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Trading Made Simple

  • #2,841
  • May 17, 2011 6:27am May 17, 2011 6:27am
Most professional currency traders prefers 1hr charts....coz world wide they start and close at the same time.
Trade responsiblypatience is the key/Swing trader
  • #2,842
  • May 17, 2011 6:31am May 17, 2011 6:31am
Quote
no when you are leveraged at 50:1 you cannot treat this market as if your trading stock at 2:1 leverage........

when I got 50$ a pip on the line it is an absolute sin to let a 10 pip winner turn into a looser.....I understand what your saying if your trading for a hobby and make your living at a J...ust O....ver B....roke.......but this is how i make my living.......you cannot let a good winner turn into a looser...

if im up 10 pips thats 500 bucks....I cannot let that run back past zero.....ill take 100-200$ before it goes negative.......same...

Appreciate your contributions. It's interesting to hear comments from actual practitioners. You bring up an interesting point in that if you have a higher dollar/pip then your pips per day goal can be much lower in order to meet your income target. Is this not actually a less riskier proposition than trying to score large pip totals because of small lot sizes?

BTW- Shouldn't you be calling yourself Snapcracklepip?

Love this thread!!
  • #2,843
  • May 17, 2011 6:34am May 17, 2011 6:34am
You do call yourself Snapcracklepip! The whole time my mind kept seeing snapcracklepop. I need to get more sleep. Studying this stuff like a fiend.
  • #2,844
  • May 17, 2011 6:37am May 17, 2011 6:37am
Quote
I stayed in short on GY, UY, EY..stayed in for the news just got out on all trades made 5% of my account today! Now out till tomorrow Thank you big E!!

I see the GY is still dropping nicely and it hasn't met the exit criteria of the tdi going flat or hooking. I will continue to observe. This method seems to be very nice. I have been trading for years but never used ha candles, so it takes a little getting used to.
  • #2,845
  • May 17, 2011 6:38am May 17, 2011 6:38am
usdcad would have been a nice long. I really like the tdi indicator
  • #2,846
  • May 17, 2011 6:46am May 17, 2011 6:46am
Quoting johnnykanoo
I see the GY is still dropping nicely and it hasn't met the exit criteria of the tdi going flat or hooking. I will continue to observe. This method seems to be very nice. I have been trading for years but never used ha candles, so it takes a little getting used to.
lol I know. I'm kicking myself a little bit, but considering my daily target when I get to trade is 2% per day I decided to exit. I can trade 9 days a month and my monthly target is 10%. So I exited due to my money management rules to stop myself from over trading.

I'm trying to find a balance between cutting losses and letting profits run. The only problem I'm having is a psychological one on exits.

If anyone has any strategies they use to cope with this please post them!
  • #2,847
  • May 17, 2011 6:46am May 17, 2011 6:46am
Quoting snarlyjack
I have 2 suggestions that might help someone...

I usually trade 3-4 different charts at a time. What I have found
is I'll usually end up making money on 3 of them and losing
on 1 of them. I seem to be hitting on about 75% of my trades.

Also I only look at the 4 hour chart. I don't confirm my trades
with any other chart time. I think it's important to specialize
in 1 time frame. I think the 4 hour time frame is where the
money's at so I just specialize in the 1 time frame.

snarlyjack
your talking dollars start talking pips please.....i can be up 100$ on a 2 pip move.......dollars does not matter talk pips
  • #2,848
  • May 17, 2011 6:48am May 17, 2011 6:48am
Quoting Browserguy
You do call yourself Snapcracklepip! The whole time my mind kept seeing snapcracklepop. I need to get more sleep. Studying this stuff like a fiend.


eat more rice crispies!
  • #2,849
  • May 17, 2011 6:49am May 17, 2011 6:49am
Quoting mackaozy
I stayed in short on GY, UY, EY..stayed in for the news just got out on all trades made 5% of my account today! Now out till tomorrow Thank you big E!!
mackaozy, give the site its indicators and the template will be grateful....
  • #2,850
  • May 17, 2011 6:51am May 17, 2011 6:51am
Quoting mackaozy
I stayed in short on GY, UY, EY..stayed in for the news just got out on all trades made 5% of my account today! Now out till tomorrow Thank you big E!!
wow i rode the upside move.......the whipsaws knocked me out then ....especially on the aud/jpy it ran away 100 pips...i did get 39 out of it but it was hard work
  • #2,851
  • May 17, 2011 6:52am May 17, 2011 6:52am
This is what i get for tonight.

EURUSD still floating -20pips sell, hopefully it will turn green soon.
Attached Image
  • #2,852
  • May 17, 2011 6:53am May 17, 2011 6:53am
Quoting lotos7
mackaozy, give the site its indicators and the template will be grateful....
Hi lotos7. If you read up a few posts I have posted my chart.
  • #2,853
  • May 17, 2011 6:55am May 17, 2011 6:55am
Wrenski,

I seem to be in a 8 hour cycle. The trades you are talking
about I liquidated yesterday at about $110.00 up. Then last
night I set new trades and liquidated them at about $90.00
up. I just set up some new trades and I'am down -$35.00 .

I like the 3 bar trade. 1candle to set up the trade, then trade
the next 2 candles then exit. (2) 4 hour bars = 8 hour trades.

I'am trying to get this so I can set my trades and go to work
and make money (gone for 8 hours). Then come home and
sleep for another 8 hours and make money. I like the idea
of making money while I'am at work and sleeping. That to me
is very efficient. That is why I like the 4 hour charts. Your
playing a very high percentage trade with 3 cadle bars.

snarlyjack
  • #2,854
  • May 17, 2011 6:59am May 17, 2011 6:59am
Quoting lotos7
mackaozy, give the site its indicators and the template will be grateful....
Template attached.
Attached File(s)
File Type: tpl simple hr.tpl   10 KB | 742 downloads
  • #2,855
  • Edited 7:18am May 17, 2011 7:05am | Edited 7:18am
im looking for this flat turn into a long run of at least 2o pips

im in.........

gahh my gf want to meet fo lunch.....got to cut it short closing for 9 pips.....ok 7.6
oh well it pays for lunch
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pound_dollar.jpg Size: 122 KB
Click to Enlarge Name: pound_dollar2.jpg Size: 125 KB
  • #2,856
  • May 17, 2011 7:14am May 17, 2011 7:14am
Closed for 17.5, took 2.5 when I jumped out & back in after the news so +20.
Exit on open of 4th candle when hook formed.
Opened at the close of the 1st red candle; although the cross looks as though it has formed earlier it didn't appear that way while watching...it was just kissing the red till the close of the first red bar

So +48 for today, EG 28 & GU 20

Nice Big E, many thanks
Attached Image (click to enlarge)
Click to Enlarge Name: GU_17-5-11.png Size: 34 KB
You don't have to be right, just don't be too wrong
  • #2,857
  • Edited 7:27am May 17, 2011 7:17am | Edited 7:27am
Quoting mackaozy
Hi lotos7. If you read up a few posts I have posted my chart.
mackaozy need your indicators and the template ... TMS-Osc Cross ... TMS-Osc Histo...
  • #2,858
  • May 17, 2011 7:47am May 17, 2011 7:47am
Quoting nollej
ahh crap i am such a noob forgetting to check news all the time.. cheers man
I was becoming so adept at sitting & watching 100 pips go by because I was afraid of the news, afraid of Bernanke, afraid of support/resistance ... I've just about reached the conclusion if you get a setup take the trade. (I'm trading the New York session on the 30 minute chart.)
My favorite crochet hook is size J. It's a J-Hook!
  • #2,859
  • May 17, 2011 7:52am May 17, 2011 7:52am
Quoting lotos7
mackaozy need your indicators and the template ... TMS-Osc Cross ... TMS-Osc Histo...
Link to the indies
http://www.forexfactory.com/showthread.php?t=294327
You don't have to be right, just don't be too wrong
  • #2,860
  • May 17, 2011 8:03am May 17, 2011 8:03am
It is frustrating, no?
Do you have a favorite pair or pairs that you monitor during this time of day?
Thanks much...
Cliff

Quoting littlebunny
I was becoming so adept at sitting & watching 100 pips go by because I was afraid of the news, afraid of Bernanke, afraid of support/resistance ... I've just about reached the conclusion if you get a setup take the trade. (I'm trading the New York session on the 30 minute chart.)
I get exercise just pushing my luck
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