40-100 pips per day LIVE TRADING

[Tess]

Originally Posted by daydreamer65

Hi Tony well done nice trade.

Ditto!!

You're bang in the right timezone (Perth) to catch all these groovy little early Tokyo set-ups of late Tony! + you got the run on any clear cut triggers which form during Tokyo & into early European traffic too!

Ok, so folks might claim that recent events are a little out of the ordinary compared to the normal state of affairs. But even during "normal" periods there are quite often very good moves which begin during Tokyo activity & continue into the Frankfurt/London bustle.

Just shows the strides one can make when they've got a tight, simple yet effective trade plan & risk/money management structure in place!

It doesn't need to be complicated to be efficient

[Tess]

Originally Posted by tonymand

James uses both the classic definition of an OB ie extremes outside the extremes of the previous bar and his own additional variant where the body is outside the previous body.

In this latter case if the open is the same as the close of the previous candle but the close is still outside the high/low then this also counts if that makes sense.

I have a sneaking feeling you might just have to haul up a chart explaining this one

There'll be one or two twisted melons & blank faces attempting to untangle that I shouldn't wonder!!

[MasterPlan]

here you go lol

[MasterPlan]

james talks about something about a "scanner", does anyone know what he is talking about? If so, where do you get this scanner?

Thanks

Master

[Tess]

First I've heard. You got a link to the post MasterPlan?

Can't imagine what use any kind of scanner would be to this dressed down trade set-up?!

[tonymand]

Originally Posted by Tess

I have a sneaking feeling you might just have to haul up a chart explaining this one

There'll be one or two twisted melons & blank faces attempting to untangle that I shouldn't wonder!!

HaHa love the image that conjured up. These are also OBs under James system. In the first the body is outside the extremes of the prior candles body. In the second there are 2 successive OBs which count even though one of the bodies extremes is the same as the previous candle. Hopefully a picture is worth a thousand words

[MasterPlan]

In james other thread 40-100 pips a day, posts 74,55,51, he talks about a scanner.


Master

[tonymand]

Originally Posted by MasterPlan

james talks about something about a "scanner", does anyone know what he is talking about? If so, where do you get this scanner?

Thanks

Master

James refers to the way he setsup a number of charts to quickly identify developing ibs across a number of pairs. For newbies and in fact experienced traders I strongly advise against this. You get more than enough trades of top quality from a single pair and James recommends GU. Outside of news I trade only GU and GY and certanly recently the GY has been like the GU on steroids. Also consider this. If you wanted to make say 50% Annual return you would need over a year to have 25 excess (ie over losses) wins per year on a 1:1 basis or say 5 winners with an R of 5. Most people try to trade too often over too many instruments. In my opinion the concentration on 1 pair pays huge dividends as you become more intimate with it. Some would say you should know it more intimately than your partner! Cant provide a picture for this Tess and not get booted off babypips!!

[Tess]

Originally Posted by tonymand

Some would say you should know it more intimately than your partner!

Cant provide a picture for this Tess and not get booted off babypips!!

Now that's just a lame excuse if ever I heard one!!!

Agree totally with the rest of your post. We were taught (by our Folks) early on, to try recognize & appreciate any unique behavioural traits displayed by the pairs we were observing.

Particularly how (if?) they reacted to key Big Figures: previous intra-week/month swing zones: multi-hit zones of s&r from the higher timeframe map & carefully focusing on the smaller timeframe patterns/bar prints:

What they were tutoring of course (which became evident as we progressed) were the potential crowd behaviour traits on & around these zones.

Psychology carries a massive stick in this game. Not only your own internal conditioning, but the observation of the "herd" during the day on day plays on & around key levels, which surface via the repetative price action set-up's & triggers up & down the ladder.

Get a good handle on the mental side of this game & you got yourself a massive head start on the crowd

[tonymand]

Originally Posted by MasterPlan

In james other thread 40-100 pips a day, posts 74,55,51, he talks about a scanner.


Master

This is a copy of the scanner set up on Netdania. I have actually not used it but as you can see it allows you quickly to spot any entry signals easily for up to 9 pairs of your choosing