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 trader_dante When I get some time I will put up some ideas for playing failed breaks/patterns as ...

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Old Jan 19, 2010, 9:36am   #81
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
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
Don't know how much time you've got this week to jot something down, Tom, but I for one am looking forward to hear your ideas re: failed breaks/patterns.

Cheers,
Boy
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Old Jan 20, 2010, 6:35pm   #82
 
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Re: Ideas for increasing trader performance

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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.

Belatedly Tom, I have to take my hat off to you on this trade.

Privately at the time, I didn't think it was going to go anywhere near as low as you were saying, and certainly not as low as it subsequently went.

Did you follow it down below 0.8839 and beyond?

I'm actually now wondering if it's destined for 0.8600...

Reminds me of one of your old .sigs (I think) that said something like "your chart has a floor and a ceiling, but the price or the market doesn't ..."
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Old Jan 22, 2010, 9:51pm   #83
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Re: Ideas for increasing trader performance

Here's an interesting article I found on the interweb, which discusses support and resistance. Definitely worthwhile reading, especially for noobies.

link
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Old Jan 30, 2010, 6:11pm   #84
 
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Re: Ideas for increasing trader performance

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Originally Posted by trader_dante View Post
I've saved the template of my chart for the EUR/USD as it currently looks.

I've never thought of this before but this must be the easiest way to convey my market map to you.

Download the attachment in this message and save it to your desktop. (You can virus check it first if you feel the need)...
For those of you who now want to strip candles from their repertoire so they are just left with a blank chart (horizontal lines are optional - the eye can pick them out without drawing them) - go back to the post I have quoted and overlay your Euro chart with that template.

And you will see why I will always have a smirk on my face when someone says that you can't use technical analysis to get an edge in the market and make money.

For this is what I call techical analysis in its purest form.

Not head and shoulders patterns or cup and saucer patterns.

Not lots of moving averages and indicators making your charts look like spaghetti junction.

As my hero Spanish89 once said, you only need a horizontal line to make money. (I would also add some screen time and some common sense)
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Old Feb 1, 2010, 7:08pm   #85
 
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Re: Ideas for increasing trader performance

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Originally Posted by montmorencyt2w View Post
I'm actually now wondering if it's destined for 0.8600...
0.8602 to be precise

I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
Attached Thumbnails
bund.gif  
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Old Feb 2, 2010, 12:40am   #86
 
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Re: Ideas for increasing trader performance

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0.8602 to be precise
Feather plucker :-)

Someone was forecasting it might get down to 0.85 - not sure on what grounds though.
Seems to be more or less on its way back up though.

Quote:


I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
Wouldn't surprise me if you were right, but I'm giving it a miss, even if were a dead cert.


Started getting into it, and thought I was doing ok.
Then got burned a little while back in a Bund/Bobl shootout, and it still hurts.


No one can (or will) explain to me in words I can understand what drives the damn thing.
I know bits but the bits I know don't add up, so I'm giving it a miss for that reason, as well as the remembered pain :-)
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Old Feb 2, 2010, 7:31am   #87
 
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Re: Ideas for increasing trader performance

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Quote:
Originally Posted by montmorencyt2w View Post
Someone was forecasting it might get down to 0.85...
Ah, I wondered why it's been rallying so hard!
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Old Feb 5, 2010, 8:13pm   #88
 
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Re: Ideas for increasing trader performance

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Originally Posted by trader_dante View Post
I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
And there's another lesson right there!

Markets that keep coming back to major levels are going through them.
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Old Feb 5, 2010, 8:47pm   #89
 
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Re: Ideas for increasing trader performance

trader_dante started this thread Following on from the previous post....

The Bund forms a triple top formation at all time highs.

It has a large sell off and then comes back up with price consolidating just beneath them.

You can take it this will go one way.
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Last edited by trader_dante; Feb 6, 2010 at 6:49pm. Reason: Personal request to remove something
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Old Feb 25, 2010, 5:59pm   #90
 
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Re: Ideas for increasing trader performance

Dear Tom,
I have been paper trading using the methods you suggested on MMT. Many a times, you have commented that your charts were a bit different from some of those commenthing on the MMT thread. There the charts you were posting were primarily from 'MetaTrader'.
Currently, I am also using the same platform. I noticed that on 19th Feb, 2010 that there was a pin bar formation on GBPUSD. Since, it was in confluence with trendline and fibonacii levels, so I played it in the same manner you taught on MMT. Strangely, there was NO corresponding pinbar formation for GBPUSD on Oanda and dailyfx.com for the said date. I have attached the pictures of charts. On last Sunday night, Stockholm time, when markets opened, oanda charts started moving, but MetaTrader ones did not.
The question I want to ask you -> Which chart is the standard one? ofcourse it is not a good idea that different people see different charts. Is it that demo accounts are not real time?
Kindly suggest, which trading platfrom should be used for paper trading and real time? Here different platforms are showing different charts.
Thanks
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gbpusd.jpg   dailyfx.com.jpg   oanda.com.jpg  

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