OK, I think I'm almost there but the settings on the strength meter I must have wrong or needs adjustment........any suggestions.....thanks in advance.
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- #62
- May 28, 2014 10:25am May 28, 2014 10:25am
- Joined Nov 2010 | Status: Snaggin' Some Pips | 2,159 Posts
- #63
- May 28, 2014 10:25am May 28, 2014 10:25am
- Joined Nov 2010 | Status: Snaggin' Some Pips | 2,159 Posts
- #67
- May 28, 2014 11:49am May 28, 2014 11:49am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Just here to subscribe
Great to see you here and checked out your website thanks.
Feel the Fear and do it anyway!!!
- #68
- May 28, 2014 12:19pm May 28, 2014 12:19pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #69
- May 28, 2014 12:40pm May 28, 2014 12:40pm
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Let it turn and find your entry.
- #70
- May 28, 2014 1:04pm May 28, 2014 1:04pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hello Clive, Could you share your currency strength indie please may be then we could see what needs to be set properly, for one I see the currencies in redd should be blue and vice versa. {image}
Feel the Fear and do it anyway!!!
- #72
- May 28, 2014 4:54pm May 28, 2014 4:54pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Guys
Every night I will try to review my days trading to see what I can learn from it, bad days are just as important as good days, in fact in many ways I learn more from my bad days. So on that basis tonights review should prove very useful.
This was a strong move down on GBPJPY, The Japenese Dragon, one of my favourite pairs to trade. GBPJPY went straight to the top of my top trenders due to something the BOJ governor said at his press release, so this was a sort of post news release trade.
A post news release trade is when there is a strong differential news release and I try to trade the strongest trender post news.
GBPJPY top of top 8 trenders after strong news release, 15min CCI turns from up to down (crosses zero line) and goes over -100 level so look for ABCD move. Missed this move too busy posting and messing around with templates etc.
LESSON LEARNT: Concentrate on charts during market opens as this is the best time for 1 min moves, chart housekeeping and thread posting can be done later.
Then the 15 min CCI crossed above -100 level so looking for reversal, as always looking for the low of todays candle. Start looking for CCI buy signals on 1 minute CCI as usually work well after a severe move down. Entered sweetly as shown and moved to BE at 3 pips held trade went up 12 to 15 pips. Now in my head I was telling myself I had caught the days low so fully intended to hold first entry and add on every ABCD move upwards.
Tried to load on a break and retest of 200sma but such a bad entry it didn't even get to my 3 pips BE!!! Shite entry too keen was frightened I would miss it so hit it too quick. The Dragon turned and I got burned
for 10 pips on 2nd entry and first entry taken out at BE.
Cardinal sin in trading, nicely in profit but ended up a loser.:nerd: How can I avoid that in the future?
LESSON LEARNED: Don't ever assume price will just keep moving your way, made the mistake of convincing myself I had caught the low of the day so was only looking for up signals ignored the obvious double top(failed drive higher) should of closed both trades here after failed drive. Would of been a small loser and a larger winner.
Pay attention to the trend at all times watch out for momentum changes and react accordingly, 1 minute charts can shift momentum very quickly. Will do an extra post sometime on tracking 1 minute momentum.
Positives from trade: I identified trend reversal well and entered perfectly and safely,another day it could of been the low of the day and a 100 plus winner.
Also very pleased with my discipline to cut my loser at 10 pips the maximium I want to lose on any one trade.
Ok there was a couple of break even trades where I just got in went to BE at 3 pips and got stopped out very quickly, I am constantly reviewing my BE strategy but right now I go to BE at 3 pips most of the time. Use my Trade manager EA for that.
Ok thats the days trades looked now lets have a look at the London session as a whole.
Every night I will try to review my days trading to see what I can learn from it, bad days are just as important as good days, in fact in many ways I learn more from my bad days. So on that basis tonights review should prove very useful.
This was a strong move down on GBPJPY, The Japenese Dragon, one of my favourite pairs to trade. GBPJPY went straight to the top of my top trenders due to something the BOJ governor said at his press release, so this was a sort of post news release trade.
A post news release trade is when there is a strong differential news release and I try to trade the strongest trender post news.
GBPJPY top of top 8 trenders after strong news release, 15min CCI turns from up to down (crosses zero line) and goes over -100 level so look for ABCD move. Missed this move too busy posting and messing around with templates etc.
LESSON LEARNT: Concentrate on charts during market opens as this is the best time for 1 min moves, chart housekeeping and thread posting can be done later.
Then the 15 min CCI crossed above -100 level so looking for reversal, as always looking for the low of todays candle. Start looking for CCI buy signals on 1 minute CCI as usually work well after a severe move down. Entered sweetly as shown and moved to BE at 3 pips held trade went up 12 to 15 pips. Now in my head I was telling myself I had caught the days low so fully intended to hold first entry and add on every ABCD move upwards.
Tried to load on a break and retest of 200sma but such a bad entry it didn't even get to my 3 pips BE!!! Shite entry too keen was frightened I would miss it so hit it too quick. The Dragon turned and I got burned
for 10 pips on 2nd entry and first entry taken out at BE.Cardinal sin in trading, nicely in profit but ended up a loser.:nerd: How can I avoid that in the future?
LESSON LEARNED: Don't ever assume price will just keep moving your way, made the mistake of convincing myself I had caught the low of the day so was only looking for up signals ignored the obvious double top(failed drive higher) should of closed both trades here after failed drive. Would of been a small loser and a larger winner.
Pay attention to the trend at all times watch out for momentum changes and react accordingly, 1 minute charts can shift momentum very quickly. Will do an extra post sometime on tracking 1 minute momentum.
Positives from trade: I identified trend reversal well and entered perfectly and safely,another day it could of been the low of the day and a 100 plus winner.
Also very pleased with my discipline to cut my loser at 10 pips the maximium I want to lose on any one trade.
Ok there was a couple of break even trades where I just got in went to BE at 3 pips and got stopped out very quickly, I am constantly reviewing my BE strategy but right now I go to BE at 3 pips most of the time. Use my Trade manager EA for that.
Ok thats the days trades looked now lets have a look at the London session as a whole.
Feel the Fear and do it anyway!!!
- #73
- May 28, 2014 5:37pm May 28, 2014 5:37pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Whole days review London and New York
I always look back over the day to see what I could of done with a bit of hindsight. It always amazes me how easy it all looks looking back, if only it looked that easy going forward??? We'd all be millionaires wouldn't we??
The London session I covered above but the truth is I should of got that first trade and banked the reversal trade that I did catch, if you look at the chart the turn back down was on the cards with a failed drive higher and 2 HLs being taken out by one strong red move down. Divergence also confirmed loss in upward momentum.
Now I know its easy to see this in hindsight but I have to keep my wits about me and if any doubts just GTFO (technical forex term let you work it out).
The biggest problem was I had it in my head that I had caught the low of the day so was convinced it was going up for the day so just wasn't looking for down signals I was just looking up.
I have to learn to watch the momentum all the time as it swings so fast on the 1 minute chart. Best indication of momentum is very simply what is the strongest colour on the chart, what I love about my Hieken ashi candles is they show the immediate momentum very clearly so it soon becomes clear when momentum has shifted, they change colour with the momentum. Heiken Ashi candles are pure momentum candles don't look at them as price just as momentum.
I am going to dedicate a post to watching momentum soon as I get the time as its absolutely crucial on 1 minute charts to be aware of current momentum and more importantly when it shifts.
Theres some other tell tell signs too eg price crosses back down over 200sma easily, 15 min CCI crosses over zero line again.
OK last thing I want to look at and this one makes me sick and puzzled. Look at this GBPJPY chart and tell me how as a so called trend trader I lost 10 pips buying this chart when in fact it went down all day 160 pips!!! How the **** does that happen????
How many ABCD moves down can you see??? I must be crazy!!!
I'll tell you how it happens because in my head I thought it was going UP! I convinced myself it was an up day.
Yet consider the facts, post news trade going down, 100and 200 lwmas sloping down, 15 min CCI generally red all day!!!
I tell you what it tells me Trade what you see not what you think you see. The trend is your friend until it ends. So just trade the trend sell LHs buy HLs watch the momentum and be ready to change directions soon as you see it swing.
Well thats it from me folks off to bed so I'm ready and fit to fight another day.
See you all tomoz.
I always look back over the day to see what I could of done with a bit of hindsight. It always amazes me how easy it all looks looking back, if only it looked that easy going forward??? We'd all be millionaires wouldn't we??
The London session I covered above but the truth is I should of got that first trade and banked the reversal trade that I did catch, if you look at the chart the turn back down was on the cards with a failed drive higher and 2 HLs being taken out by one strong red move down. Divergence also confirmed loss in upward momentum.
Now I know its easy to see this in hindsight but I have to keep my wits about me and if any doubts just GTFO (technical forex term let you work it out).
The biggest problem was I had it in my head that I had caught the low of the day so was convinced it was going up for the day so just wasn't looking for down signals I was just looking up.
I have to learn to watch the momentum all the time as it swings so fast on the 1 minute chart. Best indication of momentum is very simply what is the strongest colour on the chart, what I love about my Hieken ashi candles is they show the immediate momentum very clearly so it soon becomes clear when momentum has shifted, they change colour with the momentum. Heiken Ashi candles are pure momentum candles don't look at them as price just as momentum.
I am going to dedicate a post to watching momentum soon as I get the time as its absolutely crucial on 1 minute charts to be aware of current momentum and more importantly when it shifts.
Theres some other tell tell signs too eg price crosses back down over 200sma easily, 15 min CCI crosses over zero line again.
OK last thing I want to look at and this one makes me sick and puzzled. Look at this GBPJPY chart and tell me how as a so called trend trader I lost 10 pips buying this chart when in fact it went down all day 160 pips!!! How the **** does that happen????
How many ABCD moves down can you see??? I must be crazy!!!
I'll tell you how it happens because in my head I thought it was going UP! I convinced myself it was an up day.
Yet consider the facts, post news trade going down, 100and 200 lwmas sloping down, 15 min CCI generally red all day!!!
I tell you what it tells me Trade what you see not what you think you see. The trend is your friend until it ends. So just trade the trend sell LHs buy HLs watch the momentum and be ready to change directions soon as you see it swing.
Well thats it from me folks off to bed so I'm ready and fit to fight another day.
See you all tomoz.
Feel the Fear and do it anyway!!!
- #74
- May 28, 2014 5:57pm May 28, 2014 5:57pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #78
- Edited 12:59am May 29, 2014 12:18am | Edited 12:59am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
Whole days review London and New York I always look back over the day to see what I could of done with a bit of hindsight. It always amazes me how easy it all looks looking back, if only it looked that easy going forward??? We'd all be millionaires wouldn't we??
All ABCD moves are not created equal. I separate the shaft from the wheat using volume on the entire leg to determine the strength of the push.
To illustrate, here is what the "failed drive up" that you mention looks like when considering the context of the entire ABCD pattern.
- #79
- May 29, 2014 1:02am May 29, 2014 1:02am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Hi Clive, All ABCD moves are not created equal. I separate the shaft from the wheat using volume on the entire leg to determine the strength of the push. Here is the "failed drive up" that you mention. {image}
Do you know what??
I never even look at volume!!! What an oversight!!! Must be bloody mad!
Trouble is I know nothing about it or how to interpret the indicator you show on your post.Would you do me an enormous favour and sometime today, when you get a spare 10 mins , be kind enough to do a post explaining how it can be used???
Would be great if you could use the "failed drive" example from yesterday or a very clear example that shows us all what its about??
Thanks in anticipation. Clive
Feel the Fear and do it anyway!!!
- #80
- May 29, 2014 1:10am May 29, 2014 1:10am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!