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Make Money Everyday - A Guide to Short-Term Trading

  • #621
  • Jul 19, 2011 10:10am Jul 19, 2011 10:10am
Quoting nhen
Thanks for your notes! I'll try what you've suggested when price is pissing about again

I had a simple MA set to 34 on close. What did you have in mind?
Got the tick charts happening too, I do prefer it over 1M with candles.

On the subject of old charts from this forum, this one has got to be one of my fav's - http://www.forexfactory.com/attachme...7&d=1304133807
I think I like it because on a night like that I would've been chopped to bits trying to adjust to the turns.
I'm looking at it multiple times...
Well - I would bump the MA way higher - try 125. A disclaimer. We aren't trading off the MA, but it can be a good visual to help. See how that looks.

M
  • #622
  • Jul 21, 2011 5:52am Jul 21, 2011 5:52am
Quoting mongolian
See how that looks.

M
Alrighty I've got the MA on my chart. I'm not trading tonight, have neglected my other career a bit over the past few weeks so have to keep the balance right! Don't wanna get boo'd on weekend

I do however have a question regarding this chart of gedium's:

http://www.forexfactory.com/attachme...9&d=1305017824

With particular reference to the area between 10:20 and 10:40. Where the three -6s are. How do you treat these situations?
Because I often see this and I would have traded it the same. There was an example of this on the EU about an hour ago, I would've been stopped twice by sloppy PA. Then went to PT on the third one, and another perfect setup followed straight after in the same direction. So was able to make it back and get another 12 pip move.

Do you just cop these and know that there are plenty of opportunities to make it back? Or do you have a way of approaching these and avoiding the multiple stops in a row?

Marking my charts from 4pm this arvo up until now there were well over a hundred pips worth of moves even if you take the losses from sloppy PA and turns in account.. Pretty incredible.
  • #623
  • Jul 21, 2011 7:21am Jul 21, 2011 7:21am
Quoting nhen
Alrighty I've got the MA on my chart. I'm not trading tonight, have neglected my other career a bit over the past few weeks so have to keep the balance right! Don't wanna get boo'd on weekend

I do however have a question regarding this chart of gedium's:

http://www.forexfactory.com/attachme...9&d=1305017824

With particular reference to the area between 10:20 and 10:40. Where the three -6s are. How do you treat these situations?
Because I often see this and I would have traded it the same. There was an...
There used to be a time when that would absolutely destroy me and my trading. I just couldn't handle taking any kind of losses, let alone three little 6 pip SL's in a row.

You pretty much nailed it with your last line of how many pips are available, even with the sloppy PA. Once I 'saw' that - once my eyes opened to seeing really the big picture, I became much more focused on being consistent and disciplined in taking my setups and letting the pips fall where they may. Being disciplined is what the market rewards!

So yes, PA is sloppy sometimes and that may scare a lot of would be traders off, I also know that once it emerges from it's sloppiness - it will go back to being text book and i'll more than make up those pips i paid while playing in the slog.

Mongolian
  • #624
  • Jul 21, 2011 7:38am Jul 21, 2011 7:38am
Quoting mongolian
There used to be a time when that would absolutely destroy me and my trading. I just couldn't handle taking any kind of losses, let alone three little 6 pip SL's in a row.

You pretty much nailed it with your last line of how many pips are available, even with the sloppy PA. Once I 'saw' that - once my eyes opened to seeing really the big picture, I became much more focused on being consistent and disciplined in taking my setups and letting the pips fall where they may. Being disciplined is what the market rewards!

So yes, PA is sloppy...
Well said.. I'm starting to get a glimpse of that. I'll keep revising and marking until my belief in the edge is unshakable.
  • #625
  • Jul 25, 2011 5:25am Jul 25, 2011 5:25am
Ok so used the graph paper tonight for the first time.. yep took me awhile.

Blue Arrow is trade I would have taken but platform crashed, lucky for me.
Would you have taken it? Or not as price failed to make mid point below?
Yellow arrows are unfilled orders.

The tricky thing with getting stopped twice right at the end of London Open is that if I want to be + for the night I have to come back and trade NY.
I think if I want to 'make money everyday' I have to be willing to trade NY open if price has been sloppy during London Open.
What are you thoughts on this and the trades?

Cheers mate

Nic
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  • #626
  • Edited 9:18am Jul 25, 2011 8:26am | Edited 9:18am
Quoting nhen
..willing to trade NY open..
Alright traded an hour of NY open and same as London. Way too many stops for my liking
I was doing much better using the simulator on the weekend darnit!

-First two blue arrows are trades I missed being away from the screen, needed a break after 4 hours at screen.

Thoughts appreciated mate!
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  • #627
  • Jul 25, 2011 9:41am Jul 25, 2011 9:41am
Quoting nhen
Alright traded an hour of NY open and same as London. Way too many stops for my liking
I was doing much better using the simulator on the weekend darnit!

-First two blue arrows are trades I missed being away from the screen, needed a break after 4 hours at screen.

Thoughts appreciated mate!
mondays are tricky...
  • #628
  • Jul 25, 2011 9:49am Jul 25, 2011 9:49am
Quoting enochben
mondays are tricky...
Not bloody wrong
  • #629
  • Jul 27, 2011 7:35am Jul 27, 2011 7:35am
Much nicer PA tonight and last night, thankfully..
  • #630
  • Jul 31, 2011 12:17am Jul 31, 2011 12:17am
Quoting nhen
Blue Arrow is trade I would have taken but platform crashed, lucky for me.
Would you have taken it? Or not as price failed to make mid point below?
Yellow arrows are unfilled orders.
Sorry for taking so long to reply - trying to buy a house and it's a gigantic pain in me arse. Anyway - blue arrow - yes, from the looks of it - it probably would have been there trying to go short.

2 thoughts that I have not necessarily about this chart, just stuff that's on my mind, and they are completely opposite of each other, so bear with me....

1. Patience and Discipline are hugely important here. Part of why I started using graph paper was I was looking for a way to filter out the noise. To actually plan my trades and to not be reactionary. It takes lots of 'screen time' to get to where as a trader - you are comfortable doing this.

2. This second thought is more for life in general I suppose, but it's something that is becomes clearer and clearer every single day and i feel it does apply to trading, at least mine. For a lack of any better way to phrase it - Please yourself. Your trading, your life, however you decide to tackle it - is for you and you only. So however you want to trade - as long it keeps you on the plus side, go ahead and trade that way. If you want to take a zillion trades a day for 2 pips each or if you want to take 4 or 5 trades a day, a week or whatever - then do it. Who am I to say it's wrong. It may be wrong for me, but that's up to me to decide. Same thing with 'life'. We've all heard the line - opinions are like a$$holes - everyone has one. It's so true. People wear me out - bouncing around, from one thing to the other because they are swayed by something that someone said or does - or may think. Who cares. Take care of yourself, take care of your business as best as you see fit. Everyone else can kiss your butt.

My time on the soap box is finished. Thanks.

Mongolian
  • #631
  • Jul 31, 2011 12:30am Jul 31, 2011 12:30am
Quoting nhen
Alright traded an hour of NY open and same as London. Way too many stops for my liking
I was doing much better using the simulator on the weekend darnit!

-First two blue arrows are trades I missed being away from the screen, needed a break after 4 hours at screen.

Thoughts appreciated mate!
Here you go... just some humble opinion of yours truly...

Mongolian
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  • #632
  • Aug 2, 2011 9:11am Aug 2, 2011 9:11am
Just some quick notes on today's PA.

Mongolian
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  • #633
  • Aug 2, 2011 9:57am Aug 2, 2011 9:57am
Quoting mongolian
Here you go... just some humble opinion of yours truly...

Mongolian
Thanks mate, I do have a question about this chart. The first circle when being stopped for the third time going long.
The thing I find tricky to pick is when price just needs a deeper pullback before continuing in a direction and when it is actually changing direction. Kind of sounds like I'm asking for a crystal ball.. but what clues do you look for to differentiate the two?

Here's the PA leading up to that trade - http://www.forexfactory.com/attachme...4&d=1311589438
  • #634
  • Aug 2, 2011 10:38am Aug 2, 2011 10:38am
Quoting nhen
Thanks mate, I do have a question about this chart. The first circle when being stopped for the third time going long.
The thing I find tricky to pick is when price just needs a deeper pullback before continuing in a direction and when it is actually changing direction. Kind of sounds like I'm asking for a crystal ball.. but what clues do you look for to differentiate the two?

Here's the PA leading up to that trade - http://www.forexfactory.com/attachme...4&d=1311589438
well looking at it, I see these things:

1. It came up to 1.4400. Not a quarter level or a half, but a round number, so I give that some weight.
2. It appears that PA keeps trying to move up, but fails each time, each time failing to reach the level that it was at previously - so I see that as there is no demand @ that level, PA is gonna fall.
3. Even though I don't use MA's very often - I see that PA has moved below the MA and it tried to come up and failed to cross it, so a little hint as well - that PA has a decent chance of going down.
4. I don't know for sure. Worse and best answer I have. But I do know that I can try my best to position myself so I can take advantage of whatever does happen.

Mongolian
  • #635
  • Aug 2, 2011 10:48pm Aug 2, 2011 10:48pm
Great thank you and cheers for the charts

Quoting mongolian
well looking at it, I see these things:

1. It came up to 1.4400. Not a quarter level or a half, but a round number, so I give that some weight.
2. It appears that PA keeps trying to move up, but fails each time, each time failing to reach the level that it was at previously - so I see that as there is no demand @ that level, PA is gonna fall.
3. Even though I don't use MA's very often - I see that PA has moved below the MA and it tried to come up and failed to cross it, so a little hint as well - that PA has a decent chance of going down....
  • #636
  • Aug 3, 2011 2:44am Aug 3, 2011 2:44am
Only had an hour or so to trade this afternoon as heading out soon.
But thank god for stop losses! People are saying it was the SNB, swissy went wild too. I haven't the foggiest but that was hairy.

A few stops but with good R:R still ended up well. Could have perhaps avoided second last stop, if I'd been patient and waited for the pullback. Still stopped but one less.
If there are any bold red flags on my chart do let me know
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  • #637
  • Aug 3, 2011 5:43am Aug 3, 2011 5:43am
Quoting nhen
Only had an hour or so to trade this afternoon as heading out soon.
But thank god for stop losses! People are saying it was the SNB, swissy went wild too. I haven't the foggiest but that was hairy.

A few stops but with good R:R still ended up well. Could have perhaps avoided second last stop, if I'd been patient and waited for the pullback. Still stopped but one less.
If there are any bold red flags on my chart do let me know
http://www.marketwatch.com/story/swi...ise-2011-08-03

Nothing like a little un-anticipated central bank intervention to get your blood pumping. chart looks good.

Mongolian
  • #638
  • Aug 3, 2011 9:06am Aug 3, 2011 9:06am
Quoting mongolian
http://www.marketwatch.com/story/swi...ise-2011-08-03

Nothing like a little un-anticipated central bank intervention to get your blood pumping. chart looks good.

Mongolian
I reckon.. I love that once the dust settles I can trade using this without a worry. No matter where it's going, and why, there are trades (minus the sloppy moments). Pretty ace and pretty stress free (well when I master it).
Cheers mate
  • #639
  • Aug 3, 2011 10:36am Aug 3, 2011 10:36am
Was going through the data from tonight and I encountered something that would have thrown me if I was trading it. Was from NY.

So area I'm looking at is ABCDE.
A - Stopped, OK.
B - Stopped, OK change bias.
C - Stopped again by the mess.
D - Now I probably would have tried to go long again here but perhaps the mess and LHs are telling me there are more shorts to come? Graph paper would have had a clue as well yes?
E - Here is where I would have shorted, however after being nailed like that it would have taken some composure to execute that order.

Thoughts?

Cheers mate!
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  • #640
  • Aug 3, 2011 1:32pm Aug 3, 2011 1:32pm
Quoting nhen
Was going through the data from tonight and I encountered something that would have thrown me if I was trading it. Was from NY.

So area I'm looking at is ABCDE.
A - Stopped, OK.
B - Stopped, OK change bias.
C - Stopped again by the mess.
D - Now I probably would have tried to go long again here but perhaps the mess and LHs are telling me there are more shorts to come? Graph paper would have had a clue as well yes?
E - Here is where I would have shorted, however after being nailed like that it would have taken some composure to execute that...

Baseball is one of my favorite sports. Hitting a baseball is extremely challenging. I desire to hit the ball every time, however I know that this is not going to happen. Baseball is a game of failure. When an excellent success rate is 30% - you know this is going to be rough. But baseball players do not stop taking at bats if they go up and strike out. They know about what their average is and they know that over the course of a season or a lifetime playing ball - that it will all wash out in the end. The averages will work themselves out. Now if a guy is a .300 hitter - it does not mean that every ten at bats - he is going to get three hits. It does mean that over the course of the entire season - he WILL AVERAGE 3 out of 10. He could have streaks where he hits the ball every at bat and he could then turn around and not hit the ball for a week straight. But his AVERAGE is what it is. It's his average success rate.

The same thing applies here. We cannot take one little stretch of time and let it cause doubt in our minds. Yes - that little stretch was not pretty. What you have to keep in mind - is that in the course of the day - one 40 minute piece of nastiest should not ruin an otherwise pretty decent day of trading. Now if you are just trading for an hour or so a day then yes - that would really suck. But in the grand scheme of it all - it's a non-factor. You cannot control where PA is going to go. You can control yourself and how you behave and how you think. Chalk it up to the cost of doing business and continue on. I venture to say - that there were a heck of a lot more pips out there today to more than compensate for 5 or 6 SL's in a row.

My challenge to you and to anyone else left reading - is to really focus your efforts on being able to take stops when PA is messy or we made an unprofitable trade or whatever - and to do so without batting an eye.

Looking at the chart - I don't have a real problem with any of it. Taking S/L's is rough. But if it is causing us to be apprehensive, there are 3 things that come to mind - 1. We are trading with too little money - meaning getting stopped out has serious ramifications on our total equity... If this is the case - you need more money. 2. We've been 'burned' by getting stopped out. I have a friend that says - hey if you haven't declared bankruptcy at least once - you are just not trying. . 3. We need to work on establishing our 'batting average', which means that we're gonna go up there and strike out from time to time.

Mongolian
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