Making Money Trading

[pseudo straddle]

VS!
I thought you'd be too busy this week getting ready for the UK's premier racing event!!
Grim

I thought the Boat Race wasn't till next saturday

 

[trader_dante]

new traders beware! In the professional world we call "pin bars" widowmakers

You're confusing them with Woodies CCI

 

[rider5]

Hi TD,

For all us newbies, would you please explain what Woodies CCI is?

Thanks and take care

 

[Cyprus1]

Woodies CCI

Hi
I put Woodies CCI in Google - found the site and quickly exited!

I can see what Dante means!

John

 

[rider5]

Hi,

Never thought of Googling it

But I did now and there is more than enough info. No explanation needed anymore.

Thanks Cyprus.

 

[trader_dante]

Hey rider5 and Cyprus1,

Sorry, it was a bit of an "in joke".

We joke about the CCI because it seems many of the traders we know are in awe of it; they sit there waiting to make 10 points when all the different lines cross. lol

Black-Star is bitter because my pin bars make hundreds of ticks while he has to settle for 1 tick profit in the EuroStoxx

Tom

 

[pelzar]

Blackstar= one hell of a sweaty scalper!

 

[shadowninja]

foight! foight! foight!

 

[omni]

It is very quiet on the western front. Is anyone up to anything? .......trading only pls

 

[trader_dante]

Hello Omni,

Trading has been going well.

I'm trading only Eur/Usd at my firm. Although I may get limits for Gbp/Usd and Usd/Jpy, too.

Still on simulator but we are getting some live time this week.

This thread has been very quiet - I was considering closing it at some point...

How's things with you?

 

[1Pipped]

I am upto this (chart attached).

My fibs are the opposite way round to each other (one big one down, one small one up) they lined up at big 23% & small 61% with an s/r and pin.

Pound is going for a slide today so far it seems.

 

[omni]

Are you keeping the pa stuff going on other things? Or are you eur/usd only for now?

I am alright thanks, it's been a quiet couple of days for me. Am just taking stock, analysing historical stuff. Writing a couple of plans for future trading & analysis I want to get done.

Any more things you have noticed at your place that would be useful for others to know?

We have just had a guy crank up a "black box" here, running live a "range break" system. Appears to work well, they have obviously done a lot of back tests etc, I am not sure of the criteria as i havent looked at it yet but again - it repeats the importannce of s/r levels and BIG s/r levels as per your thread.

I would say not to close the thread for now...
Ps. Do you know if anyone has put just your posts into a printable version yet?

 

[trader_dante]

A great signal here that I hope some of you got onboard.

Price retraces to the 38 fib and forms a pin bar.

116 ticks risk so far up 258 ticks.

Well over 2:1 R:R.

 

[trader_dante]

Are you keeping the pa stuff going on other things? Or are you eur/usd only for now?

I am alright thanks, it's been a quiet couple of days for me. Am just taking stock, analysing historical stuff. Writing a couple of plans for future trading & analysis I want to get done.

Any more things you have noticed at your place that would be useful for others to know?

We have just had a guy crank up a "black box" here, running live a "range break" system. Appears to work well, they have obviously done a lot of back tests etc, I am not sure of the criteria as i havent looked at it yet but again - it repeats the importannce of s/r levels and BIG s/r levels as per your thread.

I would say not to close the thread for now...
Ps. Do you know if anyone has put just your posts into a printable version yet?

I'm trading Eur/Usd only whilst at work but still observing the price action on other markets. Currently having a challenge against a black box system on another thread on T2W. Should be interesting...

Not sure if there is a printable version of the thread yet...

 

[omni]

I happened to stumble across that thread. No trades yet apart from his random usd/cad order i think? Best of luck.

 

[bansir]

A great signal here that I hope some of you got onboard.

Price retraces to the 38 fib and forms a pin bar.

116 ticks risk so far up 258 ticks.

Well over 2:1 R:R.

Hi TD,
I watched the pin you refer to come and go and I did nothing; I can't seem to take action. I had all the fibs. trends and s/r in place for ages.
It's been the same with other daily candle chart opportunities. They just seem to slowly slide away. I keep analysing, It's as if they move so slowly, I can't see them.
I'm a starving cheetah just watching the prey wander into view and then slowly ambling off into the distance.

Maybe I've been doing 5min charts for too long.

Have you ever experienced anything like this?

Best Regards,
Neil

 

[TheTick]

Hi TD,
I watched the pin you refer to come and go and I did nothing; I can't seem to take action. I had all the fibs. trends and s/r in place for ages.
It's been the same with other daily candle chart opportunities. They just seem to slowly slide away. I keep analysing, It's as if they move so slowly, I can't see them.
I'm a starving cheetah just watching the prey wander into view and then slowly ambling off into the distance.

Maybe I've been doing 5min charts for too long.

Have you ever experienced anything like this?

Best Regards,
Neil

Try taking them on the absolute minimum size you can manage.

Don't be afraid of losers. There's nothing worse than sitting watching trades that you should have placed turn ever more profitable. If you watch 5 trades play out exactly as you expect, you'll kick yourself if you place the 6th and get stopped out.

 

[bansir]

Try taking them on the absolute minimum size you can manage.

Don't be afraid of losers. There's nothing worse than sitting watching trades that you should have placed turn ever more profitable. If you watch 5 trades play out exactly as you expect, you'll kick yourself if you place the 6th and get stopped out.

Makes sense, thanks TT.
It's like I'm just verifying every step but missing the actual trade.
Love this business.

Best Regards,
Neil

 

[grimweasel]

Makes sense, thanks TT.
It's like I'm just verifying every step but missing the actual trade.
Love this business.

Best Regards,
Neil

Hi Bansir,

I take it you have read 'Trading in the Zone' by Mark Douglas?
If not then I'd highly recommend it. Vince Stanzonie told me to read it and I have not looked back (at myself) since. The silly thing is that even after reading all the advice I still find myself slipping into bad trading habits every now and again; I guess it's like giving up smoking in that it takes time to totally break the habit chain?

His bit in the book about the Casino Edge is so true. The Casino may take in 100M in a year but their edge will say, give them 4.5M (4.5%) if the place every trade!

For the trader to come out on top he MUST take every trade that his edge provides for him, to tip that balance of winners over losers into his favour. As has been said, losses are as much a part of trading as winners. It's how one handles the losses too. If you accept that your 'edge' only provides a higher probability of a trade going in your favour then you have nothing to blame if the trade loses. I once read that a trader should go into each trade mentally as if it would lose! Only the person initiates a trade, not the market. The Market can't be blamed.

I now realise that an 'edge' (entry/exit rules) is only some 20% of a system. The other 80% is the individual, his rules and ability to rigidly stick to his plan, and his mental state of mind!

I also realise that losses are a healthy part of my system, as it allows for me to learn and see what went wrong. I used to trade without a 'trading sheet' but I now use a sheet for every trade. That way I am consistent. If something is missed or has not been considered then I bin the trade. It also highlights errors.

On my chart attached you can see (on red line) the system I'm using at the moment combined with pin bars. So in effect I'm using 2 entry and exit criteria. All four indicators must line up and the price bar must be on the same line as the 4-way action. Seems to be working OK although I'd love to backtest it, only I'm not bright enough for all that code work!! The important thing seems to be then need to see what the traders in the city are seeing. My mate works for MStanley and he said that most big traders use Fibs and S/R levels with maybe one other indicator. Thats it! There must be a lot to be said for keeping things simple!!

Good Trading.

Every Moment in the Market is Unique - Mark Douglas

 

[bansir]

Thanks for your detailed response GW, much appreciated.
I have read the Mark Douglas book, some time ago now though.
Reckon I'll have to get my own copy; I used the local library last time.

I don't seem to have the hesitation problem with 5min time frame.
I'll read your post again later; have to go out now.

Thanks again,
Neil