Between 40-100 pips per Day

[Jimmy Jones]

Originally Posted by TheDarkPip

I also agree that anyone who is interested join the live trading program. However let me repeat.... " If you can't undertand the basics then it is pointless to join something more advanced. I feel ( and this is only my feeling ) that trying to jump forward when not understanding the basics is like doing basic math and jumping into advanced calculus.

I think it's important to note that IB's and OB's occur all over the place, but that does not mean a position should be taken every time one occurs. I tried that before I joined the live trading and did not do too well, now that I have sat in a few days I see the big picture view.

I think that is what Tonymand meant by saying there is a lot more than just looking for IB's and OB's.

[FXCaribbean]

Hi,

To TheDarkPip

I've done a work quite similar to yours, at least in the concept, with tymens thread. I know how much work is involved when you start this kind of post. Only for that, i thank you.

Nevertheless, I would suggest you to add links to real post in order for the reader to see the information by himself. If he wants to go deeper then he can. If he wants to make his own thruth, he can. I strongly recommend that you use 99% of links from the teacher post. That will keep you on the same thoughts without any side effects.

You should also start your post saying what you are trying to do and ask to all the guys to tell you what is wrong and what has to be improved. If it is a quick summary then it can't be as detailed as a real index. As you started, you set the goal.

To Tonymand (for example)

You wrote "there is a lot more". Is it thinkable that you help TheDarkPip to improve this post or not (after he has defined the real goal for sure) ?

[TheDarkPip]

I believe I have misread what Tony posted. Therefore I apologize.

[rrram2]

I was just going to ask for what you posted.

So all you are doing is trying to scalp a few pips by getting in right close to the The spot where it reverses that are always ongoing?

Playng with the trend right?

Don't you think some sort of exit strategy is critical?
I used to take 11-21 pips on every trade or less if I think I am getting reversed on. Now I shoot for 20-100 and find somewhere closer to 55 pips profit may be a better TP target.

Originally Posted by TheDarkPip

James ” 40-100 pips a day ” system in a nutshell


Tools: Only one tool “Deal with it “

1. Slow stochastic- Setting: 8.3.3 or 8.3 is fine

Rules:

1. The Inside Bar (IB) must be “Engulfed” by the outer (Previous) candle.

Note: The (IB) can be the same size of the outer bar to be considered a valid trade.

When to trade:

1. If the Slow Stochastic moves “Around” or “Below” the 20 on the oversold
we are looking to go “LONG/BUY”

2. If the Slow Stochastic moves “Around” or “Above” the 80 on the
overbought we are looking to go “SHORT/SELL”

Note: Look for a hooking motion (Think of Captain Hook’s actual
HOOK) on the Stochastic meter. This helps with identifying when to
enter in the trade.

3. ( IMPORTANT )

To enter a trade wait for the “next bar” after the “IB” to go up 1-2 pips
higher than the “IB” for a buy signal or 1-2 pips lower for a sell signal.

4. ( IMPORTANT )

If after the IB formed you get another bar the same size as the IB and it
doesn’t go 1-2 pips either way then you may look at up to 3 more bars
after the IB bar to confirm a signal and enter a trade. If you don’t get a
signal stand a side and wait for a new IB to form.

Exiting a trade:

There is not “SET” method for exiting a trade. Please read the forums for more advice on this matter.

Last words of advice:

If you are new to this system please “DEMO” trade is for a minimum of 1 month.

If you’re a pro “DEMO” trade for 1 week or a little longer. This is just to break old habits.

** I TAKE NO CREDIT FOR ANYTHING ABOVE. THIS IS ALL JAMES SYSTEM. I HAVE JUST PUT IT IN A FORMAT THAT IS EASIER FOR ME TO UNDERSTAND AND SHARING IT WITH OTHERS WHO MAY HAVE A HARD TIME WITH IT **

[TheRumpledOne]

I think I understand.

Thanks

[james]

Originally Posted by rrram2

I was just going to ask for what you posted.

So all you are doing is trying to scalp a few pips by getting in right close to the The spot where it reverses that are always ongoing?

Playng with the trend right?

Don't you think some sort of exit strategy is critical?
I used to take 11-21 pips on every trade or less if I think I am getting reversed on. Now I shoot for 20-100 and find somewhere closer to 55 pips profit may be a better TP target.

There is a exit plan 3 infact the 3 bar reversal crossing of the stocks in the other direction at profit target.

Regards

James

[TheRumpledOne]

I wrote a few indicators so I could understand this method.

The multi meters show what is happening on all of the time frames.

The BIG LETTERS tell me if there is an inside or outside bar and if there is a trade triggered.

[4xStar]

Originally Posted by TheDarkPip

All I did was post the basics of the system in a format that was easy to understand for me or maybe for someone else.

I appreciate it a lot, darkpip, it's a very easily understood synopsis of the basic system! Post #1107 for those interested. I also think it is a good idea to re-post a synopsis of this every so often so people do not have to go to the first post & then maybe wonder if in the meantime, changes have been made to the methodology.

[4xStar]

I'm sure most are aware of this MT4 indicator, but if any are not, I will attach it .. it will highlight the inside and outside candles on any timeframe.

I am using the trick I learned from SweetPip to attach this .. it is attached as a .txt file, just save it and rename the extension to mq4, then compile in MT4.

[TheRumpledOne]

The weekly shows an inside bar with oversold stoch.. but have to wait for an entry trigger to go long.

Is that correct?