fxfxfx

Hi folks,
 
It's me again ;)
 
Few people asked me if this is the only system that I trade - And my answer here is very clear:
NO - This is NOT the only system that I trade... But this is the CORE-system which I trade on a regular basis and which gives me enough triggers and suits my lifestyle.
 
As I said: I treat trading like a business - And from time to time I evaluate other system/strategies.
Like a company: Every company must look for diversification and/or improvement of their existing core-business(es).
 
I always use common sense and ask myself lots of question(s) when I evaluate other strategies/system(s).
 
As trader you MUST be open-minded (But of course only with common-sense in background) for new system(s)/strategies - BUT: You MUST trade your CORE-TRADING-SYSTEM regulary.
 
I do NOT think that all the people will trade the EXACT same way as I trade - But they will surely use components of the system that I showed to you all and they will mix it with other parts of price-action or whatever works for them -> They develop their own system.
 
And: This system is NOT written in stone !
I regulary analyze my trade(s) and if I find that modifying this or that will improve my trading -> I will try to find a way to implement it -> Then I demo it and then I TRADE it.
 
Like in EVERY BUSINESS you must analyze if you are on the "right" way -> And if you recognize that something is wrong, you must find corrective ways to bring it to the right way.
 
I regulary analyze at weekend ALL of my trades and try to answers what went wrong -> It is not always possible to find answer(s) -> You can't force the market to do what you want -> You must follow the market.
 
But often the problem is that people do not follow their own rules -> Therefore you must have a trading-plan where you wrote down every aspect of your system -> When you saw that you did not follow your own rules you must force yourself to re-read your trading-plan and/or make a "cheat-sheet" or a check-list in EXCEL -> Did you got the idea how your mindset should be ? You made something wrong -> You MUST a find a way to avoid it the next time... and I do NOT exclude myself here -> All human beings are making avoidable mistakes from time to time -> This makes us human ;)
 
Folks,
This is how EVERY successful business run(s) - And in trading it is not much different ;)
 
Cheers
 
fxfxfx

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
It's me again ;)
 
Few people asked me if this is the only system that I trade - And my answer here is very clear:
NO - This is NOT the only system that I trade... But this is the CORE-system which I trade on a regular basis and which gives me enough triggers and suits my lifestyle.
 
As I said: I treat trading like a business - And from time to time I evaluate other system/strategies.
Like a company: Every company must look for diversification and/or improvement of their existing core-business(es).
 
I always use common sense and ask myself lots of question(s) when I evaluate other strategies/system(s).
 
As trader you MUST be open-minded (But of course only with common-sense in background) for new system(s)/strategies - BUT: You MUST trade your CORE-TRADING-SYSTEM regulary.
 
I do NOT think that all the people will trade the EXACT same way as I trade - But they will surely use components of the system that I showed to you all and they will mix it with other parts of price-action or whatever works for them -> They develop their own system.
 
And: This system is NOT written in stone !
I regulary analyze my trade(s) and if I find that modifying this or that will improve my trading -> I will try to find a way to implement it -> Then I demo it and then I TRADE it.
 
Like in EVERY BUSINESS you must analyze if you are on the "right" way -> And if you recognize that something is wrong, you must find corrective ways to bring it to the right way.
 
I regulary analyze at weekend ALL of my trades and try to answers what went wrong -> It is not always possible to find answer(s) -> You can't force the market to do what you want -> You must follow the market.
 
But often the problem is that people do not follow their own rules -> Therefore you must have a trading-plan where you wrote down every aspect of your system -> When you saw that you did not follow your own rules you must force yourself to re-read your trading-plan and/or make a "cheat-sheet" or a check-list in EXCEL -> Did you got the idea how your mindset should be ? You made something wrong -> You MUST a find a way to avoid it the next time... and I do NOT exclude myself here -> All human beings are making avoidable mistakes from time to time -> This makes us human ;)
 
Folks,
This is how EVERY successful business run(s) - And in trading it is not much different ;)
 
Cheers
 
fxfxfx

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

After the cut - we look for the "Move After Cut" or MAC for short.
 
In post #125 I was told to refer to the 5th pic in post #107 (I added it below).
 
http://i.imgur.com/lCPYQ.jpg
 
In it you'll see that the thick green lime gold become more steep and more parallel compared to its move before the cut.
 
I've added a picture below where I put a line across the gold then superimpose it over the move after the cut, and we definitely see it steeper. The lime also gets steeper, but the green does not look steeper, but may be fine (I'm guessing) because the other two got steeper.
 
http://i.imgur.com/U0JXu.jpg
 
The MAC seems to be a VERY important element to look for. A few other posters earlier in this thread mentioned its importance. A MAC that does not demonstrate a steepening may invalidate the traits for a PTS.
 
Hope that helps.
Joe

July 12 7:30 GMT
EU > m15 waiting for retrace

Hi folks,
 
It's me again ;)
 
Few people asked me if this is the only system that I trade - And my answer here is very clear:
NO - This is NOT the only system that I trade... But this is the CORE-system which I trade on a regular basis and which gives me enough triggers and suits my lifestyle.
 
As I said: I treat trading like a business - And from time to time I evaluate other system/strategies.
Like a company: Every company must look for diversification and/or improvement of their existing core-business(es).
 
I always use common sense and ask myself lots of question(s) when I evaluate other strategies/system(s).
 
As trader you MUST be open-minded (But of course only with common-sense in background) for new system(s)/strategies - BUT: You MUST trade your CORE-TRADING-SYSTEM regulary.
 
I do NOT think that all the people will trade the EXACT same way as I trade - But they will surely use components of the system that I showed to you all and they will mix it with other parts of price-action or whatever works for them -> They develop their own system.
 
And: This system is NOT written in stone !
I regulary analyze my trade(s) and if I find that modifying this or that will improve my trading -> I will try to find a way to implement it -> Then I demo it and then I TRADE it.
 
Like in EVERY BUSINESS you must analyze if you are on the "right" way -> And if you recognize that something is wrong, you must find corrective ways to bring it to the right way.
 
I regulary analyze at weekend ALL of my trades and try to answers what went wrong -> It is not always possible to find answer(s) -> You can't force the market to do what you want -> You must follow the market.
 
But often the problem is that people do not follow their own rules -> Therefore you must have a trading-plan where you wrote down every aspect of your system -> When you saw that you did not follow your own rules you must force yourself to re-read your trading-plan and/or make a "cheat-sheet" or a check-list in EXCEL -> Did you got the idea how your mindset should be ? You made something wrong -> You MUST a find a way to avoid it the next time... and I do NOT exclude myself here -> All human beings are making avoidable mistakes from time to time -> This makes us human ;)
 
Folks,
This is how EVERY successful business run(s) - And in trading it is not much different ;)
 
Cheers
 
fxfxfx

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi folks,
 
Hi izogrey,
 
Yes - Izogrey - you are totally right ;)
 
I really shared ALL the stuff that is needed in this thread.
What I finally wanted to do is to write probably a summary - But I really have rare time at the moment (due to many reasons) and soon I also want to go to vaccation and then I also do not know how good the internet-connection will be ;-)
 
But all I can say to you all is:
practice, practice, practice - and the willingness to learn AND doing.
 
Maybe here a very very very small summary:
 
Preparation:
Draw SwingHigh/SwingLow,
Draw S/R-Lines and update them on a daily basis or so...
Attach the alerter
Wait for a candlestick-pattern.
Check if the candlestick-pattern occurs at a re-trace
Check if daily and 4-hourly is aligned
Check if candlestick-pattern occurs at a S/R-Line and ONLY trade in the direction of the trend.
Always go for a Risk/Reward of 1:2
 
Trade-Management:
If setup occurs in a ranging market:
 
If candlestick-pattern is a pin-bar and has the right direction (the wick shows to the opposite direction than the trend) split your order in 2:
1st order: Enter at 50% of the the PIN-BAR and the 2nd order at the HIGH or LOW of the PIN-BAR -> SL: At the HIGH or LOW of the PIN-BAR, Target 2x your risk
 
If candlestick-pattern is an inside-bar make an order with the entry: HIGH or LOW of the outside-bar (but only in the direction of the trend). SL: 50% of the outside-bar, TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If candlestick-pattern is a fake-breakout make an order with the entry: HIGH or LOW of the false breakout-bar (but only if the false breakout was to the opposite of the trend). TP: 2x your risk (But only if the TP would NOT exceed the boundaries of the sideways channel).
 
If the candlestick-pattern occurs at a change of trend and went outside the boundaries of a sideways market and then retraces back (If there was sideways market).
Entry for the setup remains the same (except for PIN-Candle: Entry: HIGH or LOW of the PIN-BAR) and also the SL for the setup remains the same, but leave the TP open and trail the SL:
 
Example:
 
After a setup occurs at a change of trend and you opened your position and you see on the way UP or DOWN a PIN-BAR, move the SL to the HIGH or LOW of the PIN-BAR and if you see on your way an INSIDE-BAR, move the SL to the HIGH or LOW of the OUTSIDE-BAR and if you see on the way a FAKE-BREAKOUT in the right direction, move the SL to the HIGH or LOW of the FAKE-BREAKOUT-BAR. TP will be reached when you get stopped out ;)
 
There are also other components to consider - but the system itself is COMPLETELY outlayed now guys and should be enough to be profitable.
 
Maybe when I have a little bit more time again, I can post some "tips" - But these tips do not change the system mentioned here (although it is not a system - it is more a collection of tools as some setups maybe need a little bit more discretionary).
 
But the MOST IMPORTANT thing is to EXCERCISE them.
 
Cheers to all
 
fxfxfx
 

Hi guys,
 
IMHO, I think that nothing is wrong here. Here it is why:
 
Trading activity suppose a human being with two strong complementary abilities: intuition and reasoning. This is why it's so hard to be good at this.
 
This method contains a synthesis of main elements for both categories - elements to help your good intuition and elements to help your good technical analysis. Even more, fxfxfx gave some references for further reading ( Nial Fuller, YTC ... ).
 
This method, as is described here, contains also the operational part: what to do every day, how can you construct your own analysis and trade management daily routine.
 
So maybe I'm wrong here, but it seems to me that the overall image of this method is complete.
 
Of course, this means nothing for the thread reader if he/she will not practice a while this method in order to "feel" and "think" about it - in order to harmonize his/her own intuition and reasoning. For this activity, there are two needed elements: the information, which i think is complete in this thread, and the will to do it, which depends on the thread reader. But fxfxfx already told us about this.
 
So, in my opinion, it's nothing sad here: this thread was the first step, and the second one is the personal transformation of every reader in a better trader. And I wish all of you good luck on this !!! :-)
 
Cheers

Hi,
 
Fixed now the EXCEL-thinggy ;)
 
Excel-Version can be downloaded here:
http://www.4shared.com/document/nXFPi1oi/PATradeHelper-0001.html
 
Although it does not look 100% like the openoffice-version (conditional formatting) - It shows/calculates now the correct value(s).
 
The problem was that Openoffice treats a TRUE with 1 and FALSE with 0 and OFFICE treats a true with TRUE and FALSE with FALSE ;)
 
Cheers
 
fxfxfx
 

How does the market move ?
 
How does the market move ?
 
The market moves in 3 directions:
 
1.) BULLISH (price makes Higher Highs and Higher Lows)
 
2) BEARISH (price makes Lower Highs and Lower Lows)
 
3) SIDEWAYS (price makes equal Highs and equal Lows)
 
Will update these 3 directions with pictures....
 
1) BULLISH:
Price makes Higher Highs and Higher Lows:
An impulsive swing is followed by a retracement-move which DO NOT retrace (close) below the start of the last impulsive move
The majority is very confident that Price will go UP.
http://img810.imageshack.us/img810/7933/uptrend.gif
 
2) BEARISH:
Price makes Lower Highs and Lower Lows:
An impulsive swing is followed by a retracement-move which DO NOT retrace (close) above the start of the last impulsive move.
The majority is very confident that Price will go DOWN.
http://img853.imageshack.us/img853/5593/downtrend.gif
 
3) SIDEWAYS:
Price makes Equal Highs and Equal Lows:
Price makes a swing upwards/downwards followed by a swing in the opposite direction which close (or high/low) is near the beginning of the first initial move and then again retraces to the other side of the "channel". -> Will update this with a picture
The majority is unsure of how price will move and therefore trade from one side of the channel to the other side of the channel (little bit self-fulfilling *g*) until there comes clarity (news-event or price moves sharply outside the channel and also closes outside the channel).
http://img842.imageshack.us/img842/3800/sideways.gif

Hi,
 
Fixed now the EXCEL-thinggy ;)
 
Excel-Version can be downloaded here:
http://www.4shared.com/document/nXFPi1oi/PATradeHelper-0001.html
 
Although it does not look 100% like the openoffice-version (conditional formatting) - It shows/calculates now the correct value(s).
 
The problem was that Openoffice treats a TRUE with 1 and FALSE with 0 and OFFICE treats a true with TRUE and FALSE with FALSE ;)
 
Cheers
 
fxfxfx
 

Small gift for you
 
Hi folks,
 
I have a small gift for you to download:
 
http://www.4shared.com/file/I0U1cMIw/PATradeHelper-0001.html
 
It should eliminate nearly all guesswork and should give you the opportunity to take the trade with a high degree of certainty.
 
Hope you find this useful
 
Cheers
 
fxfxfx

Inside-BAR Indicator
 
Here an other veeery helpful tool which you can download here:
 
http://www.forex4noobs.com/wp-content/incs/indicators/mc-ind.zip
 
Set the parameter "MinEngulfCandles" to 1 and it will visualize EVERY INSIDE-BAR at your Chart.
 
I use it regulary as it will help me to find also complex fake-breakouts and it will avoid that you will oversee an inside-bar or fake-breakout.
 
I also can recommend forex4noobs in general - Very good site and Nick is really very helpful to all members - AND: All is free - AND: His system is working !
 
Hope this was useful
 
Cheers
 
fxfxfx

Hi TripleFX :)
Please check it, is it works per rules... have no time until tomorrow...

http://www.multiupload.com/XOMIM4SQTR
 
Best!

Hi alright,
 
You can do this by doin this:
 
Navigate to the "DATA" Then you should have a button called "Data Validation" -> Here you can change the value of the list ;)
 
But I will try to make a new version where we do NOT use TRUE or FALSE and use instead YES and NO - This should work better and also non-english version should then have no problems...
 
Cheers
 
fxfxfx
 

I hope that version is same as openoffice version

http://www.multiupload.com/KXCWVAV95K

Small gift for you
 
Hi folks,
 
I have a small gift for you to download:
 
http://www.4shared.com/file/I0U1cMIw/PATradeHelper-0001.html
 
It should eliminate nearly all guesswork and should give you the opportunity to take the trade with a high degree of certainty.
 
Hope you find this useful
 
Cheers
 
fxfxfx

How does the market move ?
 
How does the market move ?
 
The market moves in 3 directions:
 
1.) BULLISH (price makes Higher Highs and Higher Lows)
 
2) BEARISH (price makes Lower Highs and Lower Lows)
 
3) SIDEWAYS (price makes equal Highs and equal Lows)
 
Will update these 3 directions with pictures....
 
1) BULLISH:
Price makes Higher Highs and Higher Lows:
An impulsive swing is followed by a retracement-move which DO NOT retrace (close) below the start of the last impulsive move
The majority is very confident that Price will go UP.
http://img810.imageshack.us/img810/7933/uptrend.gif
 
2) BEARISH:
Price makes Lower Highs and Lower Lows:
An impulsive swing is followed by a retracement-move which DO NOT retrace (close) above the start of the last impulsive move.
The majority is very confident that Price will go DOWN.
http://img853.imageshack.us/img853/5593/downtrend.gif
 
3) SIDEWAYS:
Price makes Equal Highs and Equal Lows:
Price makes a swing upwards/downwards followed by a swing in the opposite direction which close (or high/low) is near the beginning of the first initial move and then again retraces to the other side of the "channel". -> Will update this with a picture
The majority is unsure of how price will move and therefore trade from one side of the channel to the other side of the channel (little bit self-fulfilling *g*) until there comes clarity (news-event or price moves sharply outside the channel and also closes outside the channel).
http://img842.imageshack.us/img842/3800/sideways.gif

What drives the market ?
 
The market is driven by: PSYCHOLOGY of the masses !
Uff ? Now maybe you expected something more spectacular ;-) ?
 
Yes - folks! Your price-chart is nothing more and nothing less than the reflection of the psychology of the masses !
 
When the majority of the masses thinks that price goes up (positive news events, positive rumours, special price-formations..) price WILL go up.
When the majority of the masses thinks that price goes down (negative news events, negative rumours, special price-formations..) price WILL go down.
 
This is a FACT !
 
And I mean with the majority not the amount of people - I mean the amount of people multiplied with their capital (We small "hobby"-traders only have small impact to price).
 
This also means:
When thousands of BIG BUY-orders are sitting at a specific price-level, price WILL go UP !
When thousands of BIG SELL-orders are sitting at a specific price-level, price WILL go DOWN !
 
But this also means: There must be a something in "common" what makes these people think that price will go up or down.
Do you really think that this could be an indicator or an EA ?
Did you know that there exists THOUSANDS of indicators with literally and endless amount of parameters.
CCI (1), CCI(99), MA(5), MA(99988), MACD(444), MACD(39488),.... ?
 
Do you get the idea behind my question ?
They could never have one common thing that they (all these indicators in summary) say: BUY now ! This is impossible as even ONE indicator could have an endless amount of parameters !
 
Why do you think that your brokers offers you so many indicators ;-)
 
What is the feed for every indicator ?
You got it: PRICE !
Why do you trade only the reflection of price (this is what an indicator is) ?
 
Do not get me wrong - I will not say that indicators or EAs does not work ... But i do not know anybody PERSONALLY who makes CONSISTENT money over a LONG TIME-PERIOD !
Most (if not all) EAs or indicators are curve-fitted. This means that they work for a certain period of time but when market-condition changes -> They start to fail (Is there an A-HA effect and/or did you also know this situation probably?) !
 
I also must say that so many people are seeking for the holy-grail: Wake up, people: This holy grail does not exist, because if it exists we ALL would have a problem ! Our financial system will collapse ! There MUST be a certain amount of risk ;-)
Only if you accept this and trade in a logical way with common-sense you will succeed !
You also must accept that you MUST take trading serious ! Treat it like a business (because in fact it is a business).
Also accept that this trading-method probably will NOT work for you (I am not an ego and say that this strategy is the best and that this will work for you - as I can NOT guarantee this).
Even when 2 people are doing the EXACT same business it will happen that 1 will succeed and 1 will fail !
 
This strategy is in fact not "my" strategy - This concept exists for a VERY long time and is nothing new to most traders.
 
You probably would say: But when I do not need any indicator - Why are there so many ?
I will clarify this for you:
Long time ago the japanese people traded rice successfully only with price-action. At a certain point of time the PCs became so cheap that everybody was able to buy one -> And then: Why only trade with this BOOORING price-action-stuff when we have computers which can do soo much more than a human brain. These days were the start of the indicators. Why did the people use it ? Because it is "unsexy" to not use them !
 
Listen: Rice was traded at times where Expert-Advisor and Indicators were unknown words ;-) successfully for AGES - and still people trade it successfully !
 
Although Trendlines, Fibonacci and S/R - lines are basically also indicators ;-) I personally do not count them as indicators....