The New Making Money Trading

[oshunt]

The making money trading thread made by trader_dante is getting dated and the sequel to the thread (Potential setups) is CLOSED. So thought it would be a good idea to re-create the Mona Lisa which is mmt and help fellow beginner traders like me along the way

Firstly like in his parent thread what markets do you guys/girls want to trade? There’s; Indices, Foreign Exchange, Bonds/Interest Rates and Commodities even though the method works across all markets.

 

[oshunt]

I've read the making money trading thread and J16 thread on the Forex Factory. so this thread will contain most of the methods they use not just pin bars like in MMT. This includes dblhc like the one two days ago on the dax which did very well, also outside bars. Obviously a principle that applies across all the threads is confluence, these price actions are much more reiliable when used with s/r and fib retracements

 

[scose-no-doubt]

I say commods. Corn or wheat. Already loads of indices and fx everywhere.

 

[scose-no-doubt]

natty gas then. great

I'll be watching

 

[oshunt]

Guess so far people are wanting to go for commods. Funny thing about that, on the cotton no2 October there's a price action, which i'm really interested in. A pin bar on the daily, with support at a round number. Also strong support of daily just above that, and even better if you go down to the 4hr your see an beovb (bearish outside Verticle bar) which points to the direction going down for a short.

This is a trade i'm going to take just due to the amount of confluence (supporting factors for a trade) p.s this isn't a recommendation to trade i only have 2 years trading experience and that only includes 3 months dedicated experience, so i still consider myself new to this. hopefully with this thread I can become better.

 

[scose-no-doubt]

What confluence factors are you seeing there?

 

[DionysusToast]

Tough trade that one IMO - short right in the middle of a trading range. I'd not do anything until you got to the top or bottom of the range!

Good luck with it - what's your entry price?

 

[rathcoole_exile]

Guess so far people are wanting to go for commods. Funny thing about that, on the cotton no2 October there's a price action, which i'm really interested in. A pin bar on the daily, with support at a round number. Also strong support of daily just above that, and even better if you go down to the 4hr your see an beovb (bearish outside Verticle bar) which points to the direction going down for a short.

This is a trade i'm going to take just due to the amount of confluence (supporting factors for a trade) p.s this isn't a recommendation to trade i only have 2 years trading experience and that only includes 3 months dedicated experience, so i still consider myself new to this. hopefully with this thread I can become better.

my own take on this is that price is very clearly in the middle of a channel of consolidation.
personally I wouldn't take ANY trade while price is still in this zone, no matter what indicators or PA signals fire off

 

[rathcoole_exile]

Also strong support of daily just above that,

if it's above, wouldn't that be Resistance rather than Support ?

with support at a round number

If there is such obvious strong support below, why would you consider a Short ????

 

[scose-no-doubt]

I agree withe these two which is why I asked aboots the confluence. As far as I know, pin bars, in the Tomathy_Dante sense - which is the J16 sense - occur only on price reversion and range extremes with confluence being S/R and previous short term pivot point. How far back you're gonna go back to identify these points is the main thingymajiggy imo.

 

[oshunt]

if it's above, wouldn't that be Resistance rather than Support ?



If there is such obvious strong support below, why would you consider a Short ????

sorry in both cases i meant resistance

 

[oshunt]

entry - 70.31
stop - 70.88
my first profit level is at 70

However i'll be moving to break even the price hits 70.15
second profit level at 69.65 then t1 becomes stop loss
and then there's more profit levels,the final one is at 67.08 if I don't get stopped out before that point.

this is based of the prices given to me off my spread betting company btw.

 

[oshunt]

What confluence factors are you seeing there?

price action on multiple time-frames. The pin bar on the daily retraces before round number, which is showing resistance.

 

[SybilCut]

Guess so far people are wanting to go for commods. Funny thing about that, on the cotton no2 October there's a price action, which i'm really interested in. A pin bar on the daily, with support at a round number. Also strong support of daily just above that, and even better if you go down to the 4hr your see an beovb (bearish outside Verticle bar) which points to the direction going down for a short.

This is a trade i'm going to take just due to the amount of confluence (supporting factors for a trade) p.s this isn't a recommendation to trade i only have 2 years trading experience and that only includes 3 months dedicated experience, so i still consider myself new to this. hopefully with this thread I can become better.

IMO not a good play- the pin is just caught in the middle of a drift between the range.

 

[oshunt]

Got out break even the spread was too much for me.

 

[gforce1]

Hi oshunt. Where's Tom? Is he still around?

How's ur trading going?

Cheers G