Day Trading - page 7
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Ducks in a row
Hi Mr.Marketz
Have you any examples for today?
Fran
Here are a few ducks in a row from Monday.
MrMarketz, I am still interested in your challenge but only had time at the end of the day to look at charts historically. Perhaps today.
Regards
FxN
Hi Mr.Marketz
Have you any examples for today?
Please, see picture, is that a ok?
1. picture - ideal entry - Twigged am well system?
2. today tradeYou're catching on, Fran. I'm not sure about all the arrows on the chart or those S&R lines. But what I do notice are the account statements. You keep working at this pace, and pretty soon we'll have to talk about you managing some money for me.
MrMarketz, I am still interested in your challenge but only had time at the end of the day to look at charts historically. Perhaps today.
Regards
FxNDon't sweat it, Mr. North. I have not setup a demo yet either. I'm not sure I will. I have lousy self control, and promised myself never to trade again - even demos. My strengths are in the field of strategy development... not execution. My emotions have a tendency to slip into the driver's side and take the wheel when I least expect them to... very costly when that happens. Automated trading from this point forward (for me there is no other way... if I want to continue participating in the markets).
P.S. Nice chart.
I'm shocked!
I have lousy self control, and promised myself never to trade again - even demos. My strengths are in the field of strategy development... not execution. My emotions have a tendency to slip into the driver's side and take the wheel when I least expect them to... very costly when that happens. P.S. Nice chart.
Oh my!!
Better not speak to loudly, you will start losing credibility with your 'students' MrMarketz.
Serious though, I know that of what you speak and it is the big advantage of automation - complete emotional detachment (well almost). It also ensures that the rules are followed to the T and hence no trades are missed.
Speaking of missed trades, it's one of the things I became so sick of with manual trading....waiting for the setup (perhaps hours on end) only to then go have a sandwich, come back and find a brilliant opportunity eluded.
Anyway, I attach a chart showing a trade just completed from 'your' thread methodology. It's a very bad example for newbies to learn off, considering the M15 push of market is dirty today and you have to know when your opportunities are almost dried up.
Market was relief selling, eventually breaking the down trend for a fairly eratic setup and here again, novices might have pulled trigger too late if not having patience to see if price comes back.
Typically, I was either at lunch or carrying out real work during the best setups at point 1 and 2 of chart leaving the high risk number 3 entry. For the novices, I would suggest you not take the 3rd test but in this case I was watching indicators also which told me the odds were skewed in my favor. It did play out but I barely scraped the 10 pips and as you can see, as expected the support broke thereafter.
Anyway, I also missed a similar scenario on Cable but demo's don't pay bills so it don't exactly take priority.
FxN
Oh my!!
Better not speak to loudly, you will start losing credibility with your 'students' MrMarketz.
Serious though, I know that of what you speak and it is the big advantage of automation - complete emotional detachment (well almost). It also ensures that the rules are followed to the T and hence no trades are missed.
Speaking of missed trades, it's one of the things I became so sick of with manual trading....waiting for the setup (perhaps hours on end) only to then go have a sandwich, come back and find a brilliant opportunity eluded.
Anyway, I attach a chart showing a trade just completed from 'your' thread methodology. It's a very bad example for newbies to learn off, considering the M15 push of market is dirty today and you have to know when your opportunities are almost dried up.
Market was relief selling, eventually breaking the down trend for a fairly eratic setup and here again, novices might have pulled trigger too late if not having patience to see if price comes back.
Typically, I was either at lunch or carrying out real work during the best setups at point 1 and 2 of chart leaving the high risk number 3 entry. For the novices, I would suggest you not take the 3rd test but in this case I was watching indicators also which told me the odds were skewed in my favor. It did play out but I barely scraped the 10 pips and as you can see, as expected the support broke thereafter.
Anyway, I also missed a similar scenario on Cable but demo's don't pay bills so it don't exactly take priority.
FxNThanks for the feedback, Mr. North... I think you make a far better teacher than I. As far as credibility goes, I have none. At the end of the day, the only thing anyone of us truly has is an account statement to look at. I just wanted to share a "market perspective" to clear up chart visibility... at least, for some. At any rate, your comments are dead on - I hope people are taking notes. Talk to you later.
:-)
As far as credibility goes, I have none.............
You and me both MrMarketz. I like your humility and in this industry if you don't have bucketloads you are headed for bankruptcy.
FxNorth
hello
i ve got a problem do you watch the previous day bar close ???
i ve got a problem do you watch the previous day bar close ???
No, Rod... but you can if you find that it helps you. This technique strictly deals with the current momentum and direction of price.
Hope this helps,
MM
i apologize
because i must to understand better the london open bar im not very good about GMT time conversion
ive read your thread and i was suprised about this PIN BAR on a 4 Hour chart do you think trend will go up or down if pinocchio nose is pointing up ? i had give up with indicators
i like inside bar too much
Rod
because i must to understand better the london open bar im not very good about GMT time conversion
ive read your thread and i was suprised about this PIN BAR on a 4 Hour chart do you think trend will go up or down if pinocchio nose is pointing up ? i had give up with indicators
i like inside bar too much
RodRod,
Not sure what you are asking exactly. If nose (pin is up) the trend is down... is this what you're asking? If it helps you Rob, post a chart and show me what you're looking at. I'll see what I can do.