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My Learning Journey

  • #321
  • Oct 25, 2012 1:52am Oct 25, 2012 1:52am
Quoting aeternum
Short at 1.30083.
SL at BE+1. 11 pips profit atm. TP changed to 1.29.
A 1 pip gain is better than a 1 pip loss.
  • #322
  • Edited 2:50am Oct 25, 2012 2:29am | Edited 2:50am
Quoting aeternum
I am a relatively new trader and I have made too many mistakes on both trusting and not trusting my instincts.

I am currently trying a new system and it seems to be working out for me. Therefore, this thread is here to help me keep track of my performance and trades. Hopefully, I will be able to help some newcomers as well, although there are probably a lot more experienced traders here to do that.

---

Explaining my system:

I used to complicate my charts with all sorts of garbage, indicators, lines, dots, arrows. Everything was...
trading has always supposed to be like that . instead of buy low sell high. fibo are very important sequence of any rejection/ further trend outlook.

If u have dollar index, fill it fibo too.

U may want to further reduce ur stop loss and target.

Here's a trick; if a breakout is valid, support will turn resistance, price will retraced and will not fall under it, and next movements will be a spike or long candle bar more than likely. If i am trading a breakout, i will only use stop loss right after the point, meaning if the price retraced below former resistance/support, i will not take the trade, i will get out, as more or less " false break " or we are still in a range just widening itself only.

With mere stops like 5-7 pips if breakout is valid, ur reward can be as close as just 15-20 pips which makes it reachable and possible.

If breakout meant to happen it will form into a trend in your favor. after 1st target is reached, then u trail up each ladder of subsequent breaking support/resistance using fibo to get an extension of future pricing/rejection or add on retrace.

anyway how many years have u been trading? Since ur from Singapore as well. Glad to see another trade who knows something about Fibonacci.

anyway i dunno why u short eurusd at the moment as it just hit ur stop i guess. Since my fibo says this is a buy level not a sell level from 1.2969 its up.
  • #323
  • Oct 25, 2012 3:38am Oct 25, 2012 3:38am
i don't usually post charts i give an example on aus/usd, but seeing u maybe know something about macd and fibo. i give u some tips, perhaps i am nobody on ff.

* Don't short a bullish trend.
* Don't go against the trend.
* Keep loser smaller
* Don't nurse a trade and expect all trades to become winner.
* Cut losers and get into a new set up.
* Buy because trend is going up, sell because trend is going down.

23.6 conquer, sustain = retracement will likely to begin. DOnt ever buy low sell high, buy only confirmation is in, sell only confirmation is in.

price will fight each section 23.6-38.2 then move into a new segment box 38.2-50, then into 61.8.

If a down trend is prevailing, 61.8 will send the price back to 23.6 or even 0.0 or even a new breakout and extension.

If an uptrend is in place, 61.8 will prevail with buy stops towards 100.0 likely or not.

Good luck.
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  • #324
  • Oct 25, 2012 8:26am Oct 25, 2012 8:26am
Quoting 5percent
trading has always supposed to be like that . instead of buy low sell high. fibo are very important sequence of any rejection/ further trend outlook.

If u have dollar index, fill it fibo too.

U may want to further reduce ur stop loss and target.

Here's a trick; if a breakout is valid, support will turn resistance, price will retraced and will not fall under it, and next movements will be a spike or long candle bar more than likely. If i am trading a breakout, i will only use stop loss right after the point, meaning if the price retraced...
I appreciate the tips! I'm still learning. My experience in trading doesn't even come under years yet. Barely 3 months in.

Right now I'm looking for a system that I will be more comfortable and reliable with.

Yes, it hit my BE+1. Nevertheless, not a loss. I took a long at 1.29827. Earlier yesterday when it was 1.295, I wanted to go long, as that was where my previous TP was hit. Sadly, I didn't take the long. Missed out 70 pips upwards action. Now I'm long with 1.3 broken. Looking to go higher to probably test 1.32 this time round.

127.2 @ 1.31985 is a level I'm looking for. Test of 1.31489 comes first though. Either way its a long way up to go.

Daily ended in a hammer. So I'm looking for a reversal confirmation now.
A 1 pip gain is better than a 1 pip loss.
  • #325
  • Oct 25, 2012 8:32am Oct 25, 2012 8:32am
Quoting 5percent
i don't usually post charts i give an example on aus/usd, but seeing u maybe know something about macd and fibo. i give u some tips, perhaps i am nobody on ff.

* Don't short a bullish trend.
* Don't go against the trend.
* Keep loser smaller
* Don't nurse a trade and expect all trades to become winner.
* Cut losers and get into a new set up.
* Buy because trend is going up, sell because trend is going down.

23.6 conquer, sustain = retracement will likely to begin. DOnt ever buy low sell high, buy only confirmation is in, sell only confirmation...
That's actually an explanation I needed really badly. Right now I'm trying to figure out how to play around with fib levels. I normally follow the bigger time frames while looking at 4H for entry and re-positioning.

I'm also looking to learn harmonic patterns because when you actually spot them, it pays off.

Edit: Thank you very much for giving me some tips and posting some stuff here Been a while since someone else posted here.
A 1 pip gain is better than a 1 pip loss.
  • #326
  • Oct 25, 2012 8:41am Oct 25, 2012 8:41am
Quoting aeternum
I appreciate the tips! I'm still learning. My experience in trading doesn't even come under years yet. Barely 3 months in.

Right now I'm looking for a system that I will be more comfortable and reliable with.

Yes, it hit my BE+1. Nevertheless, not a loss. I took a long at 1.29827. Earlier yesterday when it was 1.295, I wanted to go long, as that was where my previous TP was hit. Sadly, I didn't take the long. Missed out 70 pips upwards action. Now I'm long with 1.3 broken. Looking to go higher to probably test 1.32 this time round.

127.2...
TP 1.30648, around there.
A 1 pip gain is better than a 1 pip loss.
  • #327
  • Oct 25, 2012 8:44am Oct 25, 2012 8:44am
Quoting aeternum
TP 1.30648, around there.
Could have gotten a better position because MACD for 1H looks quite overbought.

Price just dropped to 1.2972 after I went long at 1.29827.
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A 1 pip gain is better than a 1 pip loss.
  • #328
  • Oct 25, 2012 9:04am Oct 25, 2012 9:04am
Quoting aeternum
Re-entered short 1.29602. Could have waited a bit and shorted at 1.2969, but at least I'm in. First TP at 1.29337. It may go lower, but I'm not taking my chances because of daily PA and 4H oversold stoch.
Shouldn't have allowed this to get stopped out. Price just came back down. Feeling really annoyed now because I went long at the round place too. Either way, now I'll look for 1.305.
A 1 pip gain is better than a 1 pip loss.
  • #329
  • Oct 25, 2012 9:06am Oct 25, 2012 9:06am
Quoting aeternum
SL at BE+1. 11 pips profit atm. TP changed to 1.29.
If I didn't put SL at BE, I could have gotten 30+ pips from this.

But sometimes you won't know what PA wants to do. Best to take things slow and easy and be safe I guess.
A 1 pip gain is better than a 1 pip loss.
  • #330
  • Oct 25, 2012 10:29am Oct 25, 2012 10:29am
Quoting aeternum
Short at 1.30083.
It seems I was right to short this. But... mistakes after mistakes.
A 1 pip gain is better than a 1 pip loss.
  • #331
  • Oct 25, 2012 10:33am Oct 25, 2012 10:33am
Not going to post or read the forums anymore. It appears that I am easily swayed.

I will come back only when I am ready. Good day to everyone and good luck.
A 1 pip gain is better than a 1 pip loss.
  • #332
  • Oct 25, 2012 10:46am Oct 25, 2012 10:46am
Quoting aeternum
Not going to post or read the forums anymore. It appears that I am easily swayed.

I will come back only when I am ready. Good day to everyone and good luck.
I have found my direction. But I am only going to post my main direction and possible alternatives here from now on.

No more distractions for me.

Right now I see this as the start of wave 5. Looking for higher high past 1.308.

Edit: Possible target levels, 1.31762, 1.31985, 1.32744.

I AM BULLISH
A 1 pip gain is better than a 1 pip loss.
  • #333
  • Oct 25, 2012 10:51am Oct 25, 2012 10:51am
Quoting aeternum
I have found my direction. But I am only going to post my main direction and possible alternatives here from now on.

No more distractions for me.

Right now I see this as the start of wave 5. Looking for higher high past 1.308.

Edit: Possible target levels, 1.31762, 1.31985, 1.32744.
Possible 15/30 min double bottom. Right at the 61.8 level too.

Edit: Possible 1H Hammer.
A 1 pip gain is better than a 1 pip loss.
  • #334
  • Edited Oct 26, 2012 12:53am Oct 25, 2012 11:01am | Edited Oct 26, 2012 12:53am
Quoting aeternum
Possible 15/30 min double bottom. Right at the 61.8 level too.

Edit: Possible 1H Hammer.
Confirmed double bottom on 15, 30min. Confirmed 1H hammer.

First target should be 1.30552. Then a possible retrace, before continuation/reversal. Look out for PA at that level.

If continuation, next target to be 1.31139, then 1.31489 and 1.31762

Edit: INVALID
A 1 pip gain is better than a 1 pip loss.
  • #335
  • Oct 25, 2012 11:03am Oct 25, 2012 11:03am
Quoting aeternum
That's actually an explanation I needed really badly. Right now I'm trying to figure out how to play around with fib levels. I normally follow the bigger time frames while looking at 4H for entry and re-positioning.

I'm also looking to learn harmonic patterns because when you actually spot them, it pays off.

Edit: Thank you very much for giving me some tips and posting some stuff here Been a while since someone else posted here.
anyway, if you are keen to learn about fibo, i can enlighten you since ur in singapore.

The thing is, fibo is just a guide on the bigger timeframe.

While intra-day has it own rules as well.

We don't predict price and future.

Fibo is a a guage and calculation of the future " BOX " range, we are expecting, so your entry is likely to take a bounce then selling/buying in btw.

i show u what is an easy fibo here.

every fibo has it own rules. fibo is not 100%, fibo is just a calculation of previous resistance/support or etc. every fibo box has a future forecast too. or a trend signal or reversal.

Every fibo reversal attempt on such has 2 entries. But i won't give more hints here by doing so i am revealing too much dirty tricks to other retailers.

anyway ur 3 months, u need 1-2 years at least to trade properly, its just a matter of time u will lose all profits or money u earn from the market as forex trading is not just about skills. If i were you, the first 6 months i want to do is to keep losing and find out what's wrong with me or the market. You lose more u learn more, u need experience. If u keep winning, you will never know yourself, your weakness. But then you need to analyze and find out what's wrong and what suits u in the end.

Its mainly about personality, psychology, emotions, experience. There are many factors like trade management, money management, account preservation, hedging positions, long term, intra-day, scalping, adding on retrace, breakout, diversification of income.

Don't forget to trade money u can lose, if not keep doing demo until you get right. If not as a broker, i love u.
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  • #336
  • Oct 25, 2012 11:13am Oct 25, 2012 11:13am
Quoting 5percent
anyway, if you are keen to learn about fibo, i can enlighten you since ur in singapore.

The thing is, fibo is just a guide on the bigger timeframe.

While intra-day has it own rules as well.

We don't predict price and future.

Fibo is a a guage and calculation of the future " BOX " range, we are expecting, so your entry is likely to take a bounce then selling/buying in btw.

i show u what is an easy fibo here.

every fibo has it own rules. fibo is not 100%, fibo is just a calculation of previous resistance/support or etc. every fibo...
Right now, I'm using stoch and CCI on my fxtrade to tell me if its overbought or not. While I plot most of my stuff on metatrader4, with only MACD and stoch running there. My main purpose is to figure out if its overbought or oversold at key fib levels. This will then tell me if it is time to buy or sell.

I normally don't look at metatrader4 because I will always be doing something else. And this annoys me because I miss out lots of good trades.

I actually intended to scalp for about 1 - 3 hours a day. But if my method works, I can scalp way more than 10 pips. In that case, it wouldn't be called scalping. But I am exposing a lot of my account to risk each time I trade.
A 1 pip gain is better than a 1 pip loss.
  • #337
  • Oct 25, 2012 11:17am Oct 25, 2012 11:17am
Here are 3 small reasons on lower time frames to buy right now, and 1 big reason to sell.

Edit: The 15m's arrow should be towards 1.30189.

Edit: On 1H, I drew a possible sell signal from 1.30107 as well. It seems likely that either might happen. But on a bigger time frame, I am still looking for a higher high. So my biased is still bullish.

4H may look really messy but I really only used 3 colours to show different directions and EW counts.

Black is the main direction that I'm counting on right now. Looking towards a higher point now at 1.30597, retracement to 1.30107, then onwards higher towards 1.31489 and so on.

Brown indicates an alternative, its a sell signal. Basically we are looking at a three-drive and completion is only due around 1.28752.

As you can see on the black fib levels. It runs from 0 to 38.2. Then retraced to 23.6, back down to 61.8. Retraced to 38.2. It could go down to 78.6 @ 1.28752. But the doji from yesterday may prevent that. I'm not looking for a lower low either.

The red EW counts can be ignored.
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A 1 pip gain is better than a 1 pip loss.
  • #338
  • Edited 11:46am Oct 25, 2012 11:28am | Edited 11:46am
Quoting aeternum
Right now, I'm using stoch and CCI on my fxtrade to tell me if its overbought or not. While I plot most of my stuff on metatrader4, with only MACD and stoch running there. My main purpose is to figure out if its overbought or oversold at key fib levels. This will then tell me if it is time to buy or sell.

I normally don't look at metatrader4 because I will always be doing something else. And this annoys me because I miss out lots of good trades.

I actually intended to scalp for about 1 - 3 hours a day. But if my method works, I can scalp way...
I would trade from one point to another point using fibo without having to scalp, u can scalp the whole day, but once a breakout happen ur GONE. because if u dun take stop loss, ur dead lol.

I used to work and trade its not good, its either u do a proper timing trading, or u do it long term trading, don't attempt to do that work and do something and trade.

U get emotional and etc when things dont go ur way. There's no luck in this market.

Anyway, stop using CCI, RSI, STOCH. i can give u the only tip is that
the market move in trend, so MACD will be relevant. All these CCI RSI stoch is no use it won't work, i can challenge u in person [ a friendly gesture, no ego intending] to forecast price and reversal and target profits without all these lagging indicators. Below was the signal i gave out, and i am always neutral on price, i am not bull or bear, i have small losses big profits position. and always be open to 2 possibilities.

The thing is , young or new trader like you must not learn from the conventional market trading, " BUY LOW SELL HIGH " all these methods won't work. There is no overbought or oversold, it's just a myth and lies. I ever tries to sell on RSI 90/80 on big timeframe, it will never work . and u are fighting trend. CCI -250? all these are nonsense.

NURSING A TRADE - > hoping your position turns green, then u tp too early, then u change direction suddenly, market go against u etc.


EUR/USD Forex Signal 25 October 2012

1)Sell limit 1.3018 Stop loss 1.3028 . Target 1: 1.3000, Target 2: 1.2982 Target 3: 1.2967

2)Buy stop 1.3025, Stop loss 1.3015, Target 1: 1.3085.

1 - Reached 61.8 of important level, if downtrend continues will drop from here.
2- Breaking and sustaining above this level will bring price back higher to 1.3085.

[ This is a one order cancel another approach ] with a max stop loss of 20 pips
lastly ur arrow indication etc, will not work 100% don't be biased to guessing 1 direction. always open to 2 possibility. If not its just a 50 - 50 % change u will be wrong.
  • #339
  • Oct 25, 2012 11:48am Oct 25, 2012 11:48am
Quoting 5percent
I would trade from one point to another point using fibo without having to scalp, u can scalp the whole day, but once a breakout happen ur GONE. because if u dun take stop loss, ur dead lol.

I used to work and trade its not good, its either u do a proper timing trading, or u do it long term trading, don't attempt to do that work and do something and trade.

U get emotional and etc when things dont go ur way. There's no luck in this market.

Anyway, stop using CCI, RSI, STOCH. i can give u the only tip is that
the market move in trend, so[b]...
I did think of placing buy and sell limits so I can enter trades according to the trends. But I would miss out most of the action.

Right now I'm looking towards having a set goal and understanding and roughly knowing where direction is headed. Its not entirely a prediction. I still have an alternative, I'm just looking to have a set target. Practise makes perfect I guess.
A 1 pip gain is better than a 1 pip loss.
  • #340
  • Oct 25, 2012 11:55am Oct 25, 2012 11:55am
Quoting aeternum
I did think of placing buy and sell limits so I can enter trades according to the trends. But I would miss out most of the action.

Right now I'm looking towards having a set goal and understanding and roughly knowing where direction is headed. Its not entirely a prediction. I still have an alternative, I'm just looking to have a set target. Practise makes perfect I guess.
anyway, do don't make ur chart fanciful with too many lines or indicators. Mb u will agree with my opinion 1-2 years later. Make it clean, neutral, and do learn and understanding about trading hours, market volatility.

limits are against trend, sell buy stop are prediction of strong trend. Why don't u try. one account based on limits, one based on buy sell stops breakout. and see whats the both results. In a way ur hedged, as you are learning, u should be have possibility of 2 outcome. If i am learning, i don't even think of making money, as long i can stay above break even, i am happy.

trend is not based anywhere, its based from the point of trading hours where banks started to trade on billions to move the market [ask a bank's chief dealer how quotes are done during trading hours], and when fundamental hiccups add in salt and pepper.

this is why every positions must have a stop loss. so u can get into a new trade.

ur target of 100 pips etc are looking too far.
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