BREATHE. CLEAR YOUR MIND. Sorry I took a yoga class today. Forget what you know and what you think you know. Start with a blank slate. The idea is to win a reasonable amount of pips or percent return on your account. I like to shoot for a 4% return per day. That’s only 20 pips for me when I take a full position. Look at the daily chart and how the candle moves through the weekly open. Does it look like you can make 20 pips?
Only got 10 pips this time but that’s just fine by me. The daily candle crossed the weekly open and ran 14 pips before it stalled. Don’t be sucked in by the threads that claim to make hundreds of pips a day or thousands of pips a week. Ask them to show their average pips returned per day. You’ll be surprised.
Note: Trading short at the weekly open could have worked out well, too. Notice price hasn’t made a higher high in 3 days and has made a lower low for the last 3 days.
BREATHE. CLEAR YOUR MIND. Sorry I took a yoga class today. Forget what you know and what you think you know. Start with a blank slate. The idea is to win a reasonable amount of pips or percent return on your account. I like to shoot for a 4% return per day. That’s only 20 pips for me when I take a full position. Look at the daily chart and how the candle moves through the weekly open. Does it look like you can make 20 pips?
Thanks thats the kind of stuff I was looking for. I do like this method I am fine with a small pip gain(or a big pip gain if I can be at the screen). Most of my success has also been with “small trades”. I was worried this whole method was a thought experiment because nobody was talking with any specificity about how they decide to take profit.
Glad we got that settled. This is not a “thought experiment”. It is used on a daily basis. But it is not widely discussed because the charts are so boring and you may only get 1 trade per pair per week. Some traders “need more action”. They forgot the purpose is to make money. Plus the method isn’t very fancy and the trader has nothing to “do” except sit around for the price to cross the weekly open. The rules are too simple for most because there is nothing to think about. No indicators to interpret. No extra lines to draw. [B]YOU WANT ME TO WAIT FOR THE PRICE TO GET BACK TO THE WEEKLY OPEN BEFORE I ENTER A TRADE, ARE YOU CRAZY?[/B] :mad:
Sometimes, you’ll find your position sitting at +50 pips or more. When that happens to me, I will exit half of my position to lock in the daily profit, move the stop up to entry + 10 pips and leave it alone. If it goes to +100 pips, I’ll move the stop up or switch to a trailing stop depending on my mood
I just replied to the ArmyDoc on another thread. It is now apparent to me why some people are so obnoxious in their posts. Some people have a lot of time and effort invested in their systems and for the most part, their systems don’t work. They call their methods simple but that is not an accurate adjective. Convoluted fits much better. Then someone comes along and points out the flaws in their systems, methods, ideas, etc… and next thing you know, you have a barroom brawl on your hands. They identify so closely with their “baby” that when you “attack” their baby they take it personally.
I’m kinda with you on the efficiency of amount of time spent, to be honest after feeling the more technical s/r tools weren’t enough to determine a reliable enough direction and deciding to spend a month or so cramming macroeconomic fundamentals the few trades I’ve pulled between have done alot better - but all this time I was lacking a real focus on keeping the system going (missing trades etc) and there’s definitely the issue of just finding myself torn between the myriad of factors
Picking out holes in anybody’s system is usually going to warrant a defensive response (much like I’ve encountered with the whole d/w open template) but the level of aggression of it probably stems from their personality for starters fueled on the owner’s (and followers of his system) lack of control of ego - which would be heightened by their investment in it as you described above
I don’t recall being defensive nor aggressive. Hopefully, we won’t have any of that in THE FOREX STORE. All are welcome to debate so long as they are civil and use reason and logic.
When it comes to the weekly open and daily open, there is no ego involved. How silly to have ego invested in something you have no control over?
Agreed, imo there’s nothing wrong with defending the validity of a system (or opinion for that) in providing reinforcing arguments for it - it’s healthy discussion. Only when people start getting personal about it at which point the mods seem to sniff out very quickly. On that note still not sure why the tech templates thread was closed though. At any rate we’ve probably all been through enough to find that the warnings of an out of control ego being a sure path to trading hell holds all too true
Attached is the xLINES indicator and template. The daily vertical line and daily open line (dotted) change when the new day begins. The weekly open and previous week’s high and low lines (solid) also will update automatically. All you have to do is trade.
