HI F,
I have a question for you if you do not mind,
a) are your major KT 00 and 30?
b) as you already said, it can be a bit before or after the 00 and the 30, when do you enter? do you wait for the 1m to be completed or what?
c) lest say I am entering short at KT 00, when are you thinking to get out, would you let it run considering PA till the next TW?
d)When do you take the 70% off and with the 30% remaining what will be your move, do you trail your stop loss.
e) And for what I understand the remaining KT are 9 past and 9 to the hour, 9 past and 9 to the half hour which form the two TW. Is that right? And how less important are compared to the major KT?
f) Can you tell me more about KT and KW, why are there important and what is behind it.
I am asking those question because I can see something happening in those 2 major KT combining with my understanding of price action.
Those are the questions a need to clarify for the time being.
Thanks
Also you want more info on the Time rules
Hi Fugazsy
Relaxing with a glass of Chianti and now ready to answer your question (s)
a - On the 00 hour change is yes - but 30 min exactly no better than 9 mins past or 39 mins past
b - KT's are clues but - entries are not based entirely on time - I also need price levels and PA and LA to give me clues as well as last 5 min moves that look false - ie quick 6 -10 pip rises or drop - stopping exactly at a KT. So it might be 1 00 and 22 seconds or 1 01 and 7 seconds - or even 12 59 18 second - all depending on my reading of a tick or 1 min chart
A classic yesterday was a rise at 12 51 pm ( KT ) that carried on and at exactly 1 00 pm was still rising and went up another 3 pips. BUT at 1 01 pm - it stopped and fell I think about 17 pips . So time alone is a pointer and an important clue - but needs to agree with PA and my quick LR's
c - Normally - winning scalps making over 7 pips carry on more than 9 mins - and even can go from say 1 09 pm to 1 20 pm - ie 11 mins
BUT - again - time is a clue but PA and my LRs give me my edge on a 1 min. I dont mind exiting 70% early if it over 10 pips and i should have got say 13 pips - as you my entries are really more important than my exits - as the number of intraday trades I take allows me to make my 50 + pips - whether I need just 9 trades - or whethet I struggle and need 19 trades
d - - 2 ways - all depending on how many pips I already have in the kitty that morning or day. If I am up well - I will just leave a 30% on with stop in just 2 -4 pips of profit and give it anything from 12 to 25 pips of profit to come back
If I am not up to my target and pips are difficult - I trail at either 7 or 10 pips maximum - not wanting to give pips back - but want a stop to always be then in a profit
Remember if I am in a 30% stake sell and i am up say 60 + pips and a nice scalp buy comes along - I buy at 100% stake and then trade against my 30% stake - as long as the scalp wins I gain 70% on the pullbacks
It all depends on so many factors - such as how good the session is going - whether I am in the zone and on a roll - or just had 3 quick losses of 2-4 pips each and feeling frustrated - i adjust according to the circumstances - ie I am dynamic and fluid - just like the market
e - I think I answered this one - maybe 85% + of all my trades start in one of the 2 TW's - maybe only 60% are exactly on one of the 6 KT's ie exactly 1 21 pm
f - Yes time as become more important due to the amount of automated systems etc that have some kind of time connection
Even a 4 hr or 8 hr trader waits for the hour change to decide on whether to enter - ie not always 15 mins or 20 mins before.
Time is not mentioned by many books and tutors - as nobody as really looked into it.
I have in big way over say 5 years - and so know the KT's and also the most important hours and time periods of a day - that change according to news events etc etc.
Also time rules - always check out if an interim new high or low last over 30 mins with no breach - that favours a reversal for next 20 -30 mins
You dont have to wait exactly 30 mins - if its gone say 15 mins and the retrace is more than 60% of the hour ATR more than likely in the next 15 mins left it will not go back to the low or high so quick - but might give false teasing instead
It happened today and you commented - its gone over 30 mins and the move continued to retrace from a interim low
BUT - its only one of my edges.
I then have LR's far more important than MA's and what over 10yrs plus of Price action reading on charts under 30 mins and also my own interim level readings on a 1 min along with tight soft stops - that are never allowed just to be hit - if not already in profit.
Then throw in a daily routine - tried and tested - 10 to 20 trades a day over say 8 -10 hrs - If I cannot make money everyday Fx trading then I am sure 99% of all retailer would never make it.
Hope that helps
Also MM when he first tried my way - he had many days when he would get 70% of his scalps wrong - and he would be frustrated
He never gave up and in the end - as you can see - it paid off
New skills might take weeks or months etc to learn fully - not just 4 or 6 hrs to learn - but I know you know that
Regards
F
