Comprehensive Trading System/Methodology

Thanks BB. I made 14 pips today only but learning hard

I have been using the 5 mins and 30mins to find potential Resistance and support on the GBPUSD pairing. I understand what you mean by trading 1 pairing as it lets me see the support and resistance more clearly. Will add more to the arsenal when I get more and more familar with the system.

GBP/USD Bought 12/9/08 2:39 AM 1.47866
Sold 12/9/08 2:54 AM 1.47866

Sold 12/9/08 10:23 AM 1.47401
BOught 12/9/08 10:31 AM 1.47378

Sold 12/9/08 10:39 AM 1.47799
BOught 12/9/08 10:41 AM 1.47798

Sold 12/9/08 11:05 AM 1.47893
BOught 12/9/08 11:21 AM 1.47773

Not a very good result but learning and testing.

Regarding the stops as you did not elaborate much.

Do I put it in an area where it will invalidate the setup? As some of the SBR or RBS can be quite wide, how would I put the stop?

Thank you
 
babymush said:
Thanks BB. I made 14 pips today only but learning hard

I have been using the 5 mins and 30mins to find potential Resistance and support on the GBPUSD pairing. I understand what you mean by trading 1 pairing as it lets me see the support and resistance more clearly. Will add more to the arsenal when I get more and more familar with the system.

GBP/USD Bought 12/9/08 2:39 AM 1.47866
Sold 12/9/08 2:54 AM 1.47866

Sold 12/9/08 10:23 AM 1.47401
BOught 12/9/08 10:31 AM 1.47378

Sold 12/9/08 10:39 AM 1.47799
BOught 12/9/08 10:41 AM 1.47798

Sold 12/9/08 11:05 AM 1.47893
BOught 12/9/08 11:21 AM 1.47773

Not a very good result but learning and testing.

Regarding the stops as you did not elaborate much.

Do I put it in an area where it will invalidate the setup? As some of the SBR or RBS can be quite wide, how would I put the stop?

Thank you
Click to expand...

Well done, if you can tell me these trade times relationship to gmt I will comment further after looking at the charts....as for stops, you have to ensure that it is in area that if hit means that the potential supp/res/sbr/rbs zone did not hold, so better outside of them, but as you get more experienced and particularly if using a 1min trigger you will find that the size of the stop you need decreases as you very often get the exact top or bottom.
 
There seems to be a Reversal setup currently at the GBPUSD M5 chart and should I wait for the M1 chart to confirm?

 
Im not see-ing these times/prices in your trades posted above corresponding to the right prices on my charts, I am using mig chart feed which is gmt+1 also, but not see-ing these at all
 
Arghh Got stop out for 0.3 profit lolz...

Profit was at 12 pips when I set stop to Breakeven and trail it every 12 pips but price retrace and stop me out.

Did I do anything wrong? :)
 
Oops sorry the timings I gave you were using my FXCM report timing. Let me see :

THe time on FXCM is now at 1246 so GMT should be +5 hours from the time I stated.
 
babymush said:
GMT 1733 M1 RevC M5 Rev C M30 Potential Resistance at 1.4832 to 1.4850
Click to expand...

I can see the set-ups but dont see any potential sbr/res on the 1hr chart or any fibs

k9e7w9.gif
 
babymush said:
Oops sorry the timings I gave you were using my FXCM report timing. Let me see :

THe time on FXCM is now at 1246 so GMT should be +5 hours from the time I stated.
Click to expand...

ok will look again and comment
 
babymush said:
Arghh Got stop out for 0.3 profit lolz...

Profit was at 12 pips when I set stop to Breakeven and trail it every 12 pips but price retrace and stop me out.

Did I do anything wrong? :)
Click to expand...

12 pip trailing stop is purely arbitraray and bears no relationship to waht is happeneing in the market, best way to trail is putting stop above /below last retrace but one on your trigger chart.
 
GBP/USD Bought 12/9/08 2:39 AM 1.47866, Sold 12/9/08 2:54 AM 1.47866
yeh can see a rev aii with 5min rev extr here at prev 1hr sw hi=pot supp

Sold 12/9/08 10:23 AM 1.47401, Bought 12/9/08 10:31 AM 1.47378
no 1min set-up and no 5min set-up but can see the prev 1hr sw lo zone = potential sbr...can see what you were thinking

Sold 12/9/08 10:39 AM 1.47799, Bought 12/9/08 10:41 AM 1.47798
no 1 or 5min set-up but can see the 1hr prev sw lo = pot sbr

Sold 12/9/08 11:05 AM 1.47893, Bought 12/9/08 11:21 AM 1.47773
No 1min set-up, no 5min set-up but 15min re-ent 4 at pot sbr/res = prev 1hr sw lo

Some of the entries are dodgy re the set-ups not properly formed, although good identification of the potential supp/res/sbr/rbs. Like the 1105am set-up above the 1min set-up had divergence but for a rev Aii the 40bol needs to be flipped inside the 10 and 20 also, and for a rev c the 60 bol needs to be still inside the 60, which this did not have...this set-up fell inbetween the the rev aii and rev c really.

You gotta make sure that you memorise the set-ups and act only when they are fully formed at good potential supp/res/sbr/rbs....

Great attempts though, well done.
 
babymush
the sbr/rbs zone on the last chart does not seem right to me.
what you are looking for is a retrace into the zone and then looking at the reaction in the zone.ie a reversal for trend continuation
price did not change direction where you pointed to
bbmac...please correct me if you think i am wrong
 
Last edited:
babymush said:
343ndaw.gif


Can this be considered as SBR?
Click to expand...

It certainly isn't potential sbr because it's a previous swing hi not a swing lo and a minor one at that...ie it's a minor previous swing hi on 1hr so potentially minor potential res,
There is however the 50% of 5047 fall to 4672and 61.8% of 4955-4672 in the 4848-60 region.
 
Last edited:
Re entry set up found in M5
Reversal setup found in M1
RBS at 1.4767 to 1.4763
Stop at 1.4750 Below Trendline
 
dentist007 said:
babymush
the sbr/rbs zone on the last chart does not seem right to me.
what you are looking for is a retrace into the zone and then looking at the reaction in the zone.ie a reversal for trend continuation
price did not change direction where you pointed to
bbmac...please correct me if you think i am wrong
Click to expand...

see posts below
 
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