Also, even if you get a pin on the aud/cad pair, the market there is consolidating now over the past few days. You may consider more of a breakout strategy for this trade short or long. Many things to consider when you find one of these "pin" bars and there is a wealth of information here on this thread to help you trade them for profit.
james16 Chart Thread
- #26,445
- Apr 7, 2009 4:06pm Apr 7, 2009 4:06pm
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Ghost Rider - WWTBMD?
- #26,446
- Apr 7, 2009 4:06pm Apr 7, 2009 4:06pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #26,447
- Apr 7, 2009 4:07pm Apr 7, 2009 4:07pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
and thank you jaroo for explaining how to attach picture
maklla
Indicators show the past. Price Action "Indicates" the future.
- #26,451
- Apr 7, 2009 4:13pm Apr 7, 2009 4:13pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
ok just a reminder.
its been several weeks since i rained on everyones parade.
1. if your new to any trading style/method and your trading intraday your asking for a disaster.
2. if your new to any trading style/method and your trading with real money before first proving your competence on demo your asking for a disaster.
3. even if your good at your trading style/method and you have been thru all the proper steps and your taking less than optimal set ups your asking for disaster.
4. for the vast majority of you if your taking 40 to 50 trades a month your asking for a disaster.
ok see you again with a copy/paste of this message again in about two weeks.
its been several weeks since i rained on everyones parade.
1. if your new to any trading style/method and your trading intraday your asking for a disaster.
2. if your new to any trading style/method and your trading with real money before first proving your competence on demo your asking for a disaster.
3. even if your good at your trading style/method and you have been thru all the proper steps and your taking less than optimal set ups your asking for disaster.
4. for the vast majority of you if your taking 40 to 50 trades a month your asking for a disaster.
ok see you again with a copy/paste of this message again in about two weeks.
- #26,452
- Apr 7, 2009 4:16pm Apr 7, 2009 4:16pm
Hey folks,
I have a couple questions on indicators.
I have the 150 & 365 EMA's with both set to Exp, Close, Shift 0, Correct?
Beginning to grasp divergence and notice many of you using/talking about the MACD. Do you use the default settings? Which on mine are...
Fast 12
Slow 26
MAC SMA 9
Close
Thanks
While i'm on the subject if your looking at Macd divergence would it not be easier to use Osma ?
- #26,454
- Apr 7, 2009 4:31pm Apr 7, 2009 4:31pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
this is how you do it kids.
jim
jim
Trade update:
1st half: 50 pips.
2nd half: BE.
- #26,455
- Apr 7, 2009 4:40pm Apr 7, 2009 4:40pm
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Yes 12 26 9 seems to be the settings, just open any attached charts and look at the Macd settings on the left
While i'm on the subject if your looking at Macd divergence would it not be easier to use Osma ?
As far as the Osma, I have no idea (yet)
Ghost Rider - WWTBMD?
- #26,457
- Apr 7, 2009 4:56pm Apr 7, 2009 4:56pm
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
Good trade so far. Entering first area price zone .5722.
Instead of taking 1/2 off and letting ride until second target what does anyone think of adding another unit at the break of this first target?
Just wondering for sake of conversation and learning.
BPP Grasshopper
A few things. Is adding to a position at the break of a 23%FIB part of your Trading Plan? Has this been tested? I have never tested that so I cannot comment on whether that's a good idea. I would hesitate doing it because of the uptrend that we've experienced in the last month though.
I am also short from 0.5838. Took 1/2 off at 0.5750 and remainder near B/E.
When I am trading, I try to place/manage each trade the same. This way, I can accurately measure the results. If I am adding to some positions and taking profits earlier than my plan on other trades, then I am unable to really gauge the results, which makes it tough for me to improve.
Just my 2 and I'm still a newbie
,Josh
- #26,458
- Apr 7, 2009 5:01pm Apr 7, 2009 5:01pm
Nonook,
A few things....
I am still developing in my trading style and understand that some traders begin compounding their trades while they trend. Although it has not been a part of my trading (in demo only I might add) learning curve I thought I'd get some input from the ones who have been down the road before me.
BTW- great job on the backtesting and other items you have brought to the forum. It takes most of my time just keeping up with this thread let alone backtest but I am getting there.
Thanks for the input. Greatly appreciated.
BPP grasshopper
- #26,459
- Apr 7, 2009 5:03pm Apr 7, 2009 5:03pm
ok just a reminder.
its been several weeks since i rained on everyones parade.
1. if your new to any trading style/method and your trading intraday your asking for a disaster.
2. if your new to any trading style/method and your trading with real money before first proving your competence on demo your asking for a disaster.
3. even if your good at your trading style/method and you have been thru all the proper steps and your taking less than optimal set ups your asking for disaster.
4. for the vast majority of you if your taking 40 to 50...
- #26,460
- Apr 7, 2009 5:03pm Apr 7, 2009 5:03pm
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
ok just a reminder.
its been several weeks since i rained on everyones parade.
1. if your new to any trading style/method and your trading intraday your asking for a disaster.
2. if your new to any trading style/method and your trading with real money before first proving your competence on demo your asking for a disaster.
3. even if your good at your trading style/method and you have been thru all the proper steps and your taking less than optimal set ups your asking for disaster.
4. for the vast majority of you if your taking 40 to 50...
TREAT YOUR TRADING AS A BUSINESS. PLAN YOUR TRADE AND TRADE YOUR PLAN.
There are dozens of posts in this thread that deal specifically with the benefits of treating this as a business with a business plan. Develop a trading plan and follow it. How otherwise can you measure your results, see what can or needs to be improved, and grow as a trader?
It wasn't until recently that I've taken these capitalized words seriously. I always thought I was trading seriously. But until I studied this thread and actually typed out a plan, with goals, money management rules, and ramifications for not following the plan, I wasn't seeing improvement in my trading.
Sorry for my rant but I think I'm finally starting to 'see the light'
Josh