DislikedHi all, three more charts: 1. yesterday's observations, 2. today's bigger picture, 3. today's London open practice (how to make +27 or more instead of-24?). I hope it will generate some good ideasIgnored
Mongolian
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DislikedHi all, three more charts: 1. yesterday's observations, 2. today's bigger picture, 3. today's London open practice (how to make +27 or more instead of-24?). I hope it will generate some good ideasIgnored
DislikedHere is another chart. The thing that has worked for me is really narrowing in on what I'm looking for exactly, putting myself in a position to attain that and then not worrying about anything else, like was it unprofitable, did it keep moving and I got out with $$ on the table. I don't even think about those things anymore, because I know I will get AMPLE opportunities each day to clip off a few (12 less spread) pips.
For reference sake on this chart - red circles indicate buying opportunities, blue indicate shorts.Ignored
DislikedThanks Bruce. Attached is the excel graph for today Tuesday starting @ 5pm EST Monday night, plus 2 charts through 7:30ish AM EST. Obviously I do not trade 24 hours a day, but I do graph out how the day looks as I start. I marked as good as I could the trades as I saw them. Red arrows = short, green = long, yellow = stopped out, and white - unfilled orders. I'll try to put up the rest of the charts for past day - I have 3 boys I have to get to bed here soon.
MongolianIgnored
DislikedI trade too much!
If your like me and trying to cut down on the number of trades you take - try adding COT (center of gravity) to your naked quarters charts. You will be amazed by what you can visualize...
Attachment
The blue line is the center of gravity. If price is above COT, and the COT is pointing down - look for shorts at every quarter level above the COT.
I found 5 such instances today - all made 25 pips without ever being more than 12/13 pips in the red.
And before anyone asks - no I did not trade any of them....Ignored
DislikedLooking at your chart, can you tell me what is the red lines and the white lines? Still could not figure out the logic of buying and selling here. Would appreciate if you can clarify.Ignored
DislikedThe lines color is purely random. I just happened to pick red and white. The colors don't signify anything necessarily.
Looking at your second post - Yes I use ticks instead of time bars. I feel like it is a better representation of Price Action only, instead of PA in relation to time. Also - yes - we basically look for entries on retracements or pullbacks ideally.
This post has a day full of examples.
http://www.forexfactory.com/showthre...06#post4582306
This post re-iterates the big picture.
http://www.forexfactory.com/showthre...34#post4630834...Ignored
DislikedHi Mongolian,
Thanks for the very prompt response. I realised you are actually doing scalping for 12 pips move on tick chart.
Would the same price action tendency to respect round number, 1/2, 1/4 works on larger time frame of say 5min or much larger time frame? Have you try it on 5min and 15min charts?
Reason I asked is because I find it is almost impossible for me to track a tick chart. It is just too fast and random. This is very stressful.
I have lost substantially simply jumped in/out using stoachastics and moving average...Ignored
Disliked..Like when the angle of the RSI is @ 45 degrees and the MA has crossed and the moons are in alignment... Place your order here.Ignored
DislikedGreat post, thank you i think most of us have been wrapped up in the moment and too concentrated on third levels of support/resistance and just 12pips.Ignored
DislikedI know that this has been brought up before and I hesitated to included them because I just did not want to make things too cluttered....Ignored
DislikedThought I'd mention to everyone that I've been using a simulator (when I have time) on weekends or during the day (Asian session for me) to simulate London session trades, as that is primarily when I'll be trading this.
I also find it's a good way to get acquainted with price at your desired trading time, and is a much better alternative to backtesting.Ignored
DislikedHi nhen, simulating (or manually back testing, don't see the difference) trades is great way to make learning time more productive. You can also try forextester (use google to find older version for free or current demo version to see if you like it), it works better for me then mt4 simulators.Ignored
DislikedI find backtesting not all that useful for me because I can see what price did, only really useful for cementing patterns etc into my head.
But if I can go back in time 3 months with the sim and on the 1M not know what price is going to do next, as the bars are forming in front of me, then that kicks backtestings buttocks in my mind
Cheers for that mate I'll do some googling!Ignored
DislikedI know that this has been brought up before and I hesitated to included them because I just did not want to make things too cluttered....Ignored
DislikedMongolian,
Thanks for the charts here. A well presented chart says a thousand words.
1 hour chart trade:
But since most of us trade higher time frame for larger pips gain and do not have the time to sit down watching every tick; I wonder if you would be so kind to present your thought on 1 hour time frame chart where you would: setup the trade and exit (which is much more important than the entry).
Many times I have difficulty exiting a trade and hanging on to losses or the price retrace taking out large chunk of the paper...Ignored