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Make Money Everyday - A Guide to Short-Term Trading

  • #301
  • May 10, 2011 3:20pm May 10, 2011 3:20pm
Quoting daft
Another thing I'm recognizing is the larger influence the quarter levels have....00, .25, .50,.75....duh, I know, but maybe we have lost the forest for the trees, I did.

Look at EUR/USD today, those quarter levels look like a roadmap, it's almost cheating.
Got it, changing my charts the moment I arrive home.

Warm regards, Kenfenfx
  • #302
  • May 10, 2011 3:39pm May 10, 2011 3:39pm
Quoting kenfenfx
Got it, changing my charts the moment I arrive home.

Warm regards, Kenfenfx
Well my suggestion was more of just a temporary observational exercise to warm us up to the quarters, Mongolian no doubt built this method around them mainly I'm assuming but the 12 pip separations absolutely have their place.....it's just that they are ( to me at least as of now ) profit targets and pit-stops on the way to the next or previous quarter #. I haven't developed the ability to trade them like M. My direction interpretation gets scrambled, the bounces to and from the larger numbers keeps my head in it.

I have a feeling they (quarter #'s) play a much larger role in his focal interpretation than he can impart to us, almost subconsciously after 1000's of trades in this style.

I could be wrong. Still feeling this thing out.
  • #303
  • May 10, 2011 4:55pm May 10, 2011 4:55pm
Hi guys,

traded today EU after coming from office , it was evening not volatile and in range shouldnt trade at all, i made 3 losing trades and stopped trading. I should punish yourself for that.

mike.
  • #304
  • May 10, 2011 4:55pm May 10, 2011 4:55pm
Quoting daft
Well my suggestion was more of just a temporary observational exercise to warm us up to the quarters, Mongolian no doubt built this method around them mainly I'm assuming but the 12 pip separations absolutely have their place.....it's just that they are ( to me at least as of now ) profit targets and pit-stops on the way to the next or previous quarter #. I haven't developed the ability to trade them like M. My direction interpretation gets scrambled, the bounces to and from the larger numbers keeps my head in it.

I have a feeling they (quarter...
When I first started out - It was soley the quarters.... and I kept seeing PA move like in the first example. SOOO - I then started playing with it... started drawing different lines - and settled on the 12 pip mark (example 2). My overall belief is that PA moves between the quarters. I added the 12 pip lines to take advantage of those times when it just bounces along (example 1 again). Hope this makes sense.

Mongolian
Attached Image(s) (click to enlarge)
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  • #305
  • May 10, 2011 4:58pm May 10, 2011 4:58pm
Quoting katrooo
Hi guys,

traded today EU after coming from office , it was evening not volatile and in range shouldnt trade at all, i made 3 losing trades and stopped trading. I should punish yourself for that.

mike.
Sometimes - the best way to see how warm the water is - is to just jump in. It was rangy - you tried, there will be others... Keep up the good work.

M
  • #306
  • May 10, 2011 6:15pm May 10, 2011 6:15pm
Gentlemen,

If I'm one thing, I desire to strive to be teachable. My chart is now pretty as a picture. 00 and 50 are red, 25 and 75 are white, 12s are dotted and aqua. I'll know where I'm at at all times just by the "magical" colors.

I think this is just what I need to help me gain more 12 trades. Onward!

To my friend Katroo,

Mongolian is right. I'm sure I can safely say that we've all done it, bro, or at least I have. No punishment needed. Next time you'll know. You just got caught in the chop. When it's dead, I watch movies....LOL or something like that. Sorry, I live on my computer so being off it for more than a minute frightens me. LOL

Regards, Ken
  • #307
  • May 11, 2011 12:22am May 11, 2011 12:22am
In between practice I'm going through the whole thread again and looking at everyones posts.
Because I would rather ask stupid questions and look silly than get whipped around, mongolian can I ask why you didn't short @ 1.4612 after (5)?
It would have taken you into profit a bit and then come up to stop you out, but how did you know?
To me it looks like price was retracing for another move down and I would have put an order to sell at the mid line 1.4612 and been stopped out or have had to exit with a - .
After 3 moves down do you look for a reversal or something of the such?

Cheers!
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  • #308
  • May 11, 2011 12:24am May 11, 2011 12:24am
Oh maybe I get it.. Because it was such a big move down you were waiting for a bigger retracement?

Quoting nhen
In between practice I'm going through the whole thread again and looking at everyones posts.
Because I would rather ask stupid questions and look silly than get whipped around, mongolian can I ask why you didn't short @ 1.4612 after (5)?
It would have taken you into profit a bit and then come up to stop you out, but how did you know?
To me it looks like price was retracing for another move down and I would have put an order to sell at the mid line 1.4612 and been stopped out or have had to exit with a - .
After 3 moves down do you look for a...
  • #309
  • May 11, 2011 5:22am May 11, 2011 5:22am
Choppy London Session. Will only be able to trade 1st hour or so of New York session today. So will see if any opportunity presents itself then. The 2 pips during London session at least helped me to cancel out the 8% loss during first 2 days using this approach.

Will definitely also focus more on observing the quarters in future.
Attached Images
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #310
  • May 11, 2011 5:55am May 11, 2011 5:55am
Quoting nhen
In between practice I'm going through the whole thread again and looking at everyones posts.
Because I would rather ask stupid questions and look silly than get whipped around, mongolian can I ask why you didn't short @ 1.4612 after (5)?
It would have taken you into profit a bit and then come up to stop you out, but how did you know?
To me it looks like price was retracing for another move down and I would have put an order to sell at the mid line 1.4612 and been stopped out or have had to exit with a - .
After 3 moves down do you look for a...
I think someone else pointed this out in an earlier post as well.... yeah, I make mistakes. I've seen a few places where I've missed trades on previous charts as well. You are right - it would have been a good place to put an order.

Mongolian
  • #311
  • May 11, 2011 5:58am May 11, 2011 5:58am
Quoting pa_pips
Choppy London Session. Will only be able to trade 1st hour or so of New York session today. So will see if any opportunity presents itself then. The 2 pips during London session at least helped me to cancel out the 8% loss during first 2 days using this approach.

Will definitely also focus more on observing the quarters in future.
Perhaps... would of, could of, should of....not to worry - you see it now, get it next time.

M
  • #312
  • May 11, 2011 6:51am May 11, 2011 6:51am
No no sorry mate, I was saying you were right for not taking a short.
Lemme mark the chart so it's clear we're talking about the same thing.
I'm talking about the short at 1.4612 where price would have gone down 6 or so pips and then come back and stopped you out.
Was that on purpose, because you thought it may retrace quite extensively like it did?

Quoting mongolian
I think someone else pointed this out in an earlier post as well.... yeah, I make mistakes. I've seen a few places where I've missed trades on previous charts as well. You are right - it would have been a good place to put an order.

Mongolian
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  • #313
  • May 11, 2011 7:25am May 11, 2011 7:25am
Quoting nhen
No no sorry mate, I was saying you were right for not taking a short.
Lemme mark the chart so it's clear we're talking about the same thing.
I'm talking about the short at 1.4612 where price would have gone down 6 or so pips and then come back and stopped you out.
Was that on purpose, because you thought it may retrace quite extensively like it did?
I'm with you now - if I remember correctly - I would have wanted my entry to be back at 1.4625 - so it never got filled - that's why I would have the next short attempt where I marked it. PA never came all the way back - so then now, would have tried to get it in at 4612.
  • #314
  • May 11, 2011 7:45am May 11, 2011 7:45am
This chart is today's Price Action. The chart only has lines @ the different quarter levels... just wanted to take a step back and show everyone how it looks.

Mongolian
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  • #315
  • May 11, 2011 7:48am May 11, 2011 7:48am
Oh rightt..
I think I've been taking entries too soon after price has made a 12 pip move. If I was trading that I would have taken short where Ive drawn the blue circle and been stopped out.
So you wanted your entry at 1.4625 because it was such a big move down, so you were looking for a big retracement?

Quoting mongolian
I'm with you now - if I remember correctly - I would have wanted my entry to be back at 1.4625 - so it never got filled - that's why I would have the next short attempt where I marked it. PA never came all the way back - so then now, would have tried to get it in at 4612.
  • #316
  • May 11, 2011 8:00am May 11, 2011 8:00am
Quoting nhen
Oh rightt..
I think I've been taking entries too soon after price has made a 12 pip move. If I was trading that I would have taken short where Ive drawn the blue circle and been stopped out.
So you wanted your entry at 1.4625 because it was such a big move down, so you were looking for a big retracement?
I usually look for for a full 12 pip pullback - a pullback back up to the previous line. That is ideal for me. Certainly - doesn't always happen - like in this instance. But what I want to have happen, is for my order to be placed - back up at the next line - PA may try to get there - it may be a struggle, it may never happen.

Let's say for example - just like this one we're working off of - that PA doesn't make it back up to that line @ 4625. What has happened? I didn't have my order in too early - I didn't have sit in through all that - either getting stopped out, changing my mind, getting chopped to death. So now - my original order is up @ 4625... Obviously PA isn't going to make it back to that point - so now - for me, I'm looking for the next leg down - from 4612 to 4600 and I'm looking for an opportunity to get in @ 4612.
  • #317
  • May 11, 2011 8:28am May 11, 2011 8:28am
Red Arrow = Loss
Green = Profit
Direction is the direction I took the trade.

Only traded a few tonight.. had unexpected guests interrupting me.

1) I think I missed the 'W' on the left of my first trade. Would you have traded that mongolian?
My thinking for going long there was that price had failed to make a new low.. But obviously wrong.

2) When price went through the 1/4 line I placed a pending sell, it picked me up and I got out at the pivot. Would anyone else have done this? I know it was profitable, but I only want to trade it if it will be consistently profitable, not just by luck.

3) Placed another pending sell when price went through mid line, picked me up but stopped me out.

4) Same again.
There seems to be an 'M' there which carried out.

Another minus night, but learning so that is ok. Any suggestions are welcomed.. Still feeling like I don't have a solid plan of attack. Trying for retracements but yeah..
Attached Image (click to enlarge)
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  • #318
  • May 11, 2011 8:49am May 11, 2011 8:49am
Quoting nhen
Red Arrow = Loss
Green = Profit
Direction is the direction I took the trade.

Only traded a few tonight.. had unexpected guests interrupting me.

1) I think I missed the 'W' on the left of my first trade. Would you have traded that mongolian?
My thinking for going long there was that price had failed to make a new low.. But obviously wrong.

2) When price went through the 1/4 line I placed a pending sell, it picked me up and I got out at the pivot. Would anyone else have done this? I know it was profitable, but I only want to trade it if...
Don't think there is anything wrong with those trades. You have the right idea. There are days when PA is sloppy - it doesn't turn exactly on the level like we would want (HOW DARE IT!!). Unfortunately that means we get stopped out. 2 options - widen your S/L...that's up to you and what you can handle, OR Trade a bigger window. Look to get only the full trade between the quarter levels versus - picking off the 12's in between. Sometimes taking a step back helps see things. I have 2 charts running all the time - one with the 12's marked up everywhere and one with just the quarter levels and a little higher timeframe - if i'm having trouble in small trades - i will flip over to the quarter chart and see if i can see it a bit clearer on that chart.
  • #319
  • May 11, 2011 9:23am May 11, 2011 9:23am
Quoting mongolian
and one with just the quarter levels and a little higher timeframe - if i'm having trouble in small trades - i will flip over to the quarter chart and see if i can see it a bit clearer on that chart.
Nowww he tells us.
  • #320
  • May 11, 2011 11:25am May 11, 2011 11:25am
Yesterday experienced my first losing day since adding the quarters in my trading. I actually do not fault the quarters but my getting greedy and trying to get 25 instead of 12 when price got a little choppy.

Set targets today and back on track.

I think it is important to remember your timeframe, stops and targets and do not change them just because price moved x's more than normal yesterday!



There is a good article about trading being like being a bricklayer. You goto work and do the same thing every day for your entire career - building house after house, one brick at a time. I'll dig up the article and post.
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