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Trading The Ross Hook
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Created: by Blz17 Attachments:45

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Trading The Ross Hook

  #51 (permalink)
Trade with the flow
Paris, France
 
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I agree with Blz.

I bought Ross's S&P book and I think that's not enough on its own either, but still a pretty good book for understanding the S&P movements and stop runs.

To be honest, over the past several months I've tried lots of different methods including pullback breakouts very similar to Ross Hook, All You Need, S/R breakouts, etc. and I'm going to focus on my cycle method. There is some overlap with Ross Hook because my #2 setup (see the cycles thread) is a breakout on the smaller timeframe. These are also ross hook trades.

One final thought: I think the ross hook method works better on higher timeframes. As he says in his book(s), if you can trade a higher timeframe like daily chart it's better. My impression is the only reason to go to a lower timeframe is if you cannot handle the risk of the higher timeframe. I believe this to be true. I think the Ross Hook may not work as well with a 5min chart. It's too much noise. Often a pullback will stop you out by a few ticks and then move 30+ ticks. On a daily chart I think this happens less.

In my cycle method I have found that I do better with swing trades than I do day trades, which supports my theory. So I'm working on finding the optimal timeframe. For the Ross Hook I'm not sure what that timeframe is, and it'll be different for each market. The euro during the london forex session seems to have a nice swing and pullback. But once the NY forex session starts the euro is more correlated with equities and more choppy. I also found that a 3min chart for CL can work ok with ross hook. That's about the limit of my risk tolerance for CL.

One more idea: His "Trading by the Book" is very good and talks about trading ranges. It's very important to identify them and not trade hooks in a trading range. so I recommend everyone read that book as well.

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  #52 (permalink)
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ikew View Post
Just focus on an entry that gives you 60-70% of the time moves to your direction, take as profit the "expected profit", get out and wait for the next setup.

The key is the good SETUP" that deliver the expected profit for your time frame.

can you please let me know what instruments you trade and what times? I would like to get on the other side of you ;-)

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  #53 (permalink)
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USD/EUR Hook ?


I beleive the hook always depends on the time frame....... you might see a hook on a daily chart but not on a 5 min...... the think I do is to watch every single time frame starting from 5 minutes /10 minutes / hourly/4h/8h/ to daily .....

and to stop when a "clean" pattern appears ....

and as you can see from a chart below ..... we could imagine a 1-2-3 pre hook forming ......



right now I am 100 % long USD

if the hook completes and go firmly above two ( let's not be tricked by a doouble bottom) .... at say 1. 395 .... I will close ....


unless it goes there I will not act ....

what do you think ,

1-2-3 or not ?

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You do not see things how they are, you see things how you are.
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Attached Thumbnails
Trading The Ross Hook-5_minutes.bmp   Trading The Ross Hook-daily_.bmp  
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  #54 (permalink)
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Still 100% long USD , happy to notice that the 1-2-3 was broken (with decreasing daily highs) to the downside and EUR made a new low.....


Will post here next time I see the last USD/EUR meaningfull action

You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
Attached Thumbnails
Trading The Ross Hook-broken.bmp  
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  #55 (permalink)
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Ross hook indicator in Metatrader

I also like the Ross Hook - because it is something that helps me to interpret price action - it does not lag as some indicators do.

I have been watching a Ross hook indicator on Metatrader.

If anyone wants to convert it from Metatrader to NT it can be found here:

123 / Ross hook indicator @ Forex Factory

I have attached the show123_Rh_BB indicator as a text file (Metatrader is based on C++), a screen shot and a doc describing the indicator written by the original developer

Attached Thumbnails
Trading The Ross Hook-ross-hook-mt4.gif  
Attached Files
Register to download File Type: txt show123_Rh_BB as txt file.txt (47.9 KB, 160 views)
Register to download File Type: doc show123_Rh_BB.doc (34.5 KB, 173 views)
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  #56 (permalink)
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Hi,


I will try to code it this week-end. Should not take too much time ......

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You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
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  #57 (permalink)
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21 pages of code !

I would be glad to help you on this but I honestly do not have that much time as I am already involved with other projects .....

Really sorry but was not expecting such long code to translate !


Hope a good soul will find the path of this thread !

Happy trading !

You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
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  #58 (permalink)
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Not sure if this helps for day trading but if you have a portfolio that you need to manage and need to be FX biaised , this works great ....


As you can see on on the daily USD/EUR , two failed 1-2-3 with new lows and lower highs ..... not the moment yet to cover ...... EUR is definitely going down for the moment .... my top 5 default pick list ... lot of short term debt to rollover around Jun 2010 !!!! And nobody will buy that sovereign garbage debt !More to come ......

1 Greece
2 Spain
3 Ireland
4 Portugal
4 Italy
5 Britain
6 France

You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
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Trading The Ross Hook-failed.png  
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  #59 (permalink)
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There is a lot of fluff in the indicator


gabga100 View Post
21 pages of code !

I would be glad to help you on this but I honestly do not have that much time as I am already involved with other projects .....

Really sorry but was not expecting such long code to translate !


Hope a good soul will find the path of this thread !

Happy trading !


Hi

Yes - 21 pages is a lot. There is a lot of unnecessary fluff in the indicator - which is described in the word doc. This is the overview in the doc : "

This indicator displays 123 patterns, Ross hooks, and Bollinger band breaks.
123 patterns that fail (IE break the 1 position before triggering the 2 point) will be removed from the chart as soon as they fail.
123 patterns that trigger but do not meet the users specified target will be low-lighted. The target is defined as a move of a percentage of the height of the pattern to be calculated from either the 1, 2 or 3 point of the pattern.
These values may be specified by the user.


The stuff in bold in unnecessary.

I thought the code could help someone to code the rules for the simple 1-2-3 and ross hook quicker - but leave the other stuff

verge

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  #60 (permalink)
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verge View Post
Hi

Yes - 21 pages is a lot. There is a lot of unnecessary fluff in the indicator - which is described in the word doc. This is the overview in the doc : "

This indicator displays 123 patterns, Ross hooks, and Bollinger band breaks.
123 patterns that fail (IE break the 1 position before triggering the 2 point) will be removed from the chart as soon as they fail.
123 patterns that trigger but do not meet the users specified target will be low-lighted. The target is defined as a move of a percentage of the height of the pattern to be calculated from either the 1, 2 or 3 point of the pattern.
These values may be specified by the user.

The stuff in bold in unnecessary.

I thought the code could help someone to code the rules for the simple 1-2-3 and ross hook quicker - but leave the other stuff

verge


Ok I will give a look tomorrow ! I am really interested in coding this, I just need to find the time.....

You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
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