I know this isn't at a swing and is in traffic - but do any of you channel traders like the look of 1.5200 from this PIN off of 1.5500?
Attached Image (click to enlarge)
Anything can happen.
james16 Chart Thread
- #96,261
- Jun 9, 2011 1:32pm Jun 9, 2011 1:32pm
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Anything can happen.
- #96,263
- Jun 9, 2011 1:50pm Jun 9, 2011 1:50pm
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
Cool! I decided to play both, eur/cad & eur/gbp. Both came out nicely, full profit on each.
i didnt like the eu/cad setup i prefered the eu/nz. still holding some of that so lets see what tomorro brings.
a quiet week but patience pays off in the end....
jon
PATIENCE... DISCIPLINE
- #96,264
- Jun 9, 2011 1:54pm Jun 9, 2011 1:54pm
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #96,265
- Jun 9, 2011 1:59pm Jun 9, 2011 1:59pm
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
- #96,266
- Jun 9, 2011 2:07pm Jun 9, 2011 2:07pm
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
Hi Jon,
I was just looking at it too, decided to skip it because of that little demand zone right in front of the BEOB...The bar doesn't look that strong to me, so I think that little consolidation is the FTA actually, so no room to move.
Just my view on it.
Adi
that is the first FTA as you say and it does have some history, but i feel it is a strong bar atm and that should pose no great problems for it..?? i will be watching closely though at that level if i take it and will probably take some action to reduce my risk.
cheers
jon
PATIENCE... DISCIPLINE
- #96,267
- Jun 9, 2011 2:09pm Jun 9, 2011 2:09pm
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
yeah mate play it how you see it...
that is the first FTA as you say and it does have some history, but i feel it is a strong bar atm and that should pose no great problems for it..?? i will be watching closely though at that level if i take it and will probably take some action to reduce my risk.
cheers
jon
- #96,272
- Jun 9, 2011 3:15pm Jun 9, 2011 3:15pm
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Anything can happen.
- #96,274
- Jun 9, 2011 4:17pm Jun 9, 2011 4:17pm
liking the look of the eu/au D1 BEOB...
anyone else..??
Hi Jon,
I was just looking at it too, decided to skip it...
- #96,276
- Edited 7:17pm Jun 9, 2011 5:02pm | Edited 7:17pm
Hello, one thing i would like understand
if on each trade our risk is 1% risk and 2:1 ratio
if we do this on m15 charts we could get one or several winners in the day.
For each winner, our account is 2% up.
Now if we do this on daily, we need more than 1 day to have a winner and the profit in our account is also only 2%
so we must make more money with the m15 time frame than with the daily ????
Can we conclude that a sucess trader will win much more on low time frame than high time frame with the same method
Thanks for your answers...
- 2:1 rr on m15 is hard. If you're on a low volatility pair, your sl will probably be in the term of 10-20 pips. Now... out of that, 2- 3 are spread(since your pair is probably more exotic) and if a bank coughs abit and buys for someone it'll pop 10 pips and your sl with it...
On a high volatility pair, you're prone to announcements; we're talking eur/usd, gbp/usd, such. Get a headline of greek default on some major newspaper and boom; or something like that. And you get a couple of "breaking news"/day easily.
- you do only that; you can't do something else. You have to sit in front of the comp. Which comes with problems - for instance, I had problems with rage trading. I'm stopped out and reenter; or someone wants something from me and I was losing focus. Nothing happens - you tire up, you start seeing opportunities that don't really exist(vital). etc.
- finally, commissions - spread, broker commission etc. They're in the range of 10% on scalping. That puts your 2:1 to be in reality 1.8:1.1(you pay the spread and commissions on losing too - people always forget that).
So, you're in reality ~1.64:1 instead of 2:1; add to that the lower success rate and you might be talking realistically of around 1.2:1 where on day you'd get 2:1.
Plus, it's really tiresome. You can last 1 session/day(or at least, that's how long I'm able to). Even 1 session is hard; you tire, you start losing focus. And, contrary to any other job, here, when you perform poorly you pay. In a normal job, when you underperform, at worst, you don't get paid; here... you pay.
Also, you can't put up more hours and rest tommorow... when you tire, you lose; and you'll rest poorly tommorow too
Being used to work alot I thought when I started that it's no problem to work 12h/day... it was totally unrealistic. Long time didn't manage more then 4h. And if in those 4h nothing happens... ugh, tough luck. You'll be as tired as in an intense day and empty handed too(if you were wise and didn't take imaginary "opportunities" out of spite/boredom - if you weren't, you'll be less then empty handed).bottom line - day trading is viable; but is nowhere near those spreadsheets
- #96,280
- Jun 9, 2011 6:37pm Jun 9, 2011 6:37pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi guys, I wanted to analyze a chart from today as I am just beginning to read through the thread.
In an effort to avoid information overload, I wanted to practice identifying the first concepts, two bars with matching high or lows and a lower or higher close. Attached is my chart.
It seems as though this alone would be heavily profitable if taken, stop placed a few pips behind the bars, and a 3:1 RR always used, and 2% risked. Also, I recognize the increased odds with the long off of the bottom pivot towards the end of the US session.
Thanks...
Welcome to the thread bud
Can you be a bit more specific on which setup you are referring too on that chart so I can help
Thanks
Mike