Attachments: raczekfx chart thread

raczekfx chart thread

#461
Mar 9, 2011 2:01am Mar 9, 2011 2:01am

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting belekas

Disliked

100%. Took me a few years to realize this even though I had my edge on my palm. 14hrs a day reading charts and trading actively has helped me to survive. Although without great desire and patience in life I'd be gone...Finally the hard work is starting to pay off. 4 long hard years have passed and it's only the beginning, as I tell myself. Without complete dedication I would have left this game. I sacrificed a lot, but all for the better life and to become a better man. All I can say it was really worth it

Ignored

14hrs...?
And I thought I spent too much time on charts when I 'deciphered' them 12hrs a day...

(bad old days, looong time ago in the galaxy.. lol)
Now I'm down to 2-4 a day but plan to cut it down to an hour next year, or so. You really need to watch the market 15 minutes, 2-3 times a day at certain time windows if you know what you're doing. That's unless you're scalping of course. But even then making 40-50 pips /day is relatively easy and once a trader has large enough account, those 50pips can actually mean something.

#462
Mar 9, 2011 2:09am Mar 9, 2011 2:09am

belekas
Joined Sep 2007 | Status: gone fishing | 5,782 Posts

Quoting raczekfx

Disliked

14hrs...?
And I thought I spent too much time on charts when I 'deciphered' them 12hrs a day... (bad old days, looong time ago in the galaxy.. lol)
Now I'm down to 2-4 a day but plan to cut it down to an hour next year, or so. You really need to watch the market 15 minutes, 2-3 times a day at certain time windows if you know what you're doing. That's unless you're scalping of course. But even then making 40-50 pips /day is relatively easy and once a trader has large enough account, those 50pips can actually mean something.

Ignored

Ha-ha. Right on the money mate. Right now it takes me a few seconds to look at the chart and tell if a setup is there and IF it meets my required criteria to take it or not. Scalping? Nah, i prefer swing trading with a few intraday patterns I do check on the regular, though they are rare. As you said IF you know what your doing you are going in the right direction...So I wake up, put my limit orders and go out enjoy my life as I have missed lots of beautiful moments in the past years, unless I'm trading something sexy on the intraday basis and need to manually enter.)

#463
Mar 10, 2011 3:12am Mar 10, 2011 3:12am

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting belekas

Disliked

Ha-ha. Right on the money mate. Right now it takes me a few seconds to look at the chart and tell if a setup is there and IF it meets my required criteria to take it or not. Scalping? Nah, i prefer swing trading with a few intraday patterns I do check on the regular, though they are rare. As you said IF you know what your doing you are going in the right direction...So I wake up, put my limit orders and go out enjoy my life as I have missed lots of beautiful moments in the past years, unless I'm trading something sexy on the intraday basis and need...

Ignored

Scalping can also be fun. Or should I say short term trading ...

Added following shorts: au/usd, eur/usd, gbp/usd just before Tokyo opened last night (6pm est)
50pips here 70 there....
It feels good when you see things developing, take action and then kaboom, right to your target.
I agree, it takes time and practice.... and STRONG mind, but it's well worth the effort. (Never give up.)

Mass psychology is another major factor here. You should know that very well since you used to live behind iron curtain. It can be a blessing if you understand how it works and use it to your advantage. Something many of my western friends have problem understanding, until they stop watching cnn and fox news..lol
And no, I have no ties to K....

Enjoy the weekend.

#464
Mar 10, 2011 4:26am Mar 10, 2011 4:26am

belekas
Joined Sep 2007 | Status: gone fishing | 5,782 Posts

Quoting raczekfx

Disliked

Scalping can also be fun. Or should I say short term trading ...
Added following shorts: au/usd, eur/usd, gbp/usd just before Tokyo opened last night (6pm est)
50pips here 70 there....
It feels good when you see things developing, take action and then kaboom, right to your target.
I agree, it takes time and practice.... and STRONG mind, but it's well worth the effort. (Never give up.)

Mass psychology is another major factor here. You should know that very well since you used to live behind iron curtain. It can be a blessing if...

Ignored

No doubt it can be fun and very profitable. Nice trading there mate. My choice would have been EUR/USD short @ 1.3923 with stops just above yesterdays high. Perfect. Sadly, this happened during my sleep.. Well, can't get them all, so more for the skilled ones, right? .) And yes it feels damn good when trade goes from entry to exit as planned...Like when you take profit and market fades heavy from that point, trade can even be reversed and so on...I believe you know what I'm talking about for sure, so lets just keep a light conversation.)

Yes, the crowd cannot beat the market, but an individual can. Once my master said: trading cannot be taught, but can be learned...So the words "never give up" are carved in stone for me since I was a child...Always taking decisions on my own and doing whatever it takes to get there...thus sacrificing personal life and what so ever...But as you said it's well worth the effort! I never really watched anything else then a chart and thats the only thing worth reading for me...No ties to K...? Not sure if I got you right brother? hehehe

Thanks for the true to life post and enjoy your weekend as well. Cheers!

#465
Mar 10, 2011 8:46am Mar 10, 2011 8:46am

redbaron1981
Joined Jul 2009 | Status: Trader | 345 Posts

Racz,

I know this might sound like stupid question but how do you go about organizing your trading day? You seem to have a very high participation rate over a number of crosses but it seems like you never take your eyes of the charts. Do you only monitor them during the big sessions or are you using alarms?

Firstly a few observations your use of the higher time frames for identifying key pivot zones is awsome as they are certainly far stronger than below dailies but how often do you update them? Do you just draw the back bone then work with it for as long as possible or do you regulary update them maybe once a week for example?

I'm really trying to get into order flow trading and identifying where the orders are on the chart rather than using pa. I see from your charts you make quite alot of touch trades from these areas of order clusters. Do you find this carrying a higher profit factor than pa trades as it looks like your touch trades use a far smaller stop loss than a pa setup would. Also your pivot zones seem not to be drawn from swing highs/lows but rather where there are instances that an area has been used for support/resistance in the past do you have some way of grading these zones? For example do you wait for it to be broken before seeing if it will be used for support.

Sorry for all the questions I was a member of your pf but had to cancel my subscription due to working offshore again.

If I ever get any time off I will be subscribing again.

Good luck,

James.

#466
Mar 10, 2011 9:16am Mar 10, 2011 9:16am

redbaron1981
Joined Jul 2009 | Status: Trader | 345 Posts

Oops nearly forgot to leave this one. Usdjpy daily 4th time that lower trend line has been touched! Could be explosive when it goes.

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#467
Mar 10, 2011 4:06pm Mar 10, 2011 4:06pm

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting redbaron1981

Disliked

but how do you go about organizing your trading day? You seem to have a very high participation rate over a number of crosses but it seems like you never take your eyes of the charts.

Ignored

I'll get back to you on this over the next few days, James.

#468
Mar 10, 2011 5:22pm Mar 10, 2011 5:22pm

4xAddict
| Commercial User | Joined Aug 2009 | 920 Posts

Racs,

Supports your idea that we are headed broadly lower in the near term.

http://www.businessinsider.com/risk-...ess+Insider%29

Cheers.

4x.

#469
Mar 10, 2011 5:53pm Mar 10, 2011 5:53pm

redbaron1981
Joined Jul 2009 | Status: Trader | 345 Posts

Thanks Raczefx look forward to it.

James.

#470
Mar 10, 2011 10:55pm Mar 10, 2011 10:55pm

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting 4xAddict

Disliked

Racs,

Supports your idea that we are headed broadly lower in the near term.

Cheers.

4x.

Ignored

Ideas can be worth small fortune....., until they become public knowledge..

#471
Mar 12, 2011 6:44am Mar 12, 2011 6:44am

4xAddict
| Commercial User | Joined Aug 2009 | 920 Posts

Quoting raczekfx

Disliked

Ideas can be worth small fortune....., until they become public knowledge..

Ignored

Could not agree more and Friday's price action looks to me like the makings of a final shake out of the weak shorts in the market - perhaps to coincide with these such articles being published

Took the GBPUSD off of 1.5986 yesterday using your methods, also took the EURUSD off of 1.3770 area which I was expecting to hold up at 1.38 but put a cheapskate long in below that level in the hope it would be hit and what do you know. Pity I had a TP in at 1.3870 but I can never pick the tops anyway

Have a great weekend.

#472
Edited Mar 14, 2011 8:13pm Mar 13, 2011 8:31pm | Edited Mar 14, 2011 8:13pm

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting redbaron1981

Disliked

Racz,

I know this might sound like stupid question but how do you go about organizing your trading day? You seem to have a very high participation rate over a number of crosses but it seems like you never take your eyes of the charts. Do you only monitor them during the big sessions or are you using alarms?

Firstly a few observations your use of the higher time frames for identifying key pivot zones is awsome as they are certainly far stronger than below dailies but how often do you update them? Do you just draw the back bone then work with...

Ignored

Hey James.

Just because you're a nice guy

This is what I do in a nutshell...
BTW, I don't do it daily (trading plan), but rather have one major for a week and as days go by, I only adjust my trading to changing market conditions.

1. Before the new trading week I pick currency crosses of interest. Those are based on geopolitical events and not necessary based on TA or FA. I'm looking for crosses that I believe will be 'moving'..
E.g. I posted in the group today that I believe that usd/jpy will get stronger (never mind the reasons). Since starting typing that post usd/jpy jumped 60pips...

. As you probably guess, PA plays no role here at all. All right next..

2. On Friday or Saturday, I draw weekly support/resistance lines and form what's becomes my trading zone for the next week. S/R doesn't mean necessary a horizontal line. It could be a trendline, major fib retracement area. Whatever you've learned to act as S/R would probably do as well.
3. Once I have those S/R areas marked, those are my battles areas until one of them gets violated.
4. Inside battle areas I simply use my trading methods to get best probability entries.
5. I also watch the news, but here's the catch... Unlike some other, wanna be traders, I know who owns the media and what their intentions are. You can believe me or ignore me here, but I don't think that your well being is on their priority list.... Having said that with years of practice and observation, you can learn how to use the information you're being fed with to your advantage (ok. enough, I've already said too much on the public forum

)

This is a trading preparation routine I do on weekly basis, which serves as a ground (or base camp) for anything that might happen during any day within that trading week.
That's the major plan.
I have of course daily routines, which evolve around three major time frames, when Tokyo, Europe and US opens, but those only complement major plan.

E.g. I may use S/R on daily TF to adjust stops and targets, I might close and reverse position (short term trades), while waiting for major S/R area to be broken.
Sometimes, you already have a plan in place but might receive a surprise or a gift from markets.
Just like today, regardless of my weekly plan, market presented golden opportunities/present in form of eur/usd and usd/jpy gaps. I wouldn't consider myself an 'ok' trader if I didn't shorted fiber and gone long usd/jpy at market open.
Gifts are always welcome...

I hope I answered your question to a some degree..
Now.. just to be absolutely fair and don't leave the impression that I know it all..(I don't), I do make mistakes, my plans don't always work as expected and I have losses from time to time. It happens that 'I know better' sometimes and get greedy (who doesn't, most of us are humans), but what's the most important, is the fact that I know how to bring myself back to control quickly and .. keep marching forward.

Happy trading.

p.s.
btw, here are some charts from my trading plan from previous week.

I got to run; too my charts, too much is happening this week will be full of good opportunities, so I won't have much time to be here..
All, have a great trading week.

rac

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#473
Mar 14, 2011 3:50am Mar 14, 2011 3:50am

redbaron1981
Joined Jul 2009 | Status: Trader | 345 Posts

Raczekfx,

Thank you for a wonderful post. Where can I some beer to say thanks?

Would you have anything against me copying a few quotes from your post in the Order Flow Achieving the mindset thread as I think a few posts you made are very important?

All the best,

James.

#474
Mar 14, 2011 4:40am Mar 14, 2011 4:40am

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

Quoting redbaron1981

Disliked

Raczekfx,

Thank you for a wonderful post. Where can I some beer to say thanks?

Ignored

Np, I'll be on Galapagos and Easter islands this August, I could use a beer there, or two...

Quote

Disliked

Would you have anything against me copying a few quotes from your post in the Order Flow Achieving the mindset thread as I think a few posts you made are very important?

All the best,

James.

as you wish,
cheers,

rac