Dislikedreason I ditched this set up earlier is because it crossed the 78.6 Fib Mr. Pip any light you can shed on how to go about managing this? {image}Ignored
If you fail to plan, you plan to fail.
Ratios & Harmonics: a Different Way to Trade
- #5,621
- Dec 5, 2013 5:38pm Dec 5, 2013 5:38pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #5,622
- Dec 5, 2013 5:39pm Dec 5, 2013 5:39pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
Hi everyone , I opened a new thread , my own trading journal as i'm going to go live in monday. http://www.forexfactory.com/showthread.php?t=461070 I would realy appraciate if you check it , share you thought about my trading setupsmy setup: {image} based on the AB=CD patter with divergence and Demand aread , i wrote everything in my thread. what do you think?
I think it's great! Best of luck to you!
If you fail to plan, you plan to fail.
- #5,623
- Dec 5, 2013 5:48pm Dec 5, 2013 5:48pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #5,624
- Dec 5, 2013 5:53pm Dec 5, 2013 5:53pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #5,625
- Dec 5, 2013 6:05pm Dec 5, 2013 6:05pm
{quote} 1. How many trades do you make a day/week? Try not to look at trading from this perspective. Approach it from a particular setup that is high probability that you are comfortable with. Then pick a time frame that you are comfortable with and see how often and on what pairs it occurs most on. That will tell you frequency of trade setup. Then study how many are profitable vs not, this will give you expectancy. And lastly study the ones that failed and see in the order flow if there was a way to filter that out by implementing a rule. This...
So lots of reading done but still lots to do and notes to be made again. Made 1 trade on a demo account today for a small profit, although feel this had a little luck as I probably didn't check the right points prior to enter.
Going to get the rest read and your videos watched this weekend then should be ready to share and peck your head in next week
Just one thing though, are you able to put letters on your charts? I am spotting some of the trades and reasons for entry but think this will help me (and others) just get my eye in.
I would like to thank everyone for posting and helping out. It is great to see the collaboration and also how traders are progressing! Keep it up, I know I still owe you a range bound video. I will get that out to you as soon as possible.
. Those videos have helped me a tonne though as now I know what is holding me back. Thanks in advance for the range vids. Have a great weekend. Cheers.
Finally out of the shadows.
{quote} Yes, I only usually trade the EURUSD, but on occasion I will trade others for examples or other reasons. I use to trade many pairs when I use to trade the 1H due to frequency but the lower TF allows be more frequency and no need to look at other pairs. Whether you should stick to one pair or not depends mainly on what TF you are comfortable trading and what you can handle or manage.
How can you manage to trade something lower than that?
the spread is kind of killing of all the profits when you trade on 5M and lower ( sometimes even of the 15M ).
---
Over the night the price went very slow ( tokyo session ) but still in profit.
i will see price action today to estimate if i should hold the trade or not.
any way , i will close the trade before the markets close.
- #5,628
- Edited 2:39am Dec 6, 2013 2:25am | Edited 2:39am
- Joined May 2011 | Status: Trader | 1,374 Posts
-milkeyway
- #5,629
- Edited 5:37am Dec 6, 2013 4:19am | Edited 5:37am
Okay so I have had a look at some of the shorter TF but making mistakes as I think I need to get my eye in a bit better, especially when you need to be quick to make the calls. So had a look at some higher TF and came up with this on the GBP/USD on the 4H TF. I am seeing lower highs and lower lows and then a possible ABCD I think.
I would put the profit around the 1.6260, would the SL go around the 78.6 retracement of AB i.e. 1.6380?
I still have lots of learning and reading to do but I learn better by doing.
Let me know your thoughts.
Edit - For extra strength would this also look like a bat on the 1H TF confirming the PRZ?
I would put the profit around the 1.6260, would the SL go around the 78.6 retracement of AB i.e. 1.6380?
I still have lots of learning and reading to do but I learn better by doing.
Let me know your thoughts.
Edit - For extra strength would this also look like a bat on the 1H TF confirming the PRZ?
- #5,630
- Dec 6, 2013 5:57am Dec 6, 2013 5:57am
Also, how about this one?
This is the EURUSD Daily chart looking like hitting a PRZ.
To confirm the signal we have
- an ABCD completion from 1.33(ish) up to the PRZ
- an agressive C entry looking at the ABCD from the high of 1.3820
- Bat completion in the PRZ from the high of 1.3820 as X then the completed ABCD
Am I on the right lines with this?
This is the EURUSD Daily chart looking like hitting a PRZ.
To confirm the signal we have
- an ABCD completion from 1.33(ish) up to the PRZ
- an agressive C entry looking at the ABCD from the high of 1.3820
- Bat completion in the PRZ from the high of 1.3820 as X then the completed ABCD
Am I on the right lines with this?
- #5,631
- Dec 6, 2013 7:39am Dec 6, 2013 7:39am
So it looks like my GDP/USD trade is going in the right direction. Had a big rally whilst I was on my lunch and missed my take profit point by 5 pips. (the TP is on another account where I am playing real money and being a little conservative, on this chart I am looking 1.6260 as TP).
So hit a little barrier at the whole number and a previous S/R point. Hoping the momentum should drive it through this so holding out for the TP.
So hit a little barrier at the whole number and a previous S/R point. Hoping the momentum should drive it through this so holding out for the TP.
Well wow, that went a bit wrong, looks like the Bulls came charging then!!! Should I have seen this and got out? {image}
Hey PipTrendz! Depends on your style and rules. I would not have taken that trade or would have at least taken stops to BE. I can't see how you entered but it looks like you had 1.5 R on the board so after that doji and clear rejection of the lows I may have gone to BE. You are near the end of a lazy channel and price is starting to get erratic. Your overall first nsl wasn't correct until the 3rd swing down as price has to close below the previous swing. There are many swings and abcds that we shouldn't trade or at the least they are more risky. This for me would be one of them. The devils in the details
.It takes a while to learn and I'm finding that you have to actually be live to get a feel for when you should be aggressive or careful. Looking at 2 similar charts in hindsite I used to say. Well duh go long/short. But in real time you get an instinct as you see price reject or accept a level. Its not always cut and dried. Hope this helps a bit. Cheers.
Finally out of the shadows.
{quote} Yeah this is true, I am just starting out and I know it is not a get rich quick thing. Yes the money will be great but the main thing to me is getting profit on the pips, as you said making 20 pips per day or something. As long as it is in the positive then you just need to work hard on where things went wrong, tweak what you are doing then see how it goes. Agree with interpeture that it is hard to trade the smaller TF/Tick, for the moment anyway. For me I need more time to look at the paterns, identify the order flow, harmonics and S/R...
Yes 233 is daunting especially when it moves fast. I've been studying charts for hours a day since March and I still have trouble with hesitation. But all training takes time. I'm too antsy I can't hold for hours. I want my return now not later. I have to either change this aspect of my trading personality or embrace it. I've decided to embrace it but tone it down a bit
. look at as many charts as you can get your mitts on. Practice your skills every day in small amounts and you will not fail. You have to tell your brain what is important and do so in a non negative way and your brain will look after you. That's how we're built.Unfortunately we bathe in negativity everyday. Thats what often makes me hesitant to post as one negative comment can throw off my mojo. This is my business so I can't afford any negativity it kills profit
especially when you're starting out and are suseptable to the old BS: "Nobody can possibly trade below the 1 hr chart its just noise"... "Show me a person that trades the lower timeframes and I'll show you a loser waiting to go broke" "I'd like to thank all the lowertime frame traders for taking the opposite side of my trade" blah blah blah. I fight this constantly from my inlaws. My wife is supportive but wants more results so I have to shield myself and keep plodding along. I encourage you to do the same. An extremely good book to read is Think and Grow Rich. I have used the mental programming aspects in it to get me to where I am so far. Without it I would have quit and got a job at Harveys . We can be more, we just have to program our minds in a positive way. Ok off the soapbox back to trading.
Finally out of the shadows.