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One more thing, I only trade GBPUSD, EURUSD, and EURJPY. Mainly due to the spreads and the liquidity. I often raise my stops to 25 pips on cable and EURJPY because of their movement and bigger spreads.
You should feel free to make your own decisions in this matter as this system is just as viable for all pairs. However, take into account the average movement of the pair and the spread before starting to trade.
I also tend to trade only one pair at a time. This is a factor of my own risk tolerance and my need to nurse my trades. This is a personal character issue and may not be reflective of your trading style. As a result I may miss perfectly good trades on other pairs once I decide to get into a trade.
If you get to a point where you feel like you are ready to take it to the next level (meaning actually looking at the statistics and doing R&D and expanding the method), I may be of some assistance. It may be something you are already aware of, but it is very similar to the current method except it opens up a whole new universe of doing what you are doing.
Like I said, I don't personally trade this method, however, I'm always researching and learning. And there are way too many garbage to wade through on the internet, and if I don't feel it is a concept with an edge, I won't even bother responding. This is something I always keep looking at, and hope to look further into when I have free time.
This method has promise because it is simple. If I see a strategy with more than 2 indicator stacked together, I automatically skip it because I like to do the dirty work and get into the statistics. I also believe in kinetics, so that is why this interests me.
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Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 03-03-2009 at 07:26 PM.
Here are the trades I took yesterday and today. This is a live account. Yes, it is a small one but I place all my trades here and with software copy them to my larger accounts. This is real money.
I should have taken many others but was otherwise occupied at the time. I will try to apply myself more diligently for the rest of the week.
I took a loser this afternoon that I should have closed prior to the hour ending. If I had, it would have been a small gain or at least BE but I just couldn't do it. I failed to see the DOW rallying and got smacked instead. I have to learn that 5 pips is still a win. Having said that, I still get that nagging feeling that stop hunters took me out.
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Change everything till it works!!! Test, test, test... Click here to see my trading... http://letsgetreal.mt4stats.com
Well I was an hour early for this trade but I am still short. See how the open of the hour as delineated by the double blue and red dotted lines serves as the hard deck for the trade? If we are below that, we should be short. Also the RSI turned red and the CCI dipped negative and turned red too. Basically everything lined up right.
Now there will be hours that it doesn't work so well but it is pretty consistent. I have another indicator that also shows the hour open and shows the past levels too. I may post that for you to see how it works in backtesting.
(Sorry, I posted the wrong chart before!!)
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Change everything till it works!!! Test, test, test... Click here to see my trading... http://letsgetreal.mt4stats.com
Good to see you back posting again. While I have read TRO's stuff in the past, but never delved too much into it. At the risk of sounding lazy (which I am not ), wouldn't the 'if hour is up/down" be in a constant state of change until the end of the hour?
Or is it that if the current candle at the present time is above the hrly open, then we are looking for longs, but 5mins later it could be short, then our bias changes?
As I do it, only trade in the direction of the candle. If half way through the hour you are up and long but it reverses, I will probably just close my long and wait to see where the next hour opens and what it shows.
Try not to trade against the hourly direction. Pay attention to the daily too. If the pair is up for the day and rising, add bias to your long trades and vice versa if the day is down.
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Change everything till it works!!! Test, test, test... Click here to see my trading... http://letsgetreal.mt4stats.com
I've tried to find TRO's posts/thread here, but can't seem to. Can't even find him in the members section. Could you pls put a link to his original ideas that you have adopted, so we can read up on it, and get a better understanding of your method.
Regards,
K.
EDIT: Not to worry, found him under TheRumpledOne.
), wouldn't the 'if hour is up/down" be in a constant state of change until the end of the hour? 
Linear Mode
