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Make Money Everyday - A Guide to Short-Term Trading

  • #1,121
  • Feb 29, 2012 7:50am Feb 29, 2012 7:50am
I was reading a post by billy ray valentine over at no brainer trades where he discusses how to use trendlines to find "small" support and resistance levels.

I have plot higher highs, lower lows, etc., etc... and then use them to draw trendlines. what I usually get are multiple entry points for 6 pip trades that are all around mongolians levels. Have a look at an example right before the news about 20 minutes ago....

Attached Image (click to enlarge)
Click to Enlarge Name: macMT4ScreenSnapz034.png Size: 36 KB


I find it quite interesting...
  • #1,122
  • Feb 29, 2012 8:42am Feb 29, 2012 8:42am
another example

Attached Image (click to enlarge)
Click to Enlarge Name: macMT4ScreenSnapz035.png Size: 15 KB
  • #1,123
  • Feb 29, 2012 10:30am Feb 29, 2012 10:30am
and a video:
Inserted Video
  • #1,124
  • Feb 29, 2012 6:32pm Feb 29, 2012 6:32pm
Quoting enochben
I was reading a post by billy ray valentine over at no brainer trades where he discusses how to use trendlines to find "small" support and resistance levels.

I have plot higher highs, lower lows, etc., etc... and then use them to draw trendlines. what I usually get are multiple entry points for 6 pip trades that are all around mongolians levels. Have a look at an example right before the news about 20 minutes ago....

Attachment

I find it quite interesting...
Nice one mate, thanks for sharing, another little tool to use.
  • #1,125
  • Feb 29, 2012 6:33pm Feb 29, 2012 6:33pm
Quoting enochben
and a video: http://youtu.be/H1dQZNd54s8
Is there meant to be sound cause I got nothing?
  • #1,126
  • Feb 29, 2012 6:34pm Feb 29, 2012 6:34pm
Quoting 4Xfactor
Where are you chatting?
Just via our gmail accounts mate, but they're never there.
  • #1,127
  • Feb 29, 2012 6:37pm Feb 29, 2012 6:37pm
Something from another thread. You guys probably use this but it illuminates for me why when price breaks above a quarter and hits the six pip line above, making three new highs why having a buy order at the quarter looking for the retrace entry can be an unprofitable trade.

http://www.nobrainertrades.com/2011/12/triple-taps.html
  • #1,128
  • Mar 1, 2012 1:22am Mar 1, 2012 1:22am
Quoting nhen
Just via our gmail accounts mate, but they're never there.
I might try and join you one day, but only if you promise to chat in English and not Aus, or should I bring me XXXX goggles, just in case?
  • #1,129
  • Mar 1, 2012 4:43am Mar 1, 2012 4:43am
I think this your system is good for someone like myself who is trying to develop short term trading strategy
shambar
  • #1,130
  • Mar 1, 2012 8:10am Mar 1, 2012 8:10am
Quoting nhen
Just via our gmail accounts mate, but they're never there.
OK OK, You're killing me....
  • #1,131
  • Mar 7, 2012 4:04am Mar 7, 2012 4:04am
Quoting 4Xfactor
I might try and join you one day, but only if you promise to chat in English and not Aus, or should I bring me XXXX goggles, just in case?
Haha what is chatting in Australian like?
  • #1,132
  • Mar 7, 2012 4:07am Mar 7, 2012 4:07am
Quoting mongolian
OK OK, You're killing me....
I'm trying to make FO and LO Tues-Thurs. Don't always get there at the moment but when I'm settled I will that will be my rhythm.
Perhaps some Monday too..
  • #1,133
  • Mar 7, 2012 8:02am Mar 7, 2012 8:02am
Quoting nhen
I'm trying to make FO and LO Tues-Thurs. Don't always get there at the moment but when I'm settled I will that will be my rhythm.
Perhaps some Monday too..
I read a great quote - don't remember it exactly, but I'll give it my best mongolian adaptation.... Are we focused on being reasonable or are we focused on getting results?
  • #1,134
  • Mar 7, 2012 5:34pm Mar 7, 2012 5:34pm
Quoting mongolian
I read a great quote - don't remember it exactly, but I'll give it my best mongolian adaptation.... Are we focused on being reasonable or are we focused on getting results?
First up - Brutal!

Secondly - Let me explain why that's my trading schedule

Will be fulltime in a week or two, will be keeping around 4 gigs a month and recording twice a month.
Will also have to finish a few IT certifications by studying a weeknight or two and one weekend day.

Since I've started up again over the last month or so I've been able to pretty consistently hit 20+ pips per 3 hour session FO - 2hrs of LO on the nights I trade. That's not great yet, and missing a fair few moves.
But with stops around 7 pips being 1-2% of my account, even 3 nights a week with that pip count, things will grow nicely over time.

Hopefully once I fully commit to my live account I'll be able to grow a few years worth of salary and a nice account over the next couple of years. Then I can either decide to keep working the day job for awhile and save trading income or go FT with the trading.

What ya reckon? Results?
  • #1,135
  • Mar 15, 2012 11:05pm Mar 15, 2012 11:05pm
Good morning bitches.... Here's a chart which shows the past 3 weeks PA. Be great today!

Mongolian
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture.JPG Size: 132 KB
  • #1,136
  • Mar 16, 2012 8:58am Mar 16, 2012 8:58am
Hi all...love this method have been reading for a while and trying it out. This is similar to a great traders method on FF. GlenEagles, although he's never fully confirmed what he does he posts amazing results using a similar approach (I think) So First, thanks to Mongolian! I am very excited to work on this method.

Attached are 2 screens of my first trade today (I can only trade the NY session) the long blue bar is my session start time and I went a head and followed Mongolians advice for nhen and focused on just the Quarter levels. I also use the 5m chart.

Note, the dashed red/green lines are my SL/TP from the Easy order program by Sangme...so I can drag and drop my SL and TP as I see fit.

Anyway, I entered on the close of the 5m through the level, it also happened to be a 1-2-3 trade noting the previous higher-hi...and it went right to my TP of +10 pips or better. Also, I will be moving SL to BE @ + 6 pips.

Thanks! let me know what you think.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MMED_1st trade.jpg Size: 110 KB
Click to Enlarge Name: MMED_1st Trade Closed.jpg Size: 108 KB
  • #1,137
  • Mar 16, 2012 11:01am Mar 16, 2012 11:01am
Quoting pilotui
Hi all...love this method have been reading for a while and trying it out. This is similar to a great traders method on FF. GlenEagles, although he's never fully confirmed what he does he posts amazing results using a similar approach (I think) So First, thanks to Mongolian! I am very excited to work on this method.

Attached are 2 screens of my first trade today (I can only trade the NY session) the long blue bar is my session start time and I went a head and followed Mongolians advice for nhen and focused on just the Quarter levels. I also use...
Excellent. Thanks for dropping in and for the kind words. Keep us posted!

Mongolian
  • #1,138
  • Mar 16, 2012 12:24pm Mar 16, 2012 12:24pm
Quoting mongolian
Excellent. Thanks for dropping in and for the kind words. Keep us posted!

Mongolian
Will do... Mongolian- how far out do you place your pending orders?

Thanks!
  • #1,139
  • Mar 16, 2012 2:32pm Mar 16, 2012 2:32pm
Quoting pilotui
Will do... Mongolian- how far out do you place your pending orders?

Thanks!
It's a bad answer, but it depends. It depends on how PA is behaving, etc. Generally, I like to get orders in on retraces. My trading day is usually me constantly putting in orders, adjusting position, adjusting direction. Usually not very far off from where PA is at the current time, though. I rarely have any orders pending that are more them one or two legs away from the current PA. Now granted, I trade a much smaller timeframe than most. Once you get in the practice of putting on orders instead of market orders, you'll find what you are comfortable with and what works for you. I keep tight reins on my orders, mostly because I don't like having lots of orders hanging out there. Too many stories of orders being left on accidentally and it becoming a huge loss. Like I said, not a great answer, it's just what works for me.

M
  • #1,140
  • Mar 16, 2012 4:21pm Mar 16, 2012 4:21pm
Quoting mongolian
Good morning bitches....
Now you're speaking my language

Hope you had a good day mate!
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