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Make Money Everyday - A Guide to Short-Term Trading

  • #421
  • May 17, 2011 2:11pm May 17, 2011 2:11pm
Quoting enochben
I do not think anybody was out of sync with the market today but rather today was one of those choppy days - price is consolidating and it was a battle of the bots.

I managed to get out with 64 pips this morning. My first 3 trades were losers -- chopped up in the barbed wire before I realized what was going on. Once the choppiness was identified I widened my stops (generally not a good habit to develop) and targets to make the day profitable. I do not think anyone likes trading days like today.
Well done enochben, 64 pips on an inside type of day is excellent! By how much did you widen your stops and targets?
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #422
  • May 17, 2011 2:21pm May 17, 2011 2:21pm
Quoting mongolian
I've done that - right place, wrong order. It's annoying for sure. I've also been at the computer - so tired I can't keep my eyes open... hand on the mouse - head is nodding and in that moment of my head jerking back up, click the mouse - of course it clicks an order (the wrong order)... That was fun also.

Mongolian
Yes, I was indeed getting somewhat tired - though not as extreme as what you have experienced before. I start to see that when I spend more than 2 hours of screen time, that is when I tend to make silly errors. So perhaps good to limit my sessions to 2 hours.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #423
  • May 17, 2011 2:49pm May 17, 2011 2:49pm
Quoting mongolian
Sometimes trendlines help. I don't use them often, but they can be helpful. Do you see how they would have kept you in the right kind of trade?? There are days when trendlines do not help - PA is all over the place. But go back to your past charts - look at them and see - can you clearly and easily draw a trendline or two on them? Would it have helped clear things up?
Thanks for interesting idea. I took a quick look at my past charts but nothing clear jumped out. Maybe because of my early view on trend lines, just more confusion and horizontal supply/demand is enough. I'm sure if one puts practice in to using trend lines they can be helpful.
  • #424
  • May 17, 2011 3:10pm May 17, 2011 3:10pm
Quoting 786 trading
I have some question about your screen one. Trying to learn entry points. Please see the attachment. Thanks.
Question 1 - Yes

Question 2 - Yes

Question 3 - Ideally I would have wanted price to come back up to 14150. However looking at PA - It didn't look like it was going to do that. PA came below 14137/14138 and then came back up to that line - looking like another short setup to go down to 14125. It failed there. Even if I had tried again to go short there, I would have been stopped out. Since I believe I would have been stopped out there a couple times... Maybe it's done going short. Being patient, PA goes back up to 14150 eventually and gives me a nice setup to go long. Looking at the PA - again - didn't trade it, just saying this is what I see and How I think I would have behaved.

Question 4 - Not necessarily. It could have been a Market Order if we weren't prepared. But as soon as PA goes by my target... I'm ready to put on my order.

Question 5 - Yes they would be. I didn't mark them as the order @ #7 hadn't been stopped out yet and had not hit the Take Profit yet. (Plus I knew I had 3 more charts to mark up - I may have been hasty in my wanting to be done with that chart ).

Mongolian
  • #425
  • May 17, 2011 3:38pm May 17, 2011 3:38pm
Quoting pa_pips
Well done enochben, 64 pips on an inside type of day is excellent! By how much did you widen your stops and targets?
25 pips for both SL and TP. I closed most of them manually before TP was hit.
  • #426
  • May 18, 2011 12:15am May 18, 2011 12:15am
Quoting mongolian
Couple of clips for everyone. Part I and Part II. It's about 15 minutes or so... Definitely a must see.
Nice

Inserted Video

Inserted Video
  • #427
  • May 18, 2011 3:53am May 18, 2011 3:53am
Thanks for the charts mongolian, can I ask on the 3rd chart (i think), number 15 where you say price is screaming long? What are we looking at here to determine the screaming?

-

The Euro is just chopping wood at the moment, if I was more experienced I guess I could be trading the little bounces but I'm sitting on my hands waiting for the break of this channel and some trendin'
  • #428
  • May 18, 2011 4:01am May 18, 2011 4:01am
Hi, I've been paper trading this way now for a couple of weeks with sufficient results that I resolved today to put a small amount of money into it, trade for real and post my charts. so naturally the markets go to sleep.

For what it's worth here is my chart (the times are UK).
Attached Image (click to enlarge)
Click to Enlarge Name: may18am.GIF Size: 332 KB


Only one trade, the rationale being being two successive 12 pip moves up and sufficient pullback (IMHO) to move the entry to the 4275 line. Maybe there was justification to exit at BE given the resistance shown around 4283 or maybe that's just hindsight.

After that, to my eyes at least, it was just a matter of sitting on my hands.

Thanks Mongolian for this thread, I will be persevering.

Any comments or suggestions welcome.
Too tired to argue. Too old to care.
  • #429
  • May 18, 2011 4:25am May 18, 2011 4:25am
Even more fun than yesterday. Will see if New York session price action is better.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #430
  • May 18, 2011 6:14am May 18, 2011 6:14am
Similar results to everyone else tonight on EU.

1- Sell limit filled just before London Open, price came down to my PT twice, first time 1 pip short of bid price. Second time it hit the bid price at 1.4250 but missed the ask by 1 pip so didn't lock in my profit. Then went up to stop me out. Oh well!

2- Price has been stuffing about since London Open, finally it broke the recent swing low. I thought that may have meant an actual direction for price. Sell filled and promptly swung back up to stop me out.

Mongolian would you have traded the bounces within this range? Would you have traded at all?

Any suggestions from mong and anyone else welcome!
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  • #431
  • May 18, 2011 7:33am May 18, 2011 7:33am
Quoting nhen
Thanks for the charts mongolian, can I ask on the 3rd chart (i think), number 15 where you say price is screaming long? What are we looking at here to determine the screaming?

-

The Euro is just chopping wood at the moment, if I was more experienced I guess I could be trading the little bounces but I'm sitting on my hands waiting for the break of this channel and some trendin'
Well - PA came back up to our target line... shot past it - Bounced up off of it 2 or three times... Just looking at it - it feels almost like an excited kid playing hide and seek, jumping up and down, trying not to give away a hint but is so excited he can't contain himself.... Just my opinion. Does it always happen that way.... we all know the answer to that

Mongolian
  • #432
  • May 18, 2011 7:50am May 18, 2011 7:50am
Today's London open practice. Hard to find balance between aggressive and conservative defense.
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  • #433
  • May 18, 2011 8:00am May 18, 2011 8:00am
Here's chart of Asian and Euro Sessions. I was sleeping so no, I wasn't able to join in the fun.

Mongolian
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  • #434
  • May 18, 2011 8:17am May 18, 2011 8:17am
PA definitely not up to it's usual robustness (is that a word). Anyway... just thought I'd share it.

M
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  • #435
  • May 18, 2011 8:53am May 18, 2011 8:53am
Thankfully a more trendy New York session. +12 pips for New York session, +6 pips for day and done.
Attached Images
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #436
  • May 18, 2011 8:59am May 18, 2011 8:59am
Quoting pa_pips
Thankfully a more trendy New York session. +12 pips for New York session, +6 pips for day and done.
sweet! feeling that I got a little lucky yesterday, I am not trading until this puppy starts moving. this price action is downright ugly.
  • #437
  • May 18, 2011 9:08am May 18, 2011 9:08am
Quoting davidb
Hi, I've been paper trading this way now for a couple of weeks with sufficient results that I resolved today to put a small amount of money into it, trade for real and post my charts. so naturally the markets go to sleep.

For what it's worth here is my chart (the times are UK).
Attachment

Only one trade, the rationale being being two successive 12 pip moves up and sufficient pullback (IMHO) to move the entry to the 4275 line. Maybe there was justification to exit at BE given the resistance shown around 4283 or maybe that's...
Thanks for joining us. Don't be discouraged by today. FOMC Minutes come out at 2pm EST - PA likes fart around on days like today - everyone wants to see if there is something new in the minutes. Keep us posted.

Mongolian
  • #438
  • May 18, 2011 9:23am May 18, 2011 9:23am
Quoting mongolian
Well - PA
Alright I can dig that, cheers.


Quoting mongolian
Here's chart of Asian and Euro Sessions. I was sleeping so no, I wasn't able to join in the fun.

Mongolian
Yep missed out Mate I must be daft because I cannot figure out this bloody graph paper thing, every time I look at it I go 'wha..?' I don't see how the movement of the grids lines up with what price is doing..
  • #439
  • May 18, 2011 9:26am May 18, 2011 9:26am
Night all, bed time for us Aussies!
Hope PA plays a bit nicer for what's left of NY before news.
  • #440
  • May 18, 2011 9:33am May 18, 2011 9:33am
Quoting nhen
Mate I must be daft because I cannot figure out this bloody graph paper thing, every time I look at it I go 'wha..?' I don't see how the movement of the grids lines up with what price is doing..
Quoting mongolian
How do I use the graph paper? The first block is either +1/2 or – ½ off the middle horizontal line. It is always the first full 12 pip move between the quarter mark and the Eigth. (I have the 1/8th lines marked by double yellow lines on chart). Let's say for example, first move is up, so my first box filled in is the 1 box @ the +1/2 level. The next box I fill in will be a 2, and should it continue up, then I will box in the 2 @ the 1 level.
Now let's say it retraces – comes back down one 12 pip move, my next box would be still at @ the 1 level, but now in the 3 spot. It may be helpful to use different colors or symbols for up vs. down, I however just use a pencil and fill in the boxes as I go and I map out the day as it unfolds.
Mongolians graph

Hope it helps. Charts may be not exactly the same because of different price feed.
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