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  • #524,801
  • Aug 16, 2011 10:53pm Aug 16, 2011 10:53pm
Quoting Smurf123
I have a daily hourly and 5min up all the time. I use the daily and hourly for my levels and trade off the 5min. My risk is never more than 10 to 20 pips.
Same here )
  • #524,802
  • Aug 16, 2011 10:53pm Aug 16, 2011 10:53pm
Quoting Smurf123
I have a daily hourly and 5min up all the time. I use the daily and hourly for my levels and trade off the 5min. My risk is never more than 10 to 20 pips.
Smart trading.

Observe the overall trend and trigger with the trend on the Lower TFs...

Great theory, but how many traders only trade the trend of the day?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #524,803
  • Aug 16, 2011 10:57pm Aug 16, 2011 10:57pm
Quoting Link
Thx dude
Cheers mate! Visual aide...

Attached Image (click to enlarge)
Click to Enlarge Name: 1Hour.PNG Size: 48 KB
  • #524,804
  • Aug 16, 2011 10:58pm Aug 16, 2011 10:58pm
Quoting kenfen69
But...like most things in life...you need to taste it, to truly understand it.
Kind of like......

Nevermind.

It can be nerve racking at first; taking a longer term trade than you are accustomed to, when 25 pips was your SL now it is 80 and you say to yourself, "What did I just get myself in to?"

Traders make the best employees in most jobs. In just mere seconds we make the calculations; if I enter this trade am I ready for the loss it my produce? We can make very important decisions in just a matter of seconds. That is an amazing skill to have if you think about it.
  • #524,805
  • Aug 16, 2011 10:59pm Aug 16, 2011 10:59pm
Quoting Magix
Smart trading.

Observe the overall trend and trigger with the trend on the Lower TFs...

Great theory, but how many traders only trade the trend of the day?
Here you talking about discipline ,not everybody have that ,it took me a few years to learn ,I do not have to be trading all the time ,like I am flat now
  • #524,806
  • Aug 16, 2011 11:01pm Aug 16, 2011 11:01pm
ken, the hourly just closed in red, are you still positive on the db?
  • #524,807
  • Aug 16, 2011 11:02pm Aug 16, 2011 11:02pm
Quoting sofia101
Here you talking about discipline ,not everybody have that ,it took me a few years to learn ,I do not have to be trading all the time ,like I am flat now
It was kind of a loaded statement Sofia...

Currently, we are long on the week, short on the day and coming off a double bottom demand range...

I wanna know what people are really looking at, given the idea of Trading the Hourly on the Day off the 5ive...

Really of no matter to me...I just want others to have strength in their convictions.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #524,808
  • Aug 16, 2011 11:02pm Aug 16, 2011 11:02pm
Quoting Magix

Noise is range......thus the need to adjust MM for a larger draw down...
I agree.
  • #524,809
  • Aug 16, 2011 11:03pm Aug 16, 2011 11:03pm
Quoting QweeQwa
Traders make the best employees in most jobs... We can make very important decisions in just a matter of seconds. That is an amazing skill to have if you think about it.
If successful...absolutely!

If not...welcome to Chumpsville...quicker than the trader made his/her decisions!
Quoting QweeQwa
Kind of like......

Nevermind.
Yes...exactly like Nevermind!
  • #524,810
  • Aug 16, 2011 11:03pm Aug 16, 2011 11:03pm
Quoting flossbun
ken, the hourly just closed in red, are you still positive on the db?
He is positively correct...there is a double bottom...

Don't mean it will hold, follow the p and f traders, buy a double sell a triple...

Of coure, if you look at the hourly for Chino session...we have a double top as well...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #524,811
  • Aug 16, 2011 11:05pm Aug 16, 2011 11:05pm
Quoting Magix
Smart trading.

Observe the overall trend and trigger with the trend on the Lower TFs...

Great theory, but how many traders only trade the trend of the day?
The trend is important but so are the levels. As an example, the hourly chart is in a clear uptrend, but our current PA has me going short. The idea is not so much to trade the trend, but also to spot new trends before they start.

When price consolidates in an area for hours/days that is when things get very exciting for me. It tells me that a move is on it's way, and the longer the consolidation, the larger the potential move.

I also have the 100 and 200 SMA on my charts at all times. On a daily euro chart you can clearly see how price behaves around the 200 SMA.

No fancy indicators, no systems, just hard work, perseverance and patience.
  • #524,812
  • Aug 16, 2011 11:05pm Aug 16, 2011 11:05pm
Quoting QweeQwa
Kind of like......

Nevermind.

It can be nerve racking at first; taking a longer term trade than you are accustomed to, when 25 pips was your SL now it is 80 and you say to yourself, "What did I just get myself in to?"

Traders make the best employees in most jobs. In just mere seconds we make the calculations; if I enter this trade am I ready for the loss it my produce? We can make very important decisions in just a matter of seconds. That is an amazing skill to have if you think about it.
Well, maybe. You get use to the holding period of the daily... but I feel like I seriously screwed something up if I am in a > 50 pip draw down on a daily chart trade (that wasn't produced by random news boing boing event). 20-30 pips generally suffice.
  • #524,813
  • Aug 16, 2011 11:05pm Aug 16, 2011 11:05pm
Quoting Link
I heard this expression very often. Can someone explain to me what db mean plz
http://www.forexfactory.com/attachme...2&d=1312334782

00
those who can, do. those who cant, talk about those who can
  • #524,814
  • Aug 16, 2011 11:06pm Aug 16, 2011 11:06pm
Quoting Magix
He is positively correct...there is a double bottom...

Don't mean it will hold, follow the p and f traders, buy a double sell a triple...

Of coure, if you look at the hourly for Chino session...we have a double top as well...
Here it is...
Attached Image (click to enlarge)
Click to Enlarge Name: dt.jpg Size: 181 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #524,815
  • Aug 16, 2011 11:07pm Aug 16, 2011 11:07pm
Quoting sofia101
,I do not have to be trading all the time ,


And there is nothing wrong with that. Bad things happen when one forces a trade just for the sake of saying at the end of the day "at least I tried."

No, sometimes turning the computer off and walking away is the best trading decision one can make.
  • #524,816
  • Aug 16, 2011 11:08pm Aug 16, 2011 11:08pm
Quoting QweeQwa


And there is nothing wrong with that. Bad things happen when one forces a trade just for the sake of saying at the end of the day "at least I tried."

No, sometimes turning the computer off and walking away is the best trading decision one can make.
Looks like a rather solid new member we have here...
  • #524,817
  • Aug 16, 2011 11:08pm Aug 16, 2011 11:08pm
please consult the bat-chart in my attachments. it looks as if he may grow a small third ear prior to the left cheek completion (his left).
  • #524,818
  • Aug 16, 2011 11:09pm Aug 16, 2011 11:09pm
Quoting QweeQwa


No, sometimes turning the computer off and walking away is the best trading decision one can make.

That's what golf is fore.
  • #524,819
  • Aug 16, 2011 11:09pm Aug 16, 2011 11:09pm
Quoting flossbun
ken, the hourly just closed in red, are you still positive on the db?
Well...I'm positive there is a double bottom on my chart. But that doesn't mean it won't be retested and broken (I hope)...or retested, hold and turn into a triple bottom that doesn't get touched again for weeks.

Just a pattern to watch, mate. So far that level has held twice. Frankfurt may take a stab at it to test for strength. If not them, maybe London. Just be aware of it...that's all it can offer you.
  • #524,820
  • Aug 16, 2011 11:09pm Aug 16, 2011 11:09pm
Quoting Magix
It was kind of a loaded statement Sofia...

Currently, we are long on the week, short on the day and coming off a double bottom demand range...

I wanna know what people are really looking at, given the idea of Trading the Hourly on the Day off the 5ive...

Really of no matter to me...I just want others to have strength in their convictions.
What I am trying to say and you know I have respect for you ,but I see people here trading every single pip that moves in any direction ,I am flat until the Europe ,because it will be more liquidity and more clear picture ,the biggest mistake of a new trader is over trading,I have been there before ,and I learned ,just my 2cents )
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