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Price is Everything Chat Room

  • #2,001
  • Apr 30, 2012 5:59pm Apr 30, 2012 5:59pm
Quoting Winston Reed
Calculating one's future profits I think is mental masturbation. Yeah if feels good but it's not the real thing.
Who doesn't love a good wank eh?
  • #2,002
  • Apr 30, 2012 6:08pm Apr 30, 2012 6:08pm
It's all personality dependant. A trader may plan to only make 10pips in a day trading with fixed lot sizes.. whereas another trader may plan to make 2% a day and compound it.

For example, friend of mine plans to earn enough to make a comfortable living.. whereas I am very ambitious and plan to eventually make exponential capital growth. We have very different ideas about MM thus see the market differently (in terms of entries and exits). Non of us are right or wrong in our plans because we both want different results.

Because I want to make a certain % per month, MM has become the complete core of my trade plan and all my entries and exits revolve around the calculations. For example, I can identify a set-up and then measure the potential TP target (the pip range before it could turn back on me) then measure the relative SL target. If I see a 20p-25p profit target I will try and fix my SL to 4-5 pips on entry where my risk is 1%. This 1:5 RR in terms of '%' is risking 1% for a potential profit of 5%. Get two of these bad boy setups in a row and you are up 10%. I have found this way of calculating my trades far more profitable and effective than my previous arbitrary way of trading.

This is all classic MM thinking.. but when you get the charts out along with your spreadsheet you can get very creative and get those trades profiting in the most efficient way possible.. making every trade count.

Anyway.. blah blah blah.. very tired.. screen is getting blurry.
  • #2,003
  • Apr 30, 2012 6:09pm Apr 30, 2012 6:09pm
Quoting beebolbod
Who doesn't love a good wank eh?
Sometime the horizon disappear. Twitter: @_whiteout
  • #2,004
  • Apr 30, 2012 6:10pm Apr 30, 2012 6:10pm
Quoting whiteout
35%, 25%, 15% or 100%...they are just number until you know "for real" what you are doing and why, until you know the very essence of the market, until you have a real damn confidence whit it; i don't like how i trading now, yeah a lucky month but...more luck than brain, that's why i am here, to learn.
Amen to that. If we can turn a profit (albeit demo and pennies on live for me) whilst learning then that's an achievement in itself. this game is a bitch, we all know that and remember those early days wondering what the fuck is going on.
  • #2,005
  • Apr 30, 2012 7:24pm Apr 30, 2012 7:24pm
For those who haven't seen it, some very personal, forthright and generous information about such trading topics in this blog.

http://donmillerjournal.blogspot.com/2008/07/cornerstone.html

http://donmillerjournal.blogspot.com/2009/09/tuesday-pm-notes-keys-to-castle.html

http://donmillerjournal.blogspot.com/2009/12/year-end-post-my-greatest-lesson-of.html

http://donmillereducation.com/journal/
Charts are limited in nature. What is the relative location?
  • #2,006
  • Apr 30, 2012 11:09pm Apr 30, 2012 11:09pm
Having a flag of a time.
One of my next steps is to find out why prices actually turned on smaller TFs.
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  • #2,007
  • May 1, 2012 12:17am May 1, 2012 12:17am
Time for homework
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  • #2,008
  • May 1, 2012 12:42am May 1, 2012 12:42am
Does this chart make sense. At first looking for a QM but there was no higher high, then I realize it is more of a double top and now ?compression? has happened with ?liquidity?

Maybe some good downside tg
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  • #2,009
  • May 1, 2012 1:57am May 1, 2012 1:57am
Quoting beebolbod
posted this in J16... took the QM. yum. Might be good on the retest.
Attachment

Attachment
Muwahahahah. May starts very well indeed

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  • #2,010
  • May 1, 2012 4:32am May 1, 2012 4:32am
Quoting hometrading
Having a flag of a time.
One of my next steps is to find out why prices actually turned on smaller TFs.
Great bit of homework there HT


I hope everybody else has been doing the last couple of assignments diligently too, because the next assignment will depend completely upon them.
And the next assignment should dramatically improve everybody's trading, and change the way they read the market forever.

Best

If
  • #2,011
  • May 1, 2012 5:08am May 1, 2012 5:08am
Quoting hometrading
Having a flag of a time.
One of my next steps is to find out why prices actually turned on smaller TFs.
15 min QM gave an early entry here
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  • #2,012
  • May 1, 2012 5:44am May 1, 2012 5:44am
Quoting hometrading
Having a flag of a time.
One of my next steps is to find out why prices actually turned on smaller TFs.


I feel like i'm back in school again. Struggling to produce work like that. I would probably be flicking a rubber at you right now but i've grown up. a little.
Great chart.
  • #2,013
  • May 1, 2012 5:52am May 1, 2012 5:52am
Quoting beebolbod


I feel like i'm back in school again. Struggling to produce work like that. I would probably be flicking a rubber at you right now but i've grown up. a little.
Great chart.
You get the results instead, shall we switch
  • #2,014
  • May 1, 2012 6:17am May 1, 2012 6:17am
Quoting hometrading
You get the results instead, shall we switch
Following PIE and doing If's homework we'll ALL get the results.
  • #2,015
  • May 1, 2012 6:24am May 1, 2012 6:24am
Great work guys. Forum is really informative.

Personally im finding it hard to identify the PA at S/D levels. I have no problem finding the areas but my problem is identifying/waiting for the price action to confirm.
At present i am leaving orders at these areas and normally my stop loss is being hit by maybe 2-3 pips. I think i maybe too eager to get into a trade that i end up trying to get in at the best possible price before it turns.

I find that when i wait for PA I get a chance to take maybe 7-10 pips off the board but then price comes back to stop me at BE or hit my SL.
My risk is normally between 10-15pips so this wont work for me in the long run.

Has anyone any pointers in this or will it just require more screen time?
  • #2,016
  • May 1, 2012 6:36am May 1, 2012 6:36am
Quoting Rsherl01
Great work guys. Forum is really informative.

Personally im finding it hard to identify the PA at S/D levels. I have no problem finding the areas but my problem is identifying/waiting for the price action to confirm.
At present i am leaving orders at these areas and normally my stop loss is being hit by maybe 2-3 pips. I think i maybe too eager to get into a trade that i end up trying to get in at the best possible price before it turns.

I find that when i wait for PA I get a chance to take maybe 7-10 pips off the board but then price...
Best thing you can do is catch up with the homework that's been posted

You'll find it all on the first post

Because, as I said earlier, the next bit of homework will tie it all together

Best

If
  • #2,017
  • May 1, 2012 6:36am May 1, 2012 6:36am
For example here is a trade i had ear marked on AUD USD last week. I had planned on getting in at the first supply and shorting to the TG zone as seen with a conservative SL above.

Attached Image (click to enlarge)
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Price did react at this area but then burst through for no apparent reason??

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Can anyone show me an indication to get out on the 5 min chart below?? In hindsight i could have waited to see the reaction at the 2nd supply as seen above but here is where i am having problems. I seem to be pulling the trigger too early?

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  • #2,018
  • May 1, 2012 6:38am May 1, 2012 6:38am
Cheers IF am doing my homework every week and learning from all the great traders here. Will get there some day hopefully.
  • #2,019
  • May 1, 2012 6:56am May 1, 2012 6:56am
Quoting Rsherl01
For example here is a trade i had ear marked on AUD USD last week. I had planned on getting in at the first supply and shorting to the TG zone as seen with a conservative SL above.

Attachment

Price did react at this area but then burst through for no apparent reason??

Attachment

Can anyone show me an indication to get out on the 5 min chart below?? In hindsight i could have waited to see the reaction at the 2nd supply as seen above but here is where i am having problems. I seem to be pulling the trigger...
This is exactly what the next session will be all about

I've already been discussing this type of scenario with a group this morning, and believe me, all the signs are usually there of a setup working or failing

An hint for now:
I saw you posted different TFs of the approach and the reaction, but you posted no LTF of the zone it was reacting to
  • #2,020
  • May 1, 2012 7:04am May 1, 2012 7:04am
Hi all,
many thanks for great posts from everybody.
Something from me: Pos QM on AU
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