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Mastering the Art of Trading

  • #981
  • Oct 4, 2013 11:39am Oct 4, 2013 11:39am
Quoting Neytiri
Guys please have a look at USDHUF. Charts coming soon Neytiri

Yeah, had that one up yesterday and this morning. My spreads just too high on my broker.
  • #982
  • Oct 4, 2013 1:39pm Oct 4, 2013 1:39pm
I entered after price broke out of the flag formation in the 4 hour chart. FTA - brn 220
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  • #983
  • Oct 4, 2013 8:42pm Oct 4, 2013 8:42pm
Nice day for trading today. some good trades on GU, GJ, EC.

One i was waiting on was AudCad, maybe early next week

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Enter Signature
  • #984
  • Oct 4, 2013 11:44pm Oct 4, 2013 11:44pm
Guys Kindly add your comment on below chart...
Knowing How to handle a pending order (Hope ghous may discuss this one also in his video series later stage) will be an big help for me....
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80% effort, 20% luck
  • #985
  • Oct 5, 2013 4:46am Oct 5, 2013 4:46am
Quoting digu
{quote} Thanks I am still re-reading previous page and word "vacuum" still interest me much, later I will ask transaction mechanism taken by trader (sure knowing how transmission work doesn't means he is an expert driver). It is my take on USD/CAD {image} how do you think? If price really climbs up, when is right time to move my SL, or to quit instantly? GBP/USD, god in my beginning process learning with you, I am already taken "not a fake bar" just can't decline that Pin Bar {image}
Hey Digu,

I was actually long USD/CAD myself and then had to bail out as price showed no signs of breaking out of that consolidation box to the left. Notice how we now have implicit divergence kicking in as well, as price finds it tough to close above prior bar highs acting as minor HHR levels.

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g.
I believe . . .
  • #986
  • Oct 5, 2013 5:13am Oct 5, 2013 5:13am
Quoting LamerTrader
Hi g! Day by day i'm digging this OF stuff, and i'm trying to put the pieces together. Now I just remembered that you were the one, who introduced me the inverted pinbar "syndrome / setup" I have kept thinking what the hell can be the OF behind it? Price wants to reverse, thus some buying pressure comes, but the selling pressure is still greater than the buying pressure. This moving in price creates a liquidity vacuum there which is filled on the next day by the upcoming bullish pressure. 6 months ago I just noted some post of yours and wrote...
Apologies for the delay.

Eid's approaching here really fast and understandably there is quite a lot beyond charts that occupying me.

Anyway here's the video (turned out to be longer than I thought so had to break it up in 2 parts):

Inserted Video


Inserted Video


g.
I believe . . .
  • #987
  • Edited 5:58am Oct 5, 2013 5:40am | Edited 5:58am
Quoting Neytiri
Neytiri wants to trade for a living. One day she stumbles on a thread in forex factory where a nice bloke called Ghous explains how he trades for a living using a method called the fakey setup. Neytiri learns the fakey setup. She is happy that she can identify few fakey setups. Neytiri decides to demo trade the fakey set up. One day while scanning weekly charts, she sees the chart of DJ30. Neytiri sees an A+ set up on the weekly. She becomes very excited and waited eagerly for the market to open the next week. When the market opened she entered...
Yes it can be hard to stick to the plan.

Where it gets tricky is at times "You actually do need to change the original plan". Again I will obviously be drawing out from my own experience and method, but its almost certain that you won't always be expecting the market to do exactly as you want it to behave which is why we can only start off with a guesstimate of what we expect of the setup. Then as it starts to unfold depending on how it looks, you might have to alter the initial trade plan a bit.

I got an e-mail from a trader who was really confused by the "real traders" rejecting a kind of setup and another time being really excited about a similar looking setup. Obviously a lot of the decisions that you see real traders make are in real time and its impossible to even count the number of factors that could be at play. With all discretionary trading methods some contradiction (limited amounts of it) is unavoidable. A huge part of discretionary trading involves being ready to make decisions on the spot rather than expecting the market to do "A" so that if it goes ahead and does "B" or "C" you are totally lost and in that period of uncertainty prefer to just stick to the initial plan and probably take the hit.

You can still go ahead and have a plan A, a plan B, and a plan C which is IMO the way to go, but at the same time be ready and willing to act upon the unfolding action if you can use logic to defend it then, and whenever later you may need to. Of course this is going to be very tricky, and will take lots of repeated attempts (i.e loads of practice) to learn to do without letting emotions drive the decision.

The point I am trying to get at, is that trading price action is mastered when you can be discretionary and flexible and willing to deal with the variances involved from setup to setup even when they stem from the same methodology and are of the same "type".

Again this is just from my own pot, and not something that has to remain true in general too. For instance, a mechanical "set and forget" method might still be on for a trader willing to shoot for very short term profit targets. So if you're a trader who isn't just trading for short term profit targets all the time and aspire to catch long runners you need to be able to develop the ability to make on spot decisions without being emotional. Easier said than done. A LOT easier said than done.

Coming back to your trade Neytiri,

I can't really comment on whether you needed to stick to your original plan or embrace the manual exit, as obviously you have your own rules and system. But a good way to find out if you're being emotional or actually relying on logic is to simply think if price had actually taken off to the upside after your exit, would you still be feeling bad about not following your initial trade plan? If the answer is yes, then you are starting to really weigh logic above emotions and the result on that one trade isn't affecting your ability to be logical. If the answer is no, then your feelings are just a result of how good your decision was for that one trade you took - which in the grand scheme of things is of course irrelevant.

Its important for you to know if you're feeling bad because the you didn't make more money on the trade, or because you made a decision which you now, in hindsight, think was wrong.

hope this makes sense.

g.
I believe . . .
  • #988
  • Oct 5, 2013 5:54am Oct 5, 2013 5:54am
Quoting KOS-fx
Guys Kindly add your comment on below chart... Knowing How to handle a pending order (Hope ghous may discuss this one also in his video series later stage) will be an big help for me.... {image}
Gosh! That worked out well yeah?!

I was really hoping this would hold on till early next week, but just too much going on the fundamental front.

If I was to trade this, me entry would have been on the close of that first bar the popped under the HHR marked on my chart.

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Not quite sure what you mean by:

Quote
Knowing How to handle a pending order (Hope ghous may discuss this one also in his video series later stage) will be an big help for me

g.
I believe . . .
  • #989
  • Oct 5, 2013 8:03am Oct 5, 2013 8:03am
Quoting ghous
{quote} You have justified that the two charts are different and why but I still can't decipher why tick charts are "more accurate" for picking fake out entries/exits than time charts. Maybe that better example from you would make it clearer. g.
Hello, Mr ghous, may I know the ma line you used in Daily, 4H and 1H, what ema ,sma is it? thank you.
  • #990
  • Oct 5, 2013 8:13am Oct 5, 2013 8:13am
Quoting francis3388
{quote} Hello, Mr ghous, may I know the ma line you used in Daily, 4H and 1H, what ema ,sma is it? thank you.
It is the 150 EMA.

g.
I believe . . .
  • #991
  • Edited 9:46am Oct 5, 2013 9:21am | Edited 9:46am
WEEKLY GBPJPY

Fakeout with divergence.
1. Price makes a strong close above the HHR followed by two weeks where there is lack of momentum
2. Last week the bears have kicked in big time. The beob completely engulfs two previous bars and closes below the HHR
3. MACD divergence
4. Plenty of space

I am going to enter when the market opens next week.
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  • #992
  • Oct 5, 2013 9:54am Oct 5, 2013 9:54am
Quoting Neytiri
WEEKLY GBPJPY Fakeout with divergence. 1. Price makes a strong close above the HHR followed by two weeks where there is lack of momentum 2. Last week the bears have kicked in big time. The beob completely engulfs two previous bars and closes below the HHR 3. MACD divergence 4. Plenty of space I am going to enter when the market opens next week. {image}
Looks promising Neytiri. Here's hoping it doesn't gap down.
  • #993
  • Oct 5, 2013 10:49am Oct 5, 2013 10:49am
Quoting spyderman
{quote} Looks promising Neytiri. Here's hoping it doesn't gap down.
  • #994
  • Oct 5, 2013 2:37pm Oct 5, 2013 2:37pm
Quoting Neytiri
WEEKLY GBPJPY Fakeout with divergence. 1. Price makes a strong close above the HHR followed by two weeks where there is lack of momentum 2. Last week the bears have kicked in big time. The beob completely engulfs two previous bars and closes below the HHR 3. MACD divergence 4. Plenty of space I am going to enter when the market opens next week. {image}

A good execution plan might be to change to teh Daily or 4H chart and look for a pullback to the last point of resistance to get a better CRV

What do you think?
  • #995
  • Oct 5, 2013 4:19pm Oct 5, 2013 4:19pm
KOS-fx just another view on your trade idea. Ghous has already mentioned the trade under the first bar.

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Enter Signature
  • #996
  • Oct 5, 2013 5:31pm Oct 5, 2013 5:31pm
Quoting CaptainLush
KOS-fx just another view on your trade idea. Ghous has already mentioned the trade under the first bar. {image}
That was exactly what I meant

I will try to get a nice entry on the 15min chart
  • #997
  • Oct 5, 2013 5:58pm Oct 5, 2013 5:58pm
Quoting Oakwoodinc
{quote} That was exactly what I meant I will try to get a nice entry on the 15min chart
the blue one you marked on is possible for a good entry, but the white one I put on is too extra support from a previous HH and the RN. I personaly don't go lower the 1hr TF for entries.

Here's a weekly and possible future entry. UChf is coming close to the bottom of a side ways channel that's last some 3 years. Nice pin in a nice place. I'd like to see what happens at 9100 before a possible long term buy and hold

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I mentioned the ACad in post #983. Here's a daily pic to support what i said earlier. Break of daily pin, possible PB and resistance at 9700, smaller TF entry?? ony time will tell.

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Enter Signature
  • #998
  • Oct 5, 2013 9:29pm Oct 5, 2013 9:29pm
Quoting Oakwoodinc
{quote} That was exactly what I meant I will try to get a nice entry on the 15min chart
Hey Captain and Oak,

Thank you for your reply.. I aslo looking at 1H chart there were nice two entries but little bit compelled to go lower time frame than 4H...

Any way I try to go down only to find the entry...

thanx men your comments are improve my understanding on market....
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80% effort, 20% luck
  • #999
  • Oct 6, 2013 8:59am Oct 6, 2013 8:59am
Quoting ghous
{quote} As expected, the 8740 acting as resistance. {image} g.
CADCHF closed above 0.8800 RN and is running into a minor trouble area but wasn't respected so much last times.
Do you think it's good to trade this pair?
  • #1,000
  • Oct 6, 2013 10:38am Oct 6, 2013 10:38am
Quoting digu
Hi Ghous, nice thread, really. I saw your video about fake and break out, I am very interested about rounded track which you mentioned, may I request more detailed explanation why you prefer rounded track on pull back. I also insert a picture about deceleration on pullback. I haven't read james16 and Fail Better thread and neither things about Order Flow. {image} That acceleration topic is also suit to strengthen your fakey setup. Please also comment picture below, my friend. (about acceleration vs deceleration/compression; and about my question...
hello! These pictures are from a book? where it from?
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