trade, though.

[winny]

My first trade posted: a loser. Entered a short on the last candle at 1.2650 (see red line). Moved just 2 pips positive, and retraced and hit my stop of 25 pips. Should have taken the buzzard trade, though.

yes, but I think this was not the right moment/time to trade the eur/usd.
(just my opinion). I think its better to trade during busy hours.
You are using a very big stop loss in my opinion.

[TheRumpledOne]

1 2 3 REVERSE!!

[TheRumpledOne]

You traders are making this way too difficult!

If you are NOT COLORBLIND and you can COUNT TO 3, then that's all you have to do to scalp the BUZZARD REVERSALS.

That's pretty much all I do now.

Do you see those 4 RED H1 bars in a row?

What do you do next?

Wait for the Buy Zone long trigger which is the H1 open + 4 pips.

You can scalp for 10+ pips all day/night.

This is NOT ROCKET SCIENCE!!

So, let's get back to SIMPLE.

[TheRumpledOne]

This is what I am looking at to trade.

Bottom right hand chart shows me the colors of the last 4 candles.

If there is a BUZZARD trade, then the symbol is red or green.

Upper right hand chart is the BUY ZONE.

That's all you need.

The left hand charts are the PSYCHOLOGICAL LEVELS.

THERE IS NO SUPPORT/RESISTANCE ON MY CHARTS - DON'T NEED IT!!

I have the Shi Channel and 3 Level ZZ Semafor on the upper left chart because they point out EXTREMES. BUT I DON'T NEED THEM!!!

CANDLE COLOR and COUNTING TO 3 is ALL I NEED.

That it.

IT IS SIMPLE.

You can do this....

[TheRumpledOne]

THIS IS ALL YOU REALLY NEED TO TRADE



A H1 candle chart.

At the moment there are NOT 3 RED or 3 GREEN candles in a row so..

NO TRADE THIS HOUR!!

[razorboy]

you are probably right on making things too difficult. I suspect that what it is, is that people want to understand why they are supposed to do x, y or Z.

Having been following this for a long time I pretty much surmise that the idea with the buzzard approach is to make sure that price has either extremely retraced previous moves or moved extremely far out of its normal trading range (or both), therby increasing the chances of a move in a particular direction - hopefully the one that you entered

Just like the person above who entered this trade http://kreslik.com/forums/viewtopic.php?p=12847#12847 - may not understand the ways that fibs and waves work ( ps your entry for this short trade was probably closer to 1.2675 - for a quick scalp - it looked like you were entering in the middle of a fib retracement as well

remember, there are 4 stages competency
1. unconsciously incompetent - you dont know what you dont know.......very dangerous
2. consciously incompetent - you know you are a fool - so therefore you arent such a fool
3. consciously competent - i think therefore I am
4.unconsciously competent - i can do this in my sleep.......

id put myself at #2......