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Price Action and Trading Discussion

  • #4,561
  • Mar 3, 2014 7:34am Mar 3, 2014 7:34am
Quoting GDR3k
{quote} Thanks. If I stick fully 100% to my system, it gives me what I believe to be the very best-highest probability entries so I feel I can risk more than usual or what the majority say you should risk (hence the name, Unconventional Trading), the hardest part of trading for me is keeping my patience and discipline under complete control, predicting the market is the easy part.
G man, since this post i kept wanting to ask you a question about it but for one reason other got put off.. anyways.. so last sentence.. "the hardest part of trading for me is keeping my patience and discipline under complete control, predicting the market is the easy part."

so what does it take to stay more patience? and really predicting the market is easy for you?

Thanks.
Passion, Persist, Patience, Protect
  • #4,562
  • Mar 3, 2014 7:59am Mar 3, 2014 7:59am
Quoting FXEmpire
{quote} G man, since this post i kept wanting to ask you a question about it but for one reason other got put off.. anyways.. so last sentence.. "the hardest part of trading for me is keeping my patience and discipline under complete control, predicting the market is the easy part." so what does it take to stay more patience? and really predicting the market is easy for you? Thanks.
Hey, I should have put I personally find it easier of the lot (it certainly isn't easy), I think most people can actually trade but it's the mental side of them which lets them down, it took me a while to get my mental state right for trading and trading in a none human way, like a robot if possible with no emotion, regarding patience, I mostly trade using limit orders so it's essentially set up orders then wait until they're hit, when I first started doing this I realised I had absolutely no patience at all, I'd get frustrated due to the market taking longer than I'd have liked to move, or missing my order by a pip, making rash decisions and going on to take a loss, the discipline side is when in a position, there always used to be something in the back of mind telling me to close the position when in profit and I'd watch the P/L like a hawk, now I go for a bare minimum of 1:1 regardless, thankfully I've now got it all under control but I do have the odd day where it's none existant, thankfully they're very few.

The way I developed patience & discipline was simply going back over my past analysis and looking at the positions where I would have entered (or which where missed by a few pips as said above) or I did enter and I closed far too soon - way before my intended profit target, which then went on to hit my profit target eventually, this in turn made me believe my future analysis if using the same methods would mostly be right, so in a nutshell, developing a self belief in where I think the market will go brought with it patience and the discipline because if both are adheared to 100%, I'll reap the benefits.

The mind works in mysterious ways.
  • #4,563
  • Mar 3, 2014 8:30am Mar 3, 2014 8:30am
Quoting GDR3k
{quote} Hey, I should have put I personally find it easier of the lot (it certainly isn't easy), I think most people can actually trade but it's the mental side of them which lets them down, it took me a while to get my mental state right for trading and trading in a none human way, like a robot if possible with no emotion, regarding patience, I mostly trade using limit orders so it's essentially set up orders then wait until they're hit, when I first started doing this I realised I had absolutely no patience at all, I'd get frustrated due to the...
so you have developed this mental self belief that, if you actually stay patience for the limit to be triggered and discipline to plot at least 1:1 rr your entries with limit orders are on the money for most part to turn in profit at the end? and mean time and what i really want to get into is what does the role of " capital " play in between the patience discipline part of all this. (you can use pm for this)
Passion, Persist, Patience, Protect
  • #4,564
  • Mar 3, 2014 9:18am Mar 3, 2014 9:18am
Quoting FXEmpire
{quote} so you have developed this mental self belief that, if you actually stay patience for the limit to be triggered and discipline to plot at least 1:1 rr your entries with limit orders are on the money for most part to turn in profit at the end? and mean time and what i really want to get into is what does the role of " capital " play in between the patience discipline part of all this. (you can use pm for this)

please dont use pm.. there are more of us interested in this

thanks in advance
  • #4,565
  • Mar 3, 2014 11:18am Mar 3, 2014 11:18am
Quoting bradu
{quote} please dont use pm.. there are more of us interested in this thanks in advance
I am not using pm.. but if gdr don't feel comfortable talking about cap issues he can certainly use pm or not even respond back to me.
Passion, Persist, Patience, Protect
  • #4,566
  • Mar 3, 2014 11:27am Mar 3, 2014 11:27am
Quoting FXEmpire
{quote} so you have developed this mental self belief that, if you actually stay patience for the limit to be triggered and discipline to plot at least 1:1 rr your entries with limit orders are on the money for most part to turn in profit at the end? and mean time and what i really want to get into is what does the role of " capital " play in between the patience discipline part of all this. (you can use pm for this)
Yeah basically.

What do you mean about capital? I don't understand the question
  • #4,567
  • Mar 3, 2014 12:01pm Mar 3, 2014 12:01pm
Quoting GDR3k
{quote} Yeah basically. What do you mean about capital? I don't understand the question
capital, fund, money to trade.. the lack of it or enough of it makes a difference in the patience/discipline part that you talk about.

from my review on your explorer account looks like you took much more risk on early stages than later on.. I could be wrong since it's not full visual ET, anyhow that's why I asked.
Passion, Persist, Patience, Protect
  • #4,568
  • Mar 3, 2014 12:09pm Mar 3, 2014 12:09pm
Quoting GDR3k
{quote} GBP manufacturing out in a few minutes should move the pound, i'll be going long on gbpjpy down at 168.745, fresh demand on the 4hour charts along with this months main pivot in the area, let's see what happens...
I've a limit order there as well . It's getting close now. I had a very close miss on nzdusd earlier, missed the entry by 0.4 pip - could you believe it I was watching it as well, thinking, ahh, that will be there soon and walked away...
  • #4,569
  • Mar 3, 2014 2:13pm Mar 3, 2014 2:13pm
Quoting jen101
{quote} I've a limit order there as well . It's getting close now. I had a very close miss on nzdusd earlier, missed the entry by 0.4 pip - could you believe it I was watching it as well, thinking, ahh, that will be there soon and walked away...
You seem to have developed the trying to be as accurate as possible to-the-pip syndrome with your entrys I now risk a few pips more to make sure it gets hit, oh yeah, apparently Putin has given Crimea until 3am GMT Tuesday to surrended or face military action.

I wonder what effect that will have on the markets...
  • #4,570
  • Mar 3, 2014 2:22pm Mar 3, 2014 2:22pm
Quoting DarkWolF
Hi Guys, Hope you all had a great weekend. I have only really got to my PC for the day, havent even opened up my charts as yet. Lets see what the new week brings us
My weekend was superb. Hope yours was fine also! Regarding good opportunities, what do you think about my pending orders for this week?
Any profitable ones? (in the printscreen where you don't see any StopLoss set, it means that I take 100% chance for loss since they are totally at the top or bottom in the monthly chart. Good strategy?)
Attached Image (click to enlarge)
Click to Enlarge Name: pending orders.JPG Size: 114 KB
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  • #4,571
  • Mar 4, 2014 3:03am Mar 4, 2014 3:03am
Quoting FXEmpire
Morning.. 1st trading day of the month, hope everyone jumps to good start and finish largggg.. let's get it going.. I several trades going already.. yep I like to dig myself a hole early on, lol.. or maybe not. usdjpy long 101.826 (from Friday) usdcad long 1.10803 gbpchf long 1.47316 audusd long 0.89225 buy limit audcad 0.9857 buys stop nzdjpy 84.886 I don't want to post to many charts to clutter the thread too much.. all these trades are based on hitting good levels IMO and could bounce for some profit I look for +50 preferably 80+.. will see what...

Closed the uj trade for break even.. as you can see it yo yo-ed the hell out of me for 50 up 50 down so better stay out of it for the time being, even though it could now continue upward but to me it has diminished the once potential i expected and actually grateful to be out of it with no harm and free up capital for better opportunities to come.
I also closed the usdcad it showing weakness to go up further for now and I gave it a reasonable time and space to make it's move.
other trades are still intact and in some profit for time being.
alive trade are: audusd long - gbpchf long - nzdjpy long - cadjpy long
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdjpy.im30.png1.png Size: 58 KB
Passion, Persist, Patience, Protect
  • #4,572
  • Mar 4, 2014 3:29am Mar 4, 2014 3:29am
hey guys, i have been reading for awhile.....this is the area I wanna sell

Attached Image (click to enlarge)
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  • #4,573
  • Mar 4, 2014 3:56am Mar 4, 2014 3:56am
Quoting dipie
hey guys, i have been reading for awhile.....this is the area I wanna sell {image}
Hi dipie,I am waiting for the same area since Friday!
  • #4,574
  • Mar 4, 2014 4:45am Mar 4, 2014 4:45am
Sorry, guys, I´m sure this has been asked a couple of times, but can somebody tell me how you upload the charts?
  • #4,575
  • Mar 4, 2014 4:52am Mar 4, 2014 4:52am
Quoting dipie
hey guys, i have been reading for awhile.....this is the area I wanna sell {image}
it's a good high probable area.. the only thing that I would watch as my last confirmation is on how it approaches and reacts to the level.. if breaks it strong.. i personally would let go.. unless it makes a strong firm resume back inside counting that the initial break was not as strong as it appeared at the time of break.
Passion, Persist, Patience, Protect
  • #4,576
  • Mar 4, 2014 5:30am Mar 4, 2014 5:30am
Hi

I'm new here, I think there is a good set up on EUR/CHF

thank you nice discussion here.
  • #4,577
  • Mar 4, 2014 5:49am Mar 4, 2014 5:49am
Quoting GDR3k
{quote} You seem to have developed the trying to be as accurate as possible to-the-pip syndrome with your entrys I now risk a few pips more to make sure it gets hit, oh yeah, apparently Putin has given Crimea until 3am GMT Tuesday to surrended or face military action. I wonder what effect that will have on the markets...
No I'm not . The first thing I determine is where I have to get out by. As 1:1 is a pre-requisite and the exit is non-negotiable, that sometimes mean the entries have to be a bit tighter, so I can get a reasonable stop loss, that's why. I see you missed gbpjpy too yesterday by about 5 pips, unless you moved your entry. That shot off!
  • #4,578
  • Mar 4, 2014 5:53am Mar 4, 2014 5:53am
Quoting FXEmpire
{quote} Closed the uj trade for break even.. as you can see it yo yo-ed the hell out of me for 50 up 50 down so better stay out of it for the time being, even though it could now continue upward but to me it has diminished the once potential i expected and actually grateful to be out of it with no harm and free up capital for better opportunities to come. I also closed the usdcad it showing weakness to go up further for now and I gave it a reasonable time and space to make it's move. other trades are still intact and in some profit for time being....
Do you also have a bearish (short)/bullish (long) decisions for:
eurchf, audnzd, nzdusd, audchf, eurnzd, usdsek, usdzar, eurhuf, nzdcad, cadchf, aus200, usdcnh, zarjpy
(you can see mine above)
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  • #4,579
  • Mar 4, 2014 6:32am Mar 4, 2014 6:32am
Quoting michaellobry
{quote} Do you also have a bearish (short)/bullish (long) decisions for: eurchf, audnzd, nzdusd, audchf, eurnzd, usdsek, usdzar, eurhuf, nzdcad, cadchf, aus200, usdcnh, zarjpy (you can see mine above)
I trade mostly the 24 major pairs so most of what you put up are not on my list at least.
but audznd i am eying to short 0730 area.. audchf same deal looking to get in on Pb from old sup discussed above posts.. nzdusd and eurnzd for the time being nothing to me they are in no mans-land atm.
Passion, Persist, Patience, Protect
  • #4,580
  • Mar 4, 2014 6:36am Mar 4, 2014 6:36am
entered long gbpaud @ 8638 about an hour ago, just above the opening price of that bullish 1hr candle, target 1.8696. Looking for a bullish breakout from this small diamond shape.
Attached Image (click to enlarge)
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