The Good the Bad and the Ugly Stochastic 23 replies
Hi! I’m Mr Short and I’m a bad forex trader! (the AA for bad traders) 67 replies
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Good, Bad & Ugly.... 23 replies
DislikedOne of few intelligent and useful approaches to trading. I enjoy the simplicity of your charts. In the UK, if you can clear only ten pips a day that soon adds up. ( I speak as a retired person trading for only two hours a day for extra pocket money )Ignored
Disliked{quote} Hi, Your method as described looks pretty solid to me. I like the idea of seeing a break and then waiting for a test, this is a strategy that has withstood the test of time, many good traders have used variants of it in the past. Using a higher timeframe to look for setups is also a common and rational method. I like to stick with only the M1 chart, I just have a look at the very start of the day what the prior swing high and low has been on the M5 chart as a basic frame of reference and that will do for me. I also used to use a simple 20...Ignored
Disliked{quote} Hi Oldmantrader, Thanks for your reply. I am trying to reduce the clutter on my charts. I must admit, though, I do like to be able to see the Whole and Half Numbers and .00200 and .00800. You probably know better than I do how Big Money uses them. If nothing else it tells me at a glance how far Price has moved over the day. {image}Ignored
DislikedHi! Subscribed... this thread is great (I really like the minimalistic charts) Regards SwnloboIgnored
DislikedGBP/JPY M30/M1 Observations Patience is Key when it comes to Trading. {image} {image}Ignored
They are obviously interrelated and a coherent trading regime incorporates all of these in a mutually supportive way. Notice that the mechanical/technical aspects of your trading method is just one element, the other five are all essentially psychological/emotional in nature. This is a core truth of trading that many miss - you are rather more important than your method in determining your trading results.
Returning to patience, your charts well illustrate that you generally don't have to rush to get into a trade. The market very often puts in a sucker move the other way before finally setting off where it wants to go. If you wait for that you both improve your odds of success and can often get a better entry price. Equally, as I have mentioned before, the bulk of a move tends to occur towards the end of that move so a good trend can usually be quite happily entered well down the track.
Disliked{quote} Hi, You have to use what works for you. There is no definitive 'best' method and trading is inherently subjective, personal, and tightly bound to your psyche and emotional makeup. I like minimalism, others like tons of indicators and more all over their charts. All that matters is does it derive you a consistent edge and can you make consistent money with it? It also explains why I don't mind putting all my trades and reasoning on this thread. Anyone can copy it as much as they like but they are not me (possibly very fortunately!)...Ignored
DislikedGreat thread OT. Nice clean explanations, like your charts. Whats assets do you trade ?Ignored
Disliked{quote} Hi Oldmantrader, Thanks for your reply. I am trying to reduce the clutter on my charts. I must admit, though, I do like to be able to see the Whole and Half Numbers and .00200 and .00800. You probably know better than I do how Big Money uses them. If nothing else it tells me at a glance how far Price has moved over the day. {image}Ignored
Disliked{quote} Slightly off topic ( 1 minute charts) but purely out of interest. And I cannot find the chart right now -but your 5 minute chart reminded me of a Brent 5 minute chart I looked at a few days ago. The point is that the 5 minute frame had Brent in a very tight range until breaking up -that was when the 1 Minute chart stopped ranging and took off.Ignored
Disliked{quote} Hi, I'll leave the discussion of the 5min GBP/JPY chart in question (post #23) to stevepatt, whose chart and post it is. Your more general point of how the m5 and m1 timeframes correlate is clearly true, and I believe stevepatt mentioned that in an earlier post of his here (post #19) that he likes to use m30 in conjunction with m1 charts to find his entries. Multi-TF analysis is very common and has understandable logic but, as I have mentioned before, my minimalist approach means I stick almost entirely to the m1 TF - just a first look at...Ignored
DislikedHi again, And the second trade today is in the FTSE: {image} Market opens at 8am with a decent uptrend, stagnating into a small range. Three breakout attempts creates a triple top which then falls back into the range. This is enough to make me want to go short even though this is risky because the inbound trend was going up. However, recall I said in an earlier post that I am always wary of an early morning move being a fake, and this was the view I took again here. We are short at 33 and a 7pt stop above prior tops is enough if we are right on...Ignored
Disliked{quote} Was on FTSE on 1 minute until 10:30am My layout shows a couple of losers but I think Ichi seems to work better at levels. Levels or consolidations are important whatever your approach. Your approach seems purest on approach to levels etc without *fluffy* clouds in the way {image}Ignored