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Been a long time lurker. Wanted to congratulate you ( I won't say finally making it, but more like...) on getting closer to your goals.
I've really been inspired by your dedication and perseverance through it all.
I've noticed, lately you have been aiming for bigger targets more often. Have you tweaked your strategy from the 10ticks 1:1, to 10ticks 1:4 risk/reward?
Thank you for your comments. To answer your question, my targets are pretty adjustable depending on how much volume and momentum I am seeing on a particular day.
Ultimately, I would prefer my targets to be at least 30 ticks...bur often the market has other plans. Oil is the type of instrument that has great potential to move pretty far very quickly. It also has a tendency to react strongly to small areas of support and resistance. I always map out these areas carefully..and they are often undetectable on most conventional candlecharts. So when price, in CL, hits these areas..it can suddenly bounce and go 15 to 30 ticks in the opposite direction. This can be very confusing to someone "going with the trend". Also..the bounce can start triggering peoples' stop losses and order flow can get to the point where a huge reversal happens. Again, these type of events make CL very tricky for many people to trade.
But since I am very familiar with this instrument, I get a pretty good idea when this can happen. So often I put my targets around these levels.
In the opening hour, there is more volume..on average..and that's when 30 to 50 tick targets are more realistic. Later on when volume dies down..10 ticks are easier to get. My win ratio has gotten fairly good recently so my 10 tick scalps tend to add up well. Then if I get a couple of 20 or 30 tick wins, I end up with a nice day. Of course my losses only tend to be 10 to 12 ticks at the most...occasionally 15.
Hi lancelottrader
I have looked ur all post I just want to ask if I want to subscribe only rampage v7 only is it work of I need logical forex too for trading and what is ur stoploss ?
Thanks
Jas
No..Rampage is a totally different program than Logical Forex..so you don't need to have one for the other.
My stoploss is usually between 10 to 12 ticks...but there are times when I need 15 ticks. In some instances I go as high as 20 ticks..but that is rare.
When you say 'don't need to have one for the other', do you mean that they are both useful and compliment each other? How do they work in tandem? How do you use them to compliment each other? If there is a post where you explain this you can just direct me there. Just a general short explanation would be fine.
I'm in the process of going through the whole thread a post at a time and taking notes and watching the videos and only on page 6 so far, so there's a lot I haven't gotten to yet.
I am going to answer this this best I can. I have received quite a few Private Messages lately and they basically all ask the same thing..."Where can I get those indicators you use?" and a few say, "I haven't had a chance to read most of your thread..so could you tell me how to trade like you...thanks."
Now, I must admit I haven't had a chance to respond to a few of these PMs...so sorry for that..but I think I will go back and just direct them to this post so I don't have to type the same thing over...and over.
First of all, a little disclaimer..I am not affiliated with any of the vendors whose software I use. I am not recommending them or promoting them. I pay to subscribe to these and there may be ways to achieve something similar for free, but I haven't researched that very closely.
The main chart you see in my posts on the 2 range setting is mostly comprised of Logical Forex indicators. I got them about 6 years ago when I was trying to scalp the Euro/usd currency pair. I think if someone want to scalp forex..it's a very good program for that. I have a totally different system for trading futures...but I like their charts. The point is when you watch price move on a certain type of chart for several years, you can start to see patterns develop. From those patterns, I put together the system I now use. However, for most traders..trying to trade off a 2 range chart without understanding the context you need from higher timeframes..you will probably not get good results. You have to know when the conditions of the market are conducive for the setups to work well. The Logical Forex charts have several features that I feel are able to convey those conditions. Does that mean other Traders will be able to use them the same way I do? Indicators are just a way for people to interpret what the market is doing. My brain is used to these and therefore I process the market through a consistent point of reference. Many traders constantly switch their charting and indicators..looking for that perfect combo. The problem is they are never seeing the market in the same consistent way.
There is no magic indicator that will tell you when to enter and when to exit. I consider my brain to be my best indicator.
The Rampage indicators are good for identifying a trend..and also psychologically helping one stay in a trade longer. There are days when if you take their signals on a 1 minute chart and stay in for the signal change..you have 100 to 200 tick moves. In fact, I probably should ride out more of these Rampage trends. There are other days where many signals fail. The difference of course are those pesky market conditions. The trick is to know when those huge volume days are working out..and to ride out those big trends on Rampage. I need to do more of that if I want some really huge winning weeks...but I think I'm doing ok right now. Now, there is a similar free indicator on here called Supertrend...It's not exactly the same..but it's free and accomplishes almost the same thing.
The other indicator is called Tick Strike and it's an audible and visual order flow indicator. When there is heavy buying or selling..it makes a rapid ticking sound along with a meter with bars that light up. The sound and the color of bars is different depending on whether sell orders are coming through or buying orders. The greater the orders ..the faster the ticking and the higher the amount of bars light up. I find this indicator very helpful..but again I pay for it. Is there something like it for free? I have no idea...but I've never seen it. Also, if you don't know how to use it..it can fool you into getting into trades that don't work out. Order flow can be tricky..Sometime you get a flurry of orders..price starts to move..and then it fizzles. There are no sure thing indicators. They are just tools that help decipher the price action. It's up to the person to interpret all the clues from the indicators and make the best informed decision possible.
The whole idea is to take what one believes to be the highest probability setups, manage them as well as possible..and fully accept the risk of losing..and not get too disturbed when the inevitable losses occur.
For those who say, please tell me how to trade like you....I have made numerous videos and also detailed my system in many posts. If someone takes the time to review some of the material and then has specific questions, I will be happy to answer them.
Logical forex is a long old story that I remember since i started trading. I see that it's still out there.
Logical forex, if i remember well, took inspiration from another system created by a Canadian guy on a forex forum that was used in the timeframe of one second. Then this system turned out, that also provides a kind of support and resistence and use the range timeframe.
And lancelottrader seems an enthusiastic.
Logical forex give you no edge. Is a sort of scalping system which has no foundations. Sort of multiMAs like raimbow...and....boh.
Surely it cannot be a trading system...
If you read my post, I didn't say I use their system now..although I did get decent results from it. I just said I still use the charting...and if you have followed my thread, I don't seem to be failing...
The Canadian guy you're talking about had the Cyrox Rainbow scalping..so I know about that too.
