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Learning Forex the Electrofx Way
results of strategies applied in practice, sharing some trades, thanking the founder of the site. discussing the methods described here as they relate to trades
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Theo Patsios
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June 3, 2015 - 21:28
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WeeMee said
strangely enough it works fine on my forex.com account metatrader, but didnt seem to work on the ic meta trader in the back testing chart. will see if it works on my second ic meta trader. to be honest it's nothing to do with the TM it's self, it works perfectly trading live charts. i'm not exactly on the best of terms with my meta trader software. i actually had 2 versions of meta trader disappear from my computer when i was trying to add new ones. all the profiles had to be redone all software and history re installed. will just add the history of everything i want to practice to the backtesting mt4 from forex.com account for now. different spread, but ok for back testing.

You should search around in Google whenever you have MT4 issues, you can be certain someone else has had them too.

I imagine it is something to do with the latest build of MT4 and Windows 8?

For what it is worth I stick with Windows 7 and have UAC switched off,
my MT4's are installed where I want them on a separate drive from Windows.

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WeeMee
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July 12, 2015 - 10:22
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hey again every one,

 

it's been a while since i updated this thread, figured i should give an update regarding my journey to learning the wave fx price action trading method. after all these months of time practicing reading and learning as much as possible it is clearly starting to pay off.  the method is really awesome in that it gives you the edge you need. the one part that takes time is learning to read market structure, in fact i'd go so far as to say. knowing when not to trade is more important then learning to read the trigger.  it is getting to the point where i might really go live with my trading so i can start practicing the whole thing with real money. i want to give myself another few weeks to see if i can keep my present results consistent, what has helped me recently is the realization that you have to either ignore ranging markets or else only take buy or sells at the top or bottom of the range. only when it's trending is it worth buying broken high triggers, or selling broken low triggers.

 

did a nice little back testing session today, take a look at the awesome results so far, just 15 trades and i'm already up 2000

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so yeah, even now i can only recommend the vip membership to anyone wanting to really learn to trade price action with a good edge. not at the end of my journey by any means but im at a stage where i can tell the huge potential of this method, it will take some time and dedication to get it right, also discipline is essential, you must stick to the rules. as you can see from my last few trades on the back tester my wins are bigger then my losses, some times a lot bigger. this added to choosing good triggers makes profitability attainable.

hey you! remember to follow your bloody rules!

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WeeMee
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July 14, 2015 - 06:43
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some nice trades just triggered on the eu and gu. classic wave triggers taken off the support and resistance box. lets see what happens,...

 

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a bit later:

got just over 1 to 1 on the EU, the GU started getting stuck in the box, so i closed early thinking to re enter once it makes it past the box again. my instinct tells me they will both go lower, but better safe then sorry.

 

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hey you! remember to follow your bloody rules!

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Rob S
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July 15, 2015 - 06:06
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Nice Job WeeMee

I took the same trade on the EU.

Had the same type of set-up today on the EU.  I took it for a small scalp.  Too much news peppering trading today, otherwise would have been a 4-1 trade.  Also there was a nice EU 1-1 CT for US pre-market open trade, but again stayed out because news was pending.

Looks like you are on your way.

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July 15, 2015 - 09:38
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Hey Rob, so nice to hear from you, not able to make the live room at the moment so i like to post my trades here, gives me a place to look back and see my trading history.

 

anyway i only took 1 trade so far today and that was a EJ sell, it wasn't a level 1 set up, but it was a good location for the level 2 trigger so i jumped in, risk was 26 pips with my buffer, reward was 39 pips. not a bad trade at all. very nice to see it reach tp while i was out swimming...

 

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EDITED TO ADD:

heres a couple of potential trades, not triggered yet.

the nas100/us tec100 3 pt. turn

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then we have this usdjpy  just about to trigger

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3rd but not last audusd

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will update as things develop.

hey you! remember to follow your bloody rules!

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Rob S
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July 15, 2015 - 13:00
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My 2 cents:    I would be careful going  counter trend after a breakout to an M8 LL (AU) or M8 HH (UJ).  The UJ is at a good daily area for a turn, but long strength is still very apparent.

For those 2 trades, I would wait for a pullback to a supt/res level and look for a trigger to go with the trend.  At a minimum, I would wait for a brown line pattern to go counter trend and keep it 1-1.

For the NAS trade, you are again trading in a good area for a turn, but the M8 looks really strong long and you are trading against a very powerful spike.

The only positive of a trade like you posted is that the SL is very small, hoping you catch a bottom, but for a 1-1 purely counter trend I would stay out.

For counter trend: I would wait for a brown line pattern or a 1-1 trade (scalp) during a key market time (US Open etc).

Generally speaking the concept I use:

Short Trades:

Once you see an M8 LL, wait pullback with an entry pattern at a good area, with no red news, psell

Long Trades:

Once you see an M8 HH, wait pullback with a entry  pattern at a good area, with no red news, pbuy

The problem is that these trades are sometimes not that easy to come by.

Therefore you should consider key market time trading.  Europe market open, US Market open.  This is when tech analysis is more pronounced and therefore lower timeframe trades have a higher probability of winning.  The only monkey wrench is high impact news.  You must navigate around news.

Just my thoughts

A quick 12 pip scalp I took off of my cell today. EU short

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Rob S
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July 16, 2015 - 06:02
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This is what I am referring to regarding key market time trading.  Theo uses EOVM.  There is the US pre-market open and 90 minutes later the US market open.

These times tend to produce high probability 1-1  (sometimes higher) trades.  They occur in the vicinity of theses key market times.  But again you must trade around news.  Missed EU one today

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But took the GU

 

All trades still rely on PA

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WeeMee
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July 16, 2015 - 08:23
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yeah, its always the same with me, i have a bit of success  then i get overconfident about locations. you of course are correct, i should have just waited for a brown pattern, although the nas did give me one, and location was really not bad. but yeah fighting a power full move thats been going on over a few days was silly.

i

i looked at that GU and was about to make my lines when i got distracted, only to come back to find it had triggered and gone to target 1 lol. oh well, might be postponing that real money trading thing a bit after all hehe.

 

really cool seeing your trades, i went to your site for a look, but couldn't work out where the entries stops and take profites were on that vid of the screen shots.

 

think Theo is not having an smooth time of it with his roof replacement in Greece, haven't seen a post or an outlook for a few days, so nice to have some feed back, even if it's things i should actually know by now.

hey you! remember to follow your bloody rules!

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Rob S
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July 16, 2015 - 12:40
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Haven't updated website in some time now.  Nobody was watching! LOL!

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July 17, 2015 - 03:02
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GU short hit my SL break even...but PA went to take profit

It happens...

 

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WeeMee
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July 17, 2015 - 04:33
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bummer, i hate when they hit the stoploss and then head to target, was a bit paranoid yesterday, finally entered this eu short

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it went to a tiny loss in the end as i moved the stop to the last peak before i hit the sack.

 

then i took this eurcad buy after seeing the other one stop out and the brown setting up a buy

not sure if it's gonna work or not, i probably set my target too high, might re evaluate the tp 🙂

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gold seems to be at an interesting location, but still hasn't formed the brown turn around, so holding off for now as it might head on down further first.

hey you! remember to follow your bloody rules!

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July 18, 2015 - 23:05
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trying to keep my eye on GOLD while on holiday, by any real logic I think GOLD should be well over 2000 and possibly even 3000. Logic doesn't seem to apply to the markets these days though, more and more manipulated each year. Looking at the charts this morning though to see what to expect for the week ahead I see that it pierced a major weekly chart support by a tiny bit. So, either a stop loss hunt movement / fake out that will turn back around or the very negative looking GOLD chart continues the very defined down trend. As always the entry triggers will lead the way and I will require a level 1 entry trigger to go long, whilst only a level 2 entry trigger to follow the trend short, that is of course if the timing of any triggers happens to work for my vacation hours, most of the day I will be motor boating around islands looking for little hidden beaches to swim about in cool

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July 19, 2015 - 09:36
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Sounds like a great holiday.  

Gold is at major support, my guess is it will break and head toward the $1,000 level.  Like you said, with all of the QE in the world, paper money should be losing purchasing value exponentially.  But if it did that, then QE would be a failure.  The powers in charge will use any means necessary to prevent that from happening, that is until things spiral out of control.

Debt fueled consumption/spending to prop up earnings and GDP.  How long this philosophy will keep things afloat is anyone's guess?  One point is true, the upper one-tenth of 1% and the world's politicos have cleaned up in this environment

I dipped my toe back in the water and added a small amount to my precious metals position this week.  Long term hold / hedge against disaster.  Will look to add again if gold hits $850-$1000 accompanied by a good technical long pattern.

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July 20, 2015 - 02:26
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July 20, 2015 - 02:31
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July 21, 2015 - 01:15
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Nice Pop this morn on the GU

small DT  entry at price at lock profit

Also saw the EU head for a break out, tried to hot key the entry, price gapped and I missed it.

 

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Rob S
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July 21, 2015 - 07:22
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Took a loss at US market open today.  My stupidity really

But made up for it with a home run on a long oil trade!!!

Really traded this one based on the fact that oil was over sold, and there was a slight double bottom, my SL almost got hit, but the hunt missed mine by about 12 pips.

Punched out +100

 

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Rob S
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July 22, 2015 - 00:36
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Set my lines on this trade this morning.  EU sell.

Made coffee, sat down and the trade was already done.

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WeeMee
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July 22, 2015 - 08:38
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awesome work Rob, had a few good ones again from yesterday to today, but still didnt make back what my last melt down cost me. at least my bad phases are getting shorter and fewer. i need to work out some rules about not trading once i lose 2 trades in a row. i catch myself longing to make it back and accepting set ups i shouldn't be just on the basis of the next one has to work.  slowly but surely i'm learning my own weaknesses in this trading business and learning ways to avoid the pitfalls.

hey you! remember to follow your bloody rules!

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July 23, 2015 - 01:56
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WeeMee:

One thing you might want to consider is sticking to a few currency pairs that trade with strong volume when you are available for trading.  I have gravitated to trading basically 1 pair, the EU. I also take the GU from time to time, but I am spending most of my time analyzing / trading one currency pair.

I will jump into an index or commodity trade, but FX is much more volatile.  So narrowing things down has helped me stay focused.

Just an idea

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