Economists have forecast 9 out of the last 5 recessions
- #1,061
- Jun 3, 2009 8:27am Jun 3, 2009 8:27am
- | Joined Feb 2009 | Status: Price Stalker | 1,197 Posts
- #1,065
- Jul 7, 2009 5:59am Jul 7, 2009 5:59am
… another question do you mind to share your daily time frame system 'cos I am working full-time so daily TF should be suitable for me right(what is your SL level for daily TF?)
G'day pete.alfa,
Re: daily time-frame, this is current (active) trade on AUD/CAD classical 1-2-3 set-up for ENTRY,
the pullback was relatively dip … so, the price action afterwards wasn't very convincing (L/H) - before the entry, but made (H/L) – base for some optimism.
Eventually the BUYSTOP triggered and trade become active.
S/L below the last pullback - 240 pips away from the entry that's a lot of pips, but within R/R 1:1 actually the stop-loss should be much more aggressive @ (0.8875 – 0.8835)
I've decided for option “more room to play” because of this dip pullback before, but was ready to cut the trade short if the price was moving against my position at early stage.
It's funny feeling, as a trade continue going with your expectation and days are passing by I do care less and less about it. Anyway.
Price is making H/H and H/L, stop-loss is moving up, trade is well on positive side, even 20 EMA is happy
... by the way this EMA is for illustration purpose only, to show that trade is very sound and save; 20 – 30 – 50 EMA's are far away from current price, … don't know what MACD has to say?
I hope this will give you the better idea about longer time-frame.
Please do not hesitate to ask if in any doubts, I'm not an expert, but sometimes may be able to help.
Wish you good “naked” trading.
G'day pete.alfa,
Re: daily time-frame, this is current (active) trade on AUD/CAD classical 1-2-3 set-up for ENTRY,
the pullback was relatively dip … so, the price action afterwards wasn't very convincing (L/H) - before the entry, but made (H/L) – base for some optimism.
Eventually the BUYSTOP triggered and trade become active.
S/L below the last pullback - 240 pips away from the entry that's a lot of pips, but within R/R 1:1 actually the stop-loss should be much more aggressive @ (0.8875 – 0.8835)
I've decided for option “more room to play” because of this dip pullback before, but was ready to cut the trade short if the price was moving against my position at early stage.
It's funny feeling, as a trade continue going with your expectation and days are passing by I do care less and less about it. Anyway.
Price is making H/H and H/L, stop-loss is moving up, trade is well on positive side, even 20 EMA is happy
... by the way this EMA is for illustration purpose only, to show that trade is very sound and save; 20 – 30 – 50 EMA's are far away from current price, … don't know what MACD has to say?
I hope this will give you the better idea about longer time-frame.
Please do not hesitate to ask if in any doubts, I'm not an expert, but sometimes may be able to help.
Wish you good “naked” trading.
- #1,066
- Jul 7, 2009 9:14am Jul 7, 2009 9:14am
[quote=DareXau;2855181]… another question do you mind to share your daily time frame system 'cos I am working full-time so daily TF should be suitable for me right(what is your SL level for daily TF?)
G'day pete.alfa,
Re: daily time-frame, this is current (active) trade on AUD/CAD classical 1-2-3 set-up for ENTRY,
the pullback was relatively dip … so, the price action afterwards wasn't very convincing (L/H) - before the entry, but made (H/L) – base for some optimism.
Eventually the BUYSTOP triggered and trade become active.
S/L below the last pullback - 240 pips away from the entry that's a lot of pips, but within R/R 1:1 actually the stop-loss should be much more aggressive @ (0.8875 – 0.8835)
I've decided for option “more room to play” because of this dip pullback before, but was ready to cut the trade short if the price was moving against my position at early stage.
It's funny feeling, as a trade continue going with your expectation and days are passing by I do care less and less about it. Anyway.
Price is making H/H and H/L, stop-loss is moving up, trade is well on positive side, even 20 EMA is happy
... by the way this EMA is for illustration purpose only, to show that trade is very sound and save; 20 – 30 – 50 EMA's are far away from current price, … don't know what MACD has to say?
I hope this will give you the better idea about longer time-frame.
Please do not hesitate to ask if in any doubts, I'm not an expert, but sometimes may be able to help.
Wish you good “naked” trading.[/quo
It was great explaination
. well if you are fulltime trader then you are real Pro
. I hope I can be able trading full time just like you one day.
Thank you for your quick response.
pete
G'day pete.alfa,
Re: daily time-frame, this is current (active) trade on AUD/CAD classical 1-2-3 set-up for ENTRY,
the pullback was relatively dip … so, the price action afterwards wasn't very convincing (L/H) - before the entry, but made (H/L) – base for some optimism.
Eventually the BUYSTOP triggered and trade become active.
S/L below the last pullback - 240 pips away from the entry that's a lot of pips, but within R/R 1:1 actually the stop-loss should be much more aggressive @ (0.8875 – 0.8835)
I've decided for option “more room to play” because of this dip pullback before, but was ready to cut the trade short if the price was moving against my position at early stage.
It's funny feeling, as a trade continue going with your expectation and days are passing by I do care less and less about it. Anyway.
Price is making H/H and H/L, stop-loss is moving up, trade is well on positive side, even 20 EMA is happy
... by the way this EMA is for illustration purpose only, to show that trade is very sound and save; 20 – 30 – 50 EMA's are far away from current price, … don't know what MACD has to say?
I hope this will give you the better idea about longer time-frame.
Please do not hesitate to ask if in any doubts, I'm not an expert, but sometimes may be able to help.
Wish you good “naked” trading.[/quo
It was great explaination
. well if you are fulltime trader then you are real Pro. I hope I can be able trading full time just like you one day.Thank you for your quick response.
pete
- #1,067
- Jul 8, 2009 10:43am Jul 8, 2009 10:43am
It was great explanation
Thank you for your quick response.
pete
I'm glad if that could help you, ... re: your nice words ... I don't consider myself as full-time trader;
OK, I'm spending a lot of time but truly it isn't my profession yet ... maybe one day, I hope.
Pro ... ? ... definitively not yet, it's a long, ... long way, before I'll be close to achieve this.
- #1,068
- Edited Jul 9, 2009 2:02am Jul 8, 2009 10:06pm | Edited Jul 9, 2009 2:02am
Hi DareXau,
1st chart E/U Short at1.38686 SL 1.40600 Now already closed at last bar 1.40021 lost 133.5 pips closed too early?
2nd chart A/u short at .78560 SL .80480 Now +43.3 pips
Both 4hrs charts - Any comments.
Thanks,
pete
Took profit A/U 31 pips
1st chart E/U Short at1.38686 SL 1.40600 Now already closed at last bar 1.40021 lost 133.5 pips closed too early?
2nd chart A/u short at .78560 SL .80480 Now +43.3 pips
Both 4hrs charts - Any comments.
Thanks,
pete
Took profit A/U 31 pips
- #1,070
- Jul 9, 2009 8:11am Jul 9, 2009 8:11am
Hi DareXau,
1st chart E/U Short at1.38686 SL 1.40600 Now already closed at last bar 1.40021 lost 133.5 pips closed too early?
2nd chart A/U short at .78560 SL .80480 Now +43.3 pips
Both 4hrs charts - Any comments.
Thanks,
pete
Took profit A/U 31 pips
I've marked yours charts with my comments;
... when trading of long time-frame it requires a lot more patience then scalping, ... I know it's hard ...
but trust me, it pays-off (sometimes in a big way) that's way I reckon you should stay in trade on a/u and make perhaps 310 pips not 31 pips instead
on the chart there is a pull-back ... OK, after price moving quickly down there is some retracement, it's natural
I don't know what the price was doing later, but at this stage you should just move yours S/L , lets say to B/E level ... and ... wait.
Remember about risk/reward ratio, on this trade you have risked 192 pips to get 31 pips, so it's 6.2:1.0 where a minimum of profitability is 1:1
The last issue: Feb doesn't like bashing people for using the indicators, me too;
but this is Feb's thread which is about "naked" trading and price action, so truly ... do you need that bloody X-MA or trend-lines? ... I don't think so.
- #1,073
- Jul 10, 2009 5:37am Jul 10, 2009 5:37am
Hi DareXau,
Wow very happy
with This System and ofcoz thanks for your advices. I deleted all SR & trend lines as you recommended
1st chart
I sell stop EU at 1.39580 initial SL at 1.39933 moved to BE after +25 pips Now +60 pips.
2nd chart
Sell AU at 0.77989 initial SL at 0.78390 moved to BE after +25 pips now +40 pips
what to do next ? how many trailing SL I should do?
did I do the right thing ?
I looked at last bar of weekly,daily,4h all of them were red then then I shorted at 30 mins( looking for pull back clearier than 1 hr ofcoz I looked 1 hr too and can't afford to lose so much money so 30 mins is quite good if I lose -I still happy). and ofcoz 20ema too i am comfortable with it lol.
I've been to many threads lost some money - It's hard to clear SR & trend lines from my mind lol - anyway I'll try. But at the end I think this system suitable for me and I will stick to it. As many Guru said all systems work it's you yourself how to make it work? so stick to one system and try to make it works for you - That's it!
I learn a lot from your comments in here and 5 mins too.
Thank you DareXau.
Wow very happy
with This System and ofcoz thanks for your advices. I deleted all SR & trend lines as you recommended 1st chart
I sell stop EU at 1.39580 initial SL at 1.39933 moved to BE after +25 pips Now +60 pips.
2nd chart
Sell AU at 0.77989 initial SL at 0.78390 moved to BE after +25 pips now +40 pips
what to do next ? how many trailing SL I should do?
did I do the right thing ?
I looked at last bar of weekly,daily,4h all of them were red then then I shorted at 30 mins( looking for pull back clearier than 1 hr ofcoz I looked 1 hr too and can't afford to lose so much money so 30 mins is quite good if I lose -I still happy). and ofcoz 20ema too i am comfortable with it lol.
I've been to many threads lost some money - It's hard to clear SR & trend lines from my mind lol - anyway I'll try. But at the end I think this system suitable for me and I will stick to it. As many Guru said all systems work it's you yourself how to make it work? so stick to one system and try to make it works for you - That's it!
I learn a lot from your comments in here and 5 mins too.
Thank you DareXau.
- #1,074
- Jul 10, 2009 10:44am Jul 10, 2009 10:44am
Hi,
Firstly, ... I know it's very hard, ... but when trading, you absolutely shouldn't think in category of money;
that's kind of contradiction, because forex is money and you are dealing with money which are currency pairs;
and of course the purpose of trading is to make a profit which is trying to earn some money;
so, ... all about money and you aren't allowed to think about money.
Yes, ... if you stop to see dollars behind the pips, then your trading become less stressful and more efficient.
Someone told me, ... a long time ago; that when trading you only can allow yourself to use a money which you can afford to lose.
Now, ... from a time perspective, ... I know, ... how very right and true it is, but back then I didn't get it.
As you already know, ... all systems works, it's you yourself how to make them work, so stick to one system and try to make it works for you.
This relates to the time-frames as well, you have to make a decision which T/F suits you best, with which one you feel most comfortable.
Jumping from weekly via daily via 4-hours via 1-hour to 30-min. it's "bloody hell" plenty of unnecessary work and incredible confusing.
Secondly, ... learning is never-ending experience and not always, it has be hard way by learning from the own mistakes.
There is a guy teaching about forex trading, of course it's not free, but the cost isn't big at all (definitively cheaper then losing trades)
Check this link: http://www.learnforexlive.com I reckon this may help you a lot.
Re: your charts (actually one chart twice) ... technically they OK, ... but I've got impression, like the trade is forced,
you already have been in this trade, got scared and jumped out ...that's OK, ... then jumping in again ... that's OK too, but ... all together it isn't clean ...
Additionally you took two trades: 1 - EUR/USD and 2 - AUD/USD they correlated pairs, so ... it's like taking the same trade twice.
If one goes wrong you will lose on second as well.
Firstly, ... I know it's very hard, ... but when trading, you absolutely shouldn't think in category of money;
that's kind of contradiction, because forex is money and you are dealing with money which are currency pairs;
and of course the purpose of trading is to make a profit which is trying to earn some money;
so, ... all about money and you aren't allowed to think about money.
Yes, ... if you stop to see dollars behind the pips, then your trading become less stressful and more efficient.
Someone told me, ... a long time ago; that when trading you only can allow yourself to use a money which you can afford to lose.
Now, ... from a time perspective, ... I know, ... how very right and true it is, but back then I didn't get it.
As you already know, ... all systems works, it's you yourself how to make them work, so stick to one system and try to make it works for you.
This relates to the time-frames as well, you have to make a decision which T/F suits you best, with which one you feel most comfortable.
Jumping from weekly via daily via 4-hours via 1-hour to 30-min. it's "bloody hell" plenty of unnecessary work and incredible confusing.
Secondly, ... learning is never-ending experience and not always, it has be hard way by learning from the own mistakes.
There is a guy teaching about forex trading, of course it's not free, but the cost isn't big at all (definitively cheaper then losing trades)
Check this link: http://www.learnforexlive.com I reckon this may help you a lot.
Re: your charts (actually one chart twice
) ... technically they OK, ... but I've got impression, like the trade is forced,you already have been in this trade, got scared and jumped out ...that's OK, ... then jumping in again ... that's OK too, but ... all together it isn't clean ...
Additionally you took two trades: 1 - EUR/USD and 2 - AUD/USD they correlated pairs, so ... it's like taking the same trade twice.
If one goes wrong you will lose on second as well.
- #1,075
- Jul 13, 2009 9:20pm Jul 13, 2009 9:20pm
Hi,
Firstly, ... I know it's very hard, ... but when trading, you absolutely shouldn't think in category of money;
that's kind of contradiction, because forex is money and you are dealing with money which are currency pairs;
and of course the purpose of trading is to make a profit which is trying to earn some money;
so, ... all about money and you aren't allowed to think about money.
Yes, ... if you stop to see dollars behind the pips, then your trading become less stressful and more efficient.
Someone told me, ... a long time ago; that when trading...
Thank you very much for your advices
. Great I'm learning something new everyday.Sorry for delay coz I just come back from holiday in Sydney Australia it is very nice place, normally I am trading only EurUsd so when I was in Australia - why not just having fun with this pair while watched news - then I learned from you 'correlated pairs' I knew it but not in details. So I googled and learned a lot about pairs & commodity.
I didn't trade longTF for long so didn't know where to start then weekly daily 4hrs TF etc.... lol stupid me. Thanks for your comment I'm sure I have to read this thread again from beginning definitely.
About the money I don't care much any more as long as I have enough for
living. The most important thing in live is health without good health we can't enjoy our money. I was just making fun in the thread coz the thread a bit dull at the moment (sorry if I misguided you & others) . I even put pip instead of $ in my platform so I don't see $ but my broker is using 5 digits so it also looks big too lol.
I contact the website as your recommendation waiting for they reply - see how much it cost?
Another my big problem is careless sometime enterd short instead of long well I hard to correct this that was why I put both AU charts instead of EU & AU.
Thanks,
Pete.
