Good trading. Keep it up. 
On the chart business, your chart examples arenât really specific examples of trades and tend to give a general potential or retrospective trade outlook rather than specific entry/sl/target profit points i.e. without the trade management (which you provided a template for earlier) and mentioned was private, thatâs probably what lead Sh1rk to point that out. Not that thereâs anything wrong with that - from our earlier discussion itâs obvious youâre not promoting this thing as a how-to-do system for complete beginners without a clue about money management, or a signal service that attracts get-rich-quick prone or >50% drawdown get-breakeven-quick âtradersâ
Come to think of it you could be trading this thing âblindâ after all (without bothering with economic announcements s/r etc) since the more directional moves will indeed score you some serious gains. The weekly/daily fulcrum is a strong enough indication of buyer/seller sentiment&direction for the pure recognition of it being the open (although this would change with MT4 different timezones) (I call it s/r) - and while itâd fail during multiple retracements from news heavy volatility sticking to the system and not deviating from money management youâre bound to win big eventually (which is where Iâd compare it to the breakout system the turtles used again)
That said Iâm not a fan of waiting out a string of 2% losses even if it is for a 10% gain (weekly/daily cross is one but not all factors Iâd be content to base a trade on, tend to go for trades with a high probability of winning at a trade off for limited target size) but Iâve obviously stated my view a number of times now lol
Yes, I booked a 2% loss on the first USD/CAD trade earlier this morning & Iâve now locked in 8% profit on the return through the weeks open again this afternoon.
It hesitated a while at last weeks 1.0611 high, but itâs continued through there for now so I suppose weâll see how it goes into tonight/tomorrow.
Itâs covered the average days range up here at 1.0630. Maybe not surprising to witness price slowing a little.
Depending on the progress of prices as they move away into the green from these entries, I plan to trail up/down in 1% increments once Iâve established my initial minimum lock-in.
Iâm pitching in with a 2%/15pip stop loss defense for the time being.
For someone whoâs been in this for Iâm guessing ~6 months you seem to have an amazing discipline to be able to pull this thing off well - well at least by my standards. In your shoes 6 months ago I would have booked that 2% loss then decided to catch every move buying in at the end of breakouts before they retraced, getting broken out against, open a trade in the opposite direction, etc.
Read the following in the New Market Wizards.
[B]==== Beyond confidence in their own success, what are some of the other characteristics of successful
traders? ====[/B]
Another important element is that they have a perceptual filter that they know well and that they use- By
perceptual filter I mean a methodology, an approach, or a system to understanding market behavior. For
example, Elliot! Wave analysis and classical chart analysis are types of perceptual filters. In our research, we
found that the type of perceptual filter doesnât really make much of a difference. It could be classical
chart analysis, Ganri, Elliott Waves, or Market Profile-all these methods appear to work, provided the
person knows the perceptual filter thoroughly and follows it.
[B]==== I have an explanation as to why that may be the case. ====[/B]
Iâd certainly be interested in hearing it.
[B]==== I believe a lot of the popular methodologies are really vacuous. ====[/B]
[He laughs.] Aha! Thatâs a pretty provocative statement. Youâve got my attention.
[B]==== All these technical methods are based on price. In effect, theyâre all different-colored glasses for
looking at price. Proponents of RSI and Stochastics (two popular overbought/oversold indicators) would see
price patterns filtered through these price-derived series. Gann analysis enthusiasts would see the price
patterns through a Gann-based interpretation. In these cases and others, traders accumulate experience on
price patterns-albeit from different perspectives. Some of the methodologies employed, however, are
probably totally worthless. Itâs simply that instead of looking at prices through clear glass, traders who use
these methods are looking at prices through different-colored tints. The method, or tint shade, is a matter of
individual preference. To extend the analogy, I would compare these methods to nonprescription sunglasses:
they change the view but donât necessarily improve the vision. The bottom line is that these methods seem to
work only because the people who use them have developed some sort of intuitive experience about price.
====[/B]
That actually fits pretty well with my own view. People need to have a perceptual filter that matches the
way they think. The appropriate perceptual filter for a trader has more to do with how well it fits a traderâs
mental strategy, his mode of thinking and decision making, than how well it accounts for market activity.
When a person gets to know any perceptual filter deeply, it helps develop his or her intuition. Thereâs no
substitute for experience.
[B]==== What other characteristics typify successful traders? ====[/B]
Another important element among traders who excel is that they have an effective trading strategy. Iâm
using the word âstrategyâ in an NLP sense, meaning a series of internal representations, mental pictures,
words, and feelings, leading to a desired outcome: winning trades. One trader can act decisively, while
another may be paralyzed by indecision. The difference lies in their strategies.
[B]==== Iâm afraid you are lost me. In your use of the word, what typifies the strategies of successful traders?
====[/B]
An effective trading strategy will have the following characteristics. First, it will be automatic. Given a
specific situation, the trader will know what to do without second-guessing himself. Second, a good strategy
will be congment-that is, it wonât create any internal conflict. Third, the strategy will incorporate Away From
motivation by including some specific risk control plans. Fourth, part of the strategy will involve imagining the
trade from the perspective of already being in the position and considering what might be wrong with the
trade before putting it on. Fifth, an effective trading strategy will provide specific evidence that will allow the
trader to evaluate the merits of a trade.
The trades are there at the weekly open price. If you want to know stop loss:
STOP LOSS = RISK / POSITION SIZE
Thought I posted that earlier. I do not need a trade going more than 10 pips against me to convince me, I am on the losing end. This is a âhow-to-doâ system. After the Monday D1 candle closes, trade the weekly open cross in the direction price is moving when price reached the weekly open. I posted charts earlier showing this. Money management can be performed by complete beginners, too:
MAXIMUM RISK = 0.02 * ACCOUNT BALANCE
Thatâs all the money management a trader needs.
Do you think someone would pay me to send them weekly open cross signals? :eek: Are people really that naive? :rolleyes:
A trader should always be aware of upcoming events that could affect their positions. I am usually flat before major announcements. I havenât have too many strings of 2% losses. Guess I am lucky.
The usdcad M5 chart from earlier today shows how you can make 5 pips or more and hit your daily goal quickly. Trading short at the line and âlocking inâ profit with a stop market order as soon as price gave the opportunity to rack up the pips. Look at the chart and count the opportunities.
You mentioned âhigh probabilityâ trades. Do you have statistics that you can share that show just how âhighâ the âprobabilityâ is?
[B]This paragraph is worth the price of the whole bookâŚ
âŚeveryone should read it at least twice![/B]
thanks!
Do you think someone would pay me to send them weekly open cross signals? Are people really that naive?
Absolutely:D
Set up a mt4 script to send out the email alerts for you and charge a small fortune and make a large fortune. 
JOKE
Wouldnât it have to have a really cool sounding name? I donât think weekly open cross alert would generate any interest. 
The âquestionâ from the author that generated the reply you liked is when hits the ânail on the headâ.
==== All these technical methods are based on price. In effect, theyâre all different-colored glasses for
looking at price. Proponents of RSI and Stochastics (two popular overbought/oversold indicators) would see
price patterns filtered through these price-derived series. Gann analysis enthusiasts would see the price
patterns through a Gann-based interpretation. In these cases and others, traders accumulate experience on
price patterns-albeit from different perspectives. Some of the methodologies employed, however, are
probably totally worthless. [B]Itâs simply that instead of looking at prices through clear glass, traders who use
these methods are looking at prices through different-colored tints. The method, or tint shade, is a matter of
individual preference. To extend the analogy, I would compare these methods to nonprescription sunglasses:
they change the view but donât necessarily improve the vision.[/B] The bottom line is that these methods seem to
work only because the people who use them have developed some sort of intuitive experience about price.
Thatâs not going to make the technical indicator crowd happy.
Theyâll get over it!
PS I still have 4 ma and bolls all over my charts!
I answered a question in another thread:
[I]Yes, it is possible. You have to make a decision, either you are going to be a âdealerâ or a âgamblerâ. The dealers at casino must stick to the rules. In black jack the dealer can not hit 17. A gambler can hit 17 if they want to. Remember, the reasons why most casinos make money and most gamblers lose:
-
casinos always play by the rules
-
casinos never change the rules
-
casinos have a tiny âedgeâ.
As a trader, if you have a system, method or indicator that gives you an edge, then all you have to do is trade. Over the long run, you will come out ahead because you have an edge.
[/I]
It hit me like the proverbial âton of bricksâ, the rules of casino games are very simple. The strategies that some gamblers use are complex and convoluted. Doesnât this remind you of the systems you read about on other BabyPip threads?
Actually most of the charts just point out that buyers were interested/were not interested. If this was a how-to-do system there arenât very many charts marking the point of entry, exit and sl. Hence the âfew on examplesâ
Do you think someone would pay me to send them weekly open cross signals? :eek: Are people really that naive? :rolleyes:
Unfortunately cruising forums including this one it doesnât take long to find the all too common âFREE SIGNALS -> B: G/U 1.6200 +100 pips -> S: G/U 1.6700 +200 pips -> B: A/U 0.9050 +100 pips ->I will now be charging for my service leave your email if youâre interestedâ noose that seem to generate all too enthusiastic replies
A trader should always be aware of upcoming events that could affect their positions. I am usually flat before major announcements. I havenât have too many strings of 2% losses. Guess I am lucky.
Iâm probably confusing your template with the one mentioned on the other thread which appeared to suggest not worrying about them. Glad to see you do keep those in mind, the longer I keep up with this threadâs system the more I like it
You mentioned âhigh probabilityâ trades. Do you have statistics that you can share that show just how âhighâ the âprobabilityâ is?
When backdating general economic sentiment influenced by nearby news events and cross referencing with other factors (s/r, correlated equity/oil/gold etc.) to see if they all agree with the guestimated direction I find a higher probability of my trades succeed than scalping random technical zones hoping the painted trend and 15 min shooting star candle alone didnât lie about price action. Not that I think strategies that revolve around these indicators are inherently inefficient more than I know I had a huge amount of difficulty following them.
If you really want to get specific - anal - with the dictionary definition of âhighâ and âprobabilityâ Iâm not one to brag about results but just as an example of some recent trades using this scored the following
Short Positions (won %): 14 (71.43%)
Long Positions (won %): 6 (83.33%)
Profit Trades (% of total): 15 (75.00%)
Loss trades (% of total): 5 (25.00%)
These bets were all 1-20 pip wins/losses and as I mentioned earlier it suffers from trading off large solid gains for more small ones which is why Iâm interested in the template youâre presenting.
At any rate theyâve shown a higher probability than results earlier this year with a random scalping model scoring a roughly 40-50% win but larger losses than wins, since alot of those were closed off in partial lots metatrader 4 would count two tiny wins as individual ones which skewed the stats as ~80% win even though it was actually causing a loss in equity.
I havenât pulled anything off yet
What I have though is a base method I feel comfortable operating. Itâs uncomplicated, straightforward & pretty much stress free to run.
It ticks all my boxes so far. I guess time will tell whether itâs the ideal vehicle for me.Yes, but that doesnât work though does it. Trawling through these trading sites over the past six months or so has clearly shown me that type of behaviour is incredibly destructive to traders minds & their accounts.
I may be wrong but Iâm pretty sure youâre making alot of the players who have been right down the wrong alley green with a mixture of envy and regret that they didnât have the the qualities youâre demonstrating here. Current me is wishing past me had at least half of that mental resilience
And what would be the point of it anyway?
Those situations youâve mentioned arenât in the rules of this method.How would I be doing justice to this method & myself, if I abandoned it at the first few hurdles & simply reverted to what every other impatient gambler does?
Trading breakouts at the end of the breakout and generally trading in the wrong direction? Iâm not sure thatâs designed to be part of any system lol, unless the author thought it would be amusing to see how many people would purposely follow a system heâs clearly stated would result in a loss. Youâve rhetorically pointed out how ridiculous it sounds but for some/alot/me it takes (or has taken) several cycles of psychological lapses before the lesson really kicks in.
It hit me like the proverbial âton of bricksâ, the rules of casino games are very simple. The strategies that some gamblers use are complex and convoluted. Doesnât this remind you of the systems you read about on other BabyPip threads?
On a tangent I think itâs worth mentioning that the more successful gamblers tend to use a very strict risk & money management system when they get down to it, and I wouldnât be the first to draw similarities between poker and forex in terms of the psychological requirements.
On another one (not throwing accusations) I donât think itâs a great thing to be in a perpetually derogatory/condescending stance against other systems or schools of thought at their shortcomings, if theyâre working for someone then itâs got to have some value. All too often that trail leads to an elitism of sorts that sparks & attracts alot of inflated egos which is generally undesired particularly in this discipline
Hi crosshairs,
Iâve been following this thread with interest, mostly due to its simplicity. However despite itâs perceived simplicity I still feel Iâm missing something, and your statement about making 4 USDCAD trades youâve made, made me realise I perhaps am indeed missing something.
As I understand you are taking any trade as soon as price crosses the weekly open, from Tue - Fri - and thatâs it? Iâve attached the 1hr chart with the weekly open marked in green, and each time I see price cross the weekly open Iâve stuck an arrow on there. By my count there were 9 such crosses, some of which were big trades, but some (especially in the past couple of days) would fit into the âwhipsawâ category, although most of these still did 20 - 30 pips.
Would you count all these trades as valid, and possibly were only invalidated because of the time they crossed e.g. early morning? Or am I missing something?
As I understand you are taking any trade as soon as price crosses the weekly open, from Tue - Fri - and thatâs it? Iâve attached the 1hr chart with the weekly open marked in green, and each time I see price cross the weekly open Iâve stuck an arrow on there. By my count there were 9 such crosses, some of which were big trades, but some (especially in the past couple of days) would fit into the âwhipsawâ category, although most of these still did 20 - 30 pips.
Would you count all these trades as valid, and possibly were only invalidated because of the time they crossed e.g. early morning? Or am I missing something?
I would say they are all valid. I have been using pending orders to trade this strat. I have not traded this pair Not sure why:confused: I think one of the points here is 20 to 30 pips is plenty of pips to grow an account. A 10 pip win can do allot if the stop is tight and lot size/risk is scaled right.( see formula posted every where by extraction;))
Have you seen the Line In The Sand idea in Macâs trading log thread? It could be applied here. It sort of happen automatically if your stop is tight when price is bouncing around at one of these lines. you may get a few small losses and then it will take off.
On a side note I scalp a completely different strat that uses BBs but I have been looking at the charts with no indicators for this strat. My scalping has improved. I still have my BBs on the chart from the broker my account is with so I will see my indicator before entering a trade⌠Most of the time when I see PA line up for a scalp on the empty MT4 charts I switch over to my brokers chart its lined right up where I would want in it my BBs for a trade. I am learning to see PA much better. Less of a filter;)
Correct me if I am wrong but arnât these trades at the daily open.
My understanding was that trades were taken at the weekly open cross?
Cheers
Darren
The usdcad M5 chart from earlier today shows how you can make 5 pips or more and hit your daily goal quickly. Trading short at the line and âlocking inâ profit with a stop market order as soon as price gave the opportunity to rack up the pips. Look at the chart and count the opportunities.
You mentioned âhigh probabilityâ trades. Do you have statistics that you can share that show just how âhighâ the âprobabilityâ is?[/QUOTE]
Cheers for the responses guys, certainly is a nice little community here on BP 
All makes sense and perhaps iâm not missing something. Just seems to be too simple! I do pretty good trading a PA based system, which I had put into the category of âsimpleâ, pretty much the system cadarkitek posts up in the Trade Ideas thread. He taught me it actually, and he is a superb trader, one day I will hopefully be as good! Anyway, point is this makes use of TLâs, fibs, candles so compared to this is very complex! At first when xtraction started posting up I thought that things just couldnât be so simple. NowâŚsurely notâŚcan they?
This thread just remind me of someone and one particular thread in the past.
Hmm, know what youâre saying there Ray! Time will tell I guessâŚ
Things are that simple. If you care to take your sunnies off.
Today is another good example.
EURUSD flow broke daily open 1.4661 and is below weekly open. Net result for me +60 pips.
GBPUSD flow broke daily open 1.6376 and is below weekly open. Net result for me +75 pips.
It is that simple.
Hi used!
Are you sure about the bold ones? These values on my charts are a daily [I]low /I and a daily [I]high[/I] (GU) from mid this week. And today only EU got triggered. GU hasnât been at 6376 since the 9th.
Thanks!
Correction.
GBPUSD [B]1.6276[/B]. That was a typo from my side. Intead 2 I typed 3.
EURUSD I got the daily open mixed up with weekly S3. :rolleyes:
EURUSD open [B]1.4729[/B] today.