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Struggling To Survive

  • #1
  • First Post: Nov 24, 2017 10:40pm Nov 24, 2017 10:40pm
I've been trading for 10 years and nothing to show for. I lack discipline and wisdom and maybe intelligence. I have resources and am resourceful.

So my focus is on accumulating big wins and small losses.

Strategy is trading high low of daily candlestick.

Setup is buy strength when price crosses and close on the high of day and buy weakness if price does a pullback before or near the high of the day.

Entry is place a buy limit of the high of the 2nd candlestick after the first had cross and close above it. Stop-loss is at the low of the first candlestick.

The same is when price crosses and close below the low of the day.

Hedging strategy is to buy or sell concurrently with 3 currency pairs like EURUSD, EURAUD and AUDUSD.

My goal is to make trading secondary and focus on making a life. See you on Sunday night Singapore time.
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You're going to pay a price for every bloody thing you do and don't do
  • #2
  • Nov 25, 2017 1:55am Nov 25, 2017 1:55am
Do you expect to make money by just looking at 2 consecutive candlesticks?

Have you tried this already and how did it go?
  • #3
  • Nov 25, 2017 3:15am Nov 25, 2017 3:15am
your strategy will likely fail. Big wins don't happen frequently so the stats will work against you. Even the world's most successful hedge fund (Ren Tech) places a lot of trades and takes small profits.

Quote
Setup is buy strength when price crosses and close on the high of day and buy weakness if price does a pullback before or near the high of the day.

this will fail most frequently due to fake breakouts. Algos are programmed to trap retail into fake moves and trade against you.

I don't know what TF you work with. But for a start try a 20 pip grid on AUDUSD//NZDUSD on M5 and try to capture small moves using basic setups (inside candles with RSI confirm).

To be honest you didn't put much effort into trading if that's what you've come up with in 10 years.

Anyway good luck.
  • #4
  • Nov 26, 2017 5:17am Nov 26, 2017 5:17am
Quoting newbietofx
I've been trading for 10 years and nothing to show for. I lack discipline and wisdom and maybe intelligence. I have resources and am resourceful. So my focus is on accumulating big wins and small losses. Strategy is trading high low of daily candlestick. Setup is buy strength when price crosses and close on the high of day and buy weakness if price does a pullback before or near the high of the day. Entry is place a buy limit of the high of the 2nd candlestick after the first had cross and close above it. Stop-loss is at the low of the first candlestick....

Your approach reminds me of Mark Shawzin's strategy - except that he would wait for an inside day (he calls that an "insurance day") first, before triggering a long trade above the inside day's high (or short below the inside day's low). Good luck to you!
Attached File(s)
File Type: pdf MarkShawzin_How-To-Trade-Forex-Like-A-Wall-Street-Pro.pdf   1.1 MB | 905 downloads
  • #5
  • Nov 26, 2017 5:20am Nov 26, 2017 5:20am
Hi... I'm from Singapore too. Feel free to pop by my thread for discussion for ideas!

https://www.forexfactory.com/showthread.php?p=10527633
  • #6
  • Edited 8:11am Nov 26, 2017 8:00am | Edited 8:11am
I've identified a few.

The most obvious choice is GBPAUD, AUDUSD, USDJPY, USDCAD and NZDUSD. But there is no diversity between AUD and NZD so I'll choose either USDJPY or USDCAD.

There is a double bottom on AUDUSD and NZDUSD. A double top on GBPAUD. This is weekly.

USDJPY and USDCAD has conflict between the daily and weekly.

Let's make this happen.
You're going to pay a price for every bloody thing you do and don't do
  • #7
  • Nov 27, 2017 12:19am Nov 27, 2017 12:19am
I didn't sell earlier but instead saw an opportunity to buy. On a whole I feel Aussie is picking up due to a double bottom on the weekly chart.
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You're going to pay a price for every bloody thing you do and don't do
  • #8
  • Nov 27, 2017 9:56am Nov 27, 2017 9:56am
Quoting SnoopyAKQJT
{quote} Your approach reminds me of Mark Shawzin's strategy - except that he would wait for an inside day (he calls that an "insurance day") first, before triggering a long trade above the inside day's high (or short below the inside day's low). Good luck to you! {image}
thanks for the PDF
NICKNAME FOR WANNABE MY TRADES ARE ON LEARNING DEMO ACCOUNT
  • #9
  • Nov 27, 2017 8:41pm Nov 27, 2017 8:41pm
Quoting newbietofx
I didn't sell earlier but instead saw an opportunity to buy. On a whole I feel Aussie is picking up due to a double bottom on the weekly chart. {image}
Hi, how did you go with your trade? That seems like a nice opportunity to take.
I am a newbie trader too and just getting a bit confused with the terminology. I thought that was a "tweezer" bottom, and double bottoms are what just formed on the AUD/USD hourly chart where price did a small bounce at the same level and turned up.
Sadly, I fear AUD/USD needs to get above the weekly open in order to continue up, otherwise there will be more downside into the high 74's.
Happy Trading All
Best Regards, tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
  • #10
  • Dec 3, 2017 11:31pm Dec 3, 2017 11:31pm
I'm supposed to update this but I'm turning to crypto. I'm using IC market with a standard lot of 0.1. After demoing. I found out the base line is actually 20 pips to 40 pips. So I'm down about $4.

It's worth trading. Just be bullish.
You're going to pay a price for every bloody thing you do and don't do
  • #11
  • Dec 4, 2017 3:38am Dec 4, 2017 3:38am
Quoting tzamo
{quote} Hi, how did you go with your trade? That seems like a nice opportunity to take. I am a newbie trader too and just getting a bit confused with the terminology. I thought that was a "tweezer" bottom, and double bottoms are what just formed on the AUD/USD hourly chart where price did a small bounce at the same level and turned up. Sadly, I fear AUD/USD needs to get above the weekly open in order to continue up, otherwise there will be more downside into the high 74's. Happy Trading All Best Regards, tzamo
True. But I'm out. I'm a day trader. So not into holding positions that long unless it's a straight line up. My patience with pullback ain't that great.
You're going to pay a price for every bloody thing you do and don't do
  • #12
  • Dec 4, 2017 3:40am Dec 4, 2017 3:40am
Quoting MoneyFocus
Hi... I'm from Singapore too. Feel free to pop by my thread for discussion for ideas! https://www.forexfactory.com/showthread.php?p=10527633
Thanks for visiting. My next goal is dividend and fundamental analysis on risk adverse and safe havens. Not so much into technical conflict or dynamics.
You're going to pay a price for every bloody thing you do and don't do
  • #13
  • Dec 6, 2017 1:22am Dec 6, 2017 1:22am
Looking to buy.
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You're going to pay a price for every bloody thing you do and don't do
  • #14
  • Dec 12, 2017 12:36am Dec 12, 2017 12:36am
After 2 days I finally make more than the bank in one month.
Uob gives me 0.001% per year and 3.33% with conditions. I just made it back in 2 days. But obviously. How long can I hold on to this winnings. Only time can tell.

I'm looking for $20 a month.
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You're going to pay a price for every bloody thing you do and don't do
  • #15
  • Dec 12, 2017 5:50pm Dec 12, 2017 5:50pm
This pair abit confusing.

But I notice something...
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You're going to pay a price for every bloody thing you do and don't do
  • #16
  • Dec 15, 2017 2:31am Dec 15, 2017 2:31am
Testing something old and dangerous because I have a theory.
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You're going to pay a price for every bloody thing you do and don't do
  • #17
  • Dec 17, 2017 12:21am Dec 17, 2017 12:21am
Found one. Correlated. You can look at EURUSD and AUDUSD.
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You're going to pay a price for every bloody thing you do and don't do
  • #18
  • Dec 19, 2017 4:37pm Dec 19, 2017 4:37pm
After 2 days market moves. But the strength from EUR doesn't seem to extend further than I expected.

Shit. Should I close the trade.
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You're going to pay a price for every bloody thing you do and don't do
  • #19
  • Dec 20, 2017 7:33am Dec 20, 2017 7:33am
I closed too early. Could have hit 100 pips in 3 days.
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You're going to pay a price for every bloody thing you do and don't do
  • #20
  • Dec 21, 2017 11:58pm Dec 21, 2017 11:58pm
Short term wise. It should go up. Now that traders from bitcoins are taking profits.

It's back to safe haven.
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You're going to pay a price for every bloody thing you do and don't do
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