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Have you been reading? WHAT ARE THE RULES I POSTED REGARDING CANDLE COLOR? COPY, PASTE AND POST THEM AGAIN. DO NOT RESTATE THEM IN YOUR OWN WORDS. |
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You're welcome. Now post a chart or 2 and tell us how you used a HORIZONTAL LINE to make money. Thanks. |
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Used to have 4 but prophet.net shut down their free feed. That was the best because every now and then there would be a gap in price and the gap always filled!! Talk about easy money. |
hey tro,
not sure if it is good place to post this, but. let me ask. how do you manage your desktop? what platforms do you use for analysis, i know the one you use for the trade ( not sure i can play with that one) do you keep an eye on news? etc??? thanks . |
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18 here :)
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Thank you TRO,
I suppose you mean the price was too close to resistance. Look at this EURUSD chart. I placed a short at 1.4157 which is supposed to be somewhere in the middle between S/R. I see the usual reasons to take it ( 1H and 1D candles will match). Lets see how it goes. Quote:
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entered 188,01
exit 188,87 24 p |
the order was triggered, but it got stopped at -7 ... can't understand why... everything looked in place...
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A Trader' s Trick Entry (TTE) on the Ross hook following the 123 Low would have got you in long at 188.25 for approx. 250 pips profit. Reference: http://www.trading-naked.com/library/Law_of_Charts.pdf http://www.trading-naked.com/library...rick_Entry.pdf I don't use the Ross method in my trading but it was a definitely a worthwhile read (no squiggly lines either ;)). *EDIT***added notes to chart*** |
Remember the RULE OF THUMB?
stephangiunta,
It was supposedly "at best" be a scalp trade because you were following the H1 candle, but the H1 and D1 candles did not match. So it was a scalp trade at best according to the RULE OF THUMB (which you were kind enough to post again for me, to correct me in my interpretation of the "RULE OF THUMB"). But you saw that the price kept going up, so you stayed in. If I would have correctly understood the RULE OF THUMB at the time, I probably would have taken the trade, but when I saw it go against me in the slightest, I would have pulled out probably. Different traders. Different results. Don Quote:
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Do you mind elaborating to teach me?
tymen1,
Could you elaborate, with some numbers to help me understand? This is something I have not studied. Thank you, Don Quote:
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i guess we all have to experiment to finetune our undertsanding of the market according to guidelines.... i think mistakes are the only way to learn. thats when you see better why its not good.... i made two good trades and 10 bad ones today :) ( but i think i know why they were bad, entirely my fault) but i know that the simple tro method is the way to go so i keep finetuning.... until ill be happy, thats what demo are there for.... :) :) |
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There Is No Good/bad Or Right/wrong There Is Only Profitable/unprofitable Let's Use The Language Properly |
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hey Tro. i think that trades are either proftable or unprofitable but the strategic choices ( entry exit s/l, t/p) are either bad or good.( ie do the follow your plan) that leaves me with a 4 quadrants matrix. 1. right choice/ profitable trade 2. right choice/ unprofitable trade 3. wrong choice/ profitable trade 4. wrong choice/ unprofitable trade training, debate, experience, etc, will help us in improving strategic choices, finetuning our plans etc..... in order to maximise the "profitable trades" it also means that for every "unprofitable trade" one could ask himself if it is due to " bad choices" or the unpredictabilty of the market. which , in my opinion have different intellectual outcomes ie: should i just change my stategy or should i change myself. what exactly was at fault, me or the strategy i think it is important to ask onself that question after every trade. is my strategy wrong or not? for example today i made 15 or so trades. 3 profitables cos i followed my plan the rest unprofitables cos i have been emotional, excited, greedy, or i was experimenting, clearly "bad choices" the plan earned me money i lost money this is very important to me to make the difference wht do you think??? |
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RIGHT/WRONG and GOOD/BAD are SUBJECTIVE and open to debate. Not to mention JUDGMENTAL. PROFITABLE/UNPROFITABLE just IS. There is NO debate. Strategies/methods either work or do not work. They are either profitable or unprofitable. If you enter a trade based on certain conditions it may or may not be profitable. What we are looking for is an entry that gives us a chance to take profit more times than there being no profit up for grabs. That's what the HORIZONTAL LINES do - give us that chance to grab some pips. Very rarely does a candle cross the FIRST line it comes to by 3 pips or less.... JUST LOOK AT THE CHART AND SEE!! We plot the lines and let PRICE come to us rather than us chase after price. NOTE: THERE ARE SOME CLUES IN THIS REPLY THAT YOU SHOULD TAKE NOTE OF. I WAS HOPING SOMEONE WOULD HAVE SEEN THIS BY NOW. |
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NO. The "3" is from the 3 Level ZZ Semafor indicator. |
There
has been some debate around this forum regarding FIXED SPREAD BROKERS.
Not to mention name calling and other childish behavior. They do that
because they can't win the debate. Their EGO won't let them accept the
fact they're wrong. They really do NOT understand how FOREX works.
FOREX is NOT a consolidated market like the stock exchanges. So prices vary depending on the liquidity provider. HENCE, NO FIXED SPREAD. READ THIS and you tell me if there is really a fixed spread in FOREX. |
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edacsac - the "3" on the chart is part of the 3 Level ZZ Semafor indicator, like TRO mentioned, but that particular price point was indeed the start of the 1-2-3 pattern I was looking at. |
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You have entered late again! Your sup and res are wrong, there are several tops and bottom. If that happens that's a new sup or res. You take the trade when the action is ending! You let a whole RED candle run and then you act. You missed the priceaction. RED H1 and GREEN D1 get in as soon as you can get and go for SMALL pips You could have entered the trade at 1.4221 horizontal line and made easely a few positive pips. Actually it was even a nice run. |
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Yes, I agree. It looks like the trader is waiting TOO LONG. If H1 is RED then you want to go SHORT. If D1 is GREEN then you must be ready to EXIT QUICKLY. You do NOT have to wait for D1 to change colors. RULE OF THUMB: 1) ALWAYS TRADE IN THE DIRECTION OF H1 2) IF H1 MATCHES D1 THEN YOU SHOULD BE ABLE TO MAKE MANY PIPS 3) IF H1 DOES NOT MATCH D1 THEN BE READY TO EXIT AT ANYTIME. IF PRICE STALLS, EXIT! TAKE 5 OR MORE PIPS AND BE HAPPY. 4) ENTER THE TRADE AT THE FIRST HORIZONTAL LINE CROSS. IF YOU WAIT UNTIL THE SECOND LINE, YOU'RE TOO LATE. |
OK,
it was a late entry... but as far as I can tell, the example on TRO's
post #1053 is also late, isn't it? and it was profitable. See posts
#1052 & #1053.
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Those examples were to get people to use their eyes to see which way price was going. What I was saying was to use your eyes and not think. If you WERE going to enter, the profitable entry was with the color of H1 and NOT AGAINST IT!! So rather than trying to pick the top to go short, it is profitable to find long entries when H1 is GREEN. Does that make it clearer? |
http://i33.tinypic.com/dwayhy.gif
See the last RED candle. Now after that RED candle closed at the end of the hour, what happened? PRICE continued down. Then PRICE reversed and the H1 candle became GREEN. PRICE CROSSED the HORIZONTAL LINE at 1.7900. That was the FIRST line that the GREEN H1 candle crossed. What happened next? D1 was RED but then became GREEN as PRICE continued to rise. I am using the NY open to determine the D1 candle color. Do you see how this works? Is this simple? All you have are HORIZONTAL LINES and CANDLE COLOR. |
http://i36.tinypic.com/33jpy7a.gif
And so we continue... By the way, IT'S TOO LATE TO GO LONG, YOU MISSED THE BOAT! Entering LONG, would be RISKY. |
http://i35.tinypic.com/9h6ydf.gif
In and out good for another 77 pips. Long at 1.4107 and out at 1.4149. Let the RED candles go and back long at 1.4135 and out at 1.4172 |
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Dragon...You're doing great! What pair & timeframe are you trading?
Thanks :) |
Yes, I see. And while the candle at 16:00 gmt was still red, any entry would have been risky.
So, my best opportunities are when the current candle has a different color than the previous!!! Quote:
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right now, just missed a lot of pips (about 55) on that last trade but hey i'm still happy. Look what run it was, i was out too soon But gained a total of 110 pips(5euro pipvalue) in less then 2h. To make these amount i need to work a lot of shift at the factory. I can't stop saying thanx to TRO. He let me see how to do that. For those who are reading this topic i made a lot of money the last few weeks. This is really easy money. http://i36.tinypic.com/2rfwzmo.gif |
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One more question if you don't mind...were you setting pending orders, meaning buy stop or buy limit orders, or market orders? I try setting the pending orders but price sometimes moves faster than I can set them up and sometimes price is too close to where I want to enter so it won't let me and then I end up missing it :( |
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Remember, you can always exit part of your position to lock in profit and let the rest ride. |
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My stupid platform is so simple i can't set limit or pending, only markets. I am learning mbt broker in demo an yes you must be quick sometimes. I am often to late also |
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No i can't. i have to open several markets at once and close one by one. It is really a stupid platform. I need to learn a lot about your broker. Because of the simplicity of mine i find yours very difficult so i need some time to get comfortable with it. Probably you will get some question about it. |
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