What is and what should never be* | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Things a trader should never do 36 replies

There are no secret patterns and there will never be one 381 replies

Argument for never using SL in orderprocessing in EA...and proposing an alternative 7 replies

Never listen to forecasters and analysists. 16 replies

uncommon? 51 trades I never lost 26 replies

Attachments: What is and what should never be*
Exit Attachments

What is and what should never be*

  • #1
  • First Post: Edited Oct 8, 2018 1:18pm Jun 9, 2014 6:44am | Edited Oct 8, 2018 1:18pm
Inserted Video
  • #2
  • Jun 9, 2014 6:59am Jun 9, 2014 6:59am
Currently, my focus is turned towards EURNZD and EURAUD, since they seem to be trending, at least in the short to midterms. With good timing, you can make some coin here...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraudh1.png Size: 57 KB
Click to Enlarge Name: eurnzdh1.png Size: 61 KB
  • #3
  • Jun 9, 2014 7:19am Jun 9, 2014 7:19am
Quoting WDays
Hi, 2nd thread I open here, in FF. I've been a member for some time now, have posted my trades under a few "system" threads as well as my other first thread. My trading has undergone a lot of changing and tweaking throughout the time I've spent trying to be a trader (second year now). I've come to realize things that made perfect sense on paper but none at all when I had to put them to practice. I dare say I've met great traders throughout my journey, traders who I am sure will come on in here ASAP. But enough about me. Why am I opening this new...

Hello Alex,

Can a drifter from down under join in??

Cheers

Mark up.
Make sure that the light at the end of the tunnel is not an on coming train
  • #4
  • Jun 9, 2014 10:08am Jun 9, 2014 10:08am
Quoting Mark up
{quote} Hello Alex, Can a drifter from down under join in?? Cheers Mark up.
Count me in as well
  • #5
  • Jun 9, 2014 10:12am Jun 9, 2014 10:12am
I am more than glad to have you both
  • #6
  • Jun 9, 2014 10:23am Jun 9, 2014 10:23am
I got to follow this!
  • #7
  • Jun 9, 2014 10:28am Jun 9, 2014 10:28am
Quoting WDays
I am more than glad to have you both

Thanks Alex,
Hello Lasting Well. good to see you.
Lets see if we can't have some good clean fun here people.
Let the dead's of a few good men (and Women) not go un noticed.
I see that you both have gained some little diamonds also, cool.

Cheers

Mark up
Make sure that the light at the end of the tunnel is not an on coming train
  • #8
  • Jun 9, 2014 10:28am Jun 9, 2014 10:28am
Quoting Mark up
{quote} Thanks Alex, Hello Lasting Well. good to see you. Lets see if we can't have some good clean fun here people. Let the dead's of a few good men (and Women) not go un noticed. I see that you both have gained some little diamonds also, cool. Cheers Mark up

And Irishtoffy, hello also.

cool,
Make sure that the light at the end of the tunnel is not an on coming train
  • #9
  • Jun 9, 2014 1:01pm Jun 9, 2014 1:01pm
Quoting MrDucky
Hi There, I don't have much to contribute yet (total noob) - but watching and learning with interest. From my first few days of studying FX I do like the style of "less is more" - a lot of approaches that I've read about so far in FF seem unnecessarily complex (and baseless). Right now I'm watching USD/JPY on the daily for a breakout - do you think this a good trade? {image}
Hi I never got around to trading day charts. I'm more of an intraday trader. I like the hourly and the m15 charts best and have had my best results on those timeframes. Anything lower is too choppy and fast paced for me, anything higher is too slow for me. By the looks of it, UJ seems to be a bull's market moreso than anything else, but let's not forget that it has been in a certain range since the beginning of the year. It is a weird pair for me, it doesn't have the boom I look for when I choose my pairs. With the current conjecture, I would say the dollar isn't a very good investment in the long-run. I personally try to stay away from buying any USD's for the time being. I have a certain opinion of the FED and the american economy... It (the usd) relied too much on its natural liquidity (being the most used reserve currency, the amount it was used for international transactions and so on), and now that things are changing, it is no longer as stable as it used to be. So I am skeptical as far as how much it can grow in reference to other currencies.

I am merely thinking out loud here, feel free to disagree with me and create a senseful discussion
  • #10
  • Jun 9, 2014 1:05pm Jun 9, 2014 1:05pm
Playing the waiting game. I want to see a retest/new higher swing low in order to enter. The HL as drawn on my chart prevented me from shorting once a wick rejected the bearish trendline I had on there, telling me price may not go lower at this time. Let's see if we are going to have a short to mid term bullish trend.

What daily is showing at this time is a failure to go lower, so confirming my new bull tendency.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzdh1.png Size: 62 KB
  • #11
  • Jun 9, 2014 3:39pm Jun 9, 2014 3:39pm
In the meantime, I took a long on GBPJPY. Not the best time of day to enter a trade, but my reasons were the bull trend GJ has been in recently, the triple bottom and the big large m15 candle that broke higher. Let's see how it develops. Target is 100% of ATR.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh1.png Size: 53 KB
  • #12
  • Edited 4:21pm Jun 9, 2014 4:09pm | Edited 4:21pm
Hello WDays,
I applaud your motives for starting this new thread.
The grey area you introduce is how many indicators is too many?
I hope the thread becomes a place where posters are respectful and share their ideas.
Here's how I'm trading currently:
I use the TDI.
If you look at H4 swings, they often, but not all the time, go from overbought to oversold to overbought etc. Zoopots pointed this out in the last few months on Trading Made Simple.
Most of an H4 down swing (i.e. pips and time) is seen below the TDI 50 and most of an upswing is above the TDI 50.
My current thinking is why bother with going short when the H4 is above the TDI 50 as it might not get below it? And vice versa for longs. (I know there are flaws in this.)
I take shorts on H1 pa when the H4 is below the TDI 50, longs on H1 pa when the H4 is above the TDI 50. If the H1 pa for a short takes the H1 below the 50 on the H1 TDI then so much the better and vice versa for longs.
As Bizzzle has pointed out, if the green is below the MBL for a short then that is good too.
I hope others will contribute their thinking to this thread.
Kan
Edit: I will add my ideas on the mysteries of structure later.
Thanks for your help, warmth and straight talking Heather.
  • #13
  • Edited 5:20pm Jun 9, 2014 5:02pm | Edited 5:20pm
Quoting Kanderpro
Hello WDays, I applaud your motives for starting this new thread. The grey area you introduce is how many indicators is too many? I hope the thread becomes a place where posters are respectful and share their ideas. Here's how I'm trading currently: I use the TDI. If you look at H4 swings, they often, but not all the time, go from overbought to oversold to overbought etc. Zoopots pointed this out in the last few months on Trading Made Simple. Most of an H4 down swing (i.e. pips and time) is seen below the TDI 50 and most of an upswing is above the...
I would be a hypocrite if I said "no" to introducing the TDI. However I am strongly against all the other indis that are used. You need to understand, it is not the indicator that is evil, it is the person sitting in front of the computer and taking a setup simply because the stochastic is overbought/sold or because the TDI crossed and so on.

I am against the idea that the 50 line has anything to do with trend direction, except that when all three TDI lines are at the 50 line, you're much more likely to be in a flat market. Again, this is something you do not need the TDI for. The TDI is supposed to be babywheels. When you see price seemingly going higher, the TDI is that tool that tells you "yeah, it's going up alright". The MBL (slope) shows an estimate of the trend direction. Sometimes it's easier to check that out instead of looking for highs and lows on your chart, I agree. Most times, it is best to confirm everything with PRICE ACTION and PRICE STRUCTURE. Basically PRICE.

Indicators cloud judgement more than they help, when you're still in the early phases of your career. Myself included, the TDI has made me get into a lot of trades I normally wouldn't take if I looked at price more. It has made me come out of trades and so on. Price is all you need to be efficient.

Oh and hi, glad to have you on board if you choose to stick around
  • #14
  • Jun 9, 2014 6:49pm Jun 9, 2014 6:49pm
Nothing like some minor news to crash the party I hope GJ and EJ can break the correlation. I will be in drawdown until then...
  • #15
  • Jun 9, 2014 7:01pm Jun 9, 2014 7:01pm
Dear WDays,

This seems like an interesting thread and I would be keen to follow.

Regards,
Shaun
  • #16
  • Jun 9, 2014 9:08pm Jun 9, 2014 9:08pm
Dropping by to say hi. I'll be hanging around
Everything you can imagine, is real - Pablo Picasso
  • #17
  • Jun 10, 2014 12:50am Jun 10, 2014 12:50am
Anyone take any H4 trades today?
  • #18
  • Jun 10, 2014 1:49am Jun 10, 2014 1:49am
Taking a chance on an EA short this morning, even though I don't really like this time of day. On the h1 chart, the previous 5 candles show a bearish falling 3 candle pattern a strong continuation pattern, which took out the demand area below, and h4 had a bearish engulfing, so worth a shot as I have to go out, I'm expecting some drawdown because of Frankfurt opening and the BRN but we'll see how it goes. Take profit set at 100 pips and script set to move to breakeven at 30 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud10-06.png Size: 24 KB
Click to Enlarge Name: euraud10-06(2).png Size: 23 KB
  • #19
  • Jun 10, 2014 1:59am Jun 10, 2014 1:59am
Quoting lastingwell
Taking a chance on an EA short this morning, even though I don't really like this time of day. On the h1 chart, the previous 5 candles show a bearish falling 3 candle pattern a strong continuation pattern, which took out the demand area below, and h4 had a bearish engulfing, so worth a shot as I have to go out, I'm expecting some drawdown because of Frankfurt opening and the BRN but we'll see how it goes. Take profit set at 100 pips and script set to move to breakeven at 30 pips. {image} {image}
Nice!
  • #20
  • Jun 10, 2014 2:04am Jun 10, 2014 2:04am
..checkin' in....

Nice job on your thread WD
.... laughing all the way to the bank
0 traders viewing now