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Day Trading for a Living

  • #1,561
  • Feb 27, 2013 5:18am Feb 27, 2013 5:18am
Quoting Fractal
I means I am still optimizing my trading in low time frame. Decrease the DD and increase the RR.
I know you have switched to high time frame. Seems it is much healthier for the life Maybe one day I will also do so.
So far I still see the mkt is self-similar. Any time frame should work out with the same method.
Have you found out some new methods except the pivot and psy and S/D levels ? I am still trading on these.
Maybe you can share with me some in private
For intraday, I find the 30minute charts the best for trading, the levels they provide are the the most reliable IMO and are the best places to place orders, also when a 30minute level is broken, from what I've seen the pair will change direction for a considerable amount of pips.
  • #1,562
  • Feb 27, 2013 6:00am Feb 27, 2013 6:00am
Quoting GDR3k
For intraday, I find the 30minute charts the best for trading, the levels they provide are the the most reliable IMO and are the best places to place orders, also when a 30minute level is broken, from what I've seen the pair will change direction for a considerable amount of pips.
agree 100%
Also, a 45 min chart can give a heads up on both the hourly and 30 minute.
Cheers,
U2
Wait, or you will be slaughtered!
  • #1,563
  • Edited 6:21am Feb 27, 2013 6:06am | Edited 6:21am
Just took a cheeky long on gold @ 1606.28, tight stop 1604.36, Been waiting for it to pullback to this area since that upmove. I've got a nice R:R on this trade.

Edit, closed at 1607.45. May re enter after this 30m candle close.
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  • #1,564
  • Feb 27, 2013 6:31am Feb 27, 2013 6:31am
Quoting Uturn2
agree 100%
Also, a 45 min chart can give a heads up on both the hourly and 30 minute.
Cheers,
U2
Not seen at 45min chart before, on another platform I use its got 1m, 2, 3, 4, 5, 10, 15, 30 then 60.

I'm liking that wedge on GBPJPY, its looking primed ready to explode, if anything I may look to get in long in the 138.20 area with a stop under the low.
  • #1,565
  • Feb 27, 2013 6:40am Feb 27, 2013 6:40am
Quoting GDR3k
Not seen at 45min chart before, on another platform I use its got 1m, 2, 3, 4, 5, 10, 15, 30 then 60.

I'm liking that wedge on GBPJPY, its looking primed ready to explode, if anything I may look to get in long in the 138.20 area with a stop under the low.
UJ looking like an Ending Diagonal as well.
Cheers,
U2
Attached Image (click to enlarge)
Click to Enlarge Name: 130227_30m[1] USDJPY.png Size: 28 KB
Wait, or you will be slaughtered!
  • #1,566
  • Feb 27, 2013 6:43am Feb 27, 2013 6:43am
Quoting Uturn2
UJ looking like an Ending Diagonal as well.
Cheers,
U2
45min UJ says they trying to turn it.
[pity you don't have it]
Attached Image (click to enlarge)
Click to Enlarge Name: 130227_45m[1] USDJPY.png Size: 26 KB
Wait, or you will be slaughtered!
  • #1,567
  • Feb 27, 2013 6:45am Feb 27, 2013 6:45am
Quoting Uturn2
45min UJ says they trying to turn it.
[pity you don't have it]
60m no real direction
Attached Image (click to enlarge)
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Wait, or you will be slaughtered!
  • #1,568
  • Feb 27, 2013 7:11am Feb 27, 2013 7:11am
Yeah its pretty flat at the minute, nothing left to do but wait.

Re-entered long on gold @ 1606.49, same stop and profit target as before.
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  • #1,569
  • Feb 27, 2013 7:32am Feb 27, 2013 7:32am
I find smaller timescales perfectly adequate and of course will throw up more signals in general. trading on percentages, this is preferable, why aim for 100 pips, when you can earn the same with a 20pip target?

Apologies this is from the start of the month but to explain my point;

http://i1168.photobucket.com/albums/...m06-02-13a.png

the target being the blue circled area. A stop at 13,560 was correct and where the trade would be invalid. Entering short at 13,550 area would see a 10 pip (plus spread) risk and target of 13,500, thus 1:5 R:R ratio...

A little later and despite a messy expanding diagonal to finish the cycle, we get there! et voila;

http://i1168.photobucket.com/albums/...m06-02-13b.png
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #1,570
  • Feb 27, 2013 8:06am Feb 27, 2013 8:06am
GDR3k ,

What indicator do you use for your support and resistance..?
  • #1,571
  • Edited 6:53am Feb 28, 2013 6:42am | Edited 6:53am
Quoting focusonmoney
GDR3k ,

What indicator do you use for your support and resistance..?
What part of the chart do you mean? the horizontal purple lines?
  • #1,572
  • Edited 7:29am Feb 28, 2013 6:48am | Edited 7:29am
Long EJ @ 120.78.

Will be progressive with my stop too.
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  • #1,573
  • Feb 28, 2013 7:29am Feb 28, 2013 7:29am
Quoting GDR3k
Long EJ @ 120.78.

Will be progressive with my stop too.
closed for +33. Right before the news comes out for USD.

http://1-media-cdn.foolz.us/ffuuka/b...7986520227.gif
  • #1,574
  • Feb 28, 2013 12:20pm Feb 28, 2013 12:20pm
I miss trading, I shoulda boned down more, wouldn't be having my butt worked off


Next Slack period I'm rolling cash over and retiring for sure!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,575
  • Mar 1, 2013 7:38am Mar 1, 2013 7:38am
Buy order on GJ @ 139.042, its more of a scalp, only going for 12 pips with a 10 pip stop.
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  • #1,576
  • Mar 1, 2013 7:59am Mar 1, 2013 7:59am
If this current 30m candle finishes bullish on EJ, I'll place a buy order just above the candle open, at the yellow line.
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  • #1,577
  • Mar 1, 2013 8:32am Mar 1, 2013 8:32am
Quoting GDR3k
If this current 30m candle finishes bullish on EJ, I'll place a buy order just above the candle open, at the yellow line.
Buy order was hit and closed for +10. R:R 1:1
  • #1,578
  • Mar 1, 2013 8:54am Mar 1, 2013 8:54am
Quoting GDR3k
For intraday, I find the 30minute charts the best for trading, the levels they provide are the the most reliable IMO and are the best places to place orders, also when a 30minute level is broken, from what I've seen the pair will change direction for a considerable amount of pips.
Thanks for sharing this.
I also prefer M5 which is good for day in and day out.
Follow the smart money. Follow the probability.
  • #1,579
  • Edited 7:37am Mar 12, 2013 4:26am | Edited 7:37am
Long EU 30109, stop under the previous low, price has bounced off a daily support pivot and the obvious psych level at 1.3.

Will be back posting in this thread from now on.
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  • #1,580
  • Mar 12, 2013 7:37am Mar 12, 2013 7:37am
Quoting GDR3k
Long EU 30109, stop under the previous low, price has bounced off a daily support pivot and the obvious psych level at 1.3.

Will be back posting in this thread from now on.
Closed out at 3046 for +35
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