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Forex Day Trading

  • #561
  • Sep 7, 2011 9:20am Sep 7, 2011 9:20am
Quoting nbafx
i took a short on aud-usd yesterday... after seeing the PB pulled back from the TL (i knew it was a late entry but went ahead to trigger).

too bad, it rebounded up north and hit my SLo for 110 pips loss

a H1 PB was formed a no. hours ago... is it a bounce again i am watching if it is a good short trade again in NY session.

any comment (for my failure trade)?

thanks
I too have also been looking to catch a good short on AUDUSD with no real success as yet. There has been some very evident sideways movement but the current price is at the bottom end of that on the daily.

The longer term view could be leaning towards a potential reversal but there is some solid strenght in the AUD at the moment.

A lot of the pairs have been ranging with many of them at the lower end of the range areas so I have been a bit nervous about too many shorts at the moment expecting some bullish or indecision movement even if only for a day or so.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au.jpg Size: 87 KB
Click to Enlarge Name: au1.jpg Size: 101 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #562
  • Sep 7, 2011 9:33am Sep 7, 2011 9:33am
Quoting DarkWolF
490 pips. Fantastic. Well done.

Many people do not agree with demo trading.

I believe that demo trading has its place, but you must absolutely trade it exactly like you would if you were using your own account. Its about getting the confidence and methodolgy right so that you can simply do the same thing with confidence when you switch to a live account.

You must be able to show consistant profits on your demo over a period of time before moving to your real account. When you feel comfortable that you can do this, maybe start off on...
dw, i treat demo as "real" $$$, u know what... i only trade with a capital of usd505.00 my target is to see it turn 10% for sept with 40% successful rate based on RR1:2

as for the "trailing stop," hey thanks for writing so detailed... will try it out a new way
  • #563
  • Sep 7, 2011 9:38am Sep 7, 2011 9:38am
I really like the thread DW. Clean and precise. I have been lurking in FF for a long time but never contributed as much of the threads are about pissing contests but this one is different and really drew me in. I hope I will be able to contribute to your thread as time allows.
  • #564
  • Sep 7, 2011 9:41am Sep 7, 2011 9:41am
Quoting DarkWolF
I too have also been looking to catch a good short on AUDUSD with no real success as yet. There has been some very evident sideways movement but the current price is at the bottom end of that on the daily.

The longer term view could be leaning towards a potential reversal but there is some solid strenght in the AUD at the moment.

A lot of the pairs have been ranging with many of them at the lower end of the range areas so I have been a bit nervous about too many shorts at the moment expecting some bullish or indecision movement even if only...
yes, u wrote very well... i got similar feeling, e.g. A-U had a long upper tail with the high over shot the day before but end of the day it went south and closed below the low of the day before... i think for most traders would think today potentially a short trade would be making some pips... but it turns out so far a solid bullish candle standing taller than yesterday... a strangely sign... but let see how it turns out at end of NY session

o btw the current looks for 3 pairs of aud... on H1... all show PBs and/or nearby TL/HL... any clue?

cheers
Attached Images
  • #565
  • Sep 7, 2011 9:42am Sep 7, 2011 9:42am
Quoting nbafx
dw, i treat demo as "real" $$$, u know what... i only trade with a capital of usd505.00 my target is to see it turn 10% for sept with 40% successful rate based on RR1:2

as for the "trailing stop," hey thanks for writing so detailed... will try it out a new way
Ya I was simply making a broad general statment about using them nba, not directed at all at anyone.

My apologies if thats the way it was presented.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #566
  • Sep 7, 2011 9:47am Sep 7, 2011 9:47am
Quoting doggybones
I really like the thread DW. Clean and precise. I have been lurking in FF for a long time but never contributed as much of the threads are about pissing contests but this one is different and really drew me in. I hope I will be able to contribute to your thread as time allows.
Hi doggybones,

Thanks. Yes I know what you mean about some of the threads, which is what lead me to starting one. To kind of get some actual decent trading discussion going instead of sifting through a lot of the other $%&#.

Any contribution with trading discussion or charts is welcome.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #567
  • Edited 10:03am Sep 7, 2011 9:48am | Edited 10:03am
Quoting doggybones
I really like the thread DW. Clean and precise. I have been lurking in FF for a long time but never contributed as much of the threads are about pissing contests but this one is different and really drew me in. I hope I will be able to contribute to your thread as time allows.
doggy that's correct. dw is a gr8 n wonderful trader n willing to help n explain. i gain excellent advice from dw since the thread started... thou the traders are just a handful... [xxx] thanks again a lot, dw

edit: i think my english is no good, i just removed some words that might seem offence, if so sorry to the traders about that just now
  • #568
  • Sep 7, 2011 9:56am Sep 7, 2011 9:56am
Quoting DarkWolF
Ya I was simply making a broad general statment about using them nba, not directed at all at anyone.

My apologies if thats the way it was presented.
O no, pal, u meant no wrong. i meant also no wrong. i was just to let u know what i am having (demoing)... no apology no worry ok fren

frankly telling u... i had about usd100-200 fund more on top of my opening capital usd500 for each july n aug... when the acct was auto terminated each 30 days, i opened a new to start to trade with... just like this month again (but go was nice after my appealing i was informed it would be permanent, ye)

cheers
  • #569
  • Sep 7, 2011 10:04am Sep 7, 2011 10:04am
Quoting nbafx
O no, pal, u meant no wrong. i meant also no wrong. i was just to let u know what i am having (demoing)... no apology no worry ok fren

frankly telling u... i had about usd100-200 fund more on top of my opening capital usd500 for each july n aug... when the acct was auto terminated each 30 days, i opened a new to start to trade with... just like this month again (but go was nice after my appealing i was informed it would be permanent, ye)

cheers
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #570
  • Sep 7, 2011 10:10am Sep 7, 2011 10:10am
I trade on a 5 min chart with S&R lines. I look at 5 different pairs. I usually take what I get for TP but it is usually around 20 pips with around 20 pips Sl which I adjust with PA. I dont take a trade at all if all of my criteria are not met. After i started trading seriously the maximum number of trades I had in a day was six and the maximum I have gone without a trade is 3 days. I try to average 20 pips a day which is more than enough for me.

As for today I had a 21 pip gain on AU today and am long on EU right now. I might close that manually soon as it just looks to be ranging in this session.

I will start posting charts from my next trade as I got to learn how to do that.
  • #571
  • Sep 7, 2011 10:17am Sep 7, 2011 10:17am
Closed EU for 21 pips.
  • #572
  • Sep 7, 2011 10:21am Sep 7, 2011 10:21am
Quoting doggybones
I trade on a 5 min chart with S&R lines. I look at 5 different pairs. I usually take what I get for TP but it is usually around 20 pips with around 20 pips Sl which I adjust with PA. I dont take a trade at all if all of my criteria are not met. After i started trading seriously the maximum number of trades I had in a day was six and the maximum I have gone without a trade is 3 days. I try to average 20 pips a day which is more than enough for me.

As for today I had a 21 pip gain on AU today and am long on EU right now. I might close that manually...
Welcome to the thread doggy.

Keeping your trades down each down is a very good thing. Overtrading is absolutely the worst thing you can do and can be a very destructive trap for traders to get caught in, one I have been guilty of when I first began trading and learnt some lessons the hard way.

EU long just now would have put you well above your target for the day then nice work Would have liked that one as well but I am done for the day.

I look forward to seeing some of your charts.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #573
  • Sep 7, 2011 10:23am Sep 7, 2011 10:23am
Quoting doggybones
Closed EU for 21 pips.
Nice work, double your target today
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #574
  • Sep 7, 2011 10:31am Sep 7, 2011 10:31am
Well time for me to get some sleep, getting into the early hours of the morning here.

Good trading guys.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #575
  • Sep 7, 2011 10:52am Sep 7, 2011 10:52am
Quoting nbafx
dw, i treat demo as "real" $$$, u know what... i only trade with a capital of usd505.00 my target is to see it turn 10% for sept with 40% successful rate based on RR1:2

as for the "trailing stop," hey thanks for writing so detailed... will try it out a new way
o btw dw i mostly trade in 0.01 lots


Quoting DarkWolF

Keeping your trades down each down is a very good thing. Overtrading is absolutely the worst thing you can do and can be a very destructive trap for traders to get caught in, one I have been guilty of when I first began trading and learnt some lessons the hard way.


Cheers.
how do you know you over trades?
how then you manage to stop over trading?
i like to know bcos i might be over trades


Quoting DarkWolF
Well time for me to get some sleep, getting into the early hours of the morning here.

Good trading guys.

Cheers.
thanks dw. c u tomolo.
  • #576
  • Sep 7, 2011 11:37am Sep 7, 2011 11:37am
NBA I realized I was overtrading when I was running after the trades after I missed the entry or if I was in a winning or losing streak. I forgot all my rules. I thought I was invincible in a winning streak and I wanted to make all of my money back in a losing streak. So I got in any trade which had the slightest possibility. The other time is when I used to have itchy fingers and all of my criteria were not met when I was not in a trade. And if that resulted in a loss then I would jump in another trade to make the money back. So as long as you are disciplined in your strategy and all your criteria meet when you are getting in a trade you should be fine. The number of trades you take in a day doesn’t matter.
  • #577
  • Sep 7, 2011 5:48pm Sep 7, 2011 5:48pm
Good evening guys. Start of a new trading day for me with new lines. Lets see what the day brings us.
  • #578
  • Sep 7, 2011 6:42pm Sep 7, 2011 6:42pm
Quoting doggybones
NBA I realized I was overtrading when I was running after the trades after I missed the entry or if I was in a winning or losing streak. I forgot all my rules. I thought I was invincible in a winning streak and I wanted to make all of my money back in a losing streak. So I got in any trade which had the slightest possibility. The other time is when I used to have itchy fingers and all of my criteria were not met when I was not in a trade. And if that resulted in a loss then I would jump in another trade to make the money back. So as long as you...

Well said doggybones.

That pretty much sums it up.

And I think most traders at some point in thier journey will end up there. Its just a matter of how quickly you realise it, and do something about it, as it can be very destructive to both your trading account and your psychological mindset.

Like doggybones mentioned, discipline is the key to prevent yourself from overtrading and not simply chasing trades because you feel like you need to be in one.

Doggybones is also correct in saying the number of trades you take doesnt matter. That could not be more spot on. Trading is about making profit, not about how many trades you take.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #579
  • Sep 7, 2011 6:44pm Sep 7, 2011 6:44pm
Quoting doggybones
Good evening guys. Start of a new trading day for me with new lines. Lets see what the day brings us.
Ya' its morning for me, and the start of another day, just looking at the daily and 4 hourly charts for anything potential.

There is not much that is getting my attention at the moment.

Might end up being another day of grabbing some pips out of the 5 min charts during London and NY
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #580
  • Sep 7, 2011 6:48pm Sep 7, 2011 6:48pm
Can you guys tell me how to upload a chart. I tried to do it as an attachment but that doesnt look like it works in the preview.
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