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Trades based on Market Geometry and Price Action

  • #481
  • Jun 3, 2011 9:41am Jun 3, 2011 9:41am
yes you re right...next week is definitely set up .and i will hold these trades.

beautiful trades to come
  • #482
  • Jun 3, 2011 9:44am Jun 3, 2011 9:44am
... patience, patience
  • #483
  • Jun 3, 2011 9:49am Jun 3, 2011 9:49am
yep. i'm sure it will go up i don't worry anymore...look at the big wide range bar forming in 4 hr
  • #484
  • Jun 3, 2011 11:56am Jun 3, 2011 11:56am
Quoting rbetancor
Yes, I see, but that will also mean that op's will be held till monday/tuestday, I don't beleive it will climb all the way up this evening.

It's just a matter of patience ..
I'll have to close my mouth ... 15 pips till TP1 ... wow! ..
  • #485
  • Jun 3, 2011 12:21pm Jun 3, 2011 12:21pm
let's enjoy this predictable market reversal...those who closed their trade will regret...go buy yourself a good beer, and prepare for next week

  • #486
  • Jun 4, 2011 10:00am Jun 4, 2011 10:00am
Just wanted to say thanks for the continuous updates dailyking, I've been studying much from it.
  • #487
  • Jun 4, 2011 1:13pm Jun 4, 2011 1:13pm
Also thanks to you Pmo. i just wanted to share some of my view points here as far as far as the currency market is concerned...

The forex market is a strong technical market. And profiting from this market is only possible by sharping our technical skills. This is possible, but we will have to spend hours in front of the charts analyzing them, sorting what works, and what does not... The second aspect and the most important of all is educating our emotions. For me emotion is the killer in this market. Although we have a perfect system, if our emotions interfere in our opening/closing trades, we know we are doomed to failure.. building technical skills, along with a strong mind should be our road map to success.
we can build our mind "skills" with easy-to-follow-steps, like listening to Mark Douglas conference on trading psychology while trading, or listening to meditation music during the trading sessions...these sounds useless, but their impact is far beyond what a great trading book can bring to us...

cheers
  • #488
  • Jun 4, 2011 4:14pm Jun 4, 2011 4:14pm
Hi DK

Just found your thread. It looks like we trade in a very similar fashion. I will be keeping tabs on your journal.

I call my trading style the "Rufus Method". Basically exploiting imbalances in the market. Whether it be S/D, pivots, trend lines, or my favorite Fibonacci.

I am looking forward to following along.


Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #489
  • Jun 4, 2011 4:17pm Jun 4, 2011 4:17pm
yes, we surely have a couple of things in common...let's keep in touch.
  • #490
  • Jun 4, 2011 10:07pm Jun 4, 2011 10:07pm
Quoting dailyking
Also thanks to you Pmo. i just wanted to share some of my view points here as far as far as the currency market is concerned...

The forex market is a strong technical market. And profiting from this market is only possible by sharping our technical skills. This is possible, but we will have to spend hours in front of the charts analyzing them, sorting what works, and what does not... The second aspect and the most important of all is educating our emotions. For me emotion is the killer in this market. Although we have a perfect system, if our...
Baroque music (Albinoni, Bach) is well known to calm and stimulate learning.
  • #491
  • Jun 5, 2011 5:23am Jun 5, 2011 5:23am
o.k thanks. i will look into it . Do you some baroque singers or musicians ?
  • #492
  • Jun 5, 2011 10:48am Jun 5, 2011 10:48am
Quoting dailyking
Also thanks to you Pmo. i just wanted to share some of my view points here as far as far as the currency market is concerned...

The forex market is a strong technical market. And profiting from this market is only possible by sharping our technical skills. This is possible, but we will have to spend hours in front of the charts analyzing them, sorting what works, and what does not... The second aspect and the most important of all is educating our emotions. For me emotion is the killer in this market. Although we have a perfect system, if...
Hi DK

You're putting your "finger right on the button" there! The emotion you are talking about is called FEAR! It especially grips those that have already lost a lot of money in this game. It's certainly the number 1 problem that can completely distort logical thinking.

I think that the best way - the only way to overcome - is to build confidence by seeing your strategy/system work time and time again. And of course accepting the odd losses that inevitably come along as part of the "game". Vital of course to keep those losses down to a minimum by SL or cutting the trade - inevitably, when it often does come back in your direction - one has to have the guts to re-enter.

rgds

JM
  • #493
  • Jun 5, 2011 2:39pm Jun 5, 2011 2:39pm
Quoting jmtini
Hi DK

You're putting your "finger right on the button" there! The emotion you are talking about is called FEAR! It especially grips those that have already lost a lot of money in this game. It's certainly the number 1 problem that can completely distort logical thinking.

I think that the best way - the only way to overcome - is to build confidence by seeing your strategy/system work time and time again. And of course accepting the odd losses that inevitably come along as part of the "game". Vital of course to keep those losses down to a...

I would also like to add a couple of things.

Trading a demo account is great to get comfortable with your platform and trading system.

The emotional side however...Usually....requires a live account...But take small risks and develop some psychological confidence with real money at risk.

For me my full risk is 1% of the account. I will trade as little as 1/4% at times.


Anyway see you at the Asian open

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #494
  • Jun 5, 2011 6:52pm Jun 5, 2011 6:52pm
I HAVE JUST ARRIVED, AND I'M QUITE HAPPY WITH THE TRADING WISDOM YOU ARE SHARING HERE. For sure psychology and risk management is the key parts of a successful trading approach. I work on both aspect, not neglecting techincal skills building, and my trading results ahve dramatically improved...

beuatiful set up are coming tonight. let's wait and see...

  • #495
  • Jun 5, 2011 8:13pm Jun 5, 2011 8:13pm
buy eur/yen at 117.70 sl=117.04 tp1=119.00 tp2=120.00
short usd/yen at 79.94 sl=80.48 tp1=79.00 tp2=78.00
i will buy the gbp/usd at 1.6445 sl=1.7278 tp1=1.6550 tp2=1.6600

happy pips...
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  • #496
  • Jun 6, 2011 2:07am Jun 6, 2011 2:07am
Quoting dailyking
buy eur/yen at 117.70 sl=117.04 tp1=119.00 tp2=120.00
short usd/yen at 79.94 sl=80.48 tp1=79.00 tp2=78.00
i will buy the gbp/usd at 1.6445 sl=1.7278 tp1=1.6550 tp2=1.6600

happy pips...
say what?

LOL,
Can You be more specific?


Seb
  • #497
  • Jun 6, 2011 2:11am Jun 6, 2011 2:11am
i will take a second trade on gbp/usd based on the 2hr charts
buy gbp/usd at 1.6450 sl=1.6400 tp=1.6500

the up trend on the gbp/usd is obvious. a little hesitation, but it will turn back up for nice profits...
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  • #498
  • Jun 6, 2011 2:12am Jun 6, 2011 2:12am
what do u mean by being more specific? i don't understand...
  • #499
  • Jun 6, 2011 2:13am Jun 6, 2011 2:13am
Quoting dailyking
what do u mean by being more specific? i don't understand...
Probably that the SL it's wrong ... ;-)
  • #500
  • Jun 6, 2011 2:15am Jun 6, 2011 2:15am
u posted a higher sl for buy call.
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