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My path to financial freedom

  • #3,101
  • Jan 16, 2011 7:10pm Jan 16, 2011 7:10pm
Quoting supremeChaos
hahahah..are u referring to me?
no job, no savings, no decent sized account --the most challenging trading situation for sure
i bet very few traders have gone/are going through this type of situation

(Warning: the situation mentioned in this post is NOT worthy of emulation)



btw, advance happy birthday TJ!
Looks like we're experiencing a migration here eh? =)

LJ, I think you're attracting the more aggressive J16 folk here. Haha. Good on ya mate. =)
One Mind, Any Market
  • #3,102
  • Jan 16, 2011 7:35pm Jan 16, 2011 7:35pm
Hi, Lovejoy you have helped me put all of the pieces together that I was missing, reading your journal. I found it like on Friday. Thanks for keeping such an organized and well detailed journal. I am going to start to do the same in my own. Visit my journal about my entries, maybe your seeing the same things I am seeing. I do not understand how to look at other markets to help decide the direction of trades. How did you learn to do that?
  • #3,103
  • Jan 16, 2011 9:58pm Jan 16, 2011 9:58pm
Quoting lovejoy80
I think I need to get another monitor, EG is not no my main profile , if it was (on another monitor) I would probably had seen it coming...but yeah that was an easy setup with great risk/reward...but that's the beauty with the forex market, the next great setup is only round the corner.

My only source of income at the moment is directly from trading yes. It defintely takes a long time and the amount of money depends on how much you need to live, savings and how much pressure you want to put on yourself. Ideally you'd have a few years living costs...
and where would the fun be..... I'm starting out full time - I have an account size where I need 40% annual return to make a living (ambitious but do'able) and about 1 year living expenses. You want pressure to make sure you're disciplined but not so much it keeps you awake at night.

LJ, how many screens do you work with? I've got 2*24' for PC and one 24' mac.... depends on your trading patterns but I'm starting to think I need more real estate....
  • #3,104
  • Jan 16, 2011 10:06pm Jan 16, 2011 10:06pm
Quoting zentrader108
and where would the fun be..... I'm starting out full time - I have an account size where I need 40% annual return to make a living (ambitious but do'able) and about 1 year living expenses. You want pressure to make sure you're disciplined but not so much it keeps you awake at night.

LJ, how many screens do you work with? I've got 2*24' for PC and one 24' mac.... depends on your trading patterns but I'm starting to think I need more real estate....
You may like to get one more screen ............................ to keep an eye on your broker.
The Thief of Wall Street
  • #3,105
  • Jan 17, 2011 2:01am Jan 17, 2011 2:01am
Quoting zentrader108
and where would the fun be..... I'm starting out full time - I have an account size where I need 40% annual return to make a living (ambitious but do'able) and about 1 year living expenses. You want pressure to make sure you're disciplined but not so much it keeps you awake at night.

LJ, how many screens do you work with? I've got 2*24' for PC and one 24' mac.... depends on your trading patterns but I'm starting to think I need more real estate....
I've got 2 of these:

http://www.amazon.co.uk/LG-W2261VP-i...5251036&sr=8-1

1 for my main charts profile, one for my brokers + general internet usage, I've also go a netbook which has my gold, ym, EP, oil charts on and then the TV for CNBC / Call of Duty for whem I'm bored! I'll be getting another LG monitor soon so I can have my other charts propfile one which has pairs like ECAD, EG, ANZD etc ... that will be sufficient for me, anymore and there would be too muhc to be watching at any one time.

I was in a similar situation, got made redundant and so that was the opportunity to see if I could trade live...the pressue was too much at times, but If all stays as it has been for the next 8 months then I would have got over a very big hurdle and it should be much much easier after that form a finanical perspective.
  • #3,106
  • Jan 17, 2011 2:05am Jan 17, 2011 2:05am
Quoting jj7000
Hi, Lovejoy you have helped me put all of the pieces together that I was missing, reading your journal. I found it like on Friday. Thanks for keeping such an organized and well detailed journal. I am going to start to do the same in my own. Visit my journal about my entries, maybe your seeing the same things I am seeing. I do not understand how to look at other markets to help decide the direction of trades. How did you learn to do that?
Can you expand on what you mean by this sentence...provide an example and I'll see if I can help
  • #3,107
  • Jan 17, 2011 2:12am Jan 17, 2011 2:12am
Quoting Cyrus
Looks like we're experiencing a migration here eh? =)

LJ, I think you're attracting the more aggressive J16 folk here. Haha. Good on ya mate. =)
Ha. The way I see J16 is that it's all about PA at great locations...but this is only the beginning and only scratches the surface...for some this is sufficient, but for those who want to learn more about how to read markets / price action and are willing to put in the hard work the rewards are much higher.
  • #3,108
  • Jan 17, 2011 2:15am Jan 17, 2011 2:15am
Quote
3. EU - Price was at a daily PPZ area and with YM at resistance and USDX at support it looked like everything was lininig up for some decent strong USD strength, but after it neve came qucily I decided to clsoe my trade for a +0.11R result
Quote
I really wouldnt be surprised to see EUR weaken again next week and the downtrends to continue.


I thought I might regret cutting my EU short...there is no point in knowing your probabilities if you don't back these up!
  • #3,109
  • Jan 17, 2011 2:23am Jan 17, 2011 2:23am
[quote=lovejoy80;4315273]Trades all closed for the day and week.

1. Oil - took a touch trade near the double top and another position based on break of 4HR support - though as squuezy pointed out it was also a 8HR BEOB. Took profit at PPZ...price didnt look like it had the momentum for a sustained move down, in fact it's been surprisingly dull all afternoon.

Entry @ 92.13, [email protected] exit @ 90.30
Entry @ 90.70, [email protected] exit @ 90.30

Total +3.8R

2. YM - entry at douuble top, moved to BE last night and stop was duly hit.

quote]

yup, it was pretty much obvious where price was going to turn .... unfortunately it hit my tp but remained spread to trigger tp.
tiny loss on this on my last position but all in all was about a BE for the 3trades in total.
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Simplicity is the key to success
  • #3,110
  • Jan 17, 2011 4:47am Jan 17, 2011 4:47am
[quote=squeezy;4318781]
Quoting lovejoy80
Trades all closed for the day and week.

1. Oil - took a touch trade near the double top and another position based on break of 4HR support - though as squuezy pointed out it was also a 8HR BEOB. Took profit at PPZ...price didnt look like it had the momentum for a sustained move down, in fact it's been surprisingly dull all afternoon.

Entry @ 92.13, [email protected] exit @ 90.30
Entry @ 90.70, [email protected] exit @ 90.30

Total +3.8R

2. YM - entry at douuble top, moved to BE last night and stop was duly hit.

quote]

yup, it was pretty...
Why the first entry squeezy?
  • #3,111
  • Jan 17, 2011 5:41am Jan 17, 2011 5:41am
[quote=lovejoy80;4319176]
Quoting squeezy

Why the first entry squeezy?
twas a bit of gut feeling based on chart time mixed with double top + failed beob turning into buob at extreme high (was definately not showing continuation) ...... also knew that strong burst up was rushing to where orders where most likely tricking traders into long, hope im not saying bull ..... its all chart time, i see price move in a repititive way and i follow.
Simplicity is the key to success
  • #3,112
  • Jan 17, 2011 5:56am Jan 17, 2011 5:56am
[quote=squeezy;4319331]
Quoting lovejoy80

twas a bit of gut feeling based on chart time mixed with double top + failed beob turning into buob at extreme high (was definately not showing continuation) ...... also knew that strong burst up was rushing to where orders where most likely tricking traders into long, hope im not saying bull ..... its all chart time, i see price move in a repititive way and i follow.
Was that not for your second entry...the BEOB turning into BUOB approaching the DT...your first entry before all this occurred...just wondered what made you enter there that's all.
  • #3,113
  • Jan 17, 2011 6:16am Jan 17, 2011 6:16am
[quote=lovejoy80;4319373]
Quoting squeezy

Was that not for your second entry...the BEOB turning into BUOB approaching the DT...your first entry before all this occurred...just wondered what made you enter there that's all.
no that was for my 1st, 2nd was retrace of h8 beob
knew price had to reach 90 before shooting up
Simplicity is the key to success
  • #3,114
  • Jan 17, 2011 8:45am Jan 17, 2011 8:45am
Quoting lovejoy80
Ha. The way I see J16 is that it's all about PA at great locations...but this is only the beginning and only scratches the surface...for some this is sufficient, but for those who want to learn more about how to read markets / price action and are willing to put in the hard work the rewards are much higher.
Hey LJ,
Could you please expand on that a little bit more, thanx very much for your effort in advance.
Pipcrawler
  • #3,115
  • Jan 17, 2011 8:58am Jan 17, 2011 8:58am
Nothing much going on at the currencies, oil has a nice setup, still waiting to get in long at a discount price of that 1H-BUOB. That 1H-BUOB is backed up by a 4H-PB, a daily BUOB and weekly BUOB.........
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Pipcrawler
  • #3,116
  • Jan 17, 2011 9:34am Jan 17, 2011 9:34am
Quoting xmzhang
Nothing much going on at the currencies, oil has a nice setup, still waiting to get in long at a discount price of that 1H-BUOB. That 1H-BUOB is backed up by a 4H-PB, a daily BUOB and weekly BUOB.........
be careful with longs on oil, might work but why dont you wait for a clear/proper break of 92.40 area & then a pullback for ur discount entry
Simplicity is the key to success
  • #3,117
  • Jan 17, 2011 11:57am Jan 17, 2011 11:57am
Quoting lovejoy80
Can you expand on what you mean by this sentence...provide an example and I'll see if I can help

I read something like you look at , oil, gold, dax and equities and etc to help which direction to trade with some pairs. I have no clue how to do that.
  • #3,118
  • Jan 17, 2011 11:59am Jan 17, 2011 11:59am
No trades for me today...I'm not keen on trading on Modays as momentum is usually too low and with it being a bank holiday in US it was even slower than normal today.
  • #3,119
  • Jan 17, 2011 12:23pm Jan 17, 2011 12:23pm
check raczekfx's posts,,.
lol the infamous crystal ball....

Quoting jj7000
I read something like you look at , oil, gold, dax and equities and etc to help which direction to trade with some pairs. I have no clue how to do that.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #3,120
  • Jan 17, 2011 12:24pm Jan 17, 2011 12:24pm
Quoting jj7000
I read something like you look at , oil, gold, dax and equities and etc to help which direction to trade with some pairs. I have no clue how to do that.
Hey JJ,

We use Equities like Dow and S&P for Dollar and YEN based pairs, Gold for AU and OIL for Ucad.

When Dow, Gold or Oil are near any SR or BRN's we lookout for setups respectively on FX pairs.

If you want more insight and info on why these things work read some books on intermarket relationships (Especially one from Ashraf Laidi).
.
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