Willem
Forex recipe for success = Patience, discipline & hard work.
- #6,222
- Jan 23, 2009 11:48am Jan 23, 2009 11:48am
Anybody took any trades today? (Good or bad) Is it my imagination, or has the market been whipsawing a lot in the last few days?? My biggest problem so far: knowing when NOT to trade. I can't see that I'm in a congestion zone (Golfer's SIDMOVs) until AFTER I'm spat out at the other end, all bruised and beatened...
Golfer, any tips on spotting SIDMOVs early, BEFORE you lose a trade or two?
Meanwhile, is anyone else having trouble getting profitable trades in the last week with this system? I've been only trading the EU, so maybe other pairs were more productive...
Thanks!
Golfer, any tips on spotting SIDMOVs early, BEFORE you lose a trade or two?
Meanwhile, is anyone else having trouble getting profitable trades in the last week with this system? I've been only trading the EU, so maybe other pairs were more productive...
Thanks!
Money missed is better than money lost
- #6,224
- Edited 4:20pm Jan 23, 2009 3:44pm | Edited 4:20pm
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Anybody took any trades today? (Good or bad) Is it my imagination, or has the market been whipsawing a lot in the last few days?? My biggest problem so far: knowing when NOT to trade. I can't see that I'm in a congestion zone (Golfer's SIDMOVs) until AFTER I'm spat out at the other end, all bruised and beatened...
Golfer, any tips on spotting SIDMOVs early, BEFORE you lose a trade or two?
Meanwhile, is anyone else having trouble getting profitable trades in the last week with this system? I've been only trading the EU, so maybe other pairs...
Yes, it is not that easy to spot the difference between SIDMOV and a small intra-day move in the beginning of a move. What I've done, was to look for signals after I saw a nice intra-day move. Hopefully to recognise it is future. Also I am still using the F12 key on my keyboard when looking back at such charts. To look at the the formation of the candle one by one.
As you know, signals are not that clear - otherwise everybody would have been a successful trader. Still it is all about patience. Sorry to repeat it, but it is so important. In the past, I just wanted to trade every setup and got burned severally. Nowadays I saw people posting chart and trades that I though: "That setup was not for me. I wouldn't have traded that one!" But then that member got 10+pips from it. So it is difficult to give clearcut advice.
For the next week I'll be in Austria again for a ski holiday. Not much trading for me. I'll see what I can do to pinpoint a few issues you can look for in a movement.
Just to summarise:
1. look at the 4h MACD charts and evaluate the price movements according to Phillip's 4h MACD system rules as posted and used (price moves between the MAs).
2. Trade the 5min in the direction of the 4h price movement rules. Just remember it is not always possible.
3. Then it is all in the pullback to the war zone for me - I do like to look at the pullback and then make my decision. The highs and lows are key issues for me. lower highs and higher lows and so on.
4. Then there are My Small support and resistance lines. It is important for the price to move in channel between a nice support and resistance line. SIDMOVs don't respect such lines as well as the MAs. They tend to form triangles. Bshardoo is good at trading the breakout of these lines - have a look at his charts.
More about it at a later stage- have to go and catch a plane.
Willem
Forex recipe for success = Patience, discipline & hard work.
Just some words of caution.
I would not call this trade you took a "High Probability" trade.
Let me explain why:
- the best trades are usually the ones taken right after MA crossing and retracement back to them (after power candle) - you did take 3rd retracement only
- look at the MACD - market makes higher highs but MACD makes lower highs which means divergence = be cautious
- market has ALREADY moved big number of pips (I don`t see numbers but from what I see it moved more than 100 pips) and from your chart I see that daily range average is 152 pips = be cautious on entering again
Good thing market was in fast trending mode - so your trade did work out for you.
Please be more careful next time and good luck!
Attached is your chart with some remarks of mine.
I would not call this trade you took a "High Probability" trade.
Let me explain why:
- the best trades are usually the ones taken right after MA crossing and retracement back to them (after power candle) - you did take 3rd retracement only
- look at the MACD - market makes higher highs but MACD makes lower highs which means divergence = be cautious
- market has ALREADY moved big number of pips (I don`t see numbers but from what I see it moved more than 100 pips) and from your chart I see that daily range average is 152 pips = be cautious on entering again
Good thing market was in fast trending mode - so your trade did work out for you.
Please be more careful next time and good luck!
Attached is your chart with some remarks of mine.
My trade today on AUDUSD
entry @ 0.6526
SL 0.6516
TP 0.6543
17 pips on high probability trade after studding few post on this thread
(but I still learn)
- #6,226
- Jan 24, 2009 12:47am Jan 24, 2009 12:47am
Just some words of caution.
I would not call this trade you took a "High Probability" trade.
...
Please be more careful next time and good luck!
I saw price back to war zone , smooth MACD and TC on it -
You sign 1st entry on picture as "take the trade" ,but this is very difficulty for me, in this moment, to decide on entry at beginning of trend - but I work of it.
I just don't see all signals and danger connected with them - I will tried look for more factor to be in more safety trade.
Thanks and I wish happy weekend !
- #6,227
- Jan 24, 2009 1:10pm Jan 24, 2009 1:10pm
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
THANKS FOR COMMENT sanjur0fla !
I saw price back to war zone , smooth MACD and TC on it -
You sign 1st entry on picture as "take the trade" ,but this is very difficulty for me, in this moment, to decide on entry at beginning of trend - but I work of it.
I just don't see all signals and danger connected with them - I will tried look for more factor to be in more safety trade.
Thanks and I wish happy weekend !
It is always diificult to take/enter the first pullback after a break of the 50MA because it could be the start of a SIDMOV. The previous highs and lows should give you some sort of indication.
I like to see some sort of price pattern (triangle (my favourite), Church, Bearish/Bullish 3 pattern, 3 lower highs/higher lows, pinbar (strong signal)) on the first pullback before I'll consider an entry. I'll be very careful but sometimes I do enter. Very seldom I'll take a classic 2-candle enter on the first pullback. This first pullback is usually used to draw My Small support/resistance line to determine the speed of the market.
Remember that you can draw 3 Small support/resistance lines in a move (the first two can be broken and still can give profitable trades).
I do like the 2nd pullback because then you get a better idea where the price is going. Still I like to see some sort of price pattern, And this is where My Small resistance/support lines come into play. It will give you an indication of whether the move is a SIDMOV or small intra-day trend.
The third setup as well as the others - I will treat it in the same manner as the first pullback and I'll consider taking quick profit and don't usually let my profit run.
Be careful when trading EUR or Cable during the opening of London of US session. Price tend to reverse after the opening and trigger your SL.
Just remember that the forex markets are very unpreditable and sometimes you needs to change your strategy on a very short time basis.
I hope it helps. I'll try and post examples to illustrate what I am saying.
Willem
Forex recipe for success = Patience, discipline & hard work.
To share different opinions and let others look at our trades and analyze or express concerns/give ideas.
Golfer and Bshadroo are doing a great service to all of us here.
I am actually using this strategy as my primary trading strategy and it is sure giving some nice profits - just have to seat in front of PC for a long time (which I don`t mind).
Patience is the name of the game.
Golfer and Bshadroo are doing a great service to all of us here.
I am actually using this strategy as my primary trading strategy and it is sure giving some nice profits - just have to seat in front of PC for a long time (which I don`t mind
).Patience is the name of the game.
- #6,229
- Jan 25, 2009 5:53am Jan 25, 2009 5:53am
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
To share different opinions and let others look at our trades and analyze or express concerns/give ideas.
Golfer and Bshadroo are doing a great service to all of us here.
I am actually using this strategy as my primary trading strategy and it is sure giving some nice profits - just have to seat in front of PC for a long time (which I don`t mind
Patience is the name of the game.
- #6,232
- Jan 25, 2009 10:18am Jan 25, 2009 10:18am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #6,233
- Jan 25, 2009 10:34am Jan 25, 2009 10:34am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
To share different opinions and let others look at our trades and analyze or express concerns/give ideas.
Golfer and Bshadroo are doing a great service to all of us here.
I am actually using this strategy as my primary trading strategy and it is sure giving some nice profits - just have to seat in front of PC for a long time (which I don`t mind
Patience is the name of the game.
My strategy is to look at the charts every now and then throughout the day. If there is nothing, I'll do something else. Just to return to the PC after 10-20minutes. Once I see sometime, I'll look at the price movements before the current setup, I'll also look for previous highs and lows, resistance and support levels, pivot lines and then I do start looking for my signals.
The setup should be calling me - I should not be looking for a setup. So clear must the setup be!!!! Don't feel bad if you've missed a nice setup. Luckily one doesn't have to wait too long for the next setup. That is the beauty of this system.
If I don't see any signals, I'll ignore the setup and continue with what I was busy doing before.
Once again - I don't look/search for a setup because one will always find a setup everytime you look for one. This is why one should be careful. look at any chart and see how many pullbacks to the war zone are there - many!!!!! This is where you'll get burned - hunting for setups. Therefore, the setup must call me. Then I know the trade is on.
That is my way of trading this system.
Willem
Forex recipe for success = Patience, discipline & hard work.
- #6,237
- Jan 28, 2009 2:23am Jan 28, 2009 2:23am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #6,238
- Jan 28, 2009 2:35am Jan 28, 2009 2:35am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #6,239
- Jan 28, 2009 2:53am Jan 28, 2009 2:53am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
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