Forex trading live calls and set ups

[wackypete2]

move stop to 1.4070

Peter

 

[wackypete2]

I often struggle with group trading for a few reasons; principally I often (dangerously)fall into a group mindset of accepting the group norm/average in terms of results..For example Julian and Pete may have lots of winners circa 10-15 pips, the danger (for me in the past) is that I then accept that as the norm as opposed to sticking rigidly to my plan and edge. Absolutely no disrespect to them or others it's a results/money driven exercise.

I also know that my judgement does become affected if someone is the opposite side of a trade to me and tbh I detest the feeling of wanting my trade to succeed knowing someone else may lose.. I take my Euro trades (the only pair I now day trade) and clearly show the entry time, exit and result.

In relation to the short term trades off small TFs you'll have to go through the pain and long process of staring at charts for thousands of hours until it (PA, underpinned by S&R + pvt) sinks in, but heh, you may have other ideas..

I use marketscope for charting (fxcm/dbfx), I'm more than happy with the service vis a vis MT4/5. For my swings it alerts me through codebase when my exact criteria are met. I use my own entirely indicator based strat and edge to enter and exit.

All good points, and no offense taken at all.

Peter

 

[wackypete2]

exit 2nd half eurusd 1.4086 +20

Peter

 

[fxleopard]

I often struggle with group trading for a few reasons; principally I often (dangerously)fall into a group mindset of accepting the group norm/average in terms of results..For example Julian and Pete may have lots of winners circa 10-15 pips, the danger (for me in the past) is that I then accept that as the norm as opposed to sticking rigidly to my plan and edge. Absolutely no disrespect to them or others it's a results/money driven exercise.

I also know that my judgement does become affected if someone is the opposite side of a trade to me and tbh I detest the feeling of wanting my trade to succeed knowing someone else may lose.. I take my Euro trades (the only pair I now day trade) and clearly show the entry time, exit and result.

In relation to the short term trades off small TFs you'll have to go through the pain and long process of staring at charts for thousands of hours until it (PA, underpinned by S&R + pvt) sinks in, but heh, you may have other ideas..

I use marketscope for charting (fxcm/dbfx), I'm more than happy with the service vis a vis MT4/5. For my swings it alerts me through codebase when my exact criteria are met. I use my own entirely indicator based strat and edge to enter and exit.

that is the reason I don't like to visit forums... they just makes me confused...

 

[Lord Flasheart]

2 nd 1/2 of eur/chf trade stopped at b/e.still a nice little profit

 

[AFK]

I've got a limit order to buy AUD at 0.9010 sl 30 tp 50+ (might take off 50% at +30 and leave the rest up to 0.999)

 

[Lord Flasheart]

I often struggle with group trading for a few reasons; principally I often (dangerously)fall into a group mindset of accepting the group norm/average in terms of results..For example Julian and Pete may have lots of winners circa 10-15 pips, the danger (for me in the past) is that I then accept that as the norm as opposed to sticking rigidly to my plan and edge. Absolutely no disrespect to them or others it's a results/money driven exercise.

I also know that my judgement does become affected if someone is the opposite side of a trade to me and tbh I detest the feeling of wanting my trade to succeed knowing someone else may lose.. I take my Euro trades (the only pair I now day trade) and clearly show the entry time, exit and result.

In relation to the short term trades off small TFs you'll have to go through the pain and long process of staring at charts for thousands of hours until it (PA, underpinned by S&R + pvt) sinks in, but heh, you may have other ideas..

I use marketscope for charting (fxcm/dbfx), I'm more than happy with the service vis a vis MT4/5. For my swings it alerts me through codebase when my exact criteria are met. I use my own entirely indicator based strat and edge to enter and exit.

What pivots are you using and are they calculated from 12 pm ?

You say your swings have exact criterior,if thats the case then live calls would be no problem as you would now have very little emotion in the trade. Boy I wish I could reach that point, it would save me a lot of stress. Your comments and knowledge are always welcome as is posting information like the fx cheat book. Lazy traders like me and others on this thread will probably never take the time to understand and use it properly.do you use it at all? Thanks

 

[AFK]

I've got a limit order to buy AUD at 0.9010 sl 30 tp 50+ (might take off 50% at +30 and leave the rest up to 0.999)

meeehhh :/. It looks like I've missed another winner by a few pips. On top of that I bought U/J this morning at 81.05 but got shaken out and exited at break even, though my stop wouldn't have been taken out...

 

[AFK]

I suppose it's always better to miss a good entry and stand on the sides watching what could have been a winner than taking a worse price and watching it become a large loser.

 

[wackypete2]

meeehhh :/. It looks like I've missed another winner by a few pips. On top of that I bought U/J this morning at 81.05 but got shaken out and exited at break even, though my stop wouldn't have been taken out...

You are making the right calls, just a bit unlucky by only 1 or 2 pips. It's frustrating.

Peter

 

[wackypete2]

15m chart of eurusd. Nice Bull Flag pattern. This represents a pause in the uptrend. It's calling for break to the upside. The length of the upside break will be the same as the length of the flagpole, from about 1.3950 to 1.4135 = 185 pips up from the break level. This is setting up to work as advertised, but naturally nothing is guaranteed in life.
Peter

 

[wackypete2]

A bit more info. I have found these types of patterns to work better in equities because volume should decrease as the flag forms and we can't really tell volume in spot fx. The volume numbers would give us a better indication that the pattern will work or fail. Still, patterns are recognized by traders worldwide.

Peter

ADDED: I forgot to say that the longer the flag gets the less reliable the pattern is. Just keep that in mind if this continues on for another 6-8 hours..

 

[Lord Flasheart]

15m chart of eurusd. Nice Bull Flag pattern. This represents a pause in the uptrend. It's calling for break to the upside. The length of the upside break will be the same as the length of the flagpole, from about 1.3950 to 1.4135 = 185 pips up from the break level. This is setting up to work as advertised, but naturally nothing is guaranteed in life.

however if you use more bars you get a diferent picture as you can see in my 15m chart
the daily is obviously very bullish,but this 15 min or 60 min look bearish to me,but then again i always sell. What if the euro continues down today and reverses all of todays gains. The old pin bar merchants will be looking for a long term sell

 

[wackypete2]

however if you use more bars you get a diferent picture as you can see in my 15m chart
the daily is obviously very bullish,but this 15 min or 60 min look bearish to me,but then again i always sell. What if the euro continues down today and reverses all of todays gains. The old pin bar merchants will be looking for a long term sell

All true of course. Different time frames, longer outlooks, etc, can all produce different pattens on the same chart! Thats why nothing is guaranteed! Just giving a view of what I am looking at. Surely you see something different. We've been trading opposite each other past few days anyway. lol....but still both making a few pips. That just goes to show that discipline and money management are far greater tools than lines on a chart.

Good Trading!

Peter

 

[Black Swan]

There are days when (if you only day trade a single pair) you struggle to take much out, however, fairly effortless for a few quid off the small TFs today, may have bailed too early on this but I need to be elsewhere, had it smashed through R2 I may have placed a limit of 30 pips on it. According to my usual rules I should have taken 3 other trades, however, (with hindsight) I couldn't have grabbed much more, perhaps 10 pips max so I have to accept that...also given the big move overnight I generally don't see much the next day, not sure how scientific that claim is, or if back-test data would back it up..

No change of swings' direction today, still all in same direction...

Second Euro trade

Stop 25
Trialing stop 32
pips +6

 

[Black Swan]

What pivots are you using and are they calculated from 12 pm ?

You say your swings have exact criterior,if thats the case then live calls would be no problem as you would now have very little emotion in the trade. Boy I wish I could reach that point, it would save me a lot of stress. Your comments and knowledge are always welcome as is posting information like the fx cheat book. Lazy traders like me and others on this thread will probably never take the time to understand and use it properly.do you use it at all? Thanks

Catch up with you later bud, gotta dash...

 

[Lord Flasheart]

All true of course. Different time frames, longer outlooks, etc, can all produce different pattens on the same chart! Thats why nothing is guaranteed! Just giving a view of what I am looking at. Surely you see something different. We've been trading opposite each other past few days anyway. lol....but still both making a few pips. That just goes to show that discipline and money management are far greater tools than lines on a chart.

Good Trading!

Peter

Think of it from a spreadbetting firms point of view.They cant lose.Lets say you go one way and I go the other and we both have a 20 pip stop.They have everything going for them.its so hard for us both to win,yet easy for us both to lose. it can go 20 pips your way and take out my stop,then reverse and take yours.Very rarely would we both win in that situation. why do we bother

 

[wackypete2]

I've got a limit order to buy AUD at 0.9010 sl 30 tp 50+ (might take off 50% at +30 and leave the rest up to 0.999)

it's approaching your level again. Might be another opportunity to get in?

Peter

 

[Rooster34]

Long eur/usd @ 1.4057 stop loss -15 pips take profit 25.
Taking this trade off nothing other than watching price action.

 

[Rooster34]

Long eur/usd @ 1.4057 stop loss -15 pips take profit 25.
Taking this trade off nothing other than watching price action.

Well that didn't take long to tank...(0.0)