Finally giving it (another) go

[Forexmospherian]

My way of trading is fairly complex - because if it was simple and easy we would not have 85% - 90% losing and giving up

I have to match up interim S & Rs in a time window with PA and my linear regression changes

I remain with no real bias until I see a change etc

I normally can only forecast up to 30 - 60 mins and therefore have to trade in the now - rather then fortune tell etc

If that makes sense

 

[Forexmospherian]

Do you use trend lines on your small frames ?

 

[Edinburgh Trader]

Do you use trend lines on your small frames ?

I am trading a very simple system whereby I essentially just try and establish a trend and wait for a pull back then trade back in the direction of the trend.

I put a TL on for the pull back and a break of that, with confirmation from elsewhere and I'm in

 

[Forexmospherian]

I am trading a very simple system whereby I essentially just try and establish a trend and wait for a pull back then trade back in the direction of the trend.

I put a TL on for the pull back and a break of that, with confirmation from elsewhere and I'm in

That type of method is fine in nice session trends and rallies but remember maybe over 70% of he time we are in ranges and no trade swing zones that will lead to you getting false signals

There is no one way fits all type of trading except scalping and even then you get false signals in very tight ranges

Reading PA on say a I minute helps with the intra day trading and catching say 5 to 10 trades a day Otherwise its larger stops and running with the bigger trends off the dailies weeklies and monthly stuff

 

[Forexmospherian]

Midday - 12 00 pm was a scalp sell on the GU from 6410/11

Its now wether we make under 6400 and 92

If not - I scalp buy again next TW

 

[Edinburgh Trader]

That type of method is fine in nice session trends and rallies but remember maybe over 70% of he time we are in ranges and no trade swing zones that will lead to you getting false signals

There is no one way fits all type of trading except scalping and even then you get false signals in very tight ranges

Reading PA on say a I minute helps with the intra day trading and catching say 5 to 10 trades a day Otherwise its larger stops and running with the bigger trends off the dailies weeklies and monthly stuff

If I can't really determine direction I'm staying out of the market.
I do need a system for range bound markets, agreed.

That said, I'm not wanting to run before I can walk!

 

[Forexmospherian]

If I can't really determine direction I'm staying out of the market.
I do need a system for range bound markets, agreed.

That said, I'm not wanting to run before I can walk!

Agree - one step at a time whist building on your price action knowledge and experience

 

[Forexmospherian]

Midday - 12 00 pm was a scalp sell on the GU from 6410/11

Its now wether we make under 6400 and 92

If not - I scalp buy again next TW

I am down to 30% stake size under 95 and banked 70% stake


Will look to scalp buy if we don't go under 89 and 86

 

[Edinburgh Trader]

Likely to be looking to sell a pull back in the GBPUSD

 

[Forexmospherian]

Likely to be looking to sell a pull back in the GBPUSD

Agree we can sell again on bounces staying under 6407 say

Meanwhile, its scalp buys above 89 /90 and only more scalp sells under 89 and 86

 

[Forexmospherian]

Agree we can sell again on bounces staying under 6407 say

Meanwhile, its scalp buys above 89 /90 and only more scalp sells under 89 and 86

Maybe we can look at a scalp sell in new hour TW

Above 6412 and 15 forget sells for abit

 

[Forexmospherian]

GU

For me now - above both 87 and 92 its a scalp buy needing over 6411 and 15

Need under 85 and 80 to hold scalp sells on if we fail to go over 6407 or 10

 

[Forexmospherian]

GU

For me now - above both 87 and 92 its a scalp buy needing over 6411 and 15

Need under 85 and 80 to hold scalp sells on if we fail to go over 6407 or 10

Now down at 63

Under 80 still a sell

I will look to scalp buy the bounce now

GL

Not much from 85 or 80 - but from under 6407 with a 5 or 7 pip stop - then a RR of 5 or 6 - nice

 

[Edinburgh Trader]

My guess is that 6414 holds and we start heading back down.

Please note I trade what I see, not what I think!!!

This has played out perfectly for me.
Given me two superb entries, and neither of them ever in doubt.
My wave count was spot on and to be honest these felt like easy trades.
I fully appreciate that this could be beginners luck and I'm not saying I am good at this yet!

 

[Forexmospherian]

This has played out perfectly for me.
Given me two superb entries, and neither of them ever in doubt.
My wave count was spot on and to be honest these felt like easy trades.
I fully appreciate that this could be beginners luck and I'm not saying I am good at this yet!

Yes I remember u commenting on 6414 and thinking on my chart last high was 13 - but near enough on different charts

No its not luck - you visualised it in your head and your stop could have easily been just 5 or 7 pips

That show to me you are following price action movements and understanding their meanings etc etc

Regards

F

 

[darktone]

throw up some charts of what you see

 

[Edinburgh Trader]

Will try and put one up tonight Darktone.

 

[Edinburgh Trader]

buying Dow at 17165
Initial stop of 15 points (half usual risk as still getting used to Mr Dow!)

 

[Edinburgh Trader]

Nerves getting the better of me.

8 points in profit and stop moved to break even!

 

[Edinburgh Trader]

10 points locked in on the Dow