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Lets build a system from the ground up..eur/usd

  • #21
  • Mar 3, 2009 3:33pm Mar 3, 2009 3:33pm
Quoting CanuckCT
I think you missed Ron's point....you first have to decide what type of trader you want to be and then what time frames you want to use....without this basic premise I think you will flap in the wind. Trading with the trend on M5 might be a counter trend trade on H4....well, there are many possibilities.

So....what type of trading do you want to do....you first need to answer that..

Trend
Counter trend
Breakout

Are three basic ones and perhaps where you should be starting....

And then what timeframe...

Cheers
CanuckCT

As far as what type of trader i'd like to be ...I could easily answer that as with one word....succesful...I would like to strive to be a succesful trader...as far as time frame...with the exception of one chart i posted on here they have all been on the 30 min. time frame...the only reason i posted the daily is to try to find the general direction of the market and to spot any support or resistance levels and not place any trades around these levels....I would like to be able to look at a chart despite the time frame and analyze price action and understand what is going on and what would likely happen....whether it is a trend , a breakout , or a trend reversal.....and take advantage of the opporutunities when they present themselves....perhaps me wanting to accomplish this shows how much more I have to learn as everyone here is saying i either need to be one type of trader or another....
  • #22
  • Mar 3, 2009 3:37pm Mar 3, 2009 3:37pm
You want to read this pdf. Not your usual ebook,

http://bigpicture.typepad.com/commen...urtlerules.pdf
  • #23
  • Mar 3, 2009 3:40pm Mar 3, 2009 3:40pm
Quoting mikkom
You want to read this pdf. Not your usual ebook,

http://bigpicture.typepad.com/commen...urtlerules.pdf
Thank you Mikkom, I will definetly take a look at it...
  • #24
  • Mar 3, 2009 3:49pm Mar 3, 2009 3:49pm
Quoting mf036ml
As far as what type of trader i'd like to be ...I could easily answer that as with one word....succesful...I would like to strive to be a succesful trader...as far as time frame...with the exception of one chart i posted on here they have all been on the 30 min. time frame...the only reason i posted the daily is to try to find the general direction of the market and to spot any support or resistance levels and not place any trades around these levels....I would like to be able to look at a chart despite the time frame and analyze price action and...
Everyone wants success in this game! That's a given, otherwise, we all wouldn't be here.(well most of us I presume, lol).

I just stumbled onto this thread, and frankly, I think it's a great idea!

With that said, I'll give my thoughts;

There have been a few poster's that appeared to genuinely take the time to respond to this thread with their "perception" of how you might go about making it successful.

Most of them even refrained from being mildly sarcastic(which, by the way, is what some of them were)Again Mildly!

I think it might be time to step back, evaluate what others have suggested, take it with a grain of salt(hell, even have a shot of Tequila with that salt! , then, come back, and understand, that they certainly wouldn't have taken the time to give their thoughts had they not even cared.

However, some people in this forum do tend to appear to post just for the "thrill of a rise" out of people. (which, i highly doubt is the case here!)

With that said!.....Please keep this Thread going, as you never know what (or who) might be watching and being interpreted.....

Afterall, like you said, only 24 hours into it!!! wink,wink!!

Oh, one more suggestion: between each paragraph, put a double space, so it appears on the website as several paragraphs(easier to read)

Pippdaddy, OUT!
  • #25
  • Mar 3, 2009 3:58pm Mar 3, 2009 3:58pm
Quoting pippdaddy
Everyone wants success in this game! That's a given, otherwise, we all wouldn't be here.(well most of us I presume, lol).

I just stumbled onto this thread, and frankly, I think it's a great idea!

With that said, I'll give my thoughts;

There have been a few poster's that appeared to genuinely take the time to respond to this thread with their "perception" of how you might go about making it successful.

Most of them even refrained from being mildly sarcastic(which, by the way, is what some of them were)Again Mildly!

I think...

Was looking at what Mikkom sent me and was only able to look over it briefly but It looks very intersting....thanks again Mikkom...definetly going to take a really good look at it....
  • #26
  • Mar 3, 2009 5:35pm Mar 3, 2009 5:35pm
Quoting mf036ml
Was looking at what Mikkom sent me and was only able to look over it briefly but It looks very intersting....thanks again Mikkom...definetly going to take a really good look at it....

opened long at 1.2548
tp 1.2582
sl 1.2521
  • #27
  • Mar 3, 2009 5:42pm Mar 3, 2009 5:42pm
chart
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  • #28
  • Mar 3, 2009 6:28pm Mar 3, 2009 6:28pm
From my charts I have a trading range in the 1.2522 to 1.2550 range. If it breaks out of that you may hit that profit target. Still, It may stall around the 1.2566 level.

Low liquidity right now so it could be a slow crawl.
  • #29
  • Mar 3, 2009 6:50pm Mar 3, 2009 6:50pm
Quoting Tigertron
From my charts I have a trading range in the 1.2522 to 1.2550 range. If it breaks out of that you may hit that profit target. Still, It may stall around the 1.2566 level.

Low liquidity right now so it could be a slow crawl.
So much for my low liquidity call.
  • #30
  • Mar 3, 2009 6:57pm Mar 3, 2009 6:57pm
Hey all,

I always wanted to do something like this and build a system from the ground up open to the public eye. I specialise in the EU. I think the first thing we need to do is corfirm a time frame that the system will be based around.

FJ
Stacking pips since 2002
  • #31
  • Mar 3, 2009 7:46pm Mar 3, 2009 7:46pm
Quoting forexjedi
Hey all,

I always wanted to do something like this and build a system from the ground up open to the public eye. I specialise in the EU. I think the first thing we need to do is corfirm a time frame that the system will be based around.

FJ

Sl hit......not off to a good start....forex Jedi, Like the enthusiasm...what time frame do you favor...? I know the longer time frames usually involve more risk..but less time staring at the screen...my ears are open...lets pick a time frame and start over....
  • #32
  • Mar 3, 2009 7:55pm Mar 3, 2009 7:55pm
Quoting mf036ml
Sl hit......not off to a good start....forex Jedi, Like the enthusiasm...what time frame do you favor...? I know the longer time frames usually involve more risk..but less time staring at the screen...my ears are open...lets pick a time frame and start over....

Ok, till were all on the same page i think I'll ramble a little more....on the daily chart I have a line across 1.2418 as a strong line of support (i'll post up my chart)...price is hovering just above this....so lets wait and see what happens when it reaches this point...will break through? if so what level will it test and how do we apply to taking a trade...or will it bounce of this again and how will we apply this to a succesful long trade?
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  • #33
  • Mar 3, 2009 8:19pm Mar 3, 2009 8:19pm
Im leaning towards the 1h or 30 min. I like the idea of the 1h for lonr term profit potential.




Quoting mf036ml
Sl hit......not off to a good start....forex Jedi, Like the enthusiasm...what time frame do you favor...? I know the longer time frames usually involve more risk..but less time staring at the screen...my ears are open...lets pick a time frame and start over....
Stacking pips since 2002
  • #34
  • Mar 3, 2009 8:41pm Mar 3, 2009 8:41pm
Quoting forexjedi
Im leaning towards the 1h or 30 min. I like the idea of the 1h for lonr term profit potential.

so the one hour it is....I'll open up a one hour chart to try and find our entries and exits...and i'll also open up a 4hour or daily chart as well, to try and find main trend and major levels of support and resistance...
  • #35
  • Mar 3, 2009 8:53pm Mar 3, 2009 8:53pm
Quoting mf036ml
so the one hour it is....I'll open up a one hour chart to try and find our entries and exits...and i'll also open up a 4hour or daily chart as well, to try and find main trend and major levels of support and resistance...
Ok, so here's what my 4hour chart looks like...in the hopes of finding main trend and then finding our entries on the 1hour..

at first look it appears as if the general trend is obviously down and price has been moving a bit sidways for a bit

Price is real close to 1.2417 which looking back has been unable to penetrate this level atleast 3 other times visible on the chart...
Attached Image (click to enlarge)
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  • #36
  • Mar 3, 2009 9:01pm Mar 3, 2009 9:01pm
Quoting mf036ml
Ok, so here's what my 4hour chart looks like...in the hopes of finding main trend and then finding our entries on the 1hour..

at first look it appears as if the general trend is obviously down and price has been moving a bit sidways for a bit

Price is real close to 1.2417 which looking back has been unable to penetrate this level atleast 3 other times visible on the chart...

So, any suggestions...should we be looking for shorts on the one hour ? or should we wait for price to break this level before looking for short?

Or if price bounces of this level and goes up....or will it bounce of this level and go sideways?
  • #37
  • Mar 3, 2009 9:08pm Mar 3, 2009 9:08pm
I have a quick question:
Have ever considered having MTF stochastics, instead of just one showing on the chart without flipping around between timeframes?

I am a big fan of Stochastic indicator, have you ever read Spud's stochastic threads?

Good luck!
Joan
  • #38
  • Mar 3, 2009 9:20pm Mar 3, 2009 9:20pm
Quoting JoanArc
I have a quick question:
Have ever considered having MTF stochastics, instead of just one showing on the chart without flipping around between timeframes?

I am a big fan of Stochastic indicator, have you ever read Spud's stochastic threads?

Good luck!
Joan
Joan, if we can find a way to make it work here...then lets put it together...lets try and find the bits and pieces that have worked for us all and tweak it and share information to put together a set of rules that would product consistent results...

In all honesty I wish we could put together a mechanical system where the entries and exits are clearly defined and all emotion and speculating as am now doing is taken out of the equation....

this is just were I am now and what am looking at...

Please feel free to add, share , and even critisize...If I knew what I were doing and it worked I would not have taken the time to begin this thread...

Lets try different things and compare results so were not deviated or waste unessarry time chasing our tales with approaches that dont work in the end...


lets get it rolling and start posting all our trades here and disecting them to see what goes wrong or what goes right....
  • #39
  • Mar 3, 2009 9:43pm Mar 3, 2009 9:43pm
Quoting mf036ml
Joan, if we can find a way to make it work here...then lets put it together...lets try and find the bits and pieces that have worked for us all and tweak it and share information to put together a set of rules that would product consistent results...

In all honesty I wish we could put together a mechanical system where the entries and exits are clearly defined and all emotion and speculating as am now doing is taken out of the equation....

this is just were I am now and what am looking at...

Please feel free to add, share , and even critisize...If...


Here's what my 1hr. chart looks like...the blue line is the level of support noted the 3 bounces of on the 4hr. chart....and my red trend line on top...
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  • #40
  • Mar 3, 2009 10:19pm Mar 3, 2009 10:19pm
Quoting mf036ml
Here's what my 1hr. chart looks like...the blue line is the level of support noted the 3 bounces of on the 4hr. chart....and my red trend line on top...

Ok, were here to learn right...and were risking nothing cause were on demo...what better way to watch price action than to open up a trade and see how it acts around this level of support....

So am opening up an order with the sl at the nearest swing high...1.2687

not setting a tp as i simply want to see what price does and how it reacts around these levels...and to be quite honest its funner with an open order....so will see tomorrow morning where we stand...and if I have time will continue to post during the day....anyone please feel free to jump in here with any input .....please...
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