ProchargedMopar's Trading Trilogy

[MightyOne]

I really do not KNOW anything for sure...

If find my self at the daily low extreme (on the EJ for instance) and I look at the daily chart.

WOW! Price moves 150-300+ pips from a daily extreme just about EVERY day!

So I place my hands under my ass and exit to re buy at a better price as needed, but pretty much just let price do its every day magic.

Even if I lost 60 pips it wouldn't matter because as often as I hit 100+ pips I meet my minimum goal easily.

Look at the weekly chart wick to wick: 450 - 800+ pips right?

Even if you consider the average of the two numbers you are still looking at ~ a 104% weekly return.

Not that you would trade the weekly...

All I am saying is that more is achieved through patience than through force and no person, myself included, knows what is going to happen next.

BTW, what do you KNOW is gonna happen next in the above pic.
Do you See it retrace after a breakout..........
Then Your right.
Consolidation before the next breakout.
Now go make some pips.

[TheRumpledOne]

I think this is what MightyOne is talking about.

I plotted horizontal lines at the high/low of the previous 5 days.

If you use the "free trade" method, this is really a no brainer.

[TheRumpledOne]

Dropping down to H1 shows the price action around the high/low of the day.

[TheRumpledOne]

What if we use the "infamous repainting" 3 Level ZZ Semafor indicator...

Does that help?

[razorboy]

thoughts.....

If you are just fading the daily extreme - looking for the reversal, without regard to say, trading range or SR, doesnt this leave you in the situation of always fading the extremes, which having tried this for a brief period of time, means you might as just play without a stop loss as every time you get knocked out, you need to re enter.

I guess technically price should always come back around, but that can be a long time.........seem to be a zero sum game at best. i spent the better part of a week (and by week I mean 20 hour days) learning this

Hiting it at different points..........whole different story...... as I have learned from MO

But if you are limiting your losses to 60 pips, you are obviously not playing without a stop loss and not just mindlessly playing the extremes

just my thoughts

I really do not KNOW anything for sure...

If find my self at the daily low extreme (on the EJ for instance) and I look at the daily chart.

WOW! Price moves 150-300+ pips from a daily extreme just about EVERY day!

So I place my hands under my ass and exit to re buy at a better price as needed, but pretty much just let price do its every day magic.

Even if I lost 60 pips it wouldn't matter because as often as I hit 100+ pips I meet my minimum goal easily.

Look at the weekly chart wick to wick: 450 - 800+ pips right?

Even if you consider the average of the two numbers you are still looking at ~ a 104% weekly return.

Not that you would trade the weekly...

All I am saying is that more is achieved through patience than through force and no person, myself included, knows what is going to happen next.

BTW, what do you KNOW is gonna happen next in the above pic.
Do you See it retrace after a breakout..........
Then Your right.
Consolidation before the next breakout.
Now go make some pips.

[prochargedmopar]

2.5 hrs trading.
1 trade.
+1.2 pips.

It was a sell order and e/j dropped 55 pips shortly there after.


Maybe this will help.
A scaled down version of M.O. trading plan.
H1=D1
M15-H1
M5=M15
M1=M5
A 6 pip stop out would be like 60 to me.
A 10 pip tp would be like 100 to me.
Goal of 20 pips a day. I'll double the "goal" chart values once I get the swing of things.
2 wins required on demo after 1 loss on real.
No more than 1 trade per M15 candle.
9 pip catastrophic stop.
Never buy when price is moving up/Never sell when price is moving down on a M1 candle.
I need to find a 30sec chart. Waves for e/j would be much cleaner.

It's funny how this chart looks EXACTLY the same as the ones I was looking at last week. I wonder why?
Breakout/reversal/consolidation..........

Here's the chart to trade.



And here is the "master" trend chart.

[pierre23]

"Never buy when price is moving up/Never sell when price is moving down on a M1 candle."

Do you mean never buy when price is moving down and never sell when price is moving up?

[prochargedmopar]

No, Look at a M1 candle.
See it go 8 pips up? Try to buy and see what happens.
Your in the hole Immediately.

The ONLY time this would not be the case is if price is breaking out of a major sup/res area. Even then you better take your 10-15 pips profit quick because it won't be available for long. You'll be back to b/e in short order and then waiting for price to continue on in "your" direction which may not happen for a while.
Watch an M1 chart for a while. You'll see.
The M5 candle patterns will play a roll of when to get in (waves) and the M15 will be like an H1 bias. The H1 will be like a D1 bias.

This is scalping, I need to know which way price is going NOW, not in 15 min or an hr.
If I'm in a trade longer than say, 5 min. I'll close it out with or without profit.
High intensity baby!!!!

[prochargedmopar]

Well, I took 1 trade per M15 candle and was up 4.5 pips on the first 4 trades.
I bailed to soon on those as each went for 10-15 pips after exit.
I was short when e/j started an 80 pip drop. I bailed at .1 pips when it stalled and backed up.
Then took a reversal.
That did not go well. -10.2
I took 2 demo trades and made 5 on both so got back in the market.
Lost 2 more -10.2 stops
Decided to go short after all. Held for +28.
With that chart and I ended up - pips.
Ridiculous.
Yeah, yeah. Should have waited until things broke, went with the flow, and then called it a day with 20-40 pips.
I'll try again tomorrow.

11629873 EUR/JPY 20 S 136.014 135.925 8.9 18.52 0.00 6/1/2009 20:31 6/1/2009 20:34
11629872 EUR/JPY 20 S 136.022 135.925 9.7 20.18 0.00 6/1/2009 20:31 6/1/2009 20:34
11629875 EUR/JPY 20 S 136.022 135.925 9.7 20.18 0.00 6/1/2009 20:31 6/1/2009 20:34
11629373 EUR/JPY 20 B 136.106 136.036 -7 -14.55 0.00 6/1/2009 20:16 6/1/2009 20:31
11629814 EUR/JPY 20 B 136.145 136.043 -10.2 -21.20 0.00 6/1/2009 20:29 6/1/2009 20:31
11629391 EUR/JPY 20 B 136.158 136.056 -10.2 -21.21 0.00 6/1/2009 20:16 6/1/2009 20:25
11629130 EUR/JPY 20 B 136.258 136.156 -10.2 -21.20 0.00 6/1/2009 20:10 6/1/2009 20:12
11628724 EUR/JPY 20 S 136.458 136.457 0.1 0.21 0.00 6/1/2009 20:03 6/1/2009 20:04
11628286 EUR/JPY 20 B 136.578 136.595 1.7 3.53 0.00 6/1/2009 19:50 6/1/2009 19:51
11628120 EUR/JPY 20 S 136.548 136.540 0.8 1.66 0.00 6/1/2009 19:34 6/1/2009 19:43
11627789 EUR/JPY 20 S 136.549 136.539 1 2.07 0.00 6/1/2009 19:14 6/1/2009 19:18
11627678 EUR/JPY 20 S 136.694 136.687 0.7 1.45 0.00 6/1/2009 19:04 6/1/2009 19:08
Total 260 -5.0 -10.00

[razorboy]

pro

do yourself a favor........try the 3-1-1 pattern on the semifor - for your own sanity

usually keeps you on the right side of momentum and gives you an exact idea of when you call it quits.

Even in this raging bull E/J market it was good for 80 to 100 pips on a short to the 38% retracement............plus the way you are using it, repainting usually isn't an issue as if the 3 you use to get in on moves, it means the end of your trade and if it repaints the other way............thats a good thing............

1 trade - 100 pips - If that doesnt make you feel like a BSD, I dont know what will




You can use it to tell yourself which horizontal line to go in on........

Don't take your agression out on the market, take it out on your mother - in-law...........

No, Look at a M1 candle.
See it go 8 pips up? Try to buy and see what happens.
Your in the hole Immediately.

The ONLY time this would not be the case is if price is breaking out of a major sup/res area. Even then you better take your 10-15 pips profit quick because it won't be available for long. You'll be back to b/e in short order and then waiting for price to continue on in "your" direction which may not happen for a while.
Watch an M1 chart for a while. You'll see.
The M5 candle patterns will play a roll of when to get in (waves) and the M15 will be like an H1 bias. The H1 will be like a D1 bias.

This is scalping, I need to know which way price is going NOW, not in 15 min or an hr.
If I'm in a trade longer than say, 5 min. I'll close it out with or without profit.
High intensity baby!!!!