I want to be, the very best, like no one ever was

[dgtrading]

Hello everyone.

I wrote a journal on this site over a year ago, however my trading was quite a mess and my analysis lacked follow through. Since then I have not given up and have been studying the charts every day, determined to become one of the best.

ABOUT ME

- Unemployed economics graduate
- lost £2,200 to the monster that is the market (so far)
- trade purely on technical analysis
- top down analysis from weekly down to daily, 4hr and hourly timeframes
- only 'indicator' used is 10 period EMA
- instruments traded: FOREX and major commodities (oil, gold, platinum)
- account size £500

STRATEGY

- entering breakouts/trend changes/contractions and expansions in volatility on one time frame in confluence with the time frame above.
- taking profits at 3,2 and even 1 RR

some of you might think i'm crazy for taking trades at 1:1 risk-to-reward however my studies of charts show me that these trades have extremely high success rates.

will be posting technical analysis, trade ideas, statements and general thoughts on the markets.

let the games commence.

 

[forker]

Trading on pure technical analysis is the reason you are losing in fx.

 

[dgtrading]

we'll see.

i've analysed every single losing trade and found technical reasons behind the loss.

I know plenty of successful traders who trade technicals alone

 

[counter_violent]

we'll see.

i've analysed every single losing trade and found technical reasons behind the loss.

and as you keep on losing, your list will grow of technical reasons for each loss.

I know plenty of successful traders who trade technicals alone

No you don't, otherwise you would not be here doing this experimental trading.

 

[forker]

Over analysing technicals is just going to to make it worse for you.

 

[dgtrading]

Platinum short 2pm Friday 9th September (UK time)

4hr chart

nice bearish hammer candle with solid close in confluence with previous low and 10EMA

1hr chart

zooming into 1hr chart we can see the whip up followed by a large bearish engulfing candle

Daily chart

in the short term we can see the upward snap in price creating a new high in the very short term, however this high is very minor, the price action on lower time frames shows how price came down to the high (the grey level) before whipping up and the hammer bar closing below the grey level

[Uzoomed out daily chart [/U]

zooming out on the daily chart we can see a short term lower low produced.

weekly chart

yes the trend appears to be bullish, however weakness is starting to appear in the form of lengthy upper tails on the candles

RISK £30 REWARD £30

RESULT £30

 

[dgtrading]

longer term trend

zooming far out on the weekly chart we can see the overall trend is still bearish, which adds more weight to trades on the short side

 

[dgtrading]

Forecast analysis week 12th-16th September

possible AUD weakness and possible GBP strength

- we could see a sharp pop in GBP/AUD if price breaches the previous swing high, this is due to the break in the bearish trend line and inside bar formation this week, it also might be overextended in terms of the major trend and might be forming a swing low. however i'm not betting any money on this.

- we could also see a harsh drop in AUD/USD if price breaches 0.75, this is due to the long upper tails on the candles at major resistance, and price may be ready to continue the bearish trend on a zoomed out weekly chart.

additional dollar strength

- dollar strength could be present on other instruments this week, if Platinum breaks below 1040 we could see a harsh drop in price

 

[tomorton]

I wondered if this might help inform your analysis. Only watch half of it myself yet but a neat time-line and rationale for recent currency movements.

 

[Sonicscooter]

Hello everyone.

I wrote a journal on this site over a year ago, however my trading was quite a mess and my analysis lacked follow through. Since then I have not given up and have been studying the charts every day, determined to become one of the best.

ABOUT ME

- Unemployed economics graduate
- lost £2,200 to the monster that is the market (so far)
- trade purely on technical analysis
- top down analysis from weekly down to daily, 4hr and hourly timeframes
- only 'indicator' used is 10 period EMA
- instruments traded: FOREX and major commodities (oil, gold, platinum)
- account size £500

STRATEGY

- entering breakouts/trend changes/contractions and expansions in volatility on one time frame in confluence with the time frame above.
- taking profits at 3,2 and even 1 RR

some of you might think i'm crazy for taking trades at 1:1 risk-to-reward however my studies of charts show me that these trades have extremely high success rates.

will be posting technical analysis, trade ideas, statements and general thoughts on the markets.

let the games commence.

You're going to blow up.

 

[dgtrading]

lots of AUD weakness and USD strength across the board so far today, looking to enter on retracements with confirming price action

* all cash at the moment no trades*

 

[dgtrading]

I wondered if this might help inform your analysis. Only watch half of it myself yet but a neat time-line and rationale for recent currency movements.

I watched some of it, the guy just mumbles random hypotheses on the market in conjunction with his technical analysis, and some of his charts are a mess.

I prefer to keep a clear mind and listen to my own brain.

thanks for the input though

 

[dgtrading]

watching UER/GBP for a 4hr close below 0.84385 to possibly go short

 

[Lúidín]

Hello everyone.

I wrote a journal on this site over a year ago, however my trading was quite a mess and my analysis lacked follow through. Since then I have not given up and have been studying the charts every day, determined to become one of the best.

ABOUT ME

- Unemployed economics graduate
- lost £2,200 to the monster that is the market (so far)
- trade purely on technical analysis
- top down analysis from weekly down to daily, 4hr and hourly timeframes
- only 'indicator' used is 10 period EMA
- instruments traded: FOREX and major commodities (oil, gold, platinum)
- account size £500

STRATEGY

- entering breakouts/trend changes/contractions and expansions in volatility on one time frame in confluence with the time frame above.
- taking profits at 3,2 and even 1 RR

some of you might think i'm crazy for taking trades at 1:1 risk-to-reward however my studies of charts show me that these trades have extremely high success rates.

will be posting technical analysis, trade ideas, statements and general thoughts on the markets.

let the games commence.

you are to be commended for trying..and i would say the chances of you being the very best..like no one ever was..is..very very slim..as you are doing exactly what everyone else does..so..you are going to get the same results as everyone else

tip..which i know you will not take..but here it is anyway

concentrate on 1 market that you can trade at any time..but preferably be available to trade it's key times..trade what you see happening in front of you..forget about what if this and what if that..as that is only a fool's game

if you can not make some money trading what is actually happening..then the chances of you making money trading based on what has already happened..are very very slim indeed

let's see if you prove me wrong..or prove me right?

 

[dgtrading]

you are to be commended for trying..and i would say the chances of you being the very best..like no one ever was..is..very very slim..as you are doing exactly what everyone else does..so..you are going to get the same results as everyone else

tip..which i know you will not take..but here it is anyway

concentrate on 1 market that you can trade at any time..but preferably be available to trade it's key times..trade what you see happening in front of you..forget about what if this and what if that..as that is only a fool's game

if you can not make some money trading what is actually happening..then the chances of you making money trading based on what has already happened..are very very slim indeed

let's see if you prove me wrong..or prove me right?

yes I appreciate your advice, I haven't taken any trades based upon my 'what if' ideas for this week and I never will, I always wait for confirmation and specific price action factors that I am looking for.

no trades today as I have become very fussy in regards to the quality of trades taken nowadays, which can't be said about my previous trading history.

 

[Lúidín]

yes I appreciate your advice, I haven't taken any trades based upon my 'what if' ideas for this week and I never will, I always wait for confirmation and specific price action factors that I am looking for.

no trades today as I have become very fussy in regards to the quality of trades taken nowadays, which can't be said about my previous trading history.

you are welcome..keep in mind that "the perfect setup" does not exist..every trade you take will have an uncertain outcome..which is why you must only risk a certain % on each trade..risk too much on each trade and your money can disappear very quickly

that said..when the opportunities present themsleves..one must act accordingly..as lost opportunity can be just as bad..or even worse..than a losing trade

there is one thing that ties it all together..and that is called experience..some think they can bypass the experience bit and jump to the head of the class..big mistake..as it will not be too long before one discovers that they have been in the wrong class all along..it was just that they did not really understand what they were studying for..and were just going along with the rest of the class

anyway..there is no reason why you can not make money trading..all you need to do is get in and get out at the right levels..and at the right (best) times

 

[new_trader]

you are to be commended for trying..and i would say the chances of you being the very best..like no one ever was..is..very very slim..as you are doing exactly what everyone else does..so..you are going to get the same results as everyone else

tip..which i know you will not take..but here it is anyway

concentrate on 1 market that you can trade at any time..but preferably be available to trade it's key times..trade what you see happening in front of you..forget about what if this and what if that..as that is only a fool's game

if you can not make some money trading what is actually happening..then the chances of you making money trading based on what has already happened..are very very slim indeed

let's see if you prove me wrong..or prove me right?

I agree 100% Find the instrument you want to trade and stick to it like glue. Get to know its character. Study it like your goal is to be the worlds expert on it. Don’t stray from it just because you think it’s “too this” or “too that”. There are no easy markets to trade, that is pure bullshìt. The people who fail are that ones who jump from one instrument to another hoping to find the holy grail. Perseverance is essential.

Once you understand how to read the price action of one instrument, you will be able to trade any market.

 

[darktone]

I want to be, the very best, like no one ever was

Im afraid that spots already been taken.

 

[Hoggums]

dgtrading - this is you at the moment

People on here are trying to help you - but you seemed to be determined to fail and no-one's gonna stop you.

 

[dgtrading]

you are welcome..keep in mind that "the perfect setup" does not exist..every trade you take will have an uncertain outcome..which is why you must only risk a certain % on each trade..risk too much on each trade and your money can disappear very quickly

that said..when the opportunities present themsleves..one must act accordingly..as lost opportunity can be just as bad..or even worse..than a losing trade

there is one thing that ties it all together..and that is called experience..some think they can bypass the experience bit and jump to the head of the class..big mistake..as it will not be too long before one discovers that they have been in the wrong class all along..it was just that they did not really understand what they were studying for..and were just going along with the rest of the class

anyway..there is no reason why you can not make money trading..all you need to do is get in and get out at the right levels..and at the right (best) times

yes I am aware that price can explode in any direction at any point in time however I have studied enough charts to put the odds significantly in my favour, and I am not risking large chunks of my account on any one trade.

I have been trading for almost 2 years now so my experience is building up.

thanks for the support it seems like others in this thread are hasty to provide the opposite