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Make Money Everyday - A Guide to Short-Term Trading

  • #201
  • May 6, 2011 6:25am May 6, 2011 6:25am
Quoting Mommatried
Hello. It's me again. Today I traded at lunch again today. It was so cold and lonely. No one would say hi to me. Price action just stared at me with its ranging face and said- no! you cannot make money today. Why Trading Journal? Why? Why is this such a cold cruel world.

I once got a bad grade in ordinary differential equations. It didn't bother me then and it doesn't 15 years later.

That's all for now Trading Journal. Thanks for listening. Now if only I could get the Mongoloid to like me.
I like you doggonit. You're smart enough.... Lunch was no good huh - go figure.

Mongoloid Extreme
  • #202
  • May 6, 2011 8:33am May 6, 2011 8:33am
Quoting Mommatried
That's all for now Trading Journal. Thanks for listening. Now if only I could get the Mongoloid to like me.
who is Monoloid?
  • #203
  • May 6, 2011 8:34am May 6, 2011 8:34am
Is it me or are the 25's the trickiest of the quarters. I may have previous bias because I am convinced that 20 is a magnet for eur/usd....
  • #204
  • May 6, 2011 8:50am May 6, 2011 8:50am
Hi guys,

haven't been there for some time, just struggling with school, job, gf, hockey champs with a less time for other things, but today i've tried it first time with this style and i ended with +30pips, very cool, i think i made few mistakes idk and i would be grateful if smbdy can comment on this and i will answer all the questions

btw guys you are doing great job, getting better every day, i saw the charts and you are really doing good )

cheers and see my chart in attachment. Mike.
Attached Image (click to enlarge)
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  • #205
  • Edited 9:29am May 6, 2011 9:02am | Edited 9:29am
Quoting katrooo
Hi guys,

haven't been there for some time, just struggling with school, job, gf, hockey champs with a less time for other things, but today i've tried it first time with this style and i ended with +30pips, very cool, i think i made few mistakes idk and i would be grateful if smbdy can comment on this and i will answer all the questions

btw guys you are doing great job, getting better every day, i saw the charts and you are really doing good )

cheers and see my chart in attachment. Mike.
Hi Mike, nice to see you back and congrats on profitable session i was unable to trade New York myself but i see you did good job. i'm interested in your thought process while taking trades and hope others and i can learn something. 1) why no limit sells 1.4512 after first TP and 2) why did you canceled limit buy 1.4487? Thanks for posting nice chart

p.s. you can try saving your charts in *png format instead of *jpg, sharper image and smaller file size
  • #206
  • May 6, 2011 9:33am May 6, 2011 9:33am
Quoting geduim
Hi Mike, nice to see you back and congrats on profitable session i was unable to trade New York myself but i see you did good job. i'm interested in your thought process while taking trades and hope others and i can learn something. why no limit sells 1.4512 after first TP and why did you canceled limit buy 1.4487?
Hi geduim ,

thanks for asking, here is the answer :

about limit sells at 1.4512 - i know that it would probably be valid trade setup but we wre straight on the 1.4500 level with W formation and for me it looked that we will maybe break up a little so i didn't placed the order - otherwise as you can see little later i placed sell stop order at 1.45 when there was a little up movement and it seems to be exhausted so i would try to trade breakout - but then it went up to 1.4512 so i canceled that order because it would take a lot of energy to a market - it would have to move from 1.4512 to 1.4500(my sell order filled) and then down to 1.4488 - so 24 pips without correction.

That means that i'm playing the breakouts ussually only when not big movement has to occur to take me into position - it's because of catching right momentum - as you can see first filled buy at 1.4488

For me when there is no momentum there is no reason to reenter trades often - because when i see a correction against the uptrend and my limit order at nearest lower level did not get fill then i will place order for breakout and when it get filled then i want to see the momentum --- straight up, if it bounces down again and takes my SL i ussually dont play another break (because of lack of momentum and maybe some sitting orders on that level) but insted will wait wheter my limit order will get filled or not, and if not i will watch up breakout without me and will be entering on pullbacks.

And about closed buy order at 1.4487 - i was afraid about the NFP and the zigzag movement which occured - down,up,down....and that strong downside PA was telling me that it maybe is going to complete another leg -down to 1.4475, so i rather cancelled the order.

This type of trading is really a lot about discretion and reading PA as mongolian said, i've been little lucky today but maybe next time i will be in minus, but it's completely about practising trading it and screentime, after few hours of trading it i feel that i've got a little better.

Hope it helps. Cheers. Mike
  • #207
  • May 6, 2011 10:16am May 6, 2011 10:16am
Hello there,

thanks a lot for this thread! It really differs considerably from other threads which mainly focus on indicators and complete systems. That's why I appreciate this thread because the secret of trading is in the understanding of price action, at least to my thin experience of trading.

As I tend to ask why and to look for the deeper reasons I am still wondering why this grid system does function? I am sure it does, I tried it out this afternoon and I had spontaneously 2 winners and just 1 loser (but I prefer at the moment to do the chart observing work and try to remain more passive in the beginning )

So I can understand why pa is respecting the round numbers (xx.00, xx.25, xx.50) but what is the reason for the lines in between? Why does price respect e. g. xx.125 or xx. 375 ? Are those line not chosen randomly ?

If someone already reflected about that I would be glad for a short explanation!

Once more thank you Mongolian for this aweful thread!!!
  • #208
  • May 6, 2011 10:37am May 6, 2011 10:37am
Quoting Dortmunder
Hello there,

thanks a lot for this thread! It really differs considerably from other threads which mainly focus on indicators and complete systems. That's why I appreciate this thread because the secret of trading is in the understanding of price action, at least to my thin experience of trading.

As I tend to ask why and to look for the deeper reasons I am still wondering why this grid system does function? I am sure it does, I tried it out this afternoon and I had spontaneously 2 winners and just 1 loser (but I prefer at the moment to do...
I venture to say if we knew why we wouldn't be here but enjoying the spoils of exploiting it. It is something that kept appearing on my charts, so I started putting lines on there to mark it. Other than that... I don't have a good answer. Thanks for the encouragement. Good to hear about your profit.

Mongolian.
  • #209
  • May 6, 2011 10:50am May 6, 2011 10:50am
hi mongolian pls can you comment on my chart above and my thoughts in post below it? to tell me some mistakes and maybe good trades.

i would appreciate it
  • #210
  • May 6, 2011 10:51am May 6, 2011 10:51am
Quoting enochben
Is it me or are the 25's the trickiest of the quarters. I may have previous bias because I am convinced that 20 is a magnet for eur/usd....
Interesting. I have not looked at. But I also know that we can justify pretty much anything. If there's a way to be consistently profitable with it, hey whatever floats your boat. This is what works for me. Thanks for the comments.

Mongolian
  • #211
  • May 6, 2011 11:51am May 6, 2011 11:51am
Quoting mongolian
Interesting. I have not looked at. But I also know that we can justify pretty much anything. If there's a way to be consistently profitable with it, hey whatever floats your boat. This is what works for me. Thanks for the comments.

Mongolian
After watching how many time price hit 4525 today - I will definitely be paying closer attention to all the quarters!

Man what a day! Anybody else breaking the bank today!

Oanda must be taking an "L" as the spreads are pretty high...
  • #212
  • May 6, 2011 11:59am May 6, 2011 11:59am
Quoting katrooo
hi mongolian pls can you comment on my chart above and my thoughts in post below it? to tell me some mistakes and maybe good trades.

i would appreciate it
I will certainly Mike. However it won't be until tonight... I am not at computer until later (on phone right now).

Mongolian.
  • #213
  • May 6, 2011 1:51pm May 6, 2011 1:51pm
guys any idea why this has been moved to the journals section?
  • #214
  • May 6, 2011 1:55pm May 6, 2011 1:55pm
Quoting fugly
guys any idea why this has been moved to the journals section?
Any genuine trading discussion gets moved to the journals section where no one can find it. My guess is the man behind the curtains has a deal with brokers to banish any conversation that actually might help you improve your trading.

Just my 2¢ (and juvenile thoughts).

  • #215
  • May 6, 2011 2:42pm May 6, 2011 2:42pm
Quoting fugly
guys any idea why this has been moved to the journals section?
No idea.
  • #216
  • May 6, 2011 3:32pm May 6, 2011 3:32pm
Quoting mongolian
No idea.
[ Tinfoil hat - engaged ]

It's because this method is so powerful. The big banks got wind of it and summarily ordered the FF mods to move it to the dust bin.

[ Tinfoil - off ]

But seriously, thank you Mongolian (mongoloid- LMFAO) for this method. Pipeasy uses this method (among others) to ridiculous effect on a much higher TF. If you have the time I would recommend his "Equity Millipede" thread in Trading Systems forum, excellent examples of PA and movement around round psychologicals. It's a rather large thread, I would suggest looking for the .pdf in the thread with just his posts.

Thanks again.
  • #217
  • May 6, 2011 11:14pm May 6, 2011 11:14pm
Quoting katrooo
Hi guys,

haven't been there for some time, just struggling with school, job, gf, hockey champs with a less time for other things, but today i've tried it first time with this style and i ended with +30pips, very cool, i think i made few mistakes idk and i would be grateful if smbdy can comment on this and i will answer all the questions

btw guys you are doing great job, getting better every day, i saw the charts and you are really doing good )

cheers and see my chart in attachment. Mike.
Mike - I really like your chart - I was going to go through and mark stuff, but I really don't see a huge need to. You have got your orders in placed in the right spots - sure we got stopped a few times, but that's gonna happen. Otherwise - Well done. I don't see a whole lot on that chart to fix. You sat out the announcement - your choice, waited for PA to settle in and then made some nice pips. Awesome.

Mongolian.
  • #218
  • Edited 4:52am May 7, 2011 4:48am | Edited 4:52am
Hi Mong,

after my enthusiastic comments yesterday in the afternoon I had some lessons to learn in the late evening yesterday But that's ok, I survived that

So if you have some time left I would appreciate if you could walk through my little chart. I indicate some steps so that you might walk through easier.

So I discovered one crucial situation to me when I get usually uncertain. It happens after 1 or 2 legs moves (a strong trend or maybe spike) in a certain direction as like I have spotted it in my chart (on the left in a circle). The question is .. go long or go short (don't want to get philosophical on this ) but let's see my numbers and I try to explain how I interpreted the price action, perhaps you could please check that with your eyes and give me another lesson to learn if you had taken other choices than me.

1) Short @ 4325 as there is a strong downtrend
2) Stopped out
3) As we have been stopped out we decide to go long @4338
4) Stopped out
5) Again long @4338
6) Stopped out
7) I am persisting - so I go long @4338
8) Halleluja - we hit our first TP for a long time
9) I believe in long and go long @4350
10) Stopped out
11) Go long
12) Stopped out

Altogether not really a good spoil! Perhaps I should take into consideration that it was the last hours of the trading week, but volatility was still quite good at that time.

Did you share my choices above or would you have decided otherwise?

Thanks a lot!

Have a nice weekend over there!
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  • #219
  • May 7, 2011 6:28am May 7, 2011 6:28am
Just finished reading this thread. Or reading the first few pages, and skimming thru the rest.
I have to say, I really like how free of nonsense your system is. And I will definately demo this system and see if it is a good secondary trading system for me.
One can never have too many profitable trading systems.

Thanks Mongolian.
  • #220
  • Edited 9:57am May 7, 2011 9:39am | Edited 9:57am
Quoting Dortmunder
Hi Mong,

after my enthusiastic comments yesterday in the afternoon I had some lessons to learn in the late evening yesterday But that's ok, I survived that

So if you have some time left I would appreciate if you could walk through my little chart. I indicate some steps so that you might walk through easier.

So I discovered one crucial situation to me when I get usually uncertain. It happens after 1 or 2 legs moves (a strong trend or maybe spike) in a certain direction as like I have spotted it in my chart (on the left in a circle). The...

Hi Dortmunder,

hope i can also comment on this )

for me the only trades which are looking good are the first one and the last two and one which you did not take between 8 and 9 marks on your chart there was a pullback to 1.338 but i dont know wheter you would get filled on this, but anyway have you been matching the boxes into your excel file? because it looks for me that you were buying into downtrend correction.

Btw i'm interested in point 3) because it's not true that you should change your bias when you get stopped out first time, maybe after 2-3 times and not to change bias imdiately but wait for clear sign that price is going to the other side because it can be only consolidation.

Just my thinking, wonder what mongolian would say about it.

I hope it helps, happy trading Dortmunder
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