- #364,482
- Jan 13, 2011 7:09pm Jan 13, 2011 7:09pm
- | Joined May 2008 | Status: Ad Astra Per Aspera | 1,741 Posts
hello everyone else, hope you guys made money today
Verily, in every difficulties there is relief
- #364,483
- Jan 13, 2011 7:10pm Jan 13, 2011 7:10pm
Works under the same theory as filling the gaps mdiz...
How much has price moved since Asian session closed until it reopens again. Gap fill back to clear the books on orders to fill back the chart and continue to where price left off...
Look for the isessions indicator and get the times set for the independent sessions with your brokers times. You will see how closely the prices match up, in that everybody trades the same ranges.
They are clearing the books.
Second...
Support to resistance trading...once resistance is up top, support...
nice one apt and magix, was trying to figure it out i thought that the asian market had a tendency to go up (this is what i have seen last month) as they favour euro more than dollar. was trying to figure out why and even went to theorise that might be affected by tv and general sentiment loving more europeans
(please dont laugh at me... great post and thanx for the help, by the way love some of your mt4 stuff!
- #364,484
- Jan 13, 2011 7:12pm Jan 13, 2011 7:12pm
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
hi magix , kill and everyone else here at this time of night (for me) .
just came on to see what is going on as i wouldnt be trading till i can see something that makes me believe i know the direction .
i am still a newbie so it is the first time i see todays situation and i cant get a feeling of the market tonight ...
wish i started forex years ago so i could go in and make 400 pips
I have been working through a Meta4 account with my 15 year old...I opened a new account for him as an Xmas present. He worked a little with a trade platform, but never worked much off the charts, this year we have been playing a little.
I have him watching 2 basic charts, one being the 20/200 ema charts and the other is the nene.tpl that I have posted over at the cable thread...HERE.
As of current and on the year, though I am a little more aggressive in trades and want to keep him motivated, we have added 50% to his account. Trends and counters, always following the money...small steps will add up in the overall..
There are a lot of ways to trade, what I have posted is just a simple way of watching the money and keeping on the right side of the trade....
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #364,486
- Jan 13, 2011 7:15pm Jan 13, 2011 7:15pm
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
Thank you magix. I have read your whole thread, along with your posts and they have helped me a lot. I don't trade exactly the template you do but the daily open, the ma's and how you use them along with cloggie's advice has changed me from a consistant loser to a consistant winner.
I wish I would have found you guys when I started. Keep up the good work.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #364,487
- Jan 13, 2011 7:18pm Jan 13, 2011 7:18pm
Slow and steady wins the race alexxi...
I have been working through a Meta4 account with my 15 year old...I opened a new account for him as an Xmas present. He worked a little with a trade platform, but never worked much off the charts, this year we have been playing a little.
I have him watching 2 basic charts, one being the 20/200 ema charts and the other is the nene.tpl that I have posted over at the cable thread...HERE.
As of current and on the year,...
- #364,488
- Jan 13, 2011 7:22pm Jan 13, 2011 7:22pm
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
i better make more than your kid... what is the world coming to, all the youngsters are smarter than us
You're not going to win every trade...get over it!
Take your lumps, check the charts and move on with your trading.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #364,489
- Jan 13, 2011 7:23pm Jan 13, 2011 7:23pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
- #364,490
- Jan 13, 2011 7:23pm Jan 13, 2011 7:23pm
Lesson #1
You're not going to win every trade...get over it!
Take your lumps, check the charts and move on with your trading.
lesson number 2 for me was stop loss always
- #364,491
- Jan 13, 2011 7:25pm Jan 13, 2011 7:25pm
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #364,492
- Jan 13, 2011 7:26pm Jan 13, 2011 7:26pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
hahahah i learned that fast enough
lesson number 2 for me was stop loss always
no. 3 let the market come to dont chase it
- #364,495
- Jan 13, 2011 7:31pm Jan 13, 2011 7:31pm
no. 3 let the market come to dont chase it
trust my decision and ride it out instead of cashing out fast. i looked through my statistics and i am right a lot more than wrong but than i saw that my amounts lost was higher than my amounts won because i close the trade too soon and take profit.
right now working on that by putting sl a lot less than tp and also going away from screen (obviously depends what i am trading , scalping or longer trades) . if i trade a position which i expect it to take a while i put stop loss higher as even if my direction is correct it normally would go other way in the begining or during.
i am still learning as you can see
- #364,497
- Jan 13, 2011 7:33pm Jan 13, 2011 7:33pm
- | Commercial User | Joined Feb 2010 | 8,031 Posts
Founder of Sutherland Wave Principle
- #364,498
- Jan 13, 2011 7:35pm Jan 13, 2011 7:35pm
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
What a great Dad! Are you going to have him read 'Technical Analysis of Stock Trends' by Edwards and Mcgee? I read that when I was 18. A very 'dry' read..
Kids????
Books???
Cripes no...I wanted to keep him motivated, he is an XBOX gaming sniper...I just turned this shit into a game of sniping...instead of frags, he gets a paycheck...
All honesty T...I am not what you call a student of the theory, more of just a practitioner from the school of, "If at first you don't succeed",
Skydiving is not for you...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #364,499
- Jan 13, 2011 7:37pm Jan 13, 2011 7:37pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts