FF didn’t like xtraction either.
Thank you for your contribution. I like the too hott and too cold theory but unfortunately the charts looked the same to me :(. I need to learn more.
There are those who say xtraction used semantics and did not win the debates over the myths.
The chart clearly shows how money can be made trading the weekly open cross.
Want a debate? This is a better place.
Calling a current “trend” of any time frame the daily weekly, or monthly “flow” is semantics. Short simple, and sweet.
Saying a trend doesn’t exist is saying the daily flow doesn’t happen.
And I never one time said you couldn’t make money using his triggers and methods. I just said it wasn’t the ONLY way to profit.
Go back and read my posts.
Debate over.
Why the dogmatic attitude?
Live and let live. You may learn a little more.
Who gives a sh*t!
xtraction posted some solid & good material.
So did Jimmy Mac and he got banned, too. LOL
There has been a chart posted in this forum about eight month ago in the TT 2 thread that shows what the term “trend” is worth and that it means nothing.
People talk and have opinions.
So what?
The material in this thread here and the material in the three Technical Templates threads are outstanding.
It’s up to each individual to recognize it and make money with it.
There is a reference from catcher how to enter a trade in the TTC thread.
If properly applied and combined with the FOREX Store ideas presented here you’ll hardly see a negative P/L EVER again when you enter a trade.
This kind of gold nuggets are in this thread and the other three threads from Tess & Co.
People either can see it & use these gold nuggets or they don’t.
The rest is politics and not worth a breath.
You’re right.
Maybe you can move it to Kreslik forum. :rolleyes:
Plenty of good stuff there.
I know that this is a newbie question but the correct weekly open time would be 23:00 GMT on Sunday, correct? I know that the daily open/close is 22:00 GMT (NY Close, 17:00 EST where I am). I am new to forex and have been reading this thread as well as all the Tech Template threads and they make a whole lot of sense to me. Atleast, more sense than indicators have for me personally. Just wanted to make sure I got the correct weekly open time.
If you want to trade the Weekly Open cross with globally accepted FOREX day as your prefered time reference it is 17:00 hours EST on Sunday.
Globally accepted FOREX day starts Sun 17:00:00 hours EST & ends Fri 16:59:59 hours EST.
Whatever that translates to your local time & broker time.
I know that the daily open/close is 22:00 GMT ([B]NY Close, 17:00 EST[/B] where I am).
That is correct for globally accepted FOREX day as your prefered time reference.
Some brokers delay their open. You may have to use the previous week’s close price along with the weekly open.
The delay does cause different platforms to give different results.
Profit at the weekly open.
More profit.
And more profit.
Profit to the short side.
Short profit. May grab some long profit, too.
Maybe I’m not doing this right, but looking at this chart it looks like you would take a lot of losses if you make a trade every time the price crosses the weekly open. I have circled all the times on this chart where the price crosses it and would have entered a position. Most of the time it seems to cross it by just a few pips, then cross back the other way, then again the original direction, and so on. So if you keep reversing your position every time it crosses the weekly open the other way, that would be a lot of potential losses.
Trade long on green candles and short on red. Not too many losers that way unless your TP is large.