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Trading can be as simple as you want

  • #21
  • Apr 13, 2009 3:45pm Apr 13, 2009 3:45pm
Quoting Fana
Sentiment is very important, how could be identified exactly??? On H4 or daily... I have to reveal. I have got still very big looses on my demo...

Thats a problem mate..there is no is exact way mate...you just want to be paying attention to market structure...by this I mean is support holding and making retracements and extensions. As well dont stay to close to the market and always look at the broader picture. Each timeframe has its own trend and trends always last longer then what people think...
  • #22
  • Apr 13, 2009 3:57pm Apr 13, 2009 3:57pm
Here is my view of EU daily fibs.

p.s.
I am trieing not to be too far from price and not to be too close to price..


Any comments ?




Thank You.
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  • #23
  • Apr 13, 2009 4:51pm Apr 13, 2009 4:51pm
Quoting tfflyer
Here is my view of EU daily fibs.

p.s.
I am trieing not to be too far from price and not to be too close to price..


Any comments ?




Thank You.
You see to me this pair is still bearish in the daily chart since I give more importance to the red fbb...though last months move told me the sentiment was getting a big test by making such a fast retracement. So what this means to me as a trader is that if I take shorts I want to treat them like scalps and longs as well since both sides are not conclusive. But by all means I prefer short postions specially if you take a look at the last 2-3 weeks how you bounce of the green fibbs but over all the sentiment is strong enough to push harder down . As well as each time it runs up it makes it lower highs. So I am looking for a potential sell off in the daily if the correct price action is shown.
  • #24
  • Apr 13, 2009 7:09pm Apr 13, 2009 7:09pm
Quoting Fana
Are we on retail prices? GU? EUR... I think, that the market made some important movements, maybe now extensions work...

Hope you placed your stop out of the range I am still in my long
  • #25
  • Apr 13, 2009 8:24pm Apr 13, 2009 8:24pm
hi shermenator, could you check am i drawing the fibo line correctly on this eur/usd 1h chart??
i'm planning to go long after breach support long or short after breach support failure.
many thanks for your help
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  • #26
  • Apr 13, 2009 8:40pm Apr 13, 2009 8:40pm
Quoting gun2_85
hi shermenator, could you check am i drawing the fibo line correctly on this eur/usd 1h chart??
i'm planning to go long after breach support long or short after breach support failure.
many thanks for your help

It all comes down to what your are trying to do...I see that your getting to close to price meaning you open youself to more wipsaw so that means you have to be in top of price action more. This comes down to how advance your managing skills are once in a trade. I primerly trade 4 hour charts and above simply since I sleep and wake up for those candles. Sometimes you will be finding me trading 1 hour chart but I dont have one exact way of moving my fibbs since I closesly watch how the market evolves. Trading is not mechanical
  • #27
  • Apr 14, 2009 1:07am Apr 14, 2009 1:07am
Alright I am still in my long I kept my stop loss out of the range like I mentioned yesterday...

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  • #28
  • Apr 14, 2009 3:05am Apr 14, 2009 3:05am
Trade is working out fine ...I am still letting my trade mature...
  • #29
  • Apr 14, 2009 3:10am Apr 14, 2009 3:10am
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Here is the picture of my current postion...
  • #30
  • Apr 14, 2009 3:13am Apr 14, 2009 3:13am
EURCHF is running up, but i dont know why... Waiting for today news, what it will cause with eur, gu... I have small profit from yesterdays short of eurusd... but it was like betting... so i dont want to repeat such... How long do you hold trades? For me, personaly its still quite frustrating to hold them too long (more than lessthan one day..). Thank you
  • #31
  • Apr 14, 2009 3:18am Apr 14, 2009 3:18am
Quoting Fana
EURCHF is running up, but i dont know why... Waiting for today news, what it will cause with eur, gu... I have small profit from yesterdays short of eurusd... but it was like betting... so i dont want to repeat such... How long do you hold trades? For me, personaly its still quite frustrating to hold them too long (more than lessthan one day..). Thank you

Well you see I was looking at this trade from a longer perspective and I am looking to move my stop to break even as it goes my way more ....keep in mind I am more of a 4 hour chart trader ....if you look at the sentiment in the 4 hour chart this pair is still up and if you look at the previous 2 weeks low the market strted to push up ... You want to let the trade develop, if not you will take 10 pips and win 10 little trades like that but when you get a loser it takes everything away....
  • #32
  • Apr 14, 2009 3:27am Apr 14, 2009 3:27am
Once price goes up a bitt more my way I will move my stop to break even...

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  • #33
  • Apr 14, 2009 3:54am Apr 14, 2009 3:54am
I have now moved my stop to break even the market could fall for all I care lol...

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  • #34
  • Apr 14, 2009 5:40am Apr 14, 2009 5:40am
Shermenator, what to do with big SL? Sometimes its logical, that SL must be big, because of S/R or range... Hoping that mkt will be moving all right, but sometimes, when SL is done, big loose will be here... I think, that is better to prevent this and plan the trades best, but despite... How you personally solve this...??
And it is important, how to plan RRR in this method? How it works normally?
I know, that every trade is originall and demands its own SL.... But how to rate money management and RRR then?
Thank you
  • #35
  • Apr 14, 2009 5:51am Apr 14, 2009 5:51am
Quoting Fana
Shermenator, what to do with big SL? Sometimes its logical, that SL must be big, because of S/R or range... Hoping that mkt will be moving all right, but sometimes, when SL is done, big loose will be here... I think, that is better to prevent this and plan the trades best, but despite... How you personally solve this...??
And it is important, how to plan RRR in this method? How it works normally?
I know, that every trade is originall and demands its own SL.... But how to rate money management and RRR then?
Thank you
Well you should always have a set percentage that your wiling to loose in any given trade . Keep it below 3 percent. What I mean by this is lets say you decide to put your stop loss behind a support and its 80 pips away then what you simply do is divide 3 percent of your account by the stop loss and thats how big of a postion you should be taking. The larger the stop loss the ligher you go and the smaller the heavier you go. Risk to rewars is only determine by the charts...I dont care about risk to reward but more about what is the probabilty of the market going my way once I am in it.
  • #36
  • Apr 14, 2009 7:08am Apr 14, 2009 7:08am
Seems like this will be the swing that I need to see holding so it carries itself to my target...

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  • #37
  • Apr 14, 2009 7:09am Apr 14, 2009 7:09am
ok shermenator, i already correct my fib position and using 4h chart right now. I think you're right 4hr chart give us time and not really to much noise. I updated my chart as per below. Is that ok according to your trading experience?
If the price bounce on the next candle from red fibs long, will you consider take long position after candle closed or need other confirmation?
sorry for my bad english
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  • #38
  • Apr 14, 2009 7:28am Apr 14, 2009 7:28am
Alright I closed with 5 pips ....I will now wat for the next best setup...

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  • #39
  • Apr 14, 2009 8:58am Apr 14, 2009 8:58am
hesitation on markets... This is what i observe now...
  • #40
  • Apr 14, 2009 7:55pm Apr 14, 2009 7:55pm
Glad you decide to start your thread,bud.
You have a lot to offer.
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