NEVER LOSE AGAIN!! TheRumpledOne

so why 25 pips on my first trade and only took 10pips on the 2nd?? That's easy to answer - the first trade was with the hourly trend and trading away from the daily open, the 2nd trade was going against the hourly trend and towards the daily open (but with the current candle which was red)

Bunny
 
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Post up and down arrows under the appropriate candle, to mark the candle where the trade was taken & the direction..

Maybe use another symbol type such as a cross to signal the exit point.
:)

I am ALWAYS referring to the most recent candle when showing a trade.

For example, in the above chart:

RED H1 CANDLE

RED H1 CANDLE AT 0.6500

GO SHORT AT 0.6500

TAKE PROFIT.

This is SCALPING. 5 or more pips is all I am after.

Thanks for your suggestion.
 
I would argue that you're now going long way too late. You've missed a tonne of upside...

Yes, If you'd enter where the price sits in the picture you'd be in late, but my buy limit was triggered @ 96.35, got out @ 96.42.

Sorry I didn't put any symbol there to show where the entry was, will do that in the future.
 
OK i'm going to be brave and dare to ask another question:-

On the horizontal lines strategy..

If the candle is currently red- but the price is starting to track back upwards- would you still enter a short position when the price got to the right number (00,25,50,75).? e.g. like the EUR/USD is now.

Bunnygirl- well done for managing to get those 10 pips. If you take a quick look at the 1 min chart you can see why you were lucky- the price hit a great big support line. But well done.
 
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Hi Tro,

I'd just like to say thanks for your time and effort - I don't know why some are finding it so hard to understand.

I have a question if I may - Eur/Usd opened at 1.2644 and I entered long at 1.2652 (1.2650 + spread) and I have just taken 25 pips profit on 1st half and then 2nd half stopped at b/e but at this point candle is still green because it's above the open..... so my question is would you do either of the following :- if the candle then turns red would you short at 1.2625 which would be the first line below the open or if the price broke up through 1.2650 again would you attempt a 2nd long in the same hour.

I'm sorry if it's a bit long-winded, but to simplify...do you ever take 2 trades in the same hour as long as it follows the rules and maybe using a smaller timeframe to assist with re-entry?

Many Thanks - chin up, some of us are with you!

Bunny

Simple answer is to only take 1 trade for each direction per hour. The reason is because the statistics are based on ONE OCCURRENCE of the price crossing the line not 2 or more occurrences. But once you get better at seeing price action, you'll have an idea when to reenter and when to pass on the trade. Over trading can be avoided by sticking to these "rules".

There's a few reasons why some people find this difficult to understand:

1) They are not really interested in understanding - all they want to do is trash the thread. Some people try to look smart by attacking the teacher. Mainly ego driven.

2) They are "too smart/educated" for their own good. They want to use some of their knowledge and all that does is get in the way. The less you know, the faster you'll master this. NO BAD HABITS to break. Some people want to "improve" this method BEFORE they have mastered it. They want to use some "squiggly line" indicator to help them. YOU DON'T NEED INDICATORS TO DO THIS!!

3) They are not dedicated to learning. If they don't "get it" the first time, they quit.

Glad to hear it's working for you, Bunny. Thanks for posting.
 
putting aside TRO's rather terse and combative nature :cheesy:,

You should have met my piano teacher!!!

the one bar I cant analyse with ease is the one marked with question marks. (the purple marker is where the call of green/red is open to question)
the open is too close to the 75 line to call green/red.


Your chart shows the bar opening above the line. IGindex has that bar opening at 1.2677 a clear 2 pips above the line....hmmmm different platforms may give different results in some instances.

Bunny
 
eur/usd opened this hour at 1.2674, I have just taken a short at 1.2649

Bunny


taken half for 10 pips profit already...not bad for 2 mins work :) 2nd half to b/e

2nd update: 2nd half stopped at b/e


Thanks for the pips TRO ;)

Bunny

Keep it up, Bunny!!
 
putting aside TRO's rather terse and combative nature :cheesy:, EURUSD would have nabbed some good action.
the reason I chose EU, was because it was choppy after 9-am, and choppy markets are the real test of some systems.

difficulty can be identifying when the trade is running out of steam.
the one bar I cant analyse with ease is the one marked with question marks. (the purple marker is where the call of green/red is open to question)
the open is too close to the 75 line to call green/red.
if you decided to go short, there might have been a good chance to bail out rather than take the full 25 pip hit.
there is only one clear failure, when the trade reverses almost exactly at the 25 line.

the others are clear winners, or move sufficiently far after the trade initiates that you have enough room to bail out without taking the full 25 pip hit.

if TRO was washed and scrubbed, and taught some etiquette, he would be treated better. :cheesy:
(that is a joke, TRO. its interesting that the negativity probably comes more as a reaction to your abrasive demeanour rather than your trading rules. something to think about.)

Terse, Yes. Only say what is necessary and stop.

Combative, only when provoked. I have no reason to attack anyone. If hit, I hit back and continue to hit until the opponent is crushed. Never leave a battle unfinished.

Abrasive, only when provoked. See combative above.

People attack the messenger. A very old tactic. Didn't work for John McCain, now did it?

Thanks for posting.
 
putting aside TRO's rather terse and combative nature :cheesy:, EURUSD would have nabbed some good action.
the reason I chose EU, was because it was choppy after 9-am, and choppy markets are the real test of some systems.

difficulty can be identifying when the trade is running out of steam.
the one bar I cant analyse with ease is the one marked with question marks. (the purple marker is where the call of green/red is open to question)
the open is too close to the 75 line to call green/red.
if you decided to go short, there might have been a good chance to bail out rather than take the full 25 pip hit.
there is only one clear failure, when the trade reverses almost exactly at the 25 line.

the others are clear winners, or move sufficiently far after the trade initiates that you have enough room to bail out without taking the full 25 pip hit.

if TRO was washed and scrubbed, and taught some etiquette, he would be treated better. :cheesy:
(that is a joke, TRO. its interesting that the negativity probably comes more as a reaction to your abrasive demeanour rather than your trading rules. something to think about.)

Trendie

Thanks for posting that chart - the candle you question is the one I alluded to in post #193. TRO said you should just enter short at the 75 number. I agree though - grey area when it opens very close to the horizontal line.
 
putting aside TRO's rather terse and combative nature :cheesy:,

You should have met my piano teacher!!!

the one bar I cant analyse with ease is the one marked with question marks. (the purple marker is where the call of green/red is open to question)
the open is too close to the 75 line to call green/red.


Your chart shows the bar opening above the line. IGindex has that bar opening at 1.2677 a clear 2 pips above the line....hmmmm different platforms may give different results in some instances.

Bunny

Too close? NO!

Either the price is below, at or above the line. Simple!

DO NOT THINK - REACT!!
 
OK i'm going to be brave and dare to ask another question:-

On the horizontal lines strategy..

If the candle is currently red- but the price is starting to track back upwards- would you still enter a short position when the price got to the right number (00,25,50,75).? e.g. like the EUR/USD is now.

Bunnygirl- well done for managing to get those 10 pips. If you take a quick look at the 1 min chart you can see why you were lucky- the price hit a great big support line. But well done.

If PRICE IS GOING UP, you do NOT enter SHORT.

If PRICE IS GOING DOWN, you do NOT enter LONG.

If PRICE already crossed the line, is now going up and touches the line again, NO, YOU DO NOT ENTER THE TRADE. The trade already happened. Either you took it the first time or you missed it. That is the simple rule that will keep you out of unprofitable trades. DON'T SECOND GUESS.

Thanks for posting.

P.S. Caps are for EMPHASIS and not for shouting ;)
 
I agree, it was a clear short at 1.2674 on my platform - so how many winning bars in a row does that make now Trendie?

Bunny
 
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Trendie

Thanks for posting that chart - the candle you question is the one I alluded to in post #193. TRO said you should just enter short at the 75 number. I agree though - grey area when it opens very close to the horizontal line.

Please feel free to post BIG CHARTS in my thread.

Thanks.

P.S. Trendie, I hope you're making some real pips!
 
I agree, it was a clear short at 1.2674 on my platform - so how many winning bars in a row does that make now Trendie?

Bunny

4 bars in a row, 9-am to 11-am.
the 12-noon bar failed.
the others after 12-noon are also positive.

frighteningly simple. TRO says just go for 5 pips, but if you're risking 25, thats not good. but, experience is showing you could trail it and grab lots more.

this thread could do with forward calls.
every hour, just call the chart value of the pair you are trading, and declare what your triggers for long or short are. easy. unambiguous.
(oh, and post when you take profit, to avoid claims it was too long after the event)

EU currently at 1.2638.
looks like 1.2625 for a short, 1.2650 for a long. (now, 15:58)
 
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Here we go again then...eur/usd opened at 1.2640

I've just entered long at 1.2653 (1.2651 + spread)

Bunny
 
closed half at 1.2665 for +12 stop on 2nd half to b/e

My target for the 2nd half is 1.2697 if seen, but I will post exit in real time whatever it will be.
Bunny
 
A quick question TRO seeing as it's coming up right now on EUR, I am already long because of eur crossing the 1.2650 line with half of the trade still running, would you add more as it crosses the 1.2675 line? Do you ever add to running trades?

Many Thanks in advance,

Bunny
 
A quick question TRO seeing as it's coming up right now on EUR, I am already long because of eur crossing the 1.2650 line with half of the trade still running, would you add more as it crosses the 1.2675 line? Do you ever add to running trades?

Many Thanks in advance,

Bunny


Hope you decided to add to it- it just shot through 1.2700 :)
 
woohooo 2nd target already hit as I posted the above question

2nd half closed at 1.2697 for 44 pips profit.

Thank you for the pips TRO

Bunny
 
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