CatFx50 - page 387
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Some excellent reading for the weekend --
This deals with the physcological side of trading, and no matter what system we use, this physcological area still plays a BIG part.
http://www.learning2trade.com/
P.S. This site has a different system, so please dont get side-tracked on any technical side, just take the physcological.
Cat50 is simple !
Just downloaded it Kiwigold, thanks for that. My motto is: Always Be A Learner
Some excellent reading for the weekend --
This deals with the physcological side of trading, and no matter what system we use, this physcological area still plays a BIG part.
http://www.learning2trade.com/
P.S. This site has a different system, so please dont get side-tracked on any technical side, just take the physcological.
Cat50 is simple !Thanks for the link!
hrm trying to use the software, but getting a login/password error on the program.
For some reason he put the password first (so at first I was entering password and user back to front) -- I fell into that trap and it took a couple of tries to make it work.
Also I tried to copy and paste password -- that does not always work.
Trust this helps.
I see you made it work drgoodvibe
Will leave these comments for anyone else having trouble.
For some reason he put the password first (so at first I was entering password and user back to front) -- I fell into that trap and it took a couple of tries to make it work.
Also I tried to copy and paste password -- that does not always work.
Trust this helps.
I see you made it work drgoodvibe
Will leave these comments for anyone else having trouble.much appreciated!
I know what you mean Kiwigold,
Sometimes I have trouble chewing bubble gum AND walking, much less making live Forex calls!
moneyline
Maybe a few of you experienced traders can answer my questions about the level 4 trade.
On a long trade on the GBP, when would you consider this a level 4 trade and go long: at the at the purple line or at the blue line. The first two bars are about 20 pips wide whereas the shorter red bars would get you in the trade sooner. In both instances all of the Step Stoch indicators point to a long trade.
Thanks,
DaveCan someone take a look at my chart (post 3829) and clarify at what price I should have entered this trade. I took the break of the longer bars rather than the break of the shorter bars that were next to the breakout bar. This is an example of where I technically followed the rules, or at least my interpretation of them, and I got stopped out. If I had gotten in earlier I would have made a nice profit. These are the types of mistakes newbies make that maybe most experienced traders of the CatFx system might not make. This is also where the more experienced traders can assist the newbies with their insight and comments. I posted question within 15 minutes of placing the trade and I never did get an answer to my question. Now I am sitting here wondering if I interpreted the level 4 signal correctly and just got stopped out or did I miss the earlier signal and entry, which would have lead to a profitable trade. In retrospect I can sit here and say I missed the earlier entry but what would a more experienced trader have done? When the bars are on the right hand side of the chart it's much more difficult to make the decision to enter a trade, especially for someone new to the system.
I appreciate any feedback.
Dave
Hi Dave,
Here is an image of the same time period, would you show me your level 4 trade? I've marked the time period in question.
moneyline
Level 4 Question
Hi Dave,
Here is an image of the same time period, would you show me your level 4 trade? I've marked the time period in question.
moneylineHi Moneyline,
First off thanks for the help. On the chart I’ve painted 3 lines, blue, yellow and purple. Here is my confusion about this level 4 trade. The high of the blue line is 1.8866, the high of the yellow line is 1.8854 and the high of the purple line is 1.8884. My entry was at 1.8886 just after the close of the 6:30GMT bar with a close of 1.8884. Two bars later the price goes down to 1.8848 and stops me out. Now looking at this in retrospect, there are 3 possible level 4 trades, at the blue line, at the yellow line and at the purple line. As you know I chose the purple line and got stopped out. If I would have got in at the yellow or blue line I would have stayed in the tarde and made a nice profit. So my question is how do you determine which entry to take? I also get confused with the CET time frame, is the CET currently GMT +2? I believe all trades would have been in the correct trading time frame? To me this is what sets the experienced traders apart from us newbies, the little decisions that make the difference between making money consistently and losing money consistently. At this point in my trading career I am consistently loosing money each week and I am searching for a system and support group that will help me turn that around. I have read through the thread and I see a lot of potential with this system and this fourm.
Thanks again for your help.
Dave
Can someone take a look at my chart (post 3829) and clarify at what price I should have entered this trade. I took the break of the longer bars rather than the break of the shorter bars that were next to the breakout bar. This is an example of where I technically followed the rules, or at least my interpretation of them, and I got stopped out. If I had gotten in earlier I would have made a nice profit. These are the types of mistakes newbies make that maybe most experienced traders of the CatFx system might not make. This is also where the more experienced traders can assist the newbies with their insight and comments. I posted question within 15 minutes of placing the trade and I never did get an answer to my question. Now I am sitting here wondering if I interpreted the level 4 signal correctly and just got stopped out or did I miss the earlier signal and entry, which would have lead to a profitable trade. In retrospect I can sit here and say I missed the earlier entry but what would a more experienced trader have done? When the bars are on the right hand side of the chart it's much more difficult to make the decision to enter a trade, especially for someone new to the system.
I appreciate any feedback.
DaveHi!
The first thing you have to ask is when was that level 4 trade? What time was it?
Last high was at (17:30cet on 11-05-06) at 1.8857. From there we had a consolidation mode for more than 13 bars of 30 minutes. It first broke that consolidation at (01:00cet on 12-05) to made a high at 1.8868 (02:00cet). From there another consolidation mode with a low at 1.8822 (04:00cet). And from there up. We broke last high of 1.8868 at 07:30cet. It made a new high at 1.8886. Consolidation mode again with a low at 1.8848, higher that last. And then, mate, at and then, mate, at 09:00cet bar we have the right breakout according to our trading time. It broke 1.8886 and made a high at 1.8911: +25 pips. And from there to 1.8997. that is 111 pips. This is the story. So, you lost because you did no trade within our trading time. Does it mean that you will never lose within CatFX5o trading time. No, it does not.
With level 4 trades we try to follow the trend. Breakouts are riskier. That's why I always stress that we need strength. Look at 09:00cet bat. Do you think it is a weak bar? It opened at 1.8858. I do not remember if once broke it went down to the lows of it. But if it was a lost, we have to accept it and try to reenter.
And now, if there is anybody out there that think I'm able to make a decision, to trade, to place stops, to scale, to monitor and to answer the mails, please, tell me your doctor or the drug you take.
Thank you!
Nina