Rads Reverse MTF HAS - page 8
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Thanks for the system
Wishing you a Merry Christmas and a very Happy New Year
Hi , Radatats
That was a great explanation, and a great info which I think all should read as it would answer just about every question that may come up. I myself do not like the "top down" approach as you said ,way to late to the party and Fridays move on the gbp-jpy prove it. Those with a 'Top Down" have been sitting on the hands waiting for a dip on the lower charts to buy a dip. But like all systems you must have an understanding of the upper time frames and other outside forces which may affect the pair you are trading like the Dow in the case of the gbp-jpy on Friday. As for no stops well 150 on the gbp-jpy should be about the max, this no stop system is well lets just say "looking for trouble" since 24 hr after the move its been proven the market will change or give you another setup, but to each its own, and any one who thinks banks trade with no stop has not been on the inside, and I will go no further on that comment.
Thx
Here is a good example of MM lines acting as targets. AUDJPY even over a holiday week had significant moves. Notice that when the daily, 4hr and 729 crossed there was a gap down shortly thereafter. No way to trade that gap unless you already were short by taking the indicated trades as the 30m crossed the 60m. The price moved right to the 4hr T3! Will be watching stochastic and MTF HAS Bars for next entry.
Hope you all had a great week!
Rad
Here a couple of pairs that made moves over the last week. Check the posts from 12-21-07 and you can see they did almost exactly what I thought they would do.
The MTF stuff works.
Rad
nice system...
good at trending pairs
and HANGSENG at M1 TF(Asian Indeks)
5 star for you
I agree.
Five stars for sure!!!
Rad, how do you avoid trading a ranging market? If I've missed the explanation my appologies.
Dave,
I am not sure you can really avoid ranging markets. For one thing, how do you define a ranging market? It depends on the time frame. A 4hour ranging market can have great trends on the 15 min time frame and so forth.
That being said, I tend to like the 30 and 15 min time frames. What I would call ranging conditions seem to occur when MTF trend lines begin to converge and cross. They also appear when trend lines cross around the 729EMA.
What I do is draw plain old support and resistance lines and watch to see which direction price is going to break out. Don't forget to look at other time frames to see if you are at major levels that can't be seen on the lower time frames. I still look for triangles, pennants etc and other basic TA formations.
If you find you are in a ranging mkt and don't want to wait for it to play out you can always drop to a lower time frame and see if it is tradeable. Me, I wait for the breakout on my time frame.
That's made it clear. I was looking at a 5m TF and it was ranging very narrow but if like you say move up a TF or two it will obviously give a different picture and a probable trade. Thanks rad.
Remember too that if you are trading the 5 min, then you jreally have nowhere to go except the 1min and that is ridiculous. On the 5 min it is better to just wait for the strong trades to setup.
Again for me I like the 30 min because it gives strong moves, shows the 30, 60, 4hr and daily trend lines and I don't have to check it as often since I only trade on closed candles. If I want I can always drop down to the 15 and 5 to get better entries and exits too.
Rad