Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Thanks for continuing to share your trades in this thread. I'm a big fan. Are you able to share a bit more on the direction of your Monday and Friday trades.
I understood Monday's trade is in the same direction of the IB candle (although entry times may vary based on rules that seem to be set prior to the IB candle itself)....
Friday's trade i understood tends to be a reversal day where the trade is in the opposite direction of the IB candle. It looks like this Friday (the 17th), the trade was in the same direction as the IB candle (short).
Any further clarifications on how you treat the direction of Monday's and Friday's trades.
Thanks for following and your kind words!
The GFIs1 rules depend on the physical observations of every weekday's patterns under
many different aspects.
You have seen the main (90% of the trades) basic directions for Monday and Friday.
They work normally when volume (see below) is "OK or GOOD".
There is NO easy description. And no secret sauce.
But there are some dozen rules that are depending on each other in my trading plan like:
- range of previous day
- gap (my special definition of it)
- today's IB crossing the previous day range
- IB volume (you have seen my "normal vol for IB from 6K to 10K) and more rules upon
- news (with time of the day) like IFO ECB US numbers to stay out of peaks
- holidays - very important: during the week, end of week or beginning of the week - especially US holidays
To be honest - the Wednesday rule set is the most complex of all.
The goal is to have a good pattern for the given situation that works in >70% of the trades positive and
does not step into the risky minutes of known or unknown news.
Conclusion:
You are on the right path. The rule set is to complex to describe it here in detail.
Your hint of the last Friday trade was a reaction (mentioned as a "slight rule change") to my rule set:
Normally I do not trade when volume is really low. But for the holiday rule I tried to anticipate things
for low volumes. I need to backtest that one as well to give it a place in the whole rule set.
And to make it clear: I only take DAX cash hours to detect my patterns. All pricing outside the cash
hours are neglected. Is also true for measuring price range and gaps.
Thanks GFIs1 for the reply and sharing the information around the factors you use in determining the direction, entry and exits. I seem to recall you are a user of the Investor RT platform and can see evidence from some of the homework videos in some of your thinking. I'm still a novice at this platform and working my way through the process on becoming more proficient.
Thanks for your interest.
Yes - Investor/RT was always part of my strategic thinking. Finding patterns - or discussing Fibonacci - or using
the software to program signals sent to the smartphone: everything is exciting. With the help of the top crew
Chad Payne and Bill Linn I found ways to program the needed parts for my trading that works.
In fact - the software is most potent and you need to formulate your trading plan very well to get it programmed
and let sending you the needed information any time to take THE trades that make you profitable.
BUT: in any case you need to do your homework(s) carefully!
Coming back to "normal" volumes we get good results concerning the daily range.
Even the GFIs1 trade let some coins on the table
The main observation of course means back to normal after those ridiculous election
things in US that was eating months... That is the good news!
With those movements we might see for sure soon some nice Walzer again.
For tomorrow though a short in THIS thread is foreseen. (Only valid for Wednesdays).
I was hoping too that those IFO numbers were priced in already! Although some volatility always occurs whether its priced in or not. Why do you say IFO numbers were good, when higher IFO numbers were expected? I am not saying they're bad, I always try not to judge, but look at the chart and see if it provides me with an opportunity. Because... you shouldn't care if those numbers are good or bad, right?
I hope to see some profit taking today as I am stuck in a trade from last day, so I definitely hope you are right, well you are so far! Best wishes!