facebook  Twitter youtube  blogger
Welcome, Guest
Username: Password: Remember me

TOPIC: Apply Ross Hook Trading (+TTE) in the Forex Market

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 7 months ago #60

  • Manus168
  • Manus168's Avatar
  • Offline
  • New Member
  • Posts: 13
  • Thank you received: 2
  • Karma: 1
Today at April 14, 2016 I saw between GBP/USD and USD/CAD at m15 at US market open and I saw the GBP/USD already making the "M" and I spot the Measuring Bar So I idecide not to trade the GBP/USD (tend to be sideways - ebook Daytradingforex)



So I decide looking to the USD/CAD m15 and I spot the 123 formation and not so Long I saw a Ross Hook in Double Bottom formation and the the hook appears bellow the Middle line from the Bollinger Bands (from the Trading The Ross Hook ebook topic: Trading The Hooks with a Bollinger Bands) after they breakout bellow the 123 formation so I put the Pending Order SELL Stop Order at 1.28230 with the Takeprofit level at 1.2813 and not so long the USD/CAD going down and My trade close with a profit:



Today I get $1.56 from the $6.46 so My Ballance now $8.02



Happy trading and thank you.



Manus168
Last Edit: 1 year 7 months ago by Manus168.
The administrator has disabled public write access.

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 7 months ago #61

  • marco
  • marco's Avatar
  • Offline
  • Moderator
  • Posts: 23
  • Thank you received: 6
  • Karma: 2
Hi Manus,

thanks for sharing, congrats on that one: nice trade!

One thing I'd like to add is that maybe you want to trade these on a higher Timeframe than the 15 minute chart and go for more pips. In this trade you made 10 pips, and probably on USD/CAD you had a spread of 1 pip, which is 10% of your profit. Now while this worked out nicely this time, it is hard to overcome these trading costs long term. Imagine you trade on a daily chart instead and go for 100 pips on the same market. Now that spread is just 1% of your target making it much easier to compensate for. Or let's say you trade EUR/USD instead where your spread typically will be less than 0.5 pips around that time of the day. Now it's still 5% but much better than in USD/CAD. Maybe this information is helpful to you in the long run!

Keep those trades coming!

Marco
The administrator has disabled public write access.
The following user(s) said Thank You: Manus168

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 7 months ago #62

  • Manus168
  • Manus168's Avatar
  • Offline
  • New Member
  • Posts: 13
  • Thank you received: 2
  • Karma: 1
marco wrote:
Hi Manus,

thanks for sharing, congrats on that one: nice trade!

One thing I'd like to add is that maybe you want to trade these on a higher Timeframe than the 15 minute chart and go for more pips. In this trade you made 10 pips, and probably on USD/CAD you had a spread of 1 pip, which is 10% of your profit. Now while this worked out nicely this time, it is hard to overcome these trading costs long term. Imagine you trade on a daily chart instead and go for 100 pips on the same market. Now that spread is just 1% of your target making it much easier to compensate for. Or let's say you trade EUR/USD instead where your spread typically will be less than 0.5 pips around that time of the day. Now it's still 5% but much better than in USD/CAD. Maybe this information is helpful to you in the long run!

Keep those trades coming!

Marco

Hi Marco, I choose the m15 base the book from Joe : Daytradingforex in the last chapter he give Us info to trade in m15 base the ATR(14) for his risk and he said he didn't trade more then m15 but yes actually I confess I not looking the ATR because the market moving so fast during the US market open maybe someday I consider to trade in the higher timeframes such a Daily Charts. Thank you for your reply.


Happy Trading


Manus168
Last Edit: 1 year 7 months ago by Manus168.
The administrator has disabled public write access.

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 7 months ago #64

  • jean1975
  • jean1975's Avatar
  • Offline
  • New Member
  • Posts: 18
  • Thank you received: 2
  • Karma: 1
Hi Manus,

Regarding the GBP/USD I fully agree with you, prices were moving sideways.
Regarding the GBP/USD instead I would not have taken the trade because of the following reasons:
1) RH has been made after a long bar. After a long bar move in my experience there's always a reaction in the opposite direction.
2) The blue bar after the long RH bar moved with great force to the upside. Looks like that at that price level the "big boys" were buying.

As you can see the chart is the same but everyone is interpreting the market information in its own way.
This is the beauty of trading. Complete freedom.

Thank you for sharing your experience.

Regards
Jean
The administrator has disabled public write access.
The following user(s) said Thank You: Manus168

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 7 months ago #65

  • Manus168
  • Manus168's Avatar
  • Offline
  • New Member
  • Posts: 13
  • Thank you received: 2
  • Karma: 1
@Jean1975, You're welcome.
The administrator has disabled public write access.

Apply Ross Hook Trading (+TTE) in the Forex Market 1 year 6 months ago #66

  • charlie_brown
  • charlie_brown's Avatar
  • Offline
  • New Member
  • Posts: 9
  • Thank you received: 6
  • Karma: 2
using trend on a bigger timeframe for trading on a smaller timeframe
First of all I'm very thankfull to Joe and his team for polularizing trend trading based on price action. It gives a trader possiblilities for trading with no lag an in the right time.
In this post I would show my trade in 6B on 5 min chart, where the filter was a RH in the trading range on the daily chart.

On 24 april I started watching GBP FUT daily chart, where the price was about 1.4300. I saw a trading range that went on about 30 days and a RH TTE with the price approximatly in the middle of the trading range.



I found it intreseting and switched to intraday charts. I choosed 5 min chart and started to count segments. Then I bought 3 contracts, from which I closed 2 after 5 points and moved the 3rd contract on breakeven. After that I trailed my stop under suppurt areas and was finally stopped out at 1.4412 after the marked refused to get higher.



It was a nice trade in the direction of the main trend (while in the trading range) and I think that this kind of filter could be interesting for some traders.

P.S. The second chat is not sharp, i don't know why.
Last Edit: 1 year 6 months ago by charlie_brown.
The administrator has disabled public write access.
The following user(s) said Thank You: Manus168
Time to create page: 0.469 seconds

Derivative transactions, including futures, are complex and carry a high degree of risk. They are intended for sophisticated investors and are not suitable for everyone. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, and all of which can adversely affect actual trading results. For more information, see the Risk Disclosure Statement for Futures and Options.