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  • #2,141
  • Dec 14, 2011 12:00pm Dec 14, 2011 12:00pm
Since its year end I think I should give my first yearly report.

August - 1054
September - 1247
October - 1381
November - 1832
December - 365
Total pips for the year 2011 - 5879

Stay tuned for the yearly report of 2012, its going to be mind blowing
Party time
X-man the legendary conqueror of markets
  • #2,142
  • Dec 14, 2011 12:08pm Dec 14, 2011 12:08pm
Davlo, may I ask what are the red/blue lines on your chart?
  • #2,143
  • Dec 14, 2011 12:09pm Dec 14, 2011 12:09pm
Quoting X-Man
Since its year end I think I should give my first yearly report.

August - 1054
September - 1247
October - 1381
November - 1832
December - 365
Total pips for the year 2011 - 5879

Stay tuned for the yearly report of 2012, its going to be mind blowing
Party time

good going mate well done keep it up!
  • #2,144
  • Dec 14, 2011 12:15pm Dec 14, 2011 12:15pm
Quoting mary4x
Davlo, may I ask what are the red/blue lines on your chart?
its a trigger indicator i use to just help me with the trend flow, if i have a blue upward trend it kind of solidifies a solid trade for me, in this case it was red at the time but trending upwards
  • #2,145
  • Dec 14, 2011 12:33pm Dec 14, 2011 12:33pm
Originally Posted by simmo24

In Short @ 1.2972. Took a while but its finally showing some profit. Fingers crossed.

---------------------------------------
Hi, can you please share your vertical line indicator for the market session... Thanks...
  • #2,146
  • Dec 14, 2011 12:40pm Dec 14, 2011 12:40pm
Two trades today...1 for a small loss. The LO faked me out again even though I knew we are in a downtrend......didn't stick to the trading plan....cost me a few pips. Got them back on the second trade but not much there.
For the rest of the year, I will be following Smokey's advice....carefully looking for smaller trades on the M15....nothing less than A+++ trades.
Happy Holidays to everyone and success in the year ahead!!!
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  • #2,147
  • Dec 14, 2011 1:06pm Dec 14, 2011 1:06pm
Want to wish all and their familys a most joyious holiday.Stay safe !
Enter Signature
  • #2,148
  • Dec 14, 2011 1:10pm Dec 14, 2011 1:10pm
I hope some of the senior members/kickass traders (we know who you fantastic people all are...lol) can help me with trend identification from this point of view.

I maybe having problems with my entries because I dont place to much value on the trend. For example, the EU trend has been down for a while but i am hesitant to go short since it maybe a fake out and run the other way. There must be something to tell me to be hesitant to take a long in a strong downtrend (I dont know what qualifies for strong) and something to clue me in on being careful about shorting in a downtrend loosing steam. Also I have seen the the market move up 50 pips in london and down 50 pips in NY and some of you guys take advantage of that due to the entries. PHX62 is a good example because he almost always gets it right in his timing.

Timing is another thing i want to fix because there is something you guys always see that I miss and I enter at a bad time while you guys some how enter correctly and score the pips.

In backtesting all the entries and exits I see from successful trades makes sense and I think I get it but then in real time I end up floundering. Maybe I dont know how to backtest properly.

I want to keep it simple by doing my analysis on 1 timeframe like x-man.

I know forex basics are important and I have read them 1000 times but my problem I think comes in in the application process. I know I can do this but not sure what I am missing. I would like to know how to train my eyes to look at certain aspects while in a live session as to train my eyes on what to see. I would suggest the good old skype group suggestion...lol. BUT I am afraid of noobs and slackers taking advantage of it as a signal service or just sitting in not trying to learn.

Well this is my concern on how and what I need to do to improve.

(PS just watch how some members will see the words skype group and comment not reading this post...lol)
  • #2,149
  • Dec 14, 2011 1:26pm Dec 14, 2011 1:26pm
Quoting hale-mary
I hope some of the senior members/kickass traders (we know who you fantastic people all are...lol) can help me with trend identification from this point of view.

I maybe having problems with my entries because I dont place to much value on the trend. For example, the EU trend has been down for a while but i am hesitant to go short since it maybe a fake out and run the other way. There must be something to tell me to be hesitant to take a long in a strong downtrend (I dont know what qualifies for strong) and something to clue me in on being careful...
It's all about screen time done in real time not backtesting. It takes thousands and thousands of hours. I have heard 10 thousand hours of screen time to become profeciant and I believe that. Also with the world so messed up every little statement can throw things out of whack compared to how the markets may work in a more stable market environment.
  • #2,150
  • Dec 14, 2011 1:36pm Dec 14, 2011 1:36pm
I have screen time believe me...been doing this since I was 15. There is something I am lacking I know...something I am not seeing over and over again. I dont overtrade at all. It is something I am failing to see live on the charts. Money management and all of that discipline stuff to me is nonsense because that can be easily fixed. (i have the discipline and MM) I stuck with so many methods for over a year even when I was losing.

Again I am not looking for generic advice rather specifics related to the chart as in how i need to approach or what to look at.

There is something on my mind and I hope I am explaining it correctly.

BUT thanks anyways
  • #2,151
  • Dec 14, 2011 1:46pm Dec 14, 2011 1:46pm
Quoting X-Man
Since its year end I think I should give my first yearly report.

August - 1054
September - 1247
October - 1381
November - 1832
December - 365
Total pips for the year 2011 - 5879

Stay tuned for the yearly report of 2012, its going to be mind blowing
Party time
Very inspiring. Give me your pips!
  • #2,152
  • Dec 14, 2011 1:53pm Dec 14, 2011 1:53pm
Quoting hale-mary
I have screen time believe me...been doing this since I was 15. There is something I am lacking I know...something I am not seeing over and over again. I dont overtrade at all. It is something I am failing to see live on the charts. Money management and all of that discipline stuff to me is nonsense because that can be easily fixed. (i have the discipline and MM) I stuck with so many methods for over a year even when I was losing.

Again I am not looking for generic advice rather specifics related to the chart as in how i need to approach or what...
Some other things I can think of is try murrey math lines to give you a feel for where price is at and where it may go. They can be very usefull. I'm sure you know this but look at the supply and demand zones and make sure you are trading accordingly. I'm no expert but these are things that have helped me.
  • #2,153
  • Edited 2:19pm Dec 14, 2011 2:08pm | Edited 2:19pm
trying to keep it simple Murrey lines have not worked for me. s/d zones never made any sense to me ....I have not found anyone that uses them properly. I ont want to add a bunch of things. I know sam seiden uses them but cant make sense of the important levels and all of that stuff. That is something I want to get better at POWERFUL stuff

but thanks though
  • #2,154
  • Dec 14, 2011 2:33pm Dec 14, 2011 2:33pm
Quoting hale-mary
trying to keep it simple Murrey lines have not worked for me. s/d zones never made any sense to me ....I have not found anyone that uses them properly. I ont want to add a bunch of things. I know sam seiden uses them but cant make sense of the important levels and all of that stuff. That is something I want to get better at POWERFUL stuff

but thanks though
Powerfull stuff?? The key to all markets is supply and demand. You must understand orderflow to trade or else it is just a uniformed guess. If you want more info on the subject there are 20 videos here on post 2054 http://www.forexfactory.com/showthre...17281&page=137

Not telling you how to trade but whatever path you choose understanding orderflow will make you better. Ask anyone here you respect and I am sure they have a solid grasp of it.

You can not learn to trade by reading any thread on FF but you can get solid information that you can use to form a method of trading that works for you and your personality. There are over 300 systems on FF and they all work for someone, that doesn't mean they work for everyone.

Please take this advice in the good nature it is given and I hope you find your way to many green pips.
  • #2,155
  • Dec 14, 2011 3:11pm Dec 14, 2011 3:11pm
Quoting hale-mary
I hope some of the senior members/kickass traders (we know who you fantastic people all are...lol) can help me with trend identification from this point of view.

I maybe having problems with my entries because I dont place to much value on the trend. For example, the EU trend has been down for a while but i am hesitant to go short since it maybe a fake out and run the other way. There must be something to tell me to be hesitant to take a long in a strong downtrend (I dont know what qualifies for strong) and something to clue me in on being careful...
H-M
One thing I see over and over is that many traders try to trade when it is convenient for them, not when the market is moving with good volume. It has been my experience that trading late NY or Asian sessions will cause me to lose pips overall instead of gaining them, even on the lower time frames. That can apply sometimes to any session. I have not studied your particular trades or entries to know if this applies to you, but some of the charts posted in this thread show trades taken when there was no volume or trend or break of S&R....then the question almost always is "Why didn't this work? I had a TDI cross." One of the components of successful trades is that there must be some direction and momentum in the price action....the fastest way to tell if there is momentum is by the size of the candles and location of the wicks. The longer the candle with little or no wick on the back end, the better the momentum. Once you begin to see that and begin to enter when momentum gets stronger, you will get a feel for anticipating that move and sometimes get in at the beginning of the movement. If you study the London session, you will find that most of the time, the high and the low of the day are set in that 9 hour time frame and usually with a 4 to 8 hour trend in one direction (with some small retracements in between). Every trader should be able to pull 30 or 40 or 50 pips on the H1 time frame from one of those London session trends that normally goes for 120 to 180 pips in one direction. The good thing about the TDI is that it usually gives us a heads up when that London session is going to begin a move. Even if it fakes us out once, it usually will reverse and trend in the opposite direction for 4 to 8 hours. All this is based on my experience with the EU pair....other pairs may act differently. Just my 2 cents worth.
  • #2,156
  • Dec 14, 2011 3:30pm Dec 14, 2011 3:30pm
To not not put a LOT of emphasis on the trend is very suicidal. Anyone who has taken longs in the face of a MAJOR EU downtrend this week has more money than I do or balls of steel. I too have always tried to identify trending and ranging markets by drawing lines and looking at MA. I then added fibs, pivots and S&R until my screen looked like a horror movie. What helped me the most from this thread was X-mans introduction of the Shi Channel. I use the direction of that channel to help me visually determine the trend. With it I work down from the daily to the H4 to the hourly chart. In the case of EU the Daily is slightly down, the H4 is headed down hard and the H1 has the strongest down sloping shi channel I have seen since I started using this. If you look at the EU in that channel, it drops like a rock, flat lines, drops like a rock, flat lines, over the last few days. Why would you trade against that unless you were a very experienced trader? With X-mans discussions here I went nearly naked and have started making money as a result. I use the Shi Channel to identify direciton (up, down, flat) and then use touches of those bands combined TDI cross to enter my trades. Stops become just outside of channel. Then depending on strength I TP1 at midline and TP2 at opposite band of shi channel. You could also lock in first profit at TP1 and just let the rest run if so inclined.

My suggestion if you are getting bumped out or faked out a lot, you are probably not spending enough time understanding where the momentum of the market is headed. You are the salmon swimming up stream....a perilis journey at best.

An exact opposite of the EU right now is the UC, up, up and away. Look at the channel touches.

Badass- You have an excellent office staff. The rest of us can only whish Santa brings us something as nice.
  • #2,157
  • Dec 14, 2011 3:32pm Dec 14, 2011 3:32pm
I was wondering, have you studied at all about sessions going the same way? With this I mean if after london open trend is bullish what are the odds based on backtesting that NY goes the same way?

Does anyone have an indicator to know hoy many pips the price is moving during certain timeframe?


Regards
let's skype: @elchinoazul
  • #2,158
  • Dec 14, 2011 3:47pm Dec 14, 2011 3:47pm
Hi Phx62, i noticed in the other trades you shorted a two-three bar support.....or a low of the previous day.

You did not take any trades in the NY.....wasn't there a short to be taken?



Quoting Phx62
Two trades today...1 for a small loss. The LO faked me out again even though I knew we are in a downtrend......didn't stick to the trading plan....cost me a few pips. Got them back on the second trade but not much there.
For the rest of the year, I will be following Smokey's advice....carefully looking for smaller trades on the M15....nothing less than A+++ trades.
Happy Holidays to everyone and success in the year ahead!!!
  • #2,159
  • Dec 14, 2011 3:49pm Dec 14, 2011 3:49pm
Quoting Phx62
H-M
One thing I see over and over is that many traders try to trade when it is convenient for them, not when the market is moving with good volume. It has been my experience that trading late NY or Asian sessions will cause me to lose pips overall instead of gaining them, even on the lower time frames. That can apply sometimes to any session. I have not studied your particular trades or entries to know if this applies to you, but some of the charts posted in this thread show trades taken when there was no volume or trend or break of S&R....then...
Really, really great advice. Everyone relax, read this over and over and it should make a positive difference in your trading. I have been doing this for
awhile and this is one of the "jewels" that are given to us every now and again. Thanks PHX62
Tom
  • #2,160
  • Dec 14, 2011 4:11pm Dec 14, 2011 4:11pm
Quoting artieboy
Hi Phx62, i noticed in the other trades you shorted a two-three bar support.....or a low of the previous day.

You did not take any trades in the NY.....wasn't there a short to be taken?
I normally only trade the London session.....once in a while I will take a trade during NY after London closes. Your right......there was a similar break of resistance trade during the NY session on Tuesday, (but it was not really a double or triple bottom) where 50 or 60 pips could have been taken.
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