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  • #61
  • Feb 22, 2007 4:42pm Feb 22, 2007 4:42pm
Correct. I do not use Market Profile and I do not use volume as an indicator.

This chart looks promising, although I do not understand it completely. It looks like a good start though.

Quoting Tradeit
Perhaps I am not following you but didn't you say that you were not utilizing Market Profile and more specifically that your river indicator are not "volume" based (MP is volume based)

I am attaching a chart with the Market Profile in MT4 platform (this is the platform that majority of the forum participants are using). Looks to me it is volume based and therfore not reliable in Forex.
  • #62
  • Feb 22, 2007 4:49pm Feb 22, 2007 4:49pm
Quoting DownRiverTrader
Correct. I do not use Market Profile and I do not use volume as an indicator.

This chart looks promising, although I do not understand it completely. It looks like a good start though.
This chart was with Market Profile indicator that is based on Volume. Therefore, it is not usable as have agreed there is no good Volume in Forex.
  • #63
  • Feb 22, 2007 7:49pm Feb 22, 2007 7:49pm
Here are the trades that I took based on info received so far (these are on demo account):

My DRT Trade journal
Completed Trades:
Symbol Type Opened Closed pips comment
------ ----- ----------------- ----------------- ---- -------------------------
USDCHF Short 2/21 19:08 1.2393 2/22 09:42 1.2432 -39 stopped out
Current Trades:
Symbol Type Opened pips comment
------ ----- ----------------- ---- ------------------------------
EURUSD Long 2/22 16:16 1.3103 +17 looking towards 3262 and 3377
USDJPY Short 2/22 16:19 121.31 -15 looking to flow back to river 120.88
USDCHF Short 2/22 19:05 1.2390 -2 looking to 2275 and 2177
AUDUSD Short 2/22 16:21 0.7893 +8 looking back to river 7839
  • #64
  • Feb 23, 2007 3:11am Feb 23, 2007 3:11am
Quoting DownRiverTrader
If you have not read Part 1. Read it now Methodolgy - Part 1

So I do not have any written rules for entry, exit, or trade management and I do not use exact stop loss levels. Sounds like I am a mental case. Exactly.

What I am about to say is going to make you think I am crazy. Indulge me for a while. Give me the benefit of the doubt for now.

Do you think of your trading as a sort of art form? Do you belive in the power of the subconscious mind? I do and it does all my trading for me. I really don't do anything in the physical form except follow the advice. I trust my subconscious mind completely. Without question. I depend on it to act in my best long term interest. I do not question it. All I do is give it my goal and it works to help me achieve it.

Does this mean I just hap hazardly enter a trade? No of course not. I have guidelines and different styles. Have I ever just clicked my mouse because of a gut level feeling. Absolutely....in fact I do it all the time. I always have 50/50 odds know matter what. Think about this for a minute.

Maybe you are not like me, but I bet you are. I live my entire life around trading. I am constantly analyzing charts, reading, writing, thinking about where the six pairs that I trade are headed. I am feeding information into my subconscious mind on a constant basis. It is processing this information and returning ideas to me.

Do you ever get a "feeling" , a "hunch". What do you normally do with this feeling? If you are like most traders you discount it entirely. Why? Mainly because you have been taught (translated read in text books and learned on forums like this one) that a master trader does not make bets based on hunches and unconfirmed information. Or maybe you think it is not in your best interest to rely on yourself. You would rather seek out advice in a forum or pay a trading signal company to make you wealthy.

I am here to tell you that you should respect your own abilities, your hunches and your intuition and not listen to anyone else. If you are like me you are constantly feeding your mind with currency tidbits. It is processing all this information and returning to you ideas in the form of hunches. ACT ON THEM WITHOUT HESITATION. This is your edge!

I use various tools to help me determine good value, but if I want to enter a trade or exit a trade before my studies say I should........well I just do it. No paper or no line on a chart is going to trump my own thoughts.

Your only job is to control your risk once you are in a position. And that is easy because you have a written plan to guide you.

Well there you have it. You probably think I should be committed to an insane instutuion. We will talk some more about this in the future. For now, I want to finish this up with a more controversial Part 3.
I couldn't have said it better and am glad to finally see someone who thinks about trading just like me.

Regards, Dariuske.
  • #65
  • Edited 7:32am Feb 23, 2007 7:22am | Edited 7:32am
Common Principles of Success - Part 2

You should read Common Principles of Success - Part 1 first.

It took me several years to realize what I am about to say. Oddly enough, it was so simple and obvious. There I was always searching for "something". The one thing I always had was determination. I kept failing, and failing and failing. Hit rock bottom personally. Then for some reason it finally clicked with me. Many of you will have to go through the same process. Maybe some of my comments will make the journey shorter for you or maybe more enjoyable.

I started studying self-help material. I read several authors. Boy are there a lot of people offering to help you! They all claim to have the answer. The one thing I found without question is that all the material is the same. Yes it really is. They all say it a little differently or call it something different, but it is all the same. The package it up and try to sell it to us as something new. Just a couple days ago, my wife was watching the Oprah show and someone was her guest with their new self-help miracle. Available in DVD also. It was called "The Secret".

I can tell you what the secret is, at least in my view. The secret is that their is no magical secret. Success is based on a few simple concepts that are common to all great achievers. It is very simple and obvious and you can put these powerful concepts to work for yourself. They are not magic and you do not need Oprah's guest to tell you about.

It is absolutely essential in my opinion that you do own two books. They are very inexpesive and were published long ago. Neither has anything to do with trading.

I mentioned one of them in an earlier post. Go here to see them. They are the first two in the list. Buy them, study them, refer to them daily.

The magic is in your willingness to apply the principles. The secret is your desire, not the material. You absolutely have to "get your mind right". The choice is up to you. Isn't it wonderful that you are able to decide for yourself exactly what you want out of life. Not your wife, neighbor or parents but you. You and only you control your thoughts. Maybe you do not realize the incredible power you hold. I can tell you first hand that it takes time to learn to control the power you have. But like they say.... "Be Careful What You Wish for Because You Just Might Get It"

We will discuss each of these principles more over time here in the thread and try to relate them to our trading.

I want to share something with you that may give you encouragement. I was not profitable for about my first 600 trades or so. I did not blow out my account completely, almost though, and I kept at it. I traded the indexes, indicators, stochastic stuff, you name it. I loved trading and I wanted what it had to offer. I have posted my equity curve for you to see. No specifics, but what you need to realize is what happened once I adapted these principles. Take a moment and take a look.


Common Principles of Success

Following is a summary of the principles. You should develop each to be more specific to your own situation.


Self-Image

  1. Discovery of the real self provides your golden key
  2. Understanding the psychology of the self can mean the difference between success and failure

Desire

  1. Through some strange and powerful principle of "mental chemistry" which she has never divulged, Nature wraps up in the impulse of strong desire "that something" which recognizes no such word as impossible, and accepts no reality as failure.

Faith

  1. Visualization of and Belief in the attainment of desire. Repetition of affirmation of orders to my subconscious mind is the only known method of voluntary development of the emotion of faith.
  2. Faith is a state of mind which is induced with auto-suggestion.

Imagination

  1. The first key to your success mechanism. A human being always acts and feels and performs in accordance with what he imagines to be true about himself and his environment.
  2. Imagine Success clearly with the Minds' Eye
  3. Imagination is the workshop of the mind. Man can create anything which he can imagine.

Definite Purpose, Sense of Direction

  1. Define clearly your goal and commit to its attainment.
  2. Any definite purpose that is fixed in the mind and held there, with the determination to realize it, finally saturates the entire subconscious mind until it automatically influences the physical action of the body toward the attainment of that purpose.
  3. You are built as a goal seeking mechanism.

Auto-Suggestion or Thought

  1. The medium for influencing the subconscious mind.
  2. Concentration

  • #66
  • Feb 23, 2007 8:52am Feb 23, 2007 8:52am
Remember to be very patient with your winning trades, and very impatient with your losing trades.
  • #67
  • Feb 23, 2007 11:19am Feb 23, 2007 11:19am
irusoh,

I am glad you are doing this correctly. Develop a new techniques with a practice account. I hope you keep up with it. It will help me guage whether or not anyone is actually learning or benefiting. Also, whether I need to make some changes to the way I communicate it.

I was curious why you are short AUDUSD? Did my chart make you think you should get short? I have been long this pair. Also, I see you closed your first USDCHF position. I am assuming you had a reason. I did not close mine because the daily close never exceeded the RIVER level. I see you got short again. In any case, please stay with it and keep in touch.

DRT

Quoting irusoh
Here are the trades that I took based on info received so far (these are on demo account):

My DRT Trade journal
Completed Trades:
Symbol Type Opened Closed pips comment
------ ----- ----------------- ----------------- ---- -------------------------
USDCHF Short 2/21 19:08 1.2393 2/22 09:42 1.2432 -39 stopped out
Current Trades:
Symbol Type Opened pips comment
------ ----- ----------------- ---- ------------------------------
EURUSD Long 2/22 16:16 1.3103 +17 looking towards 3262 and 3377
USDJPY Short 2/22 16:19 121.31 -15 looking to flow back to river 120.88
USDCHF Short 2/22 19:05 1.2390 -2 looking to 2275 and 2177
AUDUSD Short 2/22 16:21 0.7893 +8 looking back to river 7839
  • #68
  • Feb 23, 2007 9:28pm Feb 23, 2007 9:28pm
Quoting DownRiverTrader
irusoh,

I was curious why you are short AUDUSD? Did my chart make you think you should get short? I have been long this pair. Also, I see you closed your first USDCHF position. I am assuming you had a reason. I did not close mine because the daily close never exceeded the RIVER level. I see you got short again. In any case, please stay with it and keep in touch.

DRT
Hi DRT,

I shorted AUDUSD because I decided that since it didn't reach the zone and turned back it will flow back into the river. If I was thinking of buying it I probably would have waited for a more opportune moment.
The reason I was sold out CHF is that i put hard stoplosses at my discretion just to keep me in check. I was stopped out but then I saw it coming back so I got back in on the short side.

Today I acquired GBPUSD as I saw it move thru river and transition to the upside.

Here my results for the week:


My DRT Trade journal
Completed Trades:
Symbol Type Opened Closed pips comment
------ ----- ----------------- ----------------- ---- -------------------------
USDCHF Short 2/21 19:08 1.2393 2/22 09:42 1.2432 -39 stopped out
Current Trades:
Symbol Type Opened pips comment
------ ----- ----------------- ---- ------------------------------
EURUSD Long 2/22 16:16 1.3103 +61 looking towards 3262 and 3377
USDJPY Short 2/22 16:19 121.31 +26 looking to flow back to river 120.88
USDCHF Short 2/22 19:05 1.2390 +56 looking to 2275 and 2177
AUDUSD Short 2/22 16:21 0.7893 -27 looking back to river 7839
GBPUSD Long 2/23 15:47 1.9620 +13 Crossed upwards thru river+transition


DRT, I will follow your threads and listen to your suggestions thru the week and post my results at the end so maybe this way I could make out heads and tails out of your system.

Thank you very much for this opportuniity.
  • #69
  • Feb 23, 2007 10:38pm Feb 23, 2007 10:38pm
Thank you DRT! Very good post! Looking forward reading how your apply those proncipals and adapt them in your daily trading routine.

BTW The Secret is a good movie. It ads some degree of science added to those 2 books you mentioned which of course make it hybrid of science and new age. But nevertheless, it is a good movie and worth the time watching it
  • #70
  • Feb 24, 2007 7:36am Feb 24, 2007 7:36am
Great irusoh. Nice job. As time goes on, let us know what time frame charts (if any) you are watching to make your decisions.

DRT

Quoting irusoh
Hi DRT,

I shorted AUDUSD because I decided that since it didn't reach the zone and turned back it will flow back into the river. If I was thinking of buying it I probably would have waited for a more opportune moment.
The reason I was sold out CHF is that i put hard stoplosses at my discretion just to keep me in check. I was stopped out but then I saw it coming back so I got back in on the short side.

Today I acquired GBPUSD as I saw it move thru river and transition to the upside.

Here my results for the week:


My DRT Trade journal
Completed Trades:
Symbol Type Opened Closed pips comment
------ ----- ----------------- ----------------- ---- -------------------------
USDCHF Short 2/21 19:08 1.2393 2/22 09:42 1.2432 -39 stopped out
Current Trades:
Symbol Type Opened pips comment
------ ----- ----------------- ---- ------------------------------
EURUSD Long 2/22 16:16 1.3103 +61 looking towards 3262 and 3377
USDJPY Short 2/22 16:19 121.31 +26 looking to flow back to river 120.88
USDCHF Short 2/22 19:05 1.2390 +56 looking to 2275 and 2177
AUDUSD Short 2/22 16:21 0.7893 -27 looking back to river 7839
GBPUSD Long 2/23 15:47 1.9620 +13 Crossed upwards thru river+transition


DRT, I will follow your threads and listen to your suggestions thru the week and post my results at the end so maybe this way I could make out heads and tails out of your system.

Thank you very much for this opportuniity.
  • #71
  • Feb 24, 2007 7:38am Feb 24, 2007 7:38am
Lenny,

Maybe you can share some of the content with us if you think it is worthwhile. I may have been a little too quick to judge it. I will consider evaluating it. Thanks for the input.

Quoting Lenny
Thank you DRT! Very good post! Looking forward reading how your apply those proncipals and adapt them in your daily trading routine.

BTW The Secret is a good movie. It ads some degree of science added to those 2 books you mentioned which of course make it hybrid of science and new age. But nevertheless, it is a good movie and worth the time watching it
  • #72
  • Feb 24, 2007 8:54am Feb 24, 2007 8:54am
Quoting DownRiverTrader
Lenny,

Maybe you can share some of the content with us if you think it is worthwhile. I may have been a little too quick to judge it. I will consider evaluating it. Thanks for the input.
Not sure how I can share 90 minutes movie. My advise - rent and watch it. This movie is in the same category as What The Bleep Do We Know?

Both are well worth the time.
  • #73
  • Feb 24, 2007 9:27am Feb 24, 2007 9:27am
It's a cold Saturday morning here on the Chesapeake Bay. Waiting for warmer waters and warmer breezes patiently.

I wanted to let you know that I have added a section on the website for Currency Indexes. If you are newer to trading, maybe you did not know about these indexes or maybe you have been watching them for a long time. Maybe you trade them.

In any case, they have a lot of clues to help you determine where value exists. No need to let them confuse you or add complexity, but you should let them be a general guide. Sort of like a trend guide for the currencies you trade.

Take a look when you have a chance and begin to understand them. They will help you. CLICK HERE and look for the section on the left side
  • #74
  • Feb 24, 2007 10:03am Feb 24, 2007 10:03am
Hi Drt,

thank you for your continious excelent posts and mentoring. It appears I am the only one who comes in with all the questions. Hope it is ok since it might help others to understant it more as well.

In one of the post above you had a "dead" link. Please verify Common Principles of Success

Here are the questions based on further thinking:

1. Most traders here as you have already noticed as intraday traders. They enter and exit trades within a single trading session more often than not. If I am not mistaken your concept applies more in the longer terms if I am not mistaken. For instance if we take GBPUSD, it moved 90 pips this week. If we were to enter hypothetically based on the daily and hour chart in the beginning of the week most likely we would be still in the trade or stopped out. Is it correct? In other words, your method would have not enable to enter a trade yesterday for example when gbp moved 120 pips inside of a day. Or Perhaps it could only if you move to a smaller toime frame which you are not interested in? Please comment
2. Dealing with intraday activities, involves dealing with a lot of "noise" and market manipulation. How do you see this method "fit" for these type of trading activities? I am not talking scalping for 10 pips but generally adopting price distribution within inside day trades.
3. You stated that your indicator levels do not deal with volume. But it appears it deals with ticks which are the same unreliable volume based on the platforms. I might be mistaken but ticks are different between FXCM, Capital Gains, North Finance and others. Is that correct or I am missing something?
4. How and why did you choose those 6 pairs for your trading? Is there any reason you do not like crosses?

Thank you again for your wanderfull thread and great mentoring. Your web site is wanderful and I see that it has been growing. This is a lot of work and it is greatly appreciated.
  • #75
  • Feb 24, 2007 4:57pm Feb 24, 2007 4:57pm
Quoting Tradeit
Hi Drt,

thank you for your continious excelent posts and mentoring. It appears I am the only one who comes in with all the questions. Hope it is ok since it might help others to understant it more as well.

In one of the post above you had a "dead" link. Please verify Common Principles of Success
This was a mistake. It was a cut and paste error. Just ignore it.

[Here are the questions based on further thinking:

Quote

1. Most traders here as you have already noticed as intraday traders. They enter and exit trades within a single trading session more often than not. If I am not mistaken your concept applies more in the longer terms if I am not mistaken. For instance if we take GBPUSD, it moved 90 pips this week. If we were to enter hypothetically based on the daily and hour chart in the beginning of the week most likely we would be still in the trade or stopped out. Is it correct? In other words, your method would have not enable to enter a trade yesterday for example when gbp moved 120 pips inside of a day. Or Perhaps it could only if you move to a smaller toime frame which you are not interested in? Please comment

For me, all of the journal posting is based on short-term price movement. My view of short term is likely different than yours and may different from the next trader you speak with. If I hold a trade 2 weeks, that is short term for me.

I think I have stated this before but it may have been in one of the trading threads and not here in the journal. The holding period is irrelevant. What is relevant is how long it takes price to move from an entry point to a target level. Many times I will enter a trade based on River Theory and it will reach a target in an hour or a few minutes. During times of consolidation, like we are experiencing on most pairs, the trade may last serveral days. I think I entered the current USDCHF trade on 2-16, so I have been in it for about 8 days now. Don't get hung up on how long it takes, only if it works for you.

Looking at the GBPUSD that you wanted to know about, I was flat on this trade all week. I was not comfortable with shorts. I commented that I would only set up longs on a move above 9608 which occurred on Friday.

Again to summarize, the holding period is not important to me. Only capturing the maximum amount of the zones I am trading.


Quote

2. Dealing with intraday activities, involves dealing with a lot of "noise" and market manipulation. How do you see this method "fit" for these type of trading activities? I am not talking scalping for 10 pips but generally adopting price distribution within inside day trades.

I think I answered this above. Price distribution and value levels work with any time frame. Noise is part of the game.

Quote
3. You stated that your indicator levels do not deal with volume. But it appears it deals with ticks which are the same unreliable volume based on the platforms. I might be mistaken but ticks are different between FXCM, Capital Gains, North Finance and others. Is that correct or I am missing something?

I do not use indicators of any kind. Not sure why you think "ticks" are part of it. I call a "pip" and "tick" usually. Maybe I confused you. Sorry. Volume and Ticks have nothing to do with my methods.

Quote

4. How and why did you choose those 6 pairs for your trading? Is there any reason you do not like crosses?

I trade the majors. The main reason that I do not trade any other currency pairs is because I don't need to. There is a limit to my ability to track and trade a higher number of markets. ALso, and this is a huge reason, is because I also trade and analyze all the futures markets for the six pairs traded. They have ample liquidity and provide me with a lot of information which I use to my advantage.

If you notice on the website, I post the levels for the EURJPY. I had someone ask me about this and I added it but it is only on the website. I did not want to keep it here because I do not trade it.

Also, many of the crosses are not as responsive to my levels as the majors.

Quote

Thank you again for your wanderfull thread and great mentoring. Your web site is wanderful and I see that it has been growing. This is a lot of work and it is greatly appreciated.

You are welcome. I enjoy discussing this with you. I hope it is giving you some ideas. I am going to keep adding to the website as time goes on. I am enjoying messing around with it. I have a lot of other information that I want to get out to everyone. If you or anyone else has any ideas about what would help you, let me know and I will try to get it on there.
  • #76
  • Feb 24, 2007 6:17pm Feb 24, 2007 6:17pm
  •  tesla
  • Joined Oct 2006 | Status: Friendly Neighborhood Programmer | 533 Posts
Lots of interesting information here. ForexFactory is a great place to learn because of people like you sharing. For that, I thank you.

You've mentioned more than once that you trade (or at least follow) both futures and spot markets and that has me curious. My understanding was that the futures contracts tracked the spot market exactly once allowances were made for interest. Now, if that were the case there wouldn't be much of an incentive to track or trade both, you would simply choose whichever provided the liquidity and was most cost-effective to trade.

Am I wrong in my understanding? Is there an advantage to following both spot and futures markets?
  • #77
  • Feb 25, 2007 7:52am Feb 25, 2007 7:52am
The advantages in tracking the futures market is not so much in the mechanics or tangible advantages. It primarily lies in

 

  1. using supply and demand levels in the futues markets to forecast value levels in the spot market
  2. having the ability to watch time and sales with market depth
  3. other advantages that trading on a centralized exchange can offer such as tracking of any volume anomalies.

In my opinion, anyone who trades Forex and is not using the data available from the corresponding futures contract is missing some very valuable information. After all they are futures and I like to be able to see the future . You made a good observation.

Quoting tesla
Lots of interesting information here. ForexFactory is a great place to learn because of people like you sharing. For that, I thank you.

You've mentioned more than once that you trade (or at least follow) both futures and spot markets and that has me curious. My understanding was that the futures contracts tracked the spot market exactly once allowances were made for interest. Now, if that were the case there wouldn't be much of an incentive to track or trade both, you would simply choose whichever provided the liquidity and was most cost-effective to trade.

Am I wrong in my understanding? Is there an advantage to following both spot and futures markets?
  • #78
  • Feb 25, 2007 11:46am Feb 25, 2007 11:46am
Hi,

One more round and perhaps would clarify it more

Quoting DownRiverTrader

For me, all of the journal posting is based on short-term price movement. My view of short term is likely different than yours and may different from the next trader you speak with. If I hold a trade 2 weeks, that is short term for me.

I think I have stated this before but it may have been in one of the trading threads and not here in the journal. The holding period is irrelevant. What is relevant is how long it takes price to move from an entry point to a target level. Many times I will enter a trade based on River Theory and it will reach a target in an hour or a few minutes. During times of consolidation, like we are experiencing on most pairs, the trade may last serveral days. I think I entered the current USDCHF trade on 2-16, so I have been in it for about 8 days now. Don't get hung up on how long it takes, only if it works for you.


You did mention that you are in short term, intimidate and long term trader. Therefore somehow the timing of those trades are different for you. At least from the way you qualify them. Unless of course short term can turn into long term trade.

I understand your rationale on waiting for the target objective. But somehow the time of getting there might be important for you since all swaps expenditure might get in the view of those potential profits.

Well, my question was mainly related to my potential adaptation of your system and since I am an intraday trader and subsequently my trades do not go for longer than few days the time becomes an issue.

Perhaps using lower time frames such as 15 minutes would help in this area more but as you stated earlier the only way to do it is to have the indicators available and it is not visible for you to make the frequent updates. Again, my goal is to gain daily profits and sometimes those profit objective on the hourly charts take us into longer term trades which is good for longer term trading but not for intraday trades.

Quoting DownRiverTrader
Looking at the GBPUSD that you wanted to know about, I was flat on this trade all week. I was not comfortable with shorts. I commented that I would only set up longs on a move above 9608 which occurred on Friday.

Again to summarize, the holding period is not important to me. Only capturing the maximum amount of the zones I am trading.


My example was hypothetical and I was quite aware that you were not trading Cable last week. My point was still accurate that for an intraday trader at the lower time frames there were possible trades with your system but since we were looking on daily and hourly those intraday trades were not feasable




Quoting DownRiverTrader
I do not use indicators of any kind. Not sure why you think "ticks" are part of it. I call a "pip" and "tick" usually. Maybe I confused you. Sorry. Volume and Ticks have nothing to do with my methods.


Ticks are used in your price distribution chart that you posted and that is the one based on the platform so the very same chart that you had on TradeStation might look completely look different on Esignal. It is just my thought based on knowledge of Forex and ticks.



Quoting DownRiverTrader
I trade the majors. The main reason that I do not trade any other currency pairs is because I don't need to. There is a limit to my ability to track and trade a higher number of markets. ALso, and this is a huge reason, is because I also trade and analyze all the futures markets for the six pairs traded. They have ample liquidity and provide me with a lot of information which I use to my advantage.

If you notice on the website, I post the levels for the EURJPY. I had someone ask me about this and I added it but it is only on the website. I did not want to keep it here because I do not trade it.


Thanks that explains it. I have been trading with 2 pairs and that has been very time consuming for me. So I can imagine that following 6 pairs, futures, options, bonds, gold and maintaining these journals does not leave much time for you.

Quoting DownRiverTrader
Also, many of the crosses are not as responsive to my levels as the majors.

What do you mean?


Quoting DownRiverTrader
You are welcome. I enjoy discussing this with you. I hope it is giving you some ideas. I am going to keep adding to the website as time goes on. I am enjoying messing around with it. I have a lot of other information that I want to get out to everyone. If you or anyone else has any ideas about what would help you, let me know and I will try to get it on there.


Thank you! This is great stuff! As far as adding more stuff, I personally would like to hear how you approach your daily trading. How you define the plan between all the markets that you follow? How futures play role in your decision making?
  • #79
  • Feb 25, 2007 12:39pm Feb 25, 2007 12:39pm
Quoting Tradeit
Hi,

One more round and perhaps would clarify it more



You did mention that you are in short term, intimidate and long term trader. Therefore somehow the timing of those trades are different for you. At least from the way you qualify them. Unless of course short term can turn into long term trade.

I understand your rationale on waiting for the target objective. But somehow the time of getting there might be important for you since all swaps expenditure might get in the view of those potential profits.

Well, my question was mainly related to my potential adaptation of your system and since I am an intraday trader and subsequently my trades do not go for longer than few days the time becomes an issue.

Perhaps using lower time frames such as 15 minutes would help in this area more but as you stated earlier the only way to do it is to have the indicators available and it is not visible for you to make the frequent updates. Again, my goal is to gain daily profits and sometimes those profit objective on the hourly charts take us into longer term trades which is good for longer term trading but not for intraday trades.



My example was hypothetical and I was quite aware that you were not trading Cable last week. My point was still accurate that for an intraday trader at the lower time frames there were possible trades with your system but since we were looking on daily and hourly those intraday trades were not feasable



Quote

Ticks are used in your price distribution chart that you posted and that is the one based on the platform so the very same chart that you had on TradeStation might look completely look different on Esignal. It is just my thought based on knowledge of Forex and ticks.

Ticks per say are not used in my price distribution. My distribution is based on 30 minute time frames. So what happens for example is ....if the EURUSD trades at a particular level during 9:00 - 9:30 an "X" is placed on the horizontal axis.


Quote


Thanks that explains it. I have been trading with 2 pairs and that has been very time consuming for me. So I can imagine that following 6 pairs, futures, options, bonds, gold and maintaining these journals does not leave much time for you.

When I first traded currencies using this approach, I only traded the EURUSD. I lived with it for a year and it really paid off. Sometimes I wonder if I should go back to this. The main reason I looked at more pairs for short term trading was that I wanted to have more opportunities for set ups. To some degree the jury is still out for me on any advantages tracking more than one pair.

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What do you mean?

When I tested crosses with River Theory, they moved through the yellow and magenta levels much more violently and unreliably.


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Thank you! This is great stuff! As far as adding more stuff, I personally would like to hear how you approach your daily trading. How you define the plan between all the markets that you follow? How futures play role in your decision making?

Thanks for the input.
  • #80
  • Feb 25, 2007 1:00pm Feb 25, 2007 1:00pm
When I was referring to Tick charts, that was the chart I was talking about. It is a very usefull chart if ticks were reliable in Forex

Quoting DownRiverTrader


http://home.comcast.net/~downrivertr...ding_Value.PNG
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