Forexmospherian
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Hi F, thanks for getting back with me.
1) Just so I understand, are you referring to "coalface" as a new beginning? ie a retrace to the 50% fib, then reversing?
2) Time window, that's very interesting. Do you feel that the time window is significant because that's when a lot of other traders are initiating trades?
3) Is there anywhere on your thread where you explain how you're using linear regression?
4) I have recently been using a 10 pip stop, and I've noticed if I make a point to enter on a pullback that most times I at least pick up the spread, and even if it's a loser entry, I don't get crushed.
I'm not big on indicators, the less I have to look at the better. Lately I've been using a strength meter. Do you use one?
Thanks,
Rockford
P.S. I may not agree with everything someone says, but it blows my mind how anyone would take time out of their day to to knock someone for attempting to help another. And, if trader isn't a scalper, why are they here reading your thread.
Hi Rockford
Ok back again to answer your questions
1. The "coalface" to me is my own terminology of being at the "sharp end" or at the beginning of a process. In this case for FX trading the coalface for me is working with tick and 1 min charts - Every 10 pip or 100 pip or 1000+ pip moves starts from somewhere - and if you are after accuracy an efficient trading - you trade at the "coalface".
That does not mean you never look at a hourly or daily or Monthly chart- bit i am not interested in entering a trade with a 50 or 100 pip stop and wait say 4 days for a 300 pip win . I want the same result in terms of risk / reward in 15 mins or bjust 30 mins - and its all possible - but only at an high advanced level
FIb levels - are just guide areas - they dont have the accuracy i require - I dont really incorporate them that much in my intraday trading etc - but am aware of 50 and 61% levels etc as guides
2. Yes - and also with automated systems etc
3.Yes I have a thread on LR's
-http://www.trade2win.com/boards/technical-analysis/181454-why-i-have-been-using-linear-regression-indicator-over-8-years.html
4. Remember this is a real skill - and need a load of practice
For example if you are into football - then imagine -" keepy uppy's ". Most amateur football players can do 20 or 30 etc - but to do say 100 or 300 over 30 or 60 mins requires a higher skill level and loads of practice
It will take at least 500 tries to get to even an average level and many 1000's of trades to get better
Any currency strength meter - is like say Fibs and oscillators and MACD's etc - yes that can help - but only guides etc - they are additional clues - but when you get to a high intraday level you start to use other things to give you your "edge" etc
That might be time windows / interim levels / trendlines / ray angles etc etc
Hope that helps
My method is complex and very time consuming to get there.
If trading was that simple and easy - why would over 80% fail
All the best
Regards
F