it's a huge gap tony, a huge gap.
The System II (Yes with irony)
- #4,203
- Aug 28, 2009 8:50am Aug 28, 2009 8:50am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
- #4,204
- Aug 28, 2009 8:59am Aug 28, 2009 8:59am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
- #4,205
- Aug 28, 2009 9:01am Aug 28, 2009 9:01am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
- #4,206
- Aug 28, 2009 9:01am Aug 28, 2009 9:01am
and thats the way it is.. everyone will eventually firgure things out on there own for there best interest based on personality and personal agenda and make it work for there own..
nice explanation anthony..
I fully second the above statement....please, we know fx, we know that he is a very good trader, we know that his contribution to this thread is priceless.... but
....you are not fx... Put you own brand/style on your trading... Good luck to all
Unus pro omnibus, omnes pro uno
and thats the way it is.. everyone will eventually firgure things out on there own for there best interest based on personality and personal agenda and make it work for there own..
nice explanation anthony..
had a good loss too and that bullish move.
Right now short
- #4,209
- Aug 28, 2009 9:12am Aug 28, 2009 9:12am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
- #4,210
- Aug 28, 2009 9:15am Aug 28, 2009 9:15am
Question knowing that the wick is a good sign of a reverse, do you close out or see what happens?
That wick on the candle is really long with no body what so ever. Which means that the bears had no chance what so ever. Do you close out there or leave it?
IMO, trying to figure out candle patterns on a 5min timeframe is very unreliable...dont forget your are trading noise...
Unus pro omnibus, omnes pro uno
- #4,212
- Aug 28, 2009 9:16am Aug 28, 2009 9:16am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
- #4,213
- Aug 28, 2009 9:18am Aug 28, 2009 9:18am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Oddly though, I often see patterns that true, head and shoulders for example.
But must keep that in mind, thanks
But must keep that in mind, thanks
en0x,
IMO, trying to figure out candle patterns on a 5min timeframe is very unreliable...dont forget your are trading noise...
Survive and Preserve
- #4,216
- Aug 28, 2009 9:37am Aug 28, 2009 9:37am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
I am only trading 0.5% risk now per trade, therefore I think I can get another 80+ trades wrong in a row without killing this learning account so I am fine as long as I can learn what the heck I am dong to and comparing with you guys .
I am going to study those charts tomorrow , thanks for the encouragement. And I think Moneda says, need to figure out what suits me.
Actually I remember speaking to the head of FX trading in Deutsche bank and her telling me the key to trading is you need to make a method work with your personality, otherwise you will never get it working. perhaps valuable advise?
Anwyays, let me review the week that was tomorrow. Have a good weekend all and thanks again for the help.
.I am going to study those charts tomorrow , thanks for the encouragement. And I think Moneda says, need to figure out what suits me.
Actually I remember speaking to the head of FX trading in Deutsche bank and her telling me the key to trading is you need to make a method work with your personality, otherwise you will never get it working. perhaps valuable advise?
Anwyays, let me review the week that was tomorrow. Have a good weekend all and thanks again for the help.
enox, my friend.. your trying toomuch at the moment.. you reaching.. lol
the best things is for you to stop trading at the moment and close your system.
get up tomorrow morning and go over your trade for the week.. find the flaws and strenghts.. read the post and comments of the thread from monday to friday.. analyse the charts by others that were kind enough to put them out and compare them to yours.. and take sunday off.. go do something fun.. have lots of sex.. lol.. jk.. then...
Survive and Preserve
- #4,219
- Aug 29, 2009 4:57pm Aug 29, 2009 4:57pm
- | Membership Revoked | Joined Feb 2009 | 2,903 Posts
Hello everyone..
I thought it would be helpful to put together two of my useful posts.. you all should know these two posts by heart now.. there importance is due to the fact that we are trading the 5m charts = noise trading. since we are taking constant shot at the market based on quick reversals (FCR), therefore our quick reaction/thinking when its neccessar is vital.. aswell as acting accordingly with some structure in mind.. and keeping the option open for the pursue of the big ride..
To be frank with you.. in our way of style of trading, if you don't act as to whats been written below, you will get chopped around pretty nicely day in and day out..
it will help you to not lose money or lose less money while your taking constant shot in pursue to catch the big ride..
Survive and Preserve.. keeping option open at the same time..
#2.. will help you to lose less money and protect yourself from big disaster.. survive.. and #1.. will help you to make a little bit so you stay alive until you catch the big ride (runner) and pays enough for your time spend.. Preserve..
so, keeping your head above the water and live to fight another day.. it brings consistancy to your trading.. all this its called nothing more than what we already know and thats called.. "expectancy"..
its just that i have broken it down to minute details.. I hope it helps..
so here it is.. post 3031 & 4154.. I cut out the important parts and put toghether a clearer figures..
3031..
explaining #1.. (Semi Fakeout.. to preserve)
watch figure 1..
This is a occasion when you enter a trade and it goes in your favor 10 to under 21 pips.. then price turns and heads in opposit direction..
now if you get decieved too early you exit either, A) with very little profit (if your super quick enough) or, B) you breakeven or, c) end up with small loss..
now what i suggest and show in this figure is to wait for the retrace to shape up.. then when price turns back in your direction and gets close to L/L line.. at that time watch the reaction of the price very closley to the L/L line.. if it stalls and acts funny take max profit right there (you preserve lost profit)... if it did not act funny and it countiunes then you are still in the trade and set to make mega bucks.. right?
explaining #2.. (Fakeout.. to survive)
watch figure 2.
this is a instance when you get a complete fakeout.. price breaks through only for 5 to under 10 pips and quickly turns on you and heads in opposite direction..(happens rather often and its normall)
now at this point don't be affraid that your hard sl to be hit.. don't be decieved too early and exit for a loss so immidiatley..wait for the fakeout to really shape up.. most time it will stop around the fractal and heads back in your direction.. but at this time you keep your expectations and greed in check and exit when price reaches your inital entery or close to it, unless you'll get a strong price run down and a clean break of the level.. so this way 1) you survive the disastrous fakeout without getting hurt toomuch (instead of losing 15-20+pips lose none or very little maybe).. and 2) still keept options open by staying with your inital entery to reach your inital pt and, 3) you feel confident to take advantage of most opportunities again and again without fear (thats the psychological benefit of it).
4012..
check it out guys..
What is great about this whole thing is that we can trade in the worst time of price display (range time..choppy monster, sometimes) and still come out ahead for the day in most times.. (living prove example.. Paul traded the worst part of the day.. he got 4 trades in.. two losers.. two winners.. paul is +10 pips.. not to take in count that he had one mistake).. and when price is out of range time, alive and kicking, we can really do a killing.. like yesterday or even like today after NY open..
BUT, BUT, BUT... necessary ingredients are..
(besides a solid logical commonsense PA reading skill and of course also with a solid expectancy skill).
-Need to be in the mix of things.. taking every break.. (the one you miss will be the one that your looking for).. "got a be in it to win it".. price can break away at anytime anywhere in the 5m chart.
-Patience.. holding your ground.. not being decieved to early (there is a retrace after every move).
Now don't misinterpert what i mean by patience.. it don't mean to give your trade extra extra room based on hope.. hoping for the price to turn back in your direction then endup with a 40+ pips sl.
Now listen close.. I break down what i exactly mean in simplest way that i can put this.. we got a patience A & patience B..
patience A) extended profitability. when price is going in your favor.. be patience enough to led the price reach your target and more.. give it just enough chance to breath for a possible runner and exit at max or bigger than normal 21pips profit.. don't run away over a hiccup or so.
patience B) surviving. when you got handed a fakeout or semi fakeout.. to be patience enough to wait for the retrace and exit at BE or close to it for smaller loss.. just enough chance to see how price will react to a particular area such as FCR line, LL/HH line, countituation line..etc (keeping your head above the water.. fight to live another day).. not to get greedy once you see price is turning back in your favor and get too excited the unrealistic to hang around and fall into hope and wish factor.. very important.
http://www.forexfactory.com/images/attach/gif.gif
I thought it would be helpful to put together two of my useful posts.. you all should know these two posts by heart now.. there importance is due to the fact that we are trading the 5m charts = noise trading. since we are taking constant shot at the market based on quick reversals (FCR), therefore our quick reaction/thinking when its neccessar is vital.. aswell as acting accordingly with some structure in mind.. and keeping the option open for the pursue of the big ride..
To be frank with you.. in our way of style of trading, if you don't act as to whats been written below, you will get chopped around pretty nicely day in and day out..
it will help you to not lose money or lose less money while your taking constant shot in pursue to catch the big ride..
Survive and Preserve.. keeping option open at the same time..
#2.. will help you to lose less money and protect yourself from big disaster.. survive.. and #1.. will help you to make a little bit so you stay alive until you catch the big ride (runner) and pays enough for your time spend.. Preserve..
so, keeping your head above the water and live to fight another day.. it brings consistancy to your trading.. all this its called nothing more than what we already know and thats called.. "expectancy"..
its just that i have broken it down to minute details.. I hope it helps..
so here it is.. post 3031 & 4154.. I cut out the important parts and put toghether a clearer figures..
3031..
explaining #1.. (Semi Fakeout.. to preserve)
watch figure 1..
This is a occasion when you enter a trade and it goes in your favor 10 to under 21 pips.. then price turns and heads in opposit direction..
now if you get decieved too early you exit either, A) with very little profit (if your super quick enough) or, B) you breakeven or, c) end up with small loss..
now what i suggest and show in this figure is to wait for the retrace to shape up.. then when price turns back in your direction and gets close to L/L line.. at that time watch the reaction of the price very closley to the L/L line.. if it stalls and acts funny take max profit right there (you preserve lost profit)... if it did not act funny and it countiunes then you are still in the trade and set to make mega bucks.. right?
explaining #2.. (Fakeout.. to survive)
watch figure 2.
this is a instance when you get a complete fakeout.. price breaks through only for 5 to under 10 pips and quickly turns on you and heads in opposite direction..(happens rather often and its normall)
now at this point don't be affraid that your hard sl to be hit.. don't be decieved too early and exit for a loss so immidiatley..wait for the fakeout to really shape up.. most time it will stop around the fractal and heads back in your direction.. but at this time you keep your expectations and greed in check and exit when price reaches your inital entery or close to it, unless you'll get a strong price run down and a clean break of the level.. so this way 1) you survive the disastrous fakeout without getting hurt toomuch (instead of losing 15-20+pips lose none or very little maybe).. and 2) still keept options open by staying with your inital entery to reach your inital pt and, 3) you feel confident to take advantage of most opportunities again and again without fear (thats the psychological benefit of it).
4012..
check it out guys..
What is great about this whole thing is that we can trade in the worst time of price display (range time..choppy monster, sometimes) and still come out ahead for the day in most times.. (living prove example.. Paul traded the worst part of the day.. he got 4 trades in.. two losers.. two winners.. paul is +10 pips.. not to take in count that he had one mistake).. and when price is out of range time, alive and kicking, we can really do a killing.. like yesterday or even like today after NY open..
BUT, BUT, BUT... necessary ingredients are..
(besides a solid logical commonsense PA reading skill and of course also with a solid expectancy skill).
-Need to be in the mix of things.. taking every break.. (the one you miss will be the one that your looking for).. "got a be in it to win it".. price can break away at anytime anywhere in the 5m chart.
-Patience.. holding your ground.. not being decieved to early (there is a retrace after every move).
Now don't misinterpert what i mean by patience.. it don't mean to give your trade extra extra room based on hope.. hoping for the price to turn back in your direction then endup with a 40+ pips sl.
Now listen close.. I break down what i exactly mean in simplest way that i can put this.. we got a patience A & patience B..
patience A) extended profitability. when price is going in your favor.. be patience enough to led the price reach your target and more.. give it just enough chance to breath for a possible runner and exit at max or bigger than normal 21pips profit.. don't run away over a hiccup or so.
patience B) surviving. when you got handed a fakeout or semi fakeout.. to be patience enough to wait for the retrace and exit at BE or close to it for smaller loss.. just enough chance to see how price will react to a particular area such as FCR line, LL/HH line, countituation line..etc (keeping your head above the water.. fight to live another day).. not to get greedy once you see price is turning back in your favor and get too excited the unrealistic to hang around and fall into hope and wish factor.. very important.
http://www.forexfactory.com/images/attach/gif.gif
