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Make Money Everyday - A Guide to Short-Term Trading

  • #441
  • May 18, 2011 10:02am May 18, 2011 10:02am
More practice after New York open. Second long 1.4225 don't like when price rests like that just before retracement entry order. Missed 1.4237 break long while posting about excel graph.
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  • #442
  • May 18, 2011 1:27pm May 18, 2011 1:27pm
and now the trading day begins!

  • #443
  • May 18, 2011 7:33pm May 18, 2011 7:33pm
Quoting geduim
More practice after New York open. Second long 1.4225 don't like when price rests like that just before retracement entry order. Missed 1.4237 break long while posting about excel graph.
Sorry you missed the long there. Thanks for posting the graph!
  • #444
  • May 19, 2011 3:50am May 19, 2011 3:50am
Hi all, today's London open practice, questions and comments to help everyone learn are welcome
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  • #445
  • May 19, 2011 4:43am May 19, 2011 4:43am
Quoting geduim
Hi all, today's London open practice, questions and comments to help everyone learn are welcome
Well done geduim! I only watched price action during early London session, but did not take any trade. This was more a session of breakout trades and I am focussing these days more on retrace trades. When I started my trading session price was already on its way to your 2nd 12 pips trade - so to late on that one (that would be a nice short session for me if I was a few minutes earlier) Considered limit order where you loss the -6 pips twice, but decided against it and placed my limit order one level higher, which was never reached.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #446
  • May 19, 2011 6:08am May 19, 2011 6:08am
Quoting geduim
Hi all, today's London open practice, questions and comments to help everyone learn are welcome
Was out for dinner tonight so no trading for me, just looked at your chart, nice trading mate!
What I really dig about this method is if you have a 6 pip stop loss and you're going for 12 pip moves you're getting 2:1 trades. So risking 2% a trade if you can be up just 12 each night you have the potential to put 80% a month on your account. Very tidy indeed.
  • #447
  • May 19, 2011 8:19am May 19, 2011 8:19am
Quoting geduim
Mongolians graph

Hope it helps. Charts may be not exactly the same because of different price feed.
Thanks for that mate, I'm going to look at it after work this weekend!
  • #448
  • May 19, 2011 8:23am May 19, 2011 8:23am
Quoting nhen
Was out for dinner tonight so no trading for me, just looked at your chart, nice trading mate!
What I really dig about this method is if you have a 6 pip stop loss and you're going for 12 pip moves you're getting 2:1 trades. So risking 2% a trade if you can be up just 12 each night you have the potential to put 80% a month on your account. Very tidy indeed.
  • #449
  • May 19, 2011 9:21am May 19, 2011 9:21am
Talk about range trading... everyday this week feels like groundhog day. should have just taken the same trades from monday every day this week!
  • #450
  • May 19, 2011 10:52am May 19, 2011 10:52am
Quoting enochben
Talk about range trading... everyday this week feels like groundhog day. should have just taken the same trades from monday every day this week!
Yes, got some practise in sitting on hands today. 4 hours of screen time today and no trade. At least I did not loss any pips today, so I think the patience was worth the while.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #451
  • Edited 11:11am May 19, 2011 11:09am | Edited 11:11am
Fun with charts...
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  • #452
  • May 19, 2011 12:33pm May 19, 2011 12:33pm
I want to put up another chart. This is PA today May 19. I feel like the message has been lost a bit and it is my fault for not being as clear as can be.

A. PA has natural support/resistance @ whole numbers, like today in between 1.4200 and 1.4300.
B. PA has 'secondary' support/resistance @ the .25 levels between the whole numbers.
C. PA's third level of support/resistance is 1/2 way between each quarter - I've drawn them 12 pips away from either side of the .25 levels.

It is easy to fall into just looking for the next 12 pip trade. It's also easy to be frustrated by PA 'lack of movement' OR it not behaving like we'd want. It helps to keep the bigger picture in mind. The chart I have included is all of today PA up to this point. You can see how it comes up - touches 14300 twice - fails to really breach it - (OUR NATURAL RESISTANCE) - and then falls.

Having a sell order @ 14300 would be super profitable. I know this conflicts with 'well i like to see 2 down legs first....'. This statement is true most of the time. This is also why I have not specifically said that there are rules to this. The rules are - PA moves between whole numbers. Trade accordingly.

Look at the chart and see - PA failed to reach 14200. It found support mostly @ 14250. Each time, except for the second attempt down - it went another 12 beyond 14250 - it turned and went back up. So PA for a good chunk of time today played between the 14250 and 14750 levels. Knowing this, seeing this helps with our trading.

I'm guilty of getting wrapped up in the moment. The moment can be extremely uncertain and frustrating. That is part of the reason I use the excel sheet - just as a filter to eliminate noise. Also stepping back - looking at bigger picture - helps bring clarity.

Maybe you all already know this and this was just for me. Just felt the need to put this up. Thanks everyone.

Mongolian
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  • #453
  • May 19, 2011 11:41pm May 19, 2011 11:41pm
Quoting mongolian
PA has natural support/resistance
PA moves between whole numbers. Trade accordingly.
The moment can be extremely uncertain and frustrating.
stepping back - looking at bigger picture - helps bring clarity.
Mongolian
Great post, thank you i think most of us have been wrapped up in the moment and too concentrated on third levels of support/resistance and just 12pips.
  • #454
  • May 20, 2011 3:22am May 20, 2011 3:22am
Hi all, three more charts: 1. yesterday's observations, 2. today's bigger picture, 3. today's London open practice (how to make +27 or more instead of-24?). I hope it will generate some good ideas
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  • #455
  • May 20, 2011 4:36am May 20, 2011 4:36am
+3.4 pips during yet another ranging session
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #456
  • May 20, 2011 5:57am May 20, 2011 5:57am
Hi guys,

I vanished for some time hope you didn't forget about me

I've been working a lot and had 3 exams this week(all done fortunatelly) with average sleep 3-5 hours, now in the office, no fx trading this week at all and I'm completely exhausted and going to sleep hard today, so i have not been contributing the thread this time but i will fix it

I've seen you are making very good progress all so keep it up

Mike.
  • #457
  • May 20, 2011 7:01am May 20, 2011 7:01am
For you guys today must feel like taking candy from a baby
Patience is key.
  • #458
  • May 20, 2011 7:31am May 20, 2011 7:31am
Quoting katrooo
Hi guys,

I vanished for some time hope you didn't forget about me

I've been working a lot and had 3 exams this week(all done fortunatelly) with average sleep 3-5 hours, now in the office, no fx trading this week at all and I'm completely exhausted and going to sleep hard today, so i have not been contributing the thread this time but i will fix it

I've seen you are making very good progress all so keep it up

Mike.
Hi Mike, nice to see you back and congrats on passing your exams
  • #459
  • May 20, 2011 7:32am May 20, 2011 7:32am
Quoting moetzger
For you guys today must feel like taking candy from a baby
There are many days when that thought kind of runs through my head... I try not focus on it. Trading is hard dammit!
  • #460
  • May 20, 2011 7:33am May 20, 2011 7:33am
Quoting katrooo
Hi guys,

I vanished for some time hope you didn't forget about me

I've been working a lot and had 3 exams this week(all done fortunatelly) with average sleep 3-5 hours, now in the office, no fx trading this week at all and I'm completely exhausted and going to sleep hard today, so i have not been contributing the thread this time but i will fix it

I've seen you are making very good progress all so keep it up

Mike.
Good work sir!
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