Forums - No Branding - Like A Rat!!

HOME FORUMS BROKERS SOFTWARE BOOKS CONTACT US

Your Account • Become a Member • Help • Search

	Forums ›› Currency Trading ›› Forex Trading ›› No Branding - Like A Rat!!

Page 7 of 27: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Last Page »

bigarrow

Registered: Mar 2005
Posts: 4544

10-24-11 10:11 PM

1) price within 20 pips of the daily low - that is OPPORTUNITY

2) red candle closes

3) green candle closes - note the high price of the green candle.

4) enter long at the green candle's high price

5) STOP LOSS IS 10 PIPS

so if it gets to 20 pips of low and fluctuates you can enter and reenter with loss after loss in a choppy market or in a trending market where there are new lows all day then each new low being another loss if the market doesn't reverse.
Do you have any stats on this rumpled one or statements showing how you are fairing using this. Seems like guessing to me but maybe I'm missing something.

Edit/Delete • Quote • Complain

jem

Registered: Sep 2001
Posts: 14050

10-25-11 12:22 AM

Quote from oraclewizard77:

Well, an edge is based on statistics. Statistics must be gathered from a high enough sample of trades in all market conditions to be relevant. Let's assume for sake of argument 100 trades gathered in the past over both bull and bear markets produces an edge based price action setup. Note this is a setup I use not discussed in this thread. Now let's assume 2 other profitable real money traders use this same or similar setup to trade. These are traders that I respect because they have been profitable over multiple years. Then I have a statistical argument to take the trade when I recognize the setup in real time.

I am not arguing with the idea that trades should be based on experience - whether live trading or research, I just thought the idea of stats being superior to probability was odd.
Probablility sugggests stats within a context of why it is happening. i will take context over stats alone anytime.

lets say you find a trade that may go on for for months during a bull market... say you find out on average tech stocks go up on tuesday.

I would like to know if they are going up on tuesday because fidelity select electronics puts new money to work on tuesdays.

so I would then know unless something scary happens on a thursday or friday... there is a good chance by orders go in on mondays and I would anticipate the trade to continue to work.

stats plus context equals probablility - imo given tro's quote.

Edit/Delete • Quote • Complain

atticus

Registered: Mar 2007
Posts: 12633

10-25-11 12:40 AM

IIRC you mention entry parameters without concise exits. That's not a system. You have like 400 "systems" running and I assume using what is currently working to define entries and leaving the exits to the discretion of the user.

Edit/Delete • Quote • Complain

piezoe

Registered: Jan 2006
Posts: 4945

10-25-11 03:02 AM

Quote from jem:

great quote. I will use this. However, IMO if you believe this quote, you should not trade as you probably do not know when you have have an edge.

You are correct Jem.
This quote is correct. The conclusion is wrong. I mean the rumpled one's conclusion "There is no probability in trading, only statistics.".

The Rumpledones conclusion is, of course, nonsense.

Edit/Delete • Quote • Complain

piezoe

Registered: Jan 2006
Posts: 4945

10-25-11 03:04 AM

Quote from oraclewizard77:

This is my issue with the trade, and why I don't use it. A daily low in how I define it is the low that was put in during the day. You don't know this low until the day is over. I assume the next time period, you could use the previous day's low as the daily low. If one actually knows what is the absolute high or low for the day and is 100% sure it will not be breached, you could just trade off of that low or high.

Precisely!

Edit/Delete • Quote • Complain

TheRumpledOne

Registered: Aug 2006
Posts: 678

10-25-11 02:34 PM

<-------------------------------------------------------------------->

1) Price within 20 pips of the daily low (ClLo < 20) - that is OPPORTUNITY

<-------------------------------------------------------------------->

PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

Edit/Delete • Quote • Complain

Page 7 of 27: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Last Page »

Receive an email whenever a new post is added to this thread by subscribing to it.

Rate This Thread:

Forum Jump:

Conduct Rules - Privacy Policy - Day Trader - Day Trader Forum - Best Trading Software - Sitemap

WHILE YOU'RE HERE, TAKE A MINUTE TO VISIT SOME OF OUR SPONSORS:
Advantage Futures Futures Brokerage & Clearing AMP Global Clearing Futures and FX Trading Bright Trading Professional Equities Trading CTS Futures Trading Software DaytradingBias.com Professional Trading Analytics ECHOtrade Professional Trading Firm	eSignal Trading Software Provider FXCM Forex Trading Services Global Futures Futures, Options & FX Trading Interactive Brokers Pro Gateway to World Markets JC Trading Group Direct Access Trading MB Trading Direct Access Trading	MultiCharts Trading Software Provider NinjaTrader Trading Software Provider OANDA Currency Trading optionshouse Option Trading & Education Rithmic Futures Trade Execution Platform SpeedTrader Direct Access Trading	SpreadProfessor Spread Trading Instruction thinkorswim by TD Ameritrade Direct Access Trading TradersStudio System Building & Backtesting Trading Technologies Trading Software Provider Trend Following Trading Systems Provider