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MightyOne
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Postby MightyOne » Fri Jan 02, 2009 5:13 pm


Peter on the 1M chart:


Image

Peter on the 5m chart:

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 5:20 pm

MightyOne, on the M1 range count, shouldn't you switch it to 1440 to match the M5 288?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 5:35 pm

Image

I coded an indicator to alert when there is an inside bar breakout according to the rules by Peter Crown.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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MightyOne
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Postby MightyOne » Fri Jan 02, 2009 5:51 pm

PeterD wrote:I am not ready to trade with real money, I just started learning forex and need to save up some money, I won't have enough money until next couple months, meanwhile I will just learn how to trade better.

Your concept really works, I wanted to show other people that you have a great concept of price action, if I can do this then people should be able to do it as well.

I read your previous posts and you are right, the fixed spread is killing me, I have to find ECN broker when I am ready.

Happy trading everyone!

Peter


How much are you planning on starting with Peter?

Do you know that if you start with $400, risk 4%, and average 2% per day that your $400 will turn into over $8,000,000 in 2 years?
1% per day leads to a totally different result of over $60,000 in 2 years! BOO! :wink:

So with a goal of 2% per day you just think about the minimum risk you can take to achieve that result.
If you often make 1 to 1 when you scalp then risk 2%.
if you make 0.5 to 1 risk 4%.
If you make 2 to 1 risk 1% per trade etc.

Anyways, good pippin.

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 6:00 pm

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Decided to make a MULTIPAIR MULTIMETER for this trade.

TRO2009 MPMM IBBO will be sent to all those who donated for 2009.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby MightyOne » Fri Jan 02, 2009 6:12 pm

TheRumpledOne wrote:MightyOne, on the M1 range count, shouldn't you switch it to 1440 to match the M5 288?


I don't believe in trading the 1m chart unless your decisions are pegged to the last 5m candle to close.

I was mostly showing why it was right to short where he did.

I understand his exit as a candle closed against him first before closing with him.
I will often just exit if a candle closes against me and then moves back to zero or profit.

However on the 5m time frame there was nothing to worry about as it just stopped dead at the ZL and then ZL'd the traders who were sitting with ~60 pips.

To recap I am saying that one should exit based on at least the 5m.

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MightyOne
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Postby MightyOne » Fri Jan 02, 2009 6:19 pm

TheRumpledOne wrote:Image

Decided to make a MULTIPAIR MULTIMETER for this trade.

TRO2009 MPMM IBBO will be sent to all those who donated for 2009.


Would be great if it were single pair multiple time frame like the BAR multimeter.

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Postby PeterD » Fri Jan 02, 2009 6:34 pm

Hi MightyOne,

Good question regarding the starting Capital, I am planning to start with $5K in a couple a of months (hopefully).

I am planning to probably start with 1 standard lot trading (1:100 leverage), or maybe 0.5 lot at the very beginning.
I would try to risk 1 or 2%, so that would be roughly around (14 pips - 28 pips) if I traded EUR/USD with ratio around 1.4
$400 doesn't look like enough to me, considering that I could be losing 15x in a row at the beginning (less likely but still possible though).

When I read about your ZL post, I think the light bulb went off in my head (crowd psychology).
TRO's price action concept was also something that I thought was great. I still need to get into his numbers, those red/green arrows look very interesting and promising, at least I hope I could use those numbers to increase my probability of the trade going into my direction.

This is just my beginning of Forex trading, I have never traded forex before.
Things come into my mind when trading:
- I will try to keep positive expectancy (number of winning trades doesn't have to be bigger than losing trades)
- Try to find ECN broker, I learned from TRO about FSB (Fixed Spread Bandits).
- I think the key of trading is, you just have to know when to bail out if the trade doesn't go into your direction.

Thanks for the info MightyOne, keep your great posts! I always read your posts.

Peter.

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 7:39 pm

Image

Profitable trade!

=======================================


Thanks for the questions in such a logical order.

1. You mentioned earlier that you only buy on up days and sell on down days. You also said that you look for entries in the first 9 hours of a trading day. How soon into the trading day can you determine whether the day is an up or down day and not an outside bar?

I see where the difficulty is. As traders we have no idea if a day will be an "up" day or a "down" day. (Actually, that isn't absolutely correct, but for the purposes of this method it is.)

If you know what the opening price of the day (and the closing price of yesterday) is, you know at any moment if the price is "up" or "down" vs. yesterday's close .

RULE:
For the "Daily IBar Setup" or DIBS Method--- only take an upside breakout of an hourly inside bar if the breakout price is higher than the day's open and downside breakouts of an hourly inside bar only if the breakout price is lower than the day's open.

And as mentioned a number of times before, the resulting trades have a higher potential if they take place in the first 6 - 9 hours of the day.

2. ..., is it just a simple case of waiting for an inside bar to form, then placing an order to the topside (on an up day) or downside (on a down day) and wait for it to be filled?

With deference to my first answer, yes.

3. Are stops on longs placed just below the low of the inside bar and vice versa for shorts, or are you more discretionary with your stops?

Yes. There is no need to be discretionary with the stops.

Where every trader tends to get discretionary is with how they handle the profits. That is one of the beauties of the DIBS method. The trades happen often enough that the opportunities exist for you take similar trades over and over again. If a trader gets comfortable with a take-profit concept and a decent trailing mechanism, incredible things can happen because of the operation of time improving the value of the surviving trades.

It works on various timeframes. I personally would never use it for less than 1 hour bars, but some do use it on 30 or 15 minute timeframes. It would require your having a firm where trading spreads are very small.

About the short trade displayed yesterday entering the EUR/USD which I turned into a "free" trade. I waited and it stopped me out. That is the result of many of these trades, but definitely not all.

If you enter these trades in the direction of a longer term trend, and trail a number of them, the position you can accumulate over a few weeks and months can be tremendous. So are the profits!

-PeterCrowns-
_______________
Last edited by TheRumpledOne on Fri Jan 02, 2009 9:01 pm, edited 1 time in total.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 7:49 pm

Image

TRO2009_MPMM_IBBO_TRADE and TRO2009_MULTIMETER_IBBO will be sent to the people who send donations in 2009.
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.

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