My Journal - Pathways to Improvement

[remulix]

Morning Sun

I basically only check the weekly and monthly at weekends or out of my normal trading times

The idea of multi Lrs on a 1 min chart is really to get a 15 min and hr plus view all on one chart - ie the longer LRs give you a longer view projection

Trouble is you might need a 15 or 30 min chart to see the last 3 days action as many brokers 1 min charts will not cover over 1 day

For intraday - once you have an idea of the big picture - ie important levels - 100 -200 pips away - then really you never need anything higher than a 3 or 5 min chart and I stay on the 1 min at least 80% of the time - and also use the tick chart on some pairs for sharper entries

Hope that helps

Have a good day

Hi Sun and F,

Seems like we need some very big screens so
Or maybe get SR lines from M15/30 reported on a M1 chart...
R.

 

[Forexmospherian]

Hi Sun and F,

Seems like we need some very big screens so
Or maybe get SR lines from M15/30 reported on a M1 chart...
R.

Hi remulix

once you make after stage 3 of the 6 stages over a 4 -8 months periods - ideally you need 2+ monitors - maybe 4 but 2 or 3 screens is sufficient to cover 3 pairs in detail

The idea of the longer 3 LR's on 1 min chart is to show you the 1 hr to 4 hr price structure bias - but all off one chart - so that you can scalp and swing just from the 1 min.

On very slow tight range days - you may need a tick chart to assist your entry and exit for a pip or two on every scalp - on 10 scalps with 7 winners it might help you make another 10+ pips during the session

On easier nice trend days with 70 to 200 pip rallies the mid and longer LRs play the role on the 1 min chart as that should keep you with the session trend

You are welcome on my own thread as well - but you need to put in a friends request first - but either way feel free to ask any questions etc with regards to the method and your own progress etc

Regards

F

 

[sun11]

To use multiple monitor with Metatrader 4, we need to undock the charts, which is problematic with the current version of mt4.
But we can stretch the the terminal or open two terminal.
Will try that in later stage, currently my 19inch is giving me the support.

 

[remulix]

To use multiple monitor with Metatrader 4, we need to undock the charts, which is problematic with the current version of mt4.
But we can stretch the the terminal or open two terminal.
Will try that in later stage, currently my 19inch is giving me the support.

Hi Sun,

I use MT4 for several years now and it's not a problem using several monitors (I actually use 4 24'' HD) You just have to expand the main MT4 frame over 2 or more monitors and then you are free to move charts wherever you want to.

I just coded an indicator showing RS lines from any timeframe, you just have to select. So you can keep your M1 chart with chosen Mxx/Hxx RS lines on it.

If you think it can help you, just tell and I will post it. Don't want to interfere with F's method levels.

R.

 

[Forexmospherian]

To use multiple monitor with Metatrader 4, we need to undock the charts, which is problematic with the current version of mt4.
But we can stretch the the terminal or open two terminal.
Will try that in later stage, currently my 19inch is giving me the support.

Personally - not a great fan of MT4 or MT5 - even though I know you have some nice features etc

If you are happy with MT4 stay with it and then find away to show different charts on multiple monitors - I know MM as a a few including 1 x 40 inch now - which might do the job on its own

I have thought of running 2 separate accounts with 4 pairs on each account whether with same or different broker - I would then not have the problem of delays with all my LRs on all the charts they can take a few mins to load and the more charts open on one computer - yet again can cause freezing and slow downs etc etc

Maybe see if you can get away with 2 monitors for only 3 pairs - as if you plan to keep your daily targets to 25 -30 pips - then you maybe dont need a big set up - only buy that after a few profitable years etc and when you want to be aiming for 70+ pip targets off 4 or more pairs etc

Regards

F

 

[remulix]

Hi remulix

once you make after stage 3 of the 6 stages over a 4 -8 months periods - ideally you need 2+ monitors - maybe 4 but 2 or 3 screens is sufficient to cover 3 pairs in detail

The idea of the longer 3 LR's on 1 min chart is to show you the 1 hr to 4 hr price structure bias - but all off one chart - so that you can scalp and swing just from the 1 min.

On very slow tight range days - you may need a tick chart to assist your entry and exit for a pip or two on every scalp - on 10 scalps with 7 winners it might help you make another 10+ pips during the session

On easier nice trend days with 70 to 200 pip rallies the mid and longer LRs play the role on the 1 min chart as that should keep you with the session trend

You are welcome on my own thread as well - but you need to put in a friends request first - but either way feel free to ask any questions etc with regards to the method and your own progress etc

Regards

F

Hi F,

Have a look at your profile and you will see that you accepted my friend request last week... :whistling (thanks BTW)

I'm really impressed by LR's accuracy and small lagging, as you said it's much more efficient than MAs. When LR's crossings are matching Kt, it's just wonderful...

I think I understood most of the basic rules of your method like LR + SR + KT (already coded an indi to show KT, I'm a coder so I can't help coding ) but concerning Time Windows, I'm a bit dry...
For now I understood that is finally the M1 chart that must show 30 minutes.
Am I correct or absolutely wrong ?

Thanks.

R.

 

[sun11]

Personally - not a great fan of MT4 or MT5 - even though I know you have some nice features etc

If you are happy with MT4 stay with it and then find away to show different charts on multiple monitors - I know MM as a a few including 1 x 40 inch now - which might do the job on its own

I have thought of running 2 separate accounts with 4 pairs on each account whether with same or different broker - I would then not have the problem of delays with all my LRs on all the charts they can take a few mins to load and the more charts open on one computer - yet again can cause freezing and slow downs etc etc

Maybe see if you can get away with 2 monitors for only 3 pairs - as if you plan to keep your daily targets to 25 -30 pips - then you maybe dont need a big set up - only buy that after a few profitable years etc and when you want to be aiming for 70+ pip targets off 4 or more pairs etc

Regards

F

40 Inch is is really a great idea. We were planning to a buy 37inch TV. If we did that, then i could easily use the TV as a monitor

Yes you can use two different account with different broker even with same broker. If your broker supports multi terminals. MT4 has multi terminal option where you can trade different accounts simultaneously. Otherwise you can upgrade your workstation too.

Yes in future i will get big setup. But first need to make money.

 

[sun11]

Day 49

PL: 17
No of Trades: 21
Win Rate: 71%
Largest Win: 5.8
Largest loss: 4.8

 

[Forexmospherian]

Hi F,

Have a look at your profile and you will see that you accepted my friend request last week... :whistling (thanks BTW)

I'm really impressed by LR's accuracy and small lagging, as you said it's much more efficient than MAs. When LR's crossings are matching Kt, it's just wonderful...

I think I understood most of the basic rules of your method like LR + SR + KT (already coded an indi to show KT, I'm a coder so I can't help coding ) but concerning Time Windows, I'm a bit dry...
For now I understood that is finally the M1 chart that must show 30 minutes.
Am I correct or absolutely wrong ?

Thanks.

R.

Hi R

Sorry a bit confused on what you mean here ?

Do you mean over 30 mins of previous action - or something else ?

Sorry - hopefully if you can clarify more then I can answer it OK

Glad you see the extra benefits of the LRs


Regards

F

 

[sun11]

Binary Off topic

Today I was trading binary options with your LR's. I use different chart set up for that & i added 500-900 LR on there to get acute entries & i was matching with 1 Min & Hourly TF to get best spot during the KT. I got 67% win rate. 6 out of 9 trades finishes as winner.



I know it's outside of my training. Just thought to share.

Regards

 

[remulix]

Hi R

Sorry a bit confused on what you mean here ?

Do you mean over 30 mins of previous action - or something else ?

Sorry - hopefully if you can clarify more then I can answer it OK

Glad you see the extra benefits of the LRs


Regards

F

Sorry to be so unclear...

Perhaps wrote you a post where "what is a time window" is explained ?
Case yes, it would help me and avoid losing your time explaining again...

R.

 

[Forexmospherian]

Sorry to be so unclear...

Perhaps wrote you a post where "what is a time window" is explained ?
Case yes, it would help me and avoid losing your time explaining again...

R.

OK

All my method is based on mainly moves within 60 mins or 1 hr

I have 2 TWs every hr - ie 9 mins either side the the 1 hr change and 9 mins either side of the 30 min change

From experience and findings over last 10 years + - 80% of all changes in waves take place in FX pairs in the 2 TW's - ie in 36 mins of ever 60 mins

I then drill down to 3 key times each time window - so 6 in an hr

I expect to look for wave movement changes around a KT

So we have KT's as - on the hour - 9 mins past - 21 mins past - 30 mins - 39 mins - 51 mins

I then focus to look for scalps and the LRs changing at the interim S & R levels in the 2 TW's around these 6 KT's

I dont look for 6 scalps every hour - some hours only 1 or 2 might be any good getting me over 5+ pips

If a scalp then goes on more than say 15 or 25 pips - it could change the price structure bias - but to do this may need then over 30 or 60 mins. 90% of all my scalps finish between 5 and 20 mins - but the ones that carry on are the ones of larger importance to add to etc etc

Hope this helps a bit more - but if confused - no problem - just ask for more examples or clarification etc


Regards


F

 

[remulix]

OK

All my method is based on mainly moves within 60 mins or 1 hr

I have 2 TWs every hr - ie 9 mins either side the the 1 hr change and 9 mins either side of the 30 min change

From experience and findings over last 10 years + - 80% of all changes in waves take place in FX pairs in the 2 TW's - ie in 36 mins of ever 60 mins

I then drill down to 3 key times each time window - so 6 in an hr

I expect to look for wave movement changes around a KT

So we have KT's as - on the hour - 9 mins past - 21 mins past - 30 mins - 39 mins - 51 mins

I then focus to look for scalps and the LRs changing at the interim S & R levels in the 2 TW's around these 6 KT's

I dont look for 6 scalps every hour - some hours only 1 or 2 might be any good getting me over 5+ pips

If a scalp then goes on more than say 15 or 25 pips - it could change the price structure bias - but to do this may need then over 30 or 60 mins. 90% of all my scalps finish between 5 and 20 mins - but the ones that carry on are the ones of larger importance to add to etc etc

Hope this helps a bit more - but if confused - no problem - just ask for more examples or clarification etc


Regards


F

OKAYYYY!!!! Got it !
Thanks a lot F, it's perfectly clear.

Well, I have no more excuses now, must set up and practice a lot, will post my progress (if any)

Thanks for your kindness F.
R.

 

[Forexmospherian]

PL: 17
No of Trades: 21
Win Rate: 71%
Largest Win: 5.8
Largest loss: 4.8

Well Done Sun

What I like about today's results is a nice win ratio on 21 trades and consistency

Ok many will say - "what 21 trades for just 17 pips" - but- you are not even half way through the course - you are just still at the early scalping and discipline stage - maybe the most important part of trading as far as I see it.

Do you think you are ready during this month to go live with mini lots or very small stakes ? - or would you prefer in November ?

You have to feel right and in control of your mindset etc - and so only you know - but we would make it it that even if you had a really bad day - loads of losses - you would stops before minus 30 pips and then at least than can be recovered within a couple of day

I reckon this month you will end up one day with a 40 or 50+ pip tally

I think your readings are improving and its making more sense to you

It would be wrong to wait until stage 5 or 6 before you go live - thats to late in the process - we need to get you over any real money "hurdle or wall" early on so that if we have to go back to demo for another few weeks then its not too confusing etc etc

Anyway you let me know when ever - no pressure - you are in control of how you progress I dont mind next week or waiting until next month

Regards


F

 

[Forexmospherian]

Well Done Sun

What I like about today's results is a nice win ratio on 21 trades and consistency

Ok many will say - "what 21 trades for just 17 pips" - but- you are not even half way through the course - you are just still at the early scalping and discipline stage - maybe the most important part of trading as far as I see it.

Do you think you are ready during this month to go live with mini lots or very small stakes ? - or would you prefer in November ?

You have to feel right and in control of your mindset etc - and so only you know - but we would make it it that even if you had a really bad day - loads of losses - you would stops before minus 30 pips and then at least than can be recovered within a couple of day

I reckon this month you will end up one day with a 40 or 50+ pip tally

I think your readings are improving and its making more sense to you

It would be wrong to wait until stage 5 or 6 before you go live - thats to late in the process - we need to get you over any real money "hurdle or wall" early on so that if we have to go back to demo for another few weeks then its not too confusing etc etc

Anyway you let me know when ever - no pressure - you are in control of how you progress I dont mind next week or waiting until next month

Regards


F

Your timing looks OK as well -

 

[remulix]

Today's report

Hi F,

I targeted 20 pips today.
Actually using 4 LR's : 8+12+28+37
All KT drawn by advance on the chart from 0.00/1 to 23:51
Also using dynamic Support and resistances calculated from M30 timeframe
Watching 8 majors: GU + NU + EU + AU + UJ + UC + EJ + UCh.

Of course it's a demo account.

ATM I'm absolutely unable to catch trades bigger than 1.5 pips, it's too scary...
I was also probably lucky; time will tell...
It's the first time I post attachment, hope I did it OK ....

Regards.
R.

 

[Forexmospherian]

Hi F,

I targeted 20 pips today.
Actually using 4 LR's : 8+12+28+37
All KT drawn by advance on the chart from 0.00/1 to 23:51
Also using dynamic Support and resistances calculated from M30 timeframe
Watching 8 majors: GU + NU + EU + AU + UJ + UC + EJ + UCh.

Of course it's a demo account.

ATM I'm absolutely unable to catch trades bigger than 1.5 pips, it's too scary...
I was also probably lucky; time will tell...
It's the first time I post attachment, hope I did it OK ....

Regards.
R.

Hi R

First of all

Well Done - you made a profit and although it took a lot of trades - you made your 20 pip target

I do know what you mean - about scary with quick movements

What does happen over time - ie months of trading on a 1 min chart - it then becomes slow and maybe how a 30 min or 1 hr chart looks to you atm

You actually adjust to the speed - its takes time and that why so many traders prefer the comfort of a 1 hr or 4 hr chart with large stops - they dont want the fear and hassle of so called "noise" - ie movements under 7 or 10 pips

By trading with tight stops - and you did well your bad trade you got out quickly - you are able to make RR winning trades of above 2 or 3 with just 12 -15 pips and what will happen some days as you progress you will catch many 10+ pip trades - all within just say 4 - 15 mins

Ideally never let a winning trade with over 5 pips of profit go to a loss - but if you are lucky to catch a real mover - check out the UCad or EA this afternoon - then once you are up 20 or 30+ pips you dont mind 7 -10 pip pullbacks etc

I personally think that's an excellent start - even though you might feel it was more luck etc

Remember even Sun has now taken over 1300 scalps - after you have done a couple of hundred scalps - you will get the feel - and adjust to the method.

Look forward to seeing how your chart looks

Also check out your settings on the EA at say 2 30 pm and after 4 pm - just to see if the 4 Lrs would have kept you with 50+ pip moves




Regards


F

PS - Forgot to point out - ideally you need to get the interim static S & Rs from a 1 min or 5 min chart - 30 min chart will only catch the larger levels

Also for dynamic S & R levels use trendlines from interim lows and highs but you will find a static level / horizontal level should be stronger than a dynamic level - that after all is continually changing etc

Will find some examples out for you tomorrow

 

[keen246]

Hi All,

I would like to share an observation regarding KTs. We all already know that following F's method we should look for entries around KTs.
I find interesting that, as F has already mentioned before, the most important KTs are :30 and :00 (the most important). However, I notice that very often the real push to turn(in case the KT is about to cause a turning point) happens at :35 and :05. As everything in the markets, it's not every time, but happens quite often.
Well worth to keep an eye for our entries. I attach an example showing 4 instances of my observation.
Cheers

 

[Forexmospherian]

Hi All,

I would like to share an observation regarding KTs. We all already know that following F's method we should look for entries around KTs.
I find interesting that, as F has already mentioned before, the most important KTs are :30 and :00 (the most important). However, I notice that very often the real push to turn(in case the KT is about to cause a turning point) happens at :35 and :05. As everything in the markets, it's not every time, but happens quite often.
Well worth to keep an eye for our entries. I attach an example showing 4 instances of my observation.
Cheers

Well spotted K

You are actually playing safe as well on your set up - waiting for extra confirmations from more Lrs - I notice the blue dotted one was lovely on the 4 examples on the Swissy chart

Sometimes for quick scalps you may get it a few pips better at a slightly early time to 5 mins after the main 30 and 60 min frame changes - but i dont blame you playing safe and going with your own particular set up preferences

I think as long as you find your own settings that you feel confident with over say 100's of scalps - stay with it

You might every month or 2 have to adjust slightly - because the market will adjust as well as its fore ever dynamic etc etc.

Also worth checking every month thats your settings stay the same

I have had in the past both on CMC over 6 yrs ago and GFT 3 yrs ago have had my setting mysteriously changed ?? - and it was not done by me - but the brokers always say - it must have been you

All it did was muck up my accuracy - but then after it happened once - I always checked from then on every weekend etc

Regards

F

 

[remulix]

Charts

Hi R

First of all

Well Done - you made a profit and although it took a lot of trades - you made your 20 pip target

I do know what you mean - about scary with quick movements

What does happen over time - ie months of trading on a 1 min chart - it then becomes slow and maybe how a 30 min or 1 hr chart looks to you atm

You actually adjust to the speed - its takes time and that why so many traders prefer the comfort of a 1 hr or 4 hr chart with large stops - they dont want the fear and hassle of so called "noise" - ie movements under 7 or 10 pips

By trading with tight stops - and you did well your bad trade you got out quickly - you are able to make RR winning trades of above 2 or 3 with just 12 -15 pips and what will happen some days as you progress you will catch many 10+ pip trades - all within just say 4 - 15 mins

Ideally never let a winning trade with over 5 pips of profit go to a loss - but if you are lucky to catch a real mover - check out the UCad or EA this afternoon - then once you are up 20 or 30+ pips you dont mind 7 -10 pip pullbacks etc

I personally think that's an excellent start - even though you might feel it was more luck etc

Remember even Sun has now taken over 1300 scalps - after you have done a couple of hundred scalps - you will get the feel - and adjust to the method.

Look forward to seeing how your chart looks

Also check out your settings on the EA at say 2 30 pm and after 4 pm - just to see if the 4 Lrs would have kept you with 50+ pip moves




Regards


F

PS - Forgot to point out - ideally you need to get the interim static S & Rs from a 1 min or 5 min chart - 30 min chart will only catch the larger levels

Also for dynamic S & R levels use trendlines from interim lows and highs but you will find a static level / horizontal level should be stronger than a dynamic level - that after all is continually changing etc

Will find some examples out for you tomorrow

Hi F,

As you required, here is what my charts looks like...

Wish you a good evening.
R.