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Day Trading for a Living

  • #121
  • Jun 25, 2012 8:33am Jun 25, 2012 8:33am
Quoting GDR3k
Closed at break even, it missed my stop by 0.9 of a pip.

iam SHORT AUD

target 0.998
SL @BE+
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  • #122
  • Jun 25, 2012 8:36am Jun 25, 2012 8:36am
Quoting PrymeTyme
iam SHORT AUD

target 0.998
SL @BE+
So am I, seems we have both took the exact same short trade lol, my TP is exactly the same as yours aswell.

Great minds...
  • #123
  • Jun 25, 2012 8:38am Jun 25, 2012 8:38am
Quoting GDR3k
So am I, seems we have both took the exact same short trade lol, my TP is exactly the same as yours aswell.

Great minds...
NICE!

Price already flirting with TP ..

cheers
  • #124
  • Jun 25, 2012 8:42am Jun 25, 2012 8:42am
Quoting PrymeTyme
NICE!

Price already flirting with TP ..

cheers
Just closed mine at 0.9981. With pivots its wise to have your TP a pip or so above the actual level itself, if you're short, and a pip or so under the level if you're long.
  • #125
  • Jun 25, 2012 8:51am Jun 25, 2012 8:51am
Quoting GDR3k
Just closed mine at 0.9981.


thought about it too , but decided to let it run..

whateva! freetrade anyhow


cheers
  • #126
  • Jun 25, 2012 8:52am Jun 25, 2012 8:52am
Quoting PrymeTyme


thought about it too , but decided to let it run..

whateva! freetrade anyhow


cheers
May aswell, you've got nothing to lose, theres some news for the US coming out in a little over 5 minutes, just hope theres no spike
  • #127
  • Jun 25, 2012 9:20am Jun 25, 2012 9:20am
Quoting GDR3k
May aswell, you've got nothing to lose, theres some news for the US coming out in a little over 5 minutes, just hope theres no spike
TP Got Hit at Last , thnx new home owners

now off to some spahgetti and a clod beer ...!!!


cheers all and have a nice day!
  • #128
  • Jun 25, 2012 9:23am Jun 25, 2012 9:23am
Just scalped 13+ pips on EURUSD from 1.2488, price bounced off a pivot level and my target was a weekly support pivot.
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  • #129
  • Jun 25, 2012 9:28am Jun 25, 2012 9:28am
Double bottom @ support eurusd, may look at a long if it breaks out of this range and get in on the pullback.
  • #130
  • Jun 25, 2012 9:36am Jun 25, 2012 9:36am
Quoting GDR3k
Double bottom @ support eurusd, may look at a long.
not formed yet but looks more than possible. got a 3wave down to a possible higher low in the 5min which is a corrective pattern not a motive one so also watching this but will not look for a long entry until we break above 12500. (assuming no new low prior) then will look for an entry in 1min...Good Luck.
  • #131
  • Jun 25, 2012 11:27am Jun 25, 2012 11:27am
buy order hit @ 0.9988 for AUDUSD, SL is 0.9962 under todays low, TP is 1.0020 just under another daily pivot level. R:R 1:1.

I'm off anyway, will be back later.
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  • #132
  • Jun 25, 2012 2:21pm Jun 25, 2012 2:21pm
Quoting GDR3k
buy order hit @ 0.9988 for AUDUSD, SL is 0.9962 under todays low, TP is 1.0020 just under another daily pivot level. R:R 1:1.

I'm off anyway, will be back later.
Closed at 1.0, +12
  • #133
  • Jun 25, 2012 2:35pm Jun 25, 2012 2:35pm
Hey everyone. Recent grad and aspiring trader here. Looking to learn as much as possible from everyone as I embark on this journey. I've been learning about the markets progressively for the past year and now that school is over I think now is the perfect time to begin with a small live account. I just wanted to introduce myself as I too will be posting my own trades with charts in the near future.
  • #134
  • Jun 25, 2012 3:49pm Jun 25, 2012 3:49pm
Quoting Dpen
Hey everyone. Recent grad and aspiring trader here. Looking to learn as much as possible from everyone as I embark on this journey. I've been learning about the markets progressively for the past year and now that school is over I think now is the perfect time to begin with a small live account. I just wanted to introduce myself as I too will be posting my own trades with charts in the near future.
Excellent, what trading method are you using?
  • #135
  • Jun 25, 2012 4:10pm Jun 25, 2012 4:10pm
My method is based on Larry Williams' idea of market structure in his book "Long term Secrets to Short Term Trading". Essentially all I do is enter when a short term high/low is broken and trail my stop or get out when a new short term high/low is broken. I use technical stops or a volatility stop based on ATR. My trailing stop is based on a 3 bar low/high. Recently I have been playing with the idea of using 2x standard deviation stops as well.

I started off using longer time frames with this method through backtesting of the EUR/USD for the past 10 years. After I found the results were promising I demo'd it for a couple months and saw good results. I thought to myself, "Hey, if this works on the daily charts it should work on the 5 minute charts" so I started taking historical moves during the overlap of the NY and London sessions for the past 2 months and saw promising moves that this method could have capitalized upon. Although I know results from backtesting should be looked upon with a grain of salt I am confident, in theory, that this should work. I'm open to any suggestions that will make my trading better.

Gdr3k, I noticed in your posts you like to use TP's? do you ever trail your stops by any chance? Anyways, im out!
  • #136
  • Edited 4:49pm Jun 25, 2012 4:38pm | Edited 4:49pm
Quoting Dpen
My method is based on Larry Williams' idea of market structure in his book "Long term Secrets to Short Term Trading". Essentially all I do is enter when a short term high/low is broken and trail my stop or get out when a new short term high/low is broken. I use technical stops or a volatility stop based on ATR. My trailing stop is based on a 3 bar low/high. Recently I have been playing with the idea of using 2x standard deviation stops as well.

I started off using longer time frames with this method through backtesting of the EUR/USD for the past 10 years. After I found the results were promising I demo'd it for a couple months and saw good results. I thought to myself, "Hey, if this works on the daily charts it should work on the 5 minute charts" so I started taking historical moves during the overlap of the NY and London sessions for the past 2 months and saw promising moves that this method could have capitalized upon. Although I know results from backtesting should be looked upon with a grain of salt I am confident, in theory, that this should work. I'm open to any suggestions that will make my trading better.

Gdr3k, I noticed in your posts you like to use TP's? do you ever trail your stops by any chance? Anyways, im out!
Sounds good, I never trail stops as normally the moves I go for arn't that big and yes I use take profit levels, as I prefer to 'scalp' pips between certain areas which I pre determine on my charts, be it counter trend or going with the trend, 10 pips, 20 or 50 in a move or however many pips away the next level is where I feel the price will hit, this way works best for me, I've never really been into longer term trading.

If this is your first live account, the first thing you'll notice is the psychological aspect of live trading compared to demo trading, don't chase losses, don't trade when angry, don't trade when mentally tired.

Do trade when loaded up on Caffeine.
  • #137
  • Jun 25, 2012 5:34pm Jun 25, 2012 5:34pm
Quoting GDR3k
Sounds good, I never trail stops as normally the moves I go for arn't that big and yes I use take profit levels, as I prefer to 'scalp' pips between certain areas which I pre determine on my charts, be it counter trend or going with the trend, 10 pips, 20 or 50 in a move or however many pips away the next level is where I feel the price will hit, this way works best for me, I've never really been into longer term trading.
Do you use daily pivot or parabolic SAR for your TP's?
  • #138
  • Jun 25, 2012 5:54pm Jun 25, 2012 5:54pm
Some nice calls on here today, should be trading tomorrow and I'll try to chip in with a few of my setups markets permitting.

I use MA's for direction and try to enter with the direction, from Live buyers / selling areas ( S/R ) with a tight SL.


Last week was 11 profitable trades and 1 loser
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #139
  • Jun 26, 2012 1:36am Jun 26, 2012 1:36am
Quoting GDR3k
Just scalped 13+ pips on EURUSD from 1.2488, price bounced off a pivot level and my target was a weekly support pivot.
I took the same trade :-)

But I don't use weekly supports... I was just using the fact that it was a previous swing low...

Maybe I'll throw some onto my charts and see what they look like..
  • #140
  • Jun 26, 2012 1:39am Jun 26, 2012 1:39am
Quoting Turveyd
Some nice calls on here today, should be trading tomorrow and I'll try to chip in with a few of my setups markets permitting.

I use MA's for direction and try to enter with the direction, from Live buyers / selling areas ( S/R ) with a tight SL.


Last week was 11 profitable trades and 1 loser
Nice :-)

I think I should also make more of an effort and maybe post some charts...
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