All you need to trade is a horizontal line - TheRumpledOne

33nkmtd.gif


Another winner this hour.
 
north5 said:
To be fair to TRO I can see some value in what he does. That is not to say I think it is a system that can be used long term, and certainly not a never lose on.

However for a newbie wanting to scalp they can learn a lot by paying attention to the current price action and also by having a defined line to enter on it also takes a lot of the decision making out of the equation.

So I could see this is a useful first training tool. I can see people benefiting from that.
Click to expand...

What's the second?
 
Second for me would be exits, which is my big criticism of this as a scalping system as that is not addressed - the 5/20 rules is just not adequate IMO.

Third (in case you ask) would be an understanding of the current overall market dynamic so that they can do away with the line and find a entry point that is more suitable to the market.
 
north5 said:
Second for me would be exits, which is my big criticism of this as a scalping system as that is not addressed - the 5/20 rules is just not adequate IMO.

Third (in case you ask) would be an understanding of the current overall market dynamic so that they can do away with the line and find a entry point that is more suitable to the market.
Click to expand...


The 5/20 was for the sake of the challenge. HOW CAN I MAKE THAT ANY CLEARER?

What r/r would you suggest?

How do you propose we exit the trade?
 
I do realise the 5 was just for the challenge - but I don't see any other clearer method. That is my problem - what to do once the trade is open??

As far as R:R is concerned I am not the person to ask as I don't scalp.

I am going to be spending some time looking at momentum scalping though to plug a gap in my strategies. My initial thought would be to drop into the lower timescales and look at a fast MA intially moving it out to a slower one as the trade develops to give it some room, or bar setups such as fractal points to move the stop up to - but these are just initial thoughts that need exploring.
 
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north5 said:
I do realise the 5 was just for the challenge - but I don't see any other clearer method. That is my problem - what to do once the trade is open??

As far as R:R is concerned I am not the person to ask as I don't scalp.

I am going to be spending some time looking at momentum scalping though to plug a gap in my strategies. My initial thought would be to drop into the lower timescales and look at a fast MA intially moving it out to a slower one as the trade develops to give it some room, or bar setups such as fractal points to move the stop up to - but these are just initial thoughts that need exploring.
Click to expand...

Why be so complex?

PRICE is the SAME on all charts.

See the dashboard in the chart above... I can see what price is doing over multiple timeframes for the last X bars for each time frame. It's set to look at the last 3 bars. Price is either UP or DOWN from the open 3 bars ago. SIMPLE!

By looking at various currencies, I get a sense of what currencies are strong and which are week.
 
I need to have a plan through out the trade, not just for the entry. Maybe for scalping that isn't appropriate I don't really know.

The thinking above is that judging the price against an MA will give me an idea of how price momentum is carrying through - is it increasing or decreasing. A fractal on smaller timescales would probably do a decent enough job at identifying pullbacks.

The trade thinking needs to be executed quickly at this level and so the time for deeper analysis doesn't exist. This means that quick ways to judge how it is progressing against the plan would be needed and these would be my first stab at them.

Otherwise it's just hope or guess or have a fixed R:R.


BTW - I don't see the value in the above and looks just like a lot of noise to me, but I hope it helps you.
 
north5 said:
I need to have a plan through out the trade, not just for the entry. Maybe for scalping that isn't appropriate I don't really know.

The thinking above is that judging the price against an MA will give me an idea of how price momentum is carrying through - is it increasing or decreasing. A fractal on smaller timescales would probably do a decent enough job at identifying pullbacks.

The trade thinking needs to be executed quickly at this level and so the time for deeper analysis doesn't exist. This means that quick ways to judge how it is progressing against the plan would be needed and these would be my first stab at them.

Otherwise it's just hope or guess or have a fixed R:R.


BTW - I don't see the value in the above and looks just like a lot of noise to me, but I hope it helps you.
Click to expand...

You don't see the value?

Is it because you don't understand what you are looking at or you do understand but can't use it?

I could assume from the noise comment that you don't understand. I'll explain.

If you look at the open 3 bars ago on any time frame and compare the current price to it, the price will be up, even or down. That tells you the "trend". I use 3 bars but you could use 5, 10 or more or less. But you fix the starting point and see where the current price is in relation to that starting point.

It's easy to see the short, mid and long term trends just by looking at the color of the numbers.

Also buy looking at all the pairs of a particular currency, you can see if that currency is weak or strong. Look at the GBP pairs to see if GBP is strong or weak.

It's very simple and not noisy at all.
 
TRO just because someone doesn't agree or see things in the same light as you doesn't mean they don't understand. It doesn't mean they don't SEE, that they are dense, or any other manner of words you care to use.

Infact, it's probably quite the opposite.
 
UKtradergirl said:
TRO just because someone doesn't agree or see things in the same light as you doesn't mean they don't understand. It doesn't mean they don't SEE, that they are dense, or any other manner of words you care to use.

Infact, it's probably quite the opposite.
Click to expand...

I disagree with that view. People who don't 'see' and as a result don't understand are generally the most outspoken and critical group of all people. I'm not defending TRO and or his 'system', but I agree in principle with what he says about seeing and understanding.

TRO, why don't you request a Private Forum?
 
new_trader said:
I disagree with that view. People who don't 'see' and as a result don't understand are generally the most outspoken and critical group of all people. I'm not defending TRO and or his 'system', but I agree in principle with what he says about seeing and understanding.

TRO, why don't you request a Private Forum?
Click to expand...

A private forum makes it difficult for people who want to check things out.

The public forum is fine so long as people are polite and stay on topic. It's the personal attacks that lower the level of the discussion and obfuscate the message.
 
2ptrugx.gif


LOSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Price bounced off line ending in 78 right at the start of the hour.
 
33y75w0.gif


UKtradergirl,I posted one of the charts we use for statistics.

You can see how waiting for the 3 like colored H1 candle reversal usually yields winning trades IF you use the Buy Zone for entry.
 
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