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Make Money Everyday - A Guide to Short-Term Trading

  • #121
  • May 3, 2011 10:52am May 3, 2011 10:52am
Quoting mongolian
You absolutely have it.

Mongolian
Thanks mate apreciate your encouragement,i will try to trade it and then will post some charts, but for now i'm really busy with school and job (

to geduim...

mate pls how could i change settings in oanda so that i will see all past orders, profit takings and so on?

just btw anybody watching IIHF World Championship in Bratislava? just been to see live match yesterday, today we are playing against Russia i will be pretty drunked hehe and i hope that we will win this game!! Lets go Slovakiaaaaa!!!!!

cheeers.
  • #122
  • May 3, 2011 11:01am May 3, 2011 11:01am
Quoting katrooo
Thanks mate apreciate your encouragement,i will try to trade it and then will post some charts, but for now i'm really busy with school and job (

to geduim...

mate pls how could i change settings in oanda so that i will see all past orders, profit takings and so on?

just btw anybody watching IIHF World Championship in Bratislava? just been to see live match yesterday, today we are playing against Russia i will be pretty drunked hehe and i hope that we will win this game!! Lets go Slovakiaaaaa!!!!!

cheeers.
i hope this screenshot helps, if not let me know good luck playing against Russia
Attached Image
  • #123
  • May 3, 2011 11:42am May 3, 2011 11:42am
Thanks Mongolian for sharing and your answers, I have found the excel graph a really useful idea and helps keep the market direction clear, especially in a period of consolidation. From just practicing today there has been some nice trades on EU and EJ especially since NY open.
  • #124
  • May 3, 2011 12:27pm May 3, 2011 12:27pm
Quoting spacePip
Thanks Mongolian for sharing and your answers, I have found the excel graph a really useful idea and helps keep the market direction clear, especially in a period of consolidation. From just practicing today there has been some nice trades on EU and EJ especially since NY open.
I'm glad you are seeing it and are having success.

Mongolian
  • #125
  • May 3, 2011 12:46pm May 3, 2011 12:46pm
some more practicing today on London close, total -12pips, here's chart with some thoughts i noted while trading, would appreciate any comments very much
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  • #126
  • May 3, 2011 7:27pm May 3, 2011 7:27pm
Quoting geduim
some more practicing today on London close, total -12pips, here's chart with some thoughts i noted while trading, would appreciate any comments very much
My apologies for taking so long to get back on this - was away from computer and the battery on my phone was extremely lacking - Poor planning on my part.

Let me just tell you that it looks like you are very close to getting it. A couple of adjustments and we could change that session from -12 to +36. I have put the notes on the chart. Let me know if I need to clarify.

Mongolian
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  • #127
  • Edited 8:15pm May 3, 2011 8:02pm | Edited 8:15pm
THIS is very interesting. I really like your trading system/ style. Seems simple enough to execute, but complex enough that most will not get it or take the time to understand it. You are my hero Mongolian.

Mongolian- are you from Mongolia or somewhere else in East/ Central Asia?
  • #128
  • May 3, 2011 8:57pm May 3, 2011 8:57pm
I have attached a chart from this mornings (EST) Price Action. It was a really great example of what I've been talking about. You will notice that PA is in a long trend, it continually would go through one of our target lines and them come back to it (Inviting us back in...). The only one where it didn't come back a full leg was the first one, but that's ok - it went up past an entry line and came to to pick us up. The last circle is red. PA did the same thing - but it was a bit sloppy, causing a stop loss. It did however resume it's march up.

If I had to put down rules - they would be simple...

1. Don't be in a hurry.

If Price action doesn't doesn't pick you - it's not your ride. Don't know if anyone out there follows baseball, but it's like hitting - you will see lots of pitches thrown at you. Only swing at the one's you know you can hit. Don't swing at the one's in the dirt - don't swing at the one's over your hands.

2. See Number One.

We get all tied up in trading and thinking, oh man - it's gonna move, I gotta get in. If you sit and watch the price action, you will see - it RARELY goes in a straight line from A to B. Pick your spots. The professionals do not jump on every possible move - they are banking on the fact that we are. We sell @ the bottom and buy @ the top because - OMG - I'm gonna miss a trade. Don't worry about that - the trades will keep lining up.

Ben Graham, the father of Value Investing had a great analogy regarding the stock market that I think applies here. This article talks about it.

http://www.investopedia.com/articles/07/ben_graham.asp

But basically PA or Mr. Market is continually asking you if you want to get in. You have the ability to say No. Being able to have discernment as to when YOU want to get it or our, that is how we take control over our trading.

I hope you are all finding success.

Mongolian
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  • #129
  • May 3, 2011 9:06pm May 3, 2011 9:06pm
Quoting Mommatried
THIS is very interesting. I really like your trading system/ style. Seems simple enough to execute, but complex enough that most will not get it or take the time to understand it. You are my hero Mongolian.

Mongolian- are you from Mongolia or somewhere else in East/ Central Asia?
Thanks for the encouragement, and I think you are right about simple yet complex, unfortunately.

No not from Mongolia or anywhere near there. Long story, but basically I had a training class which took me from my family for 3 weeks. My son gave me one of his toys, a little plastic man, to take with me so I would have something to play with while I was gone. I took him to all my classes and he sat on the desk where I was working. My friends @ the training gave him the name Mongolian. Then the name went from him to our group. We called ourselves Mongolians. So I am one of 4 Mongolians actually. Thanks for asking.

Mongolian
  • #130
  • May 3, 2011 9:27pm May 3, 2011 9:27pm
I see your examples include the EUR/ USD pairing....do you trade this pair exclusively or do you mix it up- like the EUR/ Yen pair that would give TONS of signals on your system....?
  • #131
  • May 3, 2011 10:02pm May 3, 2011 10:02pm
A little change of pace. Here's a chart from EUR/JPY Price Action so far today. I love this pair.

Mongolian
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  • #132
  • May 3, 2011 10:24pm May 3, 2011 10:24pm
Quoting mongolian
Thanks for the encouragement, and I think you are right about simple yet complex, unfortunately....
hi，dude，

thanks for your system. may i ask some questions? could you please show us the test performance or live trading results? How many pips can this sysem catch a week? and how about the win rate of it?

thank you very much! best regards.

joey
  • #133
  • May 3, 2011 10:46pm May 3, 2011 10:46pm
Quoting hotjoey
hi，dude，

thanks for your system. may i ask some questions? could you please show us the test performance or live trading results? How many pips can this sysem catch a week? and how about the win rate of it?

thank you very much! best regards.

joey
Thanks Joey for the questions. As odd as it may sound, I do not have test performance results. This isn't really something that I just thought looked right and threw it on the platform and backtested to see if it would be profitable. This is over 2 years worth of work and experience.

I'm not trying to discount your questions Joey, but the # of pips this system can catch in a week is entirely up to the trader. How often do you want to trade? How long do you want to trade when you are trading? What pair are you trading? There are some days where I can see 20 signals in a day. I've seen way more and I've seen less.

My win rate? If this were completely automated, OR if I was trading for you - that would matter. The win rate again - depends on the trader. Look at some of the charts that others have posted. Gedium has posted some very nice charts, and is starting to get the system, but the win rate isn't there yet. It will be if the work is put into and mastery of reading Price Action happens. My win rate is going to be drastically different compared to someone who just starts using this. It takes time brother.

So yes, this is a system, but it's not like most systems you are going to find here on FF. This is more of a system of how to read Price Action, interpret it and then know where to profitably place our orders.

As far as live trading results go, I will try. It definitely won't be real-time, I don't get on the internet - while trading. But I can do some recaps. Sorry for the non-answer answer. I just want to be clear about what we we're doing here and what we are not. Appreciate you checking this out! Thanks.

Mongolian
  • #134
  • May 4, 2011 1:55am May 4, 2011 1:55am
mongolian

pls see my screen. i do it correctly?

tell me when we have 2 stop? (-6 pip) stop loss?) or 2 stopp is -12pip. we must look oposite direction am i right?

and on the screen look at last/ when price pull back i can enter buy yes? if not there is no fill order?

and also if it break the next level i must wait to pull back and then enter ? or when price go example 5 pip and pull back we can buy?

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Georgia
  • #135
  • May 4, 2011 2:32am May 4, 2011 2:32am
Really not my field of interest, but there is really some good stuff here!

Keep it up with the work Mongolian, that is the way to go, thumbs up!

Byebye!
  • #136
  • May 4, 2011 2:43am May 4, 2011 2:43am
Quoting mongolian
My apologies for taking so long to get back on this - was away from computer and the battery on my phone was extremely lacking - Poor planning on my part.

Let me just tell you that it looks like you are very close to getting it. A couple of adjustments and we could change that session from -12 to +36. I have put the notes on the chart. Let me know if I need to clarify.

Mongolian
Hi Mongolian, thank you very much for explaining and taking time to make notes on my chart Here i added couple more comments to make it clearer how i place my orders and how i look at different price action situations. I would appreciate any comments from you or other members, thanks for helping
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  • #137
  • May 4, 2011 3:00am May 4, 2011 3:00am
Quoting mongolian
I have attached a chart from this mornings (EST) Price Action....
Good rules Mongolian i'm just not clear about order placement: looking at your chart it seems to me that first three green circles would not have been filled. if one places order exactly at the level, for example first green circle limit buy 1.4775, than if spread is 2pips price would need to go lower than 1.4774 to get filled in. i reviewed my broker (Oanda) charts and MT4 demo charts and these seems to have some no fills too. Maybe i don't understand right how these orders are placed and filled. I would appreciate your help
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  • #138
  • May 4, 2011 3:03am May 4, 2011 3:03am
Quoting mongolian
A little change of pace. Here's a chart from EUR/JPY Price Action so far today. I love this pair.

Mongolian
Thanks for nice chart Mongolian, here's some of my thoughts when i remembered your post.
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  • #139
  • May 4, 2011 4:18am May 4, 2011 4:18am
mongoliN

if you use this strategy for 2 year you are the experiance. and i belive you can create the rules. that we can get same signals as you. ...can you?
Georgia
  • #140
  • Edited 4:45am May 4, 2011 4:21am | Edited 4:45am
today's London open practicing, total -24pips
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