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The switch from hourly to daily...and the psychological ramifications...

  • #21
  • Oct 17, 2006 9:16pm Oct 17, 2006 9:16pm
Thank you PeterFM for the helpful screenshot,hope more examples shall be given.
  • #22
  • Oct 17, 2006 10:22pm Oct 17, 2006 10:22pm
I'm use a lot of moving averages on my dailys. I plot an 8,21,34,55,100 and 200 sma. On this chart of the usd/jpy you can see that the 21 had held the decline on many days and acted as support. Yesterday the eur/usd was stopped dead on by the 200 day ma and so on. I have also plotted the Fozzy method and find it to be interesting. Of course trendlines and japanese candlesticks are excellent tools as well.
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Trade what you see - Not what you think
  • #23
  • Oct 18, 2006 2:32am Oct 18, 2006 2:32am
Much of what you are saying is true when it comes to the emotional stress, it is like riding a rollercoster. I trade better when I can sit back, study, and enter the positions at the time I feel like entering, not just jumping in for a few pips here and there. Probably the most exciting thing I see with your change is the picture you chose for your Avatar, Thanks it is much better. LOL

Monarch
  • #24
  • Oct 18, 2006 11:55am Oct 18, 2006 11:55am
Quoting CurrencyShmuck
Mr Trend can you and others post here some picturial examples with notes?
it would be greatly appreciated !
thanks in advance.
.
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  • #25
  • Oct 18, 2006 11:58am Oct 18, 2006 11:58am
Mark-

Can you explain the red lines and arrows on your chart. I assume those are self generated. What are the triggers?
Trade what you see - Not what you think
  • #26
  • Edited 12:29pm Oct 18, 2006 12:12pm | Edited 12:29pm
Quoting CurrencyShmuck
Thank you PeterFM for the helpful screenshot,hope more examples shall be given.
OK this is a weekly running since 17th AM. The MA is 365EMA and I find is the only MA I need now (thanks Jim).
As you can see, price broke through the 365ema, then bounced back and started to climb.
I'll hold this till Friday PM and see what the action is by then. Mark Fisher has started me looking at the time to hold a trade before closing out if there isn't much action.
I switch between Dailies/Weeklies looking for certain set-ups that fit and then trade from that screen ONLY for that trade.
With a micro account I can afford the initial stops this method requires and still limit my risk to 1%.
PS This is a classic fade trade from the daily. When I checked against the daily price had opened below the daily demand line and without any other qualification would lead you to short this pair. But all the bars leading to the daily breakout were bearish, but gradually becoming smaller in range.
I felt a fade trade (long) was the better option, going with the weekly trend, and trendline break. One of those times when the hours of staring at the screen gives you an instinct trade. So, we'll see how this pans out.
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  • #27
  • Oct 18, 2006 1:36pm Oct 18, 2006 1:36pm
I would like to add that I use a combination of Sidus and Bagovino systems to trade and I have found the daily look to be clearer and I have been successful.

I agree that it is useful to check entries by looking at the 15 minute chart.
  • #28
  • Oct 19, 2006 2:37pm Oct 19, 2006 2:37pm
Quoting summitfx
Mark-

Can you explain the red lines and arrows on your chart. I assume those are self generated. What are the triggers?
Ken,
Those areas were my limit buy orders based on PA.
Simply because yen is used for carry trades, I figured you can't go wrong with long trades after bigger retracement. I just set limit orders above daily pin bars or alike formations.
M
  • #29
  • Oct 19, 2006 6:23pm Oct 19, 2006 6:23pm
Quoting raczekfx
...I still fight the urge to scalp on 4hrs.
Greetings raczekfx and gang. When not trading i search the facotry's threads for those posts that are entries in my unofficial "Funny Post Of The Week" contest (Dialist is still the current champ. Hehe). I think your quote above might just be this week's winner ; )

. . . I say this coming from personal experience as i recall my early training of scalping off 1 min charts. Talk about stress! Whew, to "scalp" off 4 hr charts would be a vacation to me. . . i still trade the hourlies. I have a sort of reverse situation as i work from about 3pm-ish to 10pm-ish Pacific. So my time to check and be at the charts is actually during the NY open, hence why i still intraday trade on the hourly charts. I suppose if i got creative i could figure a way to trade off the dailies with my work-nites schedule. Have to think on that one. Sure 5pm EST is 2PM PST...just when i'm getting my work duds on, eating lunch and heading out the door , (

Good trading all !
: ) Thom
  • #30
  • Oct 19, 2006 6:49pm Oct 19, 2006 6:49pm
Mr T
Great thread, I have been struggling getting to the point you have arrived at and it gives me strength to hear everyones experience with this
As a good Mexican friend of mine once said
"Must resist the voices!"
Swami S
GOD IS NOT SHORT OF CASH
  • #31
  • Oct 19, 2006 7:17pm Oct 19, 2006 7:17pm
Hey, Mr.Trend,

Kind of off topic, but what's with the avatar switch? You went from Mr. Rogers to the Village People all at once!
"The time to act is when others show signs of tire." --W.D. Gann
  • #32
  • Oct 19, 2006 8:00pm Oct 19, 2006 8:00pm
Quoting dukeofdents
Hey, Mr.Trend,

Kind of off topic, but what's with the avatar switch? You went from Mr. Rogers to the Village People all at once!
Dude, Napoleon Dynamite 0wnz...
Mr. Trend
  • #33
  • Oct 19, 2006 8:07pm Oct 19, 2006 8:07pm
Ha ha, I guess. I don't know what that means. You're from San Fransisco and I'm from Nashville. Talk about a culture gap...
"The time to act is when others show signs of tire." --W.D. Gann
  • #34
  • Oct 19, 2006 8:12pm Oct 19, 2006 8:12pm
No offense at all, actually I had second thoughts about posting this, but why not...

In San Fransisco "position trading" takes on a whole new meaning, right?
"The time to act is when others show signs of tire." --W.D. Gann
  • #35
  • Oct 19, 2006 8:53pm Oct 19, 2006 8:53pm
Quoting dukeofdents
No offense at all, actually I had second thoughts about posting this, but why not...

In San Fransisco "position trading" takes on a whole new meaning, right?
LOL!!!

I wish I was innocent enough NOT to have gotten this. <sigh>

Price is King of indicators.

Daily is King of time frames.

Thanks MrTrend for this thread!
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  • #36
  • Oct 19, 2006 9:02pm Oct 19, 2006 9:02pm
Really, no offense, Mr. Trend! Just a joke...
"The time to act is when others show signs of tire." --W.D. Gann
  • #37
  • Oct 19, 2006 10:02pm Oct 19, 2006 10:02pm
Quoting dukeofdents
Ha ha, I guess. I don't know what that means. You're from San Fransisco and I'm from Nashville. Talk about a culture gap...
dukeofdents,
what part of nashville? i live in hendersonville.
  • #38
  • Oct 19, 2006 10:04pm Oct 19, 2006 10:04pm
Actually, I live in Murfreesboro. A little more south and a lot more laid back...
"The time to act is when others show signs of tire." --W.D. Gann
  • #39
  • Oct 19, 2006 10:06pm Oct 19, 2006 10:06pm
How about that Phil Valentine?
"The time to act is when others show signs of tire." --W.D. Gann
  • #40
  • Oct 19, 2006 10:12pm Oct 19, 2006 10:12pm
Quoting Mr Trend
Dude, Napoleon Dynamite 0wnz...
OK, no joke at all Mr.T. I have a coworker at my local Costco Warehouse here on the Oregon Coast that is an absolute dead ringer/exact look alike to the man himself. When ND's movie came out our buddy had his hair just like his (had it that way for years actually). Anyway, members would come into our location and take tripple looks at this kid cuz it was spooky. He WAS ND in the flesh! Just relocated a bit north. We all told him he needed to go to Hollywood and get a job as a stunt double.

Quoting dukeofdents
...In San Fransisco "position trading" takes on a whole new meaning, right?
LOL. Grew up in the Bay Area in the 60's/70's just as all this was hitting the streets. What a scene!

: ) Thom
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