Nikita; So the trade is supposed to be in the first trading bar/tick? I thought you were supposed to wait one for confirmation? Maybe I’m mixing. Aso, what is a “rocket” trade?
EDIT: Also, is anyone of you currently in a trade? I can’t seem to spot one. Wait, I see one on H4:
But, too scare to pull the trigger… What you guys think about possible trade?
Please elaborate what do u mean by the first bar/tick.
Dont know what rocket trading means. You have to ask Villain that.
As for your GBPJPY trade,it looks like its in a range. Looking at D TF it looks like a possible bounce. EJ and UJ also confirms the same.
The trick would be trying to buy after a pullback candle or buying at the top of the current range to limit SL.
Market conditions are very very tough at the moment. Unless one is willing to have blind faith and trade the range, its tough call for all.
Ahh okay, so your system is mainly for trading trends? Forgive me if the info is already in the thread.
I meant by first bar/tick, that, in a trade set up you see, do you buy the first tick in that given trade, or do you wait for a second, confirming tick?
Sorry my take on GJ earlier was not a buy but a possible sell provided there is a valid H1 signal.
Well by right we should wait for confirmation, that is a second candle closing confirming reversal etc etc on D TF.
On H1, we try to catch it earlier so that our SL can be smaller.
This is provided we confirm direction based on D TF candles.
as you can see, the market is range bound so badly that buying with a second tick formed on H1 TF not only increases ur SL, the TP also becomes much much smaller.
grins
sorry for the confusion. rocket is just my term for the candle with long wick at the top/bottom of wave.
again… i’m sorry for the confusion, i was trying to jump in a middle of trend. i shall mark my OP later
my action was a bad one. this strategy actually suggested to only move according to daily bias (sell only or buy only). this is simplify things to noob (like me:D) by gaining the momentum, reducing risk, and fasten the trade duration (i guess)
i still need to discipline myself to stick to these rules
EU H1
Market conditions are exceptionally tough.
So if you having a few losers dont worry too much about it.
true to my previous post… my current running trade…
wish my rocket luck… Godspeed!!!
update on my trade… indeed it’s a tough market today… LoL not long after hitting my + SL, GU went bear
This is my first independent trade using Nikita’s method. Please comment and critique. I will try to see more trades during this week.
Aug 22, 2011
NZDUSD
Reasons to enter:
-Entry 0.8223
-SL 0.8208 Below previous small candle 13 pip away
-TP 0.8247 24 pips away
Risk to Reward: 13/24 = 0.54
Nikita, what are your thoughts on this trade? I didn’t take the full advantage of move, Do you think i could have gotten more pips using your methodology ?
Regards,
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How did those wrong trades go? Hopefully some were positive!
I would be happy to explain how to place entry orders (pending orders) on FXCM’s platform.
To place an entry order, follow these easy steps:
[B]1. [/B]Right click anywhere inside the Advanced Dealing Rate window. An easy option is to right click on the buy or sell price for the symbol you want to trade. A drop down menu will display.
[B]2. [/B]Click on Create an Entry Order.
[B]3. [/B]A Create an Entry Order window will appear. Update the details for your order including the symbol, sell/buy, rate, amt (k), and Click OK.• Amt (k) is the trade size and is quoted in thousands. As an example, 10k means 10,000 units of the symbol traded or a 10k trade. The pip value of a 10k trade is about $1 per pip price change.
[B]4. [/B]The order will update to the Orders window as a pending order.
[B]5. [/B]Once the price is reached, the entry order will go into process.
[B]Why would I use an entry order?[/B]
Entry orders are a good way to prepare for a future trading opportunity by allowing you to establish pending orders to be executed if a price is reached.
[B]For example: [/B] If a trader thinks the long-term trend of EUR/USD is up but expects the price to go down in the short-term, then a long entry order to buy EUR/USD at a more favorable price can be placed.
If an entry order to buy is placed 100 pips lower than the current market price, then the price received if the order is processed will be 100 pips more favorable than a market order to get into the market immediately.
There are many different ways to include entry orders in your strategy.
If you have any other questions about FXCM’s platforms, then let me know!
Best of luck trading,
eheheh I am sorry but I dont see your rocket there.
The candle wick and body size does not justify that as a rocket.
Well atleast ur SL was really small.
If you had sold at the formation of the candle that hit your SL, then we can still say that you are taking a chance on candle patterns for a sell at H1. That is a valid rocket that might indicate prices move down further.
SL would be at the top of the wick.
Very beautifully done FX280. I missed this entry as I dont normally watch NZD USD. I only saw the entry at the close of ur TP candle. By then SL was 36 pips and I didnt want to risk it.
Regarding ur TP, well a profit is a profit I say. 10 pips per trade, compounded is nothing to laugh about.
With that being said, a logical TP level would have been 0.8271. Some would move their SL to that point also if they are holding for more.
But in such beautiful wave movements, that would have been a valid TP.
Thanks Jason and Villain…
Nikita and FX280, couldn’t FX280 entered with 2 separate trades, and liquidized the first post at TP, and then let the second one ride with a tight trailing stop?
Its called a partial close Kummi90.
Where you choose to close half or 1/3 or 2/3 of your lot size and let the rest ride.
It can be done.
Another way is to harvest.
Harvesting means moving your SL on a smaller TF as the price moves making HH and LL waves.
A good example would be FX280s chart above. The idea is we wait for the second candle from where FX280 entered to complete. Then we move our SL to the low of the second candle while we wait for the third candle.
When third candle is complete and the fourth starts, we move it to the base of the third candle.
So on and so forth until we get stopped out. That way we would have got out at 0.8313. 90 pips from entry I think.
It wont always work so well but its just another method to logically and safely try to get as much as we can.
Its called Luminous Harvest.
huh
that’s interesting. usually i move my SL arbitrarily just to keep some pips covered.
been there, done that.
market is not the only one that does the same things. Newbies tend to do the same things also.
Its all about the price waves young padawan. 
hahhaahhaha
am so gonna download the star war series. maybe i can learn something from the jedi masters. especially in being patient. and who knows i can control the price action with the force 
Thats all I been doing these couple of days.
Watching two to three movies a day online.
Nothing to look forward with the charts.
Hi folks,
Hope you are all well.
Lets see if I have gotten the idea here.
EU 1H chart below.
Yesterday was a bearish day, so today we will be looking for shorts.
As you can see at the time of the image capture the price was heading up. If it creates a reversal candle we would then short.
Comments, ideas, please!
Thanks
Well that has been the idea so far Tom and it has worked brilliantly so far. So far until recently that is.
Prices are range bound and bouncing off the peaks and bottoms for donkeys days now.
Trading has come down to the H1 TF or less now.
So be careful. No point wasting cash when the movements are such.
Its better to sit and watch when its raining.
Awesome thanks!
Yeah might be wise to sit out.
Your method is more suited when the market is trending?
Thanks
P.S. Did you get my pm?