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  • #689,541
  • Sep 7, 2012 10:56am Sep 7, 2012 10:56am
Quoting divak
anyone knows a website where i can find ideas about how to build a good day trading plan?

I need some more discipline in my trading style

thanks
You don 't need to go to any website.


I can probably offer you something here, right now, that will make absolute sense. But to do that, I need to understand what your current method is.
  • #689,542
  • Sep 7, 2012 10:56am Sep 7, 2012 10:56am
I'm off everyone, have a great weekend.


Until next time..


The U.S. economy added 96,000 jobs during the month of August – well below what analysts were predicting and far short of July’s 163,000 number (which itself was revised downward to 141,000). In order for employment to keep up with population growth, at least 130,000 jobs need to be added each month – a mark that our economy has hit just twice in the last six months.
The national unemployment rate fell from 8.3 to 8.1 percent, though, due to the fact that the nation’s labor force continues to shrink even as its population expands.

America’s labor participation rate is now all the way down to 63.5 percent – compared to 65.7 percent when U.S. President Barack Obama took office in January 2009. That’s a thirty-year low, people.
What does that number mean? Simple: In addition to the 12.5 million people who are unemployed and looking for work – millions of additional Americans have given up their search for gainful employment. Last month alone nearly 370,000 Americans gave up looking for a job.
Be hopeful in a winning position, and fearful in a losing position.
  • #689,543
  • Sep 7, 2012 10:59am Sep 7, 2012 10:59am
Quoting almo
You don 't need to go to any website.


I can probably offer you something here, right now, that will make absolute sense. But to do that, I need to understand what your current method is.
i just need some structure for it, then i can adjust it to my own trading style and method.

just kind of big frame... if u have that?
  • #689,544
  • Sep 7, 2012 11:05am Sep 7, 2012 11:05am
Quoting divak
i just need some structure for it, then i can adjust it to my own trading style and method.

just kind of big frame... if u have that?
Never ever buy/sell the quote price
"It's the Margin, Stupid."
  • #689,545
  • Sep 7, 2012 11:08am Sep 7, 2012 11:08am
force has reduced, you can now go short
The fragrance remains in the hands of those that gves the rose
  • #689,546
  • Sep 7, 2012 11:10am Sep 7, 2012 11:10am
.
  • #689,547
  • Sep 7, 2012 11:11am Sep 7, 2012 11:11am
Quoting okosodo
force has reduced, you can now go short
mind you it may not be as monstrous as the opposite
The fragrance remains in the hands of those that gves the rose
  • #689,548
  • Sep 7, 2012 11:12am Sep 7, 2012 11:12am
Quoting almo
Well...here is mine in a very general nutshell


1) Find trend (and believe me, this is easier than everyone is making out to be. )

2) go with the trend

3) Rinse and repeat.


Yeah, I know its simplistic, but believe me, its this easy. If you want specifics, I can give you one more. Draw a line chart, make it look like a lightning bolt /side of a christmas tree

Pick out every point where trend continued. Mark it like mine.

Those are your logical points to enter a trade.


Now, there is no arguement that you...
logical points are the main R and S levels right?
  • #689,549
  • Sep 7, 2012 11:14am Sep 7, 2012 11:14am
looking on daily chart, i am sure alot of retailers were slaughtered if they are using too much of leverage in their account ever since picking a top from 1.26 area. a few times the resistance get attacked, it will be picked off just like what happened to 1.2440 previously. fundamental is the key driver here. ta is only risk control.

apparently, we have a bull run/momentum market on the daily chart, shorting for a reversal is a danger call if without stop loss, apparently this bull has tried to take out every so called supply on the chart, and we are looking for one now after 1.2650 which we had yesterday. As the saying goes, buy resistance, sell support on price action, that's where stop loss on supply or demand must not be too far for a reversal pick, instead buy/sell stops work well on price action breakout, placing them after the supply/demand

we are temporary held by 21 may's high candle. any retracement should test 1.2640/50 resistance turns support.

i have hour 1 sell gartley on eur/usd which pointed on 1.2795-1.2805. expect a retrace of at least 50 pips from there.
  • #689,550
  • Sep 7, 2012 11:15am Sep 7, 2012 11:15am
Quoting divak
logical points are the main R and S levels right?

In a sense yes - but the lines going horizontal are actually both S and R.
  • #689,551
  • Sep 7, 2012 11:18am Sep 7, 2012 11:18am
Quoting 5percent
looking on daily chart, i am sure alot of retailers were slaughtered if they are using too much of leverage in their account ever since picking a top from 1.26 area. a few times the resistance get attacked, it will be picked off just like what happened to 1.2440 previously. fundamental is the key driver here. ta is only risk control.

apparently, we have a bull run/momentum market on the daily chart, shorting for a reversal is a danger call if without stop loss, apparently this bull has tried to take out every so called supply on the chart, and...
Nice analysis
  • #689,552
  • Sep 7, 2012 11:22am Sep 7, 2012 11:22am
Quoting Robertk
The trend line, the dollar index, the post.. Eeuh what ?
Never mind, we are now on next page with my setting.

Not the post, but the attachments were way too big for FF screen.
The Thief of Wall Street
  • #689,553
  • Sep 7, 2012 11:25am Sep 7, 2012 11:25am
Quoting divak
Nice analysis
and again know what you have in your account and risk only 2%every trading day so that if you are caught in this particular case scenario ( which is very rare), you will not be heart broken
The fragrance remains in the hands of those that gves the rose
  • #689,554
  • Sep 7, 2012 11:38am Sep 7, 2012 11:38am
start selling now, no more force
The fragrance remains in the hands of those that gves the rose
  • #689,555
  • Sep 7, 2012 12:04pm Sep 7, 2012 12:04pm
So is this the ceiling?
Offering $1.50 (21%)/RTL Commission Discounts at IC Markets & Global Prime
  • #689,556
  • Sep 7, 2012 12:28pm Sep 7, 2012 12:28pm
Quoting Layzars
So is this the ceiling?
I think this is more of a breather. Might be good for a scalp, but ....you might find some late day buying, as IMO, there is much, much more to go.
  • #689,557
  • Sep 7, 2012 12:36pm Sep 7, 2012 12:36pm
hopefully buying is finished, selling starts now
The fragrance remains in the hands of those that gves the rose
  • #689,558
  • Sep 7, 2012 12:43pm Sep 7, 2012 12:43pm
Quoting okosodo
hopefully buying is finished, selling starts now
why...you have to finish up buying no one want to sell atm
  • #689,559
  • Sep 7, 2012 1:17pm Sep 7, 2012 1:17pm
The longs (1.3000) may have their wish just yet.
Attached Image (click to enlarge)
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  • #689,560
  • Sep 7, 2012 1:27pm Sep 7, 2012 1:27pm
Quoting divak
anyone knows a website where i can find ideas about how to build a good day trading plan?

I need some more discipline in my trading style

thanks
Have u read Chicky's "Amazing Black Magic Trading Method"
http://www.forexfactory.com/showthread.php?t=364384
Read it will help u a lot
A good trader follows his rules, but great trader knows when to break them
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