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  • #2,721
  • Jan 11, 2012 11:29am Jan 11, 2012 11:29am
Did not trade yesterday and only had one scalp trade on Monday. Today did present a good opportunity for a short trade. I could have gotten 80 or 90 pips on that trade today but I did not like the pullback on the second candle following entry. +71 pips is a good day in anyones book!!
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  • #2,722
  • Jan 11, 2012 12:24pm Jan 11, 2012 12:24pm
Quoting Phx62
Did not trade yesterday and only had one scalp trade on Monday. Today did present a good opportunity for a short trade. I could have gotten 80 or 90 pips on that trade today but I did not like the pullback on the second candle following entry. +71 pips is a good day in anyones book!!
Phx62... what gave you a clue that yesterday was ranging as the market was developing. Its easy to see after the fact that yesterday we should not enter.
  • #2,723
  • Jan 11, 2012 1:02pm Jan 11, 2012 1:02pm
Quoting hale-mary
Phx62... what gave you a clue that yesterday was ranging as the market was developing. Its easy to see after the fact that yesterday we should not enter.

Good question. I took almost same trades like Phx62 (1 more SL(-20), and 1 BE instead of 21pips profit on my trades), but yesterday I was just slaughtered by market which made my trading week at break even.

Phx62 -how do U know to not trade days like yesterday?

P.
youtube.com/@pantherfxt
  • #2,724
  • Jan 11, 2012 10:37pm Jan 11, 2012 10:37pm
Quoting Polleczko
Good question. I took almost same trades like Phx62 (1 more SL(-20), and 1 BE instead of 21pips profit on my trades), but yesterday I was just slaughtered by market which made my trading week at break even.

Phx62 -how do U know to not trade days like yesterday?

P.
In the grand scheme of things its very difficult. If London signal back into trend doesn't follow through 99% of the time the US signal will. When that doesn't follow through of course the chart will later confirm it was ranging. When you are in front of computer 'live' its tough though.

If the market is showing a clear support level as it was that day look for an engulfing candle that takes that level out and either get in on a retrace from lower time frame or break of the extreme of the high/low of the 1hr candle that set up the break.
  • #2,725
  • Jan 11, 2012 11:05pm Jan 11, 2012 11:05pm
Quoting X-Man
[color=Blue][size=3]Hey guys
I just popped in to see hows everyone doing.
I know that some of you guys are waiting for my compilation for the signal candles.
I've just been so busy recently that i cant sit at my charts to trade at all which is frustrating coz i love my charts.
The reason for all this is that my best friend is getting married on 22 Jan and my brother is getting married 17 march.
My brother got himself a nice house so we busy renovating that so you must its like a mad house trying to get everything ready as well as doing the wedding...

Hi X-man and fellow traders! This is my first post in this thread, which I followed for quite some time now. Thanks X-man for sharing your experience with others. I think it's a good trading system, if mastered. However, it looks like many people , especially newbies like me, having problems understanding all the details of your system. You can see it by the number of questions posted (and believe lots of unposted) here by followers. I also understand that you have your own goals and cannot reply to everyone, explaining the details of every trade you took. Therefore, I would like to make a suggestion.
Could you consider regestring in one of the shared trading platforms, Zulutrade for example, so we could see the trades that you take at real time and analyse them. I believe, that will save you a lot of time, it will give us (follwers)opportunity to learn much faster and also could be a potential additional source of income for you, given that you will have followers with live accounts. What do you think?

BTW, I want to say that I have no affiliation with Zulu or any other trading
institution, therefore, it can be any service of your choice.

Once again, thanks everyone for sharing your thoughts, time and experience.
  • #2,726
  • Jan 11, 2012 11:11pm Jan 11, 2012 11:11pm
I keep on forgetting to post this. What back testing will never tell you is the mood of the market at the time. Why some counter trends work and others don't. Simply at the moment its one way traffic for the eur due to the economic fundamentals. Of course the big boys will let up every now and then to let the market move up so that they can sell at a better price, but at the mo its so one way traffic that counter trends might work 1 in 3 or 1 in 4 times (thats just a guess but I think a good one).
  • #2,727
  • Jan 11, 2012 11:44pm Jan 11, 2012 11:44pm
Quoting hale-mary
Phx62... what gave you a clue that yesterday was ranging as the market was developing. Its easy to see after the fact that yesterday we should not enter.
Quoting Polleczko
Good question. I took almost same trades like Phx62 (1 more SL(-20), and 1 BE instead of 21pips profit on my trades), but yesterday I was just slaughtered by market which made my trading week at break even.

Phx62 -how do U know to not trade days like yesterday?
As Vantage answered, it is difficult to "know" if the market is ranging in the beginning.
The first clue I noticed was that the daily range for Monday was only 65 pips. The average daily range for EU is almost twice that number. That indicated to me that caution was in order.
The second clue it that the London session generally moves 6 to 8 hours in one direction (with small retracements along the way) and that session usually sets the high and low of the day. Monday, the London did set the high and low for the day (only 65 pips) but did not move 6 to 8 hours in one direction. Again, that indicated that there was no current trend.
But don't take my word for it.....look back at some charts and see if what I just explained is true. It is difficult to see these changes in the market without many, many hours of study and testing.
On Wednesday, I took the first long without knowing if the market was still ranging and stopped out on the long trade with +21. Then the market dropped lower and gave me a signal to enter, so I entered a short trade. This time the market made the move that London normally makes and I got out with +50.
Test the market and learn how PA moves and what signals lead to successful trades. I see many posts about traders struggling to enter or exit trades and waiting for that perfect "signal" to enter or exit. Vantage, X-Man, dgnic, Brit7, Lazy Lobster and others have given many "clues" and suggestions about what to look for but every trader must relax and resist the "need" to enter every trade at just the right place. Pull back from the charts a little and see the entire picture, then put the pieces that work for you, together, and build your own trading plan to leads to success.
Good trading to you all.
  • #2,728
  • Jan 12, 2012 12:26am Jan 12, 2012 12:26am
Quoting Phx62
As Vantage answered, it is difficult to "know" if the market is ranging in the beginning.
The first clue I noticed was that the daily range for Monday was only 65 pips. The average daily range for EU is almost twice that number. That indicated to me that caution was in order.
The second clue it that the London session generally moves 6 to 8 hours in one direction (with small retracements along the way) and that session usually sets the high and low of the day. Monday, the London did set the high and low for the day (only 65 pips) but did not...

Thx mate,

I quess i just need much more screen time, couple of months or so. Im glad that I've taken most trades like u did, so already on good patch, and your tips and screenshoots are always most welcome.

Have a nice day

P.
youtube.com/@pantherfxt
  • #2,729
  • Jan 12, 2012 3:03am Jan 12, 2012 3:03am
i cant seem to figure out what is going on. The candle seemed strong for a sell 3am EST ago. Then it stopped me out. Then I flipped to 15 min and bought on the break of the high. Now it seems like i am guessing. There is something That I keep failing to see.
  • #2,730
  • Jan 12, 2012 3:13am Jan 12, 2012 3:13am
Quoting hale-mary
i cant seem to figure out what is going on. The candle seemed strong for a sell 3am EST ago. Then it stopped me out. Then I flipped to 15 min and bought on the break of the high. Now it seems like i am guessing. There is something That I keep failing to see.
Seems to me you are too eager to trade. I know what it feels like, when you lose money you want to immediately earn it back and that just ends up with you losing even more. With the risk of repeating what others have told you, be patient, look for proper signals. If you lose money, don't immediately try and ride it in the opposite direction. If you're trading live, then you must be using money you don't care to lose any way, so don't stress about it. Desperation only leads to losses, trust me, I'm still recuperating from mine since I started going live last month.
  • #2,731
  • Jan 12, 2012 3:18am Jan 12, 2012 3:18am
practice 3 (live trading)

buy eurusd [email protected] sl:1.2695 tp: 1.2774

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cross tdi- signal at third candel -
  • #2,732
  • Jan 12, 2012 3:20am Jan 12, 2012 3:20am
Quoting Forexsaurus
Seems to me you are too eager to trade. I know what it feels like, when you lose money you want to immediately earn it back and that just ends up with you losing even more. With the risk of repeating what others have told you, be patient, look for proper signals. If you lose money, don't immediately try and ride it in the opposite direction. If you're trading live, then you must be using money you don't care to lose any way, so don't stress about it. Desperation only leads to losses, trust me, I'm still recuperating from mine since I started...
I thought the signal was good. I dont immediately reverse majority of the time. I thought this was one instance.
  • #2,733
  • Jan 12, 2012 3:28am Jan 12, 2012 3:28am
Quoting hale-mary
I thought the signal was good. I dont immediately reverse majority of the time. I thought this was one instance.
What was your indication that it was a strong sell at 3AM EST. One thing I can tell you is to always wait at least a few minutes for a direction to appear right when London opens as it tends to shoot all over the place for the first 10-15 minutes or so. I'd wait until 3:30 to make a call.
  • #2,734
  • Jan 12, 2012 3:34am Jan 12, 2012 3:34am
Quoting Forexsaurus
What was your indication that it was a strong sell at 3AM EST. One thing I can tell you is to always wait at least a few minutes for a direction to appear right when London opens as it tends to shoot all over the place for the first 10-15 minutes or so. I'd wait until 3:30 to make a call.
The synergy candle was bigger than the previous candles and the TDI and stochastics crossed down. 15 mins appeared to be shaping up as well. That was not the case so I reverse about 1 hour later I think. When price closed above the asian session high.
  • #2,735
  • Edited 3:56am Jan 12, 2012 3:44am | Edited 3:56am
Crappy day today. Initial profits all wiped out by wonky PA. Shame.

Then, after closing my charts out of frustration and coming back a few minutes later, I see a huge movement upward. You've got to be kidding me...
  • #2,736
  • Jan 12, 2012 4:48am Jan 12, 2012 4:48am
Quoting hale-mary
did the eu hit a stall/resistance area?
1.2775 ~ 1.2875 may see some intraday resistance...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,737
  • Jan 12, 2012 4:57am Jan 12, 2012 4:57am
Quoting amiralifx
practice 3 (live trading)

buy eurusd [email protected] sl:1.2695 tp: 1.2774

Attachment

cross tdi- signal at third candel -
+30 pips
  • #2,738
  • Jan 12, 2012 6:20am Jan 12, 2012 6:20am
Was away from computer but interest rate day for UK and euro 2nd to NFP (IMHO) for rubbish trading.
  • #2,739
  • Jan 12, 2012 7:00am Jan 12, 2012 7:00am
Still s.hitty range, but not a bad day.

Fast close first fake short (-5). And ride a bit up on second trade (+40).

Cheers.

P.
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youtube.com/@pantherfxt
  • #2,740
  • Jan 12, 2012 7:28am Jan 12, 2012 7:28am
Guys we are in a consolidation period at the moment,
It might be best just to sit on your hands and let EU play out.
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