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  • #60,521
  • Nov 15, 2018 3:31pm Nov 15, 2018 3:31pm
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Bearish break on 5 min.
  • #60,522
  • Nov 15, 2018 3:53pm Nov 15, 2018 3:53pm
After the drop to start the week ,, took some good battling back and forth ,, here it sits above a weekly low ,, above m15 200 ,, above m30 200 with a slightly higher high put into today and a solid bounce off of what the 50% level of the drop from weekly open to this weeks low ,, wonder what will happen ,, will it get a needed daily close above here and what is up there so interesting ,, this weeks R 1 is at 1451 ,, wonder what else is there ,, oh yep there it is ,, the last failed level on the daily along with what else ,, the 4 hour 200 ( rough monthly price ave) its a new day traders , get ready to rock ,, friday to boot lol dukes up select a level and paarrrttaayy lol. Level, Levels , Levels ,, tracks left by the mkt ,,THE MKT , not guessing shit
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  • #60,523
  • Nov 15, 2018 3:54pm Nov 15, 2018 3:54pm
Quoting TheLaw1
Interesting to note that on Daily, we are right on the mid-line of the downtrend since June. And right on Ata 7 lwma. Below the 49 and below the 200ema. and MACD is still in sell territory. {image}
I posted this earlier today and what I learned, and what became evident afterward is that when the Daily price action is sitting there smack in the middle of a chart it can go anywhere! So I will not trade when I do not see clear direction.
  • #60,524
  • Nov 15, 2018 4:08pm Nov 15, 2018 4:08pm
Quoting TheLaw1
{quote} I posted this earlier today and what I learned, and what became evident afterward is that when the Daily price action is sitting there smack in the middle of a chart it can go anywhere! So I will not trade when I do not see clear direction.
At this juncture it means the week is a wash ,, its been down ,, its worked its way all the way back above all the shit it was below ,, whats left ,,, when you go some where what is the best measuring stick on the journey ,,, half way right ,, the 2nd half back seems much quicker than the last half getting some where ,, ones even libel to speed a little to get the wife or husband ,, pc correct and all,,, and the kids tf out of the car ,, only place to do it with out having to go back and get them is back where the journey started lol
  • #60,525
  • Nov 15, 2018 4:48pm Nov 15, 2018 4:48pm
Speaking of 10 pips ,, other than a 2 quick dips below the 1st line in the sand for the day,,daily open ,,,, what do you have ,,, the same average as on the m5 posted ,,just below days open and a recent resistance area plus a new weekly high ,, is there 10 pips between the open and the 1 st res point ,, lets see what happens .
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  • #60,526
  • Nov 15, 2018 4:51pm Nov 15, 2018 4:51pm
1
Quoting digger1
{quote} At this juncture it means the week is a wash ,, its been down ,, its worked its way all the way back above all the shit it was below ,, whats left ,,, when you go some where what is the best measuring stick on the journey ,,, half way right ,, the 2nd half back seems much quicker than the last half getting some where ,, ones even libel to speed a little to get the wife or husband ,, pc correct and all,,, and the kids tf out of the car ,, only place to do it with out having to go back and get them is back where the journey started lol
hi Digger1,

so if I understood you correctly means that this week we started from 12.755 and gone down to 12.755 and then up for three days so tomorrow will be the day which the price will visit again the 12.755 or 12.169
I do apologize if I am wrong?

Secondly what I monitor during these days and also other days and I recall back on what you said in terms of time frame of 8 hours of different market. I noticed that if in London price decided to go down then it will run for some time till their lunch time and then if it appreciated by NY open then it will run otherwise when NY time is open then it will decided which way to go and then it run for some time till 4pm but during these run it will face few back and forth but path will the same as it was decided at the beginning of the day.
Am I correct?

thirdly that if we want to do an entry always we have to do our entries based on lower time frame or we can do entry on our higher time frame too??

your response as always appreciated.

lcky.
  • #60,527
  • Edited 7:36pm Nov 15, 2018 4:57pm | Edited 7:36pm
Quoting MahiNbd
{quote} i like scalping and intraday trading. recently i'm following ATA's strategy and studding on it. i don't have any scalping strategy so trying with few indicators but don't works. everyday i learning somethings from here so i hope one day i will be an expert trader as long as you guys are help me to learn.
I have a feeling when starting this post that I'm looking at novel size, but I'll try to keep it as short as possible .
What comes next is maybe something you can use or maybe you can not, I hope it helps!
Either way, writing down my beliefs and how I see things to keep trading consistently profitable helps me to get confirmation and can point out where I can make improvements. Posting these beliefs on a forum like this can only help other traders, as it helps me improving.

My first tip is that You should probably do the same. Everyone has his own beliefs, there is no shame in being wrong.
I have been wrong hundreds of times the last few years, every time I posted it someone would tell me about why they think it's wrong.
It still happens, and I'm thankful for that.
At first I was too hard headed to learn from other people, until I got a little older and stopped ignoring other peoples comments on my views. That doesnt Mean someone Else is always right however, you need to act on your own belief . But you can question yourself on why you might be wrong!

With everything in life, It's by acting on your beliefs that you create your own reality.
Maybe your beliefs are wrong to become a consistent trader.
Someone can tell you his/her beliefs and you could agree with them, but it's only when it starts to become your own belief that your reality will start to change.

Why do I begin this post with this? Because I believe that it all starts with this.

You can read every book on the forex market, technical analysis or risk management ...
You can use every indicator there is available (what I don't suggest you do btw)...

When your beliefs are wrong, you'll continue to sabotage yourself.

If you believe it's hard, it will be hard.
If you believe it's impossible, it will be impossible.
If you believe there are crooks in play, you'll get sabotaged (or at least you'll think that.)

If you believe it's easy, it's easy!

What's the difference between a succesful person and an unsuccesful person?
A succesful person fails 1000 times does not give up and tries the 1001st time.. Until it works.
I see you joined this forum in 2014, you're well on your way! Congrats for sticking around and to not give up.

A succesful person also learns from his/her mistakes.

Let me ask you a few questions, answer them for yourself to maybe find out what the problem is.
It's only when defining the problem that we can find a solution!
And for every problem there IS a solution.

Until now, because you're aren't consistent in your trading, what do you think is the main reason of this?
Since 2014, what did you learn about your trading?
Since you like intraday AND scalping, what will it be?
Do you have your rules written down?
How do you believe the market works?

You have a 10pip a day target, it's good to have a target! But is it also the limit?
Do you also have a limit on losses per day?

When your target is 10pips and a good risk reward ratio is > 1/2, do you use a stop loss of about 5pips or do you plan to win 90% of your trades?
Why don't you aim a bit higher?
I did some data analysis in python on EUR/USD a while ago. The average daily range, taking every candle into account since 2010 is 70 - 80 pips I believe.
I can look it up to make sure tomorrow. As you can see going intraday there is a LOT more upside potential.
A trade in profit can also exceed the daily holding limit.

Are you trying to predict the future or acting on the present moment?
Are you sticking to one strategy or switching strategies because you have a few losing trades?

Answer them for yourself, maybe you can figure out what the problem is.

It's only when working on your beliefs that you can create a tradeplan that suits you.
Never stop evolving, take ata for for example. Has plenty experience, still adding new rules using half lotsizes.
Thé rules need to be fixed and you need to stick to it, learn from winning periods as from losing periods.
Maybe there is something you can spot that Will keep you out of thé market to prevent these periods of Losers?

When practicing and eventually becoming profitable you Will gain trust in your own system and actions.
In time it Will become effortless, always with room for more improvement.

If you want I can give you a few pointers on what works for me, what you need to define first, how I think you should go about risk management etc.
Just let me know.

But first you need to read these two books and do exactly what's in it:

  1. Trade your way to financial freedom by Van. K Tharp
  2. Trading in the zone by Mark Douglas

These books and a couple of 100 youtube videos helped me to alter my beliefs, another book helped me to analyse the markets.
But I think after 4 years you'll probably get that too?

The people on this forum helped me, by showing me their way of working, to develop a strategy that fits me.

Learn about yourself first, and what you want to achieve.

Setting a 10Pip a day target is one thing, setting up a plan for the next 10 years is another.
I think your aim should be to become the best trader in the world, not focusing on the money but focusing on the process (and thé rest Will follow).
There is always something you can do better. You need to be able to know what to do in every situation.

I want to say a lot more, but this post is becoming novel size as expected , and we're on the eurusd thread, so If we can learn from each other feel free to send pm or to answer the post here!

Grtz

What's that smell? ---- I smell money!
  • #60,528
  • Nov 15, 2018 4:57pm Nov 15, 2018 4:57pm
Quoting Lcky
1 {quote} hi Digger1, so if I understood you correctly means that this week we started from 12.755 and gone down to 12.755 and then up for three days so tomorrow will be the day which the price will visit again the 12.755 or 12.169 I do apologize if I am wrong? Secondly what I monitor during these days and also other days and I recall back on what you said in terms of time frame of 8 hours of different market. I noticed that if in London price decided to go down then it will run for some time till their lunch time and then if it appreciated by NY...
Yes a lot of days london will set the tone ,the usa will run it up or down to a better res or support level ,, many days near the days open then put in a little higher high or a little lower low ,, if a mkt is to reverse it will be a session open time or option expiry time or news time ,, many days a long day is a long day or vice versa with a short day ,, unless a major level hit and after london closes shop the action keeps getting slower and slower,, that when you check on the little daily list of givens ,, atr etc etc
  • #60,529
  • Nov 15, 2018 5:05pm Nov 15, 2018 5:05pm
Well said SteFX,, I do believe one must determine what kind of trader they are to begin with ,, then as you learn how the mkt works there is only 2 kinds ,,,, ones that provide liquidity for the mkt lol and ones that make money ,, all comes with more knowledge and experience ,, one must start being successful tho 1st to move to the 2nd
  • #60,530
  • Edited 6:15pm Nov 15, 2018 5:22pm | Edited 6:15pm
Quoting MahiNbd
{quote} close my short with +12 pips maybe it's recover my loss but i working hard all day & night and still can't reach my 10 pips per day target
Are you aware this 10pips a day is the most difficult part of trading ?
Scalping for 10pips is the most demanding form of trading, a specialised skill to acquire.
There are 20-30 pip intraday swings that you can trade. It is a lot easier than 10pips scalping.
As a beginner I suggest not to scalp instead trade intraday mid-range swing, that's the best section of trading to start your learning.
On intraday charts 1-5min charts you see 10pips, 30pips and >= 50pips swings. Trade the 30pips swings.
Another aspect to remember is Tokyo market mostly 10-20pip swings, London larger swings and NY gives the largest swing up to LC then the swings tend to get smaller due to liqiudity in the market.
So, best time to trade is from Aussie to before NY for beginners so you don't face the high NY session volatility. After LC gives lower volatility. Take note of volatility and their respective sessions.
If you prefer scalping 10pips, trade from Aussie till LO before the volatility increase, beware of Frankfurt open.
Or trade after LC, depends on which timezone you live.
If you trade intraday highest tf you see is 1hr, highest tf for scalping is 15m. You focus on 1and 5m charts for your trades. Do not confuse yourself by looking at too high tf which has no relevance to your scalping or intraday mid-range trades, avoid that mistake.
As an intraday trader look at the next 30pips in front. Forget about the 100pips range that has no relevance to you.
If you can't see the next 30pips, you have no chance to see the 100pips.
EU right now is doing this 30pips move starting from Aussie open after NY sold it down for the last 5hrs. Right now the market is doing the 10pips scalping move from Tokyo open.
For the larger >50 pips range Draghi may send it below 1.1300.
  • #60,531
  • Nov 15, 2018 5:22pm Nov 15, 2018 5:22pm
Quoting Lcky
1 {quote} hi Digger1, so if I understood you correctly means that this week we started from 12.755 and gone down to 12.755 and then up for three days so tomorrow will be the day which the price will visit again the 12.755 or 12.169 I do apologize if I am wrong? Secondly what I monitor during these days and also other days and I recall back on what you said in terms of time frame of 8 hours of different market. I noticed that if in London price decided to go down then it will run for some time till their lunch time and then if it appreciated by NY...
As far as the timeframe ,, that is kinda a personal preference as its the level not the time frame ,, one must find what works for them ,, shorter time frames can get some people with itchy trigger fingers firing at every little gyration ,, I would suggest longer to start and being patient for the better levels ,,,, price will hit them any way ,, ,, the flag patterns I have pointed out both bull and bear if you can see them on a half hour chart are usually pretty strong ,, and usually they are pointed out with a level your chart will mark for you lol,, its just levels and which way its rolling for the the session , for the day , for the week ,, why fight it ,, roll with it ,, not easy but it can be done ,, much more to be made rolling with it as opposed to fighting it
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  • #60,532
  • Nov 15, 2018 5:29pm Nov 15, 2018 5:29pm
If you look Lcky ,, the m30 200 was tagged ,, back down to the support level ,, then the hourly 200 was tagged , Brown ave back down to support ,, now here it is working on getting above that,,, levels , levels , levels ,, what holds what folds ,, higher levels giving out while lows are moving up ,, it will do that till it finds one above that whacks it good ,, over and over ,, day after day week after week ,, thats all the mkts are and all they do,, as stated before the same shit day after day month after month etc etc ,, the same news reports every month ,, the same ole same ole ,, the sharks that move these mkts know what the numbers will be before they are ever posted on ff or annc ,, they research that better than any gov or central bank ,, thats why news hardly ever does what a retailer thinks ,, price is just going to go to a level ,,res or sup and continue on doing what it was doing
  • #60,533
  • Nov 15, 2018 5:30pm Nov 15, 2018 5:30pm
So with this advice in mind , who sees a new high about 1.1370 ? Then the fall to 1.12 and lower?
  • #60,534
  • Nov 15, 2018 5:31pm Nov 15, 2018 5:31pm
Quoting digger1
{quote} As far as the timeframe ,, that is kinda a personal preference as its the level not the time frame ,, one must find what works for them ,, shorter time frames can get some people with itchy trigger fingers firing at every little gyration ,, I would suggest longer to start and being patient for the better levels ,,,, price will hit them any way ,, ,, the flag patterns I have pointed out both bull and bear if you can see them on a half hour chart are usually pretty strong ,, and usually they are pointed out with a level your chart will mark...
Thanks a lot I got you absolutely.
always appreciate your inputs each word is educative.
lcky
  • #60,535
  • Nov 15, 2018 5:43pm Nov 15, 2018 5:43pm
Quoting Lcky
{quote} Thanks a lot I got you absolutely. always appreciate your inputs each word is educative. lcky
Lol, thats just a whole lot of getting my ass kicked by the mkt in my early days experience talking lol,, I got tired of being a liquidity provider ha ,, I truly hope it is helping you
  • #60,536
  • Nov 15, 2018 5:49pm Nov 15, 2018 5:49pm
successful traders, before everything else, are realists. they trust only what they see, not what they believe or want to see. they operate through solid statistical calculations and have deeper understanding of probability theories.
As Above, So Below
  • #60,537
  • Nov 15, 2018 5:51pm Nov 15, 2018 5:51pm
Quoting digger1
Speaking of 10 pips ,, other than a 2 quick dips below the 1st line in the sand for the day,,daily open ,,,, what do you have ,,, the same average as on the m5 posted ,,just below days open and a recent resistance area plus a new weekly high ,, is there 10 pips between the open and the 1 st res point ,, lets see what happens . {image}
update ,, well one could have their 10 pips and be done for the day that is basically what the mkt averages in a trending direction over a given time period that equals all the swings you see on a chart ,, lol,, levels levels levels traders. ,, there is roughly 8 times that available everyday,, catching even half the daily atr or one 30 pip move a day as mentioned a few posts before you beat the mkt by 3 ,, points to ponder lol,,, cheers all .
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  • #60,538
  • Nov 15, 2018 5:59pm Nov 15, 2018 5:59pm
We can't stop here, this is bullish bat country!
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Founder of Sutherland Wave Principle
  • #60,539
  • Nov 15, 2018 6:00pm Nov 15, 2018 6:00pm
EU
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Self discipline It is a practice
  • #60,540
  • Nov 15, 2018 6:19pm Nov 15, 2018 6:19pm
Quoting engweijie
5am I'm about to head to bed. Took a buy at 1.13316, half of regular trade size. Have a pending buy at 1.13242, full-sized SL for both at 1.1319. Buying off 1.1330/1.1325 area as potential supports. Setting a TP as well as a sell limit at 1.1362, SL 7 pips and another sell limit at 1.1397, SL 7 pips as well.
Hmm.. This didn't work out too bad. Moved SL to 1.13326 (+8.5 full pips and +1 half-sized pip locked minus some for rollover). Slipped in another pending buy at 1.13202, 7 pip SL just in case it goes down at 1.1345/1.1350.
You hesitate, you masturbate.
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