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BlowFish
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Postby BlowFish » Thu Nov 06, 2008 9:40 am

Pipsun wrote:and the always trade with the H1 still applies? probably.....


This seems like a good alternative to the H1 guideline.

Thanks RO. Its funny I have been thinking precisely about this sort of thing but arther than using fixed numbers of pips having some sort of dynamic measure based on the size of previous swings. (i.e. statistics based). Something along the lines of if price retraces x amount of a swing it is likely to take out the swing altogether. Another approach I was thinking about was 'if price moves in the opposite direction more than the average range I want to take trades in the new direction'. Still toying with the idea but fixed distance might work just as well :D

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Postby BlowFish » Thu Nov 06, 2008 9:44 am

Hmm having written that it has awakened a dormant memory. I think a chandelier stop is based on this. So for a long position you would stop if price retreats more than x * ATR (average true range) from the last swing high. (from memory people use 1.5 commonly for x)

Seems to me that if price breaches that level direction has changed.

Please note no squiglies! hehe just throwing some ideas out for calculating levels.

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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 06, 2008 2:22 pm

Image


What is the reason some of you are trying to alter and/or complicate a simple winning method?
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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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 06, 2008 2:34 pm

Image


I mean, really, this trade could have netted you 75 pips.

You know, STATISTICALLY, to look for a SHORT after 3 green H1 candles in a row.

WHAT MORE DO YOU NEED?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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BlowFish
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Postby BlowFish » Thu Nov 06, 2008 2:44 pm

I am not sure if that is addressed at me or not Avery? On my part that was certainly not my intention, I was just suggesting that plotting the lines at distances based on the range statistics that you have gathered (average range) might be 'interesting'. Of course its not the lines that matter its how you trade them that counts :) Anyway certainly did not mean to derail things on your thread, I apologise, it was just a thought.

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Postby razorboy » Thu Nov 06, 2008 3:25 pm

I understand what you are saying, but you would only get in and stay in that trade if th hour candle is red.

Right now I havethe indicator running on my system. The numbers are red, but the current candle is green. You are oobviously not playing this candle short if you are scalping. If you did go short, maybe if you stay in, it will go your way

Previous to this run up, yes you could have made some pips on the way down

What am i missing
TheRumpledOne wrote:Image


I mean, really, this trade could have netted you 75 pips.

You know, STATISTICALLY, to look for a SHORT after 3 green H1 candles in a row.

WHAT MORE DO YOU NEED?
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razorboy
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Postby razorboy » Thu Nov 06, 2008 3:30 pm

I sold in between 519 and 269 on the upswing
A few minutes later, price has fallen. is this just a matter of sit and wait until it runs thru the red numbers?
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razorboy
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Postby razorboy » Thu Nov 06, 2008 3:37 pm

another up date

the look back period moved forward by one 5 minute period - indicators changed - buy time, with the h1

i went long at 1.2827
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razorboy
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Postby razorboy » Thu Nov 06, 2008 3:46 pm

trade continuing to move against me
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razorboy
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Postby razorboy » Thu Nov 06, 2008 3:54 pm

still going against.................
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