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After nightshift a quick hit. This is really fun. In at 1.4270 out at 1.4251 in less then 10 minutes. Watch the last Red candle of the chart. Looks like other people are collecting pips also. We must organise a party to celebrate TRO LOL. Now its sleeping time. |
Just out of my bed and watch.
http://i36.tinypic.com/2rrkmdg.gif In at 148.18 and out at 147.76. 42 pips in just 7 minutes I took the trade against the H1 color for a quick scalp bacause the trend was a nice stairs down. A little anecdote: i stopped smoking yesterday. This is to fun so i don't want to die to early. In the beginning i was thinking i was having some luck but hey after 78 trades and just three losers that's no luck anymore. |
Here we go again
http://i38.tinypic.com/23w4let.gif In at 147.79 http://i34.tinypic.com/34o2bs4.gif And out at 147.53. That's another 26 pips in 4 minutes. If you count for today that's 87 pips in a few minutes. Playing around with 5 euro pipvalue that's just crazy. I gained a nightshift in just 21 minutes:eek::p If i can keep doing this it wont be long before i quit working. I am starting to dreaming It's done for today, don't want to risk anymore |
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SMART!! You have become a TRADER. |
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The fib retrace lines based on 1-2-3 highs/lows are HORIZONTAL LINES, too. |
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Hope it helps :) |
hi all, have been an avid reader of this post for one week or so....
i'm happy i just rode a nice wave on GBPJPY for 73 pips which i had been waiting for for the last three hours... let's see in next few days if that was luck or proper understaning of price movement an my horizontal lines..... just wanted to share this.... :D |
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You can use the pivot of the candle that makes the "2" of 1-2-3 as your entry trigger. A simple strategy. |
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Would you please post a chart of your trade. |
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Thanks again! |
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Doesn't work for me yesterday or today
Avery,
I've tried it yesterday and today. It's failed me both times. I use your dynamic support and resistance indicator, and your multi meter candlecolor indicator. Yesterday was a down day, but it looked like it was an up day. The 300 pip gap open from the previous day's close should have made the D1 be red, but it was green because it went up after open. I took only up trades when H1 went green along with green D1. As soon as I would do that, price would go down, H1 and D1 would one or both turn red (so support for both D1 and H1 seemed to center around the open for a while. So a long red streak, I would get in green, and it would continue down. The day was DOWN, but said it was UP. With a 300 pip gap down from the previous close, even if the price goes up after open, it's still a down day IMHO. It continued it's downward move no matter what I seemed to do, while trying to catch the bottom of the downward move and start buying. It would turn green for a short time. Things would be aligned for just a short time. Today has been the opposite. When I look at the chart, it shows a D1 red/down. When H1 was down, I looked at dynamic sr and once again got burned. As soon as I would enter on M5 short (after multiple green bars, red bar hits resistance and heads down, only to reverse, H1 again become green, and continue run up). So two days I got two small scalp trades that were OK, and two H1 trades that took much more back than I won. So I'm trying to obey the rules, but when I have resistance that is like 50 pips away from price, yet the thing is clearly moving against me, I have chosen to wait until resistance (used as mental stop loss) has been hit. Maybe that's my bad, and I should stop the trade as soon as H1 and D1 no longer match. But although I am trying, the indicators seem to hurt at times more than they help. The one I'm thinking of using and discarding the rest, is MA_in_Color on M5 charts. Would have been good today to use it alone, and probably yesterday too, and maybe look at H1 for confirmation, and not pay any attention to D1. Also, it looks like I can buy at bid, and close buy(sell) at bid. But when I try to make my limit sell at the ask (so I can sell high), navigator waits until the bid moves up to the limit (was ask) before it completes the transaction. When I try to make bid my limit to cover the sell (so I can buy back low), navigator waits until the ask moves down to the limit (was bid) to complete the transaction. So looks like I can get away with not paying spread on a buy, but not a sell. If I'm doing something wrong, it would be great to know what that is. Don Quote:
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There seems to be a LOT of confusion on 1-2-3's...
they look like this (just replace 1-2-3, with a-b-c) http://www.surinotes.com/tradestatio...racements2.gif Here is an example... http://www.surinotes.com/tradestatio...89_result4.gif Makes sense now? |
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So H1 is up, i have done 3 rides on that wave for total of 71 p.
now as you see the final candle we are starting to range and also we hit H1 resistance so ill wait to see what happens. bounce off H1 resistance and start going short or break it and continue going long... btw how can i post charts other than thumbnails??? |
as i was writing the first message, the H1 resistange got broken and i took another 12 pips.....
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Yep, it's up.
Yep,
it's up, but D1 on TRO's multimeter candlecolor indicator says day is
down (red), so why did you take the trade when the "rules" TRO has
given say not to trade against the D1 candle color? This is what has
been screwing me up the last couple days.
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well i have no idea.....
and please dont take my word for granted im only starting and i might just be plain lucky.... im still on very intuitive understanding.... but it seemed to me like pressure was on the up trend ( i looked at H1 chart) and i was inside H1 range so no contradiction for me... i start to be more cautious when H1 meets resistance or support.... i might be wrong but D1 seems to far for me to decide what trend i take. but again im just experimenting..... if i look at the 5M chart, there is just a lot more green than there is red.... :) and to exit i use the tick chart and keep riding until tick crosses a stop loss line which i keep updating mentally |
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Other people are successful. WHAT IS THE DIFFERENCE? |
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Upload the chart. Copy/paste the IMG statement into your post. |
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You posted the chart
TRO,
You just posted the chart. It's all green. But since it's still below the open for the day, the D1 is red. You can see this by putting your 'TRO_Multi_Meter_CandleColor' indicator on the chart. So according to your rules, I shouldn't have taken that huge buy trade, cause H1 doesn't match D1 candle color. Don Quote:
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Don, COPY AND PASTE the RULE you are referring to. Or quote it in your next reply. DO NOT STATE IT IN YOUR OWN WORDS. Also, some of my indicators allow you to specify what time the day starts so you can trade different market opens. It could be down from London but up since NY open. I trade the NY and Sydney opens, so I switch times. |
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If you do NOT read what your eyes SEE (what it PRINTED) rather than YOUR INTERPRETATION then you would have passed on this trade, too. |
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damned
, i just missed that massive short candle just cos i have not yet
grasped how to make limit orders. i could see it coming but.....
next time..... :) ive got to understan d thes limit orders... |
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You mean this rule ;):
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the rule doesnt say to only trade if both H1 and D1 are same color....
it says to not trade against H1................................................ ........... and even more so if it also against D1. |
I understand now, trade direction of H1 candle
Thanks guys for setting me straight. Hopefully I can keep this in mind and not screw it up or forget it.
TRO, sorry for mis-interpreting what you wrote. If you could, I would still like a reply about what am I doing wrong on the limit orders if I'm still having to sell at the bid and buy back at the ask. If there's no way to get around that, then I might as well make market orders when selling and closing sell. It's quicker, not having to think as hard about it, and I don't have to wait. I still am struggling with Market Depth window anyways. Don |
TRO,
Your last two charts: It looks like a 1-2-3, up, down, up. The doco I just read about 1-2-3 patterns from sweet pip explains to enter at the breakout of #2 I think. So from what I understand, the last red candle on your charts, shouldn't be used for entry until it passes #2 - which would miss the action. Previously I would have entered a short on that last candle somewhere after an "eyeballed" pivot point of the previous candle. Lately that has been a fatal move as the price decides to break resisitance and continue in the other direction the majority of the time. |
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Another difference is overtrading...perhaps the wave one was on is over, but if you keep trading it like it wasn't, without seeing the bigger picture, your odds of losing start to increase. |
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21 pips on the short
now i leave for today. it was a good day. hopefully i cn redo that for some days... |
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But I'm not just looking at 1-2-3. I'm watching the candlestick wicks and shadows, and I'm also seeing that even though we're kinda rolling 21 bars for dynamic s/r, it might be time to adjust, since the "big" move is over? I wish I could post charts. You'd probably have some good things to say about what I'm doing wrong. |
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exactly!! Your Grade A+ |
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RULE OF THUMB: ALWAYS TRADE WITH H1 CANDLE COLOR. NEVER TRADE AGAINST H1 CANDLE COLOR. Trade against H1 at your own peril. |
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I am not sure you understand. If you want to go long and BUY AT THE BID, you can get filled in one of 2 ways: 1) you are the best bid, first in line and someone enters a market sell order 2) the ask price moves down to your bid price If you want to sell your long AT THE ASK, you can get filled in one of 2 ways: 1) you are the best ask, first in line and someone enters a market buy order 2) the bid price moves up to your ask price |
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