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Make Money Everyday - A Guide to Short-Term Trading

  • #161
  • May 5, 2011 3:59am May 5, 2011 3:59am
This is floor-trading adapted to the screen.

Excellent thread.

Best wishes,
daytrading
Enter Signature
  • #162
  • May 5, 2011 4:32am May 5, 2011 4:32am
Choppy price action and -6 pips for early London session. Suppose it may have been better to sit on hands until after ECB meeting and Bernanke speech.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #163
  • May 5, 2011 5:20am May 5, 2011 5:20am
here's today's London open practice, total -6pips, but making better friends with price movements, it looks more clear where rests is needed and were straight movements are more probable, learning and practicing...
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  • #164
  • May 5, 2011 7:31am May 5, 2011 7:31am
Quoting daytrading
This is floor-trading adapted to the screen.

Excellent thread.

Best wishes,
daytrading
Thanks!

Mongolian
  • #165
  • May 5, 2011 7:41am May 5, 2011 7:41am
Quoting pa_pips
Choppy price action and -6 pips for early London session. Suppose it may have been better to sit on hands until after ECB meeting and Bernanke speech.
Thanks for sharing. Nice job getting out without much damage on the first long. Now, given that PA failed to reach 1.4900 (TWICE) - which is a whole number... Even though I don't have 2 legs in that direction - PA was showing us that a short was coming. PA came down below the 1.4887 area, came back up to tough it (inviting us in) and then came back down.

No worries though. Thanks again for sharing.

Mongolian
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  • #166
  • May 5, 2011 7:45am May 5, 2011 7:45am
Quoting geduim
here's today's London open practice, total -6pips, but making better friends with price movements, it looks more clear where rests is needed and were straight movements are more probable, learning and practicing...
Nice charts - I agree, from your charts - it looks like you are starting to see it better. Keep it up!

Mongolian
  • #167
  • May 5, 2011 8:07am May 5, 2011 8:07am
I have attached two charts. Just PA from today so far - with just lines @ the quarters - no 12 pip mark. Sometimes we struggle in the details looking for the 12 pip trade. Take a look at the charts and see how PA moved today between the quarters. This is how my charts originally looked. I started adding in the 12 PIP lines because I wanted to take advantage of the times that it just bounced around along a line.

So I've included these - Sometimes taking a step back helps us see the way more clear.

Mongolian
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  • #168
  • May 5, 2011 10:05am May 5, 2011 10:05am
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
My sentiments EXACTLY!
  • #169
  • May 5, 2011 10:53am May 5, 2011 10:53am
Thanks for pointing out the great short that I could have taken in the London morning session, Mongolia. Your feedback enhance my learning experience. Managed to end day with 5 positive pips. The mindset of fighting hard to end every day positive certainly helps.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #170
  • May 5, 2011 10:57am May 5, 2011 10:57am
My apologies, I know this question has been asked a couple times before, I have seen it, intended to answer it, yet just have gotten busy in the charts and never really answered.

Question was - In regard to Order Placement - Where do you place order in relation to the spread? Now if your spread is taken on the backside - orders should be placed on the quarter lines and the 12 pip lines. However, I believe most have their applied at the beginning - so where should order be placed. Place your order @ the quarter line or the 12 pip area, plus your spread, so that way you are filled at the right spot. Hope that makes sense. Again - I apologize, I know this was having out there... Sometimes it takes a moment for the light to turn on over here.

Mongolian
  • #171
  • May 5, 2011 11:03am May 5, 2011 11:03am
Quoting pa_pips
Thanks for pointing out the great short that I could have taken in the London morning session, Mongolia. Your feedback enhance my learning experience. Managed to end day with 5 positive pips. The mindset of fighting hard to end every day positive certainly helps.
Being on the plus is huge. Somedays it's not too much, somedays it's a lot. We just want +'s by each day. Thanks for sharing.

Now if everyone notices his charts - He also has a 50 period Moving Average on his chart - which I assume is there to help keep him in the right trend. There is nothing wrong with that. I haven't put those on my charts because I dont' want us getting caught up in PA crossover and what not, but they can be used as a handy visual to help keep you in the trend.

Mongolian
  • #172
  • May 5, 2011 11:14am May 5, 2011 11:14am
Hi Mongolian & everyone,

This is an excellent thread that I've just read through. I like the simplicity of a grid system.

I think I see the logic:- In a trend price moves through the grid levels, pulls back a little & continues onward. We enter using limit or stop orders at the grid levels. I don't yet get the detail of at what point these orders are made, & how the stop loss is calculated.

Attached is a chart of the EU for this afternoon (London time). I have a few questions from it.

Would you have considered a short in Area A? At what point would you have given up on it?

In areas B, C & D when would you have made a sell order, & what type?
Eg at B would you have made a sell stop at 14675 after the first red candle when price showed signs of falling again, or wait for price to cross the line then set a limit sell at 14675 (which wouldn't have got triggered).

How would you have handled trades in the sideways movement of areas C & D?

Thank you very much for taking the time to show your method & answer questions. I hope it's not too much of a burden.

Best wishes

Zee
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  • #173
  • May 5, 2011 11:22am May 5, 2011 11:22am
Hi, did some practicing after Unemployment Claims, very volatile market, a lot of great opportunities to learn. Results very rangy but +14 pips in the end. Here's charts with some thoughts and observations, if anyone would like to discuss ideas or specific situations i would be very happy
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  • #174
  • May 5, 2011 11:40am May 5, 2011 11:40am
Quoting zhdeef
Hi Mongolian & everyone,

This is an excellent thread that I've just read through. I like the simplicity of a grid system.

I think I see the logic:- In a trend price moves through the grid levels, pulls back a little & continues onward. We enter using limit or stop orders at the grid levels. I don't yet get the detail of at what point these orders are made, & how the stop loss is calculated.

Attached is a chart of the EU for this afternoon (London time). I have a few questions from it.

Would you have considered a short in Area A? At...
Thanks for the questions - I have marked up your chart with a couple explanations. You wanted to know also - what kind of order to use, I try to stay away from Market Orders Personally, so in almost all of those scenarios - A sell limit order would have been used, except with maybe B - since PA was coming down to my order, (after my first order wasn't filled) i think that would have been a sell stop order.

Great chart - Excellent questions. Thanks!!

Mongolian
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  • #175
  • May 5, 2011 11:48am May 5, 2011 11:48am
Quoting geduim
Hi, did some practicing after Unemployment Claims, very volatile market, a lot of great opportunities to learn. Results very rangy but +14 pips in the end. Here's charts with some thoughts and observations, if anyone would like to discuss ideas or specific situations i would be very happy
The thing I like most is the 2 +10's on that second chart. Got something instead of nothing. I also like how you kept at it and finished on the + side. That is awesome!

M
  • #176
  • May 5, 2011 12:23pm May 5, 2011 12:23pm
Quoting geduim
Hi, did some practicing after Unemployment Claims, very volatile market, a lot of great opportunities to learn. Results very rangy but +14 pips in the end. Here's charts with some thoughts and observations, if anyone would like to discuss ideas or specific situations i would be very happy
Just some thoughts... Agree with the notes you put on there.
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  • #177
  • May 5, 2011 12:40pm May 5, 2011 12:40pm
Quoting pa_pips
Thanks for pointing out the great short that I could have taken in the London morning session, Mongolia. Your feedback enhance my learning experience. Managed to end day with 5 positive pips. The mindset of fighting hard to end every day positive certainly helps.
congrats pa_pips on one more profitable day just one more perspective to look at mindset: what would change if one would concentrate on performance rather than on pip count? i'm glad that fighting metaphor works for you, more on metaphors here and if you are interested in that kind of stuff you could search works of Charles Faulkner. Maybe it will help in your trading somehow
  • #178
  • May 5, 2011 1:04pm May 5, 2011 1:04pm
Mongolian & fellow traders,

I just wanted to stop by and share with you something I read last night after my trading session.

The author, Ed Ponsi, was talking about making our trading seem like a game for points instead of money.

Before I read this, I took the opportunity to "de-money" my trading station. I changed the counters to tell me how many pips instead of the dollar amounts, so last night as I was reading it, it really hit home how this was helping me.

This has meant that I have a less stressful time of trading. I'm focused on pips rather than a dollar amount and that gets my mind off of money and I can focus on the task at hand with better clarity.

A past trade mentor had me think about the money not pips and I found it to be more stressful. Especially when things don't quite go the way we want them to go.

If you haven't tried this, I encourage you to do so, or maybe you do this already. I think it may be especially valuable within our short-term trading methods. I can get pretty stressed out with real money on the line, when what I really need is a cool head and collected thoughts!

Just a thought for you as we "Make Money Everyday"

Regards, Kenfenfx
  • #179
  • May 5, 2011 1:19pm May 5, 2011 1:19pm
Quoting geduim
congrats pa_pips on one more profitable day just one more perspective to look at mindset: what would change if one would concentrate on performance rather than on pip count? i'm glad that fighting metaphor works for you, more on metaphors here and if you are interested in that kind of stuff you could search works of Charles Faulkner. Maybe it will help in your trading somehow
Thanks geduim. I certainly see that you are improving and your charts and Mongolia's comments helps a lot. I will check out those links

Mongolia, thanks for the W & M suggesting. I am already looking forward to tomorow's session to add that to my focal interpretation.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #180
  • May 5, 2011 1:32pm May 5, 2011 1:32pm
Quoting kenfenfx
Mongolian & fellow traders,

I just wanted to stop by and share with you something I read last night after my trading session.

The author, Ed Ponsi, was talking about making our trading seem like a game for points instead of money.

Before I read this, I took the opportunity to "de-money" my trading station. I changed the counters to tell me how many pips instead of the dollar amounts, so last night as I was reading it, it really hit home how this was helping me.

This has meant that I have a less stressful time of trading. I'm focused...
Thanks Kenfenfx - Excellent excellent post. Listen, whatever it takes to end up with more at the end of the day versus less. Keep a tally sheet, do whatever you need to do to focus on notching the pips under your belt! Thanks for sharing!

M
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