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  • #313,641
  • Oct 25, 2010 9:33pm Oct 25, 2010 9:33pm
Quoting FibbinArchie
chris lori is a good teacher, I have his fx pro course...
i am attending night trading classes with gator, but he sucks at teaching
  • #313,642
  • Oct 25, 2010 9:34pm Oct 25, 2010 9:34pm
Quoting FibbinArchie
Yeah I wish they'd p*** off, I'll be covering B/E at this rate, pushed it back over 10 dma
This has been a very trying night for me as it is so far... one thing I hate about the way I trade... is I trade with the flow of price... never know what my targets are. I exit when I feel the current direction is going to reverse.

Baby sitting, ftw... lol
  • #313,643
  • Oct 25, 2010 9:34pm Oct 25, 2010 9:34pm
Quoting Mr Hatch
i am attending night trading classes with gator, but he sucks at teaching
Did you find out what a mofu is?
  • #313,644
  • Oct 25, 2010 9:35pm Oct 25, 2010 9:35pm
What do you guys think? Honest opinions. could that be a big fakeout on the monthly?
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Know when to hold em, Know when to fold em!
  • #313,645
  • Oct 25, 2010 9:35pm Oct 25, 2010 9:35pm
Quoting Mr Hatch
i am attending night trading classes with gator, but he sucks at teaching
can't be a master of everything, yeah?? haha...
  • #313,646
  • Oct 25, 2010 9:35pm Oct 25, 2010 9:35pm
Quoting Venice
This has been a very trying night for me as it is so far... one thing I hate about the way I trade... is I trade with the flow of price... never know what my targets are. I exit when I feel the current direction is going to reverse.

Baby sitting, ftw... lol
How about scaling out?
  • #313,647
  • Oct 25, 2010 9:37pm Oct 25, 2010 9:37pm
Quoting Venice
right on. I have never become brave enough to leave trades alone once opened... probably a habit coming from trading 1m time frames.

The time a trade is open is insane for me too... 15M generates trades anywhere from 10 minutes to 5 hours (average range for me)... Pips can be in the profit anywhere between 1 and 300 has been my biggest score so far.

Not very consistent if you ask me... lol
that's why i insisted on surviving this experiment yesterday. i shorted through the whole upwards move, because i was relatively confident it came down. i was just preparing the channels then that i posted earlier, so i didn't see the whole picture then, but i had that target. i have lost many trades because of closing them, just to enter higher with just a single position for example an watch it pass the closed ones... i would have closed anything normally taking the loss, but not this time.
  • #313,648
  • Oct 25, 2010 9:40pm Oct 25, 2010 9:40pm
Quoting Mr Hatch
that's why i insisted on surviving this experiment yesterday. i shorted through the whole upwards move, because i was relatively confident it came down. i was just preparing the channels then that i posted earlier, so i didn't see the whole picture then, but i had that target. i have lost many trades because of closing them, just to enter higher with just a single position for example an watch it pass the closed ones... i would have closed anything normally taking the loss, but not this time.
well done but be very careful...
  • #313,649
  • Oct 25, 2010 9:40pm Oct 25, 2010 9:40pm
Quoting FibbinArchie
How about scaling out?
More often then not, I don't scale in or out. I determine the amount of risk I want to take on the current trade. I buy 3 lots in, 3 lots out etc.

Maximum draw down on any 1 trade is 15 pips, including comission... I run a very tight game
  • #313,650
  • Oct 25, 2010 9:42pm Oct 25, 2010 9:42pm
Quoting Venice
More often then not, I don't scale in or out. I determine the amount of risk I want to take on the current trade. I buy 3 lots in, 3 lots out etc.

Maximum draw down on any 1 trade is 15 pips, including comission... I run a very tight game
well if it's not broke don't fix it, but you could leave one contract on just in case....
  • #313,651
  • Oct 25, 2010 9:42pm Oct 25, 2010 9:42pm
Quoting Mr Hatch
that's why i insisted on surviving this experiment yesterday. i shorted through the whole upwards move, because i was relatively confident it came down. i was just preparing the channels then that i posted earlier, so i didn't see the whole picture then, but i had that target. i have lost many trades because of closing them, just to enter higher with just a single position for example an watch it pass the closed ones... i would have closed anything normally taking the loss, but not this time.
Be very careful doing that... all it will take is the price to not come back one time when you expect it too. Scary stuff their!

I cooked one of my practice accounts testing that theory lol. Luckily a simple call to customer service can put me right back at 50k.
  • #313,652
  • Oct 25, 2010 9:43pm Oct 25, 2010 9:43pm
Quoting Venice
You need more lines on that chart, I can still see the candlesticks!
LOL
  • #313,653
  • Oct 25, 2010 9:45pm Oct 25, 2010 9:45pm
Quoting FibbinArchie
well if it's not broke don't fix it, but you could leave one contract on just in case....
True. Then again, that 'just in case' always makes me worry. Sounds like I am no longer in control of the trade. Not that I ever am, but it's nice to feel not at complete mercy to the markets
  • #313,654
  • Oct 25, 2010 9:47pm Oct 25, 2010 9:47pm
Quoting infinitus
Hi guys,

have just updated my EW counts for EURUSD and GOLD

EURUSD:

I thought first, that the blue C wave would form an impulse, but it seems to trace out an complex ABC-pattern or wxy-pattern. It is very tricky right now. Sometimes on one TF one sees an clear impulse, whereas on another TF one can not count an impulse. One can count this yellow abc pattern as a expanding ending diagonal, too. The outcome is the same. No, not really the same: if it is a abc-pattern, the yellow c will close above or at the top of yellow a, whereas in the...

wrong timeframe, forget about it. i see it on H1


hi markus,

i had to look up the expanding ending diagonale. it more like lower low and lower high atm, so i don't see the pattern fit here.
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  • #313,655
  • Oct 25, 2010 9:48pm Oct 25, 2010 9:48pm
Ah, I see we are ready to continue our journey downwards.
  • #313,656
  • Oct 25, 2010 9:48pm Oct 25, 2010 9:48pm
Any system not based on logic is bound to fail.

Decide the boundaries for entry and exit, calculate lot size according to your risk appetite, enter the trade and let it conclude.

If you have no system that gives you boundaries, use round numbers with wider stoplosses and equally wide takeprofits.

Be consistent in your risk appetite.

Day trading is arbitrage, and arbitrage is not a rocket science.

In the begining everyone makes mistakes, but wisdom is to use what you have learned by making mistakes. Only fools knowingly repeat mistakes.
The Thief of Wall Street
  • #313,657
  • Oct 25, 2010 9:49pm Oct 25, 2010 9:49pm
It's like martingale in roulette, I used to play a lot of roulette, until I learned all about probabilities when I started trading. It works in theory, but eventually you will get a long string of spins against your bet, the key is to have a cut of point or stop loss if you will, which boils down to our old friend and saviour on many occasions, money management.
  • #313,658
  • Edited 10:10pm Oct 25, 2010 9:49pm | Edited 10:10pm
Quoting Mr Hatch
i remember this one very well. after that posting i tried the concept of parallel s/r-lines on weekly, daily and h4-basis.
i had to erase the h4-lines though.
this is 15m the green is the chf.. it already crossed. the yellow is the eu .. when it crosses the candles its a eu/eu cross. an early warning. murry is at 3916... my # is 3905 floating.. below that line @ 3835 floating.. so with move it will reduce.. so 3828 seems close (red mofu level). just watching to see what develops. if bulll shows up void.. daily pp is gonna try to pull us higher. daily pp is just @ 3993 is just below monthly r1 3996... 3996 seems like a good place for a cap.
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those who can, do. those who cant, talk about those who can
  • #313,659
  • Oct 25, 2010 9:49pm Oct 25, 2010 9:49pm
  •  jaboo
  • | Joined Dec 2009 | Status: Ray Comfort is....the banana man | 236 Posts
GO GIANTS!
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  • #313,660
  • Oct 25, 2010 9:49pm Oct 25, 2010 9:49pm
Quoting Venice
Be very careful doing that... all it will take is the price to not come back one time when you expect it too. Scary stuff their!

I cooked one of my practice accounts testing that theory lol. Luckily a simple call to customer service can put me right back at 50k.
i had the nice channels then. boosted my confidence.
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