I mean, what a week. Sometimes you get the bear... {image}
Do we know know how many R that loss is or don't you work that way?
- #4,201
- Oct 4, 2019 11:36am Oct 4, 2019 11:36am
- Joined Apr 2019 | Status: Trader | 1,997 Posts
Do we know know how many R that loss is or don't you work that way?
- #4,203
- Oct 4, 2019 12:13pm Oct 4, 2019 12:13pm
{quote} Dont worry about it David, its about learning from our mistakes.
- #4,205
- Oct 4, 2019 12:23pm Oct 4, 2019 12:23pm
{quote} Dont worry about it David, its about learning from our mistakes.
I'm also looking at how I better make us of TMA bands. I am thinking of cutting out crossover trades where they need to break the TMA line in order to profit, and only taking continuations in that situation. I've observed (at least on the 4H) that crossovers that are already at the limit of TMA are more likely to reverse, and it's only continuations that have a have a good chance of breaking the TMA and setting a new high/low.
I'm also wondering if I should stop taking trades on the 10am (UK) candle close, partly because I often can't be at the PC until 10.30, but mainly because I suspect the 2pm one has better setups, possibly because the US market is opening at that point.
- #4,206
- Oct 4, 2019 12:31pm Oct 4, 2019 12:31pm
{quote} When assisting new traders with rules it is imperative that the information presented is true and correct Making a correction to a recent post by a veteran 30 year full time trader is difficult, but sometimes necessary, below is an example of a recent post (3972 by (RobinHood) The chart did not copy here, so go back and look at the chart to see what he is talking about. This line is correct If the candles are blue/blue and the HMA is green and the the RSI is above the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. t This...
Never Givin' Up..
Trade report for the week.
3rd consecutive week in the green. Up 4R, which is nice. But I've got a problem with the start of the week, just like last week: I started with 9 (!) consecutive losers. And then made it all up during the rest of the week, but it made me want to check the days graph on MyFX:
Well, out of the 115 trades I've taken so far, Monday and Tuesday are not where I shine, to say the least. I'm going to impose myself, at least for a limited time, to not take a trade on Mondays, and instead just watch for setups & observe their outcomes. And if I tend to see a signal on a Friday, well there'll be less hesitation ^^. Funny how that type of analysis can shed some light onto weaknesses. Now I'm not saying that signals on Mondays are less reliable, but my way of trading them, or the setups I take, are bad (well from that sample).
And here is the report. I closed all trades, so no floating P or L:
3rd consecutive week in the green. Up 4R, which is nice. But I've got a problem with the start of the week, just like last week: I started with 9 (!) consecutive losers. And then made it all up during the rest of the week, but it made me want to check the days graph on MyFX:
Well, out of the 115 trades I've taken so far, Monday and Tuesday are not where I shine, to say the least. I'm going to impose myself, at least for a limited time, to not take a trade on Mondays, and instead just watch for setups & observe their outcomes. And if I tend to see a signal on a Friday, well there'll be less hesitation ^^. Funny how that type of analysis can shed some light onto weaknesses. Now I'm not saying that signals on Mondays are less reliable, but my way of trading them, or the setups I take, are bad (well from that sample).
And here is the report. I closed all trades, so no floating P or L:
- #4,208
- Oct 4, 2019 1:40pm Oct 4, 2019 1:40pm
- Joined Apr 2019 | Status: Trader | 1,997 Posts
{quote} I have a few mistakes to learn from, but to be honest a lot of it is stuff that could have gone my way but didn't. I'm not sure I should have moved my first profit point from 25 to 30 pips, I saw quite a few hit around the 27 and 28 area before retracing. I'm also looking at how I better make us of TMA bands. I am thinking of cutting out crossover trades where they need to break the TMA line in order to profit, and only taking continuations in that situation. I've observed (at least on the 4H) that crossovers that are already at the limit...
FxPro is the same as yours 6am,10am and 2pm (UK)
FXCM is 5am,9am and 1pm so might be better for some people.
For some reason I assumed the H4 candle closed at the same time everywhere round the world but it appears some brokers use Central time, pacific time, NY time. I guess choose the broker that fits your trading times best. Perhaps one of our more experienced traders can shed more light on this and which timezone is best.
- #4,209
- Oct 4, 2019 1:47pm Oct 4, 2019 1:47pm
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
To free Gazans of Hamas, use whatever it takes.
- #4,212
- Oct 4, 2019 2:28pm Oct 4, 2019 2:28pm
{quote} Cheers DrDave. I was just curious as to why the H4 candle is not synchronized around the world. i do trade what the chart is telling me but some peoples H4 finish an hour later and I can do both brokers H4 candles closing at different times. A bit wierd I think. If I miss one H4, I can look at the other one.
because 4H candle depends on what time broker starts is day.I have 2 brokers accounts and I'm watching 3rd one on demo.
Each start day 1 hour later. I've red somewhere,that to trade 4H TF the best way is watch to broker,who starts day at NY time (5pm EST),because most of broker do this and most traders observe and trade this time. I cannot conclude this opinion,but I've noticed differences in signals for trade among those 3 brokers. Here's the photo I took on day before yesterday on NY close time.You can see differences on photo. I've used regulars candles for better visualization and 5 and 21 ema.
Whether you think you can, or you think you can't,you're right. H.F.
- #4,213
- Oct 4, 2019 6:41pm Oct 4, 2019 6:41pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,763 Posts | Online Now
{quote} Thanks, I just re-read that and thought “hmm... I wonder if he knows what he typed.”, but if us newbies are paying attention, we knew what he meant to say. Thanks for pointing this out to those that didn’t.
Always a Student, Never a Master - Emulate What Works
- #4,214
- Oct 4, 2019 6:43pm Oct 4, 2019 6:43pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,763 Posts | Online Now
Always a Student, Never a Master - Emulate What Works
- #4,216
- Oct 5, 2019 5:12am Oct 5, 2019 5:12am
- Joined Apr 2019 | Status: Trader | 1,997 Posts
{quote} Yup, I can totally understand why now ^^.
- #4,220
- Oct 6, 2019 4:50pm Oct 6, 2019 4:50pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,763 Posts | Online Now
Always a Student, Never a Master - Emulate What Works