IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
WEEKLY OPEN CROSS
ALL YOU NEED TO TRADE IS A HORIZONTAL LINE!
Not defending TRO or anything, but I would point out that the application of strategies often involves adjustments depending on the pair in use and thus results in slightly different approaches between pairs. There is no 'cut and dry' / 'one size fits all' strategy that will work out of the box on everything.the golden gun said:There's no precision in any of your methods. Always with momentum, you're a chaser by definition. Wide stops, combined with completely arbitrary take profit levels? Can't imagine you do much better than break-even in terms of long-term profitability.
I take at face value that you are not endorsing TRO... but you are putting words in his mouth. Adding "filters" and expansive ideas that he made no mention of. Don't give him more credit than he deserves... because that's what he is counting on.Jack said:Not defending TRO or anything, but I would point out that the application of strategies often involves adjustments depending on the pair in use and thus results in slightly different approaches between pairs. There is no 'cut and dry' / 'one size fits all' strategy that will work out of the box on everything.
Part of the "practice" needed involves back-testing, and observing what works forward testing on paper, (or more importantly, what doesn't,) with the end goal of creating a set of rules to both reduce risk on a given trade idea where possible, as well as provide filters to keep you out of a trade that doesn't have a high chance of working out.
That's not to say I endorse this specific strategy, but just because it's "simple" in the trigger rule doesn't inherently mean it's bad or inconsistent. You're just going to have to make what you can of it...
Here's an example (and again, not an endorsement of this strategy, really the first time I'm looking at it, I'm just drawing on my experience with like strategies and other markets):
One observation I can quickly make now (which is an extension of how some momentum traders trade momentum based off the opening price of a stock, or futures traders trade index futures off the opening level) would relate to how cleanly the opening price is crossed. By "clean" I mean, when the pair has a few decent candles pulled away from the price level without candle wicks touching or breaching the level. Without it being clean, it would be easy to get chopped up in trades as price dances back and forth over the opening level.
One reason this 'clean' vs 'choppy' break might help as a filter is the concept of "price memory".. if "watch-lists" around the world show a pair as 'green' on the week/month, for a few days, then suddenly it flips red, that's a lot more attention grabbing than if the pair was flipping green to red and back every other hour for long periods of time.
I guess you missed the part that I have moved back to my country ranch and don't have high speed internet 24/7. That is the only reason I don't scalp. I have been trading since 1977 BEFORE PCs and the internet. May I suggest you get your facts straight before you speak about me again.the golden gun said:I take at face value that you are not endorsing TRO... but you are putting words in his mouth. Adding "filters" and expansive ideas that he made no mention of. Don't give him more credit than he deserves... because that's what he is counting on.
What you have to understand is that TRO isn't a trader who makes indicators to assist his trading. He is a guy that learned how to make indicators, and then tries to build trading strategies around those indicators. Which is why all his strategies are very simple "see this, then do this" type of action plans.
Which I admit is completely benign. But when people start assuming that he is trading his own "systems" profitably, which I assure you he isn't, that's when he can cause some damage.
For years he had a similar strategy involving scalping 5 pips when price crossed the Figure (00 levels) and many people assumed he was getting rich off of it. Now, for reasons I can only assume are personal failure, he has discontinued this school of thought and instead moved onto trading weekly open crosses.
Rumpled,TheRumpledOne said:"I am not forcing you to accept my concepts. I only request the traders to review the market from time to time keeping in mind my concepts and if found suitable use in the trades or just ignore. Thanks for your opinion."
Let's talk about your 3rd party track record of profitability first...TheRumpledOne said:https://youtu.be/sUMPe0bVVSg