40-100 pips per day LIVE TRADING

[MasterPlan]

Tony:

where can i download the scanner from?


Master

[Tess]

Originally Posted by tonymand

This is a copy of the scanner set up on Netdania.

Ahh, I see what it's used for now.

Ok, cool.

[tonymand]

Originally Posted by MasterPlan

Tony:

where can i download the scanner from?


Master

you just set it up on your own charting package master there is nothing to download as such

[daydreamer65]

you just set it up on your own charting package master there is nothing to download as such

You will be able to do this with IE or Firefox as well, but I think
before I do I will need to get a new pair of specs. :lmao:

Just checked a little bit more difficult in MT4 !! Maybe I am missing
something. (Like a brain ha ha)

Hi Daydreamer. 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. James does stress this is a weaker signal than an ib but gives you more opportunities. Entry and stop remain the same ie in this instance a pip or 2 either side of the extremes of the ob

Thanks for this Tony & the rest of you guys who contributed, I
haven't studied James "system" only picked up bits & pieces while
reading different threads, but now I see the correlation between
this system & candlesticks.

the plot thickens.

[tonymand]

NFP has failed to push GY below the 232 level at the moment and an IB has formed. IF the level fails to hold this could be a good short trade. The IB in this case acts as a continuation signal and note the stoch still pointing down. This trade is high risk since although the NFP was very negative we are already down over 100 pips. I am going to wait and hope for clear rejection of lower prices and a long trade

[tonymand]

Originally Posted by daydreamer65

You will be able to do this with IE or Firefox as well, but I think
before I do I will need to get a new pair of specs. :lmao:

Just checked a little bit more difficult in MT4 !! Maybe I am missing
something. (Like a brain ha ha)



Thanks for this Tony & the rest of you guys who contributed, I
haven't studied James "system" only picked up bits & pieces while
reading different threads, but now I see the correlation between
this system & candlesticks.

the plot thickens.

Hi daydreamer - you can set up a profile in MT4 with 9 charts. You just choose whichever 9 you want on a 15 min chart with the slow stoch on the bottom. I have a 60 SMA also but that is optional

[tonymand]

So much for waiting for the long trade. Both ibs marked act as continuation signals (at least potentially). At the second signal we enter a consolidation phase. The question now is do we trade long, short or stand aside. There are a number of ibs and obs clustered together here. There are a number of reasons for considering a short trade. The highs are falling and the Dow is down and there has been a strong correlation with GY recently. Also going long with such a bad NFP is a bit like standing in front of the proverbial freight train. Therefore short at 230.80, stop 231.44. Reduce trade size to a risk of 1% as we are so far into this move. Take first half at 230.10 and try to ride down to 229.50 which is the second fib extension for this move and is close to a daily support level. Be prepared to bail at the slightest sign of trouble and trail a stop behind major bear candles as the stoch is in oversold territory although can stay there for a long time in strong trends so is of less use than usual. Note this trade uses the elements of James system but does not strictly adhere to it and so Idont know if he would have taken it

[tonymand]

It is salutory to think the GY is down almost 500 for the day and if we had kept this mornings trade open we would have returned a 10R trade worth 20% return on equity. Still we did catch the first bit and the last although I am now wishing we had staked the full 2% on this latter trade. I say this because these 'regrets' constantly plague traders and cause them to take risks that are simply not justified. So pay attention to the old psychology. We are now out of this trade first half and are closing in on our final target. With such strong down candles I might usually be tempted to trail the candles until the move runs out of steam but frankly I have had enough for one day (its 11pm here) In fact as I write we have just been taken out at 229.50 anyway so end of story. I am not sure how much steam is left in this and there is often a reversal late on a Friday as traders square their positions ahead of the weekend. Again its just one of those bits of information that helps to make sense of what we do and why I fervently believe you cannot successfully mechanise trading for any length of time. Breakfast tomorrow as always in this part of the world will at least partly be about what did we miss overnight or did we get out at the right time. As I finish this the last candle is currently a doji which is about as undecided as it gets!

[Tess]

Originally Posted by tonymand

Again its just one of those bits of information that helps to make sense of what we do and why I fervently believe you cannot successfully mechanise trading for any length of time.

Breakfast tomorrow as always in this part of the world will at least partly be about what did we miss overnight or did we get out at the right time. As I finish this the last candle is currently a doji which is about as undecided as it gets!

Amen to your highlighted comments

And a smile as I read the lower comments!!

Quite an interesting week, both in the markets & on these 2 (40-100pip) threads. I very much enjoy reading your posts & interacting on here. It's refreshing to bat strategies & idea's around without ulterior (sales ploys) motives & ridiculously impractical methods.

I'm on a break next week (fly out late Sunday) from the trading screens....chilling out on a hot Cypriot beach & no doubt consuming copious amounts of chilled European beer!

Hope next week continues to print the golden inside bars & the stoch's play ball as they should

If I don't cross paths over the w/end, enjoy the trading next week everyone!

[daydreamer65]

Quite an interesting week, both in the markets & on these 2 (40-100pip) threads. I very much enjoy reading your posts & interacting on here. It's refreshing to bat strategies & idea's around without ulterior (sales ploys) motives & ridiculously impractical methods.

:lmao: You very much enjoy reading these posts, I'm ecstatic
reading them, this is pure gold dust. I must send out a big thank you
to Tess & Tony
& also not forgeting James for all of this invaluable information, I
am sure & this is not a criticism, when I can get to understand half of
what is posted I will be a very rich guy. (Monetary wise & educationly)

I'm on a break next week (fly out late Sunday) from the trading screens....chilling out on a hot Cypriot beach & no doubt consuming copious amounts of chilled European beer!

Holiday, holiday & miss all of this fantastic British weather. :rofl:

Seriously though have a great time.

golden inside bars & the stoch's play ball as they should

I also second this.

If I don't cross paths over the w/end, enjoy the trading next week everyone!

:cheers: Tess, have a San Miguel or 10 on me. (Do they sell that in Cyprus?)