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Make Money Everyday - A Guide to Short-Term Trading

  • #561
  • Jun 3, 2011 7:56am Jun 3, 2011 7:56am
No jobs, Shocking. PA moves nicely on the news but this is why I usually watch when news like this comes out. My usual method of trading would have to either be adjusted for wider S/L's while looking for a bigger target OR I could just wait a few minutes, let the noise filter out... then get back to the business of making $$.

Mongolian
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  • #562
  • Jun 6, 2011 1:01am Jun 6, 2011 1:01am
Quoting nollej
Keep a good eye on those 6 pip levels between nhen, i think they provide a good sign of which way the price may move.
Cheers mate, care to elaborate on how you're using these levels..

On that, is anyone else using the 6 pip lines? (Mong?) Are you placing trades at them? If so are you looking for the same 12 pip moves to the next 6 pip line or going further.. or shorter?

I have hesitated putting them as I don't want to overcrowd my charts, but I do see price bounce between the quarter and mid levels a lot.

And thanks for charts mong! Much appreciated.
  • #563
  • Jun 6, 2011 1:36am Jun 6, 2011 1:36am
Quoting nhen
Cheers mate, care to elaborate on how you're using these levels..

On that, is anyone else using the 6 pip lines? (Mong?) Are you placing trades at them? If so are you looking for the same 12 pip moves to the next 6 pip line or going further.. or shorter?

I have hesitated putting them as I don't want to overcrowd my charts, but I do see price bounce between the quarter and mid levels a lot.

And thanks for charts mong! Much appreciated.
It depends. I have 2 charts - one with them and one without them. some days i love them. then other days i feel like there is too much clutter. Yes PA does come off of those levels. Not always, but often.

Now can it be done like you are saying - get 12 pip legs between the 6's? Sure - it's just tough to do, because PA doesn't always use those levels. So while putting them on the chart and going back and looking at it and saying - wow - there's some more opportunities on there - what the real challenge is - is to be able to see them while they are happening.

The chart I have on here is PA from today and it is playing between the 6's currently. So while most traders trading a higher time frame would look at that and say - no trade - ranging. I see Beauty. Look at how many times it bounces between the levels. So while they are not the levels we set out to trade off of initially and have been talking about the whole time, they are another piece of the puzzle that can be used. Use what you are comfortable with. If it's too much 'stuff' on your chart - don't use them. if not and you like the extra detail AND it doesn't end up costing you money, then go right ahead.

Mongolian

Mongolian
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  • #564
  • Jun 6, 2011 3:01am Jun 6, 2011 3:01am
Quoting mongolian
It depends. I have 2 charts - one with them and one without them. some days i love them. then other days i feel like there is too much clutter. Yes PA does come off of those levels. Not always, but often.

Now can it be done like you are saying - get 12 pip legs between the 6's? Sure - it's just tough to do, because PA doesn't always use those levels. So while putting them on the chart and going back and looking at it and saying - wow - there's some more opportunities on there - what the real challenge is - is to be able to see them while...
Morning mate, still dark where you are?

Trading when price is ranging still kinda freaks me out to be honest, have to get over that if I'm going to scalp right

I'll keep watching the 6 levels when price is ranging.
  • #565
  • Jun 6, 2011 3:25am Jun 6, 2011 3:25am
hey nhen just got back from uni thought id post up some quick examples i found going back really recently.. from what ive found sometimes i see price comes up to them and nicely gets rejected after a few attempts.. just more to think about i guess.
josh
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nollej is power..
  • #566
  • Jun 6, 2011 3:44am Jun 6, 2011 3:44am
Hi all, glad to see you doing good. lots of nice charts and ideas, thanks i'm still experimenting with bigger picture and 12.5 or 6.25 levels. Today's London open practice:
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  • #567
  • Jun 6, 2011 4:30am Jun 6, 2011 4:30am
Quoting geduim
Hi all, glad to see you doing good. lots of nice charts and ideas, thanks i'm still experimenting with bigger picture and 12.5 or 6.25 levels. Today's London open practice:
nice work mate

Quoting nollej
hey nhen just got back from uni
josh
thanks for that mate.
i think i'm going to keep them off my charts but imagine them there that way no clutter.
  • #568
  • Jun 6, 2011 4:51am Jun 6, 2011 4:51am
So I had a go at this range trading tonight, just using half positions. Still missed a few opportunities as my eye isn't quite there yet.

I've started using the 5M to watch price and then using the 1M for entries. I find it's easier on my eyes this way, I can see s/r level easier on the 5M and it saves me zooming in and out on the 1M.

1) Got in late on this and got out just above 12 pip line +6

2) Got in as price was pulling back (watching on 1M), then go out when I was +6.5

Could have stayed in longer but because I'm still getting the feel for trading in a range, I was happy to take small profit.

Now I was watching price head towards 1.4650 and was getting ready to put a sell in. Because price has been bouncing off the 6 level above I was waiting for it to hit that and then get in.
Price didn't go that far and bounced right off the .50 level. What I'll do in the future with these is put on a pending order at the usual level but widen my stop to allow room for the recent highs/lows. Would only need to be an extra 2-3 pips.
On the way down price pulled back slightly at the 12 level before heading for .25. I thought about trading it but wasn't quick enough. Again just need more screen time.
Same thing happened at the bottom that happened at the top.

I'm enjoying being at the screen, being patient, watching and learning at the moment.
Might be back to trade NY open. Hope everyone is having a good night!
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  • #569
  • Jun 7, 2011 8:00am Jun 7, 2011 8:00am
1) First two trades pretty self explanatory.

2) Yellow arrow, saw opportunity but was fearful and missed out.

3) Wondering how mong and others would have traded the next two losses? Was I too hasty here?

4) Last two trades are slightly off the rules, I roughly used the 6 pips levels, but was mainly looking at recent support. May have been risky, might not do that again!

I am looking at the bigger picture more at the moment, I was feeling a bit blind without it. So I'm zooming out on my 15M chart to see strong S/R on the 4H. Then back to 5M and 1M for trading the levels.
Starting to see the bounces, but psychology is still an issue for me.. fear is the main culprit.
Preventing me from taking every opportunity the market provides, and I'm exiting earlier than necessary on a lot of trades.
Need to spend equal time getting my mind right as familiarizing myself with PA.

Hope everyone traded well tonight!

Nic
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  • #570
  • Jun 7, 2011 8:49am Jun 7, 2011 8:49am
Quoting nhen
1) First two trades pretty self explanatory.

2) Yellow arrow, saw opportunity but was fearful and missed out.

3) Wondering how mong and others would have traded the next two losses? Was I too hasty here?

4) Last two trades are slightly off the rules, I roughly used the 6 pips levels, but was mainly looking at recent support. May have been risky, might not do that again!

I am looking at the bigger picture more at the moment, I was feeling a bit blind without it. So I'm zooming out on my 15M chart to see strong S/R on the 4H. Then back...
OK my friend. Couple thoughts. First thing and this is the biggest thing you will tackle ever with trading is Fear. Fear will cripple you, it will make you trade with a limp. I totally get it, believe me. But what you need to focus on is How you behave. Day in, day out, consistently behaving in the same manner. We cannot control what Mr. Market does. It does us no good to hope, to pray, to regret, to be mad. Mr. Market pays us to be disciplined. Period. Which leads me to my second thing... type's of orders. The one thing that helped me the most was when I stopped using Market Orders. Using limit or stop orders or even OCO... It forced me to really watch PA and to work, to put my orders in at the correct levels and then to wait. Either PA picked me up or it didn't. If it did, and it was profitable, then great. If it wasn't profitable, then I moved on to the next setup. If it didn't pick me up, then no worries, cancel it and move on. Personally for me, it really helped take a lot of the anxiety out of the equation. Does it still exist, absolutely. That's how the Good Lord made us. But working on being disciplined is how to make trading pay-off.

I leave you with this - not entirely on topic, but hey - who says it all has to flow. This is one of my favorite parts from 'Think and Grow Rich'....

I bargained with life for a penny
And life would pay no more
However I begged at evening
When I counted my scanty store
For life is just an employer,
He gives you what you ask,
But once you have set the wages,
Why, you must bear the task.
I worked for a menial’s hire,
Only to learn, dismayed,
That any wage I had asked of Life,
Life would have willingly paid.

Mongolian
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  • #571
  • Jun 7, 2011 9:09am Jun 7, 2011 9:09am
Should I have stayed for 75?

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  • #572
  • Jun 7, 2011 9:12am Jun 7, 2011 9:12am
Quoting enochben
Should I have stayed for 75?

Attachment
I can see your $hit-eatin grin from here...
  • #573
  • Jun 7, 2011 9:19am Jun 7, 2011 9:19am
Quoting mongolian
I can see your $hit-eatin grin from here...
c'mon man! you made me spit tea all over my monitor!
  • #574
  • Jun 7, 2011 9:21am Jun 7, 2011 9:21am
Gonna see if i can catch the swing back down with a tight stop!

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  • #575
  • Jun 7, 2011 9:53am Jun 7, 2011 9:53am
it moves methodically and usually gives clues to how the eur/usd will move - have a look at eur/gbp...

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when it hits resistance the eurodollar will stall
  • #576
  • Jun 7, 2011 11:06am Jun 7, 2011 11:06am
Quoting enochben
c'mon man! you made me spit tea all over my monitor!
  • #577
  • Jun 7, 2011 11:12am Jun 7, 2011 11:12am
Quoting enochben
Gonna see if i can catch the swing back down with a tight stop!

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Did you get the swing down and then the swing back up?? I'm guessing probably. Of course - PA is moving nicely between .25's - where was I? The dentist. Thank you to my wife for that. I so love her.

Mongolian
  • #578
  • Jun 7, 2011 8:28pm Jun 7, 2011 8:28pm
Quoting mongolian
OK my friend. Couple thoughts. First thing and this is the biggest thing you will tackle ever with trading is Fear. Fear will cripple you, it will make you trade with a limp. I totally get it, believe me. But what you need to focus on is How you behave. Day in, day out, consistently behaving in the same manner. We cannot control what Mr. Market does. It does us no good to hope, to pray, to regret, to be mad. Mr. Market pays us to be disciplined. Period. Which leads me to my second thing... type's of orders. The one thing that helped...
Awesome! Thanks for that mate, that book has been recommended before, may have to order it.
I use pending orders most of the time, but yes sometimes mkt order and that is when things get stressful. I'll try sticking to pending orders and really planning ahead.
I'm almost through Mark Douglas's book, there are some gems in there. Now to apply them!

Quoting mongolian
Did you get the swing down and then the swing back up?? I'm guessing probably. Of course - PA is moving nicely between .25's - where was I? The dentist. Thank you to my wife for that. I so love her.

Mongolian
  • #579
  • Jun 7, 2011 8:35pm Jun 7, 2011 8:35pm
Quoting nhen
Awesome! Thanks for that mate, that book has been recommended before, may have to order it.
I use pending orders most of the time, but yes sometimes mkt order and that is when things get stressful. I'll try sticking to pending orders and really planning ahead.
I'm almost through Mark Douglas's book, there are some gems in there. Now to apply them!



No need to order it - here are 2 places it is online.

http://www.sacred-texts.com/nth/tgr/index.htm

http://www.soilandhealth.org/03sov/0....grow.rich.pdf
  • #580
  • Jun 7, 2011 9:12pm Jun 7, 2011 9:12pm
Quoting mongolian
No need to order it - here are 2 places it is online.

http://www.sacred-texts.com/nth/tgr/index.htm

http://www.soilandhealth.org/03sov/0....grow.rich.pdf
Tidy, cheers!
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