Welcome to the TP Tree Method.
I hope those reading and replying in this thread will enjoy this system. Much of the methods are already present in other threads on this forum.
Some interesting characteristics of this system:
1. No indicators.
2. No concern for market direction.
3. Initial trade could have a risk/reward ratio of 3 risk : 1 reward and you'll still end in profit.
(I hope I didn't give anything away there.)
4. It can profit in both a ranging and trending market.
5. Even if 10,000 people are trading this system, it could/would be impossible for anyone to tell when those people are entering the market. There is no general entry point.
(Again, I hope I didn't give it away right there.)
I'm not entirely sure how to present this method. I'll begin and see where it goes.
The idea for this system is very much a permutation of Tkimbles Weekly and Daily Scalping methods. You can view those here:
1. Daily Scalping
2. Weekly Scalping
Those systems have shown to work to some extent. I have always believed them to be very inefficient however. This is because I believe the reason those systems work is far different than what the traders of those systems believe is the reason for why they work.
Beyond the straddle entry points off the open of a daily or weekly candle, those systems incorporate SAR trades. If their long trade is triggered then they adjust the SL to the previous short sell trigger. They then place SAR trades around a tight range until, hopefully, a trend is determined that carries price away from the SL far enough to overcome the previous stop lossed trades and end in profit. By happen chance, using a time range, such as closing the open trade at the end of the daily/weekly candle, has proven somewhat profitable.
I don't believe ending at the end of a candle really means anything however. I also don't believe placing straddle triggers around any price has any merit for this type of system either. I say this because I believe the real theory driving the system is that we're willing to suffer through several stop lossed trades to eventually hit that big winner that exits the range we've set and puts us back in profit.
Before I go into more detailed manners, I'll end this post to act as my Wiki. Hopefully, if there is enough interest, great ideas will be generated that will need to be tracked. This first post will act as the index for posts, files, and the like.
Please be courteous, but critical. Now, on to the system.
I hope those reading and replying in this thread will enjoy this system. Much of the methods are already present in other threads on this forum.
Some interesting characteristics of this system:
1. No indicators.
2. No concern for market direction.
3. Initial trade could have a risk/reward ratio of 3 risk : 1 reward and you'll still end in profit.
(I hope I didn't give anything away there.)
4. It can profit in both a ranging and trending market.
5. Even if 10,000 people are trading this system, it could/would be impossible for anyone to tell when those people are entering the market. There is no general entry point.
(Again, I hope I didn't give it away right there.)
I'm not entirely sure how to present this method. I'll begin and see where it goes.
The idea for this system is very much a permutation of Tkimbles Weekly and Daily Scalping methods. You can view those here:
1. Daily Scalping
2. Weekly Scalping
Those systems have shown to work to some extent. I have always believed them to be very inefficient however. This is because I believe the reason those systems work is far different than what the traders of those systems believe is the reason for why they work.
Beyond the straddle entry points off the open of a daily or weekly candle, those systems incorporate SAR trades. If their long trade is triggered then they adjust the SL to the previous short sell trigger. They then place SAR trades around a tight range until, hopefully, a trend is determined that carries price away from the SL far enough to overcome the previous stop lossed trades and end in profit. By happen chance, using a time range, such as closing the open trade at the end of the daily/weekly candle, has proven somewhat profitable.
I don't believe ending at the end of a candle really means anything however. I also don't believe placing straddle triggers around any price has any merit for this type of system either. I say this because I believe the real theory driving the system is that we're willing to suffer through several stop lossed trades to eventually hit that big winner that exits the range we've set and puts us back in profit.
Before I go into more detailed manners, I'll end this post to act as my Wiki. Hopefully, if there is enough interest, great ideas will be generated that will need to be tracked. This first post will act as the index for posts, files, and the like.
Please be courteous, but critical. Now, on to the system.