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  • #2,921
  • Jan 18, 2012 2:29pm Jan 18, 2012 2:29pm
Quoting Polleczko
Switch to demo account m8, or trade micro until u build confidence with this system. I agree, today's trades on H1 was pure nightmare up/down/up/down/up/down.... I ended with -35pips, and I'm glad its finally over . My advice is too keep R:R high, I'm trading at least 1:2 RR (20-25pips SL/40-50pips TP), which keeps me in profit despite rollercoaster days like this.

P.
Those are the accounts I have been trading
  • #2,922
  • Jan 18, 2012 3:09pm Jan 18, 2012 3:09pm
Quoting hale-mary
I got whipped left and right today for huge losses. I just dont know what to do. everytime a signal seems good I get killed and my account gets wiped out.

hm,
can you post some of your trades charts showing your traes entry and exits so that we can help you.
You can point to the trade in your treminal window and drag and drop them onto the chart. This will show the trade entry and exit connected with a dot-line.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,923
  • Jan 18, 2012 3:53pm Jan 18, 2012 3:53pm
So this is going to be difficult to explain as the trades happened close together (been trying to mimic x-man and phx62 entries)

first red line- as soon as price broke the low of the previous candle went short as TDI was crossed down/considered a bounce trade according to eelfranz (starting to regret those) and there was a double top.

next candle stopped out as price broke that red candle. (I have trouble figuring out when is the right time to close a trade.)

second vertical line- sold on break of low of previous blue candle (that candle could not break the high and showed hesitation.

closed when candle on third vertical line started moving up.

Based on the close of the candle on the second vertical line. I went long as price broke through the 1.2780 stall area. After the candle closed on the thrid vertical line closed for the day.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 126 KB
  • #2,924
  • Jan 18, 2012 4:06pm Jan 18, 2012 4:06pm
Quoting deepthier
Hello,

Can some one explain me what the small white circle which is highlighted in the attached figure signifies. The chart is taken on 4H TF on XAgUSD.[IMG]

Thanks,
Deepthi


That is a Channel break alert but in our case we follow TDI crosses and the direction of EMA60 and as you can see the Channel break was unsustainable.
Let it turn and find your entry.
  • #2,925
  • Jan 18, 2012 4:09pm Jan 18, 2012 4:09pm
Here is an example from july of last year. Its senarios like these that I get whipped around. I know we cant predict these. But is there some way for me to avoid getting chopped badly or fix the TP/ exit strategy. When the market moves everything is all peachy and dandy most of the time. But times like these I keep scratching my head.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 134 KB
  • #2,926
  • Jan 18, 2012 4:46pm Jan 18, 2012 4:46pm
here is the next two days of the week. not sure how to tackle these situations as well. Sorry to be this vague but i am pulling my hair out trying to figure out what i am missing. Overtinking? underthinkg? dont know
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 133 KB
  • #2,927
  • Jan 18, 2012 5:10pm Jan 18, 2012 5:10pm
Quoting hale-mary
I got whipped left and right today for huge losses. I just dont know what to do. everytime a signal seems good I get killed and my account gets wiped out.
Is it the trading method, or is it you?

What part of the trading process do you have 100% control of?

By using proper money management, stop losses, and adjusting position size so each trade is 2% of account, your account will never "get wiped out"

You are probably doing none of the above judging by your comments.

You say you are on demo and probably think it doesn't matter, wrong, this is the purpose of demo, so that you do learn the proper process of trading, both how you perform and the method performs.

You need at least 100 trades to make good judgement, but try for at least 20 before dumping either.


NOT
It takes a lot for me to IGNORE you, but you can try.
  • #2,928
  • Jan 18, 2012 6:06pm Jan 18, 2012 6:06pm
Quoting Erebus
Is it the trading method, or is it you?

What part of the trading process do you have 100% control of?

By using proper money management, stop losses, and adjusting position size so each trade is 2% of account, your account will never "get wiped out"

You are probably doing none of the above judging by your comments.

You say you are on demo and probably think it doesn't matter, wrong, this is the purpose of demo, so that you do learn the proper process of trading, both how you perform and the method performs.

You need at least 100 trades to...
wow you took what i said literally and made some wild assumptions. I am not mad though

The feeling is being wiped out. I only trade one micro position. never double up. My sl is never more than 40 pips. If the trade feels like going against me i get out. (i see some people sometimes hold the trade when it goes close to their SL other times I see them get out quickly. Being right both times. I have not learned or am not sure when to do that tactfully) That's why i keep saying that I am missing something or not observing and days LIKE THESE KILL ALL MY GAINS. I have taken over 10000 in my life time. So that good judgement comment does not fly for me. I only announce when my trades go bad not good. Because the good trades are not that often but the market flows. So trying to figure where i am going wrong on days like these and what i am failing to see.

What stinks is my observation that i am trying to improve but it seems as though I hit a plataeu.
  • #2,929
  • Jan 18, 2012 6:28pm Jan 18, 2012 6:28pm
This is after the fact but what would one look at when trading these areas in the blue rectangle.

Its easy to say go to the previous support or resistance now but i see plenty of days price moves and PHX62 always seems to nail it. Would really lve to know what he looks at to determine exits.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 129 KB
  • #2,930
  • Jan 18, 2012 6:52pm Jan 18, 2012 6:52pm
Quoting hale-mary
wow you took what i said literally and made some wild assumptions. I am not mad though
Well, sorry, but when someone writes this -

"I got whipped left and right today for huge losses. I just dont know what to do. everytime a signal seems good I get killed and my account gets wiped out."

seems pretty literal to me............ moving on



Life is just a bowl of cherries;
Don't make it serious;
Life's too mysterious.
You work, you save, you worry so,
But you can't take your dough when you go, go, go.
So keep repeating it's the berries;
The strongest oak must fall.
The sweet things in life
To you were just loaned,
So how can you lose what you've never owned?
Life is just a bowl of cherries,
So live and laugh at it all.

It takes a lot for me to IGNORE you, but you can try.
  • #2,931
  • Jan 18, 2012 7:26pm Jan 18, 2012 7:26pm
I'm all for trading M5, M15, and H1, but sometimes when the market gets a little choppy or consolidates and I have a couple of losers in a row, I climb higher on the ladder to get a better look at what the overall market is doing by going up to the H4 charts or even the D1s if I have to. To slug it out in the mud with no sense of direction only gets you very muddy. Climb to a higher chart until you can see again where the market is wanting to head if anywhere. If I move up to the H4 charts or D1's and I still can't seem to figure out S/R and where the market is going, then I just don't trade that pair until the "plan" is revealed. Having no sense of where the market is going only produces coin flip trading odds.

Now let's see, where did I put that dang ladder again.....
  • #2,932
  • Jan 18, 2012 9:05pm Jan 18, 2012 9:05pm
Johnson:

Interesting... In contrast: When I start my trading night at 0540 GMT I look at the hourly ( I trade the 15M mostly). At the top of the hours I always flip to the 1Hr for a moment to look and refocus. If things look chopy I move down a timeframe, like it did today on the 1HR and the 15M, I check to see if there is a clearer view on the 5M (never, ever the 1M). Today, I saw clear signals on the 5M and so I entered using that timeframe and exited when I saw clear resistance or when I saw that I had plenty of profit for around half my goal. I use quicktrade EA to help lock in profits and stoplosses. Today I needed to be more flexible than most days. I also use at least two different templates to look at the same information. One chart with relatively standard S3, and another that is for just candlesticks with no wicks to help me identify price patterns. I have them side by side on the same 16 inch computer monitor. Often I refer to quick table charts open on my desktop that outline 123 patterns and PA (Yes I suffer from computer envy when I hear multiple screen traders ;0) Good luck everyone. I may be profitable, but I am still new to the system and am only trading 1 micro per deal. If things go well, I will up this to two next week. Another month and maybe I'll up it to 2 percent of account. Never more than 3-4 percent ever. Thought I would put my two cents in. I have also been practicing for maybe 3 months included time spent on TMS.
"IN CASH WE TRUST"
  • #2,933
  • Jan 18, 2012 9:41pm Jan 18, 2012 9:41pm
I am using Britpip7's idea and use stop orders. I see a cross, I see the proper price action, and I enter a Buy or Sell Stop order 5-10 pips away from current price. I lose some pips that way but if entering on a fresh candle and cross I am somewhat assured price is going my way. Not sure if this could work on anything lower than 1H and I'm concentrating mostly on the 4H. I took a big hit on the gbp/usd because I didn't get out on a color reversal which would have cut my loss to about 30-35 pips; I let the trade go to my SL just outside the channel thinking it wouldn't get hit - but it did so color reversal as suggested by X-Man is now the clue for exiting. Hope this helps.
  • #2,934
  • Jan 18, 2012 10:11pm Jan 18, 2012 10:11pm
could some kind person please post a 4 hour chart of eu showing the shi channel so i can check i have it correct ?
it seems to have a mind of its own , because when i put in the 1440 (Daily) it seems to revert back to 0
any help much appreciated
ROB
  • #2,935
  • Jan 18, 2012 10:53pm Jan 18, 2012 10:53pm
Quoting robuk
could some kind person please post a 4 hour chart of eu showing the shi channel so i can check i have it correct ?
it seems to have a mind of its own , because when i put in the 1440 (Daily) it seems to revert back to 0
any help much appreciated
ROB
This is what mine looks like... hope it helps
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4.gif Size: 18 KB
  • #2,936
  • Jan 18, 2012 11:36pm Jan 18, 2012 11:36pm
Quoting Erebus
Well, sorry, but when someone writes this -

"I got whipped left and right today for huge losses. I just dont know what to do. everytime a signal seems good I get killed and my account gets wiped out."

seems pretty literal to me............ moving on



Life is just a bowl of cherries;
Don't make it serious;
Life's too mysterious.
You work, you save, you worry so,
But you can't take your dough when you go, go, go.
So keep repeating it's the berries;
The strongest oak must fall.
The sweet things...
We have a poet in the house
LOL Erebus give all the traders a hard time.
I still remember how he use to challenge the traders in the TMS thread. At times he makes a lot of sense in his own way though.
X-man the legendary conqueror of markets
  • #2,937
  • Jan 18, 2012 11:39pm Jan 18, 2012 11:39pm
Robuk my 4 hr charts same look same as Gwsands.
  • #2,938
  • Jan 18, 2012 11:45pm Jan 18, 2012 11:45pm
Quoting hale-mary
So this is going to be difficult to explain as the trades happened close together (been trying to mimic x-man and phx62 entries)

first red line- as soon as price broke the low of the previous candle went short as TDI was crossed down/considered a bounce trade according to eelfranz (starting to regret those) and there was a double top.

next candle stopped out as price broke that red candle. (I have trouble figuring out when is the right time to close a trade.)

second vertical line- sold on break of low of previous blue candle (that candle could...
hm,

thanks for posting your trades on 17 Jan. Reading your postings, I sense the emotions piling up. Hope you don't mind my comments below:

First, those trades you took are aggressive entries and carries higher risks. You cannot emulate what X-Man and Phx62 are doing because they are both more experienced and I am sure they each have developed ‘a third eye’ already which help them see things further ahead and they are also fast to react. I suggest you take a slightly conservative approach going forward from here. You don’t have to rush into opening trades and to trade so often. Be yourself, you can’t be somebody else.

On your chart, at the first line you drew, the TDI(H4) was clearly bullish green above red, also above the Market Base Line (yellow line). The last H4 candle were bullish and H1 ATR(10) was about 25pips.
The TDI bounce seen on H1 is actually against the H4 TDI ‘trend’. To take a bounce trade, the higher probability if when the bounce happen in the same direction of the higher TF.
The GMT0800 H1 candle closed with a rather long wick, and seen on M15, the close was bulls were stronger when closed. And there was no momentum to go short. In fact the H4 momentum was to go lomg but then we have to consider the resistance 1.2800. This candle is also rather long ( 67pips).

Entry when this GMT0800 candle close would mean the initial SL will be above the previous candle high, 50 pips away minimum. This also mean an assumption that the new H4 candle beginning at GMT0800 will have a lower high (LH). You can use the H4 High Low indicator I posted to help you see the H4 formation. Study the price action candlestick patterns and apply to H4 TF. This will help you read charts better.

Never assume a re-test of the 1.2800 fails. Sometimes there can be several re-test of S&R. Until you see a candle close above and the resistance 1.2800 becomes support. This actually happen several candles later.

The other thing which I do every day is to look at the D1 chart and see what the candlestick pattern is like. It was very obvious that after a narrow range Monday, the Tuesday candle closed bullish engulfing. So one can expect a bullish follow through would be higher probability, but be mindful that 1.2800 is resistance and it was tested in the previous week. I prefer to look for buy trades. And always buy low, sell high. Matter of fact, both TDI on H4 and D1 support this view.

You need learn to read chart better and be able distinguish where the bull and bear territories are. The EMA60,0,0 and EMA4,0,2 are both there to guide us when we trade S3. It can be quite simple – price above the EMA4 is buy zone, price below the EA4 is sell zone. When price cross from either side of the EMA4 to the other side, it must be confirmed with a TDI cross. Use that crossover candle as the setup bar and decide your trade entry.

There are discipline issues which you need to look at. Attached is Doug Zalessky ‘s 25 discipline mantra. Read this every day at the start of your trading day. Train yourself to observe these 25 discipline rules if I may call them. Make these your own discipline rules.

There is a huge difference trading demo and with real money. You need to treat demo like real and after 100 trades, you can evaluate the win rate and the expectancy of your trading.

Trading is a long learning journey, when you started on this journey, there is not destination, you simply keep going and going....

Good trading ahead.
Attached File(s)
File Type: pdf Doug Zalessky 25 points Mantra.pdf   122 KB | 838 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,939
  • Jan 18, 2012 11:55pm Jan 18, 2012 11:55pm
Quoting Gwsands
This is what mine looks like... hope it helps
thanks very much
on my chart the tallest peak is through the upper channel and the present peak almost touching it - so i dont know why .
it seems whenever i put the daily to 1440 it seems to want to revert back to zero
  • #2,940
  • Jan 19, 2012 12:49am Jan 19, 2012 12:49am
Quoting robuk
thanks very much
on my chart the tallest peak is through the upper channel and the present peak almost touching it - so i dont know why .
it seems whenever i put the daily to 1440 it seems to want to revert back to zero
Robuk, you could try the following: open a new chart, set time frame to 'daily', then add the templet supplied by X-Man. Change the daily setting to 1440 and save this as your new templet. Hope this solves your problem.
B T W, I am not much of a tech guy, but this is what I did and it worked for me.
Cheers
Pete
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