Mp -- Some Of My Non-secret Secrets

[mp6140]

TRY the LRC and the s+r overlays and throw in a cci, rsi and accum/distrib indicator set, which will help you tremendously in finding your final tp.

otherwise, congrats --- sounds VERY good !

mp

Originally Posted by johto

True. I have found longer timeframes and HA candles to be a nice way to trend trade. I also use very low leverage and i use stops only to cover my wins. I trail winnings on daily/hourly period using HA candles and sometimes MA's. If i fail to enter in dips and the initial trade stops advancing to my way, i will terminate it pretty quickly and move on...i think its important to keep your winners run as long as possible without too tight stop. Taking profits too soon is fear AND greed both at the same time.

[mp6140]

has anyone ever noticed that when an indicator and its signal line form a "bulge" (they get wider apart and then start coming together again, it often PRE signals the reversal of that price ?

doesnt work all the time, as it can be "headfaked" as well as we poor humans, but its always worth looking for if you feel your price is reaching its tp point.

its the "little" things in life that make it so wonderful !!

enjoy and trade well

mp

[mp6140]

ONE of the most wonderful things about the Heikin Ashi candles are how they show TREND !

I speak of trading WITH the trend often, but what if you cant tell WHAT the trend is ? --- have a HA template ready, switch over to the timeframe you wish, and VOILA --- you gots yourself a TREND ! (and a new FRIEND !)

put THAT trend inside an LRC and trade your way to fame and fortune !

mp

[mp6140]

gonna go further with my thoughts on HA candles and state that given everything we have to work with, a combination of the LRC and the HA candles is one of G-D's gifts to the poor little retail trader.

the inherrent design of the HA candle is one of "trend following" and the candle design does that by collecting and averaging all the aspects of a candles move, then deciding whether a trend has been broken or not ---- basically, it knows MORE than you do !

HA can be used as a trading system by itself, or added to almost any other trading system to establish and hold trend, BUT it has a problem !

Because of all the computations and fun the computer goes thru with the candle one does not see a reversal until ONE candle LATER than it actually happens and so one must use one of the support and resistance chart overlays to find your REAL exit point that would place you at the EXACT point of taking profit.

given that shortcoming, along with many other systems on this site, if you ENTER when you receive a signal from an HA candle (NEVER ignore a doji candle) then when you exit, although you will be LATE, you will still have absorbed the majority of however long that trend ran !

I personally dont like to give back pips, so i use the support and resistance overlays to "figure" where the top of a move lies, and so set my tp points, but EITHER method works.

what is easier for the indicators is to use a "regular" candlestick chart for the ACTUAL trading and the HA chart for your "research" and "following the trend" chart !

there are tons of HA candle templates available thru google and on this site, so its hard to make a mistake !

enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

[condor]

Originally Posted by mp6140

I personally dont like to give back pips, so i use the support and resistance overlays to "figure" where the top of a move lies, and so set my tp points, but EITHER method works.

mp

MP,

I've been finding trends on 1 & 4 hr charts with LRC and SHI channels for about a week now. I'm following the timeslots you mentioned, especially the 2:42am EasternTime slot, which often takes the price in the direction of the long term trend.

This seems too easy: Trading for 1 to 2 hours in the evening (11:42pm Pacific Time) and with 1 or 2 trades, making more pips than when I was trading 12 hours/day. Am I just on a lucky streak?

My real question is about S & R. I'm not sure if you mean Pivot Points, which use data from the previous day, or Barry's which just shows the immediate highs and lows, or to draw them myself by looking at daily or weekly areas of price resistance over the years? I'm not using any S & R at this point. As your post mentions, they might help me with exits.

Thanks.

[mp6140]

Originally Posted by condor

MP,

I've been finding trends on 1 & 4 hr charts with LRC and SHI channels for about a week now. I'm following the timeslots you mentioned, especially the 2:42am EasternTime slot, which often takes the price in the direction of the long term trend.

This seems too easy: Trading for 1 to 2 hours in the evening (11:42pm Pacific Time) and with 1 or 2 trades, making more pips than when I was trading 12 hours/day. Am I just on a lucky streak?

alas, i am just a simple trader and not qualified to take on the larger issues of varying philosophies, BUT i tend to make more on my "overnite" trades than i do during a quiet USA session --- if there is news and a "regular" market, thats a different story, BUT your observations are VERY correct ! MANY, MANY traders ONLY trade during those times and up to the NOON (est) london close

I tend to take the overnite as an H1 trade, so it encompasses the timeframe you speak of --- as you begin to corrolate what the H1 says at midnite, est, you will begin to understand WHAT will happen during the above mentioned trading times and perhaps NOT have to be physically there during the trades ---- lets see how good you can get !!!!

NOW, for more fun yet, trade the 5PM (reversal shows up by 6:30PM, est) reversal and let it ride till the next reversal period, which we speak about above.

ONLY RULE --- CONFIRM a reversal if this is the FIRST day of a good move, as momentum may simply NOT wish to do anymore than a simple 15 - 23 % reversal before moving ahead with the present trend. You will see that youre in a STRONG move, and should certainly be careful of using counter trades that first day !

My real question is about S & R. I'm not sure if you mean Pivot Points, which use data from the previous day, or Barry's which just shows the immediate highs and lows, or to draw them myself by looking at daily or weekly areas of price resistance over the years? I'm not using any S & R at this point. As your post mentions, they might help me with exits.

LOL -- probably MORE than help !

I have the normal pivot points on my charts, but rarely use them unless i see the price sorta heading that way (i also use the days PREVIOUS CLOSE, previous high and previous low as points a currency likes to head toward once a day (watch for it !) To me, barrys is MUCH more important because it already knows to place support or resistance at those points, just that it doesnt TELL you thats the pivot point, simply placing its dots there for your information.

of course there are people who WANT to know what the name of that big concrete barrier is in front of them, be it the MA 50, DAILY pivot point or a camarilla resistance area, but im perfectly happy to know theres a big wall in front of me that i cant see in the fog !

Thanks.

enjoy and trade well

mp

[mp6140]

an answer i posted on another thread and then thought it might be of interest to those who never read this one !

Originally Posted by chubspips

One of my personal rules is given in the school of pipsology. If you like losing your money, trade on Sundays, Fridays, and Holidays.

while i wont disagree with school policy, especially where newbs are concerned, I find trading those days to be of no relative difficulty, especially if one takes sunday as nothing more than an extension of fridays moves, keeping in mind that your currency pair would most likely have reversed its direction at 5PM, est had the market NOT closed --- you pick it up on Sunday, just as you would if it were friday AND the market was NOT closed !

the two HALF days should simply be treated as ONE full day, and alterations to your orders made before the close of fridays trading.

IMPORTANT NOTE --- not all brokers open their doors at the REAL opening time of the market on sunday, often waiting an hour before they allow you to trade ---- they do this to "make back" any trades left on friday, such as youre having a LONG out there, and they go SHORT on sunday.

what also happens is IF you had gone short, knowing the secret information i gave you, they will be an hour ahead of you and probably heading in the opposite direction of your trade by the time they allow you to trade --- WATCH OUT FOR THEM, and DONT trade this way if thats what they do !

This is a FAMOUS way they break your stops (and your cajones) and make back the money they gave you !

you MUST not trade as i stated IF your broker does not open on time, as you will then get caught in a probable stop loss loss !

ENC's and a number of brokers DO OPEN on time, so seek them out if you like to trade as i stated.

enjoy and trade well

mp

[chubspips]

As I have stated in another thread, I love to read. I found this thread about a month ago and have been using your timeslots as references ever since.

Please forgive the analogy, but, aside from my coaches and never having spoken to you away from forums here at babypips, you are my Yoda sir, you are my Yoda.

I have tested and back tested on both demo and live accounts and I must say, anyone who doubts your words is either afraid to succeed or too foolish to apply your wisdom and experience.

With your time frames alone I have earned nearly half my current net worth in a mini account I started back in October. When you open your church, please send me an invitation as I would happily be a disciple of your teachings. I am not saying this to inflate your ego, just happy to have found the "rose amongst the thorns".

I use VT Trader as a charting platform and currently have 2 live accounts and am looking to open a third with CMS Forex due to their fixed spreads and, according to all responding sources, their reliability in withdrawal transactions.

I would currently consider myself a scalper, except that I look for trades of 25 pips or more. More often than not in the past couple months I have had no trouble taking 4 or 5 trades a day, most of which have gained 100+, but I don't have enough faith to open a position without "babysitting" my position.

I do aspire to trade long term, but I am currently trading M1 and M5 charts only, while monitoring the H1 and H2 charts for more info on trends and what not. I would like to call myself a day trader, but the longest I have ever held an open position is about 2 hours.

My question is, though I am profitable at this point, is my style ethical? Am I, in your opinion, a scalper or just another newbie soon to part with my money?

Thanks for your time and, as always, Good Pippin.

Chubs

[mp6140]

Originally Posted by chubspips

I would currently consider myself a scalper, except that I look for trades of 25 pips or more. More often than not in the past couple months I have had no trouble taking 4 or 5 trades a day, most of which have gained 100+, but I don't have enough faith to open a position without "babysitting" my position.

SIMPLY stated --- it takes time to develop the trust in yourself, because it takes time to develop the experience and you cant have the trust without the experience, sorta like a horse and carriage and their interdependence !

FORTUNATELY, theres no catch 22 in there as all you need to do is stay alive long enough !

I do aspire to trade long term, but I am currently trading M1 and M5 charts only, while monitoring the H1 and H2 charts for more info on trends and what not. I would like to call myself a day trader, but the longest I have ever held an open position is about 2 hours.

POOF -- by definition that makes you a day trader, which has NOTHING to do with how long a trade is open during the day, but rather is a term used to describe the fact that you are NOT an investor -- be it long or short term !

My question is, though I am profitable at this point, is my style ethical? Am I, in your opinion, a scalper or just another newbie soon to part with my money?

I have contacted the SEC and no one there can define "ethical", which of course we all knew anyway ! Having the SEC "oversee" anything is giving the fox the keys to the henhouse !

ANYWAY - - - -

so whats wrong with short term trades ? are long term traders "better" in some way ? KEEP THIS UNDER YOUR HAT --- longer term traders MUST suffer drawdowns of large amounts because the market reverses MANY times during the length they hold a trade, and while they may gather 150 pips on a move, they GAVE AWAY each and every retracement and reversal and outright trend reversal that the currency made that day because they were holding in ONE DIRECTION only.

shorter term trades can go with the flow, up and down as the market changes ---- A BAD THING YOU THINK THIS IS ??
Chubs

enjoy

mp

[trav72]

Originally Posted by mp6140

enjoy and trade well

mp

when plotting S&R, i am pretty much fine, and i generally trade when momentum targeting pivot points. However when talking previous day close, is that
Close GMT(london) or EST which is more relevant in your opinion

the other thing is i have just tried adding the LRC as a further TOOL and whilst i can see it is defining the trend, the price is often reversing before it touches the upper or lower trend lines..Pretty unsure then when to enter the trade. Do you enter trades when price crosses the central line of the LRC? I have been reading your numerous humurous posts and appreciate you insider info..

By travpip at 2008-12-27