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I've been made fun off, criticized, and well- just about everything on this forum.
Today, I decided to try out a new system I've developed and will post my continuing results here on TSD only.
I will post MT4 statements every other day. TP and SL are based off discretionary points. Trades are based off proprietary statistics that I have developed for myself. Trading frequency will be as frequent as I can stare at my screen. I have other things I need to do, and this project is not a priority.
Any questions are welcome, but I will not divulge my idea whole. I will help others who seek to be helped, and I will guide those who I feel need to be guided.
I will also ignore those who I choose to ignore.
Anyways, today's first trades turned out well. I don't expect any more setups for tonight.
I can't really remember- but anyways couple notes on the trades:
The loss on the initial G/U could have been saved, but since I decided to go to sleep, I lowered my SL to prevent a greater loss. But, in the end the trade would have fallen through to TP. I averaged down on the next trade to capture a profit immediately then hold to maintain balance and account growth. I did not plan on holding the second positions in GU very long.
I will no longer place trades near the London Open unless I'm planning to stay up.
Guess it depends, you probably need to ask a question regarding trading first!
honestly i really interest with your trading way.. as i know you said you don't use indicator..so i wondering the way you trade base on your statement, looks very interesting.
I do use an indicator, but its based off my own statistical analysis. Using this, I judge my entries.
I technically only trade off "H1" but a majority of my S/R Points are based of D1 and H1.
Have you read any articles by Sam Seiden?
He trades without indicators using only support and resistance.
I am attaching a couple pdfs...let me know what you think.
I'll be turning off the strategy today- my strategy works within its current conditions, but I personally do not feel like its systematic enough. I'll be reposing a new statement probably in the next week or so, when I finally build a cheat sheet for me to trade with. This is because I have 3 systems working together that provide different signals- I need to develop some stats on the patterns which occure within the systems together and not the systems themselves.
Cheers,
I've taken brief read and I'm not very impressed by the ways he sets up his S/R points, however I like his ideas when it comes to the confirmation of a resistance points. The reason I do not like his S/R points and how he defines them visually is because he seemingly uses open and closes to define a SR Point. If you think about a candle, or even a bar (I've moved from candle charting to bar charting), a Opens or Closes has no "real" meaning aside from its reference to time. If you think about time, time has no significance unless it happens to be the open or close of a session, in which is related to a particular group of people. Unless someone does the leg work and proves that opening of particular time frame candles holds significance in movements, I don't see how they could possibly influence a pivot point placement. I personally do not use closes for my SR points, and only look at the close when it confirms my indicators on that one candle.
I can probably guarantee you that the way he confirms SR points are on a mathematical calculation rather than what he explain in the actually article. His description of how he confirms an SR opportunity is probably the theory he first originated, then used quant to confirm whether or not he could prove the move was worthwhile to note a SR points. Discretionary trading like that would simply become hazardous.
Secondly,
if you're charting with candles, I recommend moving to bars. I've been a big fan of candles since I started trading and am now a bar chart convert. The reason behind this, green bars make me feel less biased and force me to analyze charts a lot more. You'll also find it a lot easier to draw proper S/R Trend lines or Horizontal lines.
Linear Mode
