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  • #261
  • Mar 11, 2009 11:04am Mar 11, 2009 11:04am
Well my first two nights here were spent having dinner with execs of our VIP customers who then wanted us to take them to karaoke which meant my having to sing and dance with young girls until the early hours of the morning.

Tonight was free so I promised myself I would be in bed by 9 o' clock. Well it's midnight now so another broken promise!

That's it then, I'm off!

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #262
  • Mar 11, 2009 11:11am Mar 11, 2009 11:11am
Hi, Strat,

I'm trying to get the hang of things here. But, have to admit as the thread grows (and it is growing rapidly) I'm becoming more confused.

I follow the Pimp strategy on the shorter TF's, but it feels like I am starting all over again here. I'm not even sure what questions to ask. Would it be possible to maybe show a few examples of actual trades with explanation of why it was taken, entry, stop loss and targets. (I know MM is different for everybody, but please, show for the purposes of learning).
Honest Bill
  • #263
  • Mar 11, 2009 11:33am Mar 11, 2009 11:33am
Quoting Honest Bill
Hi, Strat,

I'm trying to get the hang of things here. But, have to admit as the thread grows (and it is growing rapidly) I'm becoming more confused.

I follow the Pimp strategy on the shorter TF's, but it feels like I am starting all over again here. I'm not even sure what questions to ask. Would it be possible to maybe show a few examples of actual trades with explanation of why it was taken, entry, stop loss and targets. (I know MM is different for everybody, but please, show for the purposes of learning).
Hi Honest Bill,

I don't have the links to hand but i would suggest by reading James Price Action thread and Jacko's House of Forex Pleasure and Pain thread. Both are here on Forex Factory.

I can post links to both later tonight or you could try searching for them.

Cheers
Dan
  • #264
  • Mar 11, 2009 11:43am Mar 11, 2009 11:43am
Quoting Honest Bill
Hi, Strat,

I'm trying to get the hang of things here. But, have to admit as the thread grows (and it is growing rapidly) I'm becoming more confused.

I follow the Pimp strategy on the shorter TF's, but it feels like I am starting all over again here. I'm not even sure what questions to ask. Would it be possible to maybe show a few examples of actual trades with explanation of why it was taken, entry, stop loss and targets. (I know MM is different for everybody, but please, show for the purposes of learning).
Here you go Bill:

http://www.forexfactory.com/showthread.php?t=27286

http://www.forexfactory.com/showthread.php?t=2331

Essential reading IMHO

Dan
  • #265
  • Mar 11, 2009 1:33pm Mar 11, 2009 1:33pm
  • #266
  • Mar 11, 2009 1:42pm Mar 11, 2009 1:42pm
Dancing with young girls indeed singing and dancing i dare say drinking too! and at your age.You can rest assured i certanly will not be carrying on like that sir,no not i no never.
  • #267
  • Mar 11, 2009 1:47pm Mar 11, 2009 1:47pm
Hi Strat,

Well I haven`t entirely stripped naked on my charts, still keeping my 20`s and 50`s. Can`t trade totally naked, Nicola might be watching !

S
  • #268
  • Edited 2:18pm Mar 11, 2009 2:02pm | Edited 2:18pm
In regards the whole S/L break even take profit thing.

Its never gonna be any different because market is never the same twice.
You cant fit an elephant in a bird cage so what to do?

This is what i do.I look in my crystal ball and i say entry is...... there it will pause there ,there and there.At each of those "theres" i do something.I decide what im gonna do before entry.If A,B or C happens at one of those "theres" ill do X Y and Z and il do that process till i feel ill be at the free trade point then i dont care.
In a trending market ill give it more room.In a consolidation market ill take no prisoners.

The combinations are endless and the outcome is always different but with practice they tell me it gets better G

One mental indicator of how good the trade is, is how quick that process jumps out at me.

And try to have fun...
  • #269
  • Edited Mar 12, 2009 5:26am Mar 11, 2009 2:31pm | Edited Mar 12, 2009 5:26am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Hi guys and gals, today my first stress free trade of the week.

Thanks to wise words of Strat and all of you I'l try to move on to higher time frames.

This morning I draw a few support lines and put a market order in @1.2650 after the hammer and piercing line pattern on the one hour chart.

I did set my take profit @ 1.2725 with looked like a possible resistance this morning .

Stop loss under the hammer ,and switched off my laptop at 10

Went with my Mrs. to La Rochelle for midday dinner and a walk on the see side back at 4 .

4.01 switch laptop on TP hit! dinner payed lovely day.

You know "I'm from Barcalona" and my trading framework is still under construction.
A one our time frame is still noise for some traders but coming from 15 and 5 min candles it could be called progress .





Hans..
  • #270
  • Mar 11, 2009 5:10pm Mar 11, 2009 5:10pm
Hello strat!

First of all, i'd like to thank you for your posts, your weird indeed, sense of humor, but most importantly, for sharing information that others keep as their biggest secret!

I am a complete newbie, 1 and a half month of trading with demo accounts only, but been fascinated with trading for years (for various different reasons).

At first i was struggling to trade with 15M, 30M, 1H, but always lost the trades. Tried scallping, but it seemed like i got in the trade at the wrong time.

It was around that time that i had read all the info on babypips.com, added any kind of indicator in my MT4, and could not figure out why i was losing, losing losing.

Then i found your article here, among some other articles, which changed my perspective. Ever since i got rid of all the indicators, and im currently using only a EMA10, Pivot Points, and a few Fibonacci retracements.

I suddently realized (dont ask how), that in order to see how the rate might go, i had to step back, and look at the bigger picture (4H, 1D, 1W).
That was when i started seeing the patterns, the double tops, the waves...
That was also when i first understood what you meant by "stress free"...

Now, after reading your topic, and many other people's topics here in FF, i understand i was heading the wrong direction.

So i want your personal advice, and opinion before i ask a couple of questions...

Do you think its worth investing time and money in reading books that have to do with patterns? (chart patterns). Do you think its worth investing time and money in educating myself in candlesticks. There seems to be alot of books on japanese candlesticks, and although in all my charts i use candlesticks, recently only did i realize how important they are.

I also noticed you mentioned many times that you use Volume indicators.
How exactly do you measure the volume? Or is it done automatically?
I was under the impression that it is impossible to measure volume in Forex, and that most volume indicators (in MT4, and other platforms), give us a false imagine, simply because this is the volume of the specific broker only! Whats your take on that?

Finally, i was wondering how do you get your info on those fundamental analysis you have posted before. You seem to have a better understanding of where the economy is heading than reuters.com, BBC.co.uk and other news websites.

I apologize if you have answered any of those questions before, and i failed to see it.
  • #271
  • Edited 5:15pm Mar 11, 2009 5:13pm | Edited 5:15pm
Quoting Honest Bill
Hi, Strat,

I'm trying to get the hang of things here. But, have to admit as the thread grows (and it is growing rapidly) I'm becoming more confused.

I follow the Pimp strategy on the shorter TF's, but it feels like I am starting all over again here. I'm not even sure what questions to ask. Would it be possible to maybe show a few examples of actual trades with explanation of why it was taken, entry, stop loss and targets. (I know MM is different for everybody, but please, show for the purposes of learning).
Glad you're here Honest Bill - we'll get you sorted out - don't worry. Might not be this month or next, but we'll do it.

Now one very important point - As I have told all the others asking for my help, the brain is a very complex, yet simple organ, it cannot handle learning two ways of doing the same thing at the same time and just fries itself. I know I have lost $tons trying to do it. Either trade what you have already or drop everything and open your mind to new ideas and methods.

Your confusion is because you are doing a strategy that does not require you to watch price action and is reliant on squiggly lines. You are getting torn between the two methods.

It is difficult for me to know exactly what is needed because I did it the other way round. I went from Daily price action to M15 and M5 using a proven strategy to get some action (stress and pressure) and very quickly came back to the real thing.

I know you are in contact with Nicola and really, because she has been in exactly your situation, best knows how to help you so I am asking Nicola if she can help through this thread and I will give my input as needed.

With so many people wanting information and answers, I have become disorganised in laying out this thread so I'm going to tell you what you probably don't want to hear and that is go back and re-read the whole thread again. But don't flash read - after reading each post, give yourself a test - ask yourself if you understand what was written, can YOU use it, how would YOU use it. By asking yourself these questions, you will learn so much more. As you do this, write down what you don't understand and then ask the questions.

Your request to put up a chart and show examples is exactly what I will NOT do at this stage. Why? Because that is the easy way out and more important, will not help you with this method. This is not like the Pimp Strategy or indeed any other requiring you to blindly follow a squiggly line. You have to learn what each single price bar is telling you, then what a group of price bars are telling you, then what a swing is telling you, etc, etc ALL within the boundaries of support and resistance.

I know you want it all in a couple of hours but this is a lifetime learning process and don't worry, Bill, you are in at the beginning, we are only at 18 pages BUT until you get over your reliance on squiggly lines and open your mind to reading and understanding price charts, you will be forever fighting within yourself.

Like I have said in other posts, the first thing to do is learn BASIC price action from Jim and Mike (mbqb11 Resident Elmer Fudd) at James 16. No need to read current posts just the first 200 or so pages.

Whether you read Jacko or not is up to you. He trades the 50% fib retrace in the direction of the trend on the Daily but has since dropped down to H4 supposedly because of volatility but I think he has chickened out. However, he has an uncanny sense of reading EURUSD and the funny mentals and can do what we do without all our hard work.

But first you have to decide what your style and time frame is - squiggly lines with stress and pressure or emotion and indicator free trading.

Until you sort out your internal confusion Bill, no-one here can help you.

I'm sorry this is not the answer you were looking for.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #272
  • Mar 11, 2009 5:38pm Mar 11, 2009 5:38pm
Quoting Baba G
Dancing with young girls indeed singing and dancing i dare say drinking too! and at your age.You can rest assured i certanly will not be carrying on like that sir,no not i no never.
But you're Italian for who life is ONE big party!

That's good then - more for me!

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #273
  • Mar 11, 2009 5:40pm Mar 11, 2009 5:40pm
Quoting Baba G
In regards the whole S/L...
Great Gianni, I couldn't have said it better myself

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #274
  • Mar 11, 2009 5:51pm Mar 11, 2009 5:51pm
Quoting SailorFx
Hi Strat,

Well I haven`t entirely stripped naked on my charts, still keeping my 20`s and 50`s. Can`t trade totally naked, Nicola might be watching !

S
Hello Sailor.

Well, you too are on the road to trading success. Nicola is now a "Darksider" so you have to be very careful and yes, she is ALWAYS on the lookout for naked traders.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #275
  • Mar 11, 2009 5:58pm Mar 11, 2009 5:58pm
Gianni,

I woke up in bed this morning with a huge problem. The 10pm closing for the UK traders - I'm surprised about that and that it is so much of a problem for them.

Since you obviously work your way around this, will you please kindly share with them what you and how you do your analysis based on this closing time.

Grazie mille

Sorry about Inter Milan

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #276
  • Mar 11, 2009 6:41pm Mar 11, 2009 6:41pm
Quoting hansnl
Hi guys and gals, today my first stress free trade of the week.

Thanks to wise words of Strat and all of you I'l try to move on to higher time frames.

This morning I draw a few support lines and put a market order in @1.2650 after the hammer and piercing line pattern on the one hour chart.

I did set my take profit @ 1.2725 with looked like a possible resistance this morning .

Stop loss under the hammer ,and switched off my laptop at 10

Went with my Mrs. to La Rochelle for midday dinner and a walk on the see side back at 4 .

4.01 switch laptop...
Hans,

Welcome to my new home - you know we exchanged a few posts on the other Forum and I'm really, really pleased to see you turn your trading around into positive pips.

Now, if I may just address a few things in your post:

1) " put a market order in @1.2650 after the hammer " There is NO hammer in any of the bars shown on your chart!
2) You dropped "lucky" on this trade but if you continue to trade like this you will be posting negative pips again
3) You are using software to recognise candlesticks and chart patterns!
i) This software has no more use than rocking horse sh*t! It is NOT identifying the candles and patterns correctly
ii) If you think you are reading price action doing it this way - you are FOOLING yourself
Think about it, some guy who doesn't know a hammer candle from a paella, has just written a program to scam people with.
4) You must train YOURSELF to identify candles and patterns - your brain is way better than any computer and it's software

While I commend you from escaping M5 and M15, H1 is not what this thread is all about. Price action gets more and MORE unreliable as you go to shorter time frames. The Daily chart is 24 times MORE ACCURATE in price action than a H1 chart.

Since this thread is all about trading price action on the DAILY chart, will you please kindly remove this post and your chart. Thank you.

You may wish to take it over to J16 as there are others on there who think they can trade price action on a H1 time frame.

You are always welcome to come back here if you ever make it to the Daily.

Muchas gracias

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #277
  • Mar 11, 2009 6:59pm Mar 11, 2009 6:59pm
Hi Strat,

My first chart (with 20s and 50s you'll be happy to see! - although mine are blue for 20, red for 50).

We saw a neutral doji yesterday signalling hesitation in the market and possible change of direction (i think - i'm sure you'll correct me if i'm wrong) and price bounced off support today. I'm showing resistance at 1.3874 and if the price can move strongly through this, my next level of resistance is at 1.4157.

What do think?

[IMG]file:///C:/Users/DANPHI%7E1/AppData/Local/Temp/moz-screenshot.jpg[/IMG]
Attached Image (click to enlarge)
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  • #278
  • Mar 11, 2009 7:10pm Mar 11, 2009 7:10pm
Quoting GreedyPIPs
Hello strat!

First of all, i'd like to thank you for your posts, your weird indeed, sense of humor, but most importantly, for sharing information that others keep as their biggest secret!

I am a complete newbie, 1 and a half month of trading with demo accounts only, but been fascinated with trading for years (for various different reasons).

At first i was struggling to trade with 15M, 30M, 1H, but always lost the trades. Tried scallping, but it seemed like i got in the trade at the wrong time.

It was around that time that i had read all the...
Welcome to the thread and all who sail in her (Hello Sailor!)!

Why do new traders start with shorter time frames? If you cannot make profits on the Daily chart, you don't stand a chance in hell to do it on a shorter time frame.

Yes, read and learn everything you can - price, candles and forex especially TRADING PSYCHOLOGY. Never stop reading and learning.

For volume, I use the standard MT4 volume indicator. Volume in Forex opens up a can of worms. Since there is no central exchange as in stocks we get a sampling of volume through our brokers. This brings us to two schools of thought - 1) Forex volume is useless and unreliable and 2) Volume can be used as PART of a trading method.

Think about elections - there are always sampling polls taking a small percentage of the population BUT they have been proven to be somewhere in the region of 90% to 95% accurate. To me, and it's my opinion only, Forex Volume samples are just as accurate.

There are traders who trade ONLY on Volume Spread Analysis but for me, I use it to confirm or otherwise price action so for me, Forex Volume is very valuable and I do not care a rat's ass what anybody else thinks about it's use.

You credit me for something I don't deserve or even understand with regard to fundamental analysis better known by me as "funny mentals". I get most of my funny mental stuff from Jacko who knows it better than anyone else I know and from our resident "Darksider", Nicola. I try to look at Bloomberg but all that stuff bores the hell out of me - I want to see a chart!

Thank you for your questions, I hope these answers help and I welcome you to join the already growing group of quality traders on here.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #279
  • Mar 11, 2009 7:40pm Mar 11, 2009 7:40pm
Quoting AstonDan
Hi Strat,

My first chart (with 20s and 50s you'll be happy to see! - although mine are blue for 20, red for 50).

We saw a neutral doji yesterday signalling hesitation in the market and possible change of direction (i think - i'm sure you'll correct me if i'm wrong) and price bounced off support today. I'm showing resistance at 1.3874 and if the price can move strongly through this, my next level of resistance is at 1.4157.

What do think?

[IMG]file:///C:/Users/DANPHI%7E1/AppData/Local/Temp/moz-screenshot.jpg[/IMG]
Aston Martin hopeful - what do I think? I think you are doing absolutely bloody brilliant for someone only 5 months into their forex trading career. Well done, Dan

Now for some positive and constructive comments

I'm relieved to see your MAs back - you will learn how useful they are!

You are correct with the recognition of a neutral doji but that is all it is - it is telling you there is indecision - the buyers and sellers have met and cannot agree on anything. It does NOT, absolutely NOT, tell you of a possible direction change. What it tells you is there are sellers closing their shorts (profit taking) and others coming in to sell and some to buy. It is doing nothing more than taking a rest - it is NOT a price reversal bar. On my data it is a bearish candle, not even a doji.

On your chart, price did NOT bounce off support. That hammer like candle went searching BELOW support looking for sellers, couldn't find any so came back, found a few buyers (suckers) and closed just above support so, at support.

Why have you put in a buy order above the highs? Yes, a small retrace is expected BUT with a lot of risk - you are going to have to get out pretty quick to come away with some Gladys Knights. You are standing in front of Oprah's boobs and the South bound express!

The next level of major resistance is at 1.3900 which is currently rejecting price. The next major resistance after that is at 1.4050.

You are doing good though, Dan and definitely thinking with the correct thought process.

Keep posting and asking questions.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #280
  • Mar 11, 2009 7:42pm Mar 11, 2009 7:42pm
Thank you for the prompt reply!
I was under the impression that you were the one doing the research on the global economy, i missed the part where you were quoting someone else.

I understand better now how you would use the volume indicators. I imagine the bigger the broker, the more representing the volume?

This is where my statistics knowledge could come in handy, but i don't think any broker would disclose information about their volume data.
Reason I'm asking is because i was reading all the VSA articles around.
My humble opinion at this moment is that the most important thing i need to learn is to recognize patterns, trends and most important of all recognize "correct" entry and exit points. Oh well, time will tell.
Could you please explain why is it that psychology is the most important factor?

The reason why new traders go into smaller time frames and use all these indicators is because we are led to believe (from the brokers, ads and EA scummers) that this is the way to succeed in making profitable trades, while I'm starting to think that it is the exact opposite!

Last but not least, i wanted to thank you for sharing the story with Dr.Joe. I think that was one of the most enlightening posts i have read on the net so far!

Take care and keep rocking
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