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Make Money Everyday - A Guide to Short-Term Trading

  • #501
  • May 25, 2011 2:45am May 25, 2011 2:45am
Quoting nhen
First Chart:

Wasn't all that focussed at the charts last night, was at a family members house on laptop prior to going to dinner, so perhaps that didn't help

1- Missed long at 1.4075, so got in 3-4 pips into the move, price went close to next level then came back. -6
2- Yellow arrow at 1.4062 is where I could have had an order for long, same for move next to it, but wasn't really on the ball so missed it.
3- Limit order long at 1.4075, perhaps should have waited for price to reach level above and retrace for this long move. -6
4- Not...
It's certainly hard trying to trade under less than ideal circumstances. Seeing the trend versus seeing PA that is rangebound helps one's profitability immensely. PA on that second chart basically was stuck between those 2 levels. The challenge is recognizing it as quickly as possible. The stated goal is to get as many 12 pip legs as possible. When PA does what it did there, it's ok to just play the PA back and forth, knocking out 25 pip legs, waiting for it to prove to you that it knows where it wants to go.

Not bad considering you were out playing with family. Hope dinner went well!

Mongolian
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  • #502
  • May 25, 2011 2:55am May 25, 2011 2:55am
Quote
1. trade: we had a very strong uptrend, so i would wait for a bigger correction and would set my limit buy order by 1.4063, i think

I don't disagree and I don't agree. Yes obviously a lower price would be ideal. I see what his thinking was though as PA did break above that level and then came down to it @ 14075(ish) - usually, that's going to be a nice place to get in, once PA has moved past your entry line and come back to it. So I don't fault him, I may have done the same thing.

Quote
2. trade: this i would take too.

Right

Quote
3. i wouldn´t take this, because a lower high was forming and for me it means attention, the trend turns down.

Good Points here.

Thanks for sharing your 2 cents. Nicely done.

Mongolian
  • #503
  • May 25, 2011 3:01am May 25, 2011 3:01am
Quoting mongolian
I don't disagree and I don't agree. Yes obviously a lower price would be ideal. I see what his thinking was though as PA did break above that level and then came down to it @ 14075(ish) - usually, that's going to be a nice place to get in, once PA has moved past your entry line and come back to it. So I don't fault him, I may have done the same thing.



Right



Good Points here.

Thanks for sharing your 2 cents. Nicely done.

Mongolian
thanks for your quick answer!

PS: eur/usd goes sideways, saw it too late and lost a little bit
  • #504
  • May 25, 2011 4:19am May 25, 2011 4:19am
Price ranging for virtually the first two hours of my morning session as the 'graph paper' (top left corner) shows. Sat on my hands.

Finally got an entry with the price breaking long and a good pullback after 3 up moves.

Attached Image (click to enlarge)
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What I learnt:

  1. Need to add range trading to my repertoire!

Too tired to argue. Too old to care.
  • #505
  • May 25, 2011 5:37am May 25, 2011 5:37am
I thought i would understand this, but not
  • #506
  • May 25, 2011 6:24am May 25, 2011 6:24am
[quote=AndreyBecker;4642436]I try to describe my thoughts.. i hope mongolian would correct if i´m wrong ]/QUOTE]

Thanks for that mate


Quoting mongolian
When PA does what it did there, it's ok to just play the PA back and forth, knocking out 25 pip legs, waiting for it to prove to you that it knows where it wants to go.
Thanks for your notes mong really helps, can I ask regarding that 2nd chart, seeing as we rose into that range would you be looking to buy those bounces? And not really selling at the top getting counter trend trades? Or are you not worried about the trend coming into a range..

Dinner was nice thanks
  • #507
  • May 25, 2011 7:09am May 25, 2011 7:09am
just a long taken here.. have been recently seeing how important these levels are.I have my lines drawn at 6 pip intervals.. Really want to learn how to scalp these small levels with a main goal of only 1 postive ( 12 pips ) trade per day as hoping to slowly but surely increase lot sizes when i become more comfortable..
josh
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nollej is power..
  • #508
  • May 25, 2011 8:03am May 25, 2011 8:03am
Quoting AndreyBecker
I thought i would understand this, but not
What's the problem?
  • #509
  • May 25, 2011 8:04am May 25, 2011 8:04am
Quoting davidb
Price ranging for virtually the first two hours of my morning session as the 'graph paper' (top left corner) shows. Sat on my hands.

Finally got an entry with the price breaking long and a good pullback after 3 up moves.

Attachment



What I learnt:

  1. Need to add range trading to my repertoire!

I applaud you and your patience. That is a tough behavior to master when trading!

Mongolian
  • #510
  • May 25, 2011 8:06am May 25, 2011 8:06am
Quoting nollej
just a long taken here.. have been recently seeing how important these levels are.I have my lines drawn at 6 pip intervals.. Really want to learn how to scalp these small levels with a main goal of only 1 postive ( 12 pips ) trade per day as hoping to slowly but surely increase lot sizes when i become more comfortable..
josh
Good job. Start with what you are comfortable with... as that grows, so should confidence, and hopefully account balance. Thanks for sharing.

Mongolian
  • #511
  • May 25, 2011 10:44am May 25, 2011 10:44am
Quoting mongolian
What's the problem?
I think, i took too many trades. I should pay more attention to the best signals and take only them. I have to analyze the trades i took and see forward. :-)
  • #512
  • May 25, 2011 9:00pm May 25, 2011 9:00pm
Quoting enochben
How correct you are! Stopped out - my spidey senses tell me it will still go back up to 116 before the days done.
Look look look... 116! (A day 1/2 later... )
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  • #513
  • May 25, 2011 9:40pm May 25, 2011 9:40pm
Quoting mongolian
Look look look... 116! (A day 1/2 later... )
Ha! Got a good chuckle out of that one! I am always right, but for some reason I am right just out of the reach and time that my account can sustain...

John Maynard Keynes said it best when he said "Markets can remain irrational longer than you can remain solvent."
  • #514
  • May 25, 2011 9:43pm May 25, 2011 9:43pm
Quoting mongolian
Look look look... 116! (A day 1/2 later... )
Another reason why I like your method - it has no room for predictions - just trade the now for 12 pips...
  • #515
  • May 26, 2011 1:56am May 26, 2011 1:56am
3 last trades.. all hit SL... what did i do wrong? help me
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  • #516
  • May 26, 2011 3:45am May 26, 2011 3:45am
Quoting AndreyBecker
3 last trades.. all hit SL... what did i do wrong? help me
Messy Price Action. Looking @ PA, you're 3 s/l's were then followed up by 3 nice long setups. So had you continued, you would be sitting with + net pips for your troubles. Taking it on the chin 3 times in a row sucks. Especially when you are initially working yourself through this or any new 'system'. However, this doesn't promise you that you'll make money every trade. Sometimes PA IS messy. But, on average, once it sorts itself out, it moves on and if we keep behaving consistently, we should be ok. You have to be able to do 3 things.

1. Manage yourself, (your behaviors, even when you get stopped out 3 times in a row )
2. Manage your expectations, (while somethings are possible on paper... are they truly probable?)
3. Manage your money. (Protect your inventory)

WHEN you can do those things successfully, THEN good things happen.

Mongolian
  • #517
  • May 26, 2011 3:51am May 26, 2011 3:51am
Hi all, last couple days tried to step back and look at all the valuable post, notes, did some backtesting (simulating). Today's London open practice: tried to concentrate on bigger picture and take just retracement trades (no break trades). Comments and questions are welcome.

welcome all new guys and thanks for your contribution, this thread is great. thank you Mongolian for great comments and posts
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  • #518
  • May 26, 2011 3:56am May 26, 2011 3:56am
Quoting geduim
Hi all, last couple days tried to step back and look at all the valuable post, notes, did some backtesting (simulating). Today's London open practice: tried to concentrate on bigger picture and take just retracement trades (no break trades). Comments and questions are welcome.

welcome all new guys and thanks for your contribution, this thread is great. thank you Mongolian for great comments and posts
Great looking chart. I like where you are headed. Big difference from early on, when you had orders at every turn and -6 all over the place.
  • #519
  • May 26, 2011 3:59am May 26, 2011 3:59am
Quoting enochben
Ha! Got a good chuckle out of that one! I am always right, but for some reason I am right just out of the reach and time that my account can sustain...

John Maynard Keynes said it best when he said "Markets can remain irrational longer than you can remain solvent."
Love that quote. I just re-watched the show Wall Street Warriors on hulu.com last week and one of the traders on there used that. Pretty cool show, definitely liked it more when they focused on the traders instead of the brokers and the college grad (she was annoying). Anyway, yes - that is the key, staying solvent!
  • #520
  • May 26, 2011 4:10am May 26, 2011 4:10am
One trade and a couple of questions.
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Entered long in a good move up. The price rejected twice at 4195 and I bailed at BE.


My questions:

  1. While the result was correct, was bailing out where I did appropriate or do you think I panicked too soon and just got lucky?
  2. Given the rejection at 4195 and the subsequent move down and retracement, would a short at either of the places marked with a circle have been sensible? This is my first stab at detecting a change of direction as opposed to going with the flow. While it would have gone to TP, would I have been getting the right result for the wrong reasons?

Thanks for any input.

Too tired to argue. Too old to care.
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