TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
WEEKLY OPEN CROSS
ALL YOU NEED TO TRADE IS A HORIZONTAL LINE!
ALL YOU NEED TO TRADE IS A HORIZONTAL LINE - TheRumpledOne
- Thread starter TheRumpledOne
- Start date
WEEKLY OPEN CROSS
ALL YOU NEED TO TRADE IS A HORIZONTAL LINE!
the golden gun
RINSE & REPEAT
Too vague to apply consistently.
Care to elaborate? or are the flashy indicators supposed to do all the talking?
Care to elaborate? or are the flashy indicators supposed to do all the talking?
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
https://www.youtube.com/watch?v=QxaPxB_dQEA
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
WEEKLY OPEN CROSSOVER TRADE
If price returns to the weekly open later in the week, trade in the direction of the cross.
The white line is the weekly open.
The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."
If price returns to the weekly open later in the week, trade in the direction of the cross.
The white line is the weekly open.
The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."
the golden gun
RINSE & REPEAT
So why'd you give up scalping at the figure?
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 breakeven in terms of long-term profitability.
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 breakeven in terms of long-term profitability.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
"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."
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
GET READY FOR THE YEARLY OPEN CROSS....
the golden gun 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.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
HISTOGRAM shows how profitable taking this trade can be....
Green bars are HIGH minus WEEKLY OPEN.
Red bar are WEEKLY OPEN - LOW.
The bars represent potential profit opportunities.
Green bars are HIGH minus WEEKLY OPEN.
Red bar are WEEKLY OPEN - LOW.
The bars represent potential profit opportunities.
the golden gun
RINSE & REPEAT
Jack 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.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
the golden gun said:
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.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Hi Rod178:
Out of curiosity, what exactly do you like?
Thank you for your kind words.
Out of curiosity, what exactly do you like?
Thank you for your kind words.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Ok.. Thanks again, Rod.
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
As E.F. Schumacher once said,
[size=24pt] “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius and a lot of courage to move in the opposite direction.”
[size=24pt] “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius and a lot of courage to move in the opposite direction.”
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
https://youtu.be/sUMPe0bVVSg
the golden gun
RINSE & REPEAT
TheRumpledOne said:
Let's talk about your 3rd party track record of profitability first...
But we both know you can't trade so it doesn't exist does it...
If u wanna teach, make an effort to prove you can do the task yourself ;D ;D
TheRumpledOne
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
https://youtu.be/AiL0J7-bTZA
https://youtu.be/ujupb7iDkqo
https://youtu.be/ujupb7iDkqo