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Project Spio Trading system & Journal -Deadly accurate
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Project Spio Trading system & Journal -Deadly accurate

  #41 (permalink)
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Nasdin94 View Post
I understand how you feel. I was a price action trader 3 months ago.
Then I combined it with this.
I realized that the signal always come with price action after the signal was produced.
I also realized that this indicator helps to remove any short term price action signal

Soon after, I removed price action from my system.
Last time, I waited for price action confirmation when a signal a produced,
Now, I just place buy/stop limit orders and just let it go without waiting for PA.

I do know of a similar setup but I would never abandon looking for price action. I won't knock your system, if it works for you and makes money that's great. I don't know if your dumping your thread or not but I was just curious to see how your setup compared to the one I know of.

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  #42 (permalink)
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kbit View Post
I do know of a similar setup but I would never abandon looking for price action. I won't knock your system, if it works for you and makes money that's great. I don't know if your dumping your thread or not but I was just curious to see how your setup compared to the one I know of.


No I'm not dumping my thread.
As I said, I have abandoned price action while making trades.
But that is mainly because a better entry is received from the fibo pivots.


If the price is within the range of the fibopivots, I would not wait for price action.
If the price has passed through the range of the fibopivots and that theres no more to act as support/resistance, meaning that I have no other place to execute my trades from, so I will wait for price action formations like Pin bars and engulfing bars.

I learnt PA from some online courses like - Nial fuller's price action trading course and Asiaforexmentor Price action course.

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  #43 (permalink)
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Nasdin94 View Post
No I'm not dumping my thread.
As I said, I have abandoned price action while making trades.
But that is mainly because a better entry is received from the fibo pivots.


If the price is within the range of the fibopivots, I would not wait for price action.
If the price has passed through the range of the fibopivots and that theres no more to act as support/resistance, meaning that I have no other place to execute my trades from, so I will wait for price action formations like Pin bars and engulfing bars.

I learnt PA from some online courses like - Nial fuller's price action trading course and Asiaforexmentor Price action course.


I understand what your saying. Quite a few of the people around here have been through the meat grinder and have realized that PASR is the way to go for long term sucess. That doesn't mean that there aren't other ways to do it but a lot of people here prefer to keep it simple and avoid to many lines and to many indicators. That is the main reason you may be criticised aside from your initial posts which were suspicious.
Anyway I didn't want to get in some turf war here, just wanted to see what your doing. I'll chime in with some thoughts tomorrow.

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  #44 (permalink)
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kbit View Post
I understand what your saying. Quite a few of the people around here have been through the meat grinder and have realized that PASR is the way to go for long term sucess. That doesn't mean that there aren't other ways to do it but a lot of people here prefer to keep it simple and avoid to many lines and to many indicators. That is the main reason you may be criticised aside from your initial posts which were suspicious.
Anyway I didn't want to get in some turf war here, just wanted to see what your doing. I'll chime in with some thoughts tomorrow.


YES YOU GOT IT!
on the OP, I've already mentioned that this system is actually price action through support/resistance.
The indicators are not actual indicators but they just show areas of strong support/resistance
And im just trying to imply that theres more methods of trading PASR, there are many more ways of trading PASR and this is one of them.
GLad that you read carefully.

Anyways, sorry for the late replies in this thread. I live on the other side of the world.
And yes, finally I've just realized on why I'm being criticized, they think that im using lagging indicators.

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  #45 (permalink)
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EUR AUD trade

Futures Edge on FIO
Trade journal,

I found a signal on the EUR AUD, then I placed a sell limit at the Fibopivot point.

Soon after, the sell limit was hit.

Let's see how the trade goes.

Stop loss is at 15 pips

I'm looking foward for it to hit the FP S2 line.
Hence, TP : 89 pips.

R/ R 1:6


EDIT:
I shifted my tp to 1.3395 as the fibonacci has redrawn itself.

New TP: 99 pips
New R:R 1: 6.6



UPDATE
2 Hours after.
Trade has progressed.
Let's see how we are, into this trade.

I managed to enter the trade right at the tip/turning point of reversal, no surprise here.


Attached is a picture.

Attached Thumbnails
Project Spio Trading system & Journal  -Deadly accurate-euraud-21102011-before.gif   Project Spio Trading system & Journal  -Deadly accurate-eur-aud-21102011-after.gif  

Last edited by Nasdin94; October 21st, 2011 at 01:25 AM.
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  #46 (permalink)
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Update on the EUR AUD trade

As I said, this system signals before price action, and I always find myself entering the trade right at the reversal point.

And yes, when big mike was sarcastically saying about me holding a hedge fund, actually that is ironically true, I manage about $50 000 SGD of funds.
However, these funds are my relative's and family's, and I trade for them.

EDIT:
Although trade has reached 80 pips profit, it was repelled from a fibo pivot line, and came into my trailing stop and so I was "Profitted-out" with 58 pips profit

Attached Thumbnails
Project Spio Trading system & Journal  -Deadly accurate-eur-aud-21102011-after2.gif  

Last edited by Nasdin94; October 21st, 2011 at 05:30 AM.
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  #47 (permalink)
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Why I abandoned PA

There has been much confusion on why I had chosen to ignore PA.

Before using this strategy, I have to confess that, I was/ still am a Price action trader.

It is not like I was making losses with Price action or anything.
Price action is great. It works, throw away your indicators and just focus on price action.
That's the key to trading, in my opinion.

After awhile in Price action trading, I've realized that there's always something missing in the strategy, like you just can't enter a trade at the tip of a trend, your stop loss are always at the wick of the candlesticks.

Sometimes, you find the trades reversing against the price action signal just to go back in the same direction.
Sometimes, you find prices just reversing without any price action confirmation.

And all this, intrigued me.

I managed to realize certain weaknesses of price action.

1. If there is a long wick in the candlestick, you're often forced to place your stop loss bigger and wider and this reduces your R/R ratio

2. You can never enter right at the wick of a trend with price action, you're either entering at the close of the candle or a bit lower then that which is the low/high.

3. Sometimes the trade just reverses on you for awhile.

4. Sometimes price just moves without any PA.

And this all led to my conclusion, you can only detect correct trades of price action if you're looking at the correct timeframe.

For example, if you're on the H1 chart, not everyone will see the price action formation there, not everyone is looking at the same timeframe you get what I mean?

Sometimes, you spot a price action on the H1, but its just not time yet, and the trade reverses on you mainly because theres a contradicting price action at another timeframe.

Lastly, on the H1 chart again as an example, sometimes it just boggles your mind, there's no price action but the price suddenly reverses on you, and soon, you found out, there was another price action formation but it was on another timeframe which is the M30 for example.
The M30 had formed a PA but the H1 showed no PA.


Then I began to think deeper.
What is price action?
Price action is the result of price reacting or respecting to a particular level in the chart.

I began to research deeper to the CAUSE of Price action.
And I found my answer there. The trend usually reverses once it has exhausted its levels, particularly Fibonacci and that price action is just the weakening(due to exhaustion) of price and that the price is now vulnerable to a potential reverse.

And so there came to my methodology(And my signature)
If price action are indications of price reacting to a particular level due to the fact that it has been exhausted and therefore would reverse, why not just trade that particular level?

And that's where this system came from.
This system, although may seem like indicators, are just fibonacci.

What multiwave does is that it calculates the fibonacci extensions of every single wave in the chart.
And once all the price action waves have exhausted at the same time, this means that the price is now weak.
And since the price is weak, it is then prone to reversal, am I wrong?

Meaning, the next price action to form is the DEFINITE PRICE ACTION, or what I mean, a high probability trade since we've already confirmed that the price has exhausted.

There, the system has developed.

Awaiting for price action after an exhaustion.


Then, it evolved from there.
Fibopivots was added into the system, why do you have to wait for price action when you can just enter right at the level it reverses?

This boggles my mind, What have I been doing? If I already knew WHERE AND WHEN the price will reverse, why not just enter into the trade instead of waiting for price action and widening my stops?

Now, in my opinion, the system is something far more developed than MY initial price action trading.
I'm not being cocky and saying that its better than price action, I'm saying that its better than MY initial price action strategy.


Thus, PROJECT SPIO was completed.


Last edited by Nasdin94; October 23rd, 2011 at 01:30 AM. Reason: Typos.
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  #48 (permalink)
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Nasdin94 View Post
There has been much confusion on why I had chosen to ignore PA.

Before using this strategy, I have to confess that, I was/ still am a Price action trader.

It is not like I was making losses with Price action or anything.
Price action is great. It works, throw away your indicators and just focus on price action.
That's the key to trading, in my opinion.

After awhile in Price action trading, I've realized that there's always something missing in the strategy, like you just can't enter a trade at the tip of a trend, your stop loss are always at the wick of the candlesticks.

Sometimes, you find the trades reversing against the price action signal just to go back in the same direction.
Sometimes, you find prices just reversing without any price action confirmation.

And all this, intrigued me.

I managed to realize certain weaknesses of price action.

1. If there is a long wick in the candlestick, you're often forced to place your stop loss bigger and wider and this reduces your R/R ratio

2. You can never enter right at the wick of a trend with price action, you're either entering at the close of the candle or a bit lower then that which is the low/high.

3. Sometimes the trade just reverses on you for awhile.

4. Sometimes price just moves without any PA.

And this all led to my conclusion, you can only detect correct trades of price action if you're looking at the correct timeframe.

For example, if you're on the H1 chart, not everyone will see the price action formation there, not everyone is looking at the same timeframe you get what I mean?

Sometimes, you spot a price action on the H1, but its just not time yet, and the trade reverses on you mainly because theres a contradicting price action at another timeframe.

Lastly, on the H1 chart again as an example, sometimes it just boggles your mind, there's no price action but the price suddenly reverses on you, and soon, you found out, there was another price action formation but it was on another timeframe which is the M30 for example.
The M30 had formed a PA but the H1 showed no PA.


Then I began to think deeper.
What is price action?
Price action is the result of price reacting or respecting to a particular level in the chart.

I began to research deeper to the CAUSE of Price action.
And I found my answer there. The trend usually reverses once it has exhausted its levels, particularly Fibonacci and that price action is just the weakening(due to exhaustion) of price and that the price is now vulnerable to a potential reverse.

And so there came to my methodology(And my signature)
If price action are indications of price reacting to a particular level due to the fact that it has been exhausted and therefore would reverse, why not just trade that particular level?

And that's where this system came from.
This system, although may seem like indicators, are just fibonacci.

What multiwave does is that it calculates the fibonacci extensions of every single wave in the chart.
And once all the price action waves have exhausted at the same time, this means that the price is now weak.
And since the price is weak, it is then prone to reversal, am I wrong?

Meaning, the next price action to form is the DEFINITE PRICE ACTION, or what I mean, a high probability trade since we've already confirmed that the price has exhausted.

There, the system has developed.

Awaiting for price action after an exhaustion.


Then, it evolved from there.
Fibopivots was added into the system, why do you have to wait for price action when you can just enter right at the level it reverses?

This boggles my mind, What have I been doing? If I already knew WHERE AND WHEN the price will reverse, why not just enter into the trade instead of waiting for price action and widening my stops?

Now, in my opinion, the system is something far more developed than MY initial price action trading.
I'm not being cocky and saying that its better than price action, I'm saying that its better than MY initial price action strategy.


Thus, PROJECT SPIO was completed.

Good explanation, I thought I might post a couple thoughts.
I think we would agree that the larger time frames are stronger/more significant than the smaller ones. And we generally need to keep in perspective the time frame we base a trade on. In other words if we trade off a 5m chart and a trade lines up we most likely would go for a relatively small target compared to a trade we would take off a daily chart. That being said if a trade is based off your 1hr chart I would not expect to get as much as I would if I was trading a daily UNLESS my entry on the 1hr was really just me going down to a smaller time frame to narrow down an entry for the daily trade. If you choose to focus primarily on 1hr charts it's likely because that is the time frame you are comfortable with in terms of average drawdown/stop and average profit. My whole point of my rambling here is that if in the past you were taking trades off pins and so forth that got blown out, it's likely you weren't aware of the bigger picture. If you focus on the extremes of a daily range for example you will have a better chance of sucess on the smaller time frames. I think you get my point. As for blind entrys, I confess to doing them as well on occasion if I have a strong confluence of things that I believe will repel price in a given area but I still don't regard that as the best way to do it.

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  #49 (permalink)
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Nasdin94 View Post
Okay, this is a list of fib levels. For you to set your fib settings to

0.146
0.236
0.382
0.447
0.486
0.5
0.618
0.707
0.786
0.886
1.0
1.128
1.272
1.414
1.618
1.764
2.0
2.236
2.618
3.142
3.618

Basically, you can plot EMA lines based on these levels.
E.g for 0.618 fib level, you plot a 62 EMA line on close.
There you have it! A MOVING FIBONACCI LINE!

No wonder EMAs work! They are just bouncing off from fibonacci retracements and projections!

Anyways, go ahead and program this values into your fibonacci retracement tool

I plot them and this is what I get.

Attached Thumbnails
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  #50 (permalink)
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Ninja?


Hi Nasdin,

Thank you for this interesting thread. By any chance, is it possible to get those indicators for NinajTrader 7?

Thanks.

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