Making Money Trading

[grimweasel]

Hello there all, just back from 2 weeks in S Africa studying the Zulu and Boer wars (i'll refrain from using any tactics/ideas from the battlefield and implementing them in my trading for fear of upseting MP, who I see has been banned again!)

I must say that 2 weeks break from trading had been worthwhile and refreshing; I'd recommend that you all leave the markets behind when on holiday etc as it clears the cerebal cells and re-invigorates them ready for the new 'season'

It's comforting to see the markets are still there, churning out their inefficient randomness regardless of my invervention (however small, remember each moment in the market is unique) and it adds strength to my trading plan rule of 'any more than 2 losses in a day - walkaway - the market will still be there tomorrow' !!

Good Trading all,
Grim

 

[jonj]

this pin looks nice to me,nice long term pivot,2 fib levels,also ,so far, a lttle higher than yesterdays low.downside...the body is not inside the previous candles body.
any thoughts anyone??

 

[1Pipped]

Nose looks a little bit short to me jonj, I see it has held up so far though. Plus side is you could do a bigger size trade, but might get whipped out fast! Ide leave it myself especially as its bank holiday Monday.
My stop from Wednesday is just under the low of that bar so I suppose I am actually in it really...

 

[superspurs]

i have been 1pipped into the trade lol,added to original mainly for same reasons as jonj but on 4hr and with trend.do any of you play uk shares

 

[1Pipped]

A couple of years or so ago I bought small amounts of about 10 different shares (it was actually PRTY poker that started me off, d'oh!!!) One more than doubled and then got bought out, the rest are all down I dont watch them for trading purposes.

 

[superspurs]

i just thought you might like to see these

 

[1Pipped]

That does look very good spurs thanks for posting them, especially the zeneca one.

 

[Bouncy-bouncy]

WOW! This appears to be an awesome and extremely informative thread. As a complete newbie to the site, and given the launch date of the thread, I have tried reading and interpreting the first 20-odd pages of the thread, but... my head is swimming with information overload. I'm simply not sure WHAT information I should be focusing on and trying to extract. Quite clearly there are nuggets buried in here, so I would appreciate some help and direction as to which pages or posters I should particularly focus on to best serve my education. I am deadly, deadly serious in my desire to be a good trader.

:smart:

Alternatively, if there are any publications any body could recommend which could offer up sound advice, again - I would greatly appreciate it.

Thanks in advance for (anyone's!) help and patience...

 

[alkalinels1]

WOW! This appears to be an awesome and extremely informative thread. As a complete newbie to the site, and given the launch date of the thread, I have tried reading and interpreting the first 20-odd pages of the thread, but... my head is swimming with information overload. I'm simply not sure WHAT information I should be focusing on and trying to extract. Quite clearly there are nuggets buried in here, so I would appreciate some help and direction as to which pages or posters I should particularly focus on to best serve my education. I am deadly, deadly serious in my desire to be a good trader.



Alternatively, if there are any publications any body could recommend which could offer up sound advice, again - I would greatly appreciate it.

Thanks in advance for (anyone's!) help and patience...

I can completely understand where "bouncy-Bouncy" is coming from. This being my very 1st post ,I too, am not sure as to which post(s) I should be better paying attention to. This thread seems really interesting tho. I pray I can absorb as much as possible.

 

[jonj]

Nose looks a little bit short to me jonj, I see it has held up so far though. Plus side is you could do a bigger size trade, but might get whipped out fast! Ide leave it myself especially as its bank holiday Monday.
My stop from Wednesday is just under the low of that bar so I suppose I am actually in it really...

the candle didnt finish as pinbar so i didnt take it.i did however enter a short term long once the move took off as it still seemed a good bounce to me ,so i waited for a bit more confirmation and momentum before entering.
good luck to you and superspurs with this trade.by the way have you seen the long divergences on the weekly charts??both on stochs and rsi(9).could go a long way this trade??

 

[jonj]

I can completely understand where "bouncy-Bouncy" is coming from. This being my very 1st post ,I too, am not sure as to which post(s) I should be better paying attention to. This thread seems really interesting tho. I pray I can absorb as much as possible.

welcome,this is one of the best threads you will read on your travels round the fx forums,i also didnt read every page but most of them over time,as this is traderdantes thread i sugest you read ALL his posts and the responces to his posts.i am also still learning this buisness and following this thread and posting questions (which i thank everyone who has responded) has helped my learning curve enormously,keep reading

 

[1Pipped]

Hi jonj,
I didnt notice the divergence but it is there, on 14 rsi as well, nicely spotted.
Looking a bit grim at the moment, and Ive got to go and do a job this morning. If it comes back that close to my stop again, give it a flick away could you ?

 

[jonj]

Hi jonj,
I didnt notice the divergence but it is there, on 14 rsi as well, nicely spotted.
Looking a bit grim at the moment, and Ive got to go and do a job this morning. If it comes back that close to my stop again, give it a flick away could you ?

no worrys 1pipped,iv set up a rejection force field under the price,never fails!!!aint nothing going past there now!!
(ignore my sell stop order it wont get triggered:whistling)
seriously though,thats a nice flag formation here,enjoy the ride if it does break on the upside.

 

[portomar]

interesting stuff on astrazeneca superspurs, one negative point could be the fib at the bottom of the pin could act as support?

 

[jonj]

interesting stuff on astrazeneca superspurs, one negative point could be the fib at the bottom of the pin could act as support?

hi portomar,just my 2 peneth worth,but i personaly wouldnt worry too much about the fib level,although i think it is possible,on this setup the break of the pin is almost at the same price and so imo would be broken with the break of the pin ??the low vol on the price retracement is very possitive also.this is something i lack in fx.

 

[portomar]

hi portomar,just my 2 peneth worth,but i personaly wouldnt worry too much about the fib level,although i think it is possible,on this setup the break of the pin is almost at the same price and so imo would be broken with the break of the pin ??the low vol on the price retracement is very possitive also.this is something i lack in fx.

Ah yea, just saw how close the bottom was to the fib. well spotted.

 

[jonj]

i just thought you might like to see these

hey superspurs,what has your experience been with pinbars that dont form INSIDE the previous candles body??has anyone else had any joy with bars like this??the fact that the price was able to close ABOVE the previous close and the body itself is ABOVE the body of the previous candle sugests that the price wasnt rejected too strongly and the bulls managed to keep at least a foot hold in the market??these are just my thoughts any feed back most welcome:?:

 

[1Pipped]

jonj thanks for the force field! must have been something wrong with it today ? lol
anyway out for about 1:1. USDJPY also out for about 1:1. AUDJPY out for a loss.

I wonder if those trades should have been closed earlier? I dont think so on the £$ trade because it had profit locked in of 1:1 so its 'payed for itself' IF it had made more then thats the real profit... but I do seem to let 50% of a profit go back quite often.

TD would probably shoot me for saying this but I wonder if its a good idea to just get out if price moves in your favour by 'a good amount' quickly. As an over exaggerated example, imagine you bought ABCXYZ off the daily chart expecting to hold for a few days, but within an hour you were up 10:1. Surely better to get that now for one hours risk than leave it for a few days ??

 

[jonj]

jonj thanks for the force field! must have been something wrong with it today ? lol

sos mate there must have been a power failure!!(notice only the shadow got through though..almost.lol)
anyway out for about 1:1. USDJPY also out for about 1:1. AUDJPY out for a loss.

I wonder if those trades should have been closed earlier? I dont think so on the £$ trade because it had profit locked in of 1:1 so its 'payed for itself' IF it had made more then thats the real profit... but I do seem to let 50% of a profit go back quite often.

at the risk of getting banned from the thread,i also would tend to take profits earlier and look to re-enter from any retracement later IF it did take off.Yesterday was a prime example,there were a few opertunities to close the long at the top end of the range ,of around 60 pips!and wait a new entry signal. giving 50 pips or so back to the market would give me a mild stroke!100 would defenately give me something severe and permanent!!but then thats why i prefere the shorter trades.to be serious though NOT being in the market gave me the oppertunity to short the break.something to think about

 

[superspurs]

hey superspurs,what has your experience been with pinbars that dont form INSIDE the previous candles body??has anyone else had any joy with bars like this??the fact that the price was able to close ABOVE the previous close and the body itself is ABOVE the body of the previous candle sugests that the price wasnt rejected too strongly and the bulls managed to keep at least a foot hold in the market??these are just my thoughts any feed back most welcome:?:

i can,t really say i have any experience with these pins outside the previous bars body as i don,t keep records,give myself a bit of a talking to about that ha ha,at the weekend i tend to run thru loads of charts quickly,spending not much time on each one and the azn pin just sort of jumped out at me.i know its late but i,ve been in bed all day with a bit of a bugps the cable bears got me as well.