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Make Money Everyday - A Guide to Short-Term Trading

  • #221
  • May 7, 2011 9:43am May 7, 2011 9:43am
to mongolian,

thank you for encouragement ,

i will try to trade as much as possible but i don't see it very optimistic for a new week because it's last week of semester and i also need to go to the work so it's problem, but i'm really sad about it because i would rather sit here for a whole day and trade (
  • #222
  • May 7, 2011 10:10am May 7, 2011 10:10am
Quoting katrooo
to mongolian,

thank you for encouragement ,

i will try to trade as much as possible but i don't see it very optimistic for a new week because it's last week of semester and i also need to go to the work so it's problem, but i'm really sad about it because i would rather sit here for a whole day and trade (
Sometimes weeks go like that. Take care of the things you have to, so you are able to do the things you want to. Until trading is able to be your sole means of support... take care of your other business. That's OK.

Mongolian
  • #223
  • May 7, 2011 11:38am May 7, 2011 11:38am
Hi Mongolian,

I tip my hat to you for sharing your system and helping other fellow traders. It is great to see a fellow Floridian kicking a** in the markets. I have subscribed and plan to add it to my arsenal next week.

Thanks Again

Kurt
  • #224
  • May 7, 2011 11:49am May 7, 2011 11:49am
Quoting TheRoper
Hi Mongolian,

I tip my hat to you for sharing your system and helping other fellow traders. It is great to see a fellow Floridian kicking a** in the markets. I have subscribed and plan to add it to my arsenal next week.

Thanks Again

Kurt
Thanks for dropping by Kurt. Look forward to hearing about your progress.

Mongolian
  • #225
  • May 7, 2011 2:07pm May 7, 2011 2:07pm
Quoting katrooo
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...
Hello Katrooo,

thanks for your useful comments! I highly appreciate everybods's comment on that stuff that I publish. I think we can learn from each other if we are all open-minded.

I wish you a nice weekend and .. of course .. green pips
  • #226
  • May 7, 2011 11:23pm May 7, 2011 11:23pm
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)....
Thanks for showing us your work. I've attached a copy of your chart with my thoughts. I put in on the chart, but I'll repeat it here... Last few hours of the week - messy time to be trading. Spend that time reviewing your work from the week.... getting yourself ready to tackle it again on Monday. Thanks again for sharing!

Mongolian
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  • #227
  • May 7, 2011 11:26pm May 7, 2011 11:26pm
Quoting Mr.NiceGuy
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.
Thanks for the encouragement. Let us know how it goes for you.

Mongolian
  • #228
  • May 8, 2011 5:56am May 8, 2011 5:56am
Quoting mongolian
Thanks for showing us your work. I've attached a copy of your chart with my thoughts. I put in on the chart, but I'll repeat it here... Last few hours of the week - messy time to be trading. Spend that time reviewing your work from the week.... getting yourself ready to tackle it again on Monday. Thanks again for sharing!

Mongolian
Thanks Mongolian for your explanation! Just some re-questions from my side in order to catch your thinkin on price action

1) why waiting for long entry until @4383 ? perhaps we see @4325 some kind of consolidation without knowing if pa continues downtrend ? My thinking was simply that I saw that price crossed the 4325 line upward .... but if I understand you properly then you would have waited in order to see a clear direction, right ?

2) Why #9 and #11 too early ? My thinking was just that I observed that pa went upward and crossed @4350 - round number!

I am already looking forward to your comments
  • #229
  • May 8, 2011 7:39am May 8, 2011 7:39am
enochben,

That is correct my friend.
  • #230
  • May 8, 2011 8:27am May 8, 2011 8:27am
Quoting Dortmunder
Thanks Mongolian for your explanation! Just some re-questions from my side in order to catch your thinkin on price action

1) why waiting for long entry until @4383 ? perhaps we see @4325 some kind of consolidation without knowing if pa continues downtrend ? My thinking was simply that I saw that price crossed the 4325 line upward .... but if I understand you properly then you would have waited in order to see a clear direction, right ?

2) Why #9 and #11 too early ? My thinking was just that I observed that pa went upward and crossed @4350...
On all of the explanations above, and if you look at all the examples and the posts throughout the thread - We believe PA moves between the .25's, etc. I have found for the most part, that PA once in a trend, will pullback/retrace a full 12 pips before commencing.

Now - I will also answer a question with a question... You asked why too early...I ask, were they profitable? I probably mis-spoke when I said too early... I was intending to say that PA needed to come back further before it would be a good setup. Tell me if I've been clear, if not - we can go around again.

Thanks!

Mongolian
  • #231
  • May 8, 2011 8:30am May 8, 2011 8:30am
Quoting acetrader
enochben,

That is correct my friend.
Just wondering... are you referring to this...


Quoting enochben
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).

  • #232
  • Edited 2:58pm May 8, 2011 2:47pm | Edited 2:58pm
Hello Mongolian, thanks again for your thread, great stuff.

I have a question about possibly reducing drawdown. I will try to attach a chart successfully, never done it so please bear with me.

As far as your overall method I can see how using it verbatim after we've broken the previous swing low on the chart at A and B would be high probability trades however price tends to "range" (relatively) after bigger single direction moves and to identify the trend and counter-trend within that can be difficult to say the least. Obviously it takes patience to wait for correct mini range AND you need to place your "hedge" far enough away so it's not engaged by a spike....that is why I suggest reducing the target to 10.

Rather than arbitrarily placing limit orders at levels you assume to be counter to or in line with the trend have you ever tried playing the breakouts of mini consolidations and look for only 10 pips? I have them marked on the chart, all of which went for over 12 pips.

And I don't mean to say "arbitrary" in a negative light, i'm sure you've seen this PA so many times it is hardly arbitrary to you but to me it's a very tough call and results in more drawdown than I like, and again that could just be my inexperience.

Basically my question is, I know you've worked with this method for a while but have you ever tried this particular iteration and found it to be lacking or have you never really given it much thought?

I understand we'll always have drawdown, I'm just looking for way to reduce it as much as possible and a very cursory backtest showed the breakout method to do just that, but it's hardly enough testing to form a rock solid conclusion.....hence my question.

Thanks again for your time.
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  • #233
  • May 8, 2011 2:57pm May 8, 2011 2:57pm
Quoting daft
Hello Mongolian, thanks again for your thread, great stuff.

I have a question about possibly reducing drawdown. I will try to attach a chart successfully, never done it so please bear with me.

As far as your overall method I can see how using it verbatim after we've broken the previous swing low on the chart at A and B would be high probability trades however price tends to "range" (relatively) after bigger single direction moves and to identify the trend and counter-trend within that can be difficult to say the least. Obviously it takes...
Certainly, I see that all the time. I felt that introducing this dialogue, it best to start with the fundamentals. As one becomes more comfortable with how price action moves, the more opportunities one will see. Is it possible to get those trades?? .... what do you think? A friend of this thread, kenfenfx, has also put up lines dividing the 12 pip areas in half. The more you do it, the more you will see it.

Mongolian
  • #234
  • May 8, 2011 3:11pm May 8, 2011 3:11pm
Quoting mongolian
Certainly, I see that all the time. I felt that introducing this dialogue, it best to start with the fundamentals. As one becomes more comfortable with how price action moves, the more opportunities one will see. Is it possible to get those trades?? .... what do you think? A friend of this thread, kenfenfx, has also put up lines dividing the 12 pip areas in half. The more you do it, the more you will see it.

Mongolian
Great thanks for quick reply. Was just unsure if it was applicable to trade that way everyday or if the market was just rewarding it lately....I obviously have not been trading this TF for a while

Not that you haven't done enough but please don't hesitate to put more charts with ur thoughts on PA if u ever have the time....your visuals have helped me tremendously.

Thanks!
  • #235
  • May 8, 2011 6:53pm May 8, 2011 6:53pm
I been in the back ground watching this thread, but today I thought I would test the waters by trading from one level to another as it seems to be a great idea and Ive so far pick up 15 pips doing so, 10 pips more than my daily requirement!
King Pippin
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  • #236
  • May 8, 2011 7:13pm May 8, 2011 7:13pm
Quoting king pippin
I been in the back ground watching this thread, but today I thought I would test the waters by trading from one level to another as it seems to be a great idea and Ive so far pick up 15 pips doing so, 10 pips more than my daily requirement!
King Pippin
King Pippin - Glad you had success today. Keep us in the loop since apparently we are a trading journal now. Thanks for sharing!

Mongolian
  • #237
  • May 9, 2011 3:00am May 9, 2011 3:00am
Hey guys,

just made fast 18 pips in one hour, now going for a exam, hope i will be happy after that

cheers.
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  • #238
  • May 9, 2011 3:13am May 9, 2011 3:13am
10 pips during early London Session and done for the day. It has been 4 profitable trading days in a row using this approach.

2nd entry should in fact show +12 pips. 12 -2 = 10 pips for day.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #239
  • May 9, 2011 3:17am May 9, 2011 3:17am
Quoting katrooo
Hey guys,

just made fast 18 pips in one hour, now going for a exam, hope i will be happy after that

cheers.
Good job katrooo! Hope your exam goes as well as you trading today.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #240
  • May 9, 2011 4:28am May 9, 2011 4:28am
Quoting katrooo
Hey guys,

just made fast 18 pips in one hour, now going for a exam, hope i will be happy after that

cheers.
Hi Mike, good job on these trades and congrats on one more profitable day Took the same trades as yours last two but finished BE on these two because of my aggressive defense. Need to work on my defensive plays. Total -6pips for today's London open practice.
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