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; Originally Posted by £80 Do you always use the weekly levels and are there any times you add the 4 ...

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Old Jan 12, 2010, 10:00pm   #21
 
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Re: Ideas for increasing trader performance

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Originally Posted by £80 View Post
Do you always use the weekly levels and are there any times you add the 4 hour levels?

ps: you have really been a great help

Thanks
Wade
The weekly time frame is really just a zoom tool for me.

It allows you to see further back without shrinking the action too much.

I don't look at the 4hr.
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Old Jan 12, 2010, 10:01pm   #22
 
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Re: Ideas for increasing trader performance

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Originally Posted by everyonerich View Post
trader_dante care to comment?
There is also a level right where the price is on your chart (the grey line).
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Old Jan 12, 2010, 10:02pm   #23
 
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Re: Ideas for increasing trader performance

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Originally Posted by pavelsg View Post
I'm new on forex, however let me take a look...
Some beautiful levels there...
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Old Jan 12, 2010, 10:36pm   #24
 
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Re: Ideas for increasing trader performance

trader_dante started this thread I thought I would go over a trade I took today in light of the principles discussed in the PDF. Most notably mapping the market with regard to the top down approach and knowing the markets rhythm to play the retest in your entries.

Yesterday (Monday) I was watching the FTSE on the daily time frame as it trades into a level I have marked on my charts. see chart 1

As the market hits this level I am feeling decidedly bearish but I am not ready to sell.

The FTSE punches through this level in early morning trade and then reverses and trends down for the rest of the day.

I watch this reaction on the hourly time frame. see chart 2. I am expecting to see the fall capped by the top of the hourly range - for previous resistance to become support. As you can see, the market holds here temporarily and then after a short lived bounce, we trade down back into the range. This area is now expected to become resistance once again should we get up there.

As we head into the close it is time to look at the S&P500. The daily candle is finishing like this.... see chart 3 No prizes for guessing where the probability is that that is going to be going in the next session...

As the FTSE futures are nearing closure it is heading back into the resistance we marked above. I sell the FTSE around 5507 (the blue box) putting a stop above the high. see chart 4

The market sells off sharply today on the open this morning.

Note where the first bounce of the day comes. It is at 5455. What a surprise.

I don't get out here because it is my belief that a support level that is regularly hit is going to break. The target is 5413 which is an hourly level based on previous highs that can be clearly seen in the last chart.

The mark collapses into this level but does not quite hit my limit - I have it just a few ticks lower. There is a bounce through which I sit tight and then the market comes down again. It is hovering above 5413 just five minutes before the trade balance. Not willing to take the risk of adverse news when the market is close to my limit order, I close out manually.

The market takes off after the figure and moves upwards. Where does it find resistance? Right where you would expect it too.

Remember the plan forms slowly from the top down.
Attached Thumbnails
ftse1.gif   ftse1_h.gif   sandp.gif  

ftse2.gif  
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Last edited by trader_dante; Jan 12, 2010 at 10:45pm.
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Old Jan 12, 2010, 11:01pm   #25
 
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Re: Ideas for increasing trader performance

trader_dante started this thread What's on the agenda for tomorrow? Quite a lot but I will post only one because I have been working all day and I am off to watch the rest of 24 which I am getting steadily hooked on.

EUR/GBP

Taking a top down approach, the market has found significant resistance up at 0.9026 and formed a bearish engulfing on the daily time frame. The next big daily level is quite a way lower at 0.8839. This pair loves to range so I think it has a decent chance of making it down here.

Let's come onto the hourly. There are four levels on my charts between where we are now and the big daily target. That's a good opportunity to divide the total position size into four and scale 1/4 out at each. As each 1/4 comes out, we can run a trailing stop on the rest.

So where to get in? Well it's a bearish engulfing and these usually suffer some retracement. I'll look to sell 0.8968 which is the first hourly s/r pivot with a stop above the last swing high at 0.8984 (which also give you cover provided by the 38 fib ret). That gives you a stop of approx 16 pips (+ spread) and it's 43 (- spread) to your first target.
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eur.gif   eur2.gif  
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Old Jan 13, 2010, 5:18am   #26
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Re: Ideas for increasing trader performance

hi trader_dante, i tried to find the support/resistance and this is the result.. i think trader needs a trained eye to do this properly. im still kinda lost for this chart about the 'future' support/resistance.

may i know your eur/usd daily lines? thx
another important question is do you still using the old way as described in "making money thread?" because your above latest eur/gbp chart didnt have any arrows so its gonna be confusing for new learners.
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Last edited by everyonerich; Jan 13, 2010 at 5:28am.
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Old Jan 13, 2010, 6:18am   #27
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Re: Ideas for increasing trader performance

this is u/j & aud/cad, hope someone or trader_dante able to correct me
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Last edited by everyonerich; Jan 13, 2010 at 9:33am.
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Old Jan 13, 2010, 4:50pm   #28
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
Some beautiful levels there...
Hi Tom, I appreciate your opinion, thanks.
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Old Jan 13, 2010, 5:22pm   #29
 
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Re: Ideas for increasing trader performance

trader_dante started this thread Those that are bullish stocks will be looking to get in long around these levels. FTSE looks the most promising. Wait for it to set up right for you. If it doesn't, pass on it.
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Old Jan 13, 2010, 5:34pm   #30
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Re: Ideas for increasing trader performance

[QUOTE=trader_dante;1028418]I had a few ideas about how some of you can increase your performance.


What performance, are we looking at this with a view to more money for less effort? Performance is experiential in terms of technical ability and then a person can only play around with different MM techniques to complement thier abilities.

I think noobs would like to see your true MM techniques rather than a channel or a pin-bar set-up.

Just a thought mate.
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