Advanced trading lessons - page 38
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Great TCT, sometimes it's not a good idea to wait for the close, i'm late of 37 pips
Same trade
Hi guys,
Apologies for my frustration last night... Here is another practical interpretation
Regards
TCTTCT
I have practically the same entry(short @ 1.30188 SL at breakeven...Tp may be different,I am targetting 1.29340 Bid to be short term support,so,adding my usual 3.5 pips for bid ask spread and slippage I have TP @ 1.29375)
My reasons were both similar(TL breakdown) and different(Price was rejected at practically the same level of the secondary high of 2 days ago)...Basically: price rejection at major resistance plus higher TF TL confirmation.
I suspect,like you,that this may be the end of the multiday upswing,but I prefer to trade it in steps
Regards
S
Late entry
I'm late on this so took a smaller position... magenta TL is monthly... overlays are daily... have to wait and see if that monthly TL becomes a problem of resistance.
Hi Simba,
Thnx for your analysis, currently my exits are my entries and visa versa... So the other day when you captured 100 plus pips with your eu short because you had a exit tgt... My short equated to about 75 pips as I entered long eu. Sometimes this approach leaves some shoulda coulda woulda in retrospect... other times I catch a 300-500 pip run and pat myself on the back... lol. However, I'm working on a method that looks promising for tgts etc... but still testing. I try not to think too much when trading... I'm sure you know what I mean when I say this. Most ask... "how can you not think when trading". I equate it to athletics... once you have developed your skill... you have to just do it... excuse the pun. If one thinks too much, they miss the shot so to speak. Btw, this is not criticism of having tgts etc. We all are different. The opponent is not the mkt or eachother... the opponent is ourself. So I try to remove as much of myself from my trading as possible.
Thanks again
TCTTCT
My targets are usually the point were the RR no more justifies to be in the trade.For example,for the downswing shown before,I had a target area of 1.2920-1.2934(Bid prices) were it was very probable to see at least temporary support,so,I take the higher price of the area,add my 3.5 pips for bid ask spread-which you know as well as me that usually widens at turning points due to lack of counterparty volume-and that´s all TP@ 1.29375...So far the low has been 1.29299 nearly one hour ago,so,I am fine with my exit
This only works if my target areas are accurate enough,which they usually are,and,obviously they fail at times too,but they are good enough for the task... Then,IMO, unless I can generate a new target in the opposite direction I have no business going long,so,I either am off for the day or waiting for a retracement to give me a good entry towards the next lower target.Of course this means that if EURUSD breaks trough the 1.29299 lows I may not ride with it and be left off the move...Well,tomorrow will be another day.
Basically I want to trade the good RR "tranches" of a developing trend,and pay the price of being left off some moves,while you seem to be always in the market,which is exceptional and requires a very high level of "trend feeling" and probably requires you to pay the price of smaller position size due to the potential for wider temporary swings on Peak to valley Equity caused by temporary open drawdons vs peak equity....
All in all,very different styles,but we got nearly the same entry
....And I agree with the just do it,that is why I think before trading,this way when in the trade I just have to execute and forget.
Regards
S
Hi Redbull,
I had bar close, on 30 min tf... abc formed on H1... then i dropped tf to enter and look to see how to manage the trade... once i was comfy with all... i go back to H1... then I did h4 for retrospect.
Just an fyi
Right TCT, this is what should be down always, sometimes i forget it
To be clear... for everyones benefit and new traders
I received a pm... AND I AM NOT TRYING TO INSULT THE MESSENGER OR ANYONE ELSE... BUT IT NEEDS TO BE SAID... so I am pasting my reply here. I'm always willing to help... but this is my reality
Hi,
Did you read how long i've been trading? It is in the thread. If there was a so called grail... I sure missed it. In the section of success stories... Read Igor's thread... his biography. My story is just as bad... The only difference is my wife and kids did not leave me.
Trading is a *****... sorry.
TCT
Simba,
Do you have experience with Market Profile? If not, I think you would love it to aid in your trading. If so, it is reflective of the trades you have posted. I'll post the one I use for mt4... it is really all I need from a profile perspective. Others I have for other platforms are way way more complex and detailed... but not necessary. I think it is pertinent to this thread.
Cu
TCTTCT,
I extensively use market profile and VWAP in my evaluation of the trading situation.I use Mogalef bands too(there are a few interesting versions here in the free area,and there is an exceptional version by Mladen,adaptive Mogalef bands,indicator name is alb Mogalef bands, either in the Elite or the Advanced Elite section which is the one I use,there are a few posts by myself explaining how I suggest to use them...basically,this european morning,with my "months ago suggested settings",several timeframes agreed on high=1.3050 and low= 1.2934 for EURUSD....self explanatory)...I have attached a pic here,the indicator does not repaint nor redraws,those lines have been there,M1,M5,M15 and M30 since Monday.
You know,besides using my proprietary cycles for timing,I mainly use price action and SR and TLs for trading,and I include MP,VWAP,Mogalef as price action,because if you think about it they are just an expression of a probability distribution of prices,actually a price density function would be a better description
,and,since they are nonlagging and give me an analytical advantage,I use them intensively....
Thanks for your indicator,I will check it.
P.S:I agree with your comments regarding the heavy price we had to pay to become traders.I would like to add a suggestion for those starting...Forget about oscillators,they lag,Learn price action first,learn about statistically based analysis that does not lag(MProfile,VWAP,Mogalef,Value Charts,etc),practice on demo-when I started leveraged trading there were no demo nor small accounts,demo is an advantage,use it-when you think you can do it,start small,very small,if you have 15k to spare just start with 1.5k or less...You will lose them,guaranteed,but think of this as paying a learning tuition,then go back to demo,try it again,treble an account on demo and start again with 750 $ or less...You will lose them again,guaranteed again,I am sorry,but this is the truth...Repeat the process...the minimum you will have to pay for your MBA in trading
will be 10k hours(approx 5 years fulltime) and several thousand dollars,if you are both clever and lucky...Keep it contained,so that you don´t lose what really counts:your kids,your wife,your health,your wealth...just lose what you can lose without impacting those important areas,because you will lose money during the first 5 years of your trading,guaranteed.
Regards
S
Simba,
Do you have experience with Market Profile? If not, I think you would love it to aid in your trading. If so, it is reflective of the trades you have posted. I'll post the one I use for mt4... it is really all I need from a profile perspective. Others I have for other platforms are way way more complex and detailed... but not necessary. I think it is pertinent to this thread.
Cu
TCTTCT
You are extremely perceptive regarding MP being reflective of the trades I posted,I congratulate you for your extraordinary perception...I am serious,probably only you and me know what you meant,but you were right...Adding the TLs with the modified "center" adds a few more probability points to the setup,that is why this thread is so intriguing.
Regards
S
TCT,
I extensively use market profile and VWAP in my evaluation of the trading situation.I use Mogalef bands too(there are a few interesting versions here in the free area,and there is an exceptional version by Mladen,adaptive Mogalef bands,indicator name is alb Mogalef bands, either in the Elite or the Advanced Elite section which is the one I use,there are a few posts by myself explaining how I suggest to use them...basically,this european morning,with my "months ago suggested settings",several timeframes agreed on high=1.3050 and low= 1.2934 for EURUSD....self explanatory)...I have attached a pic here,the indicator does not repaint nor redraws,those lines have been there,M1,M5,M15 and M30 since Monday.
You know,besides using my proprietary cycles for timing,I mainly use price action and SR and TLs for trading,and I include MP,VWAP,Mogalef as price action,because if you think about it they are just an expression of a probability distribution of prices,actually a price density function would be a better description ,and,since they are nonlagging and give me an analytical advantage,I use them intensively....
Thanks for your indicator,I will check it.
P.S:I agree with your comments regarding the heavy price we had to pay to become traders.I would like to add a suggestion for those starting...Forget about oscillators,they lag,Learn price action first,learn about statistically based analysis that does not lag(MProfile,VWAP,Mogalef,Value Charts,etc),practice on demo-when I started leveraged trading there were no demo nor small accounts,demo is an advantage,use it-when you think you can do it,start small,very small,if you have 15k to spare just start with 1.5k or less...You will lose them,guaranteed,but think of this as paying a learning tuition,then go back to demo,try it again,treble an account on demo and start again with 750 $ or less...You will lose them again,guaranteed again,I am sorry,but this is the truth...Repeat the process...the minimum you will have to pay for your MBA in trading
will be 10k hours(approx 5 years fulltime) and several thousand dollars,if you are both clever and lucky...Keep it contained,so that you don´t lose what really counts:your kids,your wife,your health,your wealth...just lose what you can lose without impacting those important areas,because you will lose money during the first 5 years of your trading,guaranteed.
Regards
SFor the sake of disclosure and in the interest of keeping the focus on the actual difficulties of trading...In my previous post picture you could see I had a sell limit order at 1.29935...It was triggered,and I was stopped out at 1.30369,so,I took a loss of nearly 44 pips,the key point here is that I took it,no excuses,after getting 81 pips this morning,I gave back 44 of those...this is trading,if you don´t take your losses when you are wrong,you are toast...Now I am watching price behaviour,if it reaches 1.3090+- I may check price action and TLs for shorting again,but I doubt it,the fast move was absolutely out of my radar screen,and,besides,Futbol Club Barcelona plays against Real Madrid in a few hours,and,as I wrote before,there are more important things in life than trading,so,I am going to watch the match with my wife and children and end the day with +37 pips.
The reason why of writing this is to show that I am not an infallible trader,which you already suspected
,and that nailing the perfect turn is possible,but knowing when to get out is better,and more important.This is the only ability that will keep you alive enough to learn how to nail the near perfect turns in the future about 20-30% of the time 
.This is a probability based business,like being a black jack card counter at a casino,learn when to quit and when to double...There is always a new hand being dealt at the tables,just choose the one that gives you the edge,keep your bet sized accordingly and gry to learn from it.
P.S:TCT is a Ravens fan,I am a Futbol Club Barcelona fan...The best trader I know is a Bears fan...Is this a trait or what?
Kindest Regards
S
At last this thread is going some where, very good posts, Simba, Tct and RB..