Never Lose Again

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Fxtraveller
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Postby Fxtraveller » Fri Jul 10, 2009 4:03 pm

since es/pip invited others to post charts....


I feel so much better trading without indicators now... just dynamic fibs to make it easy on the eye.

I believe I found MY ideal setups for reversals and trending trades...

I've been demo and paper trading this.... hadnt had a single loser yet... but more training to come....
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Fxtraveller
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Postby Fxtraveller » Fri Jul 10, 2009 4:34 pm

My reversal setup in 4 steps:

(to upside)
1. New Low

----> Retrace

2. New (low) High.

---> bounce off

3. Higher Low (failure to make new Low, indication that price isnt going any further)

4. Breakout of (2) (recently made High) (marked by a H line)


Vice versa for to downside:

1. New High
---> retrace
2. New low
---> bounce off
3. Lower high (fail to make niw high)

4.Break out of (2)- enter

For a break out make sure there is point 1 and 2, and the breakout of 1 within a few bars, if it takes too long- it might be a false one and price wil start to range.
Charts used - M5, works just as well on any TF, price is price.
Some trades only give you a max of 20 pips, which is good enough for me... and hey, its a M5 TF ]]

I think that im STARTING to appreciate the importance of PA...

Before, only High/Low existed in my mind.... anyone's post containing such words as "lower highs" / "higher lows" would imiideatly turn to "BLAH BLAH BLAH" to me, could not be bothered to fathom these principles :D now the information finally starts sinking into my skull (it must've found where to leak through, lol)

Regards.

FxT.
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Patch
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Postby Patch » Fri Jul 10, 2009 5:20 pm

FX-JEDI

Wondering where I will find the chart setup you are using to trade Never Lose Again? Is there a template for it also? Thx,jb
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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Interesting..........

Postby razorboy » Fri Jul 10, 2009 7:23 pm

now this looks familiar.................
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Postby monolisa » Fri Jul 10, 2009 11:49 pm

Hi Fxtraveller,

Great trade. Your method seems to work well in trending market. Given that GBPUSD M5 median range is close to 9 pips, your chance of getting 20 pips in 1-2 bars is quite good.

BTW your trade remind me of the mightyzone trade - profits zeroed out at the zline (retrace near lower high or higher low) and the trend continues.

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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prochargedmopar
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Postby prochargedmopar » Sat Jul 11, 2009 3:52 am

Patch wrote:FX-JEDI

Wondering where I will find the chart setup you are using to trade Never Lose Again? Is there a template for it also? Thx,jb


I posted a template in the repaint this thread on tro's main page....I think.

Here is one version with lRC and trend meters.
http://kreslik.com/forums/viewtopic.php ... b83bb8f78a

Here is the basic version I like to use.
http://kreslik.com/forums/viewtopic.php ... b83bb8f78a

I'll make a killing with it when I decide to hold trades....gonna work on moving up stops to b/e so I can let trades run.....then move it up to the most recent low/high each time it makes a new level......Maybe this will take away my fear of being stopped out for a loss after being in profit....
We'll see sunday.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

Fxtraveller
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Postby Fxtraveller » Sat Jul 11, 2009 9:49 am

Hi Monolisa,

well, it depends what you call a trending market =) those M5 charts that I posted.... on H1 they were very choppy :))) 5 candles in a row bareyl making any new highs or lows, but volatile enough to trade them on a m5.

+ Im reading and reading and reading this thread about Zlines.... and there is something that beyond me....

Price moving up.... price reaches a Zline and ZLs the ... Sellers ....that Sold a breakout earlier ........and moved stops to B/E.

Once they are stopped out, there is no more selling pressure, so .... in my logic it should shoot through the ZL and not reverse........

or is there something that i misunderstand completely, since I do realize that an ex-sup becomes ex resistance.

Please comment.
Regards.
FxT.

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Patch
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Face your fears

Postby Patch » Sat Jul 11, 2009 11:29 am

prochargedmopar

Quote:
Face your fears, They are the only thing that's holding you back.

I'll make a killing with it when I decide to hold trades....gonna work on moving up stops to b/e so I can let trades run.....then move it up to the most recent low/high each time it makes a new level......Maybe this will take away my fear of being stopped out for a loss after being in profit....
We'll see sunday.
EndQuote

I am encouraged everytime I read your "Face your fears, they are the only thing that is holding you back" and I have it printed big on 8.5 x 11 over my monitor, and am looking forward to your report on Sunday. I don't know much about all this right now, been reading a lot every morning and night. For one trade, your trading plan is to set your lot size to 10% of what your normally trade, open the trade on a candle when it closes and has a Semi above or below it, and close the trade only on the close of the next candle that has a Semi opposite the open Semi. You might want to do this on a M1 for a faster conclusion.

It is discipline, and trusting your method, system and trading rules that comes and grows with more experiences with same. Little steps. I love FX-JETTI's statement yesterday saying it has taken him 5 years of struggle. Little steps. Your discipline is growing a bit with each action you trade, each day.

My son arrived in safely in Houston two days ago with his wife and 16 month son. Is Houston near you?

Thank you for all your help, Patch
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Postby prochargedmopar » Sat Jul 11, 2009 11:37 am

Fxtraveler,
My understanding would be.....lets say price is moving down....what would you do if you were holding 20,50,80, or 110 pips profit??

Yup, you would close the order(BUY to cover).
this drives price to the Z-line or Mightyzone as sellers take profits....when price starts to move up a little it turns into a feeding frenzy. When trailing stops are hit (buy to cover) or when solid stops are hit. (same thing happens to price) up, up, up... Well, at some point all traders are zeroed out and this opens the door for more sellers to take price it's original direction. Either those sitting on the side lnes or the big boys that want it to go down, or even those that took profit adn want to get back in on the action.....

Just my way of seeing held profit being given back to the market.
cheers.
pro

Also, all those people that bought at support(congatulations) they are back to break even and start closing their orders (selling to close)telling themselves I'll never do that again.....this starts price moving down again and one of the main reasons previous support(where price broke out from) becomes resistance.....NOt to mention everybody on the planet basically can see the same HORIZONTAL sup/res zones.......

Anyone see this differently??? I'd like to hear other sides to the story.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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***FX-JEDI***
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Postby ***FX-JEDI*** » Sat Jul 11, 2009 11:56 am

Patch wrote:FX-JEDI

Thank you for hanging in there and for putting up you posts.

I count 47 trades!

Was it worth the struggle and hanging in there? Patch


Hi Patch,
Thanks mate, there was a few more trades on the list but I couldn't fit it on screen shot, I'm on my laptop at the moment so I can't tell you exactly how many trades I have done, its around 58 or so with that one loss, Dragon has inspired me when I read his post on baby pips I think he had like 70+ trades with like only 3 losses from memory, but don't quote me on that. I also read either on baby pips on never lose again thread or here can't remember now that you should try & get 1000 pips in 200 trades before going live, so I set myself the challenge to do that before I go live again.

Its being a long road learning to trade, I'm loving it now, its fun now, I've still got a long way to go, but its looking good, the goal is to do it full time, at the moment I don't get to much time to trade, but that will be changing soon...there was a few times that I nearly gave up, it was taking up a lot of my time, & trying to balance it with family is hard. its so addictive...lol

was it worth it, yeah I think so, the future is looking good, if I can keep this sort of trading up. :D

I have saved a template of my 5min chart, hopefully attachment works.
by the way I have a 4 monitor setup on my trading computer, so I can view the Daily - 1hr - 30min - & 5min simultaneously :) occasionally looking at the 4hr & 15min time frames as well..

Cheers ***FX-JEDI***
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