The best way to stay consistent!

[njokie]

Yes you can as long as the SR levels are off higher timeframes such as H4, Daily and weekly…The dynamic moves can go off 30m but like any system the higher the timeframe you use for the dynamic moves aswell the more chance of it being successful and the greater the move also in length…

Its all about combining both parts of the strategy…

How are you going with it njokie?

thenx for the clarification am doing good my eur/gbp hit tp og 90pips yeterday so far av won 2 trades and lost 2 and its still good honetly before i dint know how to use the wave properly as in waiting for it to go back to zero
u said u contribute in the trading room how u mean there a group chat? av just logged in

[SR_Player]

thenx for the clarification am doing good my eur/gbp hit tp og 90pips yeterday so far av won 2 trades and lost 2 and its still good honetly before i dint know how to use the wave properly as in waiting for it to go back to zero
u said u contribute in the trading room how u mean there a group chat? av just logged in

Yes that it very important as this will confirm a sufficient enough retracement, its been tested and proved that the indicator should go back to zero…

So how many pips positive are you after those 4 trades you have taken?

[njokie]

Yes that it very important as this will confirm a sufficient enough retracement, its been tested and proved that the indicator should go back to zero…

So how many pips positive are you after those 4 trades you have taken?

eur/usd -51pips
gbp/usd +150pips
eur/gbp +90pips
gbp/aud -43 pips
total146 pips hmmm this thing works

[SR_Player]

eur/usd -51pips
gbp/usd +150pips
eur/gbp +90pips
gbp/aud -43 pips
total146 pips hmmm this thing works

lol you make me laugh njokie!

Firstly, well done!!!
Secondly, see how a success rate is not important as a great risk ves reward…

These are your results after 4 trades at 50% success, who cares about % success rate, what important is the consistancy in pips you make because that will resinate into dollars $$$.

Follow this system and YOU WILL MAKE LOTS IF MONEY!

Keep me posted with your trades, what a buzz…

[njokie]

yes actually av seen how disastrous it is to even tamper with a trade and its less stressful well but am sure diff people have diff opinions but am happy with entering a trade at 1:3 risk reward and letting it play out

[SR_Player]

yes actually av seen how disastrous it is to even tamper with a trade and its less stressful well but am sure diff people have diff opinions but am happy with entering a trade at 1:3 risk reward and letting it play out

It takes time but it is most beneficial in the long term…

[OMFX]

Hi SR Player,

Thank you for your response. What are the rules and/or tools you use to identify the appropriate S/R once the Wave Indi goes to zero? Also when the Wave Indi is moving to zero, do you wait until the Wave Indi crossed to the other side completely, then you look for the appropriate S/R and entry?

I am still having problem with identifying the market trend/bias properly. Can you please help on this?

OMFX

Hi OMFX

Both zones that you have implemented are strong areas of Support, and yes you have drawn them correctly…So to answer your question in terms of the set up on the GBP/USD both levels are appropriate. As traders no one on this planet knows what is going to happen if price retraces back to these zones, the only thing we have control over is to implement a strategy around what could occur, this is all we know. If for example you select either S1 or S2 to go long you must apply a good risk management like any trade as this will protect your longivity as a trader if one of the zones stops you out. In this case I would trade S1 first and if it failed I would then elect to trade S2 as I said both zones have been drawn as I would personally drawn them, so well done for getting that part of the strategy correct.

Most traders either go through the process of changing the parameters of their trade when they stop out, I feel the opposite, if I risk 50 pips for a stop loss and use 150 pips as a profit target, I know that I am gaining more every time I trade versus what I potentially am willing to risk. So in other words if I lose 50 on the potential Long/Buy at S1 then I will take another trade at S2 with the same amount of risk but this time my profit target should be greater around 200 pips as I still feel confident with the way I have defined the direction of price. I still expect tyhe market to go up based on my first trade at S1 so therefore by getting the entry wrong at S1 means that there is a greater possibility at S2 to maximize my profit if I get it right.

I have attached a snap shot below to help you understand the size of the zones that I use, basically the lower end of the zone if using it as resistance in other words for a Sell, would be drawn at the wick bottom and the upper zone at the bodies of the candle. If I am going Long and looking for a high to use as Support, the lower zone will be at the bodies of candles and the upper part of the zone will be placed at the high price of the wick.

OMFX this system is based on 2 important elements, firstly identifying an Impulsive/Dynamic move to define the direction we are trading in and secondly to find a significant SR level to govern our Entry/Exit.

If you go through post #247 on page 25 of this thread it explains in more detail about the first part of the process and how it all comes together.

Hope this helps

[psalda]

@"SR Player"

Hi Psalda

Thanks for trying to attempt a group environment for everyone to attend, the problem lies in the different sessions, see I actually rarely trade the U.S session whereas you tend to trade from that session onwards, this is what makes it hard…
If I can be honest as possible it is going to be difficult to try and work around that session for me…Hope you understand.

The next best thing I can suggest is that there is a group that I am part of in the free Live Trading Room at tradingit.com if you would like to participate in there, everyone is welcomed, I do most of my personal trading during the Asian but mostly after Frankfurt/London open, if this suits we can go through my trades in there and I tend to help others in the group anyway. The lady trader in there lets you share any information and is a great help, and most importantly she is an amazing trader.

Hope this helps

What is the hour this trading room is available? I entered but it anounces they have a private session or something … Please advise. Thx IN advance

[SR_Player]

@OMFX

Hi SR Player,

Thank you for your response. What are the rules and/or tools you use to identify the appropriate S/R once the Wave Indi goes to zero? Also when the Wave Indi is moving to zero, do you wait until the Wave Indi crossed to the other side completely, then you look for the appropriate S/R and entry?

I am still having problem with identifying the market trend/bias properly. Can you please help on this?

OMFX

Hi OMFX

Yes you need to have the WAVES indicator cross over to zero then look at finding the SR levels to use, if it hasn’t gone pass zero dont use the SR level yet, wait until it goes over zero…Sometimes you find price is at a SR level but the indicator hasn’t retraced back above zero, I won’t take the trade there I will wait for the zero point to come into play, by then the price should retrace further and only then look at using the SR levels, you might find at times its still at the same SR point or at another point but this is the time its telling you the retracement is sufficient enough to warrant a trade.

Attached is my current shorts on both the AUD/NZD and AUD/JPY as examples for you.

[SR_Player]

What is the hour this trading room is available? I entered but it anounces they have a private session or something … Please advise. Thx IN advance

The LIVE TRADING ROOM which is FREE is opened for 12 hours 5 days a week for the following time zones:

2:00am to 2:00pm LONDON
9:00pm to 9:00am NEW YORK
11:00am to 11:00pm SYDNEY
10:00am to 10:00pm TOKYO
3:00am to 3:00pm ZURICH

[njokie]

potential trade in nzd/usd price has made a huge down move and theres a peak in the wave indicator waiting for a retrace back to zero

potential trade in gold 1h chart

[SR_Player]

potential trade in nzd/usd price has made a huge down move and theres a peak in the wave indicator waiting for a retrace back to zero

potential trade in gold 1h chart

Yes wait patiently for the retracement back into those lows before shorting

[blamshakk]

what timeframe does this work on?

[2os]

what timeframe does this work on?

blamshakk - it is time frame agnostic. It works proportionally to the price action as it appears on the chart. Different time frames show different action swings and it reacts to whatever is presented on the chart.

[OMFX]

Hi SR Player,

So after the Waves indi crossed over zero, then you look for the SR levels. Can you please elaborate (step-by-step) how do you go about identifying “the” SR levels that will give you the high probability trade entry? How far (period/bar) back do you look on the leftside of the chart? Sometimes you may identified a few SR levels in close proximity with each other, how would you determine which one will give you that high probability trade entry?

Hope you don’t mind me keep asking questions. Again, thank you for taking the time to teach and share.

OMFX

Hi OMFX

Yes you need to have the WAVES indicator cross over to zero then look at finding the SR levels to use, if it hasn’t gone pass zero dont use the SR level yet, wait until it goes over zero…Sometimes you find price is at a SR level but the indicator hasn’t retraced back above zero, I won’t take the trade there I will wait for the zero point to come into play, by then the price should retrace further and only then look at using the SR levels, you might find at times its still at the same SR point or at another point but this is the time its telling you the retracement is sufficient enough to warrant a trade.

Attached is my current shorts on both the AUD/NZD and AUD/JPY as examples for you.

[peterpiak]

For you MT4 users, I found an MT4 oscillator similar to the one the Trading-it users are using in the charts posted on this thread. It is called “Awesome”. Pull it from [B]Indicators[/B]->[B] Custom[/B]-> [B]Awesome[/B].

The color make up is not identical but the patterns appear to be the same. See images comparing SR Player’s post on page 12 post #14, with MT4 chart of same pair, time frame and period.

I use MT4 from FXDD and it comes with it. I attached it in a zipped file to this post for anyone who doesn’t have it built-in.

Thanks for your advice, it will help a lot to use with this system for mt4 user.

[2os]

As you can see on posts in this thread the indicator SR Player is using is called “Tradingit - Waves”. Apparently Trading-it is making it available for MT4 - a simple fact I overlooked earlier while looking for an equivalent indicator. I deleted the previous post to make it simpler for others who might be searching through this thread.

Go to this link:
Downloads | Trading It

and scroll down to: ‘tradingit-waves’ an elliot indicator used to identify specific waves

Click on it to download the indicator for MT4. Save to your hard drive and paste in the indicators folder of your MT4 program e.g. C:\Program Files (x86)\FXDD - MetaTrader 4\experts[B]indicators[/B]

It will show up in MT4 under Indicators-> Custom-> tradingit - waves

Also adds all these additional labels you see on the Trading-it charts on this thread.

[Evermore_F]

What do we think of this setup? The chart is 4H AUD/USD. Trend is clearly down and price is retracing to a previous low. Let me know what you guys think.

Thanks.

[2os]

@Evermore_F

What do we think of this setup? The chart is 4H AUD/USD. Trend is clearly down and price is retracing to a previous low. Let me know what you guys think.

Thanks.

Evermore - check page 27, post #265, where SR Player set me straight about having to use this Trading-it indicator which is why I went on the hunt for it:

"Hi 2os

It’s important to allow the tradingit.com indicator to retrace right back to zero first before using a SR level"

Look at what this setup looks like now with regard to the indicator. Seems like a long way from coming on zero as of yet.

[Evermore_F]

Hi, 2os

I don’t use MT4. I’m using FXCM Trading Station, so is there another way to get this indicator?

Thanks.