The brutal truth of day trading | Page 156 | Forex Factory

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The brutal truth of day trading

  • #3,101
  • Aug 13, 2021 5:11am Aug 13, 2021 5:11am
Quoting scherzi
{quote} I was talking about being concise. I mean, focusing on correlation is not enough. Focusing on pinbars is not. "correlation may be useful", "pinbars may be useful". Yeah, I agree, but it is not trading. I gave this concise picture or EU before it actually happened with a chart in m1. {image} The pinbar was a bs and the idea of linear regression (an application of correlation) is another bs in markets. That's all. There is not a direct application of pinbars and correlations, that is what I mean. I also said that sometimes you know what to...
This correlation I posted here not bs.

https://www.forexfactory.com/thread/...5#post13649855

People don't properly understand the power of correlation, simply make all sorts of bs interpretation. And scan with fancy dashboard indicators. That kind of scanning is useless. Correlation has to be studied in depth with focus to appreciate all 3 pairs intent, not just the exact point of correlation. When the 3 pairs intent is clearly correlated in sync then the trader gets a trading edge of the future market direction and trade accordingly.
Know what you trade
  • #3,102
  • Aug 13, 2021 5:22am Aug 13, 2021 5:22am
Quoting BWilliam
{quote} This correlation I posted here not bs. https://www.forexfactory.com/thread/...5#post13649855 People don't properly understand the power of correlation, simply make all sorts of bs interpretation. And scan with dashboard indicators. That kind of scanning is useless. Correlation has to be studied in depth with focus to appreciate all 3 pairs intent, not just the exact point of correlation. When the 3 pairs intent is clearly correlated in sync then the trader gets a trading edge of the future market direction and trade accordingly....
When EUR-AUD is not rising while EURUSD is moving up and AUDUSD is moving down, for instance, it responds also to the necessity of avoiding triangular arbitrage.

EUR-AUD is what I call a bridge (I don't know if it has a standard name) that connects USD from EUR to AUD when you travel from EUR-USD to AUD-USD.

In fact EUR/AUD = EUR-USD/AUD-USD. If you do not manipulate, let's say EUR-AUD, you would open the door for arbitrage.

Therefore, when you want to release one of these pricings, you must to keep one of them manipulated.

I actually think all prices are manipulated 100% of the times and that supply and demand are not the reason, but that is another story.
  • #3,103
  • Aug 13, 2021 5:25am Aug 13, 2021 5:25am
Quoting scherzi
I also said that sometimes you know what to do but you do not do it. I did not buy this setup, you know why? Because I have a rule that tells me not to do it. That may seem stupid because I lost one trade and I did not take this that would have given me money. Yes, it is what it is. The brutal truth......

It is not about what we think that may or may not occur, it is about the decision of risking a certain amount of money. It is about losing or winning money. We are really concerned about our wealth, it is difficult to talk about theories and...
I understand you perfectly. I knew EU goes up, simple buy on dip but I didn't bother to look at the chart at all. Zero trade still. That's why I'm wasting time on forum. Actually main reason is I knew GU, my favourite pair is going nowhere.
Know what you trade
  • #3,104
  • Aug 13, 2021 5:27am Aug 13, 2021 5:27am
Quoting slb
{quote} bet small the stress and emotional side will relief in case of missing a setup or losing a trade at least works for me cheers
Yes, I always use very low lot sizes much lower than 1% normally.
  • #3,105
  • Aug 13, 2021 5:33am Aug 13, 2021 5:33am
Quoting BWilliam
{quote} I understand you perfectly. I knew EU goes up, simple buy on dip but I didn't bother to look at the chart at all. Zero trade still. That's why I'm wasting time on forum. Actually main reason is I knew GU, my favourite pair is going nowhere.
This is the reason I guess. Once EUR-GBP settlement is finished, they will be able to release GU.

Attached Image (click to enlarge)
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USD is relatively low due to the effect of the massive accumulation of euros from USD and GBP crosses. It could be a purchase of USD and the drop of GU lol.

A good moment to see a purchase of lowered GBP and a consequent rise in GU maybe. lolx2



Who knows.
  • #3,106
  • Aug 13, 2021 5:37am Aug 13, 2021 5:37am
Quoting BWilliam
{quote} I understand you perfectly. I knew EU goes up, simple buy on dip but I didn't bother to look at the chart at all. Zero trade still. That's why I'm wasting time on forum. Actually main reason is I knew GU, my favourite pair is going nowhere.
because youre on forum and she is waiting
"Exchange of hands"
  • #3,107
  • Aug 13, 2021 5:59am Aug 13, 2021 5:59am
Quoting bilal1947
{quote} USD vs GBPUSD made a LL rather a HL {image} GBPUSD vs EURUSD - made a HL {image}
That is divergence, yes. It is not correlation in fact. Another beast. We see the obvious accumulation of a certain type of orders before being released with price. And it is another non-linear problem.
  • #3,108
  • Aug 13, 2021 6:01am Aug 13, 2021 6:01am
Quoting pooh123
{quote} Hi Rick, I like your post. However, this is the part that lost me "...We have now zero sellers at the present spot so price collapses. Here is our chance to jump into the order book and become a seller...". As we have zero sellers now, shouldn't it be our chance to become a buyer ? David
Hi pooh

When we no longer get an imbalance of 3 to 1 buyers over sellers, price starts to stall. What I see is a market empty of sellers say at 1.1752 but full at 1.1753.
There is no sellers on the books to bridge the gap and not enough aggressive buyers left to push price anymore so a statemate of 10 passive buyers but zero sellers at that level. Once a few sellers entry the order book now, suddenely we now have 3 sellers to 1 buyer and the imbalance is with the bid orders so price retreats.

The traders who can get in the top of the order book FIRST and fill the sellers ledge now profit greatly.

Here's the thing, big players can't fill the book here because they are too big, the retail trader who is small certainly can.
They hide this information from us with the myth the market has very deep liquidity, the truth is the markets are very thin which is why the big players can only trade in supply and demand areas in a hope to get their big orders filled.

Normally we are only talking 9 pips on EURUSD, tonight its only 5 pips max.

Cheers
Trading thin liquidity at the boundary of the charts
  • #3,109
  • Aug 13, 2021 6:03am Aug 13, 2021 6:03am
Quoting BWilliam
{quote} I understand you perfectly. I knew EU goes up, simple buy on dip but I didn't bother to look at the chart at all. Zero trade still. That's why I'm wasting time on forum. Actually main reason is I knew GU, my favourite pair is going nowhere.
I like this number.

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  • #3,110
  • Aug 13, 2021 6:11am Aug 13, 2021 6:11am
Quoting scherzi
{quote} I like this number. {image}
I was hoping it gets there in London market but it didn't.

If it gets there(25-40) early NY market hopefully, then there may be some late action.

Quoting bilal1947
{quote} because youre on forum and she is waiting
Back to watching more poker videos.
Know what you trade
  • #3,111
  • Aug 13, 2021 6:16am Aug 13, 2021 6:16am
Quoting Rmg
Here is my bit of brutal truth of daytrading, reached the profit 8k in 7 days managed risk properly only until get cocky overconfidence to blew it off while there is no need to trade. Why? {image}
Proving authenticity of Da Vinci code is more important than passing evaluation.
Know what you trade
  • #3,112
  • Aug 13, 2021 6:20am Aug 13, 2021 6:20am
Quoting Rmg
Here is my bit of brutal truth of daytrading, reached the profit 8k in 7 days managed risk properly only until get cocky overconfidence to blew it off while there is no need to trade. Why? {image}
Is this FTMO or something similar?
  • #3,113
  • Aug 13, 2021 6:26am Aug 13, 2021 6:26am
Quoting BWilliam
{quote} I was hoping it gets there in London market but it didn't. If it gets there(25-40) early NY market hopefully, then there may be some late action. {quote} Back to watching more poker videos.
I am setting alarms everywhere as well.

I think I could buy GU if I am given an opportunity to reach 1.383 as an optimal price for exiting. But still waiting.
  • #3,114
  • Aug 13, 2021 6:39am Aug 13, 2021 6:39am
Quoting scherzi
{quote} I like this number. {image}
What is this EA (and which) in your chart about? Please.
Return To Disorder
  • #3,115
  • Edited 6:55am Aug 13, 2021 6:42am | Edited 6:55am
GU| NY open: Here we go down?
1.37600
  • #3,116
  • Aug 13, 2021 6:48am Aug 13, 2021 6:48am
Quoting rockit
{quote} What is this EA (and which) in your chart about? Please.
Attached Image (click to enlarge)
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I helps you determining sl and tp. See an example of how it could be used to place a buy limit at an arbitrary price I have choosen.

Attached Image
  • #3,117
  • Aug 13, 2021 6:55am Aug 13, 2021 6:55am
Quoting scherzi
{quote} {image} I helps you determining sl and tp. See an example of how it could be used to place a buy limit at an arbitrary price I have choosen. {image}

you don't need to hide your demolimits
  • #3,118
  • Aug 13, 2021 7:11am Aug 13, 2021 7:11am
Quoting BWilliam
{quote} I understand you perfectly. I knew EU goes up, simple buy on dip but I didn't bother to look at the chart at all. Zero trade still. That's why I'm wasting time on forum. Actually main reason is I knew GU, my favourite pair is going nowhere.
seems you're busy with GU it moved !
Attached Image (click to enlarge)
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"Exchange of hands"
  • #3,119
  • Aug 13, 2021 7:14am Aug 13, 2021 7:14am
Quoting kette
{quote} you don't need to hide your demolimits
You don't know me. Next time I see a joke like that or disrespect towards any member of the forum, I am blocking you.
  • #3,120
  • Aug 13, 2021 7:18am Aug 13, 2021 7:18am
I have only traded the gap
Attached Image (click to enlarge)
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