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Make Money Everyday - A Guide to Short-Term Trading

  • #661
  • Aug 18, 2011 10:16am Aug 18, 2011 10:16am
Quoting mongolian
I like it! + for the day is what we're talking about!
Slowly but surely starting to get a feel for it, still hiccups to come I'm sure.

Will post tonight's chart tomorrow, bloody tired over here. Spent the day on the phone to my telco trying to work around their shite internet service..

Hope all's well with you mate
  • #662
  • Aug 18, 2011 11:23am Aug 18, 2011 11:23am
I have added the quarters methodology to my trading with good success. I am hesitant to post because Mongolian's charts are so pure and simple...

I am going to risk muddling the thread just to show how i use confluence of levels to confirm/filter trades...

Attached Image (click to enlarge)
Click to Enlarge Name: Snapz120.png Size: 151 KB


If the quarter levels match up with the levels on the left - trade, otherwise I pass.

Hope this is of use to someone.
  • #663
  • Aug 18, 2011 8:50pm Aug 18, 2011 8:50pm
Quoting enochben
I have added the quarters methodology to my trading with good success. I am hesitant to post because Mongolian's charts are so pure and simple...

I am going to risk muddling the thread just to show how i use confluence of levels to confirm/filter trades...

Attachment

If the quarter levels match up with the levels on the left - trade, otherwise I pass.

Hope this is of use to someone.
Good to see you around here again my friend. I am not opposed to things being added to charts. The goal - above all else - is to Make Money Everyday. If you have things on your chart that assist you in making that happen - who am I to argue? My whole point of this thread was - look everyone - PA moves and turns between these levels. What counts at the end of the day is whether or not we're + in the P/L column or not. It's a heckuva lot easier to stay in business with +'s instead of losses. If you want to go into more detail re: your charts - maybe it'll turn on the lights so to speak for someone else out there.

Mongolian
  • #664
  • Aug 18, 2011 10:49pm Aug 18, 2011 10:49pm
Internet died at 2nd blue arrow so missed that trade.
I think given the momentum, trying to go long at 1.4400 was the wrong move, even if price had gone 3 12 pip levels in the other direction.
Thoughts?

I traded a bit more of London than usual, worked out as those two green arrows took me from BE to +12.
Didn't trade NY, just marked charts.. There was a great trade at 1.4350 lining up with the daily pivot. Broke the range we'd been in for 2 hours, I'd count that as a high probability play.

enochben I like the look of that, naked charts are appealing to me but no reason I can't have it open on another chart and reference it for confluence.
Would you mind going into more detail? What is the indi?
Attached Image (click to enlarge)
Click to Enlarge Name: eu 18-08-11 london open tick qtrs 1.gif Size: 20 KB
  • #665
  • Aug 30, 2011 6:18am Aug 30, 2011 6:18am
Had some mid-week work last week but back now.
Bit of a scrappy start, had to reset my internet after a stop so missed the next entry. I won't lie.. it was pissing me off watching price trend away without me
Had a good finish to London so that is OK.

I put the mid lines back on my charts just to use for PT points, I traded two tonight. First one shouldn't have taken but the second one was just too perfect of a setup to pass on.
Also see where S1 lines up with 1.4470, I think that would have been a better place to have my entry, rather than 1.4475. In cases where a 10 lines up with a pivot I think I'll place my order there.

OK break time then back for NY.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 30-08-11 london open tick.gif Size: 19 KB
  • #666
  • Aug 30, 2011 11:08pm Aug 30, 2011 11:08pm
Quoting nhen
Had some mid-week work last week but back now.
Bit of a scrappy start, had to reset my internet after a stop so missed the next entry. I won't lie.. it was pissing me off watching price trend away without me
Had a good finish to London so that is OK.

I put the mid lines back on my charts just to use for PT points, I traded two tonight. First one shouldn't have taken but the second one was just too perfect of a setup to pass on.
Also see where S1 lines up with 1.4470, I think that would have been a better place to have my entry, rather than...
Good point re: order placement with the Pivot. I think we hit on those very briefly way back in the thread somewhere... I don't remember precisely. I know that I don't use them exclusively, but I do watch them also BECAUSE others do... Nice chart BTW.

Mongolian
  • #667
  • Aug 31, 2011 7:55am Aug 31, 2011 7:55am
Quoting mongolian
Good point re: order placement with the Pivot. I think we hit on those very briefly way back in the thread somewhere... I don't remember precisely. I know that I don't use them exclusively, but I do watch them also BECAUSE others do... Nice chart BTW.

Mongolian
Cheers mate, bloody borrrrriiiinggg tonight.. my lord.
I made two muppet trades at the bottom and top of the range, been sitting on my hands waiting for some movement to make it back!
I may be asleep before this thing moves
  • #668
  • Aug 31, 2011 8:01am Aug 31, 2011 8:01am
A few moves on the pound should've been over there darnit..
  • #669
  • Aug 31, 2011 8:47am Aug 31, 2011 8:47am
uuuuuuggggghhhhh!
  • #670
  • Aug 31, 2011 8:54am Aug 31, 2011 8:54am
Quoting enochben
uuuuuuggggghhhhh!
Haha the euro's a waste of time tonight!

Mongo you were right about the EUR/CHF, talk about movement..
  • #671
  • Sep 1, 2011 9:57am Sep 1, 2011 9:57am
http://dynamichedge.com/2011/08/31/w...about-trading/

Good article. I'm neither endorsing nor not endorsing Mr. Perry... but this article is really a good read. Best line in it..."Smart does not equal success." Thank goodness!

Mongolian
  • #672
  • Sep 1, 2011 10:45am Sep 1, 2011 10:45am
Let's make September - "Excellent Execution" month. What that is and what it isn't are very important.

Excellent Exeuction is not

 

  1. An actual execution (even though I'm sure we've all got one or two we wouldn't mind...)
  2. Trying to be perfect. Perfection will kill your career in whatever you do, especially trading.
  3. Bouncing from one idea to the next. Be confident in your plan, your plan of attack, the timeframe you are using, the indicators you are using or not using.


Excellent Execution IS

 

  1. Executing your trading plan. Period. Scratch your losses quickly, Embrace and keep your winners as long as they continue to be winners.
  2. Avoiding the pitfalls that each of us carry with us that impede us from keeping laser like focus on our trading. For example - Surfing the web (Forexfactory) while we should be trading.
  3. Being where we're supposed to be, when we're supposed to be there. What does that mean? It means we're not chasing trades, we know our plan of attack and we will diligently have our orders in place, ready to dance with the market.
  4. "No excuses, No explanations" Tony Dungy. One of my favorite quotes.


Perfection is a fallacy. Be excellent.

Mongolian

  • #673
  • Sep 2, 2011 2:34am Sep 2, 2011 2:34am
Love that post, good on ya mate.
Will check out link later tonight just getting ready for work over here.

Hope you just got some of those 150+ pips on the eur/chf
  • #674
  • Sep 6, 2011 3:35am Sep 6, 2011 3:35am
If only my long at 1.4100 had been filled I could've taken the week off
EC went up 1000 pips!
More SNB fun.
Attached Image (click to enlarge)
Click to Enlarge Name: ec 06-09-11 london open tick 1.gif Size: 16 KB
  • #675
  • Sep 6, 2011 5:15am Sep 6, 2011 5:15am
Quoting nhen
If only my long at 1.4100 had been filled I could've taken the week off
EC went up 1000 pips!
More SNB fun.
I hear you. Well the good news is that you weren't on the wrong side of that trade. That kind of stuff will ruin a traders account if they get caught on the wrong side of the intervention. Here's to trading another day.

Mongolian
  • #676
  • Sep 6, 2011 9:09am Sep 6, 2011 9:09am
Quoting nhen
If only my long at 1.4100 had been filled I could've taken the week off
EC went up 1000 pips!
More SNB fun.
would you have really stayed in for the whole ride? I wouldn't have gotten it all because I set targets... nice move nonetheless!
  • #677
  • Sep 6, 2011 9:13am Sep 6, 2011 9:13am
Quoting mongolian
I hear you. Well the good news is that you weren't on the wrong side of that trade. That kind of stuff will ruin a traders account if they get caught on the wrong side of the intervention. Here's to trading another day.

Mongolian
Correct indeed mate, I have been setting a limit and then adding the stop after. Imagine if I'd shorted and taken too long with the stop.. sheesh. See .. you .. later..

So yes missed out on some free money but didn't lose my account so was a good day
  • #678
  • Sep 6, 2011 9:14am Sep 6, 2011 9:14am
Quoting enochben
would you have really stayed in for the whole ride? I wouldn't have gotten it all because I set targets... nice move nonetheless!
I see you have a new site....What prompted the change?
  • #679
  • Sep 6, 2011 9:16am Sep 6, 2011 9:16am
Quoting enochben
would you have really stayed in for the whole ride? I wouldn't have gotten it all because I set targets... nice move nonetheless!
Mong might not like this, but I've taken to setting my limit orders, adding stops and leaving PTs open. Mainly because I've seen price spike through a level so many times I thought why not grab a few extra pips.
I do cop it when price bounces very quickly off the level and comes back, but if it's in an obvious range I generally set a TP. Still miss a few some times though. To be honest they probably even each other out

I was watching the EC gobsmacked.. I kept refreshing my chart, thought it had to be a feed error at first hah
  • #680
  • Sep 6, 2011 9:19am Sep 6, 2011 9:19am
http://www.zerohedge.com/contributed...ops+to+zero%29
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