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Genesis Matrix Trading

  • #13,481
  • May 17, 2013 5:53am May 17, 2013 5:53am
Quoting JasonDeaN
{quote} good trade, how much you spread on gold?
Equivalent to 7 forex pips.
  • #13,482
  • May 17, 2013 6:03am May 17, 2013 6:03am
Quoting MKFXTrader
{quote} Equivalent to 7 forex pips.
My broker spread 35
Do not be afraid to make mistakes, be afraid to repeat them.
  • #13,483
  • May 17, 2013 6:04am May 17, 2013 6:04am
G/J counter trend short. Currently in profit and moved SL to BE, so this is a free ride.
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  • #13,484
  • May 17, 2013 6:14am May 17, 2013 6:14am
Quoting MKFXTrader
G/J counter trend short. Currently in profit and moved SL to BE, so this is a free ride. {image}
Closed for +30. Hate giving back pips. Can't get greedy trading counter trend.
  • #13,485
  • May 17, 2013 6:29am May 17, 2013 6:29am
Quoting realjumper
{quote} Hiya Steve, No need to apologise, life is important!! I can't offer much help with your H4 trading....I do look at the H4 charts every day, but usually just for personal analysis reasons over the longer term. I do see some great runs on that TF, but I also see a lot of whipping around where you would get stopped. Of course those same moves on a smaller TF are easy and profitable to trade. I guess H4 trading is (excuse the pun) a trade off between convenience/relaxed/less screen time trading, and consistent daily profits with high screen...
Interesting insights, RJ. And, of course, I'm always very much interested in any trading ideas you may have. Will be following closely
mind over matter
  • #13,486
  • May 17, 2013 6:30am May 17, 2013 6:30am
Quoting stevepatt
{quote} Hi Kosmo, Thanks, the USD/CAD took me out at BE +2 pips I've no trades running at the moment.
Hi Steve,

Sorry to hear that, but at least it doesn't hurt as much as -1R.
mind over matter
  • #13,487
  • Edited 7:31am May 17, 2013 7:18am | Edited 7:31am
Another Gold short good for +50 pips. Running total today +180 pips.
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  • #13,488
  • May 17, 2013 7:26am May 17, 2013 7:26am
Quoting MKFXTrader
{quote} Closed for +30. Hate giving back pips. Can't get greedy trading counter trend.
I ask your template, know little about the language and I can not find any indi thanks
  • #13,489
  • May 17, 2013 7:28am May 17, 2013 7:28am
Quoting braciola
{quote} I ask your template, know little about the language and I can not find any indi thanks
Yo bro. All the indies you need is on page #1 of the thread.
  • #13,490
  • May 17, 2013 7:33am May 17, 2013 7:33am
I liked the setup, thanks anyway
  • #13,491
  • May 17, 2013 7:37am May 17, 2013 7:37am
I can not find this marked with red pen
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  • #13,492
  • May 17, 2013 7:40am May 17, 2013 7:40am
Quoting braciola
I can not find this marked with red pen {image}
C'mon bro. You need to at least read the first post. You need to read it so you know what it is, and what it is used for. Doesn't do you or anyone any good, if we just post the indie. It's all over the thread.
  • #13,493
  • May 17, 2013 7:47am May 17, 2013 7:47am
bah .... I do not understand, but you can not have this then the rest I know everything, I follow for months now that interested me in particular, however, thanks all the same really kind
  • #13,494
  • May 17, 2013 7:56am May 17, 2013 7:56am
Quoting MKFXTrader
Another Gold short good for +50 pips. Running total today +180 pips. {image}
Gold trade taken on M5? What is the SL you prefer for gold? Thanks in advance.
  • #13,495
  • Edited 8:37am May 17, 2013 8:09am | Edited 8:37am
Quoting bluejack
{quote} Gold trade taken on M5? What is the SL you prefer for gold? Thanks in advance.
Bluejack,
Usually it's 50 pips. I usually target at least a 2-1 reward to risk. Usually move SL to BE once trade get's up to about 50 pips in profit, and ride it out while using trailing SL. Got out too early with last trade, as it would've been good for at least 100 pips. Gold PA moves very quick and I wouldn't recommend NEWBIES trading commodities, or if you've never studied price action on gold b4. If you have, then all is good bro.
  • #13,496
  • May 17, 2013 9:21am May 17, 2013 9:21am
Quoting MKFXTrader
{quote} Bluejack, Usually it's 50 pips. I usually target at least a 2-1 reward to risk. Usually move SL to BE once trade get's up to about 50 pips in profit, and ride it out while using trailing SL. Got out too early with last trade, as it would've been good for at least 100 pips. Gold PA moves very quick and I wouldn't recommend NEWBIES trading commodities, or if you've never studied price action on gold b4. If you have, then all is good bro.
MK,

Looking at your posts with interest. Thanks for posting the charts, helps me understand the way you are looking at higher time frames.

Am I right in thinking that you only take a trade when you get Day and Week confirmation together with shorter time frames? I am not going to "copy" your trades blindly, certainly not going to touch gold or oil, but would like to see how you are analysing the trends. Please keep posting charts if that is not too much of a bother.

Best wishes.
What the mind does not know, the eyes cannot see
  • #13,497
  • May 17, 2013 9:35am May 17, 2013 9:35am
Geomink,

If I may I would like to offer my suggestion to you.

Don't quit! Go back to babypips.com and really study the basics. Then start
trading on demo entil you can make a profit, then start trading a mini account.

Believe me I've had to re-set a couple of times. I always go back to babypips.com
then demo trade entil I feel very comfortable trading again. I've been trading
for 5 years now and it's been a long hard road. Their is a song by AC/DC "It's a
long way to the top if you want to rock & roll". You should go to utube and
listen to the song it might help you!

Hope I helped you!

snarlyjack
  • #13,498
  • Edited 2:38pm May 17, 2013 10:18am | Edited 2:38pm
Quoting padila
{quote} MK, Looking at your posts with interest. Thanks for posting the charts, helps me understand the way you are looking at higher time frames. Am I right in thinking that you only take a trade when you get Day and Week confirmation together with shorter time frames? I am not going to "copy" your trades blindly, certainly not going to touch gold or oil, but would like to see how you are analysing the trends. Please keep posting charts if that is not too much of a bother. Best wishes.
Padila,
I personally consider any signal that does not agree with the Hourly and up(H/D/W) a counter trend trade. Of course a counter trend trade in my book, is not considered a high probability trade. Thus, it can very well go against you very quickly. You have to keep a very tight SL. Some times it works, but often times it doesn't. It's like swimming upstream. Why would you do that? Swim downstream. Don't get me wrong, you can certainly rack up pips just using the 5/15 method to scalp hitting singles all day, while at times you may get lucky and hit it big. It all adds up. I personally prefer to increase my chances of hitting a double, triple or Home run while minimizing any draw down. That's just me. It's like trading a higher TF but instead of entering automatically at the close of their candle, you pinpoint your entry by entering on pullbacks using the lower TF.

Analogy - The weekly TF is like the tide. The daily TF is like the wave within the tide, and the hourly is like the ripple within the wave. When all is lined up then it's clear sailing.

I apply that methodology to my trading. So if the hourly is lined up with the higher TF, you use the lower TF to line up with the higher TF to optimize your entry. That is what I call a high probability trade. Trade with the ripple, the wave and the tide at your back, and you will rake in the pips. OK Grasshopper?

Hope that helps.
Attached Image
  • #13,499
  • Edited 11:12am May 17, 2013 10:50am | Edited 11:12am
Quoting MKFXTrader
{quote} Padila, I personally consider any signal that does not agree with the Hourly and up(H/D/W) a counter trend trade. Of course a counter trend trade in my book, is not considered a high probability trade. Thus, it can very well go against you very quickly. You have to keep a very tight SL. Some times it works, but often times it ............you will rake in the pips. OK Grasshopper? Hope that helps. {image}
Thanks MK, for the quick reply.

I am not looking for a "short cut" to higher time frame analysis, but from your experience, ASCTrend MTF signals are good enough to correctly identify the higher time frames' direction? In other words, not having higher time frame ASCTrend agreeing to your direction should send alarm bells ringing that direction could be wrong, or that you are dealing with a counter trend trade. Obviously, time to time "naked eye examination" of higher time frame (H4, Day, W) chart is needed to keep the bigger picture in mind. I suppose what I am thinking is, other than ASCTrend lining up in HTF and looking at candle patterns in higher time frames, are there any other ways that you check higher time frame direction? Sorry, if I am asking a "how to trade" basic question!

Best wishes. Padila.

PS: I had to Google "Patience Grasshopper", I like the analogy!
What the mind does not know, the eyes cannot see
  • #13,500
  • May 17, 2013 12:02pm May 17, 2013 12:02pm
Padila

I'm struggling with some of the same issues that you seem to be having. I understand trends and have been trading for quite a while, but i'm still a 'break even' trader at the moment. I often find it difficult to determine what 'trend' RJ and the other guys are talking about when they comment on peoples trades. Often when i look at the charts i see 5 different trends, i.e. very short term, short term, mid term trend, long term, which is very frustrating when trying to understand the mistakes they are pointing out. Everyday it seems that, what i just thought i knew, was actually wrong and i have to start all over again. Or maybe it's just different peoples own preferences getting mixed up with each other in my head. I guess much of it comes down to experience and finding your own way.

Anyway what i'm trying to say is i'm glad someone dares asking these questions, because it helps alot reading what other people are struggling with!

Kind regards
Zerrox
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