Ideas for increasing trader performance

This is a discussion on Ideas for increasing trader performance within the First Steps forums, part of the Reception category; If you have a look at the zoomed out 5 minute chart, you'll probably see a familiar pattern (breakout, pullback ...

Closed Thread
 
LinkBack Thread Tools Search this Thread
Old Mar 25, 2010, 2:07pm   #121
DHB
 
DHB's Avatar
Joined Apr 2008
Re: Ideas for increasing trader performance

If you have a look at the zoomed out 5 minute chart, you'll probably see a familiar pattern (breakout, pullback [twice], continuation). The H1 pin (highlighted in orange on the M5 chart) was a mere pullback to a M5 breakout level, before reversing back up again.

As you can see, price behaves in a similar fashion, whether it's on a D1, H1 or M1 chart. With a little practice you'll start recognizing this stuff more easily. I'm at it now for a little over half a year, and only recently have I seen the light somewhat. Mind you, this is only the beginning. It's the psych stuff that is really the most challenging.

uj-m5.gif
DHB is offline  
Old Mar 25, 2010, 2:24pm   #122
DHB
 
DHB's Avatar
Joined Apr 2008
Re: Ideas for increasing trader performance

By the way, I was having a closer look at the action on UJ at the moment. You just gotta love it. This is classic price action at its best. Just look at the included chart and see for yourself.

Also, do you see where this action is taking place? That's right, a round number. Plot the 50's and 00's on your chart and see for yourself how often this occurs.

Round number + Price pivot point + Price action = Kaboom

uj-m5-2-.gif
DHB is offline  
Old Mar 25, 2010, 2:34pm   #123
 
jefftheripper's Avatar
Joined Nov 2009
Re: Ideas for increasing trader performance

One more question about the news. Is is best to stand aside during high impact news or go ahead and trade what you see? ex: the h1 chart of USD/CAD this morning showed a nice pin bar at 7am NY time. The bar was neat s/r, 50% fib and trend line. The buy signal was triggered at about 8:25 am when the next candle went 1 pip above it. High impact US news was due out at 8:30. The same candle that triggered entry (barely) went on to trigger stop 1 pip below pin bar. This looked like a good setup and was rejoining the new trend up. Was this due to news impact or do you see something I don't?
Attached Thumbnails
usdcadh1.gif  
jefftheripper is offline  
Old Mar 25, 2010, 3:08pm   #124
DHB
 
DHB's Avatar
Joined Apr 2008
Re: Ideas for increasing trader performance

Okay, I'm not going to spam this thread anymore after this post, but the chart shows what I would consider the most dominant issues regarding loonie right now.

But ignoring the D1 momentum for a moment, there just wasn't enough confluence supporting the H1 pin you indicated for me to even consider going long. I'd rather wait for a retrace to the 50 or 62 fib, and the latter especially, since it's also a round number. But my bias would be to sell any rallies right now.

Re: news, unless it's NFP friday or a rate decision day, I pretty much ignore the news. But that's just me.

uc.gif
DHB is offline  
Old Mar 25, 2010, 3:26pm   #125
 
trader_dante's Avatar
Joined Aug 2005
Re: Ideas for increasing trader performance

trader_dante started this thread
Quote:
Originally Posted by DHB View Post
Okay, I'm not going to spam this thread anymore after this post, but the chart shows what I would consider the most dominant issues regarding loonie right now.

But ignoring the D1 momentum for a moment, there just wasn't enough confluence supporting the H1 pin you indicated for me to even consider going long. I'd rather wait for a retrace to the 50 or 62 fib, and the latter especially, since it's also a round number. But my bias would be to sell any rallies right now.

Re: news, unless it's NFP friday or a rate decision day, I pretty much ignore the news. But that's just me.

Attachment 79526
Where did you learn all this?
__________________
Lessons from successful traders: http://www.trade2win.com/boards/firs...l-traders.html

Increasing trader performance: http://www.trade2win.com/boards/firs...rformance.html

Advice for getting a job in trading: http://www.trade2win.com/boards/gene...b-trading.html
trader_dante is offline Coach/Trainer  
Old Mar 25, 2010, 3:30pm   #126
 
trader_dante's Avatar
Joined Aug 2005
Re: Ideas for increasing trader performance

trader_dante started this thread
Quote:
Originally Posted by jefftheripper View Post
Thanks TD and DHB,

I too had been waiting for a breakout, but I was watching for a break then a retracement to the 90.80 but when I saw the pin I thought it was a good setup. I had read early where TD had said after a big candle is a good place for retracement with the right signal.
Hey Jeff,

What I meant was after a big candle, wait for the retracement and then follow the momentum, not fade it!

__________________
Lessons from successful traders: http://www.trade2win.com/boards/firs...l-traders.html

Increasing trader performance: http://www.trade2win.com/boards/firs...rformance.html

Advice for getting a job in trading: http://www.trade2win.com/boards/gene...b-trading.html
trader_dante is offline Coach/Trainer  
Old Mar 25, 2010, 3:34pm   #127
 
trader_dante's Avatar
Joined Aug 2005
Re: Ideas for increasing trader performance

trader_dante started this thread
Quote:
Originally Posted by DHB View Post
By the way, I was having a closer look at the action on UJ at the moment. You just gotta love it. This is classic price action at its best. Just look at the included chart and see for yourself.

Also, do you see where this action is taking place? That's right, a round number. Plot the 50's and 00's on your chart and see for yourself how often this occurs.

Round number + Price pivot point + Price action = Kaboom

Attachment 79522
It was a fantastic move. I bought the flip on the arrowed area.
Attached Thumbnails
jpy.gif  
__________________
Lessons from successful traders: http://www.trade2win.com/boards/firs...l-traders.html

Increasing trader performance: http://www.trade2win.com/boards/firs...rformance.html

Advice for getting a job in trading: http://www.trade2win.com/boards/gene...b-trading.html
trader_dante is offline Coach/Trainer  
Old Mar 25, 2010, 5:13pm   #128
DHB
 
DHB's Avatar
Joined Apr 2008
Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
Where did you learn all this?
Hmm, let's see. First I started reading Making Money Trading over here (thanks Tom). After that, I started reading the J16 thread over @ FF (thanks Jim et al.). At the moment, I've gone through the first 1,700 pages of that thread, as well as the last 600 or so. I've also watched all of the J16 guest videos at least a couple of times (highly recommended btw for those who don't know yet).

Then one day, watching one of Jim's guest videos, I had this epiphany about how price behaves around PPZs (for those who don't know: price pivot points), which I believe I mentioned earlier in this thread. Incidentally, shortly after that I learned about this guy over at FF, BillyRayValentine, whose No Brainer Trades thread more or less covers blind entries @ PPZs the way I was trying to demo it.

So reading, reading, reading, reading, and many hours watching charts and demoing is how I got to where I am today. No shortcuts, just a lot of dedication. Now I'm at a point where I feel I'm almost ready to give it a go with live money on a micro account, but first I need to sort out some personal stuff before taking that step.

B.
DHB is offline  
Thanks! The following members like this post: nine
Old Mar 25, 2010, 5:20pm   #129
DHB
 
DHB's Avatar
Joined Apr 2008
Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
It was a fantastic move. I bought the flip on the arrowed area.
Nice one. That's well into double digit R:R.

But you speak in past tense. Does that mean you're out of this trade now? If so, where and why did you exit?
DHB is offline  
Old Mar 26, 2010, 3:31am   #130
 
jefftheripper's Avatar
Joined Nov 2009
Re: Ideas for increasing trader performance

Quote:
Originally Posted by DHB View Post
Okay, I'm not going to spam this thread anymore after this post, but the chart shows what I would consider the most dominant issues regarding loonie right now.

But ignoring the D1 momentum for a moment, there just wasn't enough confluence supporting the H1 pin you indicated for me to even consider going long. I'd rather wait for a retrace to the 50 or 62 fib, and the latter especially, since it's also a round number. But my bias would be to sell any rallies right now.

Re: news, unless it's NFP friday or a rate decision day, I pretty much ignore the news. But that's just me.

Attachment 79526
I see what you mean, and long term yes going short would be with the overall daily trend. But on the hourly charts it's been in an uptrend since about the 17th. I have always looked for all time highs/low within the last 12 months which it is at.

Your's and TD's analysis make since after I read it, but I guess it's not clicking yet with my own setup analysis. I get a little confused with all the time frames. For ex. you zoomed in on the 5 min chart and gave me a perfect analysis of why my 1hr UJ pin didn't work. Then zoomed way out on the daily to show why the loonie pin I found failed. How many TF's should you look at? Do all 5min, 1hr, and daily need to agree?

Thank you and TD for analyzing my setups and answering my questions (I'm sure you have better things to do). I actually feel better knowing I read the setup wrong instead of the system failing. It gives me confidence that when I figure this out I'll have a viable system.
jefftheripper is offline  
Closed Thread

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ideas for 2 simple intraday strategies, feedback & ideas appreciated JTrader Trading Systems 38 Nov 24, 2010 6:42pm
Options Performance & Risk Management Ideas hychong General Trading Chat 5 May 8, 2009 1:24pm
TraderDNA trader performance log Directional Educational Resources 0 May 8, 2008 7:18pm
Increasing stake size Nordtrader Spread Betting & CFDs 2 Jun 5, 2007 6:53pm
Share price increasing and decreasing. Iotrez First Steps 2 Oct 9, 2006 1:24pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)