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  • #501
  • Oct 30, 2014 10:37am Oct 30, 2014 10:37am
Chart example - gbpaud h1 supply at important zone (current momentum was down)
Attached Image (click to enlarge)
Click to Enlarge Name: 2-GBPAUDH1.png Size: 32 KB
The purpose of knowledge is action, not knowledge
  • #502
  • Oct 30, 2014 10:38am Oct 30, 2014 10:38am
thanks, but your pending limit are usually set on lower TF (than main PA reading TF), aren't they? i suppose it has to be done a few moments (based on your guess) before the entry triggered. and if not triggered, you need to remove/adjust them right away? that's just my experiences, much a headache to me, hence i asked this.


Quoting alifari
{quote} Majority of my trades are pending limit orders, I only use market orders on VLTF trades, as those are quick in and out trades based on current price action.
  • #503
  • Oct 30, 2014 10:55am Oct 30, 2014 10:55am
Quoting charvo
thanks, but your pending limit are usually set on lower TF (than main PA reading TF), aren't they? i suppose it has to be done a few moments (based on your guess) before the entry triggered. and if not triggered, you need to remove/adjust them right away? that's just my experiences, much a headache to me, hence i asked this. {quote}
I consider M5 and below time frame as VLTF (Very Low Time Frame) - So these traders are based on market orders

I consider M15 and above time frame as normal and don't treat them lower time frame. If I identify zone in advance then I place pending order right away with approximate take profit target of 2R and set an audio and pop up alert few pips above/below my entry, so when the price is near the zone or level, I can see how price is approaching my entry level.

If the trade is triggered I reassess my stop loss and take profit target and adjust it, if required.

If the trade miss my entry price and hit my projected take profit target or nearest FLR/FLS then I cancel the trade

However, there are some occasions when I am not watching charts or out for some work or trade triggered outside my trading hours. In those scenario there is nothing I can do, so I accept whatever the trade result is.

One important thing is I keep my exposure limited and make sure I don't take two or three trades of correlated pairs at the same time. In that case either I place order for the pair which looks the best structure wise OR if I have two pending orders and one gets triggered, I cancel the second one.
The purpose of knowledge is action, not knowledge
  • #504
  • Oct 30, 2014 11:12am Oct 30, 2014 11:12am
Audusd m15 demand zone

trade result +1.60r
Attached Image (click to enlarge)
Click to Enlarge Name: 39-AUDUSDM15.png Size: 32 KB
The purpose of knowledge is action, not knowledge
  • #505
  • Oct 30, 2014 2:21pm Oct 30, 2014 2:21pm
Quoting alifari
{quote} If I identify zone in advance then I place pending order right away with approximate take profit target of 2R and set an audio and pop up alert few pips above/below my entry, so when the price is near the zone or level, I can see how price is approaching my entry level. If the trade is triggered I reassess my stop loss and take profit target and adjust it, if required. If the trade miss my entry price and hit my projected take profit target or nearest FLR/FLS then I cancel the trade
Charvo,

Here is chart example of GBPUSD M15 as to when I would have placed buy limit order. AUDUSD trade triggered before this, so didn't take this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 43-GBPUSDM15.png Size: 39 KB
The purpose of knowledge is action, not knowledge
  • #506
  • Oct 30, 2014 2:35pm Oct 30, 2014 2:35pm
thanks, crystal!

i've been thinking about your "not entering 2~3 correlated pairs at the same time". i do that too, as i found i often suffer losses altogether.

but is this a right thing to do? i'm not sure. in your case, if both gu and au 's setups look perfectly, and the decision NOT to take them both would be based on factors outside the setup (risk in this case). this is something that great traders keep warning us of.

my skill is still poor, therefore, i'd better reduce risk by taking only 1 pair. however, traders like you with mature methodology should or should not take all of them is a question i keep wondering, now that the performance statistics may be completely convincing.
  • #507
  • Oct 30, 2014 5:27pm Oct 30, 2014 5:27pm
Quoting charvo
thanks, crystal! i've been thinking about your "not entering 2~3 correlated pairs at the same time". i do that too, as i found i often suffer losses altogether. but is this a right thing to do? i'm not sure. in your case, if both gu and au 's setups look perfectly, and the decision NOT to take them both would be based on factors outside the setup (risk in this case). this is something that great traders keep warning us of. my skill is still poor, therefore, i'd better reduce risk by taking only 1 pair. however, traders like you with mature methodology...
Actually, the reason I stick to one trade at a time is I know that the method and different strategies I am using produce numerous setup every day, so I don't need to take each and every setup or 2 correlated trades at the same time.

It may be the case for traders who are taking just 2 or 3 trades a week and waiting too long and when they see a trade setups occurring all at once they get itchy and go all in or exceed their risk limit. Thankfully, I am not one of those traders.
Attached Image (click to enlarge)
Click to Enlarge Name: Quotes 5 Study Your Action.jpg Size: 121 KB
The purpose of knowledge is action, not knowledge
  • #508
  • Oct 30, 2014 6:17pm Oct 30, 2014 6:17pm
Quoting trader34
{quote} Exuberant growth Vs. sustainable growth. That's the only analysis needed. Anyone can be lucky..triple their account in a day...but this cannot be maintained in the long term! The only way you can have this type of roller coaster account balance is with unsustainable risk. Any system that has even close to 90% draw down is not a profitable system long term. Sooner or later it will blow the account. It is mathematical fact. This is not a model to build wealth. Statistically, the faster the account growth, the more severe the draw down. This...
An excellent post by trader34 in one of the thread. Thought I would share it here for future reference.

Exuberant growth Vs. sustainable growth. That's the only analysis needed.

Anyone can be lucky..triple their account in a day...but this cannot be maintained in the long term!

The only way you can have this type of roller coaster account balance is with unsustainable risk. Any system that has even close to 90% draw down is not a profitable system long term. Sooner or later it will blow the account. It is mathematical fact.
This is not a model to build wealth.

Statistically, the faster the account growth, the more severe the draw down. This is also a fact.
It's better to focus on slower, more regular gains, than huge gains lost in an instant.
It's nice that Profitfarmer has made excellent results...today...but the TE says it all...if you look at it objectively...there is a short period of fantastic wins, followed by decimation of the account. The account is still negative overall. How can this be a source of regular income?!
Does any one really believe this is how the big boys play?! Moreover, is this the path to stable wealth?!

This has nothing to do with not believing, and being programmed to have a "normal job." Success in trading IS possible, and IS achievable.
But the reality of successful trading is not 100% growth in a month...it is wise decisions made consistently for far smaller consistent profits.

The key word is consistent.

Too many people come to this industry seeking a get rich quick scheme, only to be disappointed and disheartened when it doesn't happen that way.
It is possible to make excellent money in Forex, but the get rich quick mentality must be removed for a more realistic approach
The purpose of knowledge is action, not knowledge
  • #509
  • Oct 31, 2014 12:11pm Oct 31, 2014 12:11pm
Hi Ali and everyone on-board. I have been out of touch from trading this week. I hope the week went well for all of you. Cheers !!!
  • #510
  • Oct 31, 2014 2:34pm Oct 31, 2014 2:34pm
Nzdusd m30 supply zone - entered on instant retest

trade result +3.0r
Attached Image (click to enlarge)
Click to Enlarge Name: 7-NZDUSDM30.png Size: 33 KB
The purpose of knowledge is action, not knowledge
  • #511
  • Oct 31, 2014 2:36pm Oct 31, 2014 2:36pm
Quoting honeybadger
Hi Ali and everyone on-board. I have been out of touch from trading this week. I hope the week went well for all of you. Cheers !!!
Hi honeybadger,

Trading going very well and lot's of setup to trade this week.
The purpose of knowledge is action, not knowledge
  • #512
  • Oct 31, 2014 2:50pm Oct 31, 2014 2:50pm
Usdcad m15 demand zone (yesterday trade)

trade result - breakeven
Attached Image (click to enlarge)
Click to Enlarge Name: 45-USDCADM15.png Size: 45 KB
The purpose of knowledge is action, not knowledge
  • #513
  • Oct 31, 2014 3:00pm Oct 31, 2014 3:00pm
Eurgbp m15 demand zone (yesterday trade)

trade result -1.00r
Attached Image (click to enlarge)
Click to Enlarge Name: 46-EURGBPM15.png Size: 44 KB
The purpose of knowledge is action, not knowledge
  • #514
  • Oct 31, 2014 3:04pm Oct 31, 2014 3:04pm
Dear Ali, your entry is amazing, why? is it due to a ignored supply? I can't be sure of it.

but your exit is too conservative to me, man. isn't it on H1/M30 a clear compression, and momentum apparently strong? 0.78 seems a sure target.

Quoting alifari
Nzdusd m30 supply zone - entered on instant retest trade result +3.0r {image}
  • #515
  • Oct 31, 2014 3:28pm Oct 31, 2014 3:28pm
Quoting charvo
Dear Ali, your entry is amazing, why? is it due to a ignored supply? I can't be sure of it. but your exit is too conservative to me, man. isn't it on H1/M30 a clear compression, and momentum apparently strong? 0.78 seems a sure target. {quote}
Hi Charvo,

The level where supply was formed was historical SR zone. See trade reason on chart.

Most of my trades are from one zone to another and I go with the short term momentum and take profit at a zone where I expect some reaction and where there is possibility of retracement and I don't like to give back my profit by hoping that the zone would not hold. I realize getting in and out of trades quickly works for me and give me good R as well.

I was happy with 3R profit on this trade and if the market dropped 100 pips more, I really don't care, cause I played according to my plan. Also I think in terms of probabilities as to how many trades will react to the FLR/FLS zones and retrace back to my entry level or hit my stop loss or it will go the other way. My experience say the probabilities of retracement are always higher and taking profit at FLR/FLS would be more profitable for me in the long run.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7-NZDUSDM30.png Size: 52 KB
Click to Enlarge Name: NZDUSDM30.png Size: 51 KB
The purpose of knowledge is action, not knowledge
  • #516
  • Nov 1, 2014 6:27am Nov 1, 2014 6:27am
Re: NZDUSD TRADE

Moreover, in addition to above explanation there is another factor that gave me confidence to go short. The black line acted as resistance three times and finally price broke out and hit SR flip level and came back down and tested the demand that caused the breakout. Now see the first momentum bearish bar able to close below this black line and there was no immediate spike, which suggest that sellers in control and lack of buying interest.

Actually it's very easy to say these after the fact and come up with all kind of reasons to take a trade, but the real key us whether we actually saw it in live environment when we have only few seconds or a minute to make a decision whether to take a trade, where to put stop loss etc.

That is where the back testing and analyzing past charts come in handy, as we have to train our mind in a way, so that we could see those scenario in a split of a moment even when back testing, so that when the real opportunity comes, we are well prepared and act in our best interest.
The purpose of knowledge is action, not knowledge
  • #517
  • Nov 8, 2014 4:29am Nov 8, 2014 4:29am
Chart examples - QM levels
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 18-AUDUSDM15.png Size: 34 KB
Click to Enlarge Name: 19-GBPJPYM15.png Size: 34 KB
The purpose of knowledge is action, not knowledge
  • #518
  • Edited 5:15am Nov 8, 2014 4:37am | Edited 5:15am
Chart examples - FTB Levels (EURNZD didn't quite hit the level but good for example purpose)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 51-EURNZDM15.png Size: 28 KB
Click to Enlarge Name: 50-EURAUDM15.png Size: 34 KB
The purpose of knowledge is action, not knowledge
  • #519
  • Nov 8, 2014 5:38am Nov 8, 2014 5:38am
From today onwards, I have decided to post charts and update my journal once a week or every 15 days. Trying to concentrate more on trading and more chart watching as lately I have realized, I am spending too much time on forums and that is effecting my trading.

The reason I post charts here is for my own future reference and to analyze my progress over the years.

Here are some trades from this week.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9-AUDUSDM30.png Size: 30 KB
Click to Enlarge Name: 52-EURAUDM15.png Size: 32 KB
The purpose of knowledge is action, not knowledge
  • #520
  • Nov 8, 2014 5:46am Nov 8, 2014 5:46am
Chart example - EURGBP SR FTB
Attached Image (click to enlarge)
Click to Enlarge Name: 5-EURGBPH1.png Size: 29 KB
The purpose of knowledge is action, not knowledge
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