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 neil This sort of thing ?Please feel free to annotate the chart if I have got it ...

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Old Jan 14, 2010, 5:52pm   #57
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Re: Ideas for increasing trader performance

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Originally Posted by neil View Post
This sort of thing ?Please feel free to annotate the chart if I have got it wrong-which I probably have
It's a little trickier w/ currencies because there are no defined "session times", but there is no reason why you shouldn't apply the same principles.

Here's an example in the SP500... opening outside yesterdays range (indicating a change in circumstances), it drifted up to test the RTH low of the previous day, then sold off.

Another example might be in an uptrend, price opens within y'days range, drifts down to test y'days RTH low, then reverses and trends higher during the day.

As always there are no hard n fast rules though, you gotta use your noggin - but it's usually a good idea to keep an eye on the previous days highs and lows to see what goes on if you get there.
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Old Jan 14, 2010, 9:30pm   #58
 
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Re: Ideas for increasing trader performance

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Originally Posted by trader_dante View Post
I infer pretty much what you did. Poor retail figures and higher unemployment pushes price down in the knee jerk reaction that is so common - I'm sure lots of eager shorts rush in to try and clean up...price comes right into the blue box which although looks wide only covers 3 handles (8 ticks in the futures) and then bounces.

It rallies right up, breaks yesterdays highs, gets lots of nervous bears to cover as it looks bullish to the untrained eye...at which point it turns at the higher blue box.

I personally am bullish because it looks bullish to me on the higher time frames but longs for today needed to enter at the lower blue box, get some out at the higher and wait...
BTW Tom, I forgot to ask and it's with reference to your blue bands. I tend to pick specific levels to trigger entries, usually with some form of price confirmation or gut feel on when you can see a reversal building up. Do you work specifically on price entering a band and then showing confirmation (this is pertinent where you know levels are congested).

Just curious really.
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Old Jan 14, 2010, 10:37pm   #59
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Re: Ideas for increasing trader performance

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This is what the market did after.

Everyonerich, it's magic!

You just called a 94 pip move on the exact turning point...followed by a 126 pip move shortly after....nice work!
If you don't mind, I've added a few trade entry locations to the chart, which occurred before E/U got caught in the range it just broke out of, which illustrate perfectly what I was talking about earlier when mentioning retests during trends.

You could have traded these as separate trades, but you could have also used the new retests as entry points to add to the position(s) you already had open. T_D referred to this both in his MMT thread here on T2W and in the J16 thread over at FF (a certain wheat trade, if I'm not mistaken). Risk-free pyramiding. Definitely something to look into once you start to get the hang of this stuff (which, for the record, I'm not claiming to do btw).
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Old Jan 15, 2010, 3:17am   #60
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Re: Ideas for increasing trader performance

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Originally Posted by trader_dante View Post
This is what the market did after.

Everyonerich, it's magic!

You just called a 94 pip move on the exact turning point...followed by a 126 pip move shortly after....nice work!
youre welcome. actually i just followed what you said in pdf..
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Old Jan 15, 2010, 3:24am   #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, 9:50am   #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 11:08am. Reason: There are actually three options
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Old Jan 15, 2010, 11:10am   #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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