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Daily Chart 3-Candle

  • #101
  • May 3, 2018 7:31pm May 3, 2018 7:31pm
Here is another question, how important is the "lower highs on the left" ?

Really, sometimes there are "stop hunts" which spike the price up, pin bars come to mind

That is actually a good thing by the way, but if you mean Bar 2 has a lower high than Bar 1, that what is needs to say

There can only be 1 lower high to the left when looking at 3 bars.

And # 4 confuses me to no end, why is the entry in relationship to Bar 1 ???

Is that a missprint? Should be today's bar looks to me or I am missing something?

The numbers on chart are the STEPS, not the Candles number.

This would have been an easy setup and profitable with little risk, so I'm not hounding you for no reason

It looks great, thanks for sharing, will check more pairs now!

Attached Image (click to enlarge)
Click to Enlarge Name: 2018-05-04_10-19-28.png Size: 63 KB
It takes a lot for me to IGNORE you, but you can try.
  • #102
  • May 3, 2018 7:43pm May 3, 2018 7:43pm
with due respect to everyone here
are we talking close to this one:

https://www.forexfactory.com/showthr...6#post10697936

post #42 and #44


Thanks
R
  • #103
  • May 4, 2018 3:55am May 4, 2018 3:55am
Quoting rookie14
with due respect to everyone here are we talking close to this one: https://www.forexfactory.com/showthr...6#post10697936 post #42 and #44 Thanks R
Hi rookie14,

No, that system describes failure at swing highs and lows
Hero Traders Live to see their Accounts Die!
  • #104
  • May 4, 2018 3:56am May 4, 2018 3:56am
so if i am correct, we are in the "buy zone" with NU?
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Click to Enlarge Name: NZDUSDDaily.png Size: 57 KB
trading is like dancing, don't think and just listen to the music!
  • #105
  • May 4, 2018 3:56am May 4, 2018 3:56am
Quoting Erebus
Here is another question, how important is the "lower highs on the left" ? Really, sometimes there are "stop hunts" which spike the price up, pin bars come to mind That is actually a good thing by the way, but if you mean Bar 2 has a lower high than Bar 1, that what is needs to say There can only be 1 lower high to the left when looking at 3 bars. And # 4 confuses me to no end, why is the entry in relationship to Bar 1 ??? Is that a missprint? Should be today's bar looks to me or I am missing something? The numbers on chart are the STEPS, not the...
Hi Erebus,

If you choose to number your bars in a different way for you to better understand that is fine, however the principles should remain the same.
Hero Traders Live to see their Accounts Die!
  • #106
  • May 4, 2018 3:59am May 4, 2018 3:59am
Quoting birdland
so if i am correct, we are in the "buy zone" with NU? {image}
Hi birdland,

Yes it is. I did not take this buy as I did not anticipate a reversal just before NFP. We may however see that today or maybe the setup will fail. Its NFP Friday!
So all trades from yesterday are still in play...at least ahead of NFP
Hero Traders Live to see their Accounts Die!
  • #107
  • May 4, 2018 4:42am May 4, 2018 4:42am
Quoting simoneg
{quote} Hi birdland, Yes it is. I did not take this buy as I did not anticipate a reversal just before NFP. We may however see that today or maybe the setup will fail. Its NFP Friday! So all trades from yesterday are still in play...at least ahead of NFP
Rule three of the buy setup states:

“3. Bar 3 closes above the CLOSE PRICE OF BAR 1 (if it has a BEARISH BODY”

By this logic isn’t this a false signal?
  • #108
  • May 4, 2018 4:55am May 4, 2018 4:55am
Hi everyone,

Out of all trades ahead of NFP. Happy trading to you all and have a great weekend! I will provide further updates over the weekend.
Hero Traders Live to see their Accounts Die!
  • #109
  • May 4, 2018 5:34am May 4, 2018 5:34am
Quoting kafeldom
{quote} Rule three of the buy setup states: “3. Bar 3 closes above the CLOSE PRICE OF BAR 1 (if it has a BEARISH BODY” By this logic isn’t this a false signal?
Hi kafeldom,

Why would you want to take a reversal signal on the EVE before NFP? Who would do that?

EA traders, if you are looking for an EA that will generate gold for you. You won't find it, and if you do, I will stop doing all that I now do, click autotrade and go to the beach everyday.

Traders, trading is a business. It requires work. Every serious trader educates/informs him/her self in such a way that will allow for high probability trades = earn money. Even a serious gambler spends time informing him/her self and assesses when NOT to take a risk.

An EA cannot examine market sentiment across related pairs or (for the most part), choose which setups NOT to take, or cut losses if it thinks the trade isN't working out, or take profit if it thinks the market has peaked.

Trading is NOT a simple business. You have to take time to learn and understand OR you will give away all your money.

I have not shared a work in progress. I have been sharing how I analyse and trade. I don't take every setup. If other variables outside of the rules are off, I sit on the sidelines and wait.


This is NOT and EA system folks. YOU WILL FAIL AT THIS! You have to think! You have to work! Then come back tomorrow and do the same.

I will do my best to articulate the system in an improved post#1 to bring clarity, and continue to welcome your feedback and questions that will help to achieve that end.

Bless.
Hero Traders Live to see their Accounts Die!
  • #110
  • May 4, 2018 1:21pm May 4, 2018 1:21pm
Quoting simoneg
{quote} Hi kafeldom, Why would you want to take a reversal signal on the EVE before NFP? Who would do that? EA traders, if you are looking for an EA that will generate gold for you. You won't find it, and if you do, I will stop doing all that I now do, click autotrade and go to the beach everyday. Traders, trading is a business. It requires work. Every serious trader educates/informs him/her self in such a way that will allow for high probability trades = earn money. Even a serious gambler spends time informing him/her self and assesses when NOT...
Hmm, they say the robots will take over in the near future.
  • #111
  • May 4, 2018 1:30pm May 4, 2018 1:30pm
Interesting thread
  • #112
  • May 5, 2018 10:23am May 5, 2018 10:23am
Quoting sandyng
{quote} Thanks for sharing! How do u see usd/jpy mate?
So sorry...I somehow missed your post.
Hero Traders Live to see their Accounts Die!
  • #113
  • May 5, 2018 11:12am May 5, 2018 11:12am
Quoting simoneg
{quote} Hi kafeldom, Why would you want to take a reversal signal on the EVE before NFP? Who would do that? EA traders, if you are looking for an EA that will generate gold for you. You won't find it, and if you do, I will stop doing all that I now do, click autotrade and go to the beach everyday. Traders, trading is a business. It requires work. Every serious trader educates/informs him/her self in such a way that will allow for high probability trades = earn money. Even a serious gambler spends time informing him/her self and assesses when NOT...
An EA can do everything a human brain can do! As a matter of fact it can do it much quicker and much accurately than any human mind can!

But usually the challenge is EAs do only and only what they are told to do. That said it is not easy job to explain the EA about all complex Market Sentiments and so EAs end up with limitations.
  • #114
  • Edited 1:17pm May 5, 2018 11:31am | Edited 1:17pm
Hi everyone,

I have updated POST#1 to the best of my ability. I only need to add some trade continuation scenarios. I will make every effort to get that done this weekend. Hope the picture will be much clearer for everyone following now.

Thanks to everyone for your input!

Bless.
Hero Traders Live to see their Accounts Die!
  • #115
  • May 5, 2018 1:03pm May 5, 2018 1:03pm
Quoting simoneg
Hi everyone, I have update POST#1 to the best of my ability. I only need to add some trade continuation scenarios. I will make every effort to get that done this weekend. Hope the picture will be much clearer for everyone following now. Thanks to everyone for your input! Bless.
Thanks for your contribution
  • #116
  • May 5, 2018 2:05pm May 5, 2018 2:05pm
Hi simoneg

You seem to have a very interesting thread going. I had read your thread before and didn't clearly understand it and was waiting for some clarifications. Now that this thread has matured and after reading various posts and your updates, I think I almost understand most part of it. Thanks for sharing this. If you don't mind I still have gaps in my understand so if you don't mind to respond to my comments below to your points on Post # 1 , I will really appreciate it and I am sure it will help other members too.

Wish you all the best on this thread and on your trading.



THE LONG(BUY) TRADE

BUY SCENARIO#1

 

  1. Market is tending downwards (at least for 3 days). Can you please define what Market trending downwards mean to you? I ask because this could mean different things to different people.
  2. The LAST BAR (BAR#3) closes with two bars having higher lows on its LEFT. I believe I understand this clearly. Just for confirmation can you tell if my statement to describe this is also accurate? "The low of last bar3 is lower than lows of both bar2 and bar1"
  3. BAR#3 closes ABOVE the CLOSE PRICE OF BAR#1 (if BAR#1 has a BEARISH BODY) OR above the OPEN PRICE OF BAR#1 (if BAR#1 has a BULLISH BODY).
  4. Open a BUY TRADE OR BUY LIMIT at BAR#1's OPEN (if BAR#1 has a bullish body) or at the CLOSE (if BAR#1 has a BEARISH BODY)
  5. Stop should be placed at 50 pips or 15 pips below BAR#2's Low, whichever is greater. If BAR#1 has a lower low than BAR#2, we use BAR#1's Low - 15pips for our stop.
  6. The average Take Profit is 100-200 PIPS. Swingers may hold longer.
  7. Assess the Win Probability.

  • #117
  • May 5, 2018 2:13pm May 5, 2018 2:13pm
Quoting yalgaar
Hi simoneg You seem to have a very interesting thread going. I had read your thread before and didn't clearly understand it and was waiting for some clarifications. Now that this thread has matured and after reading various posts and your updates, I think I almost understand most part of it. Thanks for sharing this. If you don't mind I still have gaps in my understand so if you don't mind to respond to my comments below to your points on Post # 1 , I will really appreciate it and I am sure it will help other members too. Wish you all the best on...
Thank you yalgaar!

I will address your 1st question in post #1. Also, you are correct in your interpretation on the second point.
Hero Traders Live to see their Accounts Die!
  • #118
  • May 5, 2018 4:21pm May 5, 2018 4:21pm
Quoting simoneg
{quote} Thank you yalgaar! I will address your 1st question in post #1. Also, you are correct in your interpretation on the second point.
Cheers!!
  • #119
  • May 6, 2018 3:11am May 6, 2018 3:11am
Quoting simoneg
FACTS The market TRENDS more than it BENDS/REVERSES. Knowing targeted reversal points Helps for Reversal or Continuation Decisions. If I miss a strong reversal I can always get in on a LOWER TIME FRAME REVERSAL or A REVERSAL REJECTION SETUP. We will take trades Mainly on Daily Charts or according to the Daily Chart trend on lower timeframes such as H12, H4 and H1. The market reverses a trend through a 'U-Turn' formation called a SWING HIGH or SWING LOW. This system pre-emptively identifies the 'TARGET' reversal point to help us trade a REVERSE or...
Can I summarize as below?

In a downtrend, if a bar (Signal bar) has a higher close w.r.t two bars on its left, we buy at the break of signal bar's close.
  • #120
  • May 6, 2018 5:37am May 6, 2018 5:37am
thank you simoneg!
now its much more clear to me and i learn to understand and see the "pattern" in practice...excellent, i like it.

just a little to change from the #1 page (sell scenario):
it should read : "high probability trade...Bar#3 closed below the closed price of Bar#2..."

thx, very inspiring thread!
trading is like dancing, don't think and just listen to the music!
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