Would it be useful to use an indicator that prints candlesticks automatically refreshed to be seen as if the last bar was just closed?
For example, at 2:10pm, on our daily timeframe chart, we can use H1 data to recalculate each daily bar from 1pm to 2pm.
That way, each time you watch your graphic, the candlesticks are fresh, whatever the session & time.
The question is more: is it useful or it is counter-productive and misleading?
I thinks is misleading its better to wait for the candle to close in the mean time you can see the range of the movement but for a decision making its better to wait for the close
I actually read it right for once. I went long in AUD/JPY, NZD/JPY, and USD/JPY. Iām currently up around 700 pips at the moment on those 3 pairs. That definitely made up for last week!
Maximizeā¦ Thanks for putting forth your idea on the thread. I find it interesting, but too complex for me. Iām trying the ākeep it simple, stupidā concept and thatās hard enough to achieve. MG99 has said it a few times. The method serves as a base from which we each make our own. So, for what I can see, everyone trades the method differently.
Hello allā¦ I hope everyone had a good week. My account ended the week at +10.70% and 1088 pipsā¦ All realized profit since I closed all my open trades today. Last week was not so hot at -.05%. I believe in the 24/7 trading, but I decided to start fresh next weekā¦ More to do with my own issues. Iām still working through getting comfortable with the method.
MG99,
Could you continue to touch on entries and exits? Itās key for us to get comfortable with managing so many pairs and deal with the daily timeframe.
Thanks for everything so far, I like this way of trading.
Itās probably going to be another week before I can actually hunker down with a detailed post. My schedule has been jammed.
Hi Folks,
First an update as to where I am with the methodology.
As some of you may remember, my last post was that I had shorted the JPY pairs and was nursing small losses on each. Well I closed all my open trades on the morning of the great JPY fall with losses that took out all my previous gains and a bit more too, only to find that if I had waited till the end of the day when the JPY pairs rose up and crashed, I would have taken a nice profit!! Ahh well thatās me.
Anyway I took a week off trading and began to ponder about it all and have come up with a simple plan.
As far as I can see the methodology works on these three main points;
1 A large enough portfolio of trades to provide a natural āhedgeā.
2 Being able to see the main bias for each trade.
3 Having a decent entry to the trades.
Now Iāve decided Iām crap at 2 & 3 above, so I am going to trade in a similar manner to little herenow in the story told in the book Adam theory of markets by James Welles Wilder Jnr. Iāll post the e-book if anybody is interested in the read.
The book is mainly saying we should ignore everything we think we know about trading and simply enter trades in the direction price is moving. The book goes on to show the double reflection method of seeing where price is likely to go next. I will not be using this laborious method as you can easily visualise the immediate double reflection.
I will detail my plan in my next post so as not to get too large a post here.
See you soon.
I have taken out a demo account with IBFX with $5,000 mickey mouse dollars so as not to hurt real money in this experiment.
Starting this weekend I will look at each pairās weekly chart and simply set a buy order 3 pips above the weekly candle if price was moving up and has closed near the top. Similarly I will place a sell order likewise.
If the weekly candle is indecisive, I will place both a buy and sell order as above. Each trade will be equal 0.1 lot as I donāt yet know what effect the margin will be and I may adjust as I go along. No SL will be placed.
I will simply monitor the positions near to NY close as I can and decide on the daily candles whether to chop and reverse my position or let it ride for each pair.
Thatās it, I will post my results here next week. Any questions?
John
Simple enough. Logically it makes sense as well.
Thanks for sharing Ltrader and I look forward to your (positive) results.
I think the entries are the simplest part of this methodologyā¦ Trade with price action. The trend.
Where I feel the difficulty lies is in the exits, for both profits and for cutting losers lose. I think a key concept is to be able to be able to have your average winner be considerably greater than your average looser. This, for me, is the biggest edge we need to exploit. I donāt remember MG99ās numbers, but its the case with him.
Thatās what Iām trying to work on, and where I would like to see more ideas and/or examples.
For example: My 2 week win rate was 80% (45/56 trades), but my average win was only 44 pips vs. my average loss of 88 pips.
I think itās clear where I need to put in the work.
I am interested in the bookā¦ guess others will tooā¦ extra learning is always welcomeā¦
This was a reply to Ltradeā¦ push the wrong reply bottomā¦:37:
Hi Maurojcampos,
Here is the book.
I donāt know if it will help you, but it is an interesting read. There is an old thread up on newbie island a few pages in I think started by Dale DāPaterso about Adam. Jedster is the guy who contributed to the thread who actually made Adam work if you are interested.
Enjoy.
http://forums.babypips.com/newbie-island/41815-adam-theory-markets-j-welles-wilder-jnr.html
ps sorry, but I am having difficulty in uploading it, if you pm me with your e-mail address I will send it to you.
John
Hi everybody,
Read all the pages and would like to thanks MG99 for starting this thread. And of course everyone else that has been commenting, posting charts and results, criticizing, agreeing or disagreeing.
I learned a lot and have already start trading this methodologyā¦ of course with my own twistsā¦
Will shoot a few questions soonā¦
ā¦
Get rich or die tryin (honestly)
Hi mastergunner,
In a crazy week like the one that just ended what is your approach? Sit and watch or try to catch some opportunities?
ā¦
Hi everybody,
As stated by MG99 in his methodology fundamentals do not play a roleā¦
But, I am using the methodology and found out that actually there is a lot of room to let fundamentals play a key role:
> the methodology is quite simple (but powerful) that save us a lot of time;
> therefore why not use this saved time to keep an eye and ears open to the news. For those like myself who doesnāt want to burn brain cells trying to understand economic reports, a few links to some twitters will do the job;
Appreciate your commentsā¦
ā¦
get rich or die tryin (honestly)
Hi caPIPtain,
In my opinion and limited experience, any news and fundamentals gets factored into the price before the news is out. The big guys moving the markets simply use news to disguise their actions to make money by putting us on the wrong side of the market. Therefore I think we ignore such ideas. Just my thoughts.
I ended this week in the positive. Each week is crazy as far as Iām concerned.
Thanks, found it on the netā¦
