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  • #4,041
  • Jan 17, 2011 2:40pm Jan 17, 2011 2:40pm
One might want to consider longs also ...

Chinese President Hu Disses the Dollar; Says U.S. System is a 'Product of the Past'

Also, the USDX (dollar index) seems to be breaking out of its range. A weekly close of USDX < 79 would confirm this IMO.

Regards,
EZ
  • #4,042
  • Jan 17, 2011 3:47pm Jan 17, 2011 3:47pm
Quoting iPlayGames
Hello, Mr Graeme!

I started this week trying to trade less by swtiching to 4hr charts with price alerts. my plan was to trade only when price made a new high/low. this should have been a sound plan, right? but I got burned real quick. I lost almost 20% of my account in two days. I did enter much fewer trades than before, but I did add 3 more pairs to my trading busket. but it just happened that none of my trades survived to the next day. I couldn`t believe it, I thought the market must have gone crazy. but that wasn`t the case, the market...
If you lost 20% of your account in 2 days that is not bad trading or a bad system or over trading or the wrong time frame. That is bad money management IMHO.
  • #4,043
  • Jan 17, 2011 5:16pm Jan 17, 2011 5:16pm
Mephisto II - thanks for the reply to the software question. I did not know it was pirated thanks.

Alex
  • #4,044
  • Jan 17, 2011 7:51pm Jan 17, 2011 7:51pm
Quoting hubbahubba
If you lost 20% of your account in 2 days that is not bad trading or a bad system or over trading or the wrong time frame. That is bad money management IMHO.
well, it doesn`t matter, I`m having too much fun doing this. this is the best computer game I`ve ever played. this is so much fun, I`m gonna play it goooood.http://cdn.forexfactory.com/images/icons/icon10.gif
  • #4,045
  • Jan 17, 2011 8:44pm Jan 17, 2011 8:44pm
I`ve released a trading tool to help me trade from the chart and display a little bit of trading statistics. it can be downloaded here http://www.forexfactory.com/showthre...71#post4321271
  • #4,046
  • Edited 2:48am Jan 18, 2011 2:19am | Edited 2:48am
Hi guys..
here are my two trades (probes) cost me about 7 pips in total from yesterday..You should be emotion-free to see if something going wrong after your entry..
My philosophy is "Be cruel to the market let it be merciful to you"...
This was all I paid yesterday...

http://www.screencast.com/users/noma...c-b15cea527b08
http://www.screencast.com/users/noma...f-a370ce2d8d9a

Good luck all...

P.s:Today i just saw a good setup on eu but it happened in my bedtime (not my timezone) but here it is for the people who are in eastern zone...
http://www.screencast.com/users/noma...7-bd1655c0fdb3
http://www.screencast.com/users/noma...1-da8355683175

UPDATE TO THE TRADE ABOVE
http://www.screencast.com/users/noma...4-e8d767dc5507
  • #4,047
  • Edited 4:50am Jan 18, 2011 2:38am | Edited 4:50am
So basically..
What helped me with my trading is defining set of trading rules/conditions that suit to my personality..
For example I am an easy one to over trade as most...
So i don't drop down anything lower than 4hr in terms of determining my hindsight...
If I'm entering my first position I like to see that its at the very early stage of the new 4hr/Weekly/Monthly candle..
I ignore this rule only if i'm stacking to a existing position..
So i'm not trying to make a mess here with my personal approach but only to say that everybody needs their own set of trading rules depending on your job,income,capital,expectancy,time-zone,personality....and so on
Good luck all..
  • #4,048
  • Jan 18, 2011 4:05am Jan 18, 2011 4:05am
Quoting nomask
So basically..
What helped me with my trading is defining set of trading rules/conditions that suit to my personality..
For example I am an easy one to over trade as most...
So i don't drop down anything lower than 4hr in terms of determining my hindsight...
If I'm entering my first position I like to see that its at the very early stage of the new 4hr/Weekly/Monthly candle..
I ignore this rule only if i'm stacking to a existing position..
So i'm not trying to make a mess here with my personal approach but only to say everybody needs...

Very helpful tips
-happyTrading, maaj-
  • #4,049
  • Jan 18, 2011 4:52am Jan 18, 2011 4:52am
Quoting maaj
Very helpful tips
thx mate..hope it helps as it did to me..
  • #4,050
  • Jan 18, 2011 5:15am Jan 18, 2011 5:15am
http://www.screencast.com/users/noma...5-eb7a63dd9e69
i just took a eu trade..explanation will come little later...
  • #4,051
  • Edited 6:06am Jan 18, 2011 5:44am | Edited 6:06am
I moved it to b.e now as it started not breaking the previous high..worst case I'll let it die at break even..
http://www.screencast.com/users/noma...0-d341d3208afb
http://www.screencast.com/users/noma...7-cf28626b4951

update:this position died at breakeven...
http://www.screencast.com/users/noma...2-88ed960ee276
  • #4,052
  • Jan 18, 2011 7:31am Jan 18, 2011 7:31am
Quoting nomask
So basically..
What helped me with my trading is defining set of trading rules/conditions that suit to my personality..
For example I am an easy one to over trade as most...
So i don't drop down anything lower than 4hr in terms of determining my hindsight...
If I'm entering my first position I like to see that its at the very early stage of the new 4hr/Weekly/Monthly candle..
I ignore this rule only if i'm stacking to a existing position..
So i'm not trying to make a mess here with my personal approach but only to say that everybody...

thank you very much, a bulb lit up when you said first position at the beginning of the hour and love your charts very much, they are very helpful/easy to see your perspective on the market. very grateful for your experienced insights
  • #4,053
  • Edited 8:27am Jan 18, 2011 7:55am | Edited 8:27am
Quoting wangyue22
thank you very much, a bulb lit up when you said first position at the beginning of the hour and love your charts very much, they are very helpful/easy to see your perspective on the market. very grateful for your experienced insights
you're welcome..
i'm happy to contribute such great thread here...
I'll update this post later with a few charts showing the reason why i paid only 6 pips to the market for today's trades (two trades) and did not open any more trades so far..
http://www.screencast.com/users/noma...0-c77e57254128
  • #4,054
  • Jan 18, 2011 8:14am Jan 18, 2011 8:14am
Hello Nomask,

You’re charts are of great help to me in spotting tight entries. Your thought process in making those entries enhances my chart reading as well.

I am grateful as ever.
Keep them posted.

Have a nice trading day.
  • #4,055
  • Jan 18, 2011 9:10am Jan 18, 2011 9:10am
Quoting Tauru$
Hello Nomask,

You’re charts are of great help to me in spotting tight entries. Your thought process in making those entries enhances my chart reading as well.

I am grateful as ever.
Keep them posted.

Have a nice trading day.
thanks a lot...
I'll keep posting my charts as there is a progress or a good opportunity...
price moved up out of the range but it did not give me any good and clear reason to enter so i stayed out..I do like the entries with tight stop but very attractive ones to get peoples attention on it..eu didn't get my attention so far after my two trades...
  • #4,056
  • Jan 18, 2011 11:23am Jan 18, 2011 11:23am
Flyer,

Any updates since page 151 please? Thanks so much in advance.

Quoting flyer415
Here are the links to the pdf files for pipeasy's posts.
.......
Page 102 to 151 .........
  • #4,057
  • Edited 12:39pm Jan 18, 2011 11:32am | Edited 12:39pm
I blew a few demo account and after the last one I made a promise not to blow anymore.

someone recommended demoing for at least 3-months, and grow the account, if you fail restart and try it gain. Until you can demonstrate that you are profitable then go ahead with real money.
I have been on demo for 8 months.

Here's my mindset

I'm still lurking and learning all my questions have been asked and answered by someone here. I keep telling my-self that one day I will find my way in the business. I will forever remain humble and thankful for this experience and hope one day I can pass on my experience as Graeme did for us.

Everyone here has been a tremendous help and it's only when you can overcome your own fear will you be able to satisfy yourself and feel confident in your trading decision and hindsight.

I no longer take random constant trades with no objective, I hunt for the best and I remain true to my hindsight.

I wont be posting any charts of my trades b/c I'm not at that level as yet, but from my weekly hindsight.
I have been stacking positions in the weekly direction of EU and GU.

I dont focus much on the news and the blips.
My main focus is on start of the week/day/HR, anticipation, inception and divergence and diversification with my weekly bias. ( I thank Greame again for imparting his invaluable knowledge).

It's better for me to look at the market over the weekly ( its more reliable) , the monthly is powerful it contains( Technicals and Foundamentals)

I am aware of Trendlines and S/R , Trouble Areas but I'm looking at the weekly PA.

I have to believe that the weekly will work out.

I see trading as a business, I have monthly expenses, so I can take profit, and I can add more positions as the market shrinks and moves.( other pairs)

I think I got the hang of it. ( I enter on 5 mins the cost is less per positions). It's been working out well, I'm seeing progress in my positions and I'm not feeling anxious and not glued to the screen, I feel confident that I'm entering in the correction direction if I'mm taken out is at a small loss( cost of doing business). It's a fabulous feeling.

Now I'm just waiting for that Flying buddah, Pinbar or a outside Bar shows up on the weekly or monthly and I will probe at low-cost and stack. I NEED to BELIEVE that the PAs will work out, but
I have to be aware that the market has it's own mind.

Greame's: "Constant Frequency." ..I have never read this anywhere here or on the web except in Physics class when they talk about the motion of Pendulum Oscillation/Waves whatever..

Prices have to move and Prices have to shrink in a given time period( Constant Frequency)It's just the nature of the Beast, this is shown more clearly in the 4HR chart and it gives reliable probing opportunities /setups/PA per day.

I think I am improving. Only time will tell, I have to control my fear/greed.
  • #4,058
  • Jan 18, 2011 2:02pm Jan 18, 2011 2:02pm
Quoting geoffrod
i wont be probing again until the euro 4hr closes below the 200EMA
i will be setting an alert for 1.3235

geoff
ok revised position,
euro took another little spirt up, but on the 4hr chart looks a bit exhausted.

i will be probing at 1.3348 ish, short.
a close below it would be a good look.
but who know's what it will do
time will reveal the answer.

cheers
geoff
  • #4,059
  • Jan 18, 2011 2:58pm Jan 18, 2011 2:58pm
Quoting geoffrod
ok revised position,
euro took another little spirt up, but on the 4hr chart looks a bit exhausted.

i will be probing at 1.3348 ish, short.
a close below it would be a good look.
but who know's what it will do
time will reveal the answer.

cheers
geoff
My read is kind of neutral since Daily is sideways. I will be shorting on peaks and buying on valleys on 1H in hopes of catching a run either way when it does decide on a direction.
  • #4,060
  • Jan 18, 2011 3:40pm Jan 18, 2011 3:40pm
Quoting hubbahubba
My read is kind of neutral since Daily is sideways. I will be shorting on peaks and buying on valleys on 1H in hopes of catching a run either way when it does decide on a direction.
it certainly is a neutral week so far, as we approach the weekly open again.
my comments are mainly in line with the current project of staying strong to our monthly hindsight until price tells us otherwise, and only trading in that direction, looking for places where price could return to our chosen direction, like you say at the peaks, another interesting ob is the proximity of the 200EMA with the 4hr, the daily, the weekly, this is relevent for me as is shown in any time frame, price wont hang around this area for ever, it has to move away.

this exercise is a great lesson in patients, and focus, i am lovin what it is doing for me as a trader.

cheers
geoff
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