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Trading Major Lines

  • #961
  • May 9, 2011 1:34am May 9, 2011 1:34am
Quoting gssintokyo
One of the main things I have taken form this excellent thread is the continuous emphasis on avoiding Overtrading. Since reading it I have recognized more clearly the dangers of this and am better off financially and psychologically as a result. Previously I was trading at certain specific times of the day every day and found this was leading me to try to `force` the trade. Now I am much more picky and waiting for much clearer signals as well as spending a lot more time away from the computer -end result= more money.

Thank you for your repeated...
You're welcome Greg.
You're right that I've been talking about overtrading a lot..Because its very important yet I can't talk enough of it.
There are two main reasons behind why you should avoid overtrading.
1.It makes you lose money by making sloppy entries.
2.This is even more important.You miss real opportunities because of overtrading.
Lets say you made 3-4 really bad entries (and you know you been overtrading).You just felt you must trade and lost quite amount of your capital.
But right after your overtrading you get a real opportunity (very simple,low risk,easy to catch) but this time you're scared to take it because of your previous losses.
So overtrading damages you both financially and psychologically which is the end of story for a trader.
  • #962
  • May 9, 2011 2:43am May 9, 2011 2:43am
Hmmm. Ain't that the truth. That is exactly what happens. And the one you don't pull the trigger on is the one you really should have been on. Great advice.
  • #963
  • May 9, 2011 6:49am May 9, 2011 6:49am
Hi nomask
Thanks again for your good suggestion for trading so i think one of these levels should be broken to see the pair in above till 1.45 and in downward direction to 1.4185 in H1
Attached Image (click to enlarge)
Click to Enlarge Name: EU 9May.GIF Size: 7 KB
Just check my signals with your experience then decide, please,
  • #964
  • May 9, 2011 10:35am May 9, 2011 10:35am
As i mentioned for breaking the level for entry, now i think we have to wait these levels according to Fibo for downtrend touch this week:
1.4235>1.4167>1.4039>1.3965>1.3880>1.3675
Of course 1.4039 is strong support
Just check my signals with your experience then decide, please,
  • #965
  • Edited 6:40pm May 9, 2011 2:13pm | Edited 6:40pm
Hi Nomask...nice & easy method I've used fibs quite a bit in my trading and mostly found it challenging when it came to where to draw them from and to with wave counting, or chart patterns to complicate things...this is just plain straightforward.

Would you mind providing a little clarification on how you define a "pinbar"? You've stated you don't really care for hanging men, hammers etc, but some of the candles that you call pinbars seem to look just like them.

And as for engulfing patterns, do you go by the definition where the body of the current bar engulfs the body of the prior bar?, or using the "outside" bar definition which the H/L of the current bar engulfs the H/L of the prior bar?

Your efforts to put up good chart examples with commentary has been very much appreciated
  • #966
  • May 9, 2011 7:16pm May 9, 2011 7:16pm
my hindsight from last week told me to short most dollar pairs and jpy pairs with varying degrees of clarity. as often the case for me, monday was a bit choppy and knocked out all my shorts at BE (plus one 10 pip loss) -today looks like the shorts may stick...
  • #967
  • May 10, 2011 2:51am May 10, 2011 2:51am
Quoting Sweet Pip
Hi Nomask...nice & easy method I've used fibs quite a bit in my trading and mostly found it challenging when it came to where to draw them from and to with wave counting, or chart patterns to complicate things...this is just plain straightforward.

Would you mind providing a little clarification on how you define a "pinbar"? You've stated you don't really care for hanging men, hammers etc, but some of the candles that you call pinbars seem to look just like them.

And as for engulfing patterns, do you go by the definition where the body...
to me there is not much difference between engulfing bars and outside bars as long as they both mean that the direction of the price significantly changed.I like both of them
I don't like inverted hammers,harami,doji kind of things...Because they're not easy to spot.
Engulfing,outside,pinbar and 3 bar reversals my favourite.
in the attached chart,price played as per our hindsight but in the eastern timezone (not mine)..I hope some of you guys were able to take advantage of that pinbar.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-10_1043.png Size: 40 KB
  • #968
  • May 10, 2011 2:56am May 10, 2011 2:56am
analysed the right entry on 5 min of the last setup on uj
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-10_1052.png Size: 71 KB
  • #969
  • Edited 8:19am May 10, 2011 7:50am | Edited 8:19am
Long USDJPY. I didn't trade at midnight eastern b/c my charts showed a hammer instead of a pinbar. 15 min chart looks better than 5 min. I've attached both.

Update: Out with 3 pip loss. Don't know why it just went sideways for a half hour...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy long.jpg Size: 197 KB
Click to Enlarge Name: usdjpy long 15min.jpg Size: 198 KB
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #970
  • May 10, 2011 9:05am May 10, 2011 9:05am
Really not liking this week's action, probably still the "hangover" after previous weeks sudden plummet.

I'm having difficulty to spot setups, and if you don't spot them right away, not real opportunities as Nomask said. So, guess I'll continue on hold for this session.

Besides, I'm affected psychologically due some bad trades, just as Nomask said it happens. Feared to pull the trigger.
  • #971
  • May 10, 2011 12:43pm May 10, 2011 12:43pm
For those interested in why things happened the way they did last week/this week - this is a fantastic article.

I try to not listen to forecasts based on fundamentals, as I am a technical trader (in training ) , but it's nice to know the "why" behind this sudden change in our hindsight.

http://www.reuters.com/article/2011/...74562320110510

I wish the market would make up her mind already. I added 2 BE positions of U/J and 1 EUR/USD this morning. I'll see if anything is still alive when I get home from work.
  • #972
  • May 10, 2011 3:21pm May 10, 2011 3:21pm
just woke up to see 4 shorts and a long from yesterday all stopped out at BE. One loss for the day at 4 pips including spread.. tricky week so far!
  • #973
  • May 10, 2011 4:48pm May 10, 2011 4:48pm
Quoting gssintokyo
just woke up to see 4 shorts and a long from yesterday all stopped out at BE. One loss for the day at 4 pips including spread.. tricky week so far!
I would be encouraged with those results to be honest. You managed to make six trades with only 4 pips lost. Minimal expense for potentially great reward.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #974
  • May 10, 2011 4:56pm May 10, 2011 4:56pm
Quoting zusch
I would be encouraged with those results to be honest. You managed to make six trades with only 4 pips lost. Minimal expense for potentially great reward.
+1
  • #975
  • May 10, 2011 5:05pm May 10, 2011 5:05pm
I might be talking out of that part of my body I usually sit on but where you have the entire bias of the weekly candle change as a result of a news release (eurusd), I kinda think that during the next week you are going to spend most of your time sitting on another part of your anatomy - your hands! This method is about patience (as a newbie I finally get it) and I haven't seen anything that would get my fingers itching just yet - but then again maybe I just haven't been paying enough attention!!
  • #976
  • May 10, 2011 10:02pm May 10, 2011 10:02pm
Quoting nomask
analysed the right entry on 5 min of the last setup on uj
Hi Nomak,
thanks for the sharing and showing us this setup on UJ, i have been following you on this thread and i have read all through from the start and trying hard to interpret all you have been sharing, but some of your post dont appear clear to me bcos i am not a very smart guy.
please for clarity purpose, would you kindly explain and make this UJ entry clear to me, starting from the higher time frame, what candle sticks on the higher time frame did u put you fib on that determines the fib on the 5 minutes chart.
i hope this explanation will help me understand the rest if you can help.
thanks.
  • #977
  • May 11, 2011 2:36am May 11, 2011 2:36am
I got my succesful entry on nzdusd for this week..
Remember,every b.e trade is a succesful trade.All we can do is making low risk entries with break even stops.from there its all market's job to do.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-05-11_1028.png Size: 41 KB
Click to Enlarge Name: 2011-05-11_1029.png Size: 83 KB
  • #978
  • May 11, 2011 3:00am May 11, 2011 3:00am
Quoting Confama
Hi Nomak,
thanks for the sharing and showing us this setup on UJ,...
hope this helps
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-05-11_1038.png Size: 35 KB
Click to Enlarge Name: 2011-05-11_1056.png Size: 47 KB
Click to Enlarge Name: 2011-05-10_1052.png Size: 71 KB
  • #979
  • May 11, 2011 3:02am May 11, 2011 3:02am
Quoting nomask
I got my succesful entry on nzdusd for this week..
Remember,every b.e trade is a succesful trade.All we can do is making low risk entries with break even stops.from there its all market's job to do.
this entry died at b.e
It seems like this pair doesn't want to move down anytime soon
  • #980
  • May 11, 2011 3:04am May 11, 2011 3:04am
Signing up.

Lenoxer
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