Really enjoyed the live stream ...when is the next one 
Ratios & Harmonics: a Different Way to Trade
- #23,804
- Jan 18, 2017 3:53pm Jan 18, 2017 3:53pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,805
- Jan 18, 2017 6:53pm Jan 18, 2017 6:53pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
{quote} Looks like youtube fixed the videoAnyways, since it was already uploaded, here's the download link (https://mega.nz/#!d9gFjbAZ!zVUtMy8jqmFIjXUyY2AE3G7SXO8YRjFhQgMXtUsXCrU), if someone is still interested in it. Great session
thanks again for the opportunity to learn from a real trader.
If you fail to plan, you plan to fail.
- #23,806
- Jan 18, 2017 6:57pm Jan 18, 2017 6:57pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
Really enjoyed the live stream ...when is the next one
If you fail to plan, you plan to fail.
- #23,807
- Jan 18, 2017 7:05pm Jan 18, 2017 7:05pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,808
- Jan 18, 2017 7:12pm Jan 18, 2017 7:12pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,809
- Jan 18, 2017 11:48pm Jan 18, 2017 11:48pm
Hello Guyz,
Question : do You use some kind of maximum drawdown for the day?
That can be in terms of money lost or number of loser trades or whatever.
Please post your rules and reasons
Thank You very much
Question : do You use some kind of maximum drawdown for the day?
That can be in terms of money lost or number of loser trades or whatever.
Please post your rules and reasons
Thank You very much
If you quit, it is NEVER going to happen...
- #23,810
- Jan 19, 2017 12:02am Jan 19, 2017 12:02am
{quote} Not sure I have a losing day here and there but long losing streaks. I can't say that I do. If I did though, it would not matter. When I have a losing day I always revisit and see if I followed my rules and with the benefit of hindsight I can see what errors I made. The I work on what needs to be worked on so that I don't repeat it the next day. This is probably why I don't have long losing streaks. Also trading at a good RR help you recover very quickly usually one winner erases 2-3 loses.
I have the same problem as many others - living in Europe so London&NY session is during my working hours. In this sense intraday might not be the best time frame for us, but lately I'm determined to do whatever is necessary to perfect the skills for the lower timeframe before moving to higher ones, for the simple reason that your method is of course the most effective "as you do it".
I would like to share with other European traders how I am following lower time frame "at work", maybe together we could work out something even better!
- I do my daily analysis everyday before London opening, that includes taking notes of longer term S&R areas on D1/H4 and check how price has reacted to them. This way you have some rough expectation for the day
- The London/NY opening hour is quite important as more often then not, it sets the tone for the morning and afternoon session, so one should really try to grab some time slot here to adjust expectation or make trading decisions.
- I pick my entry signals mainly on M5/M15. I also use 233 tick chart to assess short-term order flow, which normally corresponds to M3 to M5, depending on market volatilities.
- My default SL is 25 and TP is 50, so whenever I got an order in, the SL/TP are already set, this way I'm protected at all time. I might manually adjust them as needed, but since I almost only take trades within 25 pips of S&R area, I very often just leave the SL alone.
- If I have the time to monitor a trade, I do what Mr. Pip suggests and move SL to BE when price has moved past the next swing with some discretion, then lock in profit as it develops. But if I do NOT have the time, I simply set a trailing stop with 20-25 pips and hope for the best. It's not ideal but workable.
- At work, I use some Virtual Desktop software to create a separate desktop for all the trading windows, this way I can switch from the "trading setup" to "working setup" with a shortcut key, for obvious reasons
Regarding "work ethics", of course everybody has to decide for himself how he is going to "compensate" his boss for the time lost trading Personally I do put in a lot of extra hours at work so that I don't feel bad for "stealing" a little time for trading.
What used to be the hardest thing for me is when I miss "perfect" opportunities, but since this is something we living in Europe with a day job will have to deal with, it doesn't bother me anymore.
Sometimes, NOT being able to follow a trade is not necessarily a disadvantage, as it prevents you from doing stupid things
- #23,819
- Edited 8:31am Jan 19, 2017 8:09am | Edited 8:31am
My trades for today :
Gbp/Usd : Long after a retracement from a good NSH (good projection+decent momentum). Waited for a rotation that happened actually some pip before the 38,2fib. A bit more shallow than expected but strong and clear. Price moved in favour for approximately 20 pips, and as it tested and broke the previous high, I moved the stop at BE+2, where i was stopped out on the following retracement (damn! 18,2pips given back!
)
Usd/Jpy : Waiting a signal for a long after a weak NSH just after London Open, price reversion and sellout all the way down to a weak NSL. I did expect a deep pullback, which I had in a prederminated area with structure, 50% fib and supply area confluence. I entered short at the close of a big rotation candle expecting at least a retest of the previous NSL. So more than enough space to protact the trade.
SL was Beyond 78,6 fib and another Supply area at 114,90. Price moved finally in the expected direction completing an harmonic 1:1 on the way down. Unfortunately News time was coming fast (vertical line), so I tightened the SL progressively (see SL II, III, IV) till just above the low of the last previous swing. Stopped out there for + 5,9pips
+9,6 green pips anyway, but more good news here : the rules to manage the trades seemed clear enough even in the mist of the battle, and though the money at stake was not that much, the emotional content was reasonably manageable. Capital protection was into account and seemed to work fine, since the news shooted prices in the opposite direction of my trades now.
A positive day, incouraging to keep on grinding
maxx
Gbp/Usd : Long after a retracement from a good NSH (good projection+decent momentum). Waited for a rotation that happened actually some pip before the 38,2fib. A bit more shallow than expected but strong and clear. Price moved in favour for approximately 20 pips, and as it tested and broke the previous high, I moved the stop at BE+2, where i was stopped out on the following retracement (damn! 18,2pips given back!
) Usd/Jpy : Waiting a signal for a long after a weak NSH just after London Open, price reversion and sellout all the way down to a weak NSL. I did expect a deep pullback, which I had in a prederminated area with structure, 50% fib and supply area confluence. I entered short at the close of a big rotation candle expecting at least a retest of the previous NSL. So more than enough space to protact the trade.
SL was Beyond 78,6 fib and another Supply area at 114,90. Price moved finally in the expected direction completing an harmonic 1:1 on the way down. Unfortunately News time was coming fast (vertical line), so I tightened the SL progressively (see SL II, III, IV) till just above the low of the last previous swing. Stopped out there for + 5,9pips
+9,6 green pips anyway, but more good news here : the rules to manage the trades seemed clear enough even in the mist of the battle, and though the money at stake was not that much, the emotional content was reasonably manageable. Capital protection was into account and seemed to work fine, since the news shooted prices in the opposite direction of my trades now.
A positive day, incouraging to keep on grinding
maxx
If you quit, it is NEVER going to happen...
