be-positive
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thanks richard -------- entry around 1.5020 ???
Mr. Charts' Forex Trades
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Mr. Charts
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Yes
Lord Flasheart
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Mr charts
It would be helpfull if you could call a few of these in advance as you have a rigid set up.Have you had many losing trades using this method
It would be helpfull if you could call a few of these in advance as you have a rigid set up.Have you had many losing trades using this method
charliechan
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Richard,
Great idea this thread! What's more, because anyone can start up an FX account with as little as a few hundred squid, you will have a much wider customer base for your training courses that you sell. I imagine US PDT rules kinda restrict your customer base.
How about posting some charts where you lost? I find I tend to learn as much when the market doesnt do as expected and finding out why as when it does what probability has already suggested.
Just a thought....
Great idea this thread! What's more, because anyone can start up an FX account with as little as a few hundred squid, you will have a much wider customer base for your training courses that you sell. I imagine US PDT rules kinda restrict your customer base.
How about posting some charts where you lost? I find I tend to learn as much when the market doesnt do as expected and finding out why as when it does what probability has already suggested.
Just a thought....
Mr. Charts
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redart,
Amit answered that in post #16
Similar set up this morning on cable only produced 17 pips profit.
As already said, I only trade FX occasionally, my living being US shares intra day.
However, when I get a losing trade using this particular method, I WILL post it.
The charts of winning and losing trades show no difference at the time of entry so you can't look at them and see a difference between what turn out to be winning trades and the ones which turn out to be losers. My management involves exiting the losers as described by Amit for a small or modest loss, and running the winners till stopped out on the trailing stop of the extreme of the previous candle being breached.
Richard
Amit answered that in post #16
Similar set up this morning on cable only produced 17 pips profit.
As already said, I only trade FX occasionally, my living being US shares intra day.
However, when I get a losing trade using this particular method, I WILL post it.
The charts of winning and losing trades show no difference at the time of entry so you can't look at them and see a difference between what turn out to be winning trades and the ones which turn out to be losers. My management involves exiting the losers as described by Amit for a small or modest loss, and running the winners till stopped out on the trailing stop of the extreme of the previous candle being breached.
Richard
montmorencyt2w
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EUR/USD this morning between about 7am and 9am could have been could, although I was not watching the chart at that time. It's been pretty dull since it hit 1.2992, trading mostly sideways. I had a bit of a do in the 2nd much shorter run up, but got in too late to be interesting. It's supposed to break 1.30 according to some, although I am not convinced. If it does though, could be another fast run up I reckon, maybe later in the week.
Mr. Charts
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monty,
Yes EUR/USD set up the same way and would have produced about 35 pips. Unfortunately I decided to wait and see if cable set up and ended up with fewer pips lol
Richard
Yes EUR/USD set up the same way and would have produced about 35 pips. Unfortunately I decided to wait and see if cable set up and ended up with fewer pips lol
Richard
Mr. Charts
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Same pattern this morning on cable except it was a double bottom reversal. It only produced 16 pips, though; hardly worth getting up so early for.
Richard
Richard
montmorencyt2w
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Cable would have been great trading on a longer term basis this morning though.
(My attention was elsewhere, so I wasn't in it).
(My attention was elsewhere, so I wasn't in it).
Hi Richard, i was thinking about trading 123 patterns on the 5 min chart on forex a while back with similar entry and exit strategy as yourself, but i got put off by people saying il never beat the spread and day trading the 5 min bars is just noise and il lose all my money etc...so it sort of made me back off.
Good to see you trading forex similar to your nasdaq, so do you think it is possible to make consistent profits day trading the forex?
Good to see you trading forex similar to your nasdaq, so do you think it is possible to make consistent profits day trading the forex?
montmorencyt2w
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Although I am new to this method, I am not new to Forex. For a long time, I never traded anything less than off the 1H chart (occasionally looking at the 15 minute), so I was worried about going to 5 minute (even more worried about 1 minute).
I am surprised to find that it does seem quite do-able. I've been tied up with some long-running trades and so have not put this method into practice as much as I would like, but I have seen several opportunities where it should have worked very well. I've also found it quite useful actually in helping me get a different perspective on my long-running trades, or potential new long-running (if they work) trades. In short, this very simple method has made me look at trading in quite a different way. It is still early days for me, but quite promising, so thank you Richard!
I'm always aware of the longer-term trends as well, and I also try to be cognizant of the major fundamental issues or market sentiments that are driving the pair in question (not always easy, I grant).
As for spreads, well, EUR/USD and GBP/USD usually have fairly narrow spreads, and tend to be the pairs I concentrate most on in any case, and I haven't found this a problem.
This isn't scalping (not when it works anyway). You might have to be a bit nimble to get out of a losing trade, or one that's about to start losing, but that's a different thing. That's the way I see it, anyway.
My ideal will be to find the occasional "short-term" trend which just keeps on going, and ends up being a nice, profitable, long-running trade (days, weeks, months even). I know that's not the way Richard's method is presented, since he aims to close all trades every day I believe, but it seems to me that it's another way of making use of this little technique.
Mr. Charts
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Another +41 pips on cable this morning using just this one method.
When I get a losing trade I WILL post it.
I'll respond to alfiemal's and monty's posts when I get time - I'm going off to help someone very shortly.
Richard
When I get a losing trade I WILL post it.
I'll respond to alfiemal's and monty's posts when I get time - I'm going off to help someone very shortly.
Richard
how many times have we heard this one..............that you will post your losing trade, richard i cannot remember you ever posting a losing trade, infact do you ever have a losing day?, you must be so rich by now if this was of course true.
any seasoned experience trader knows what you are saying is just not true and impossible to do and i think this is why you wind so many people up as its just pure dishonest and most here are honest battlers who are mis-informed.
please please stop it unless you are ever going to post a trade before the event as after the event is just as bad as saying TA is perfect.
It would be best if you went away, and other here will not like that i say this but it would be doing them a great favour if you did.
Its poor education like this that is the reason so many fail.
Pedro pete i see was trained recently by you and i class him as an experienced trader, why is it he has now given up and moved on to another strategy?
Answer the questions and expect the flack as you have never in my time here ever once posted before the fact, anyone can do that in hindsight and its a reasonable ask of a mentor i feel.
any seasoned experience trader knows what you are saying is just not true and impossible to do and i think this is why you wind so many people up as its just pure dishonest and most here are honest battlers who are mis-informed.
please please stop it unless you are ever going to post a trade before the event as after the event is just as bad as saying TA is perfect.
It would be best if you went away, and other here will not like that i say this but it would be doing them a great favour if you did.
Its poor education like this that is the reason so many fail.
Pedro pete i see was trained recently by you and i class him as an experienced trader, why is it he has now given up and moved on to another strategy?
Answer the questions and expect the flack as you have never in my time here ever once posted before the fact, anyone can do that in hindsight and its a reasonable ask of a mentor i feel.
Lord Flasheart
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yep this is what I said at the start of the thread. On briefly at charts with this set up there have been many losing trades. i wish I could only pick winning trades
be-positive
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so do I jules
bangkoker
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I don't like this negative vibe either, if people want to read the thread they should, if not then read another thread. I find Richard's stuff useful.
A lot of it is confidence, psychology and good money management.
Some people make an amount on a good high percentage strategy, some lose more trades than they win but win massively on some of their winners.
Everyone has their own way but it interesting to see others views of trading.
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