Ideas for increasing trader performance

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Old Jan 15, 2010, 4:24am   #61
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Re: Ideas for increasing trader performance

Alert on eur/gbp daily chart.

based on the guidelines, watch for pin bar in 1h, or for further 'confluence' also use fibonacci measure. just wait and see now..
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Old Jan 15, 2010, 10:50am   #62
 
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Re: Ideas for increasing trader performance

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Originally Posted by everyonerich View Post
Alert on eur/gbp daily chart.

based on the guidelines, watch for pin bar in 1h, or for further 'confluence' also use fibonacci measure. just wait and see now..
Everyonerich, although a pin bar in this location would be a "perfect setup" it is not one I would take. The reason why is I have a theory I have mentioned a few times before that the more a support/resistance is tested, the weaker it becomes. This is the fourth test of this level and the tests are happening more frequently (that is, there is less time occuring between each test). What, I want to know is: why is the market constantly coming back to this level? In such cases I work on the assumption that the market wants to explore below it.

So now I am approaching it with three options:

a) Wait for a break below this level and play a retest back to it from underneath to go short.

b) Wait and see if a failed break occurs and if so attempt to get long. There are two ways to play failed breaks but that's another topic altogether.

c) Wait on the sidelines for a large rally and breakout of the triangle that is forming (you don't have this descending trend line on your chart) and then play a retest of that.
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Last edited by trader_dante; Jan 15, 2010 at 12:08pm. Reason: There are actually three options
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Old Jan 15, 2010, 12:10pm   #63
 
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Re: Ideas for increasing trader performance

trader_dante started this thread When I get some time I will put up some ideas for playing failed breaks/patterns as these can be very profitable.

If someone can remind me next week I'll do that - pretty busy today.

Tom
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Old Jan 15, 2010, 1:51pm   #64
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Re: Ideas for increasing trader performance

A fresh idea:

Read both "A short course to technical trading" and "Smarter trading" from Perry J. kaufman.

New trading systems and methods is fantastic, but not for beginners.

Alex
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Old Jan 15, 2010, 4:17pm   #65
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
I trade:

There were a few markets I was net negative in over time. As a result these are no longer in my list of markets I trade. As I just said the main one was the S&P500 (The only reason I still watch this is because it is very important as a reference for when I trade the FTSE or DAX).
Hi Tom.

Will you explain me how to use your tips and tricks of this one?

Pavel
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Last edited by pavelsg; Jan 15, 2010 at 4:47pm.
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Old Jan 16, 2010, 5:13am   #66
 
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Re: Ideas for increasing trader performance

Hello Tom,
Thanks for your reply. I can understand that with the time and maturity in trading you have achieved so far, its quite manageable without many of the things one draws on a chart.
Forgive me, but I wished to ask that why do we use emas when they may not work in a volatile situation? They are still a secondary indicator. You just mentioned

Quote:
Originally Posted by trader_dante View Post
The concept of the 50 trending and the pullback to the 10-21 zone is a powerful one and led me into many good trades.

So, would it be wrong to say that emas and MACD come with an implicit rider, ' Avoid using under volatile conditions'?

Quote:
Originally Posted by trader_dante View Post
2) I don't trade as many markets. I now watch and trade just twelve markets.
Well, I can understand your reasons for trading 12 markets now a days. You just said that you are not using pin bars as such and one can attribute that to your experience in the market. You are watching things from a much higher perspective than what we newbees do.

I wish to ask you, don't you think that it is a good idea that one does some programming and that his program alerts him when ever there is a pin bar formed?

Let's take an example of Daily TF in forex. Let the program run every 5:00 pm eastern time(NY) and which so ever currency pair, major/minor, has a pin bar, the program alerts him. That way one can avoid missing pinbars and can trade in many many markets. Once he has a list or pin bars, he can look out for confluence and see if it constitutes a high probability setup worth trading.

I just do demo trading with oanda, but I think meta trader gives one the possibility to do programming in its customised language and that its platform can send email alerts. This way one can couple the two and have a list of pinbars.

I am sure people would have done similar things, but I wished to seek your take on that. Your perspective would be esteemed.

Thanks and Regards

Last edited by swedendenmark; Jan 16, 2010 at 7:53am. Reason: Unclear text
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Old Jan 16, 2010, 6:21am   #67
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by swedendenmark View Post
Hello Tom,
Thanks for your reply. I can understand that with the time and maturity in trading you have achieved so far, its quite manageable without many of the things one draws on a chart.
Forgive me, but I wished to ask that why do we use emas when they may not work in a volatile situation? They are still a secondary indicator. You just mentioned




So, would it be wrong to say that emas and MACD come with an implicit rider, ' Avoid using under volatile conditions'?



Well, I can understand your reasons for trading 12 markets now a days. You just said that you are not using pin bars as such and one can attribute that to your experience in the market. You are watching things from a much higher perspective than what we newbees do.

I wish to ask you, don't you think that it is a good idea that we do some programming and that your program alerts us when ever there is a pin bar formed?

Let's take an example of Daily TF in forex. Let our program runs every 5:00 pm eastern time(NY) and which so ever currency pair, major/minor, has a pin bar, our program alerts us. That way one can avoid missing pinbars and can trade in many many markets. Once we have a list or pin bars, we can look out for confluence and see it constitutes a high probability set up to trade in.

I just do demo trading with oanda, but I think meta trader gives you the possibility to do programming in its customised language and that its platform can send email alerts. This way one can couple the two and have a list of pinbars.

I am sure people would have done similar things, but I wished to seek your take on that. Your perspective would be esteemed.

Thanks and Regards

simplest solution is ask trader_dante to execute his live trade on any demo/live MT4, and give us the read-only password..

hope he'll post a heads up here before theres an entry, what do you say?
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Old Jan 16, 2010, 7:28am   #68
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by everyonerich View Post
simplest solution is ask trader_dante to execute his live trade on any demo/live MT4, and give us the read-only password..

hope he'll post a heads up here before theres an entry, what do you say?
I think, I have interchangably used "our/your" in my previous post and that caused confusion. NO WHERE I asked Tom to give me his list of potential seups. Might be it conveyed an impression inadvertently like that and for it, I apologise. I have editted my post for the sake of proper elucidation.

All I meant was that, if it is a good idea for somebody to write his/her own code/program which gives them a list of pin bars.
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Old Jan 16, 2010, 7:49am   #69
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by everyonerich View Post
simplest solution is ask trader_dante to execute his live trade on any demo/live MT4, and give us the read-only password..

hope he'll post a heads up here before theres an entry, what do you say?
You gave me an early morning english exercise.

Post has been made highly singular. Hope no more confusion.
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Old Jan 16, 2010, 4:09pm   #70
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Re: Ideas for increasing trader performance

A pinbar is only that, a bar (or candle). Pinbars as such are only a minute piece of the puzzle that is a high probability trade setup. If you really find it hard to identify pinbars, there are expert advisors available for Metatrader 4 which will place an arrow above perceived pinbars, but really, after a little practice, you can easily spot them yourself. Here are 2 documents that will help you identify the good ones. The very best ones always stick out and practically scream to be traded anyway. At the risk of sounding like a broken record, do yourself a favour and read through T_D's MMT thread elsewhere on this forum, and also at least the first hundred pages of the James16 thread over at FF.

The 3 most important factors that determine a high probability trade setup are location, location, and location. Kinda like real estate, come to think of it. How you see price behaving at these high probability locations depends on the data feed you're using, i.e., one data feed will give you a pinbar, another data feed might give you an inside bar, or perhaps a bullish or bearish outside bar. It's all the same actually. All patterns indicate that a reversal is taking place. If you want to make optimal use of your time, focus on spotting good locations and finding supporting factors (confluence), such as fib retracement levels, fib confluence (i.e., 2 or more fib levels more or less overlapping at the same price level), (E)MA confluence and round numbers.
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