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Hey fellas, I’m not sure if anybody actually reads these things but for the (un)lucky few that’ve stumbled on this here ramblings of mine: nice to meet you, buddy! I’m guessing you’re bored seen as you clicked on this thread for no particular reason. So yeah, you’re weird… I like it!
As for who’s writing to you > some guy from the Netherlands (grammar nazi’s exit now please) that’s been dipping his toe into Forex for the last year or so and has finally settled on the intraday system you’re about to read about.
Like most beginning traders I’ve pretty much tried about every indicator and / or system I could get my hands on and like the arrogant dimwit I am immediately started with a live account, and I guess you already know what’s left from that first deposit. Not much indeed.
Having read just about every thread there is on FF and seeing the most knowledgeable traders getting kicked out over there, my Forex interwebz journey brought me to Steve Hopwood’s site and to you guys — that’s where everything came together and I ended up with an intraday system that’s been consistently feeding me around 30 pips a day. (Whooop!)
This is how it looks:
A beautiful mess of awesome consisting out traderathome’s PVSRA, nanningbob’s HGI, slow key’s Gann Ribbons and last but not least, tarantula’s Camarilla pivots.
You’ll have to follow the links to read more in-depth stuff about them but in short I use them like this:
- PVSRA let’s me know when volume is getting in the market;
- HGI is a beast of an indicator and you should definitely dig into it but basically it shows me where price is likely to go;
- the Gann Ribbons act as support and resistance;
- the Camarilla pivots act as confluence points, TP and SL;
As per my MM rules: 3 wins and I’m out or 2 loses and I quit for the day. That being said, here’s a typical breakout trade setup I’ll take:
SL is Camarilla L4 and TP is Camarilla L3; a RR of 1 to 2,5; price hit my TP in a matter of minutes and went straight for PP; the 30 minute Gann Ribbon rejected price.
I took 4 trades like this today and yes, like the newbie that I am, I disobeyed my own MM rules… but luckily I did end the day with 97,7 pips of profit.
Not too shabby, right? Let me know what you guys think and if you want me to share my TPL and explain more about my entrees, etc.
Happy hunting!
So you are ignoring an HGI signal till you clear open space above/between ribbons right. How are you incorporating the volume indy? Looks good, keep up with the posts.
Hey, ziet er goed uit!
Kan je je tpl en indies delen. Even uit proberen..
For how long have you been trading this method?
That’s right, Jhlewis10. I use HGI foremost to tell me in what direction I should be looking for a trade. Basically I’m looking for a purple wave and / or a big arrow as the latest HGI signal prior to a Gann Ribbon(s) breakout. When I see a purple wave and a big arrow on the same or within one candle distance of each other — I don’t think about it — just take the trade. One could be profitable just trading the double signal. You just have to be really patient… which I’m not known for, haha.
The trade below is a good example as to what I’m looking for: prior HGI signal is double signal (indicating a strong trend reversal), which I would’ve taken if I’d seen it but I was only just in time to ride the breakout; SL was set just below the wick of the candle before and my TP at L3; RR of 1 to 1,5. Not great, not bad, but I was confident it would hit TP and it did so within the next 15 minutes. Not just that, turned out to be a runner and ended up rallying up for a 100 pips. If you would’ve followed all the HGI signals you could’ve pocketed it. But hey, I’ll take an easy 17 pips any day of the week!
I look at volume for an extra conformation of a trade — most of the time a big volume candle will appear just before or during the breakout candle. Hope that clears it up a bit!
Thanks, tradur! Good to see a fellow Dutchman here!
I’ve been trading this system for a little over 2 weeks now and I know, that’s not a long time but it’s been a real game changer for me as I’ve been steadily grabbing 30 somewhat pips a day. Sometimes I can only take one trade in the morning and then I’m off to work. Today I was working at home, traded the bigger part of the Londen session and pocketed almost a 100 pips. So I thought I’d just share the system and my progress over here.
Tomorrow I’ll share my TPL and indies; curious to see what you guys’ll make of it.
Nice topic, nice effort.
Perhaps this could be linked to 1 pip approach quite efficiently.
Best regards.
Nothing has ever motivated me more than this...
EURJPY’s on my watch list:
If it breaks below the 15 minute Gann Ribbon it could possibly drop some 60-ish pips.
What do you mean by the 1 pip approach?
What I mean is something that we have been talking about and trying for the past few weeks/months:
http://penguintraders.com/forums/topic/nature-of-markets-power-of-probability-compounding-1pip/
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This reply was modified 10 years, 8 months ago by .
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This reply was modified 10 years, 8 months ago by .
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This reply was modified 10 years, 8 months ago by .
Nothing has ever motivated me more than this...
Ah, I see — I’ve read some of it but I don’t think it fits my style of trading. But yeah, maybe you could incorporate some of this into that strategy.
Lost 32 pips on Gold as I moved my SL to sit just above the latest fractal; price took it out only to take a dive soon after… should’ve been more patient…
Oh well, they can’t all be winners I guess.
Then I spotted this nice setup on AUDJPY just as I was about to go out to work; took it and came home to 56 pips of profit.
All in all not a spectacular day, not a bad day.
How was yours?
Too bad I wasn’t home. EURJPY ended up doing exactly like I thought it would and took a 100-somewhat pip dive.
Nice combination of indicators thirdconfig
Would you be so kind and share your template with us?
"A dream you dream alone is only a dream. A dream you dream together is a reality." (John Lennon)
Good to hear, Bartleby.
I’ve attached all the good stuff to the main post!
Be sure to let me know if you guys get this or want me to explain more about my entry rules, etc.
Just took this double signal on GBPUSD:
Not a great RR, but in my experience those double signals are pretty much safe to take; aiming for a trendline hit.
EURGBP update: it swallowed me whole. Gave some 60 pips back to MM.
That’s 2 losses in a row so I’m out for the day.
Was that entry (solely) based on HGI trend arrow + wave?
No, it was also based on confluence with PP and the trendline.
I see in your chart that there was news (14min). Maybe there was good news on gbp.
Indeed there was some good news on GBP, but normally I don’t expect such a big move from “green” news. Ah well, it happens. Gotta stick to the plan!
Is anyone trying this out?
After hitting my 2 losses in a row stop I went on a search for the missing element in my system that could help me avoid losing signals like this in the future.
I think I found the answer in nanningbob’s 10.7 CSS.
According to the rules, when both lines are close together they are ranging.
Well, let’s take a look shall we:
Not only were both currency lines in close proximity of each other, they were also below the zero line which means they were both weak.
That’s why the longs didn’t work out.
Note: when changing TF or symbol HGI has to recalculate and thus some signals can change / disappear.
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