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razorboy
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Postby razorboy » Thu Nov 27, 2008 2:56 am

will throw up a chart when i get a chance, but here is what you can do.

load up MT with the dynamic fibs and look at the 5 minute chart - set the fibs to 5 periods, and then throw in TRO's plug ins that plot the pivot point of the current and previous period and the current and previous period mid points. if you dont have them, they are worth the donation. Set the Fibs to go back 1000 periods - 5000 minutes. I also use custom candle.

Also, set the MT chart to background so can see all the points

Now go back in the chart and look at the way the price moves in relation to the pivot points of the bars that make the support and resistance lines. Look at the open, high, low and close - figure your worst case scenario. Typically, what I have seen is that when support has been established, the next green candle that opens above the pivot point of the previous candle, will almost always provide a profit opportunity. (in other words, if it opens up over the pivot, always buy it) If it opens green, it may go red, it may even close red, but it almost always goes green for a bit - long wick, allowing you to exit with a profit. The key is figuring out where to put your stop loss and it all depends on the range of the candle that made the support and its relation to the candle you are currently playing. if it was a long candle that made support, use its mid point as the stop loss, if it wasnt a long one, use the support line as your fail safe

I find that I often get two shots at a trade coming off sup or res, so I have no issue cutting my losses short. I will only enter on the first or second bar after a bounce off of sup or res. While, I may still be in a trade, I will not enter one after these first two as I do not know the behavior of the candles well. In fact, (and TRO may hunt me down and shoot me) i tend to ignore the hour candle as I find that if I wait for confirmation, I am too far into the trend to know the typical behavior of price in relation to pivot points. Im just looking for 4 to 10 pips generally. Also, make sure there is some good range between support and res. if they are too close, you get an interplay between the two trends and a long signal is also a short signal.......

Go back through the BP posts and look at the charts and you should see this as well. I have only really used this playing Euro US

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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 27, 2008 5:03 am

eudamonia wrote:Avery,

Looks like the hornets are in full force at Trade 2 lose :P

What I see time and time again in these treads is that the onus is on the original thread starter to "prove" that this methodology works. Only the lazy and the indecent operate this way. I have always tested and "proved" everything to myself whether it be my own other other people's systems. Instead they look at 1 or 2 trades and go - no way this could never work!

Also it looks like miles of "B.S. Backtesting" have been incorporated. I mean MT4's EAs are about as reliable as using a kleenex for a hang glider. Even TS has better backtesting! Between the totally unreliable backtesting engine, the specious (I mean downright horrendous) data, poor if any limit order fill engine, and the odious misunderstandings of the wannabe programmer who tested it - it's truly no wonder that one might have reasonable doubt about it's results.

Oddly enough, simulated backtesting doesn't actually ever make any real money. Funny how many folks forget that. Only real trades = real trades.

I give it about 2 more months before you are perma-banned from Trade 2 lose. Not trying to be negative, just looks like so many other situations...

Edward


I don't know if they'll ban me because I pretty much stick to my own threads, I usually don't post links to other threads, I don't have any links in my signature AND people are coming to my defense.

I am sure they like the traffic. More traffic = more ad revenue.
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 27, 2008 5:20 am

Image

Using what we know...

After 3 or more like colored H1 candles in a row, look for a reversal. Statistics.

Use the Buy Zone to enter the trade. Statistics.

Take the pips when you can. Common trading sense.
Last edited by TheRumpledOne on Thu Nov 27, 2008 5:43 am, 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 » Thu Nov 27, 2008 5:23 am

razorboy wrote:... In fact, (and TRO may hunt me down and shoot me) ...



NOT AT ALL!!

If you have learned to SEE and you use that to make money, then I say job well done!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 27, 2008 6:03 am

Image

Took a while.. but another win.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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theperfectsun
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Postby theperfectsun » Thu Nov 27, 2008 1:04 pm

razorboy wrote:will throw up a chart when i get a chance, but here is what you can do.

load up MT with the dynamic fibs and look at the 5 minute chart - set the fibs to 5 periods, and then throw in TRO's plug ins that plot the pivot point of the current and previous period and the current and previous period mid points. if you dont have them, they are worth the donation. Set the Fibs to go back 1000 periods - 5000 minutes. I also use custom candle.

Also, set the MT chart to background so can see all the points

Now go back in the chart and look at the way the price moves in relation to the pivot points of the bars that make the support and resistance lines. Look at the open, high, low and close - figure your worst case scenario. Typically, what I have seen is that when support has been established, the next green candle that opens above the pivot point of the previous candle, will almost always provide a profit opportunity. (in other words, if it opens up over the pivot, always buy it) If it opens green, it may go red, it may even close red, but it almost always goes green for a bit - long wick, allowing you to exit with a profit. The key is figuring out where to put your stop loss and it all depends on the range of the candle that made the support and its relation to the candle you are currently playing. if it was a long candle that made support, use its mid point as the stop loss, if it wasnt a long one, use the support line as your fail safe

I find that I often get two shots at a trade coming off sup or res, so I have no issue cutting my losses short. I will only enter on the first or second bar after a bounce off of sup or res. While, I may still be in a trade, I will not enter one after these first two as I do not know the behavior of the candles well. In fact, (and TRO may hunt me down and shoot me) i tend to ignore the hour candle as I find that if I wait for confirmation, I am too far into the trend to know the typical behavior of price in relation to pivot points. Im just looking for 4 to 10 pips generally. Also, make sure there is some good range between support and res. if they are too close, you get an interplay between the two trends and a long signal is also a short signal.......

Go back through the BP posts and look at the charts and you should see this as well. I have only really used this playing Euro US


I use almost the same approach as you do,lol.

Let's presume there is a green candle making a new resistance. I wait for the next candle to open bellow of the close of the first green candle, than I wait for the new candle to go up and fail. When on it's way down I enter as soon as the color turns red. Mostly I win. My SL is 5 pips above resistance. The only problem is, sometimes the move up is not over yet. And you get all the signals align, candle failed to get up, and it turned, went red, but then suddenly shoots up. I need to find some filter for that.

Any suggestions.

I don't trade break of resistance, only if there is a real huge momentum. I have lost too many times on a break of a previous resistance with a new candle. Too many times price crosses it and than turns. For my absolute SL of 20 pips, that happens a lot. I rather wait for the new signal described above. I take 5 pips for sure. I need to inplement Dragons trading and let it run...
thank you

Good luck to you all!

www.elegance.si
www.befxtrader.com

xmess7
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Postby xmess7 » Thu Nov 27, 2008 1:26 pm

Hey cfabian, have you found out anything else of ATCbrokers? I am looking into them and seen some favorable reviews. The not so favorable reviews seem to be from folks that don't understand what true spreads entail or what an ECN is.

Let me know. I downloaded there platform and will more than likely try them out on a live account.

Jess


cfabian wrote:
dragon33 wrote:
pierre23 wrote:Congrats mate, well done! $609 not bad for 4 hours work =]

I see you have a standard account - can I ask how much your starting balance was?

I didn't follow the risk-reward ratio, since one trade I was risking all my profits for the day


I suggest you ALWAYS follow your money management rules, don't forget, you might think "oh I should be alright to risk a little more here" or be over confident on a trade, BUT don't forget, this is forex after all, your trade could turn against you at any moment and that could lead to massive losses.

Are you using MB Trading as your broker? From what I recall they charge something like $6.00 commission for a round trip on a standard lot.

Well done again. Hope you keep it up =]


MB trading is $5 on each site (in & out) for a standard lot. For a mini its $0.5.


I've been suggested to use ATCbrokers. They offer MT4, are ECN, and have $4 in and $4 out of a trade for $100K traded.

Anyone know abou them?

Fxtraveller
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TRO SR RR

Postby Fxtraveller » Thu Nov 27, 2008 3:07 pm

Could someone pleeease post the TRO SR RR as an attached file?

The one that indicates the time to go long/short. I use the tro dynamic fibs, very useful, but would like to see the entry signals in action of the TRO SR RR.
I've been searching for it on babypips for a long time, cant find it. :(


Would much appreciate the help.
Cheers to everyone.
Andrey

theperfectsun
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Postby theperfectsun » Thu Nov 27, 2008 3:09 pm

I think it is payable.
thank you



Good luck to you all!



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cfabian
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Postby cfabian » Thu Nov 27, 2008 5:56 pm

xmess7 wrote:Hey cfabian, have you found out anything else of ATCbrokers? I am looking into them and seen some favorable reviews. The not so favorable reviews seem to be from folks that don't understand what true spreads entail or what an ECN is.

Let me know. I downloaded there platform and will more than likely try them out on a live account.

Jess


cfabian wrote:
dragon33 wrote:
pierre23 wrote:Congrats mate, well done! $609 not bad for 4 hours work =]

I see you have a standard account - can I ask how much your starting balance was?

I didn't follow the risk-reward ratio, since one trade I was risking all my profits for the day


I suggest you ALWAYS follow your money management rules, don't forget, you might think "oh I should be alright to risk a little more here" or be over confident on a trade, BUT don't forget, this is forex after all, your trade could turn against you at any moment and that could lead to massive losses.

Are you using MB Trading as your broker? From what I recall they charge something like $6.00 commission for a round trip on a standard lot.

Well done again. Hope you keep it up =]


MB trading is $5 on each site (in & out) for a standard lot. For a mini its $0.5.


I've been suggested to use ATCbrokers. They offer MT4, are ECN, and have $4 in and $4 out of a trade for $100K traded.

Anyone know abou them?


Hey Jess
I've downloaded it too. I requested my demo account and they just gave me my log and pass. Will try it out and let you know. From their platform I could see the spreads are better than IBFX (I'm using them) EURJPY can go from 2.5 pips and GBPJPY I've seen 6 pips. I'm not looking all day their spreads, so could be even lower than that... who knows!!!

I also saw fxclub. Someone also made a comment about finding them. They are NO SPREAD brokers, and charge $40 for $100K (not sure if in and out or altogether... will find out). They have their own platform.

Cheers

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