All you need to trade is a horizontal line - TheRumpledOne

JTrader said:
The -4p, but using a 6p stop etc. seems to be a bit of a guessing game, trying to anticipate the next tick movement....sometimes you will get lucky by avoiding a bigger loss, & other times you will miss out on a profit etc.
Click to expand...

Hi JT,
Yes, I think you do need to get a bit of a feel for if the move is going to happen. For me, I'm in totally unexplored territory w.r.t. scalping and it demands a fresh approach so I'm really just working on a 'learn as you go' basis.

Just looking back :-
There was no momentum with the -4p trade; the price hung around the same level for about 10 minutes+ so I brought the stop up a little.

The best moves are quick, you try to close for 6 pips and get filled at 8 to 12 pips or more. For example,today the +9 pip close and one of the +8 pip closes turned out to be at the extremes of a candle shadow. The other 8 pip close was half way along the shadow.

Regards entries, with the limited trial trades so far I would say it seems best to just wait a few seconds to see if the price settles in or just outside the zone before taking your position.
Often times I have jumped in quickly as the zone is momentarily breeched only to watch my entry finish up on the wrong end of a spike / shadow.

I don't know if TRO would agree with the above or indeed if I'm executing his system properly so if in doubt folks please refer to TRO's posts.
Anyone else conducting trials? it would be great to see other results / comments.:)

Best Regards,
Neil
 
hi
where can I download the "B Z" guide ? I`venot managed to navigate kreslik. Do I have to sign up with them or is there somewhere else?
regards Derek
 
Thursday pips using BZ, Eur/Usd:

-6, 0, +1, -7, -6, +2, +6, +8, +8, -2, +11

So +15 for the day.


Cheers,
Neil[/QUOTE]
 
TheRumpledOne said:
jtrader, I don't even know why you bother posting in my threads.

No need to reply.. PLEASE!
Click to expand...

Well besides filling time, to try & stimulate debate, and improve understanding - obviously. Whats the problem with that :confused:. Thats what a forum is for.
It seems that you are taking my constructive additions to YOUR threads personally and in the wrong way. But please don't try & make out that i am the enemy, trying to damage your reputation or derail your threads, as this quite simply has/is not the case, as my posts no doubt prove.
My contribution to YOUR threads has been valid, accurate, and has raised the IMPORTANT & perhaps INCONVENIENT questions that have needed to be asked, for the BENEFIT OF US ALL.

I'm sorry if you can't see all this. You should be thanking me really :cheesy:.
:D.

PS. I have started many T2W threads. I don't really consider them MY threads though. I may start them, and follow them up until a certain point at which my needs have been satisfied. But then i may not view them again. I could name several very popular threads that i started that fit into this category (eg. UK house prices. i followed it for the first few weeks, until my questions were answered, and have not viewed it hardly since). So the point i am making is that a thread takes on a life of its own at some stage, and develops into whatever it develops into, for the benefit of eveybody.

Kind regards
JT.
 
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Hi Folks,
Todays results for BZ with Oanda demo, Eur/Usd.

Friday: +1, +1, -6, +7, +4, -7, +6, -7, -4, -7, -7, -6, -6, 0, 0, -2, +1, +3, -1

so 19 trades and -30 pips.
I've attached a chart showing the trades I took and the corresponding zones I used for today.


Summary for the week:
Mon 11/2/08 : +3
Tue 12/2/08 : -3
Wed 13/2/08: +17
Thu 14/2/08 : +15
Fri 15/2/08 : -30



That's just +2 pips for the week.

Best Regards,
Neil
 

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darktone said:
Now that looks like hard work!:eek:
Click to expand...

Hi darktone,
Yup, Wednesday and Thursday were much easier and more profitable.
:LOL:
Looking towards Monday, what effect will the holiday have on FX trading / volumes etc?
I don't know whether to give Monday a miss as far as Eur/Usd is concerned.

Any insights much appreciated.

Best Regards,
Neil
 
Looking towards Monday, what effect will the holiday have on FX trading / volumes etc?
Click to expand...

Honestly, I have no idea but with a stratergy like that! I think you might in for another hard day! :confused:
 
darktone said:
Honestly, I have no idea but with a stratergy like that! I think you might in for another hard day! :confused:
Click to expand...

Hi darktone,
Are you doubtful about the BZ strategy as a whole or do you think I'm just not executing it correctly?

Best Regards,
Neil
 
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bansir said:
Hi darkzone,
Are you doubtful about the BZ strategy as a whole or do you think I'm just not executing it correctly?

Best Regards,
Neil
Click to expand...

I havent read about the system to be honest, so cant say if your trading it right or wrong but looking at that screenie! :eek:

The main things i see wrong with it are:-
1) Overtrading.
2) Not taking position at the extremes of price action.
3) Close hard stops.

I do realise thats its a BO strat and im guessing theres not accounting for trend but to me It just doesnt make sense. Wheres the RR? :|
 
Just out of curiosity, bansir, you've been registered for nearly six years yet you still don't have a consistently profitable strategy to work with. Any idea why?

Db
 
A guess. There appears to be some pull toward what appears to be greener grass.
 
darktone said:
I havent read about the system to be honest, so cant say if your trading it right or wrong but looking at that screenie! :eek:

The main things i see wrong with it are:-
1) Overtrading.
2) Not taking position at the extremes of price action.
3) Close hard stops.

I do realise thats its a BO strat and im guessing theres not accounting for trend but to me It just doesnt make sense. Wheres the RR? :|
Click to expand...

Fair comments DT.
Yes, it's a breakout system.

You draw a horizontal line at the opening price level on a five minute candle.
This doesn't have to be on the hour, but I personally do use the hourly open.

You draw two more horizontal lines at open+3 pips and open-3 pips.
Finally draw two more horizontal lines at open+4 pips and open -4 pips.

When the price moves into the open +3 to open +4 region, buy.
When the price moves into the close -3 to close -4 region sell.

Use a 6 pip stop.
Re 1)
I'm not sure regards over trading, if the strategy is any good surly it should be able to cope with many trades provided one keeps within the rules? My main objective is to stay within the rules and see what happens.
Re 2)
One is really trying to avoid taking positions at extremes, this is where all the spikes take you out for a loss.
Re 3)
The stops are tight, you need very narrow spread on the price to stand any chance.
TRO recommends a broker that fills this requirement. I'm using Oanda who offer 1 pip spread for most of the time on Eur-Usd.

Risk reward ratio is notionally 1:1 to 1:2, you look for +6 to + 12 pips and then bail out when the price stalls, or move the stop up to break-even if you feel there's some momentum there.
I myself am very skeptical about this system, the small sample of results I have to date show an expectancy of -.01 pips per trade.

Cheers,
Neil
 
dbphoenix said:
Just out of curiosity, bansir, you've been registered for nearly six years yet you still don't have a consistently profitable strategy to work with. Any idea why?

Db
Click to expand...
Hi DBP,
I've just been reading some of your stuff this morning !

To cut to the chase:
I think it's due to lack of discipline.

This has extended into various areas of my trading including record keeping, trade management and sticking to the system.

I am currently forward testing a strategy (on demo) for spread betting on the Dow. It's looking promising; I've managed to get to the point where I haven't lost money over the last 6 months, although I have had good months and bad months.

I'm not sure if I should continue to test the buy zone in parallel with my existing system or whether It would be better to focus just the Dow.

Best Regards,
Neil
 
bansir said:
Hi DBP,
I've just been reading some of your stuff this morning !

To cut to the chase:
I think it's due to lack of discipline.

This has extended into various areas of my trading including record keeping, trade management and sticking to the system.

I am currently forward testing a strategy (on demo) for spread betting on the Dow. It's looking promising; I've managed to get to the point where I haven't lost money over the last 6 months, although I have had good months and bad months.

I'm not sure if I should continue to test the buy zone in parallel with my existing system or whether It would be better to focus just the Dow.

Best Regards,
Neil
Click to expand...

You may want to look at the following:

http://www.trade2win.com/boards/396467-post2.html
 
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