Strategies, Systems & Indicators

[Raghavacc]

I only trade EUR/ESD and EUR/JPY as those are the ones which suits my personality.

Eur/JPY :

As stated by Edward it moves like a rocket between 11am to 4pm IST and can fetch 20 pips in few minutes!!.My exit strategy during this time in a 30 Min TF would be.

1) I target 20 pips and close half positions .At the same time move my S/L to entry point for the other half position.

2) Then ,trail my S/L by 10 pips for each 25 pips move in my direction.This is at beginning stage to get more confidence. However considering the huge volatality a S/L of 10-15 pips can be eaten away in a minute in this pair

I am waiting for Edward Bro to explain ( If possible with charts!!!) how does he uses different TF's to make exits

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EUR/USD From 5 PM to 10 PM IST

1) Closing half at 15 pips .At the same time move my S/L to entry point for the other half.

2) Then ,trail my S/L by 10 pips for each 20 pips move in my direction.

However the success rate of Lazy boy is damn good and sometimes S/L becomes irrelevant!!!!.

I am trying to develop a strategy based on angle of the trend which I will discuss once I conclude on it.

So far I have asked so many traders regarding exit and S/L both in equity and Forex market but none have a deffinate answer as its the most difficult task to conclude.

Also I believe that once we get huge success rate it builds great confidence and then we can keep our S/L far where no one can stretch their spread. This comes only after one gets unprecedented confidence in our system.Do remember sometimes S/L becomes our enemy as small S/L are always eaten by Big fishes!!!


Regards
Raghav

 

[arathi17]

Hello Edward Sir,

Sorry for the intrusion, but i am unable to download the indicator as well as the template........can u help me to know frm whr i can download it?

Sir i also want to learn. Sir u r doing a gr8 philanthropic job.

Thanks & Rgards

Amit

 

[vssoma]

Some Guy asked me for a good statement some pages back on this thread; So I traded with my plan, and here is my new statement!
Its just a reply to the people who called me a holy grail hunter!

http://www.mt4i.com/users/revolution

Harsh

P.S. I Don't Follow Edward's System. But totally respect Edward's hard work and the trading methodologies taught here.

dear,
why don't you define your plan/strategy here itself in traderji. instead of posting statement. if it is that much good, it helps to improve everyone's performance. and helps in develop lazyboy also. that's called tit for tot, isn't it.

 

[Tavnaz]

Hi,
Mr Harsh here uses Price action that is i believe.
But i can't damn understand the fact that the people who use lazy boy,even using the most efficient system,the lazy boy, are worried about exits.
Exit when you know price is going to Reverse the FTA(First trouble area is Nearest S/R line)
Man i follow price action i havn't seen a single trade that did not reverse or stall at these points then why the hassle guys.
Regards
Tavnaz

 

[Tavnaz]

Hi Guys,
My take on exits.
I hate to disagree with my dear Edward here,about the temperament of the trader,because the market will not care whether you wanted to have a 1:1 Risk/Reward ration if it's going to reverse it is.
So you are a 4 hourly chart trader you enter the market in Eur/Usd you say i'm not going out with out 20 pips you are wrong man if its going to reverse it will reverse.
Look at my charts,Lazy boy first, then the same chart on My bar chart with sequential exits at those zones every exit was made at right point because it was a Trouble Area.
Lazy Boy:

 

[Tavnaz]

The Other chart.
The trigger candle and all are visible.

 

[Tavnaz]

Lazyboy, The Price Action Surprise
The biggest surprise,this wonderful crossover system hides is it's Psychological Intake.
The First Moving Average dubbed the Ed's Moving Average and the Second is 2 period Ema of the first periods data.
These 2 Ema are actually testing consolidatory period's inside the Market.
A Little Surprise
A Rising Uptrend: ADX points above 25 the Primary trend is Up.
The Moving averages clutter together the consolidatory period is confirmed.
the Consolidation is fight between bulls and bears the one who is the winner is the one with Primary trend.
The Crossover takes place and is below the trigger candle the last candle after which bullish or bearish momentum is confirmed is this Trigger candle.
the Bullish Momentum is confirmed the Bulls take over they break upper Consolidation Resistance, Price heads north.
The Scientific/technical term will Bullish takeover/engulfing.
The Same is with the Bearish crossover when the price heads south that is bearish victory.
Never trade Countertrend.
Failure Points of Lazy boy:It has a chance of failed crossovers in range bound Market,with multiple crossovers in a single vanilla chart.

My take on Ed's Moving Average/other ema, is it's the contraction between highs and lows.
High-Low and its smoothed MA will crossover with the MA of the close and will signify consolidation.
The Conclusion is Lazyboy is a little Price action package the best way to trade,strong trending markets giving signs of:
1. Consolidation
2. Bullish or Bearish Takeover.
3. Type of trend
4. Trend Strength
5. If trend is there or not.
So the Answer is here,Lazyboy is our little price action surprise.
This Post is dedicated to lazyboy lovers and Users,and any new traders who want to know lazyboy's working in a single post.

 

[Tavnaz]

Nuts and Bolts of Layboy
There are 4 Price patterns that run Lazyboy:
They are as follows:
1. Bullish Engulfing
2. Bearish Engulfing
3. Tweezer top
4. Tweezer Bottom
Look at the chart attached to see them carefully,they are the exact pattern visible after lazy boy crossover.

Tweezer Top validates strong resistance and bottom signals support.
So when price bounced of resistance it's going down when above support it's going up.
And they are accompanied by crossover in Ed's Moving average and the other MA because it's consolidatory breakout.

Kindly ask any questions on the same, i will clarify.

 

[Edward]

Great Inputs by all ... thanks a ton

Hey guys thanks a lot for all the great inputs in these two days. I thank Sumit, Raghav, and Tavnaz for all the inputs....

First, lets understand what Raghav has posted here:

Eur/JPY :As stated by Edward it moves like a rocket between 11am to 4pm IST and can fetch 20 pips in few minutes!!.My exit strategy during this time in a 30 Min TF would be.

If we are ever to talk about exit, the most important thing is understand the 'TIME ZONE' when the action really takes place for that particular pair...
If we are expecting the same kind of fixed pips exit, when the pair is not trending because of less participation from the respected countries involved it would be completely against commonsense and logic. So the 'exit target' will depend upon the Time zone.

1) I target 20 pips and close half positions .At the same time move my S/L to entry point for the other half position.

2) Then ,trail my S/L by 10 pips for each 25 pips move in my direction.This is at beginning stage to get more confidence. However considering the huge volatality a S/L of 10-15 pips can be eaten away in a minute in this pair

I am waiting for Edward Bro to explain ( If possible with charts!!!) how does he uses different TF's to make exits

Very true and a very good strategy too...

EUR/USD From 5 PM to 10 PM IST

1) Closing half at 15 pips .At the same time move my S/L to entry point for the other half.

2) Then ,trail my S/L by 10 pips for each 20 pips move in my direction.

However the success rate of Lazy boy is damn good and sometimes S/L becomes irrelevant!!!!.

I am glad that you saw the difference between the movements of EJ and EU... you can't expect the same kind of movement from eurousd as compared to euro jpy.

however the success rate of Lazy boy is damn good and sometimes S/L becomes irrelevant!!!!

People who trade our complete system almost all of them who do it successfully have a mental stop... as Lazy boy gives you a clear trend reversal immediately many feel that the SL is irrelevant....

I actually could not muster up the courage to say this till date, but after watching three people do this on traderji... and now raghav you doing it... has made me agree it here...

Lazy boy gives us the indication well in advance... few times we are in loss.. but the overall will always be in Profit only....

I am trying to develop a strategy based on angle of the trend which I will discuss once I conclude on it.

Wish you all the best.... this is another common thing that I have heard it so often from my students... I will request you to make it objective... in such a way that it's interpreted by 90% of the people in the same way, at the least...

So far I have asked so many traders regarding exit and S/L both in equity and Forex market but none have a deffinate answer as its the most difficult task to conclude.

Also I believe that once we get huge success rate it builds great confidence and then we can keep our S/L far where no one can stretch their spread. This comes only after one gets unprecedented confidence in our system.Do remember sometimes S/L becomes our enemy as small S/L are always eaten by Big fishes!!!

very true...

Thanks a lot Raghav, you have understood almost everything that I ever wanted to communicate here.... thanks a ton...

-------------------------------

Tavnazji,

You are a far better reader than me.... and a far more passionate Price Action guy I have ever seen in my entire life....

Your interpretations are really amazing and fresh in outlook.
It's really amazing to see a kind of bridge developing here for the Indicator Fanatics and the Price Action Saints here.... keep up the good work and keep posting...

People who are having difficulty in downloading it.... please click this link here... I have already uploaded that in the opening post... I don't know how you guys are still having problems.

http://www.forexkhan.com/Free_Forex_Tools/Forexkhan_Traderji_V1.4.rar








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[Edward]

Tavnaz, you know the real reason behind why exit is the most difficult for people... this is my own understanding....

The Entry point in contrast to the exit.... is just a point from where the trend is supposed to start.... a point which atleast sees the market move along the direction of the trend taken.... so it's very objective... you just need a point from where you get into profit... no matter how small or big...

On the contrary... The Exit' that people are looking for is the last pip of profit... Highest high of the swing and lowest low of the swing :rofl:

After an exit... when the trade is closed... every pip profit seems like is going from the traders pocket.... that's what a trader feels... as if that's a loss in the profit for him/her... they start cursing themselves for not waiting longer....

The exit is more or less a psychological problem than a technical one....

One simple system for me... which is quite effective is to see the lower time frame... a step down approach... if the trend is reversed in the 30 min tf and if I have taken a call on the 1H tf.. it surely either is a retracement or a reversal... thus a good point to book the profit or partially book the profit...

Hi,
Mr Harsh here uses Price action that is i believe.
But i can't damn understand the fact that the people who use lazy boy,even using the most efficient system,the lazy boy, are worried about exits.
Exit when you know price is going to Reverse the FTA(First trouble area is Nearest S/R line)
Man i follow price action i havn't seen a single trade that did not reverse or stall at these points then why the hassle guys.
Regards
Tavnaz