Big Pig's Successful Day Trading

My plan is to try and gradually explain how I day trade successfully. I say gradually explain because there is so much to learn in order to become profitable, but this is the real thing and so you should have a good head start.

One of the biggest hurdles people face when starting out is finding a technique that they have the confidence to stick with.

This is the first thread I have ever started so bear with me if I dont blind you with exciting phrases that capture all your hopes and dreams!

If you do not have a large amount of staring capital then day trading really is the only realistic chance you have of making a lot of money. Why?

Because trading the long term charts requires you to risk far too much money and you will blow your account.

I plan to post my charts as I trade them, and am happy to answer questions and guide you to profitability.

So let's get started.

1. If you have been using indicators get rid of them
2. We just want pivot points and 9 and 21 day exp moving averages.
3. Support and resistance are the closest thing you will ever get to the holy grail.

We trade the European open between 0600 and 1100 hours gmt mainly, although if we get a setup then we can trade anytime of the day.

Eur usd is the main pair but I also trade gbp usd and the indexes.

We use price action along with support and resistance for our entries.

The most important factor will always be to find entries that offer the lowest risk.

We look for profit between 10 and 30 pips mainly.

Before I write reams and reams I would like to judge demand for this kind of trading. If you want to jump on board then let me know and please feel free to contribute to the thread.

I'm going to show you how you can take high probability trades time after time keeping your risk to less then 10 points. Why am I doing this?
Because I get so excited about trading and have nothing to do in the evenings!

I will post my first chart with trades tomorrow if I get any setups.

Love it. The only trading system that I find it making profit consistently is trading the support and resistance on weekly chart.

Would love to learn day trading setups.

Hi Bigpig, Sounds similar to what I do. Interested to hear your methodology.
Jvfx

You have my attention Big Pig...let's get some big pips a little at a time.

Hi guys glad to hear you are on board.

Firstly please ask any questions you have in order to somehow steer this post in the right direction and keep it on track.

This method might seem very simplistic but I have found over the years that simple is the best. I would say that my trading style is intuitive which comes from years of practice and persistence. Rather than explain all the detail to start with I will explain a trade and then we can get into the complexities later.

Firstly we examine all time frames starting with weekly, daily, 4 hour, and 1 hour. I look for support and resistance obviously the longer the time frame the more significant the s/r. Once we identify these levels we look at price action on the 5 and 15 minute charts. I enter trades much earlier than most people at the point where my risk is minimal.

For example the eur usd is falling to a level of support on the 4 hour chart. As it approaches I pull out the secret weapon which is the us dollar basket chart. If the eur is falling towards support then the dollar basket should be rising towards resistance. When price action confirms the resistance on the dollar basket we go long the eur. This kind of entry normally allows us to get away with a 5-10 point stop giving maximum risk reward.

I want to show this properly with a chart but I'm on the iPad at the moment and it won't let me attach pictures. The wife is on the main frame playing with her photographs, she is a photogrpher and as my post says 'happy wife, happy life'

There are loads more entries to talk about but this is just a starter to give you an idea. Please pass on your comments, sorry for any poor grammar it's difficult on the iPad.

I guess what turned the corner for me all those years ago was taking the opposite side of the trade to everyone else. When I see price moving quickly toward support and resistance I am now probably one of the first to trade against that move.

The way I trade has my account up 30% since January and guys a small percentage of a lot of money makes a lot of money.

Can you let me know what your main problems are with day trading and then I can try and help along this journey.

Hi bigpig, your thread looks like very interesting, so I'm subscribed .

Hi BIG,
Thanks for this thread.You get my interest.I want u to pls post a chart to explain your step by step preparation for trading.I am more than willing to learn.

Regards,

Adeshina.

Will post one tomorrow. I would say Mondays are often the worst days for trading but i will be looking at the morning session. See you tomorrow.

Good to have you on board!

Ok lets have a go at the first chart of the day. We definately suffered with lack of momentum today but I thought there were two excellent setups this morning. Check out the first chart

Before we short the Eur check the dollar basket to see whats happening!
Check the chart

So this was the first trade of the day I tried to make a video of it for you guys but I messed that up. The only reason I am posting these charts now is that I cant do it at the time as I am in the zone and a total arse if anyone tries to talk to me or distract me.

Anyhow, after entering the sell on the Eur trade price fell nicely and at 10 points profit my stop came to B/E. At 20 points up I trailed my stop to just above the 21 dy EMA on the 15minute chart. Unfortunately price rallied back up and stopped me out to the point!! giving me only a 10 point profit. Look how the price fell straight afterwards to my target. Oh well

So Trade 1 only 10 pips.

Let look at trade 2

The next trade was GBP/USD. Did anyone else take this setup? It was a good one.

This chart shows the entry on a 15 minute chart. I actually used a 5 min chart but this shows all the price action.

As Price fell I kept an eye on the dollar basket chart which at 1130 started to approach the pivot point and price action looked like resistance. At this point I took my profit from the Gbp Usd which was 20 pips. Price did rally from here but then fell lower and would have hit my orginal target. Its always easy looking back to think shuda woulda coulda but thats trading. Making the decisions at the time is what gives us profit or loss.

So that was it for today. What do you think? Give me some feedback and lets chew the fat!

30 pips profit total

One last chart, this was the reason I closed my GBP trade early.