Simple Profitable Method
- Thread starter trader28
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pma
2 requests in a row:
could you include a forex chart to get an idea about it.
And the link to B. Proctor would be
appreciated as well.
Charly
2 requests in a row:
could you include a forex chart to get an idea about it.
And the link to B. Proctor would be
appreciated as well.
Charly
Quote from pma:
Trader28-lite-etc...I want to say "thanks" for all you have shared here on ET. I too use your method successfully. Your method also works great on the major currencys.
BTW-the link you sent a while back to Bob Proctor's speach on youtube was awesome. I plan on buying the movie "The secret" to get some insight on my life.
Have a great day my aussie friend!
How did everyone do using this strategy today? I just got home. Looks like a couple good moves in the morning. To me it seemed too choppy in the afternoon on the 5 minute ER2. It would have kept stopping me out.
How do you guys deal with days like today? My target is to make 1 point per trade. I would have made that early on easily. But later in the afternoon I would have been stopped out.
What is your daily goal before you call it a day?
How do you guys deal with days like today? My target is to make 1 point per trade. I would have made that early on easily. But later in the afternoon I would have been stopped out.
What is your daily goal before you call it a day?
I had a great day (finally
)! I avoided the chop at the open and waited for a good trend. Made 2 trades before lunch and I am up 5.6pts for the day. I was out part of the afternoon and probably missed a breakeven/small loss trade or two (probably good I was out so I wouldn't ruin such a good morning 
). That makes 3 winning days in a row where I have been disciplined. Need to keep working on my discipline and keep my losses small.Quote from ryank:
I had a great day (finally
Nice work! Do you happen to know what time you took the trades? I want to take a look at the 10 min and see when you made them.
What do you do to keep your losses small? I either let my stop get hit, or if possible get out if the price breaches the SMA. It's usually about the same though.
Also, there was talk about using a chatroom to trade this with . Did anyone ever find one or set one up? If there was enough interest, we could use the ones on this site couldnt we?
*Just saw that the whole time Ive been reading the boards a nice short move was going on that I missed!
First trade
Short @ 797.10 10:00am
Close @ 794.10 10:03am
Second trade
Long @ 800.70 11:10am
Close @ 803.30 11:40am
On the first trade I closed after a steep drop after the 10am report came out (had a good profit and wanted to capture it, figured the market might snap back after the initial reaction in this market). On the second trade I felt the market was topping out so I took my profit. There was another signal in the last half hour that could have netted around 1pt if you got a good entry, I got back too late to do it though.
I have Yahoo Messenger up all day, it is free and very easy to use for chat. You can easily do conferences (multiple people chatting at once) and you can do voice as well.
Occasionally, someone posts as you do.
Your observations on exits read like a decision making process for entering in the opposite direction.
You make no observations on the two entries.
Your hold durations were 3 minutes and 30 minutes.
It really isn't possible to know how your entire monitoring period went. If you have a log that you keep, it would be interesting to see the intervals between logging comments.
About thre times I have suggested to dfferent traders a suggestion to prolong their holds because they had such good descriptive entries. I ask them to keep holding untl they found a good entry for the oposite trade entry.
I know your first delayed entry was a reaction to prior news after you got your confidence up a little.
If you would have used that first exit as an entry long, then you might have pulled off a fairly long trend hold (the subject of the thread).
The market tends to reverse when it is away from both R and S.
Since you are descriptive with regard to your exits; it may be worthwhile to reverse instead of exit and consider holding back to the last stop you set to trail the prior hold.
The two trades you posted are kind of different from oneanother so I may be on shakey ground here.
I do feel that most posters of trades in ET are sidelined most of the time. But it is possible that they are in the market more. the simple profitable method can keep a person out of the market if he is doing exits when the method quits.
So you're saying that instead of closing out a trade, hit the reverse button (if the platform has it) or re-enter in the opposite direction? I really hadn't thought about that. I'll have to take a look at the charts and see how that might work out. Is anyone out there using the reverse/re-entry method jack is referring to?
A problem for me may be though, is that I usually don't go for the entire move, I have a (small) target to try and scalp then I let the trend ride out. Sometimes if I feel the trend is strong enough, I may re-enter, which I know costs more on commission, etc. It also depends on how many contracts I am trading. Sometimes I try to scale out the extra lots after my target is hit.
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