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Day Trading vs. Swing Trading vs. Position Trading 86 replies

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B.S. Trading with Kenneth Lee

  • #4,161
  • Sep 21, 2012 8:58am Sep 21, 2012 8:58am
Quoting jazzman


Ok mate, no probs. As you say, scale back your position size if it's affecting your trade management. Still, a profit is a profit.
A bit of a loose cannon right now just firing off trades all over. My next task is to sit down and draw up a strict trading plan and stick to it.
  • #4,162
  • Sep 21, 2012 10:39am Sep 21, 2012 10:39am
Quoting C-12
A bit of a loose cannon right now just firing off trades all over. My next task is to sit down and draw up a strict trading plan and stick to it.


Here you go, this might help with drawing up a plan.
I didn't write it by the way.

Cheers
Attached File(s)
File Type: pdf Trading_Plan_Template_.pdf   160 KB | 1,260 downloads
  • #4,163
  • Sep 21, 2012 11:04am Sep 21, 2012 11:04am
Quoting jazzman


Here you go, this might help with drawing up a plan.
I didn't write it by the way.

Cheers
Thanks. Looks very useful. Will give that a good read.
  • #4,164
  • Sep 21, 2012 11:11am Sep 21, 2012 11:11am
Quoting rami_8
Hi
I think this was the same area that I showed to Jns. And there was already one test of the level. It did give tiny bounce, but to me this pair is more up now than down. Just watching to see where to participate....

I didn't get yesterday break of the 1.0379 on audusd and had to leave pc, so I was stopped at BE. Second one this week... I think I should take some profits at first target and then leave the trade run.
Yep..think your right on that one.....Just looking for a scalp.. Not the best trade management for me ..

TSD
  • #4,165
  • Sep 21, 2012 11:45am Sep 21, 2012 11:45am
Update to AUDUSD.

I believe this was a confirmation to the upside, but lets see what will happen.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 2012-09-21_b.gif Size: 76 KB
  • #4,166
  • Sep 21, 2012 11:51am Sep 21, 2012 11:51am
Attached Image (click to enlarge)
Click to Enlarge Name: AUD Long 9.21 4HR #1.JPG Size: 90 KB


Looking for price to move into this 4HR Supply Area

Attached Image (click to enlarge)
Click to Enlarge Name: AUD Long 9.21 15M #2.JPG Size: 96 KB


Here's the entry long on the 15M

TSD
  • #4,167
  • Sep 21, 2012 12:00pm Sep 21, 2012 12:00pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD Long 9.21 15M #3.JPG Size: 92 KB


Recieved a nice bounce off the Demand area.. TP is just short of a 3:1 RR.. What I like about this TP is there is no other areas of Supply to hold things up.. The 5M has a minor stall area where price is stalling now..If we able to move through we should have a good opportunity to reach TP.

Will see

TSD
  • #4,168
  • Sep 21, 2012 3:53pm Sep 21, 2012 3:53pm
Quoting TraderinSD
Attachment

Recieved a nice bounce off the Demand area.. TP is just short of a 3:1 RR.. What I like about this TP is there is no other areas of Supply to hold things up.. The 5M has a minor stall area where price is stalling now..If we able to move through we should have a good opportunity to reach TP.

Will see

TSD
Stopped out...Yes, it was a late Friday trade but my RR was below my max tolerance for my account. Being on a smaller time frame we could have just as easily moved into the 4HR level. The week overall was good so we look forward to next week.

TSD
  • #4,169
  • Sep 21, 2012 4:13pm Sep 21, 2012 4:13pm
Quoting C-12
In response to my question he basically said we absolutely need to be taking profits at 1:1. Then he said it was something he wanted to talk about in the session but he never got to it.

I asked him again later but not really sure he saw the question.
Interesting comment:
"absolutely need to be taking profits at 1:1"

I seem to recall in Sam's earlier vid's a 2:1 or 3:1 was more the norm. Would be nice to find out the reasoning behind 1:1?? I'm sure there will be many ideas going forward.

Thanks for the info

TSD
  • #4,170
  • Sep 21, 2012 8:00pm Sep 21, 2012 8:00pm
Quoting TraderinSD
Interesting comment:
"absolutely need to be taking profits at 1:1"

I seem to recall in Sam's earlier vid's a 2:1 or 3:1 was more the norm. Would be nice to find out the reasoning behind 1:1?? I'm sure there will be many ideas going forward.

Thanks for the info

TSD
I still set targets at 2:1 or 3:1. But still willing to take some off at 1:1 if PA sucketh.

But with my trading plan I will trail positions with a hard stop 7-9 pips above or below 15m swings. Also if the trend is moving strong eliminate the 2 or 3:1 targets and stay with the "hard trail" unless a very strong zone is approaching. On most strong trends a trailing stop on 15m high or lows will keep you in the position for usually most of it. Just still need to be aware of danger approaching. All this of course is if I will be able to see a computer of some sort through the day. Otherwise setting targets way before a zone change is my modus operandi

As for Sam's changing of profit taking areas. I can't help but think it is do to some of the wild swings we have been seeing because of mouths opening making various empty or at times true claims.

Somebody farted at the FOMC meeting. Must be giving lift to the dollar.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #4,171
  • Sep 21, 2012 8:11pm Sep 21, 2012 8:11pm
Quoting C-12
A bit of a loose cannon right now just firing off trades all over. My next task is to sit down and draw up a strict trading plan and stick to it.

If I may suggest. Get this nailed down before your first trade on Monday.

Mine has

Mission statement.
Business plan.
Trading plan.
Trading systems
Position Management
Psychological Plan. (What state of mind do I have now...Should I be trading)

Countless other little doodads as well.

Hope this helps some traders out there

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #4,172
  • Sep 23, 2012 2:28am Sep 23, 2012 2:28am
Hi,

I did take a second look at AUDUSD and I'm not so sure about the upside any more.
http://www.forexfactory.com/showthre...37#post6033537
What makes me wonder is the LL in circle and the weak HH. So in fact both sides are possible and I'm a bit lost with this one. Luckily there are other pairs to trade.
I just like to take a wider look at the pair and if I can see a clear structure, then I would like to hold a trade, but in this case if I trade this I probably will just take a quick TP until the structure is clear again.

Rami
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 2012-09-23 4H.GIF Size: 180 KB
  • #4,173
  • Sep 23, 2012 10:47am Sep 23, 2012 10:47am
Quoting Rufus
If I may suggest. Get this nailed down before your first trade on Monday.

Mine has

Mission statement.
Business plan.
Trading plan.
Trading systems
Position Management
Psychological Plan. (What state of mind do I have now...Should I be trading)

Countless other little doodads as well.

Hope this helps some traders out there

Rufus
Awesome man. I have a trading plan for sure as far as entries/exits, trade management, and mission statement goes, but I'm missing other things. It'd be great if you can post yours (blur out anything you don't want revealed).

I found a trading plan template here, but it's really long. Personally, anything this long will just go unused by me. I'd like to build one that's short and sweet so I know I will go over it often and instill the principles in my mind.
  • #4,174
  • Sep 23, 2012 10:53am Sep 23, 2012 10:53am
Quoting rami_8
Hi,

I did take a second look at AUDUSD and I'm not so sure about the upside any more.
http://www.forexfactory.com/showthre...37#post6033537
What makes me wonder is the LL in circle and the weak HH. So in fact both sides are possible and I'm a bit lost with this one. Luckily there are other pairs to trade.
I just like to take a wider look at the pair and if I can see a clear structure, then I would like to hold a trade, but in this case if I trade this I probably will just take a quick TP until the structure is clear...
That hh you speak of looks to be a reaction from a drop base drop and not that horizontal trend line you've drawn. Also if you had stops below the low that circle breaks i'm pretty sure they were hit. Take a look and see if price has done anything special previously at the circle lows. Just something to think about.
  • #4,175
  • Sep 23, 2012 12:32pm Sep 23, 2012 12:32pm
Quoting Kenneth Lee
The pdf is Below ,, Sorry not the highest quality but should be enough to start a dialogue.
Hi Kenneth,

Thank you for the pdf. Its has really high quality stuff in it.
  • #4,176
  • Edited Sep 24, 2012 10:54am Sep 23, 2012 9:52pm | Edited Sep 24, 2012 10:54am
Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #1.JPG Size: 95 KB


This chart is just an overview on picking levels. When picking level KL had mention sometime back about levels vs. pull backs. I think Sam makes mention of this in one of hie vid's. I would like to offer up an example of this, as I see it.

#1 is a Demand Level. A rise - base - rise pattern. #2 is a pulled back/price retracement. The difference, I see, is #1 price is moving more sideways as opposed to, #2 where price is retracing more like the classic pull back.

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #2 Stops Set.JPG Size: 101 KB


I try to set my price / entry level based on more of a Support Resistance method inside the a level. Looking left you will notice how price created a pivot high that later fell inside the Demand level. Looking left price came down, moved up, created the pivot high, retaced back down then moved up creating our Rise-Base-Rise patern that defined our Demand level. I always look for the areas when setting a price level within a Supply / Demand area. They are not all this easy and you may have to go back some to find one ( Look Left ). Someone on this thread had mentioned this previously and I do apoligize for not remembering .. but THANKS. Price tends to stall at these S/R areas and when you combine this to a Supply/Demand level, they make for good entry point.

Just to clarify we are trading Supply Demand not S/R levels.. There is a difference. For me, it allows better management of the trade.

TSD
  • #4,177
  • Sep 23, 2012 9:59pm Sep 23, 2012 9:59pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #3.JPG Size: 102 KB


Almost taken out...

The blue circle is the S/R leve previously mentioned.

TSD
  • #4,178
  • Sep 23, 2012 10:24pm Sep 23, 2012 10:24pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #4.JPG Size: 90 KB


Here is a veiw on the 5M. Its kind of like looking inside the pattern. KL has mentioned about trading inside the level. I use this concept moving to the smaller TF to better see what may be happening within my trade. As we can see the 5M had a drop.. now basing .. and should head back up into the above marked Supply Level. For those who have traded this method for some time this is a very familier pattern.

Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #5.JPG Size: 96 KB


Second view on the 5M.. Begining to Rise
  • #4,179
  • Sep 23, 2012 10:30pm Sep 23, 2012 10:30pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #6.JPG Size: 88 KB


Moved stop to BE plus 5..
  • #4,180
  • Sep 23, 2012 10:39pm Sep 23, 2012 10:39pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUD 9.23 Long Entry #7 Exit.JPG Size: 82 KB



Exited at TP for 22 pips.

TSD
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