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  • #719,721
  • Nov 20, 2012 11:36am Nov 20, 2012 11:36am
Quoting AmberLynn
Well. I think it is the fact that we have so many different P.O.V. on the same data it becomes very hard to see what the market for what it is.
True, but it's worrying for a newbie that what is essentially the same information can be interpreted in so many different ways - all of which may be right eventually but in the meantime . . . bang goes the farm! Consistent losses affect confidence even if your account is still healthy and a lack of confidence causes mistakes in interpretation.
What a bloody merry-go-round.
  • #719,722
  • Nov 20, 2012 11:39am Nov 20, 2012 11:39am
Anyone got any thoughts on why the GBPUSD has virtually recovered from that drop at 17.10 GMT whilst the EURUSD is still suffering?
  • #719,723
  • Nov 20, 2012 11:40am Nov 20, 2012 11:40am
Quoting Devonsent
True, but it's worrying for a newbie that what is essentially the same information can be interpreted in so many different ways - all of which may be right eventually but in the meantime . . . bang goes the farm! Consistent losses affect confidence even if your account is still healthy and a lack of confidence causes mistakes in interpretation.
What a bloody merry-go-round.
That's why it's important to trust yourself instead of trusting what everybody else says.
Not all sins are created equal
  • #719,724
  • Nov 20, 2012 11:41am Nov 20, 2012 11:41am
Quoting Devonsent
True, but it's worrying for a newbie that what is essentially the same information can be interpreted in so many different ways - all of which may be right eventually but in the meantime . . . bang goes the farm! Consistent losses affect confidence even if your account is still healthy and a lack of confidence causes mistakes in interpretation.
What a bloody merry-go-round.
The secret short cut for a newbie is to not focus on timeframes they are merely a bastardized representation of historical prices, the market only ever has a current price and prices it has been to before - it does not understand timeframes. So if you can learn to trade price using non-timeframe scenarios such as S&R, pivots, fibs etc. then you have learnt the biggest lesson you will ever learn.

You can then use timeframe data to refine your entries according to your trading style - daily means bigger SL but bigger TP 1 minute means small SL small TP etc. oh and F* indicators
  • #719,725
  • Nov 20, 2012 11:42am Nov 20, 2012 11:42am
Quoting sidhujag
Strong reaction around 1340 S&P... was expecting a reaction.. constructing a big long position here for a big rally.. SL close below the low...
half off at 1390
  • #719,726
  • Nov 20, 2012 11:44am Nov 20, 2012 11:44am
Quoting Devonsent
Anyone got any thoughts on why the GBPUSD has virtually recovered from that drop at 17.10 GMT whilst the EURUSD is still suffering?
look at eurgbp money flow is more on gbp side becuz france downgrade
  • #719,727
  • Nov 20, 2012 11:44am Nov 20, 2012 11:44am
Yh because its sucking in all the shorts before the next announcement from the euro meeting
that they're very near to a greek solution, thereby pushing euro/usd up again.
  • #719,728
  • Nov 20, 2012 11:44am Nov 20, 2012 11:44am
Thanks Max / Jay
  • #719,729
  • Nov 20, 2012 11:46am Nov 20, 2012 11:46am
Quoting Devonsent
True, but it's worrying for a newbie that what is essentially the same information can be interpreted in so many different ways - all of which may be right eventually but in the meantime . . . bang goes the farm! Consistent losses affect confidence even if your account is still healthy and a lack of confidence causes mistakes in interpretation.
What a bloody merry-go-round.
Excellent point. Yet let me give you a tad of advice. If you have a system. Even if it is price action using Bollingerbands as I use. Your losses are almost 100% results of not following the very same rules your created. Ever back tested your system, and notice how simple the market looks. Then when your live it is something different. Well that is because we jump the gun, and try to predict instead of react. Take me for an example.
Everyone who has asked me "teach me the trick to trade on 1m" Do you know what my first response is? "Close your eyes for the first 59 seconds of a 1 min candle. Why? Because when you back test the first 59 seconds means NOTHING at all. next to tick charts, the 1m is the base for everything else. Yet if you simply ignored the first 59 seconds, used trail stops before every 1m candle close, and pending orders to catch the reversals, you will master in the 1m scalping more then you can imagine.
I to get discouraged about losses, yet I never question my system. I simply question me being able to control my emotions, and not following my own rules. Most of the times, I am able to control it. Yet you have to not be swayed by the losses, and what so called gurus have to say. I for one believe if your scalping with low leverage, then it is like bringing a knife to a fist fight. Only because HIGH LEVERAGE allows you to trap a trending, and breakout market. Something low leverage doesn't allow you to do.
  • #719,730
  • Nov 20, 2012 11:49am Nov 20, 2012 11:49am
Quoting MaxDoom

daily means bigger SL but bigger TP 1 minute means small SL small TP etc. oh and F* indicators
Very well said Doom. Yet, look at the those who trade on higher tf. They more then likely spend most of their time in red. Only because they are aiming for a specific TP. Which inturn means they are risking less per point to have the cushion of a high sl. Yet what if you traded the same way on lower tf. Small sl, with no tp. You are then not conceding to be bias to your position, which in turn allows you to take profit when you have it.
  • #719,731
  • Nov 20, 2012 11:51am Nov 20, 2012 11:51am
Quoting sidhujag
half off at 1390
Spot on trading sir, you have earned my respect.
  • #719,732
  • Nov 20, 2012 11:51am Nov 20, 2012 11:51am
Do you recall the long position i had. Well I closed it for .30 profit. Only because I already had it set in my mind, that if it didn't rocket north, Then it would fall down far enough not worth holding it. And I was correct. I trailed stop the position at the highest high. That comes with experience.
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  • #719,733
  • Nov 20, 2012 11:54am Nov 20, 2012 11:54am
Quoting AmberLynn
Excellent point. Yet let me give you a tad of advice. If you have a system. Even if it is price action using Bollingerbands as I use. Your losses are almost 100% results of not following the very same rules your created. Ever back tested your system, and notice how simple the market looks. Then when your live it is something different. Well that is because we jump the gun, and try to predict instead of react. Take me for an example.
Everyone who has asked me "teach me the trick to trade on 1m" Do you know what my first response is? "Close...

Ah! So you mean that I'm supposed to have a 'system'

Currently, my 'system' runs along the lines of "oh, doesn't that make a pretty pattern and didn't it do something similar yesterday". That's why I'm not yet particularly successful - oh, alright, positively shite!
But I am trying to learn the technicalities, honest.

Interesting commenton the 1M chart 'cos that's exactly what I do - sit there watching it and wasting time, energy and emotional effort.
  • #719,734
  • Nov 20, 2012 12:00pm Nov 20, 2012 12:00pm
Quoting BlueCirrus
Morning Attila...Watching 2823...may reverse at that level..
2807-2810 is of interest now...2776, 60 and 50 in sight if that holds...But, also still possible to test 2816-2817 again...
  • #719,735
  • Nov 20, 2012 12:01pm Nov 20, 2012 12:01pm
Quoting Devonsent
Ah! So you mean that I'm supposed to have a 'system'

Currently, my 'system' runs along the lines of "oh, doesn't that make a pretty pattern and didn't it do something similar yesterday". That's why I'm not yet particularly successful - oh, alright, positively shite!
But I am trying to learn the technicalities, honest.

Interesting commenton the 1M chart 'cos that's exactly what I do - sit there watching it and wasting time, energy and emotional effort.
Now believe it or not. THAT IS THE BEST SYSTEM. Pattern recognition. Especially using 1m chart. I lie to you not. If you can study the 8 or so patterns (using the visual aid of bollingerbands) and just have the patients to let the formation complete itself. A stop loss of 3 points (spread included, assuming it is that of less then 1) will be enough protection. Which is why I like binary trading, because my only sl is time.
  • #719,736
  • Nov 20, 2012 12:02pm Nov 20, 2012 12:02pm
Quoting AmberLynn
Very well said Doom. Yet, look at the those who trade on higher tf. They more then likely spend most of their time in red. Only because they are aiming for a specific TP. Which inturn means they are risking less per point to have the cushion of a high sl. Yet what if you traded the same way on lower tf. Small sl, with no tp. You are then not conceding to be bias to your position, which in turn allows you to take profit when you have it.
you are probably right, but there are many swing and large TF traders that do very well indeed. I think it is all about how you want to trade practically that drives ones choices, a good number do not sit in front of their computer all day which is why they swing or use large SL to avoid market noise and hence higher TF and not everyone is cut out for the highs and lows of trading small timeframe volatility, and again for really big accounts it can be a lot cheaper in charges to place less trades.

still I like your style


short EU from 10

closed crude trades for big fat profit
  • #719,737
  • Nov 20, 2012 12:03pm Nov 20, 2012 12:03pm
Quoting MaxDoom
you are probably right, but there are many swing and large TF traders that do very well indeed. I think it is all about how you want to trade practically that drives ones choices, a good number do not sit in front of their computer all day which is why they swing or use large SL to avoid market noise and hence higher TF and not everyone is cut out for the highs and lows of trading small timeframe volatility, and again for really big accounts it can be a lot cheaper in charges to place less trades.

still I like your style
Your 100% correct. I think with my entries, and a partner who can predict higher tp I would be the BEST TRADER IN THE WORLD! Yet I am so bias to 1m trading, i refuse to even click 5m on my mt4.
  • #719,738
  • Nov 20, 2012 12:05pm Nov 20, 2012 12:05pm
Inserted Video
those who can, do. those who cant, talk about those who can
  • #719,739
  • Nov 20, 2012 12:05pm Nov 20, 2012 12:05pm
Quoting AmberLynn
Very well said Doom. Yet, look at the those who trade on higher tf. They more then likely spend most of their time in red. Only because they are aiming for a specific TP. Which inturn means they are risking less per point to have the cushion of a high sl. Yet what if you traded the same way on lower tf. Small sl, with no tp. You are then not conceding to be bias to your position, which in turn allows you to take profit when you have it.
giving false impression to new traders that 1M chart is the way to go is not the best thing buddy, you must be a very experienced, and full time trader to do that. many people who start trading forex have absolutely no mental strenth to play with M1 as it moved to fast for them, that lead to many red positions and revenge trading which end up in margin call pretty fast. I am a victim of those who scalp.
If you are new to this you MUSTN'T go lower than Daily until you have success under your belt.
It all depend what kind of target you are seeking, your lifestyle, time at your hands and funds in your account.
And generally 90% of traders spend their time in red - so I've heard, so scalping isn't immune to general false idea that trading currencies is tha easy way and anybody can do it.
swing it!
  • #719,740
  • Nov 20, 2012 12:07pm Nov 20, 2012 12:07pm
Quoting AmberLynn
Now believe it or not. THAT IS THE BEST SYSTEM. Pattern recognition. Especially using 1m chart. I lie to you not. If you can study the 8 or so patterns (using the visual aid of bollingerbands) and just have the patients to let the formation complete itself. A stop loss of 3 points (spread included, assuming it is that of less then 1) will be enough protection. Which is why I like binary trading, because my only sl is time.
Well, that's where I'd have to start, learning the standard patterns. lol I use eToro and my spreads are, in the main, already 3+ and it automatically allocates a SL position, which you can change manually - to a point. I would dearly love to open a trade, any trade, which didn't tend to move down (excluding the spread) before it moved up - assuming I'm fortunate enough for it to do that.
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