intcust » Tue Jan 21, 2014 7:10 pm wrote:It seems to me that a lot of people are making this more difficult than need be. CJ correct me if I am wrong. The way I see the system or lack there of is to get in the flow with the fox. It seems that most are looking only for retracement trades and expect a retracement every-time the third level is hit. That to me is not the case nor the way to trade. The 3rd level is just reload time and profit taking for the fox. It could go up another three levels or down. That is why you have to watch the play during consolidation, ranging, flat market, what ever you want to call it. The fox will tip her hat, seeing it is the trick. But if you take longs at the bottom of the range and shorts at the top you will be near the almost perfect entry with a tight stop. If it goes against you wait till the end of the push and take it the other way from your original trade on the next push (wait for a small retracment). Don't always expect a reversal at the end of the three levels. Then as it is moving in your direction hang on if large lot size or add positions if smaller lot size and move the stop down so you cannot lose. See two thing going on at once. 1. trade direction 2. trade size . So that is it. Take the trade at the HH or LL of the range against the HH or LL. You can even trade the range and just keep exiting at the low and then at the high. Trouble with that is when it does take off you will get burned on the first trade when the real push happens. But if you make 4 or 5 range trades and eat one you will still be ahead or should be ahead. Then trade the pushes. But what do I know I am always wrong.

incust

swisscheese » Wed Jan 22, 2014 4:05 pm wrote:As usual your trades on a chart look like a masterpiece!
Always a pleasure to see how a good trader rides price action.

I hope your and your loved ones are well!

Greetings from switzerland
Edi

Captain Jack » Wed Jan 22, 2014 7:44 pm wrote: That's a pretty good summation. I look for 50 pips and it really doesn't matter where I pick it up. I once traded mostly on the D1 and H4 time frames, looking for those long runs for hundreds of pips. But while trading back then,my lot sizes were a lot smaller than what I trade now and I would only take one or two trade entries. Now, I look for the short run, jump on the Fox with larger sized orders and stack the hell out of them when it's obvious that I am correct.

The idea is to make money.

Here's a chart of a recent series of trades I posted in another thread along with my trading plan going forward. As you can see, I cleared my trades, booked my profit and began a new series of trade entries going into the next drop in price. The first set of trades brought in around 500-550 pips and with the following trade sets, these NZDUSD trades brought in close to 3000 pips.

I could care less if NZDUSD was going to drop for a month straight.... I make my money where it's given and it's given anytime when price is advancing or declining. It's really pretty simple and yes, people keep making it way harder than it is. You wouldn't get on a bus going to NY when you wanted to go to SF and don't sell into a price rise or buy into a price drop.

CJ

Captain Jack » Wed Jan 22, 2014 4:44 pm wrote:
That's a pretty good summation. I look for 50 pips and it really doesn't matter where I pick it up. I once traded mostly on the D1 and H4 time frames, looking for those long runs for hundreds of pips. But while trading back then,my lot sizes were a lot smaller than what I trade now and I would only take one or two trade entries. Now, I look for the short run, jump on the Fox with larger sized orders and stack the hell out of them when it's obvious that I am correct.

The idea is to make money.

Here's a chart of a recent series of trades I posted in another thread along with my trading plan going forward. As you can see, I cleared my trades, booked my profit and began a new series of trade entries going into the next drop in price. The first set of trades brought in around 500-550 pips and with the following trade sets, these NZDUSD trades brought in close to 3000 pips.

I could care less if NZDUSD was going to drop for a month straight.... I make my money where it's given and it's given anytime when price is advancing or declining. It's really pretty simple and yes, people keep making it way harder than it is. You wouldn't get on a bus going to NY when you wanted to go to SF and don't sell into a price rise or buy into a price drop.

CJ