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Make Money Everyday - A Guide to Short-Term Trading

  • #341
  • May 13, 2011 12:12am May 13, 2011 12:12am
Quoting mongolian
Read this article all the way through now - It is great. Everyone needs to go back to post #321 - Read that article, learn it, memorize the points. I am making a sheet with those bullet points all condensed into one sheet and hanging it by my CPU - What a great reminder, great way to start each trading session. I could go on and on about each point - I'll save you all - just READ IT!!

Thank you again for sharing that. Simple, concise and to the point.

GOTO POST #321 NOW.....

Mongolian
Hi, yep these are really great rules, have used them long time ago when traded the rainbow method. Here's a file if anyone wants to print and stick it to the wall by the monitor.
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File Type: doc The 25 Point Mantra and 5 Fundamental Truths.doc   28 KB | 1,720 downloads
  • #342
  • Edited 1:00am May 13, 2011 12:40am | Edited 1:00am
I took three long trades on Eur now. One was success, second was stopped out and third is in progress .
Can you please review that if they are correct?
Thanks.
Edit: #3 is also success, has to leave today, Tomorrow I will continue again. Still have confusion about retracement.
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  • #343
  • Edited 3:45am May 13, 2011 1:17am | Edited 3:45am
Quoting 786 trading
Hi Mongolian Sir,

It is wonderful thread. Simple method but needs much practice to be master. I will start trading on the method and will try to learn it.

One question about retracement and breaking a level. May be you had answered already (as I had read only 81 posts so far, will finish it this weekend).
When we can say that price has broken a level? after closing of candle or just price went higher?
2) Same question for retracement/pullback, do we need to wait to close the candle below the level or just price go through that level?
3) If you...
Hi 786 trading and welcome to the forum

I'm not Mongolian and just started learning this method my self but here's couple thoughts on your questions. I would not pay much attention to candle closes on such small time frame (on 1min you get one formation on 5min other and when market is very volatile i find it that 10s or 30s charts gives more clear picture, Mongolian uses ticks).

On retracements: if trend is strong price can just barely touch level and fly away. Mongolian said: " I don't normally like to play the straight down or straight up and get in.... I personally like PA to float by, bounce around and then pick me up" No cut in stone rules here... You will find through practice what works for you.

Quoting 786 trading
I took three long trades on Eur now. One was success, second was stopped out and third is in progress .
Can you please review that if they are correct?
Thanks.
Edit: #3 is also success, has to leave today, Tomorrow I will continue again. Still have confusion about retracement.
thanks for nice chart. #1 nice break, #2 fast up, fast down, probable deep retrace to SL, #3 looks good (would probably have closed at BE with my aggressive defense). Interesting what Mongolian will say about these trades.
  • #344
  • Edited 3:58am May 13, 2011 3:39am | Edited 3:58am
Today's London open practice, experimenting with aggressive defense. questions and comments to help learning are welcome

second long 1.4250 no good: to much rejections from 1.4262 and micro rest before reaching limit buy.
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  • #345
  • May 13, 2011 4:30am May 13, 2011 4:30am
Not the best London trading session. Strong trend and I did not manage 12 pips

Did at least end day positive with +4.6 pips.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #346
  • May 13, 2011 4:36am May 13, 2011 4:36am
Quoting geduim
Today's London open practice, experimenting with aggressive defense. questions and comments to help learning are welcome

second long 1.4250 no good: to much rejections from 1.4262 and micro rest before reaching limit buy.
Well done, geduim!

I see both of us had a 6 pips loss at same area going counter trend.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #347
  • May 13, 2011 4:48am May 13, 2011 4:48am
Quoting pa_pips
Not the best London trading session. Strong trend and I did not manage 12 pips

Did at least end day positive with +4.6 pips.
Congrats on profitable session imho in initial learning stage performance comes first and pip count just second. pa_pips what was your thought process when closing first short? would be interesting to see this correctional situation on the trade before last on 10s chart, but I know that there is limited history on Oanda charts.
  • #348
  • May 13, 2011 4:52am May 13, 2011 4:52am
Quoting pa_pips
Well done, geduim!

I see both of us had a 6 pips loss at same area going counter trend.
thanks pa_pips, i guess it was tricky situation, main trend was up but we shorted when after period of range two down legs has been formed, so maybe it wasn't very counter trend trade.
  • #349
  • May 13, 2011 5:04am May 13, 2011 5:04am
Quoting pa_pips
Not the best London trading session. Strong trend and I did not manage 12 pips

Did at least end day positive with +4.6 pips.
Quoting geduim
Today's London open practice, experimenting with aggressive defense. questions and comments to help learning are welcome

second long 1.4250 no good: to much rejections from 1.4262 and micro rest before reaching limit buy.
Thanks for the charts boys, I wasn't trading this tonight but looking at price move and your charts things are becoming clearer.
Have a good weekend!
  • #350
  • May 13, 2011 7:47am May 13, 2011 7:47am
Quoting 786 trading
Hi Mongolian Sir,

It is wonderful thread. Simple method but needs much practice to be master. I will start trading on the method and will try to learn it.

One question about retracement and breaking a level. May be you had answered already (as I had read only 81 posts so far, will finish it this weekend).
When we can say that price has broken a level? after closing of candle or just price went higher?
2) Same question for retracement/pullback, do we need to wait to close the candle below the level or just price go through that level?
3)...
Those are good questions, thank you. I will say that if I were trading a higher time frame - the close of the candle or the shape of the candle would matter. But I am using such a quick time frame, that really all I am looking for is for PA to at least touch the levels I'm trading against (and of course fill me at those levels..). So what you won't see a lot of here (at least from me) are posts about doji's or hammer's or any other kind of candle formation. I just play between levels.

Mongolian
  • #351
  • May 13, 2011 7:50am May 13, 2011 7:50am
Quoting geduim
Hi, yep these are really great rules, have used them long time ago when traded the rainbow method. Here's a file if anyone wants to print and stick it to the wall by the monitor.
Cool!
  • #352
  • Edited 8:17am May 13, 2011 7:59am | Edited 8:17am
Quoting mongolian
Those are good questions, thank you. I will say that if I were trading a higher time frame - the close of the candle or the shape of the candle would matter. But I am using such a quick time frame, that really all I am looking for is for PA to at least touch the levels I'm trading against (and of course fill me at those levels..). So what you won't see a lot of here (at least from me) are posts about doji's or hammer's or any other kind of candle formation. I just play between levels.

Mongolian
Thanks Mongolian,
I am working on 1 min timeframe as this is the smallest timeframe available in metatrader. I am also not considering the candle formation. but just was wondering that for retracement you see the 'V' formation ( price go some come back to level show a pull back and then go) or I think if price has to pass the level, come back reverse and then continue and we will take its continuation. That all can happen in one min. candle.
Please correct me if I am wrong. I will work on this system next week, looks very promising to me.
Thanks again.

Edit: I need to explain more about my question. Actually my question is that do i need to see V formation for retracement or not?
If not then same one min. candle can go up, go down and continue and my my order is filled. After that looking the chart (in history) it will not show the retracement, so would it be correct order.
  • #353
  • May 13, 2011 8:16am May 13, 2011 8:16am
Quoting 786 trading
I took three long trades on Eur now. One was success, second was stopped out and third is in progress .
Can you please review that if they are correct?
Thanks.
Edit: #3 is also success, has to leave today, Tomorrow I will continue again. Still have confusion about retracement.
Thanks for the chart - I put some notes on it. The hardest thing I have found and I think the others here will attest to is being patient. We are trading a small time frame - but that doesn't mean we can't be patient. Waiting for that ideal setup. If you watch price action long enough - you will see it happen over and over and over again, you'll also see one's that are not exactly ideal, but maybe close. Can we trade those? It's up to the trader. If you are going to trade them, be smart with your inventory... we want lots and lots of singles.

Again - Thanks for joining us.

Mongolian
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  • #354
  • May 13, 2011 8:19am May 13, 2011 8:19am
Quoting pa_pips
Not the best London trading session. Strong trend and I did not manage 12 pips

Did at least end day positive with +4.6 pips.
Keep it up. Hey - that is the goal - everyday end up +. Some days will be like that. Nothing wrong with it. When you go back and tally your results for the month - we want to just be adding... Right? It all counts.

Mongolian
  • #355
  • May 13, 2011 8:39am May 13, 2011 8:39am
Quoting geduim
Today's London open practice, experimenting with aggressive defense. questions and comments to help learning are welcome

second long 1.4250 no good: to much rejections from 1.4262 and micro rest before reaching limit buy.
Thanks for the charts again. I put some notes on it. Please keep them coming. You are really picking it up. That little area early on where you got stopped out a few times was messy and it cost you. It's tough, but I will say - it sure beats whatever that day was a while back - what was it...-48? SO in perspective, my bitching about trading costing us money is a bit nit picking, we still ended the + so that is great!

Mongolian
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  • #356
  • May 13, 2011 10:01am May 13, 2011 10:01am
Quoting mongolian
Thanks for the chart - I put some notes on it....
Thanks for your explanation. I am not trying to avoid the losses as they are part of this business (this is my believe), my only purpose to purify the entry is to take those trades which has more probability to be a positive and that would definately will miss some oppertunities and I have no problem with that.

One more thing. Do you consider the spread too while placing the orders?
For example I am looking to buy at 1.4250 (just for example) and spread is 2 then where should be my buy pending order? and same in stop-loss and taking profit i have to consider spread and/or i pip above/below the level?

Thanks again.
  • #357
  • May 13, 2011 10:07am May 13, 2011 10:07am
There are alternatives to using M1 charts in MT4. First chart is 10-tick bars, second chart is 2.5 pip range bars. I'll post if there is interest.
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  • #358
  • May 13, 2011 10:17am May 13, 2011 10:17am
Quoting zznbrm
There are alternatives to using M1 charts in MT4. First chart is 10-tick bars, second chart is 2.5 pip range bars. I'll post if there is interest.
Please do share how you accomplished this!
  • #359
  • May 13, 2011 10:39am May 13, 2011 10:39am
B
Quoting 786 trading
Thanks for your explanation. I am not trying to avoid the losses as they are part of this business (this is my believe), my only purpose to purify the entry is to take those trades which has more probability to be a positive and that would definately will miss some oppertunities and I have no problem with that.

One more thing. Do you consider the spread too while placing the orders?
For example I am looking to buy at 1.4250 (just for example) and spread is 2 then where should be my buy pending order? and same in stop-loss and taking profit i...
We covered this a while back, yes account for spread in order placement. So @ 4250, a buy with 2 pip spread would be placed @ 4252. Good question. Thanks.

Mongolian
  • #360
  • May 13, 2011 10:42am May 13, 2011 10:42am
Quoting zznbrm
There are alternatives to using M1 charts in MT4. First chart is 10-tick bars, second chart is 2.5 pip range bars. I'll post if there is interest.
Cool. Yes there have been lots of questions about that. I dont use MT4, so ive been no help.
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