Islander and Medici trade the European open | Page 268 | Forex Factory

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Islander and Medici trade the European open

  • #5,341
  • Aug 4, 2016 4:30am Aug 4, 2016 4:30am
Quoting medici
{quote} Of course I do. Best place on the net {quote} As you know, I use tick charts, so no need for volume indicators. KISS, for me, is a single Keltner channel. See chart. {quote} My last trade was the 9.45 short. Got out manually for a stiff dozen instead of playing it as I should {image}

Agreed - that 9.45 sell was a clean entry - as was the buy ~ 8:08 off that S&R line on my chart following the 8:05 alert .....loads on offer this morning as the BBs work the narrower range - expect the break will be nice too.....TWT
Trading Levels with WRBs
  • #5,342
  • Aug 5, 2016 1:32am Aug 5, 2016 1:32am
nice to see you guys still knocking a few out,gets kinda lonely round here skimming posts off the front page from all those self proclaimed millionaire trading experts!!. Me,honest,...... bust, took a decade to do it!. .What am I left with .....Addiction.
  • #5,343
  • Aug 6, 2016 5:02am Aug 6, 2016 5:02am
Quoting Dr.Scalpall
nice to see you guys still knocking a few out,gets kinda lonely round here skimming posts off the front page from all those self proclaimed millionaire trading experts!!. Me,honest,...... bust, took a decade to do it!. .What am I left with .....Addiction.
Sorry to hear that - take a look at the Dax room and see if that helps....
Trading Levels with WRBs
  • #5,344
  • Aug 8, 2016 8:20am Aug 8, 2016 8:20am
Quoting Dr.Scalpall
nice to see you guys still knocking a few out,gets kinda lonely round here skimming posts off the front page from all those self proclaimed millionaire trading experts!!. Me,honest,...... bust, took a decade to do it!. .What am I left with .....Addiction.
Plenty of rubbish written, always tricky sorting out who is really trading for a living and who is just on demo. Hope your addiction becomes profitable. Sounds like your 10,000 hours is nearly up. If you're bust now the only way is up - but with lots of lessons learned.
Katte, kabuto no o wo shime yo. Size doesn't matter, leverage is the killer
  • #5,345
  • Aug 8, 2016 8:25am Aug 8, 2016 8:25am
Quoting Dr.Scalpall
nice to see you guys still knocking a few out,gets kinda lonely round here skimming posts off the front page from all those self proclaimed millionaire trading experts!!. Me,honest,...... bust, took a decade to do it!. .What am I left with .....Addiction.
I wonder, are your trading results due to lack of understanding/skill or psychological reasons?
  • #5,346
  • Aug 9, 2016 2:08am Aug 9, 2016 2:08am
Quoting medici
{quote} I wonder, are your trading results due to lack of understanding/skill or psychological reasons?
HI mate, It has to be the former, physcologically I think I'm fine, although you could probably debate that!!.


Revoli, Sound words, I'm yet to find anybody with a profitable addiction?. Although I say I'm bust, in reality I keep finding a bit more so therein could lie the problem, complacency, perhaps I don't trade it wish the passion that it's the last bundle of notes I could ever have in my hand!.

Kind regards

doc.
  • #5,347
  • Aug 9, 2016 2:19am Aug 9, 2016 2:19am
Quoting Dr.Scalpall
HI mate, It has to be the former, physcologically I think I'm fine, although you could probably debate that!!.
That's strange, because trading is from one perspective a statistical game, and after ten years you ought to have plenty of data. What I mean by that is explained in this blurb that I posted elsewhere:

What I would recommend is

  1. Going over a few months, at least, of charts to get a clear understanding of what patterns repeat
  2. Clearly and objectively define the patterns that appear profitable into setups, including rules for entry
  3. Do the statistics, in terms of suitable stop-loss and target profit, hit-rate, and frequency of occurrence
  4. Evaluate each setup in terms of average daily profitability, downside risk, etc
  5. Decide on which ones to trade and build a business plan (i.e capital required, minimum and expected cash flows, risks, etc)
  6. Work towards flawlessly executing your plan by forward testing it using a lower risk level
  7. Get started trading as a professional

The absolutely wrong way to go about things would be to start playing the market, demo account or not, based on, for example, the many excellent examples posted here by cat - without doing the necessary preparation as indicated. Developing some kind of subjective intuition as to when to enter or not, rather than going by objective rules, is the road to disaster. There are two reasons why:
Assuming you have been successful over many months using subjective intuition only, there will be a pattern to your track record. That pattern can be analysed to generate the output of the preparation work suggested here. It is better to be consciously aware of those patterns than not. In the words of Aristotle: "We are what we repeatedly do. Excellence, then, is not an act, but a habit."
To make trading into a conscious habit rather than an intuitive pursuit is absolutely essential for psychological reasons. When you use intuition, rather than rule-based thinking, you are much more likely to suffer stress, as your subjective judgement is involved rather than well-tested rules. And when your stress level goes up, your capability to act rationally decreases radically, and you may get into a state of fight-or-flight. If so, one mistake may turn into several and cause a small or large disaster to your account, before you have a chance to reflect on what's going on.

What do your stats look like from such a perspective?

  • #5,348
  • Aug 10, 2016 1:59am Aug 10, 2016 1:59am
Wise words as ever and fundamental things of which I'm guilty of not doing.Perhaps I ought to accept that there are just not enough hours in the day to do everything that I do,let alone to an acceptable standard!. It also resonates the running joke I have with a very dear friend (~The one who's late husband introduced me to all this!!!) who rings me up with the daftest of questions, questions like 'how do I get the BBC red button?' to which I always interupt with 'Have you read the book?'.........I rest my case.

doc.
  • #5,349
  • Aug 12, 2016 8:52pm Aug 12, 2016 8:52pm
Quoting medici
{quote} That's strange, because trading is from one perspective a statistical game
medici and Islander, I really appreciate you people for the information provided in thread. The dedication and love shown in this thread telling me that how much discipline a trader need to follow for success. From 2010 to 2016, regular posting and discussion. Its amazing.

Believe me , Its really superb how the knowledge presented and organized. Wowwww beautiful.

It was late night in my country and i was about to sleep but i found the thread. I failed to recognize that my sleeping time passed on.

Thank very much for everything you did for helping others.
Forex; the game of movements not the game of candles.
  • #5,350
  • Aug 25, 2016 1:40am Aug 25, 2016 1:40am
I've gone naked - again.....PA around levels with volumes allows me see the action more clearly....and - even in August - Dax offers plenty of action
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Trading Levels with WRBs
  • #5,351
  • Oct 22, 2016 3:49am Oct 22, 2016 3:49am
Quoting Islander
I've gone naked
Applies in a lot of contexts for me, but not in trading.

Trading needs to be strategic as opposed to impulsively reacting to what's happening in the market. For that one needs a strategy, which for me means a few colourful things on the chart.

One needs to be able to objectively tell range from trend, and then to, respectively, play the edges or play the pullbacks.

Most trading losses happen trying to play pullbacks in a range and getting whipsawed, or trying to play the edges in a trend and being caught catching falling knives or picking tops.

For that I need some quantitative tools ("indicators") to tell me beyond subjective judgement:

  1. Is the market trending or ranging?
  2. In a range what are the edges to play?
  3. In a trend, what are the pullbacks to play?

For me that would be impossible to do without some indicators.

On my desk I keep a notebook where I force myself to write the answer to the question "What are the strategic trades to take now?" before taking any entries. The chart below, from Friday's action in DAX, illustrates the process. Apologies for clutter.

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  • #5,352
  • Oct 22, 2016 4:17am Oct 22, 2016 4:17am
Next question is, of course, how does one do that?

To define edges of a range one needs some kind of channel, and to define pullbacks a moving average could be helpful.

So the simplest setup would be some kind of moving average envelope and, indeed, there is something to be said for keeping things simple.

For inspiration, see, for example:

http://stockcharts.com/school/doku.p...rage_envelopes

http://www.investopedia.com/articles...e-envelope.asp

http://www.investopedia.com/ask/answ...nger-bands.asp
  • #5,353
  • Oct 23, 2016 6:01am Oct 23, 2016 6:01am
And here's a cleaner version of the chart posted, as well as a possible way of making this strategy objective.

The MA is an EMA60 with a 2.5 ATR band. The white zones are where the EMA60 Bollinger band sneaks inside the envelope.

Range is now defined as "white zones appearing", and pullback is defined as pullback to, at least, the EMA.
Attached Image(s) (click to enlarge)
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  • #5,354
  • Oct 25, 2016 12:35pm Oct 25, 2016 12:35pm
Quoting medici
And here's a cleaner version of the chart posted, as well as a possible way of making this strategy objective. The MA is an EMA60 with a 2.5 ATR band. The white zones are where the EMA60 Bollinger band sneaks inside the envelope. Range is now defined as "white zones appearing", and pullback is defined as pullback to, at least, the EMA. {image} {image}
Hi medici,

beautiful breakdown of trends and ranges. you've made it so simple.
what atr period have you used for the 2.5 ATR band?

cheers.
  • #5,355
  • Oct 25, 2016 12:59pm Oct 25, 2016 12:59pm
Quoting pgd
{quote}what atr period have you used for the 2.5 ATR band?
Same, 60.
  • #5,356
  • Oct 25, 2016 1:00pm Oct 25, 2016 1:00pm
Quoting pgd
{quote} Hi medici, beautiful breakdown of trends and ranges. you've made it so simple.
Thank you Appreciated, coming from an old-timer on this forum
  • #5,357
  • Oct 25, 2016 3:44pm Oct 25, 2016 3:44pm
Quoting medici
{quote} Thank you Appreciated, coming from an old-timer on this forum
this "old-timer" has learned a lot from you, brother...

your "ever-so-willingness" to objectively, patiently, modestly and compassionately respond to sometimes even the most rudimentary queries, places you among the few great teachers that these forums have seen.

I must here quote some of your wise and axiomatic statements that I saved to a file I named "nuggets".

[1]
"Everyday sit at the screen with the curiosity of seeing how the market will unfold rather than wait for a trade to set up. Take a trade when it does set up."

[2]
"Trend is not up or down but what is happening now!"

I wouldn't be surprised if I discovered that you meditate...

cheers!
  • #5,358
  • Oct 26, 2016 4:04am Oct 26, 2016 4:04am
Good. Why sharing it???? JK
  • #5,359
  • Oct 26, 2016 4:46am Oct 26, 2016 4:46am
Quoting pgd
{quote} this "old-timer" has learned a lot from you, brother... your "ever-so-willingness" to objectively, patiently, modestly and compassionately respond to sometimes even the most rudimentary queries, places you among the few great teachers that these forums have seen. I must here quote some of your wise and axiomatic statements that I saved to a file I named "nuggets". [1] "Everyday sit at the screen with the curiosity of seeing how the market will unfold rather than wait for a trade to set up. Take a trade when it does set up." [2] "Trend...


Did I say those things? Sounds wiser than I give myself credit for. I wish I had remembered them, and my trading results would have been better

And, yes, I've done plenty of meditation. These days I tend to prefer psychedelics.
  • #5,360
  • Edited 7:21am Oct 26, 2016 4:51am | Edited 7:21am
Quoting HeyYou
Good. Why sharing it???? JK
Why not? It's not a complete system, and it's not part of the system I use (except in principle) but basically educational.

Still, with a bit of work it can be turned into a working system. So, good charity as far as I'm concerned.
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