Munchie "the noob" dude's Virgin Trading journal

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Old Aug 16, 2011, 11:58am   #46
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread trade triggered.
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Old Aug 16, 2011, 12:01pm   #47
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread i think you're out rath.

sup becomes res at 1.4365
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Old Aug 16, 2011, 12:52pm   #48
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread position now moving to +ve.next bar print on H1 in 9 mins, macd and stox both showing weakness.

nxt step: move s/l to b/e if price reaches 1.43475
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Old Aug 16, 2011, 1:05pm   #49
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread ok, trade still valid, coupled with negative gdp data from germany, bears beating bulls atm on eur/usd. reading on macd suggests that crossover could occur at 2pm gmt.

still monitoring trade.
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Old Aug 16, 2011, 1:07pm   #50
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread sry, 2pm gmt on H1 eur/usd chart.
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Old Aug 16, 2011, 1:35pm   #51
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread trade stopped out
-20 pips.
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Old Aug 16, 2011, 1:54pm   #52
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread still believe in short bias on eur/usd.

looking for confirmation of crossover on macd before making a move.
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Old Aug 16, 2011, 2:39pm   #53
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread difficult trading today, looks like short bias is no more.

not trading, assessment tonight.
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Old Aug 16, 2011, 5:50pm   #54
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread its all fun and games!

i have just been thinking about my trades and my approach. i've come up with some basic realisations that io thought i would note here. obviously its only been 2 days so its not concrete per se but just something that i have noticed.

point 1:- last 2 days i've noticed that when trading off the H1 and T30 TF's, the macd rarely crosses over the midline and since i was ideally looking for a midline cross as a trigger,that meant i didnt have any trigger to trade these last few days as the eurusd has carried on pretty much as it started.

point 2:- i notice that the macd indicator doesnt give an accurate representation of trend reversal (i appreciate that its a lagging indicator) and it seemingly gives off delayed signals and too gradual for picking entries.

i note that on shorter TF's, the stocs in particular, gives off a much more reliable signal of trend reversal, espcially when the lines cross and the stocs is either touching or above 80 or touching/below 20.

in asessing the macd, in my mind, it seems one to show gradual trend reversals and coupling this with a higher TF, can be used to assess general trend in the present moment.

there is much more 'noise' in the T1 timeframe that t30+.

strategy going to be amended in next post.

this is as much for my benefit in terms of documenting my thoughts as it is for sharing. Some may question why change my strategy after only 2 days. well my honest answer to that is that the strategy was only begun recently and not backtested (yes, im an idiot and destined to lose a pile of ££££).
so reasons for change:
1. i cannot identify entry triggers.
2. im uncomfortable with indicators and their supposed purpose

please feel free to comment if you feel you could add anything constructive, positive or negatve, to this line of thinking. i would particularly like to hear from anyone that is using a mix of stocs/macd for their trading currently.
otherwise, thanks for taking an interest. i will post a newly updated strat in a moment.
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Old Aug 16, 2011, 7:56pm   #55
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Re: Munchie "the noob" dude's Virgin Trading journal

ugh

if you want to use indicators then just use the macd histogram and wait for divergence. example in coffee recently.

Click the image to open in full size.
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Old Aug 16, 2011, 7:58pm   #56
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread hey, rawrschach, thanks for your input, it must be frustrating watching a noob like me stab in the dark but hey...im trying!

would you elaborate what you mean by wait for divergence and what the middle and bottom indicators are?


sorry for the noob Q :s
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Old Aug 16, 2011, 8:04pm   #57
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Re: Munchie "the noob" dude's Virgin Trading journal

middle is volume - not relevant for FX.

bottom is the MACD histogram.

Divergence - the market makes a lower low but the histogram makes a higher low - the two pink lines are pointing in different directions, this is divergence. I bought on the first bullish day - denoted by the arrow. So long as you have the sense not to do this in a strongly trending market it hardly ever fails.
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Old Aug 16, 2011, 8:11pm   #58
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread thanks rawrschach, your explanation and graph is clear to the point. with this strategy, i assume its not suitable for trending mkts, only ranging?
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Old Aug 16, 2011, 8:16pm   #59
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Re: Munchie "the noob" dude's Virgin Trading journal

Well not necessarily, it depends on the price action. Look at sugar, in a monster uptrend yet with some nice swings counter trend

Click the image to open in full size.

as opposed to gold where the action is so tight i'd never want to go counter trend

Click the image to open in full size.
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Old Aug 16, 2011, 8:23pm   #60
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread very interesting to see it develop, trading divergence and convergence on macd is something new but i will definitely explore it further, thanks!

i will post my strategy for tomorrow, im just doing a spreadsheet to log my trades!
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