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My path to financial freedom

  • #2,001
  • May 28, 2010 2:17am May 28, 2010 2:17am
Neutro, when we trade futures (oil, dj, etc) with FxPro do they work as a centralized market ? For instance, volume analysis is referred to the overall market or just to your broker ?
  • #2,002
  • May 28, 2010 2:20am May 28, 2010 2:20am
Quoting neutro
I'm on demo, so 'money' at risk shouldn't matter, because I have no attachment to it. It's more like the fear of being wrong that makes me make mistakes... And that's something hard to work on, but needs to be done.
What i used to do was take the same trades on 2 demo accounts...1 I would cut when I thought I was wrong i.e. quite quickly if trade didnt go my way and the other one I'd just leave until either my initial SL was hit or price moved to my TP area / move Sl to BE+1 area etc. This allowed me to work out whether I was cutting trades just cos they were in the negative or because I knew the reason I took the trade was now invalidated etc.
  • #2,003
  • May 28, 2010 2:24am May 28, 2010 2:24am
GU aiming to retest the BOut at 1.45. Interesting !
  • #2,004
  • May 28, 2010 2:26am May 28, 2010 2:26am
Quoting ogeid
GU aiming to retest the BOut at 1.45. Interesting !
Dax, FTSE and Dow futures are all at resistance areas ... falling TL's on 4H on FTSE and DAX
  • #2,005
  • May 28, 2010 2:27am May 28, 2010 2:27am
Quoting lovejoy80
What i used to do was take the same trades on 2 demo accounts...1 I would cut when I thought I was wrong i.e. quite quickly if trade didnt go my way and the other one I'd just leave until either my initial SL was hit or price moved to my TP area / move Sl to BE+1 area etc. This allowed me to work out whether I was cutting trades just cos they were in the negative or because I knew the reason I took the trade was now invalidated etc.
I do a follow through analysis in my journal, and I note if in the long term I would have been right or not.

The point is some of my trades, when I do the analysis before taking them, are set out for the long-term (days, even weeks). But when I'm around the computer and staring at my charts and see price not going the right way, or some signals on lower TFs, I close it thinking it's not going right (the last obvious example is oil from 2 days ago).

I have a small blackboard near my computer, I decided to write there every trade that I'm taking for the long-term and not touch it on lower TFs (eg you're on EU long targeting 1.x on daily - don't touch it on H1 ).
  • #2,006
  • May 28, 2010 2:29am May 28, 2010 2:29am
Quoting neutro
I'm on demo, so 'money' at risk shouldn't matter, because I have no attachment to it. It's more like the fear of being wrong that makes me make mistakes... And that's something hard to work on, but needs to be done.
When you say demo, you mean play money or micro account. When I demo I still use micro, nano lots and this to me works better than play money cause it matters
  • #2,007
  • May 28, 2010 2:31am May 28, 2010 2:31am
Quoting ogeid
Neutro, when we trade futures (oil, dj, etc) with FxPro do they work as a centralized market ? For instance, volume analysis is referred to the overall market or just to your broker ?
FxPro has it's own volumes. I looked at http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart5:symbol=^gspc;range=6m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined for volume.
  • #2,008
  • May 28, 2010 2:37am May 28, 2010 2:37am
Quoting ogeid
When you say demo, you mean play money or micro account. When I demo I still use micro, nano lots and this to me works better than play money cause it matters
I have a micro account open from November last year. But spreads are huge... I was thinking of doing everything on that account, but first I need to put all the pieces in order. Because there's no point in going live if you don't have the methodology put in place (as in what are the exact rules for getting in, getting out, when do conditions change, how do you analyze the trades, what do you do in the morning, in the evening, at the end of the week; plus a few months of track record, even on demo).

If you do it on demo right and you analyze everything from head to tail, then you should be able to pull it off on live. I'm not in a hurry just yet, I'm taking my time to put all the pieces in place so that I have a smooth transition.
  • #2,009
  • May 28, 2010 2:48am May 28, 2010 2:48am
Quoting neutro
FxPro has it's own volumes. I looked at http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart5:symbol=^gspc;range=6m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined for volume.
Good point.
I also checked CME and even if the overall volume is different the curve is quite similar.
http://www.cmegroup.com/trading/equi...-sandp500.html

Volume information is a significant indicator. I remember it from stocks
  • #2,010
  • May 28, 2010 2:54am May 28, 2010 2:54am
shish!!! u guys move fast...lol
nice trade ogeid, and another nice spot for a reversal .....sweet
you guys should leave some pips for me today, only got my ecad still on
gold is acting a ...... right now, waiting for a pullback ever since but the way its moving is giving me 2nd thoughts
anyways just sitting back relaxing, watching and waiting
cheers guys
Simplicity is the key to success
  • #2,011
  • May 28, 2010 3:00am May 28, 2010 3:00am
Quoting squeezy
shish!!! u guys move fast...lol
nice trade ogeid, and another nice spot for a reversal .....sweet
Thanks Sq,
I am trying to learn from LJ and this thread is a good help. He is the guy that moves fast. He is on vacation but I bet he is going to launch at least 10 trades today
  • #2,012
  • May 28, 2010 3:08am May 28, 2010 3:08am
Quoting ogeid
GU aiming to retest the BOut at 1.45. Interesting !
I gave it a try long on the retest. Tiny SL just below at 1.4475
  • #2,013
  • May 28, 2010 3:16am May 28, 2010 3:16am
same here.

do all of you guys enter on break of s/r level, or on retrace after break?or pretty subjective?

Quoting ogeid
I gave it a try long on the retest. Tiny SL just below at 1.4475
  • #2,014
  • May 28, 2010 3:16am May 28, 2010 3:16am
Quoting ogeid
I gave it a try long on the retest. Tiny SL just below at 1.4475
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  • #2,015
  • May 28, 2010 3:21am May 28, 2010 3:21am
Quoting coolshades
same here.

do all of you guys enter on break of s/r level, or on retrace after break?or pretty subjective?
Some of us are just defining their style.

From my part, it's subjective. GU sat in that range for a few days with clear S&R levels. I didn't enter on pure breakout because the move became overextended and markets were choppy at that time. But the pullback (and consequently the hold of that level) gives me confidence that buyers will rush in an drive the price up. And it's a low risk very high reward entry. If it doesn't work out, it's 1R gone, but if it does work then it's 3-4-5R in the bag. With even 30% win/loss ratio, it's a win.
  • #2,016
  • May 28, 2010 3:38am May 28, 2010 3:38am
Quoting coolshades
same here.

do all of you guys enter on break of s/r level, or on retrace after break?or pretty subjective?
As Neutro said, it depends. LJ is pretty aggressive and I saw him entering on the pure BOut + x pips, as he explained yesterday.

I like to enter on the retest, mainly on H4. Then I moved down in TF and look for PA, ideally in H1.

In this last case (GU) I entered on the break of a tiny (insignificant) PB in M15.

Do I always stick to this rule ? Unfortunately not otherwise I will be a trader. LOL
  • #2,017
  • May 28, 2010 3:50am May 28, 2010 3:50am
Quoting neutro
Now the problem is: will this thing be able to pass over 1.46?
  • #2,018
  • May 28, 2010 3:56am May 28, 2010 3:56am
Quoting ogeid
Now the problem is: will this thing be able to pass over 1.46?
I'll add to my position if it ends up as an H4 BUOB. But I don't know what to do with my stop because it's at a perfect place where it is now. Moving it to BE+ might get me out of this trade before going back up again.

If it ends up a M15 PB, i'll close it and get in above 1.46.
  • #2,019
  • May 28, 2010 4:04am May 28, 2010 4:04am
Quoting neutro
I'll add to my position if it ends up as an H4 BUOB. But I don't know what to do with my stop because it's at a perfect place where it is now. Moving it to BE+ might get me out of this trade before going back up again.

If it ends up a M15 PB, i'll close it and get in above 1.46.
We have exactly the same trade the same SL. I leave it there. EU is at the 4Hr falling TL, I d like to see how it reacts. May be it helps our case.
  • #2,020
  • May 28, 2010 4:31am May 28, 2010 4:31am
Quoting ogeid
We have exactly the same trade the same SL. I leave it there. EU is at the 4Hr falling TL, I d like to see how it reacts. May be it helps our case.
I got out at 1.4566, sorry.

If EU doesn't get past 1.245 with enough momentum, we're in a world of hurt long term because it will complete a continuation H&S.

Disregard the last 2 arrows from the right, I should have moved them a little to the left, where price is now. You get the point anyways
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