Yesterday evening I jumped in a short on the USD/CAD and went long on the AUD/USD. Currently up 74 and 40 pips respectively. I'll post some charts later when I have some time.
- #23
- Edited 4:42pm Dec 1, 2009 7:23am | Edited 4:42pm
- Joined May 2007 | Status: Ozziedave | 1,344 Posts
- #32
- Dec 2, 2009 10:47pm Dec 2, 2009 10:47pm
- Joined Aug 2009 | Status: Just trade it! | 1,230 Posts
hi nelson,
first of all i want to say thank you for starting this thread,its about pure pa which is the best way to trade imo.,i noticed that you only trade in higher tf's like 4h or daily what i expect bigger sl,i.e. your last trade on gu needs more than 350pips sl,no way for people with limited equity like me
,my question is is it possible or do you have experience to trade it in lower tf's like 5m/15m?,i.e. identify trend on 1h/4h and entries on 5m/15m,then i think its possible to minimize risk/sl?,thanks for sharing!
first of all i want to say thank you for starting this thread,its about pure pa which is the best way to trade imo.,i noticed that you only trade in higher tf's like 4h or daily what i expect bigger sl,i.e. your last trade on gu needs more than 350pips sl,no way for people with limited equity like me
,my question is is it possible or do you have experience to trade it in lower tf's like 5m/15m?,i.e. identify trend on 1h/4h and entries on 5m/15m,then i think its possible to minimize risk/sl?,thanks for sharing!
Money is made by sitting, not trading. Jesse L. Livermore
hi nelson,
first of all i want to say thank you for starting this thread,its about pure pa which is the best way to trade imo.,i noticed that you only trade in higher tf's like 4h or daily what i expect bigger sl,i.e. your last trade on gu needs more than 350pips sl,no way for people with limited equity like me
If you are undercapitalized the best way to be able to trade these larger timeframes is to try and find a broker that will allow you to enter trades with the smallest amount of value per pip (micro accounts). For example if a broker allows .10 cents per pip and you need to risk 350 pips, then you only need risk $ 35 per trade. So with $2000 dollars (2000 x 2% = $40) you should be ok. You could also start by trading 1% of your equity(2000 x 1% = $20) and later increase the percent per trade that you are risking . I have not traded that small a dollar amount but some brokers may allow an even smaller pip value, this will allow you to trade with a smaller equity. Good luck.
- #35
- Dec 3, 2009 4:30pm Dec 3, 2009 4:30pm
- Joined May 2009 | Status: step into liquid | 3,459 Posts
I started trading a few years ago, it was something I had always been interested in doing. So I started like a lot of us do and began to do my research. I searched online, bought books and started reading to try and absorb as much information as I could. I tried numerous strategies and was looking for the holy grail but found no success in my trading. I then turned my efforts to trying to make a random entry strategy profitable (not really a strategy), this helped me a lot because this made me realize that yes the entry is important but just as...
First off I want to say-very nice thread. Could you address swing highs and lows and explain a little bit about hammers and pins? This might help some of the newer traders that are following you.
Also, do you find trendlines helpful at all?
Keep up the good work, solid stuff here.
Nelson,
First off I want to say-very nice thread. Could you address swing highs and lows and explain a little bit about hammers and pins? This might help some of the newer traders that are following you.
Also, do you find trendlines helpful at all?
Keep up the good work, solid stuff here.
Trendlines, horizontal support or resistance, whole numbers are all very important points and are primarily what I look at to help me determine where to enter a trade. I will show some of these tools at work in my next examples.
- #38
- Dec 3, 2009 9:40pm Dec 3, 2009 9:40pm
- Joined May 2009 | Status: step into liquid | 3,459 Posts
Thank you for your interest in the thread. A swing high is essentially a 3 candle pattern in which the high of the first and third candle is lower than the high of the second candle and swing low is vice versa. These points or areas of support or resistance as shown in a previous post are areas where price in the past has been affected. These areas are of great interest to us because this area of support or resistance may affect price once again.
Trendlines, horizontal support or resistance, whole numbers are all very important points and are...
