Sorry to post again the same question, thanks ITguy for your input could anyone give a definitive defintion of what is :
1) chilli pepper bar
2) zorro bar
3) stretch bar

surely these are the keys to the system not the indicators ?

Thanks !

I must say, since summit pointed out so many entries on eur/jpy, it has also become one of my favourite pairs. Much easier to follow one pair and easier to concentrate.

I think today anyone going short on yen crosses would have made money at some point. The aim is to stick to the rules.

Made clear entry on at 165.10, got my +10 (infact, got +11 as it moved a bit more when I closed my order).

I know, I know, I missed out on nearly 80 pips, and I would like to be able to close out half my position to ride the rest. All in due course.

@ Brunite - Having a set plan has certainly helped me a lot. I am aspiring to get to the stage of aiming for 25 to 50 pips per day as a goal.

@ Itguy, fantastic trading mate. Plan the trade, and trade the plan, and what do you have - kachinggggg.

Regards,
K.

If I could just comment on this, I would say that you need to think about the big picture as well. Fundamentals are ultimitly what drives the FX market. The last few days we have had huge opps with the carry trades because of the overall weakness in the US markets amongst concerns over the sub-prime lending debacle. With that in mind, the safer trades all week would be to take only short trade set ups. Trying to spot the perfect Zorro or Chili pepper is actually silly. Think like a Banker and drill down from the big Charts and the overall sentiment and then grab your pips from smaller time frames and our beloved randycandles. Continued learning and success!

This thread is turning out to be great.....even though I am still losing money....but learning along the way.....

Can the alert candle be of any color regardless of the direction the next move takes.

Thanks

Vegas

Vegas,

Why are you still losing money? Pls, post your next losing trade here, and I am sure the better traders will help you see what you should have seen/not seen. I will surely chip in as well, to the best I can.

Have you actually got a written down plan of your entry criteria, like Itguy has, and rad is working on? If not, then someone gave you a very good suggestion earlier, only trade 15M, in the direction of the cci14 changed to 60 min time frame. Remember, all you need is one good trade per day, and hope they come when you are at ur computer, and not at wrk!!!

Regards,
K.

Based solely on Stochastic crosses with ITGuy's new Alert function, below is a chart that shows the good trades( higher %) in green and the bad ones
(lower % ) in red. IMHO- and if you don't get- keep on studying.

Over n Out

Attached Images

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Kermut, Great post about exit strategy and your long term plan.

Question for you and everyone else regarding money management, on a day where the market goes against you and instead of making your 10 pips you have lost 10 pips, do you take the loss and walk away for the day, or keep looking till you find and make back those 10 pips and perhaps even try to then get another 10 pips to come out ahead for the day?

Hi wlninja,

As I said, my aim is to be net +10 by the end of the day. If first one is a loss, then I will take a second trade. If it is a loss, then I stop for the day. If it is a winner, then I will take a third and final trade, which will mean I am either negative or positive for the day.

If the first trade goes bad, and I analyse it to be because of poor discipline, I might not even take another trade for the day. It means I am not focused, and more like to make another bad choice for the day, or revenge trade.

Getting the mind right is a big part of money management!!

Off to bed now, nearly 1am here.

Cheers,
K.

Thanks Kermut,

I have Itguy,s post about entry exits next to me as I trade.

But where I am getting confused is that when i think there is a good set up, i.e the alert candle and the stoch cross over, the dam things goes the other way. On the big moves it appears that there was never an alert candle.

But I also must admit that I get a little trigger happy and pull the trigger trying to force the trade.

However having just gone to confession, Father Kermut, there are definate times when I look at the charts with all these indicators on it and my head spins. One stoch is going up the other down. Blue T3 is up but the price action is going down. the coloered smac-d is one way and the price action is heading the other way etc etc....

So yes it has become complicated to me....

So I am trying to get rid of some of the indicators that might not be as important for the actual trade.....Please see my chart and comments are VERY welcome. The chart is not of a trade but of just the indicators I have on it. Thanks

Thanks Gang

Attached Images

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Would one of you post a very zoomed in veiw of a couple each of these.

1) chilli pepper bar
2) zorro bar
3) stretch bar

I think it would help.

I actually made profit today with RC but was to nervous and got out way early.

thx for keeping this thread going.