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The Trader's Academy - by Traders for Traders

  • #121
  • Nov 3, 2015 3:01am Nov 3, 2015 3:01am
Quoting fxrabbi
{quote} Thanks Tell your friend he's right. Yomi.
He knows he is
  • #122
  • Nov 3, 2015 4:55am Nov 3, 2015 4:55am
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  • #123
  • Nov 3, 2015 5:14am Nov 3, 2015 5:14am
Quoting cat
{image}
Time always comes before price
  • #124
  • Nov 3, 2015 5:46am Nov 3, 2015 5:46am
Hi Cat - I also agree with your friend and I have said many times that its important to know when NOT to trade - which your friend says in a more eloquent manner.

There's a good example on the charts right now. From the wide 1m bar back at 12:20 gmt for ~hour it was best to take lunch as many of the big traders did - just look at the volumes! Then as the East Coast US Traders get to work - the first US Open now at 13:00 gmt - it was time to look at the screens again and the Higher Low some 15 mins later (on ultra low volume) suggested a buy and as I write price is some 30 points higher
Trading Levels with WRBs
  • #125
  • Nov 3, 2015 6:03am Nov 3, 2015 6:03am
GBPUSD (M15) +10pips.



Trade Ideas:

1. 5ema - the trigger.
2. Strength.
3. sync in pair.
4. Momentum.


Cheers,
Yomi.
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Time always comes before price
  • #126
  • Nov 3, 2015 6:20am Nov 3, 2015 6:20am
Quoting Islander
Hi Cat - I also agree with your friend and I have said many times that its important to know when NOT to trade - which your friend says in a more eloquent manner. There's a good example on the charts right now. From the wide 1m bar back at 12:20 gmt for ~hour it was best to take lunch as many of the big traders did - just look at the volumes! Then as the East Coast US Traders get to work - the first US Open now at 13:00 gmt - it was time to look at the screens again and the Higher Low some 15 mins later (on ultra low volume) suggested a buy and...
I've seen clearer buy opps in my time though, and right now I have a flashing NO ENTRY sign on my H1 chart for buys
  • #127
  • Nov 3, 2015 6:46am Nov 3, 2015 6:46am
Quoting cat
{quote} I've seen clearer buy opps in my time though, and right now I have a flashing NO ENTRY sign on my H1 chart for buys
Agreed, it wasn't an easy one to see. After exiting that buy it was sit on hands time again until the open of the NYSE Cash, when it was best to watch the US30 as at this time of the day its usually the leader and it was a buy 5 mins later and Dax followed up ward NB There was +ve divergence in both

Dow has R1 at 17,833 and its overnight high at 17,843 so this MAY be the area for a sell.....TWT Dow's high is 17,837 for this move, at 17,827 as I type....
Trading Levels with WRBs
  • #128
  • Nov 3, 2015 6:52am Nov 3, 2015 6:52am
Quoting Islander
{quote} Agreed, it wasn't an easy one to see. After exiting that buy it was sit on hands time again until the open of the NYSE Cash, when it was best to watch the US30 as at this time of the day its usually the leader and it was a buy 5 mins later and Dax followed up ward NB There was +ve divergence in both Dow has R1 at 17,833 and its overnight high at 17,843 so this MAY be the area for a sell.....TWT Dow's high is 17,837 for this move, at 17,827 as I type....
I've just alerted people on Carpe Diem to a possible triple top on the Dow just below 850, and Dax seems to have read it like that as well judging by the aggressive pull back off the 5m 200ema.

All a bit of a mess atm though
  • #129
  • Nov 3, 2015 6:57am Nov 3, 2015 6:57am
Quoting cat
{quote} I've just alerted people on Carpe Diem to a possible triple top on the Dow just below 850, and Dax seems to have read it like that as well judging by the aggressive pull back off the 5m 200ema. All a bit of a mess atm though

LOL - we made similar posts!

US FActory Orders in 5 mins so patience for me....closed buy took a sell and closed that too for a few before data
Trading Levels with WRBs
  • #130
  • Nov 4, 2015 1:07am Nov 4, 2015 1:07am
4 tips to limit distractions while trading:


1. Set a defined trading time each day that you will strictly follow.

2. Inform your loved ones to not disturb you during trading time.

3. Write down the websites that you allow yourself to visit during trading time.

4. Only trading-related material is allowed in your work area.




Yomi.
Time always comes before price
  • #131
  • Nov 4, 2015 2:06am Nov 4, 2015 2:06am
Quoting fxrabbi
4 tips to limit distractions while trading: 1. Set a defined trading time each day that you will strictly follow. 2. Inform your loved ones to not disturb you during trading time. 3. Write down the websites that you allow yourself to visit during trading time. 4. Only trading-related material is allowed in your work area. Yomi.

I guess that you've already said Turn Off your cell phone - or set it to Silent.......the later action is more difficult where your wife / girlfriend is involved!
Trading Levels with WRBs
  • #132
  • Nov 4, 2015 2:13am Nov 4, 2015 2:13am
Quoting Islander
{quote} I guess that you've already said Turn Off your cell phone - or set it to Silent.......the later action is more difficult where your wife / girlfriend is involved!
Weldone Sir
Time always comes before price
  • #133
  • Nov 4, 2015 2:40am Nov 4, 2015 2:40am
Quoting Islander
{quote} I guess that you've already said Turn Off your cell phone - or set it to Silent.......the later action is more difficult where your wife / girlfriend is involved!
That's if you've still got one after serving your trading apprenticeship!
  • #134
  • Nov 4, 2015 3:19am Nov 4, 2015 3:19am
Here's a tip taken from today's Dax, but it applies equally to any index or forex pair ( I am of the opinion that any single strategy will apply equally whatever you are trading ). What I really want to show you is how a cluster of candles very often precedes a movement in the required direction, in this case down. Firstly, you've got to be expecting support or resistance and you've got to be anticipating any move in advance, that's the only way to trade in my opinion. You don't know that the price will not keep going up, but you do know roughly where the levels of resistance are going to be. If the price blows through them, then it's game off, but if it looks like it is going to recognize those levels, then you've got to wait for confirmation. For me, on this particular example, confirmation began to form when, upon breaking just above the 76.4% fib level, the price started going sideways on this 30 second chart. It then dips below my MA20E, too early still to take the trade, before making another attempt to break higher. The clear signal here that it is unable to, and is about to break south, is the little cluster of candles I have marked. This is very often a tell tale sign that the price is about to move away. There is no trend line here, well there is, but it's much lower, but with a clear resistance level which the price has reacted to, and a second break of the MA20E, plus a falling MACD, and you really have no excuse not to take the trade. The second green arrow gives a lower opportunity off of the pin bar candle, but this would have required a bigger stop loss, so always better to get in as soon as you are happy that confirmation has held. The main strength of the confirmation for me was the second attempt to break higher, then the little cluster of candles, followed by the second break of your MA, whichever you use, mine being the 20exponential. You can use other MAs, I do, such as one which will come over the top, above your 20E, to reinforce directional change, so that's up to you to experiment with if you want to.

ps - sorry, I realize I've obscured the candle cluster with my text, but I think the gist is clear.
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  • #135
  • Nov 4, 2015 3:41am Nov 4, 2015 3:41am
In trading however, these count for nothing unless you really know what you are doing. Experience and knowledge will result in the positive frame of mind necessary to consistently put on winning trades - you can't put the cart before the horse.
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  • #136
  • Nov 4, 2015 3:53am Nov 4, 2015 3:53am
Quoting cat
{quote} That's if you've still got one after serving your trading apprenticeship!
Well at 15,000 + hours on the charts I hope I've done that! As to 15,000 days of wedded apprenticeship - I'm not so certain!!
Trading Levels with WRBs
  • #137
  • Nov 4, 2015 3:56am Nov 4, 2015 3:56am
" Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead. "

Paul Tudor Jones, Market Wizards.
  • #138
  • Nov 4, 2015 3:57am Nov 4, 2015 3:57am
Quoting cat
In trading however, these count for nothing unless you really know what you are doing. Experience and knowledge will result in the positive frame of mind necessary to consistently put on winning trades - you can't put the cart before the horse. {image}

Two excellent posts

Edit: make that three!
Trading Levels with WRBs
  • #139
  • Nov 4, 2015 4:20am Nov 4, 2015 4:20am
Quoting Islander
{quote} Well at 15,000 + hours on the charts I hope I've done that! As to 15,000 days of wedded apprenticeship - I'm not so certain!!
15,000 days of wedded apprenticeship is a tough ask whether you're a trader or not. I didn't get married until I was 40, so I'll be singing with the angels before I reach that millstone, sorry, milestone!
  • #140
  • Nov 4, 2015 4:25am Nov 4, 2015 4:25am
Quoting Islander
{quote} Two excellent posts Edit: make that three!
Why thank you Sir!
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