Munchie "the noob" dude's Virgin Trading journal

This is a discussion on Munchie "the noob" dude's Virgin Trading journal within the Trading Journals forums, part of the Reception category; eurusd breakout on the upside confirms my thoughts that my pending order wouldnt be likely hit today. thoughts: missed the ...

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Old Aug 15, 2011, 2:58pm   #31
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread eurusd breakout on the upside confirms my thoughts that my pending order wouldnt be likely hit today.

thoughts: missed the breakout or still room to get in?
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Old Aug 15, 2011, 3:55pm   #32
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread eurusd testing major res level 1.4433...possibility to trade breakout but sticking to my principle strategy.

would be interesting to see how it plays out...
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Old Aug 15, 2011, 4:19pm   #33
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread breakout to the upside confirmed above 1.4433, grats to those that traded breakout, no crossovers for me today as eurusd and ftse 100 both maintained momentum as the bulls take a firm hold. no trades for today.
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Old Aug 15, 2011, 4:43pm   #34
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread daily charts on eurusd shows macd crossover to be confirmed today. if confirmed, im looking to trade shorter term crossovers (<t30) with a bias being long

same r:r.
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Old Aug 15, 2011, 5:32pm   #35
 
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by Hotch View Post
Think the point which needed to be made has been made,
no, the point I suggested was to take any number and use it as a trigger

you got a hard on trying to wind me up about using MP
without recognising that there's a difference between using a previous price point as a reference point, and using a lagging indicator as an entry signal

i even suggested using round numbers, slopes, ANY bloody thing, as long it's pre-determined and you have a plan of execution for when, or if, price hits your trigger

the OP can ignore my advice, that's fine, fkkkk him I don't care,
i was just trying to help a new trader in my own way
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Old Aug 16, 2011, 7:42am   #36
 
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Re: Munchie "the noob" dude's Virgin Trading journal

don't mislead the thread into a debate about the merits, or otherwise, of Market Profile.

My point was that's possible, just one suggestion out of many, to use MP VAs as triggers for trades, that then don't require hours and hours of fruitless screen-watching, hoping for next great MACD cross over or whatever.

As an example, here's yesterday's DJ30, with VAs derived from previous session MP

As you will see, planning to go Long at the VAH afforded two entry opportunities, and lo and behold where was the best place to exit ? A round number.

One could just as easily have planned to go Short at the VAH, that's not the point.
The point is to have a plan and ditch the indicators.

anyway, fkkk it, the OP is still fascinated with his MACDs, so let him make his own bed .....
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Old Aug 16, 2011, 7:46am   #37
 
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Re: Munchie "the noob" dude's Virgin Trading journal

and to be completely frank, I can't see any benefit whatsoever with MACD and Stochs added.
What are they supposed to be "indicating"

If you say, ah go long or short or close when such-and-such, it's immediately contradicted by itself
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Old Aug 16, 2011, 10:05am   #38
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
Quote:
Originally Posted by rathcoole_exile View Post
and to be completely frank, I can't see any benefit whatsoever with MACD and Stochs added.
What are they supposed to be "indicating"

If you say, ah go long or short or close when such-and-such, it's immediately contradicted by itself
thanks for providing your input on this thread, any comments, positive or negative is welcome provided it can help further my understanding of things.

to clarify a few points that you made.

firstly, pls do appreciate that perhaps unlike yourself, i am almost a complete noob when it comes to trading however i am keen to learn and welcome others to point out mistakes or things i could do better.

i firmly believe that the best way to learn is to get screen time, make mistakes (which inevitably will be made), learn from mistakes (i consider this the most important) and apply the modified approach moving forward. this trial and error approach should improve my trading over time.

i fully appreciate that trading is not a get rich quick thing, and that i will most likely lose in the short term. i welcome that. thats why the sums involved here are totally negligible.

you are incorrect rathbone in suggesting i am fixated with indicators, i am not. my i start this thread with a somewhat simple, basic strategy that i fully expect to modify as time goes on and this may or may not involve indicators. please do keep your assumptions to a minimum as they provide neither positive nor negative feedback, they simply distort the genuine intentions of this thread.

i welcome further feedback
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Old Aug 16, 2011, 10:08am   #39
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread anyhows - watching eur/usd and ftse 100 on a <=T30 TF for signs on entry and s/l placements.
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Old Aug 16, 2011, 10:30am   #40
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread update:

eur/usd looking weak.

pending order place
bias: short
entry: 1.4359 (slightly below sup level 1.4363)
s/l: 1.4379 (20pips)
move to b/e £: 1.43475
trailing s/l £ to set 15pip trailing stop: 1.43425
target £: 1.4309 (50pips)

target(optional) bottom blue line
order selection as i judge macd to crossover at that sup level.
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