trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
Effkay said:
The "Law of Charts" ( Ross ) that can be downloaded freely describes rules for number of bars etc.
( eg; the "2" is created by a full-correction within 2-3 bars of the "1". etc )
It also has things such as "nullifying bars" which invalidate a 1-2-3.
Also mentions the Traders Trick Entry.
Worth a look if you dont already have it.
Roberto,
What % of capital do you usually risk on a 123 trade?
I perfectly understand your comment about your friend's R:R strategy and why it works. From my experience of looking at past stock charts, 123 formations have a fairly high ratio of success, probably 4:1 or more. Obviously the R:R you mentioned will work.
What % of capital do you usually risk on a 123 trade?
I perfectly understand your comment about your friend's R:R strategy and why it works. From my experience of looking at past stock charts, 123 formations have a fairly high ratio of success, probably 4:1 or more. Obviously the R:R you mentioned will work.
It's about 2%, which some people would say is ridiculously conservative for something with such a high success-rate. But it varies a bit simply because the size of the initial stop-loss varies a bit (depending on the chart) and I don't take that into account at the time I'm opening the position. So say 1.5 to 2.2%, something like that.pratbh said:
Sorry, I have to ask... wouldn't a RH with a TTE entry simply be a bull flag, or am I mising a point?
Roberto, you use 15 and 30 mins charts mainly , isn't that right? How often do you find these set-ups in your average day and with what succesrate? (I hope you don't mind me asking.)
Ok, how long is a piece of string, I know...
Also, what do you all use to identify when the trend is nearing the end (I mainly trade from an Elliot Wave perspektive that maps the trend end too - or at least tries hard to - and I don't see anything in the Ross Hook material on this - admitedly , I have only read the free, online document). Are we back to indicators or...?
I am curious to know what time frames people use this with? have anyone tried it swing trading over days or weeks?
All the best, everyone.
Roberto, you use 15 and 30 mins charts mainly , isn't that right? How often do you find these set-ups in your average day and with what succesrate? (I hope you don't mind me asking.)
Ok, how long is a piece of string, I know...
Also, what do you all use to identify when the trend is nearing the end (I mainly trade from an Elliot Wave perspektive that maps the trend end too - or at least tries hard to - and I don't see anything in the Ross Hook material on this - admitedly , I have only read the free, online document). Are we back to indicators or...?
I am curious to know what time frames people use this with? have anyone tried it swing trading over days or weeks?
All the best, everyone.
I don't know about bull flags, sorry. I'm not sure I believe in them, either, to be honest. The ones I've seen in explanations have struck me as "highly interpretative", at best. But we all have our prejudices and in any case I may be talking nonsense (as quite often ...).
Yes, I use mostly 15-m and 30-m charts.
I can usually find 3 or 4 decent trades a day from looking at the charts of about 9 different currency pairs. And that's plenty for me. I very, very rarely take a loss on more than 1 of them.
I haven't really got a way of knowing when the trend is nearing the end. I used to keep the DMI/ADX indicator on all my charts (it was the only indicator I ever really liked much) but I don't usually bother with it now. Normally I get stopped out in profit on the last third, and that's how my trades end. Sometimes the trend's over and sometimes it isn't.
I know that different people use different time-frames. I've never really done anything but daytrading, so I can't comment on anything longer (but my guess is that if you did this type of trading from daily charts you'd have an _extremely_ high success-rate and have to be very patient waiting for trades to come up). Someone will comment. They usually do.
Yes, I use mostly 15-m and 30-m charts.
I can usually find 3 or 4 decent trades a day from looking at the charts of about 9 different currency pairs. And that's plenty for me. I very, very rarely take a loss on more than 1 of them.
I haven't really got a way of knowing when the trend is nearing the end. I used to keep the DMI/ADX indicator on all my charts (it was the only indicator I ever really liked much) but I don't usually bother with it now. Normally I get stopped out in profit on the last third, and that's how my trades end. Sometimes the trend's over and sometimes it isn't.
I know that different people use different time-frames. I've never really done anything but daytrading, so I can't comment on anything longer (but my guess is that if you did this type of trading from daily charts you'd have an _extremely_ high success-rate and have to be very patient waiting for trades to come up). Someone will comment. They usually do.
I am preparing my notes on TTRH, which I found highly valuable but heavy going. The notes will contain the main points summarised from the book, with adequate explanation. You still need to read the book, but the notes will help if you get stuck.
I plan to publish them on this thread periodically if that's OK (don't want to bore everyone). I hope to upload the first sampler tonight.
I plan to publish them on this thread periodically if that's OK (don't want to bore everyone). I hope to upload the first sampler tonight.
Newtron Bomb
Guest Author
- Messages
- 1,602
- Likes
- 87
Newtron Bomb
Guest Author
- Messages
- 1,602
- Likes
- 87
I would expect a slow ride but a tade is a trade
Jyde,
Feels a bit disloyal but over on Elitetrader.com there's the diary of a guy who only trades JR set ups on EUR/USD, Dow and Russel and on a similar time frame to Roberto
Best way to use this is to print out the 15/30 minute charts and follow his diary . . . .his trades are there warts and all. It's certainly not all plain sailing but he's net positive by quite a way.
You might have to sign up - thread then located at:
Forums ›› Trading for a Living ›› Journals ›› Andy's Day Trading Journal
Regards
FN
Feels a bit disloyal but over on Elitetrader.com there's the diary of a guy who only trades JR set ups on EUR/USD, Dow and Russel and on a similar time frame to Roberto
Best way to use this is to print out the 15/30 minute charts and follow his diary . . . .his trades are there warts and all. It's certainly not all plain sailing but he's net positive by quite a way.
You might have to sign up - thread then located at:
Forums ›› Trading for a Living ›› Journals ›› Andy's Day Trading Journal
Regards
FN
Newtron Bomb
Guest Author
- Messages
- 1,602
- Likes
- 87
This last revival didnt even last 4 pages before abuse started.
If folks dont believe other peoples results then so be it, take it with a pinch of salt and leave it there. This is/was an excellent thread before the idiots crept in. This is one of the many reasons why I am reluctant to post any more on this forum.
I would like to implore traders and would be traders to have respect for each other other and act professionally on this and other forums at all times. There is no need for abuse in any form. Question by all means the integrity of others but in a diplomatic fashion as such to create debate and not arguments.
The fact remains that this is an excellent trading pattern. I know of several traders who make a full time living using this pattern and many more who have it as a part of their main trading arsenal.
Happy Trading
NB
If folks dont believe other peoples results then so be it, take it with a pinch of salt and leave it there. This is/was an excellent thread before the idiots crept in. This is one of the many reasons why I am reluctant to post any more on this forum.
I would like to implore traders and would be traders to have respect for each other other and act professionally on this and other forums at all times. There is no need for abuse in any form. Question by all means the integrity of others but in a diplomatic fashion as such to create debate and not arguments.
The fact remains that this is an excellent trading pattern. I know of several traders who make a full time living using this pattern and many more who have it as a part of their main trading arsenal.
Happy Trading
NB
SvenFoster
Well-known member
- Messages
- 250
- Likes
- 10
Fantastic summary pratbh and thanks roberto et. all for the on topic parts of this thread.pratbh said:
god traders or not their kind of traders are always welcome in my book.
keep it up please.
Thanks NB - others have asked me to clean up this promising thread so I've removed a handful of posts, including a couple who were responding to the impolite post that took us off track - apologies for that.
It's open to anyone to raise questions about any remarks made by any posters - but please do so politely.
Thanks
It's open to anyone to raise questions about any remarks made by any posters - but please do so politely.
Thanks
