We can definitely work something out.............. How many wives you have?
The Thief of Wall Street
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DislikedRe-entered nth time. I think this time it will be a long wait before target is hit.Ignored
Disliked{quote} It is giving me very hard time. We are still in a strong selling zone. Shorting.Ignored
Disliked{quote} Pa is like a train, it stops only at train stations. 1.3250 is one station, other two are 1.3425 and 1.2950. I am going to 1.2950 but don't know if I am sitting on 1.3425 bound train. Another 50 or 60 pips will tell.Ignored
DislikedRe-entered nth time. I think this time it will be a long wait before target is hit.Ignored
Disliked{quote} Ok. We saw two major s/r levels in the past few day. Let me post a daily chart to show what happend there. As mentioned earlier, pa does not like to spend too much time in these major support/resistance areas. It either quickly bounces off or slices through these zones. One has to watch for only a few things to speculate whether pa will bounce or break such a level. But please do remember that any speculation, no matter how logical it could be, can turn wrong with development of a new situation or how market players assess impact of an event....Ignored
Disliked{quote} Hi, just saw that post (quoted) and thought I should mention it could have been news come out and spread widened so it appears you shouldn't have been hit but in reality it did trip it. FWIW jtIgnored
Disliked{quote} Here is the chart. It may not be very clear but a careful look can't miss Price Pivot Zones marked with red arrows. You may see price stays for a very short time at these points but a lot of activity near and between these zones. The last ppz it broke (marked with crossed red arrow) once became a battle ground and there is unusual activity at this ppz. Now see where I have shorted. It seems a right place to take a short chance, but if you look at my trade explorer, I am extremely high...Ignored
Disliked{quote} I don't remember if I wrote the above post before the account touched $12,000 or after, but it is currently just above $1,400. We started this demo round $7,500 or so and this account is now 80% down. Again a reminder how highly leveraged trades affect an account. The question is if one is taking risk not more than 1% at a time, how many pips should be the sl and tp? 1:10 risk:reward ratio is very attractive, but do you think our sls will survive the market noise with any of these sls and tps? SL TP 1 Pip 10 Pips 5 50 10 100 25 250 50 500...Ignored
Disliked{quote} Ok. I am back. Since 1:10 is a very good ratio anything from 10 pip sl to 30 pip sl is workable because of these two facts: 1. One can get 8 or 9 chances of being stopped out, only one or two winners will result in BE or profit 2. Our tp will not be too far, that will be 100 to 300 pips. Now the question is where to enter and where to exit? Exit is not a problem. Our exit will be 10x the sl, no matter what level it is. The question remaining is where to enter and in which direction based on what? Writing the answer, will take few minutes....Ignored
Disliked{quote} No matter what fundamental or technicals one follows, nothing is assured in this market and therefore consider this market where price randomly moves. I don't say fundamentals or technicals don't work, at least in probablistic way. What I am saying is that you CONSIDER market movement as random. You assume this on the basis of fact that we live in an ever changing world and any major or minor event moves the market in minutes at least for the number of pips profit/loss we are looking at, that is 100 to 300 pips. Now how one can decide where...Ignored
Disliked{quote} There are many ways to take a position. Please do remember that taking a position is based on several factors, including: 1. Level of risk one is taking 2. Number of pips sl and tp 3. One's scheme of Money Management (How you are going to use your risk-money and avaible margin) 4. What time of the year, week or session it is and what is on the news horizon 5. How market lately moved 6. Where is pa on your technicals 7. Market's current volatility, etc etc. I mentioned this only to let you know taking a trade is not based on if pa has broken...Ignored
Disliked{quote} There are certain methods people use to make an entry. These are countless, but the most common are: 1. In the direction of a trend when it has reached 50% retrace 2. Opposite direction at a horizontal Support/Reistance, and if those supports/resistances are broken in the direction of the move 3. Bounce from trendlines or break of a trendline or channel 4. Pin bars, candle closures or other similar pa studies 5. Previous weekly, monthly, weekly, daily open, close, high, lows, etc 6. Weekend gaps 7. Double top / bottom, H&S, etc patterns...Ignored
Disliked{quote} The best entry is buying at the bottom and selling at the top. However, since we are assuming this market is random, there is no way we could know if we have achieved a top or a bottom, plus, our sl is only 10 to 30 pips and catching a mega trend requires sl much wider than that. Personally, I like to trade either longer term or play bounces for few pips. But here I am suggesting two methods to make an entry and how to set the sl and tp. One more smoke and coffee, will be back.Ignored
Disliked{quote} Homework before taking a trade: Take a piece of toilet paper (perferably unused) and write down every level near current pa that has any significance, that is, weekly/monthly/prevous day's high, low, open, close; 50% fib, PPz, etc. etc. Don't worry if these are too many levels, you wont be using much of a toilet paper. Arrange these levels in order and mark your chart so that you know where these levels are. We do this only to make sure we enter at a right place. Method 1: Wait for a break, when it happens, go against the move with a very...Ignored
Disliked{quote} Method 2: This method comes from Jesse Livermore with some variation that I have made. Remove all the lines you marked on your chart and wait for the break. Don't do nothing, just watch the break. Now watch the retrace. Don't do nothing just watch the retrace. When retrace is confirmed, refer to you toilet paper (now it is used because you have written on it). Try to find out what key level this break has broken. If you watch your historic charts, will notice that pa moves several (sometimes hundreds of) pips to break a key level. Normally...Ignored
Disliked{quote} Method 2: This method comes from Jesse Livermore with some variation that I have made. Remove all the lines you marked on your chart and wait for the break. Don't do nothing, just watch the break. Now watch the retrace. Don't do nothing just watch the retrace. When retrace is confirmed, refer to you toilet paper (now it is used because you have written on it). Try to find out what key level this break has broken. If you watch your historic charts, will notice that pa moves several (sometimes hundreds of) pips to break a key level. Normally...Ignored
Disliked{quote} This is about 1.3333 It has been broken Watch pa and go long near 1.3333 if you want to test method #2Ignored