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Make Money Everyday - A Guide to Short-Term Trading

  • #141
  • May 4, 2011 4:28am May 4, 2011 4:28am
Quoting geduim
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
Oanda's candles shows only the average price. To show the true price at the moment, go to add study --> price overly--> high ask or low bid.
  • #142
  • May 4, 2011 4:40am May 4, 2011 4:40am
Thanks for this great method Mongolian. I started experimenting with this approach end of last week. Realised I made to many trades and ended up with 2 negative days. Results much better today with patience is a virtue kind of attitude.
Attached Images
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #143
  • May 4, 2011 4:43am May 4, 2011 4:43am
Quoting Rand Yap
Oanda's candles shows only the average price. To show the true price at the moment, go to add study --> price overly--> high ask or low bid.
thanks Rand Yap, I know that Oanda shows average price, but i have considered this fact when checking if the orders at places that Mongolian mentioned would have been filled. Same results on MT4 demo witch shows bid price as Mongolian's charts.
  • #144
  • May 4, 2011 7:41am May 4, 2011 7:41am
Quoting geduim
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
Interesting. Let me ask - I don't think I could tell from your chart - are you charting the bid price or the ask price? Is anyone else having these troubles?
  • #145
  • May 4, 2011 7:48am May 4, 2011 7:48am
Quoting mongolian
Interesting. Let me ask - I don't think I could tell from your chart - are you charting the bid price or the ask price? Is anyone else having these troubles?
Oanda is charting average price and spread is about 1pip (so for example ask 1.4912, bid 1.4911 and prcie on chart 149115)
  • #146
  • May 4, 2011 7:55am May 4, 2011 7:55am
Quoting geduim
today's London open practicing, total -24pips
OK - Nice charts. I have 2 things for you.

1. 1/10th of a pip - twice! I would rather get something vs. nothing. If you need to adjust your Take Profit, DO IT. You know the feeling - when PA ALMOST gets to your level and starts to fall.... you sit there hoping that it's going to bounce back in the right direction... Remember - Hope is nothing in trading. It seems contradictory to what I've been saying about being patient, but I've also found that something is better than nothing. I'll lots of +3's, +6's, or whatever. That is painful. Ouch.

2. Be flexible. The last few charts you've shared, it seems that you have trouble when the trend changes (which EVERYONE has or will in their life). You seem to have a good day and then toward the end - it all gets taken back. I get that it is practice, so that's fine. I tell my boys and the kids in little league this all the time and it applies here as well - It isn't that practice makes perfect - Practice Makes Permanent.
  • #147
  • May 4, 2011 7:57am May 4, 2011 7:57am
Quoting geduim
Oanda is charting average price and spread is about 1pip (so for example ask 1.4912, bid 1.4911 and prcie on chart 149115)
Nice. Seems like a cute little way that they can skim some extra $$ off each persons spread. I know they are a good broker, don't get me wrong - I just hate games - that feels like it to me. Alright - enough complaining - back to making money today!!
  • #148
  • May 4, 2011 8:03am May 4, 2011 8:03am
Quoting pa_pips
Thanks for this great method Mongolian. I started experimenting with this approach end of last week. Realised I made to many trades and ended up with 2 negative days. Results much better today with patience is a virtue kind of attitude.
Nicely done! Thanks for sharing your results and your charts!

Mongolian
  • #149
  • May 4, 2011 8:23am May 4, 2011 8:23am
Quoting geduim
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
What timezone are these charts on? I'm trying to match them up with mine...
  • #150
  • May 4, 2011 8:34am May 4, 2011 8:34am
Quoting mongolian
What timezone are these charts on? I'm trying to match them up with mine...
thanks Mongolian for your great comments and advices, my charts are on GMT+3 time zone (London opens 10am here). they are the same as chart in your post that i replayed to with my charts
http://www.forexfactory.com/attachme...6&d=1304474175
http://www.forexfactory.com/attachme...4&d=1304496034
http://www.forexfactory.com/attachme...6&d=1304496046
  • #151
  • May 4, 2011 8:46am May 4, 2011 8:46am
Quoting geduim
thanks Mongolian for your great comments and advices, my charts are on GMT+3 time zone (London opens 10am here). they are the same as chart in your post that i replayed to with my charts
http://www.forexfactory.com/attachme...6&d=1304474175
http://www.forexfactory.com/attachme...4&d=1304496034
http://www.forexfactory.com/attachme...6&d=1304496046
OK - I'm on the same page now. I'm not always the sharpest knife in the drawer. That is interesting. I do know that Price is different from broker to broker depending on what kind of cut they take and what kind of cut they have to give as well. Too bad that doesn't help us get filled any better.

Mongolian
  • #152
  • May 4, 2011 8:52am May 4, 2011 8:52am
Hi Mongolian and fellow traders:

I got up early today to do my usual London trading. East coast US here, so that is a tall order... 2-3am....

Things went well, got a movement of 12 and then just hit a few smaller trades.

One question came up in my mind:

It's sometimes hard to tell if you'll make the 12 on one trade, how are you guys dealing with that? I don't want to run the risk of getting stopped out just because it turned back around on me.....

Kind regards and great trading to you all,

Kenfenfx
  • #153
  • May 4, 2011 9:00am May 4, 2011 9:00am
Quoting kenfenfx
Hi Mongolian and fellow traders:

I got up early today to do my usual London trading. East coast US here, so that is a tall order... 2-3am....

Things went well, got a movement of 12 and then just hit a few smaller trades.

One question came up in my mind:

It's sometimes hard to tell if you'll make the 12 on one trade, how are you guys dealing with that? I don't want to run the risk of getting stopped out just because it turned back around on me.....

Kind regards and great trading to you all,

Kenfenfx
Nice to see you back in here Kenfen - We were just talking about that. Had one person post their chart - and twice came with 1/10th of a pip to reaching 12 pips - didn't reach it and closed out @ 0. That's a tough call, because what will happen is when you do decide to get out early - it will then bounce up and hit your target and when you don't get out and wait - it will go to zero.

My feeling is something is better than nothing. If you're stilling running with those 6 pip lines on there - maybe use those as a first line of defense, if PA closes below there after a positive trade, but hasn't hit your Take Profit. It's an idea.

I have been trading this for a while now, so I have to really think about the things that I do and why I do them and try to communicate them to all of you. Being comfortable making that choice - whatever is, comes with lots of trades and lots of screen time.

Mongolian
  • #154
  • May 4, 2011 9:21am May 4, 2011 9:21am
Quoting mongolian
That's a tough call, because what will happen is when you do decide to get out early - it will then bounce up and hit your target and when you don't get out and wait - it will go to zero....
Enter the market and you guarantee it will do something different. Like this morning, I kept watching the market, thinking that it will turn any moment now, and 40 pips later it did....LOL no worries, I can wait for the next time.

I did decide to keep the extra lines in on my chart and it may just give me a comfort, but it works for me. I envision the PA crossing the lines as the trade develops.

Once I'm in profit, I look at the Unrealized P & L on my trading platform and strive to either wait for 12 or at least get the most that its going to give me. I'd rather keep the 12 as a "soft" goal versus getting stopped out.

And yes, I see as I continue this type of trading as you say, the screentime will help me to "feel" the market and be able to better tell when the momentum is there to grab a full 12. Bottom line for me is that at the end of the day, I've got pips in the bag no matter what.

Thanks so much and great trading to you today!
  • #155
  • May 4, 2011 10:59am May 4, 2011 10:59am
here's 3 more hours of practicing from New York open, trying to implement valuable advises from Mongolian, end result +28pips but during trading pips balance was very rangy, need to learn a lot more and more practice. Charts are 10s time frame and split in two for clearer picture of movements and decisions. Thanks Mongolian for all the help

p.s. does any body know why forexfactory converts *.png files wich i try to upload to *.jpg and makes image somehow blur
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 011.png.jpg Size: 101 KB
Click to Enlarge Name: 012.png.jpg Size: 127 KB
  • #156
  • May 4, 2011 5:07pm May 4, 2011 5:07pm
the price is very responsive to .25 levels ... I never would have imagined.
Today I tried it on m5 .... I did three operations ... the three reached the next level tp .25.

thanks friend for your strategy ... very good indeed

I use it my way, in any case I appreciate the idea
Attached Image (click to enlarge)
Click to Enlarge Name: m5-eur-usd....3 entradas.gif Size: 100 KB
  • #157
  • May 4, 2011 5:39pm May 4, 2011 5:39pm
Have you found their to be any correlation to a range bound market and volume and or time of day? I know there are lulls, and trading the open of a days market seems to produce moves with momentum versus lunch time/ or lower volume periods that tend to be tougher to realize strength/ momentum in price action change.
  • #158
  • May 4, 2011 6:30pm May 4, 2011 6:30pm
Quoting geduim
here's 3 more hours of practicing from New York open, trying to implement valuable advises from Mongolian, end result +28pips but during trading pips balance was very rangy, need to learn a lot more and more practice. Charts are 10s time frame and split in two for clearer picture of movements and decisions. Thanks Mongolian for all the help

p.s. does any body know why forexfactory converts *.png files wich i try to upload to *.jpg and makes image somehow blur
Very Nice - You're getting there. I can add some comments a little later on...on my phone @ moment.

Mongolian
  • #159
  • May 4, 2011 6:32pm May 4, 2011 6:32pm
Quoting porfirio
the price is very responsive to .25 levels ... I never would have imagined.
Today I tried it on m5 .... I did three operations ... the three reached the next level tp .25.

thanks friend for your strategy ... very good indeed

I use it my way, in any case I appreciate the idea
If it works for you and you can make money - I'm down. Thanks for the comments.

Mongolian
  • #160
  • May 4, 2011 6:35pm May 4, 2011 6:35pm
Quoting Mommatried
Have you found their to be any correlation to a range bound market and volume and or time of day? I know there are lulls, and trading the open of a days market seems to produce moves with momentum versus lunch time/ or lower volume periods that tend to be tougher to realize strength/ momentum in price action change.
For you - trade during and after lunchtime. Everyone else - go to lunch and enjoy yourself.

Uh - sure - opening of each session is when there is most volume which certainly helps drive price around. I've found the 2 to 3 hours of each session (except Asia - maybe first hour) are pretty good movement wise. It depends on the day. If everyone feels the world is going to hell in a hand basket - trading is great all day long. When everyone is comfortable - go with the volume.

Thanks for the question Mommatried.

Mongolian
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