Discussions and Chat

[Minsk]

Hi all,

My ATM looks really weird on DAX, compared to what it looks like on n FX pair.
Is this normal?
ANd when I click on the M button of the ATM, this window does not dissappear.
ANyone recognise this problem?

I put in an order via the MT4 order button. That worked, although the terminal/trade tab at the bottom freezes at a price and you don't see any change in PnL. Closing the trade with the x gave a complete different PnL in Trade history than I have seen in Terminal/Trade tab.
Some things are not OK in this platform. 
I suspect it being a broker problem now.

 
 
 
 



 

Simplify the matter. Forget DAX. it behaves way too different to Forex. EU GU UJ Enough.... Trust me when I say that....
 
ps: when I suggested DAX I was not 100% sure but thought let's see what happens. 
 

 

Ok I'll stick to those 3 FX pairs.
Although I am going to find out what's wrong. Because the US30 chart does work OK.
 

[immy]

Hi all,

My ATM looks really weird on DAX, compared to what it looks like on n FX pair.
Is this normal?
ANd when I click on the M button of the ATM, this window does not dissappear.
ANyone recognise this problem?

I put in an order via the MT4 order button. That worked, although the terminal/trade tab at the bottom freezes at a price and you don't see any change in PnL. Closing the trade with the x gave a complete different PnL in Trade history than I have seen in Terminal/Trade tab.
Some things are not OK in this platform. 
I suspect it being a broker problem now.

 
 
 
 






 

Simplify the matter. Forget DAX. it behaves way too different to Forex. EU GU UJ Enough.... Trust me when I say that....
 
ps: when I suggested DAX I was not 100% sure but thought let's see what happens. 
 




 

Ok I'll stick to those 3 FX pairs.
Although I am going to find out what's wrong. Because the US30 chart does work OK.
 



 

It's best to leave the indices out of it for now. the forex market's volatility is bearable. The indices are a difficult chart to understand. It's volatility expands and contracts a lot within the day. The feed that we see is a feed off the spot/cash market and future market. It goes higher in volatility during the session open times and then goes down later, and it can expand too much. It's hard. But if you watch EU GU UJ, can assure you that you will understand the forex market so much better and will be able to PICK the RIGHT instrument in time. 

ps: there are a few multi-millionaires that I know of who would trade just these 3. There are some who only trade either one of them. But 3-4 and H1 seem to be the favourite of the pit traders, the bank traders and the professionals. (those who show off watching 20 charts are just that, showoff)
 
pps: one more crucial change that will do you good. 

Trade Management I will be using: and (you should too)

0.5% Risk per trade
Target 5R 
Move SL to BE at +2R
EU Max SL 25(ish)
GU MAx 30(ish)
UJ MAx 20
DAX Max50

[immy]

The TTPPPP Pattern 

I don't know if I would have taken it though. It had levels to the left 

but the banana pattern was THERE 

 

[Minsk]

Hi all,

My ATM looks really weird on DAX, compared to what it looks like on n FX pair.
Is this normal?
ANd when I click on the M button of the ATM, this window does not dissappear.
ANyone recognise this problem?

I put in an order via the MT4 order button. That worked, although the terminal/trade tab at the bottom freezes at a price and you don't see any change in PnL. Closing the trade with the x gave a complete different PnL in Trade history than I have seen in Terminal/Trade tab.
Some things are not OK in this platform. 
I suspect it being a broker problem now.

 
 
 
 







 

Simplify the matter. Forget DAX. it behaves way too different to Forex. EU GU UJ Enough.... Trust me when I say that....
 
ps: when I suggested DAX I was not 100% sure but thought let's see what happens. 
 





 

Ok I'll stick to those 3 FX pairs.
Although I am going to find out what's wrong. Because the US30 chart does work OK.
 




 

It's best to leave the indices out of it for now. the forex market's volatility is bearable. The indices are a difficult chart to understand. It's volatility expands and contracts a lot within the day. The feed that we see is a feed off the spot/cash market and future market. It goes higher in volatility during the session open times and then goes down later, and it can expand too much. It's hard. But if you watch EU GU UJ, can assure you that you will understand the forex market so much better and will be able to PICK the RIGHT instrument in time. 

ps: there are a few multi-millionaires that I know of who would trade just these 3. There are some who only trade either one of them. But 3-4 and H1 seem to be the favourite of the pit traders, the bank traders and the professionals. (those who show off watching 20 charts are just that, showoff)
 
pps: one more crucial change that will do you good. 

Trade Management I will be using: and (you should too)

0.5% Risk per trade
Target 5R 
Move SL to BE at +2R
EU Max SL 25(ish)
GU MAx 30(ish)
UJ MAx 20
DAX Max50

 

I will implemet this in the Tradeplan , and in the ATM
 

[immy]

[Minsk]

@ Immy,  Tom posted in his journal the pictures of the trend/pullback patterns.
Has there been done backtesting which pattern has been most succesful? If yes, what are the results of that?
I know there is an Ultimate winning pattern in Banana forum, But what about other ptterns?
 
 
 

[immy]

@ Immy,  Tom posted in his journal the pictures of the trend/pullback patterns.
Has there been done backtesting which pattern has been most succesful? If yes, what are the results of that?
I know there is an Ultimate winning pattern in Banana forum, But what about other ptterns?
 
 
 

 

Remember the difference between Models and Reality. 

A model is "A simplified representation used to explain the workings of a real world system or event"

These are models of reality. A Model. The perfect patterns. In real-time, They won't always appear exactly like this but the general structure will be the same. 

A model is the simplified or often the best-case scenario. 

And yes, all the testing revealed that the most potent signals are 1,2,3 with 1,2,3 TC's. Hence the models. 

Those are shared in the lesson: https://itradeaims.net/lessons/what-is-a-pullback/
 

 

[immy]

@ Immy,  Tom posted in his journal the pictures of the trend/pullback patterns.
Has there been done backtesting which pattern has been most succesful? If yes, what are the results of that?
I know there is an Ultimate winning pattern in Banana forum, But what about other ptterns?
 
 
 


 

Remember the difference between Models and Reality. 

A model is "A simplified representation used to explain the workings of a real world system or event"

These are models of reality. A Model. The perfect patterns. In real-time, They won't always appear exactly like this but the general structure will be the same. 

A model is the simplified or often the best-case scenario. 

And yes, all the testing revealed that the most potent signals are 1,2,3 with 1,2,3 TC's. Hence the models. 

Those are shared in the lesson: https://itradeaims.net/lessons/what-is-a-pullback/
 

 

 

ps: tom has a point but you don't have the impulse problems, or ideally you should not because you are not forced to take your decision within 30 seconds. You have 2-3 hrs to assess the situation. In fact, most banana patterns are made of 5 Hr's pattern. Starts with an hr of impulse, sometimes one more, than a couple of hours of pullback, TTPP or TTTPP or TTPPP or TTTTPPP patterns can take hours to form. No rush on you (or me) 

[Minsk]

@ Immy,  Tom posted in his journal the pictures of the trend/pullback patterns.
Has there been done backtesting which pattern has been most succesful? If yes, what are the results of that?
I know there is an Ultimate winning pattern in Banana forum, But what about other ptterns?
 
 
 



 

Remember the difference between Models and Reality. 

A model is "A simplified representation used to explain the workings of a real world system or event"

These are models of reality. A Model. The perfect patterns. In real-time, They won't always appear exactly like this but the general structure will be the same. 

A model is the simplified or often the best-case scenario. 

And yes, all the testing revealed that the most potent signals are 1,2,3 with 1,2,3 TC's. Hence the models. 

Those are shared in the lesson: https://itradeaims.net/lessons/what-is-a-pullback/
 

 


 

ps: tom has a point but you don't have the impulse problems, or ideally you should not because you are not forced to take your decision within 30 seconds. You have 2-3 hrs to assess the situation. In fact, most banana patterns are made of 5 Hr's pattern. Starts with an hr of impulse, sometimes one more, than a couple of hours of pullback, TTPP or TTTPP or TTPPP or TTTTPPP patterns can take hours to form. No rush on you (or me) 

 

thank you for explaining!

 

[immy]

What do I look for? What am I trying to catch when trading the forex market on the hourly chart?

I know that market remains in a breakout phase, only 10% of the time. 

I also know that the D1 chart produces 2-3 consecutive trend candles during that breakout phase. 

I want to catch those moves when they happen. Usually, I'll be able to catch the First Trend candle of the D1 when it breaks out on the H1. 
An example of this is the EUR/USD trade I took on the 9th of June.

I knew that EUR/USD was consolidating and not moving strong. It was within a TR on the D1. Which meant a wide trading range on the H1 that lasted several days. 

EURUSD D1 9th of June Breakout.jpg

I knew it, I was watching it. Now combine that with the fact the MARKETS ARE DRIVEN BY NEWS (especially forex).

The interest rate decisions carry more weight these days since governments are trying to curb inflation and the cost of living. The central banks around the world want to control inflation and for that, they need to adjust bank interest rates.

On the 9th ECB made a decision. (no change). Which created strong 2 trend candles on the hourly chart. It broke the TR levels of H1 as well as the D1. 


Now in this case I caught the beginning of the move/wave. If I wanted, and if  I could I would have let it run for the next 2 days, allowing me to grab a 20R winner but I got myself a 3R and a 10R winner on two accounts. More than enough for me. 

EURUSD D1 9th of June Breakout on H1.jpg

 I could see that D1 chart at clear levels to the left. I can remember telling my son, "This can be a 20K trade (10R). Maybe even a 30K (15R) I closed it when it hit the target but my first target was the Daily levels. Hard to let it run but that is what makes you the money. 

I can also catch the 2nd-day play, the 2nd day after a clear Trend candle on the D1 chart. I did that on the DAX on the same date 9th of June. 

Dax was in a wedge channel losing momentum to the upside on the daily chart. then on the 8th it broke below the channel and created a Trend candle. A bearish one. That translated into a strong bear wave (impulse) on the H1. 

DAXD1 chart.jpg

 You can see in the DAX D1 chart above, that since my trade on H1 was in line with the trend on D1, or the possible new bear trend, I had the option to simply LET IT RUN on the D1 chart. That would have turned this 1K risk trade into $20K winner and some more add-ons. 

I want to have my trades in line with the Daily chart information. I am essentially trading the Daily chart with entries on the H1 and exits are based on R multiples not really based on H1 chart. Or you can say that they are based on the h1 chart, but really my exits are simply R multiples.