DislikedI'm curious as to how you come up with 4400 as an area to buy?
Thanks.
ScottIgnored
Mr. Trend
- #261
- Nov 12, 2007 8:17pm Nov 12, 2007 8:17pm
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
Mr. Trend
- #262
- Nov 12, 2007 8:34pm Nov 12, 2007 8:34pm
- | Commercial User | Joined Jun 2006 | 1,578 Posts
Peace
- #263
- Nov 12, 2007 8:39pm Nov 12, 2007 8:39pm
- | Joined Nov 2007 | Status: Big trend, big money | 786 Posts
David -
I know it's hard to give up the shorter timeframes due to having to put a larger SL, cuz I went through the same thing for the longest time. I finally realized, however, that it just wasn't profitable trading short-term.
... ...
Just from my experience (and you can see my statistics for yourself), I really would encourage you to go long-term. But, do so within your means ... don't keep entering/adding positions if you can't afford it. Just build up your wealth slowly. As you start to be consistent with your wins, then you compound (adding more lots to your trades). That way, you don't blow out your account faster than you can build it.
You know what I mean?
Actually, I also invest in stocks. And I can hold my stock portfolio for years as long as the company I invested is still growing and not over-valued. For stocks, I use only fundamental analysis, TA only plays a very little part.
But for leveraged FOREX, while, high leverage really gives opportunities for fast money. So it turned me into a gambler or plunger (Well, I wish I could be a Boy Plunger).
I also have some methods or system to scalp or make profit on daily trade. But I have too many enemies against you like spikes, spreads(commission), news, stop loss setting up problems etc.
I can make profits by short-term trading if every time after I made it and closed my computer immediately. But the problem is that, I keep consistently losing due to over trades. I just can't stop and I will have a bad trading habit and worse--- when a true trend comes, you have no positions at all and instead you begin to try to make pips by trading against trend.
- #266
- Nov 12, 2007 9:11pm Nov 12, 2007 9:11pm
Trader V what the hell you put on my coffee this morning? LOL
Peace
Nothing is impossible, with a willing mind!
- #267
- Edited 10:27pm Nov 12, 2007 9:12pm | Edited 10:27pm
So, Mr. Trend, you use the EMA and the trend line to determine your entry for that pullback then, and solely on that for that particular number? (I guess it doesn't require an answer, because re-looking at your chart, it looks pretty obvious that it is, lol)
And feb2865, why that particular number, because could the market still not go down further to possibly 4300 or 4150 even? (I'm not predicting it's going down to there
:, just wondering "what if", lol)
Here are two charts. The first is where I thought might have been why that 4400 number was picked.
The 2nd chart is where I picked the numbers 4300 and 4150.
I am still curious why 4400 specifically (because looking at the charts, and going strictly by price action with no indicators, I don't yet see the reason for that particular number)?
LOL, again, like I said, it has to make sense for me, so please can you explain a little more detail, why that particular number?
Thank you!
And feb2865, why that particular number, because could the market still not go down further to possibly 4300 or 4150 even? (I'm not predicting it's going down to there
:, just wondering "what if", lol)Here are two charts. The first is where I thought might have been why that 4400 number was picked.
The 2nd chart is where I picked the numbers 4300 and 4150.
I am still curious why 4400 specifically (because looking at the charts, and going strictly by price action with no indicators, I don't yet see the reason for that particular number)?
LOL, again, like I said, it has to make sense for me, so please can you explain a little more detail, why that particular number?
Thank you!
Thank you so much for your detailed explanation and experience sharing. I really appreciate it.
Actually, I also invest in stocks. And I can hold my stock portfolio for years as long as the company I invested is still growing and not over-valued. For stocks, I use only fundamental analysis, TA only plays a very little part.
But for leveraged FOREX, while, high leverage really gives opportunities for fast money. So it turned me into a gambler or plunger (Well, I wish I could be a Boy Plunger).
I also have some methods or system to scalp or make profit on daily trade. But I have too many enemies against you like spikes, spreads(commission), news, stop loss setting up problems etc.
I can make profits by short-term trading if every time after I made it and closed my computer immediately. But the problem is that, I keep consistently losing due to over trades. I just can't stop and I will have a bad trading habit and worse--- when a true trend comes, you have no positions at all and instead you begin to try to make pips by trading against trend.
I'm currently testing a "revolving" lot - entering 2 lots on the initial position, keeping one lot in for the long-term (Daily), and one lot will TP every 50 pips on the 4hr and re-enter at the V-Formation until the long-term is ready to exit, lol.
That will help me bank some pips to help buffer the larger SL.
One (of the many) things I learned from this thread is to NOT enter in the middle of things, so I am going to pick my trades so that I am as close to the previous day's low candlestick as possible, so that my SL doesn't have to be horrendous, lol. I'm hoping not to put more than 100 - 150 pip SL.
This is why I will only trade one or two currency pairs at a time and only enter 1 revolving lot at a time.
Like I said, I am going to build gradually, I'm not in a hurry and I'm not needing to be greedy. I honestly feel that consistency is the key, so once I can establish consistent wins to losses over-and-over, then I will start compounding by increasing lot sizes.
Anyway, would something like that work for you, too?
On my 4 previous trades (before I knew about this system), I would have banked 50 pips on all of them before stopping out, so this is what gave me the idea to do this.
I'm always going with the trend though, NEVER against when taking these pips
You know, the more I look at these Daily and 4hr charts, I can see that the longer-timeframes are really more forgiving and you have more time to react.
I'm sure many experienced traders can take profit on retracements of 100 - 200+ pips easily.
Entry would be the V-Formation on the Daily and exit on the V-Formation on the 4hr.
I'm not going to do it myself, lol, I've made a commitment to sticking to the rules of "trend" trading, but I'm just musing that for those who can do it well, all the power to them!
I wouldn't recommend less experienced traders do that until they absolutely know what the heck they're doing, lol, but experienced traders, sure why not!
The only thing that matters is consistent results, and if they are achieving that, good for them!
LOL, I don't know why I felt a need to post this (maybe cuz I feel bad about rawing the behinds of alcastro and fiveshorts, lol). Sorry
I'm sure many experienced traders can take profit on retracements of 100 - 200+ pips easily.
Entry would be the V-Formation on the Daily and exit on the V-Formation on the 4hr.
I'm not going to do it myself, lol, I've made a commitment to sticking to the rules of "trend" trading, but I'm just musing that for those who can do it well, all the power to them!
I wouldn't recommend less experienced traders do that until they absolutely know what the heck they're doing, lol, but experienced traders, sure why not!
The only thing that matters is consistent results, and if they are achieving that, good for them!
LOL, I don't know why I felt a need to post this (maybe cuz I feel bad about rawing the behinds of alcastro and fiveshorts, lol). Sorry
- #273
- Nov 12, 2007 11:15pm Nov 12, 2007 11:15pm
- | Joined Nov 2007 | Status: Big trend, big money | 786 Posts
Yes, over-trading is a real killer, I can relate. I guess this forex is a test for all of us in discipline, lol.
I'm currently testing a "revolving" lot - entering 2 lots on the initial position, keeping one lot in for the long-term (Daily), and one lot will TP every 50 pips on the 4hr and re-enter at the V-Formation until the long-term is ready to exit, lol.
That will help me bank some pips to help buffer the larger SL.
I'm always going with the trend though, NEVER against when taking these pips
Thank you, ma'am. I adopted the same method with you.
I tested 4H time frame. Sometimes, the S/L could be wide as 200 pips for 4h. But never mind, just reduce the position size, so when S/L is hit, I won't lose more than 10%. By Big Brother Feb, and Second brother Trader_V's method, you add positions with a controlled risk because, S/L is moved up.
By trading smaller time frame and get profit out of something like scalping, it is OK, I also do that. But the problem is that, I also close positions which is supposed to be for longer period. I can tell you my sad stories just last week.
Do you know at what price I shorted NZD/USD, and GBP/JPY? For N/U, it was 0.7869 (now it is 7533), I closed two thirds, but the last one is stop-lossed just by a less than 30 pips temporary loss. I shorted G/J around 239.8 (now it is 227), but by scalping, I closed all with 40 pips only because I see other opportunities.
So be careful. You may accidentally close all including the positions for longer time.
Well...I bagged some pips from thi move. Not all of them because I had a trailing stop at -50, and in one small pullback it hitted me. But I had`enough pips to make me laugh. No fibos, no emas crossing, no bs. Just PA, s/r and common sense. Hmmmmmm....being naked is soooooooo good!!!!!
LOL, I can see alcastro doing this right now --> http://leighswishingwell.com/lp/emotes/bustamove.gif
I guess he put a pillow on his backside
:
I can tell you my sad stories just last week.
There'll be other opportunities for you ... many more buses!
By the way, regarding your short time frame stuff....
... But my point here is that evrybody has their own style and as long as it fits them.
..... By the way, steviet is also an advocate of nuduty. He had almost no indicators...just PA
But he was short and i am long....ooooopss!!!!! sorry I forgot I was naked!!!!
- #280
- Nov 13, 2007 12:15am Nov 13, 2007 12:15am
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
Mr. Trend