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  • #1,161
  • Apr 20, 2017 3:45am Apr 20, 2017 3:45am
Quoting cat
{quote} For me there was no fake yesterday, and Tuesday's was relatively easy as it was up into the H1 200sma, so when it turned and closed below the 1m 20sma, that was the place to short, AWAY from a big moving average. Today I was expecting the price to move up, though I wasn't sure whether the support would hold. Simply because it did not keep on going south, left a pretty long lower stalk on the 1m tf, followed by 5 successive positive candles, was a strong indication that it would rally. Hang on in there, no one said trading was easy, but you...
You're absolutely right I probably should think through where I went wrong with those losers. Back to demo , I don't think I'm ready to place real cash on the line. I know I've still got a lot learn. Sure I have a better idea as to where price is going to head than a year ago. That's a progress. But I still can't nail down a precision entry.

You know I was thinking about Phd candidates, many of them sacrifice 5 or more years of their lives into their "supposedly" favourite subjects hoping to achieve some sort of recognition. I bet not many earn the recognition they wanted or deserve after all those years. Many may even end up unemployed or working a job that they have no passion for. As with trading many people join the parade hoping to make millions in a day, week , month or a year soon realise how difficult the journeys going to be much like training for a neuroscience Phd, or any other Phd for that matter. But how many of us are wiling to put the time and the effort that is required to achieve consistent result ? Not many.

We want fast results. Well for those who's still hanging on (like me) who's in the middle of the journey still hasn't figured it out yet, quitting does often invade our thoughts however it feels like we've come this far for nothing if we decided to quit now. At least with Phd if you decide to quit in the middle you get your masters. But what do we get ? I don't know, I don't want to abandon what I have achieved up until now. I don't think I'll completely quit trading. I've put so much effort in it already. It feels too precious to end it all.

If you think about it everything in life is a gamble doing a Phd doesn't guarantee you a full time job at a uni much like studying trading doesn't guarantee you'll earn a living from trading alone.
...
  • #1,162
  • Apr 20, 2017 3:48am Apr 20, 2017 3:48am
Hello Cat and all the other posters in this thread!

first off big thanks to you Cat for sharing a lot of valuable insights with us. I spent a good amount of time going through your posts, think it will take a while to let it sink in. This multi timeframe approach feels very promising, but i guess it will take a lot of time to internalize it and make it my own.

Today i was following the 10sec Chart after the reversal and was looking if I could make out a nice pullback entry. I've circled 3 areas where I would like to ask for ur opinion.

1. circle: not at a big MA
2. circle: should i have entered at the close above the MA20?
3. circle: would u have entered there? (cause i dont see a strong bullish candle)

https://www2.pic-upload.de/img/33038709/dax10sec.jpg

(stupid question: how do i insert pics like you Cat?)

@Piquant: the path we have chosen is much harder than we could have imagined and nobody knows if it was the right decision until we finally get profitable. U have to have love for the process and be patient. Doubts are normal, but after every setback i came back stronger, thats what keeps me going for it still. Good luck to you
  • #1,163
  • Apr 20, 2017 3:55am Apr 20, 2017 3:55am
Quoting Piquant
{quote} You're absolutely right I probably should think through where I went wrong with those losers. Back to demo , I don't think I'm ready to place real cash on the line. I know I've still got a lot learn. Sure I have a better idea as to where price is going to head than a year ago. That's a progress. But I still can't nail down a precision entry. You know I was thinking about Phd candidates, many of them sacrifice 5 or more years of their lives into their "supposedly" favourite subjects hoping to achieve some sort of recognition. I bet not many...
Couldn't have said it better myself.

Remember, that whilst it may seem you are doing something non-productive with your life by sitting staring at charts all day, think of all the millions of people out there who are working like slaves in jobs they hate on wages that barely pay the bills. You may well feel like you are not contributing to society much, and that may be true if you compare trading to professions like medicine or science, but not everyone can be a doctor or a scientist, and once you really make it as a trader, with the limitless opportunities it will offer you, you will be able to find many ways you can contribute to society if you want to. Having a loving, happy family with children who are well provided for being just one of those ways.
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  • #1,164
  • Apr 20, 2017 6:27am Apr 20, 2017 6:27am
Quoting cat
{quote} Couldn't have said it better myself. Remember, that whilst it may seem you are doing something non-productive with your life by sitting staring at charts all day, think of all the millions of people out there who are working like slaves in jobs they hate on wages that barely pay the bills. You may well feel like you are not contributing to society much, and that may be true if you compare trading to professions like medicine or science, but not everyone can be a doctor or a scientist, and once you really make it as a trader, with...
I really can't wait for that day where I make a good living out of trading alone. The thought of it alone makes me excited like a kid in a candy store. Considering the amount of work and effort I put into trading I assume the satisfaction will be that much when I finally make it.

Always appreciate your wisdom Cat !

Btw I don't have 20sec chart on my broker but 15sec, I'll use the combination of 15sec and a minute chart. Looks good so far better than my 10sec chart thanks!! :-)
...
  • #1,165
  • Apr 20, 2017 6:33am Apr 20, 2017 6:33am
Quoting cat
{quote} You may well feel like you are not contributing to society much, and that may be true if you compare trading to professions like medicine or science{image}
Well, I think traders contribute a great deal to society. They help achive spacio-temporal price stability, which is extremely important. And let me say what everybody know but don't think about it, but the money is involved in ALL EXCHANGES (well, except barter). Stability over time is of utmost importance.

Besides, traders pay their f*ckups will their own cash (or their mandator's). Doctors and scientists mostly don't pay them, since they work hand in hand with the government.
  • #1,166
  • Edited Apr 21, 2017 3:03am Apr 20, 2017 6:41am | Edited Apr 21, 2017 3:03am
Quoting cat
{quote} Couldn't have said it better myself. Remember, that whilst it may seem you are doing something non-productive with your life by sitting staring at charts all day, think of all the millions of people out there who are working like slaves in jobs they hate on wages that barely pay the bills. You may well feel like you are not contributing to society much, and that may be true if you compare trading to professions like medicine or science, but not everyone can be a doctor or a scientist, and once you really make it as a trader, with the...
Jeez I couldn't have written it better myself. That's exactly my view about the trading. There's no secret your posts are pure gold but with this one you really you hit the nail on the head. I usually stay out of posting when I don't have anything to contribute. But I couldn't ressist. So I add nice quote at least. Btw. It's kind of hard to pick one as there are plenty great quotes on the internet. So I chose the one with nice contrast to your image.

Quoting Kloppo
(stupid question: how do i insert pics like you Cat?)
When you're in reply window look down. Under the Emojis there's tab starting "Attach Files" then you choose "Upload From Device"
Attached Image
  • #1,167
  • Apr 20, 2017 6:42am Apr 20, 2017 6:42am
Quoting Piquant
{quote} I really can't wait for that day where I make a good living out of trading alone. The thought of it alone makes me excited like a kid in a candy store. Considering the amount of work and effort I put into trading I assume the satisfaction will be that much when I finally make it. Always appreciate your wisdom Cat ! Btw I don't have 20sec chart on my broker but 15sec, I'll use the combination of 15sec and a minute chart. Looks good so far better than my 10sec chart thanks!! :-)
15sec is good too, I often use it myself. Went down to 3 secs once, but that was fining it down just a bit too far

Just remember, it's not about finding a system that works, I always laugh when I hear that, as if it is something that can be purchased off the shelf. It's about developing a system, your system, that you understand enough to be able to profit from consistently. Once you've done that, you are there.
  • #1,168
  • Apr 20, 2017 6:45am Apr 20, 2017 6:45am
Quoting Kloppo
Hello Cat and all the other posters in this thread! first off big thanks to you Cat for sharing a lot of valuable insights with us. I spent a good amount of time going through your posts, think it will take a while to let it sink in. This multi timeframe approach feels very promising, but i guess it will take a lot of time to internalize it and make it my own. Today i was following the 10sec Chart after the reversal and was looking if I could make out a nice pullback entry. I've circled 3 areas where I would like to ask for ur opinion. 1. circle:...
See the attached image
Attached Image (click to enlarge)
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...
  • #1,169
  • Apr 20, 2017 6:50am Apr 20, 2017 6:50am
In terms of these fast turnaround's, I have an explanation to that. But I am wondering why would anyone want to chase fast down move like that?

I have posted what they are going for in this thread, in the last 10 pages or so you will find it. I am happy to post about it here.

But as this is a trader's academy, if I can share a little motivation, sometimes a hard feeling in the stomach or that little pain in the heart can be the pain required to take you that little forward to the other side.

We get told many nice things.. " you can do it "etc.. but sometimes it takes someone saying something tough to show we can prove them wrong or prove to our-self.

You Don't know what your missing yet but if you stop you will never know, self pity or this frustration that you show or feel does nothing, work forward calmly and consistently.

You will achieve

How will you expect to be a good trader? when your not patient in your journey, every day a trader is and must try to remain patient.
It's in fear when people show what they truly value.
  • #1,170
  • Apr 20, 2017 6:53am Apr 20, 2017 6:53am
Quoting cat
{quote} 15sec is good too, I often use it myself. Went down to 3 secs once, but that was fining it down just a bit too far Just remember, it's not about finding a system that works, I always laugh when I hear that, as if it is something that can be purchased off the shelf. It's about developing a system, your system, that you understand enough to be able to profit from consistently. Once you've done that, you are there.
One thing to add seasoned traders like yourself have an intuition thats developed after years and years of screen time and seeing how price acts various ways in various situations. In my opinion this kind of intuition in itself is essential to success more than any other magic formula system. If you don't understand the price behaviour and price pattern there's no way you're going to make any money with anything. Spoon feeding or copying someone doesn't work as with magic formulas (systems). There's no easy way or shortcut. You have to work hard, "real hard". I want to be "there" so bad.
...
  • #1,171
  • Edited 7:57am Apr 20, 2017 7:07am | Edited 7:57am
Quoting Piquant
{quote} See the attached image {image}
Thx Piquant & nuckern!
Attached Image
  • #1,172
  • Apr 20, 2017 7:16am Apr 20, 2017 7:16am
Quoting Piquant
{quote} One thing to add seasoned traders like yourself have an intuition thats developed after years and years of screen time and seeing how price acts various ways in various situations. In my opinion this kind of intuition in itself is essential to success more than any other magic formula system. If you don't understand the price behaviour and price pattern there's no way you're going to make any money with anything. Spoon feeding or copying someone doesn't work as with magic formulas (systems). There's no easy way or shortcut. You have to work...
Intuition is definitely a factor you are right, but it's no more than the cumulative knowledge that gets stored in your brain after thousands and thousands of hours of watching/studying price movement. Remember that all price is is the combined buying or selling of a group of individuals, and because we humans like all animals are subject to habit, once you've been studying these behavioural patterns long enough you get to be able to read them quite well, much like driving a car, in that the more you drive, the better you become at second guessing other peoples' actions. This is why for me, successful trading comes only with mileage, so all those traders out there who are wondering why they still can't make any consistent money in this game after two or three years or so, my advice is to be patient and work hard, because it'll come, it just takes time.
  • #1,173
  • Apr 20, 2017 7:40am Apr 20, 2017 7:40am
Hello chaps, interesting conversation.

Could we call it habit rather than intuition? And by that I don't mean rote habit but conscious habit.

And could it be that, a lot of the time, intuition = into-wishing? (Seykota)
  • #1,174
  • Apr 20, 2017 8:10am Apr 20, 2017 8:10am
Quoting medici
Hello chaps, interesting conversation. Could we call it habit rather than intuition? And by that I don't mean rote habit but conscious habit. And could it be that, a lot of the time, intuition = into-wishing? (Seykota)
Hi medici, long time no see!

It was Richard McCall who wrote about this, among others I'm sure, in the book ' The way of the Warrior Trader '. He describes 4 phases not just traders, but anyone acquiring a new skill has to go through before the full required results can be achieved. These are -

1/ Unconscious incompetence
2/ conscious incompetence
3/ conscious competence
4/ unconscious competence.

Good book by the way if anyone out there is interested in the Samurai approach to trading/life/
  • #1,175
  • Apr 20, 2017 2:43pm Apr 20, 2017 2:43pm
Quoting nuckern
{quote} Jeez I couldn't have wrote it better myself. That's exactly my view about the trading. There's no secret your posts are pure gold but with this one you really you hit the nail on the head. I usually stay out of posting when I don't have anything to contribute. But I couldn't ressist. So I add nice quote at least. Btw. It's kind of hard to pick one as there are plenty great quotes on the internet. So I chose the one with nice contrast to your image. {quote} When you're in reply window look down. Under the Emojis there's tab starting...
Thanks pal! It's nice to know that my posts are appreciated, at least by some, and as long as they are , I shall keep them coming for as long as I feel I have something useful to contribute.
  • #1,176
  • Apr 21, 2017 1:54am Apr 21, 2017 1:54am
15m and H4 Daqx charts for this morning. Fib levels plotted on the support side. Especially watcg today's Central pivot, as it falls on the 15m 200sma. H4 shows the 200ema resistance just above, so the price may well struggle to get above that today. I'll be looking to sell a pullback shortly after the open, but see how things pan out.
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  • #1,177
  • Edited 6:02am Apr 21, 2017 4:51am | Edited 6:02am
Quoting cat
{quote} Thanks pal! It's nice to know that my posts are appreciated, at least by some, and as long as they are , I shall keep them coming for as long as I feel I have something useful to contribute.
Highly appreciated buddy! So keep them coming.

One reminder for all struggling. It's not easy way, never been. Never was even suppose to be. We must constantly learn and adapt. Overcome failures, fear, greed and other aspects. But in the end it's all worth it. For me it's about the Freedom. Not just financial. But mainly TIME. Time you can spend with your family and friends. Time you can spend on traveling and hobbies. All those memories you'll be thinking of one day.

So Remember. Time is more valuable than money, you can always get more money but you can't get more time.

Have a nice weekend
  • #1,178
  • Apr 21, 2017 5:43am Apr 21, 2017 5:43am
Quoting cat
{quote} successful trading comes only with mileage, my advice is to be patient and work hard, because it'll come, it just takes time.
That was the most valuable advice I've ever heard from another trader. You speak the truth. I like your perspective, and I agree with most of them if not all.
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  • #1,179
  • Apr 21, 2017 5:52am Apr 21, 2017 5:52am
Quoting nuckern
{quote} Highly appreciated buddy! So keep the coming. One reminder for all struggling. It's not easy way, never been. Never was even suppose to be. We must constantly learn and adapt. Overcome failures, fear, greed and other aspects. But in the end it's all worth it. For me it's about the Freedom. Not just financial. But mainly TIME. Time you can spend with your family and friends. Time you can spend on traveling and hobbies. All those memories you'll be thinking of one day. So Remember. Time is more valuable than money, you can always get...
No other job with this much earnings potential will give you that much time for you to ENJOY life. I suppose a lot of us in it, for this reason alone. We might be some kind of "type". And its good to be able to depend on yourself, just yourself. Even if you were a business owner you're in a way dependent on other people. Because you're essentially selling something be it a service or goods. You're in the business to please other people. Not that its a bad thing. But for me, I like this feeling of being able to generate an income myself, I don't depend on someone to pay me a salary every month or own a business that generates an income where again its amount will differ depending on other people. With trading I don't have to depend on other people but myself only. It's a liberating experience to be able to support yourself without the interference of other people.
...
  • #1,180
  • Apr 21, 2017 12:45pm Apr 21, 2017 12:45pm
If you read my pre trade analysis you'll know that I wanted a London pullback to go in on the short side , which is what we got. I also mentioned the importance of the CP support level, and although it broke through briefly, it soon snapped back, but not completely without warning if one's eyes were peeled.

I've posted three charts, the first a 1 min chart showing the break of the trend line and the telltale sideways movement with 3 failed attempts to break lower. This was quite a risky entry, but there was support as mentioned, so it was worth going for.

Chart 2 is also the 1m, and it shows a much less risky entry after the price had pulled back to the 200ema/sma. These sorts of trades, with momentum on your side, away from 200ema/sma support are high probability trades, and should be taken. The same applies for shorts as well.

The 3rd chart is the 5m chart, and it shows why shorting on the pullback just described above, would have been a bad idea. as you can see, the 200ema is there as support, and the price, as it so often does, had returned to it for a bit of a breather before it goes off again.

On the same 5m chart, I've shown why there was then an excellent sell opportunity, for the reasons written on the chart.

So what we had today was a little 20 pip or so dip to the 15m 200sma/central pivot, folowed by a rally up to the H4 200sma/R1, so a combination of resistance that traders usually aim for, and then a drop back down to thew 15, 200ema/61.8%. So a pretty decent day for a friday, lots of movement and opportunities, and nothing really to catch traders out provided they were not caught on the wrong side of the market.

Any questions, just post a reply on this thread.

Have a good weekend!

ps..sorry the charts are a bit messy with all the text, but hopefully they are comprehensible.
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