Hope your trading has continued to be good. I am trying to understand your substrategy 2 but I don't think I have grasp the concept. If I don't misunderstand, your #1 play is that in a long trend, you set your SL point in the direction of the trend as it progresses. SL point is set at the last Lower high or highest low depending on downtrend or uptrend. However, I don't understand 1) how to place entries in your substrategy 2; 2) how to identify the presence of a possible big trend and 3) how to exit at the end of a major trend.
Would you kindly enlighten me again. Thanks!
Originally Posted by janqie
it's me againg as I promised here is Substrategy 2 TF (trend friend)
I use basic sub to gain main proofits and take it as soon as it goes about 15 pips
in my direction.
this sub gives oportunity to catch monsters with #1 play.
First of all look at the picture
At the start of movement beutifull basic entry can seen everything is alright. But we got BE and
movement went to the downside for another 3 hours so if we use basic sub only we cant
trade for 3 hours and have to wait or play #1 with basic setup witch can sacrify lots
of trades in a long run trying to catch moves like this.
So what we can do?
1. If price is goin more than 40 pips in one direction we can expect no just
little pullback but long pullback witch can be seen on 5 min with few candles
went counter trend direction.
As in basic Sub first we look 5min tf witch will be traded on 1min
We must look at Mashki indicator.
In steady uptrend or down trend we
can see indicator sticks doing higher highs or lower lows.
When price is doing pullback Mashki also doing pullback and indicator makes
lower highs in uptrend and higher lows in downtrend.
In this case as long as we see mashki doing lower lows after candle close
we wait. But when we see higher low done after candle close we put the marker on it
and then switch timeframe to 1 min
2. After switching timeframe to 1min as in basic Sub we plot fibonacci indicator from start of the move till start of the pullback and watch if pullback gona be no more than 50% of trend move. Also pullback must
stay below 50Ema in downtrends and above 50Ema in uptrends.
3. Again after we get candle witch rejects pullback and switches color to
original move color we take the entry.
Stop must be placed 1 pip + spread abouve or below last high or low
BE must be placed when candle closes with more than 10 pips in profit
Did you ever post a template or indie for your setup because with the original petefader's indies & template I have so many S/R & PP lines that it can be confusing. Sometimes when I see an entry but a horizontal line is 4-5 pips away I wait to see if that line will be crossed. In short I'm getting in too late on entries and thus losing some profitable pips. Many thanks for all your imput. D
Just wanted to give you a nod, I took my first successful trade yesterday on GU using your system. Thanks!
I've been spending a long while learning Forex and am having spent some time on here looking at all the systems and have finally settled on a blend of R Carter's BB/MA's system (still fully understanding though), Tymen's excellent candlestick method and now the final piece in the jigsaw is your method. I think with good MM and a combo of these three methods, there's a real winning formula there.
I would advise any newbie to go for yours first though. Everything you need is in the file, it's a doddle to understand and takes a lot of the guesswork out of trading which is really what a lot of new starters are after. Ok, it may not work forever but on back testing, it seems goof for now.
Look forward to hopefully taking more trades alongside you!
Hello, someone recommended this mad scalper to me today. i have installed all the indicators and it really looks fantastic in hindsight. However, i am also a fan of candlesticks and would love to know where this candlestick thread is.. " Tymen's excellent candlestick method ". I could not find the thread.
I'd be happy to post any results here, i think this system may work very nicely for me.
Thank you and Thanks to Pete for sharing your system.