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Perrys Trading Platform

  #341 (permalink)
 
grego's Avatar
 grego 
Sydney, Australia
 
Experience: Beginner
Platform: MT4
Broker: Go Markets
Trading: Forex plus FTSE DAX and ASX200
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As a newbie I'm really enjoying the learning experience here.
Thanks so much Perry

Could you or anyone else comment on the attached chart and my anaysis




Also perry is there some explanation somewhere for the changing colour of the price bars?

Say for an uptrend, the bars can be anywhere from yellow to pale to medium and dark green.
Should I not enter a trade if the bar is yellow, even if all other criteria are met?

thanks Greg

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  #342 (permalink)
 
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 perryg 
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grego View Post
Perry, whats the reasoning behind this?
ie: I assume if you can get a better fill price - take it?

Grego,

Those are the rules of this methodology. If you play around with them you are playing russian roulette. The art of trading is to have the highest probabilities on your side. Sure you may get a better price in a number of trades, but in the long run you will loose, so stick to the rules in order to reduce your losses.
When you look at a chart historically you can always say what was better, but in real time YOU DO NOT KNOW WHAT WILL HAPPEN.

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  #343 (permalink)
 
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 perryg 
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grego View Post
As a newbie I'm really enjoying the learning experience here.
Thanks so much Perry

Could you or anyone else comment on the attached chart and my anaysis


Attachment 17641

Also perry is there some explanation somewhere for the changing colour of the price bars?

Say for an uptrend, the bars can be anywhere from yellow to pale to medium and dark green.
Should I not enter a trade if the bar is yellow, even if all other criteria are met?

thanks Greg

Your setup bar is correct, and the entry is ONE TICK ABOVE THIS BAR. I do not use any color change of bars, but the plain Red and Green for up and down bars. Because I am looking at price action as the main issue, I also want to see the original color of each bar, nothing colored for distraction. The rules tell you what to do and not he color of the bars.

Started this thread
  #344 (permalink)
 
grego's Avatar
 grego 
Sydney, Australia
 
Experience: Beginner
Platform: MT4
Broker: Go Markets
Trading: Forex plus FTSE DAX and ASX200
Posts: 177 since Jun 2010
Thanks Given: 139
Thanks Received: 76

Perry
What I meant by the better price fill was... I assume you are meant to enter on the start of the next price bar ? and if that opens 2 or 3 ticks lower and assuming we are going long...why not take that fill price?
why set it higher (ie 1 pip above highest hi) and lose some up side?

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  #345 (permalink)
 
grego's Avatar
 grego 
Sydney, Australia
 
Experience: Beginner
Platform: MT4
Broker: Go Markets
Trading: Forex plus FTSE DAX and ASX200
Posts: 177 since Jun 2010
Thanks Given: 139
Thanks Received: 76



Perry
would you mind looking at this chart and telling me if i got it right?

Thankyou

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  #346 (permalink)
 
perryg's Avatar
 perryg 
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grego View Post
Perry
What I meant by the better price fill was... I assume you are meant to enter on the start of the next price bar ? and if that opens 2 or 3 ticks lower and assuming we are going long...why not take that fill price?
why set it higher (ie 1 pip above highest hi) and lose some up side?

With the use of Range Bars AND the Rangebar indicator I know in advance WHERE the top or bottom of the bar will end and at what price. Once I see that I can go long, I place my Stop Order at 1 tick above the close of the bar I know where it is. I now have no stress and wait for entry. I do not know in advance if the bar will open and then go down or it will shoot straight up. YOu have no time to play around in real time. If you wait you will start chasing the trades and get eaten alive. Once again, when trading stick to the rules, if you do not you will get eaten alive.

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  #347 (permalink)
 
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 perryg 
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grego View Post
Attachment 17646

Perry
would you mind looking at this chart and telling me if i got it right?

Thankyou

You had a valid entry bar on the yellow candle beforehand according to method 2. The ADX is turning up so be careful as to watch ONLY colors for chop. I have explained this a number of times in this thread how to read the ADX.

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  #348 (permalink)
 
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 tickvix 
USA
 
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Perry

When able would u please tell me the following. Do u take ur trade when ADX is green and above the 25 line?

Thank u!
TV/Gregory

  #349 (permalink)
 
perryg's Avatar
 perryg 
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tickvix View Post
Perry

When able would u please tell me the following. Do u take ur trade when ADX is green and above the 25 line?

Thank u!
TV/Gregory

I look at the AboxForRange indicator. IT is set for 25, so that when above 25 it is greeen and below it is red. If it is Red I do not take trades.

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  #350 (permalink)
 
grego's Avatar
 grego 
Sydney, Australia
 
Experience: Beginner
Platform: MT4
Broker: Go Markets
Trading: Forex plus FTSE DAX and ASX200
Posts: 177 since Jun 2010
Thanks Given: 139
Thanks Received: 76


Perry
what is the "count back days" set to on the Murrey math Lines

I assume different time periods will make a substantial diiference as to where these lines fall
on the price action?

Thanks
Greg

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