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  • #341
  • May 20, 2012 3:54pm May 20, 2012 3:54pm
Quoting KillerWhale
Hello my friends I'm back again and I'm going to be back all week

that sounds great...
  • #342
  • Edited 4:21pm May 20, 2012 3:58pm | Edited 4:21pm
Quoting KillerWhale
I'm sorry HDA I don't agree with you here.
I can make easily 20 pips scalping in the hours that you say: DO NOT TRADE.

There is no such thing as placing trades only at 4 hour intervals

You place trades (at least I do) at critical support and resistance levels.

They hardly ever come at the same time as your 4 hour schedule.
@KillerWhale:

Understood and thank you for the invitation.

@shawn3245:

What I am teaching you here shawn3245 is that with minimal effort and attention towards the forex, you can live comfortably off of it without being distracted from your family life or even work. You can actually still work and trade if you choose.

Here's an example:

If in your scalping account you have US$100,000

Each trade you place using a leverage of 50:1 you will put up US$22.998.78 giving you a pip value of US$87.94 per pip.

Of the 4 trading times, one, two, three or all of those times, may offer you a trading opportunity to go long or short regardless of the trend for 15pips.

Now lets do the math and please while doing the math, keep in mind we are working with just one trading opportunity per day for 15pips.

So on Monday you placed a scalp trade for 15pips at one of the 4 different times mentioned. Your per pip value US$87.94, leverage 50:1, margin used to place the trade US$22,998.78 out of US$100,000.

Your trade closes on monday for the 15pips, amount made, US$1,319.17 for the day, Monday. How much time did you spend in front of the PC? just 30mins if not less. Why 30mins? Because 30mins before one of the times to place the trade, you go before the PC to do your analysis as to how to enter, based on the set up, that being either to go short or to go long.

Once you have placed your trade, you need not go back to the PC. Forget about news etc etc etc and just trade the chart.

So that US$1,319.17 profit you made on monday multiply by 5days a week (mon to fri 15pips a day) = US$6,595.85

US$6,595.85 multiply by 4weeks in a month is US$26,383.40 in PROFIT for the month using only the US$22,998.78 to place all your trades.

Never increase the size of your trade until your account gets to US$200,000.

So while working your 9 to 5 job, you can still trade and comfortably make more than enough money to support your family.

Now lower the amount of start up Capital and you realise is going to take sometime with a smaller account to see acceptable returns.

The EUR/CAD guaraantees you those 15pips easily. So it's just a question of how much money does one have to start out with. Once you master your system and can trade it effectively. (Hence Agreement #1 in the FOUR AGREEMENTS).

PSYCHOLOGY

If you see modest returns like this in your scalping account, GREED is going to be an emotion that you are going to have to grapple with, because OVER CONFIDENCE is going to get the better of you and you WILL NOT, and I repeat, you WILL NOT stick to your original plan.

You will start increasing the size of your trades, start trading more often, start going for MORE THAN 15 pips, until you are completely aware that you are breaking your rules, your know you shouldnt be breaking your rules and as you watch yourself break your rules, you are helpless to stop yourself from breaking your rules and then in a matter of months - ITS ALL GONE and you have no one to blame but yourself until you can masterAGREEMENT #1 in the FOUR AGREEMENTS.

It's that simple, but very hard to do.

Being successful at trading is about CONSISTENCY, it's not about how many times you can trade.

Respectfully,
HDA
  • #343
  • May 20, 2012 4:00pm May 20, 2012 4:00pm
Quoting Ioana
HDA,

I just say THANK YOU for your analysis.I watching you every day and your great work help me in my trades.Once again,THANK YOU,HDA for your great work.
@Ioana:

You're very welcome

Respectfully,
HDA
  • #344
  • May 20, 2012 4:05pm May 20, 2012 4:05pm
Quoting ash_k
HI HDA,
i read all your posts several times and always get a new thing to learn, belive me since ive joined this thread (thanks to KW) ive already learned alot from u..read the four agreement a lil bit and yes i dont keep my word in trading i always change my plans : my main problem is psychological and panicking and then make wrong decisions.will try and work on it..the way you told me to figure out the support and resistance in 4H and D1 with blue n yellow lines , i also did that and everything started getting clear..
i am learning from your posts...
@ash_k:

You're very welcome

Respectfully,
HDA
  • #345
  • May 20, 2012 4:06pm May 20, 2012 4:06pm
Quoting ash_k
HI HDA,
i read all your posts several times and always get a new thing to learn, belive me since ive joined this thread (thanks to KW) ive already learned alot from u..read the four agreement a lil bit and yes i dont keep my word in trading i always change my plans : my main problem is psychological and panicking and then make wrong decisions.will try and work on it..the way you told me to figure out the support and resistance in 4H and D1 with blue n yellow lines , i also did that and everything started getting clear..
i am learning from your posts...
@ash_k:


You're very welcome


Respectfully,
HDA
  • #346
  • May 20, 2012 4:33pm May 20, 2012 4:33pm
Hi, i am not trading ECad yet but looking for some of you and thought i would find you here, i found you here. http://www.forexfactory.com/images/icons/icon14.gif
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #347
  • May 20, 2012 4:34pm May 20, 2012 4:34pm
Short informations of this type of analysis:

Advantages:

1. It's based only on price action (no indicators, no oscillators)
2. It's simple as it can be (there are only one support and one resistance aka pivots).

Additional info:

The red area have bearish implications, the gray one - neutral implications , corrections or sideways market and the green one - bullish implications

One major advantage would be the targets, on neutral bias the targets are shorter and on the other two biases: bearish and bullish the targets are much wider.


Short term time frame (4h)

The pair broke the 1.2932 pivot line and changes it's bias to neutral. This means that further up correction could develop to 50.0 Fibonacci level (around 1.3130) or sideways market. Any change in bias, specifically the break back under the 1.2932 would trigger sells positions targeting at least the low of 1.27825.

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.00.28(gmt+2)21.05.12.png Size: 47 KB


Down bellow you can find the template of this analysis so you can simple follow the price action in relation with the pivots.
Attached File(s)
File Type: tpl eurcad_p.tpl   3 KB | 271 downloads
  • #348
  • May 20, 2012 4:42pm May 20, 2012 4:42pm
Really enjoyed reading the previous posts and some great analysis by HDA and Killer - wanted to ask for some opionions here. If I were to enter a trade here based purely on chart - would this not be an ideal zone to short the pair? The TL and RSI along with MACD paints that picture to me - but what would you gurus say about it?
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.png Size: 56 KB
  • #349
  • May 20, 2012 4:44pm May 20, 2012 4:44pm
Thanx...




Quoting diavolul
Short informations of this type of analysis:

Advantages:

1. It's based only on price action (no indicators, no oscillators)
2. It's simple as it can be (there are only one support and one resistance aka pivots).

Additional info:

The red area have bearish implications, the gray one - neutral implications , corrections or sideways market and the green one - bullish implications





One major advantage would be the targets, on neutral bias the targets are shorter and on the other two biases: bearish and bullish the targets are...
  • #350
  • May 20, 2012 4:49pm May 20, 2012 4:49pm
Thanks for the great posts and the pms. I spent the weekend with friends at a Milwaukee brewer baseball game and spent today moving from out condo we sold. Our rental doesn't have Internet and won't have it until at the earliest tuesday and the latest next weekend. This means no trading for me this week and minamal posting because I'm doing this on my phone. I will re read everything once I have my computer up and running. I might make it to a place with wifi tomorrow but can't promise anything.

Shawn

Quoting HDA
@KillerWhale:

Understood and thank you for the invitation.

@shawn3245:

What I am teaching you here shawn3245 is that with minimal effort and attention towards the forex, you can live comfortably off of it without being distracted from your family life or even work. You can actually still work and trade if you choose.

Here's an example:

If in your scalping account you have US$100,000

Each trade you place using a leverage...
  • #351
  • May 20, 2012 4:53pm May 20, 2012 4:53pm
Quoting shawn3245
Thanks for the great posts and the pms. I spent the weekend with friends at a Milwaukee brewer baseball game and spent today moving from out condo we sold. Our rental doesn't have Internet and won't have it until at the earliest tuesday and the latest next weekend. This means no trading for me this week and minamal posting because I'm doing this on my phone. I will re read everything once I have my computer up and running. I might make it to a place with wifi tomorrow but can't promise anything.

Shawn
@shawn3245:

You're welcome

@KillerWhale: Why have you started logging in Invisible?

Respectfully,
HDA
  • #352
  • May 20, 2012 4:56pm May 20, 2012 4:56pm
Quoting Unknownpips
Really enjoyed reading the previous posts and some great analysis by HDA and Killer - wanted to ask for some opionions here. If I were to enter a trade here based purely on chart - would this not be an ideal zone to short the pair? The TL and RSI along with MACD paints that picture to me - but what would you gurus say about it?
It's far from me the thought to be a guru. Even so, I allow myself to present my opinion regarding your channel approach and I want to emphasize that, in order to draw a channel and not only, you need to report yourself to a time span.

As an answer I have attached this image, down bellow. As you can see I have related to a 3 period time span (between the two vertical blue lines), and it looks like this.

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.00.52(gmt+2)21.05.12.png Size: 56 KB


And you can put it on any time span (perios), all you need is to check the Properties -> Show periods separators and you can draw channels on any time span.

Good luck!
  • #353
  • May 20, 2012 5:03pm May 20, 2012 5:03pm
Quoting diavolul
It's far from me the thought to be a guru. Even so, I allow myself to present my opinion regarding your channel approach and I want to emphasize that, in order to draw a channel and not only, you need to report yourself to a time span.

As an answer I have attached this image, down bellow. As you can see I have related to a 3 period time span (between the two vertical blue lines), and it looks like this.

Attachment

And you can put it on any time span (perios), all you need is to check the Properties -> Show periods separators and...
Thanks for this great bit of invaluable info. I hadn't really put much thought into those but a simple chart with price action will no doubt be a good way of seeing the overall picture.
  • #354
  • May 20, 2012 5:10pm May 20, 2012 5:10pm
HDA I am posting my support and resistance for this week and I will plan to trade at those lines with PA when the time is right. i will close 50% of the trade with 15 pips and i will put my Stop loss to BE at let the other 50% run...My stop loss will be at the last high or low...I will come back to let you know how i am doing... thx again HDA for your post... Max
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-05-20 18-04-27.png Size: 46 KB
  • #355
  • May 20, 2012 5:22pm May 20, 2012 5:22pm
Quoting Unknownpips
Thanks for this great bit of invaluable info. I hadn't really put much thought into those but a simple chart with price action will no doubt be a good way of seeing the overall picture.
The great thing about this is that the channel is updated as soon as one time period closes and redrawing it would be pure gold, because it follows closer to the dynamic of the market.

If you put a median line into it would be much like this.

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.01.12(gmt+2)21.05.12.png Size: 58 KB


And when the candle is closed you will redraw the channel, following the lower highs because you are in a descending movement and will look like this, if the price does not make a new high.

As you can see if the price doesn't break the medium line is very unlikely for the downward movement to continue and will probably hit one by one the Fibonacci levels (Fibonacci is draw on the maximum and minimum of the price contained by the 6 periods, in this case).

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.01.21(gmt+2)21.05.12.png Size: 57 KB


Cheers!
  • #356
  • May 20, 2012 5:46pm May 20, 2012 5:46pm
Quoting Unknownpips
Really enjoyed reading the previous posts and some great analysis by HDA and Killer - wanted to ask for some opionions here. If I were to enter a trade here based purely on chart - would this not be an ideal zone to short the pair? The TL and RSI along with MACD paints that picture to me - but what would you gurus say about it?
@Unknownpips:


Killerwhale in one of his previous posts says that he buys support and sells resistance. If you are an agressive trader you can immediately sell resistance and go short. You can also wait for confirmation to go short.
It's really a personality issue. What you and your account can tolerate.

Shorting resistance is not a bad plan neither is waiting for conformation to short it also.

I have found it's alot less stressful to just wait for confirmation. Waiting for confirmation however sees you missing out on getting in at the very top or very the bottom. So it's again up to you, if you have to try and catch all the pips or if you are confortable with getting your targetted amount of pips, based on your trading plan.

Finding the top is also a trading plan, but not for the faint of heart. It takes time and experience to do that.

I have moved on from trying to get everything or as much as I can out of the market and just be satisfied with enough.

It's the difference between having a scarcity mentality or an abundance mentality. With an Abundance mentality, there is enough out there for you, me and everyone, so getting a piece of the pie is enough.

With the scarcity mentality, the thinking is that not enough is there to
share and you must get as much as you can.

4.5 Trillion is trading on the FOREX everyday - I think there is enough for everybody.

KillerWhale Im sure also thinks there is enough for everyone, dont you Killer? Unknownpips, what do you think?

Opps Killer stepped out again, He never usually logs in invisible. Ever since he created his thread he has started doing it. I dont know why.

Respectfully,
HDA
  • #357
  • May 20, 2012 5:47pm May 20, 2012 5:47pm
Quoting diavolul
It's far from me the thought to be a guru. Even so, I allow myself to present my opinion regarding your channel approach and I want to emphasize that, in order to draw a channel and not only, you need to report yourself to a time span.

As an answer I have attached this image, down bellow. As you can see I have related to a 3 period time span (between the two vertical blue lines), and it looks like this.

Attachment

And you can put it on any time span (perios), all you need is to check the Properties -> Show periods separators...
Hi, sorry but I didn't understand what u meant by 3 period ..? Can u explain .. Thanx
Ash
  • #358
  • May 20, 2012 5:52pm May 20, 2012 5:52pm
oil will have a hard time to break through this 90 support zone and probably find a bottom here, could be a serious reason for usdcad to stop climbing much further

http://img.picshare.at/1337554455_Sc....-21-00.35.png

dollar shows first signs of weakness, probably trying to retest the highs and fail, a second reason why cad should get stronger soon

http://img.picshare.at/1337553985_Sc....-21-00.44.png
  • #359
  • May 20, 2012 6:44pm May 20, 2012 6:44pm
Quoting HDA
@Unknownpips:


Killerwhale in one of his previous posts says that he buys support and sells resistance. If you are an agressive trader you can immediately sell resistance and go short. You can also wait for confirmation to go short.
It's really a personality issue. What you and your account can tolerate.

Shorting resistance is not a bad plan neither is waiting for conformation to short it also.

I have found it's alot less stressful to just wait for confirmation. Waiting for confirmation...
as for the confirmation goes... for euro trade, i had 13 short entries on 1hr chart not counting the very top.
  • #360
  • May 20, 2012 6:59pm May 20, 2012 6:59pm
Hello
I have been reading/following the thread for some time now and I am happy that finally found a healthy friendly environment to learn from. English is not my first language (not even second) so my participation will be limited. I will read everything, everyday and hopefully in the mid term I will be able to participate in a smart way.
Just wanted to drop a note to thank KW, HDA, PK for your kind support teaching and to ashK/ shawn3245 for your smart questions that drives the learning discussions.

Saludos, rmiranda
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