Forexmospherian
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Very slow this last 25 mins
Best moves of the day finished maybe
Best moves of the day finished maybe
Video journal: I'm ****e at trading - watch me get better than all of you!
- Thread starter myattitude
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Forexmospherian
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No under 92 and 89 - so what does price do ??
Yes you have guessed it tries 0803 +
Yes you have guessed it tries 0803 +
Forexmospherian
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Here's what I said at 4 06 pm
89 was critical - and never breached
We have tested over 0806 - but need to go over 0810 to stay with scalp buys
Forexmospherian
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0815 /16 top so far at 4 31 pm
Need to stay above 0804 now
Need to stay above 0804 now
Forexmospherian
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Hope you got this MA
Price now at 0823 on my chart at 4 33 pm
Now 30 secs later 0840
I am exiting 70% stake and keep 30% on over 0814
Price now at 0823 on my chart at 4 33 pm
Now 30 secs later 0840
I am exiting 70% stake and keep 30% on over 0814
Forexmospherian
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please tell me you are in trade LIVE ?
Price now 0843 and peaking atm
Price now 0843 and peaking atm
Forexmospherian
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4 36 pm
3 mins to end of TW
will it carry on more ??
3 mins to end of TW
will it carry on more ??
Forexmospherian
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30% stop on buy moved up to 25 now
myattitude
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That was an interesting experiment. Hope everyone enjoyed the live-stream.
I took a buy at 081 as Fomo said anything above that it a scalp buy.
I won 15 pips as per my order, maybe I should have left the TP open.
So I see what you were saying about 081 worked, the next thing I need to understand is WHY you thought so. What was it that brought you to that? The break of res? Or something else?
I took a buy at 081 as Fomo said anything above that it a scalp buy.
I won 15 pips as per my order, maybe I should have left the TP open.
So I see what you were saying about 081 worked, the next thing I need to understand is WHY you thought so. What was it that brought you to that? The break of res? Or something else?
Forexmospherian
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0833 is cut off for my 30% stop now as above here still might try over 0850
Forexmospherian
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i will explain this trade in more detail here a bit later if thats ok
From 81 you could have made over 65 pips now
Still very well done
myattitude
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i will explain this trade in more detail here a bit later if thats ok
From 81 you could have made over 65 pips now
Still very well done
That's fine.
And thank you
Forexmospherian
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That's fine.
And thank you
No problem
we will be doing more next week
And we can try and get Major Magnum joining in
Forexmospherian
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I am out 30% stake at 0850 after 53 high
Might try buying again lower down
Need another cup of tea now
Might try buying again lower down
Need another cup of tea now
Forexmospherian
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Forexmospherian
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Hi MA
i have listened to your video and now I understand more about what you are seeing along with your questions raised
I will watch it again later and then we can work on it getting you sorted and ironing it points that you mentioned etc etc
Well Done and i think it will start to make sense to you - and after you have taken say 20 trades you will be well into it
Anyway - well done and looking forward to assisting further
Regards
F
i have listened to your video and now I understand more about what you are seeing along with your questions raised
I will watch it again later and then we can work on it getting you sorted and ironing it points that you mentioned etc etc
Well Done and i think it will start to make sense to you - and after you have taken say 20 trades you will be well into it
Anyway - well done and looking forward to assisting further
Regards
F
myattitude
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Thanks for that, I really appreciate it.
I'm also sure it will start to make more sense the more I do this. Knowing my strengths & weaknesses, I know that I'm a slow learner, but I also know that once I do learn something, I can be as good as anybody else learning the same thing.
I found that out in competitive disciplines like dancing, driving, football, and a whole lot of other disciplines I learned to become very good at.
What I'm saying is - bear with me if I initially ask gaumless questions or miss something you literally just told me, it's just part of my rather strange learning curve, that always seems to come good in the end.
Kind Regards
Forexmospherian
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Morning MA
I will go through that trade from yesterday again for you now to try and get your head around it as a newbie FX trader.
First of all - a bit more background for you to think about
Its impossible to go from understanding the basics to getting to a really consistent advanced intraday FX traders level in just a few weeks or months - in fact ideally you should not really be progressing my way until you have 12 -18 months of normal FX study and understanding behind you etc etc.
The main thing for a start is to understand chart movements - and if you are planning to be more of an Intraday trader - taking trades with targets up to say 25 - 50 or even 100 pips - you need to concentrate more on the lower time frames under 1 hr.
That does not mean you don't look at a 4 hr or a daily chart - or even a weekly come to it - but really the type of moves you are after on an intraday basis - need tighter stops so that you can achieve risk to reward ratios of ideally over 2 +.
That's not saying you do not accept a result with a RR of only 1 - ie risk 10 pips and target 10 pips - but ideally you want to achieve 15 - 25 - 40 pip results - and to get those moves you concentrate on the smaller time frames.
As you know I use the tick and mainly 1 min time frame - as I scalp as well as try and get trades of 15 -25+ pips and even 200+ trades - but will not go into that yet - stay with the first stage of small trades lasting ideally under 30 or 60 mins and making you like yesterday 15 or more pips.
With say 5 or 15 min charts - its more relaxed and you will stay in moves lasting over 30 minutes easier and so nice rallies lasting 1 or 3 or more hours - yes try and learn more on these chart frames
If you can watch and demo trade initially for say 20 hrs a week - following a live chart then it will take you approx a year to have done a 1000 hr study. For advanced or high level you need over 5k hrs and more - many say over 10k for a master trader level - and that could take quite a few years. Even Major Magnum who's been on my method over 14 months is not over 5k hrs yet i don't think.
For me just back or forward testing is OK and speeds up things - but it will not give you an "added edge" etc from what you gain from live in the "now".
I don't use the 5 and 15 mins so much as I am multi trading 10+ to 20 trades a day - and so need to see thing right from the start . If you start by saying I am happy taking 2 or 5 trades a day on one or two pairs then yes 5 mins or 15 mins with say stops of more like 15 or 20 pips are fine .
My LR set up works best on a 1 min as on 5 and 15 min its just too lagging - but you have to see what you are comfortable with and what will work best for you along with how you want to progress etc.
OK - on to the trade you took yesterday live on your video
It was a break out trade on the EU above 0810
Off any small time frame chart the EU and been in a session bullish mode whilst price stayed above 0700 and 0750 area
At the time we were looking at the key interim levels were between 0803 and 10 and 0789 area - approx 13 to 20 pips of noise that needed to see price break either way through - ie above resistance at 0803 and 10 - or under interim supports at 0790 and 89 and lower.
In between for what over 30 mins or so it just teased - testing both areas.
My longer term LR's the 2 longest said price wanted higher still - but at one stage the 3 or 4 quick ones said - NO price is staying under 0805 and 03.
Price is like water in a bucket finding the holes - it goes to were they are and then with enough momentum will leak - or break out.
If 805 and 10 had been really strong resistance areas - price would have fallen and dropped under 0790 and 89 and might have dropped another 10 or 20+ pips and then tested lower supports.
Instead 0789 / 90 area held and price carried on up
Those levels are found on a 1 min chart by looking over the last 30 mins to 8 hrs to see when price as stuck and had difficulty going higher or lower - they are different to pivots or proper 4 hr or daily or Fib levels - interim levels are more accurate for scalping and intraday trading - but for longer swing trading - they are not so effective.
Once price carried on up over 0810 + - all my LR's were then under saying higher until the next R area
As you know I use TW's to assist me - and although I was not expecting a 50 -70+ move - I was expecting more than 20 pips . As long as we stayed then in the 0800 + zone - it was still a buy
Ideally you should have taken say part profit - 30 -50% at 15 pips and left it running on a 7 -15 pip trailing stop - but then that's all part of the next stage of progression.
Main stage one is finding trades that make you profit with decent 1+ RR's - ie not risking 20 pips to make just 10 pips etc.
Once you have taken your first 20 or 50 trades on demo - hopefully your success rate will be over 50%. If its 65 or 75+% then great - carry on progressing.
Your main homework needs to be to carry on learning a style you are comfortable with - then step by step etc etc
Next week - we will try and take at least 5 more live trades on the video
You can chose the TW etc and say what you are looking at - and I can then assist with more clues and levels and maybe things you have not spotted etc etc
If you progress well and want to take a couple every day - then I will help when needed etc etc
I have loads of patience - so yes can bear with you over the next few weeks and months etc
Enjoy your weekend
Regards
F
I will go through that trade from yesterday again for you now to try and get your head around it as a newbie FX trader.
First of all - a bit more background for you to think about
Its impossible to go from understanding the basics to getting to a really consistent advanced intraday FX traders level in just a few weeks or months - in fact ideally you should not really be progressing my way until you have 12 -18 months of normal FX study and understanding behind you etc etc.
The main thing for a start is to understand chart movements - and if you are planning to be more of an Intraday trader - taking trades with targets up to say 25 - 50 or even 100 pips - you need to concentrate more on the lower time frames under 1 hr.
That does not mean you don't look at a 4 hr or a daily chart - or even a weekly come to it - but really the type of moves you are after on an intraday basis - need tighter stops so that you can achieve risk to reward ratios of ideally over 2 +.
That's not saying you do not accept a result with a RR of only 1 - ie risk 10 pips and target 10 pips - but ideally you want to achieve 15 - 25 - 40 pip results - and to get those moves you concentrate on the smaller time frames.
As you know I use the tick and mainly 1 min time frame - as I scalp as well as try and get trades of 15 -25+ pips and even 200+ trades - but will not go into that yet - stay with the first stage of small trades lasting ideally under 30 or 60 mins and making you like yesterday 15 or more pips.
With say 5 or 15 min charts - its more relaxed and you will stay in moves lasting over 30 minutes easier and so nice rallies lasting 1 or 3 or more hours - yes try and learn more on these chart frames
If you can watch and demo trade initially for say 20 hrs a week - following a live chart then it will take you approx a year to have done a 1000 hr study. For advanced or high level you need over 5k hrs and more - many say over 10k for a master trader level - and that could take quite a few years. Even Major Magnum who's been on my method over 14 months is not over 5k hrs yet i don't think.
For me just back or forward testing is OK and speeds up things - but it will not give you an "added edge" etc from what you gain from live in the "now".
I don't use the 5 and 15 mins so much as I am multi trading 10+ to 20 trades a day - and so need to see thing right from the start . If you start by saying I am happy taking 2 or 5 trades a day on one or two pairs then yes 5 mins or 15 mins with say stops of more like 15 or 20 pips are fine .
My LR set up works best on a 1 min as on 5 and 15 min its just too lagging - but you have to see what you are comfortable with and what will work best for you along with how you want to progress etc.
OK - on to the trade you took yesterday live on your video
It was a break out trade on the EU above 0810
Off any small time frame chart the EU and been in a session bullish mode whilst price stayed above 0700 and 0750 area
At the time we were looking at the key interim levels were between 0803 and 10 and 0789 area - approx 13 to 20 pips of noise that needed to see price break either way through - ie above resistance at 0803 and 10 - or under interim supports at 0790 and 89 and lower.
In between for what over 30 mins or so it just teased - testing both areas.
My longer term LR's the 2 longest said price wanted higher still - but at one stage the 3 or 4 quick ones said - NO price is staying under 0805 and 03.
Price is like water in a bucket finding the holes - it goes to were they are and then with enough momentum will leak - or break out.
If 805 and 10 had been really strong resistance areas - price would have fallen and dropped under 0790 and 89 and might have dropped another 10 or 20+ pips and then tested lower supports.
Instead 0789 / 90 area held and price carried on up
Those levels are found on a 1 min chart by looking over the last 30 mins to 8 hrs to see when price as stuck and had difficulty going higher or lower - they are different to pivots or proper 4 hr or daily or Fib levels - interim levels are more accurate for scalping and intraday trading - but for longer swing trading - they are not so effective.
Once price carried on up over 0810 + - all my LR's were then under saying higher until the next R area
As you know I use TW's to assist me - and although I was not expecting a 50 -70+ move - I was expecting more than 20 pips . As long as we stayed then in the 0800 + zone - it was still a buy
Ideally you should have taken say part profit - 30 -50% at 15 pips and left it running on a 7 -15 pip trailing stop - but then that's all part of the next stage of progression.
Main stage one is finding trades that make you profit with decent 1+ RR's - ie not risking 20 pips to make just 10 pips etc.
Once you have taken your first 20 or 50 trades on demo - hopefully your success rate will be over 50%. If its 65 or 75+% then great - carry on progressing.
Your main homework needs to be to carry on learning a style you are comfortable with - then step by step etc etc
Next week - we will try and take at least 5 more live trades on the video
You can chose the TW etc and say what you are looking at - and I can then assist with more clues and levels and maybe things you have not spotted etc etc
If you progress well and want to take a couple every day - then I will help when needed etc etc
I have loads of patience - so yes can bear with you over the next few weeks and months etc
Enjoy your weekend
Regards
F
neil
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For Fxmo's attention
@Forexmospherian
Tried to send pm but it is blocked.
Take a look at this thread - another very short time frame trader who seems to be getting there. Interesting read I thought, albeit to fast for an old git like me
http://www.forexfactory.com/showthread.php?p=7856639#post7856639
i will explain this trade in more detail here a bit later if thats ok
From 81 you could have made over 65 pips now
Still very well done
@Forexmospherian
Tried to send pm but it is blocked.
Take a look at this thread - another very short time frame trader who seems to be getting there. Interesting read I thought, albeit to fast for an old git like me
http://www.forexfactory.com/showthread.php?p=7856639#post7856639
Forexmospherian
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@Forexmospherian
Tried to send pm but it is blocked.
Take a look at this thread - another very short time frame trader who seems to be getting there. Interesting read I thought, albeit to fast for an old git like me
http://www.forexfactory.com/showthread.php?p=7856639#post7856639
Hi Neil
Yes - still got my setting on PM's to closed for everyone except staff and moderators from day one - and never changed it - as got the feeling I would be spending far too much time answering questions etc etc. In fact its one reason I have never bothered with Facebook / Twitter / Instagram /etc etc - I just blog then on only one outlet with regards to trading - all out in the open .
I am another old git and did not start scalping until my 50's - but found after a year or so that the 1 min chart end up really slow after you get familiar with it over 1000's of hrs watching - and then everything over 5 mins becomes like the daily or weekly chart - and trades that last say 12 or 20 minutes - seem like they have taken ages ;-) Ideally want to know if I am right or wrong in under 30 secs -2 minutes and want 10 or 15 + pips banked and ready to look for another trade after
10 -15 mins if possible.
My "dream " or AAA type trade last under 15 mins - travel over 25 pips and make a RR of 4 or 5+. I don't always get 2 or 3 a day like that - but many days get 7+ trades with RR's over 2.
The link was interesting and its always good to see how other traders are finding new ways to try and remain profitable every day of their intraday trading week. Its all possible - its finding the best way that suits you and are happy with the results
Good Trading to you Neil
Regards
F