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MTF Engulf / Engulf fail

  • #5,841
  • Dec 24, 2024 7:08am Dec 24, 2024 7:08am
Thank you for your guidance, ITB. I will soon post more charts. Wishing you a warm and joyful Christmas!
  • #5,842
  • Dec 25, 2024 12:12pm Dec 25, 2024 12:12pm
trading is difficult.
do not trade to make money.
one can still make money by breaking the rules now and then.
this will create a wrong mindset that will take years to correct and finally destroy your trading career.

trade to follow your plan according to your personality.
consistently follow the rules is good trading whether win or lose.
keep doing that and money will soon follow.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,843
  • Dec 25, 2024 7:56pm Dec 25, 2024 7:56pm
your plan is only a small part of the process.
the real test is your discipline and patience to follow your rules.
waiting for hours for just one good trade.

what happened on friday is to engineer for gold to move up.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,844
  • Dec 25, 2024 8:10pm Dec 25, 2024 8:10pm
one can scalp for gold during asia open.
work hard to follow your plan consistently, only then money will follow.

whether it is medium time frames swing trades (100 pips for 2% return) or small time frames scalp (20 pips for 2% return),
pips are not important. only your percentage return is.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,845
  • Dec 25, 2024 8:27pm Dec 25, 2024 8:27pm
Quoting fxpider
{quote} There is a free version of Tradingview but it's very basic ( custom intervals not included) and you have to deal with the annoying ad. However, some broker's accounts come with Tradingview for free, so check out with the broker.
which broker? Can we see all the candlesticks from past without any limitation ?
Market is Open University, Just have To Do PHD
  • #5,846
  • Dec 25, 2024 8:34pm Dec 25, 2024 8:34pm
just follow your plan rigidly so that you know whether it is consistent or not.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,847
  • Dec 25, 2024 8:48pm Dec 25, 2024 8:48pm
will gold break the road block for a d1 buy to d1 sell move?
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,848
  • Dec 26, 2024 4:19am Dec 26, 2024 4:19am
today forward tested the demo of ic markets raw spread account.
after the asia session, gold was ranging.
even so, it goes to show that without many pips, got over 3% return by playing with the lot size.
in a normal situation, maybe can increase lot size during market session and decrease lot size after that.

they charged $0.96 commission round trip for 0.1 lot size.
i like the spread of 21. do not know whether it meant 0.21 pips.
so total was like 1.17 pips spread in a normal account, which is wonderful if i calculate correctly.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,849
  • Dec 26, 2024 6:07am Dec 26, 2024 6:07am
Quoting Inthebox
today forward tested the demo of ic markets raw spread account. after the asia session, gold was ranging. even so, it goes to show that without many pips, got over 3% return by playing with the lot size. in a normal situation, maybe can increase lot size during market session and decrease lot size after that. they charged $0.96 commission round trip for 0.1 lot size. i like the spread of 21. do not know whether it meant 0.21 pips. so total was like 1.17 pips spread in a normal account, which is wonderful if i calculate correctly. {image}
You pay spread also on exit too.
7 trades x ( 0.21 spread on entry + 0.21 spread on exit ) = 2,94 points in total.
And if you are active trader its a lot.
I might be wrong , I have been wrong before
  • #5,850
  • Edited 9:19am Dec 26, 2024 9:00am | Edited 9:19am
Quoting Mandariin
{quote} You pay spread also on exit too. 7 trades x ( 0.21 spread on entry + 0.21 spread on exit ) = 2,94 points in total. And if you are active trader its a lot.
Why would you pay spread on exit on a buy? Spread is only put on once, buys are put in at the ask price and out at the bid. Sells go in at the bid and out at the ask so only once.
  • #5,851
  • Dec 26, 2024 9:47am Dec 26, 2024 9:47am
Quoting lynnc
{quote}Why would you pay spread on exit on a buy? Spread is only put on once, buys are put in at the ask price and out at the bid. Sells go in at the bid and out at the ask so only once.
I might be wrong. But if no spread on exit then market must move limit price + spread to get out of trade ?
I might be wrong , I have been wrong before
  • #5,852
  • Dec 26, 2024 9:30pm Dec 26, 2024 9:30pm
Weekly FE to weekly E, any thoughts or comments?
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  • #5,853
  • Dec 26, 2024 9:46pm Dec 26, 2024 9:46pm
Quoting 1Hour
Weekly FE to weekly E, any thoughts or comments? {image} {image} {image}
my comment
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,854
  • Dec 26, 2024 10:39pm Dec 26, 2024 10:39pm
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,855
  • Dec 26, 2024 10:54pm Dec 26, 2024 10:54pm
Quoting bishnuNewar
{quote} which broker? Can we see all the candlesticks from past without any limitation ?
Here you will find the broker list.

https://www.tradingview.com/brokers/

I did not do any research to find out the broker-specific limitation. Please help yourself.
Success = Practice + Patience + Persistence
  • #5,856
  • Dec 26, 2024 11:14pm Dec 26, 2024 11:14pm
Will the market have enough volume/willingness to reach the upper zone?

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Success = Practice + Patience + Persistence
  • #5,857
  • Dec 26, 2024 11:27pm Dec 26, 2024 11:27pm
Quoting fxpider
Will the market have enough volume/willingness to reach the upper zone? {image}
so far so good above d1 support with higher lows.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,858
  • Edited Dec 27, 2024 12:15am Dec 26, 2024 11:57pm | Edited Dec 27, 2024 12:15am
I deleted my morning post and compared it with your post, ITB. Thank you, ITB!
  • #5,859
  • Dec 27, 2024 12:18am Dec 27, 2024 12:18am
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,860
  • Dec 27, 2024 12:27am Dec 27, 2024 12:27am
Quoting Mandariin
{quote} You pay spread also on exit too. 7 trades x ( 0.21 spread on entry + 0.21 spread on exit ) = 2,94 points in total. And if you are active trader its a lot.
Quoting lynnc
{quote}Why would you pay spread on exit on a buy? Spread is only put on once, buys are put in at the ask price and out at the bid. Sells go in at the bid and out at the ask so only once.
IMO, we don't pay the spread directly either on entry or exit. Even the trade history or PnL statement can not provide any monetary value of the spread. However, the spread definitely impacts us while triggering a trade (SL, TP, limit order or market execution). And, we need to consider the spread carefully so that our orders get filled at an optimum price.

As a retail trader, can we trade without spread? So, better use it as a critical KPI to find a quality broker or LP.

Generally, a broker with a fixed commission typically provides a tighter spread. Whereas, a no-commission broker has a wider spread.
Or we can trade futures if affordability is not an issue.

Having said that the spread can play a critical role in scalping.
Success = Practice + Patience + Persistence
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