Comment by talisman on July 8, 2012 at 12:06am

hi gill-i was going to make a couple of comments with my thoughts and opinions but after reading the article peter put us on to i would say simply read that twice, have a coffee and read it again.  it has everything you need.

  as far as defining a trend,  listen closely to what keith says regarding marking LL LH HH HL and how they influence the potential to frame a trade.

good luck, and thanks for the post it precipitated some interesting dialogue.

Comment by Gill on July 8, 2012 at 1:43am

Thank you all for your replies - this is not really my reply yet i'm just saying thanks - goin to have to re-read them all again properly after some ZZzzz... maybe I'll dream about elephants for some strange reason hehe

Comment by Gill on July 10, 2012 at 3:27am

Peter I like the ‘’top down analysis’’ idea.  Ok so if I stick to those 4 timeframes, weekly, daily, 4 hour, 1 hour… now I have the jigsaw. 

It does often look like each time frame has opposin signals butttttttttttt (as trev would say) with the way you put it as each weekly candle is 5 dailys etc… the candlestick itself becomes another signal.

Overall, a big trend line too to look for the pullbacks and the S/R on each TF (which will hopefully correspond with the Ichimoku S/R)

I also am trying to reduce the number of pairs I have open.  Already reduced from 23 to 12… now I want to get down to 4.  It’s just so hard saying goodbye to some pairs and I’m a bit of a yen junkie.

Havin only 4, I could really analyse these 4 and work out the jigsaws as much as I can. Thanks for that link too – great read (trading markets)

Keith I love that signpost esp the bottom pointer hehe… thanks for those links… I like the finding your entry that is very useful as I normally seem to enter in through the roof instead of the front door. Again, with fewer pairs I could mark out my swing highs and lows as you say and not be so overwhelmed.  Ah Keith that poor little ellie in the bowl. Where do you get them hehe

Lisa I like your idea of drawing the charts by hand and me with my pen and paper always by my side, hadn’t even thought of it.

Sir Gissa, yes experience… and patience before that is what I need.  I’d  definitely like to use the Leprechaun stragegy bein Irish and all I’m just havin trouble findin any info on it? If you had a link it’d be great hehe

Again thank you all for your replies - I really appreciate it, and sorry for taking so long to reply myself… I just wanted to read them all again properly before sitting down to answer.

 

Comment by Keith Shaw on July 10, 2012 at 8:06am

NWF Gill , happy trading.

Comment by Peter jcp on July 10, 2012 at 8:06am

Morning Gill - just a couple of more points to mention - that you might play with  as you progress.

We need to really know what size of moves are you after - bearing in mind normally the larger the targets - the larger you might need your stops? 

The weekly / daily / 4hr ./ 1hr - can be one group. You could have a 1 min - 10 min  30 min - 2 hr as another group - also 15 -30 -1hr -2hr as another. Lots of combo's for different types or sizes of jigsaws.

Also - try and major in one or two pairs - ie get really good at having one pair - ie Usd / Jpy or EU as the one you end up reading like a book. You can always then trade other pairs and have 5 -10 -20 etc on your radar looking for nice set ups - but focus for a start - remember walk before you run - learn one language at a time not 5 all together ;-)

Finally - don't think you have to stick with one type of method - ie Cloud or Candle Sticks or MA crossovers or Elliots Wave etc etc . You can mix and match to come up with the world famous "lucky leprechaun" method as Sir Gissa as mentioned - and as we know this method  is too quote - "to be sure - to be sure " ;-) 

Comment by Gill on July 14, 2012 at 2:54am

Hi Peter well I like the 1hour... my SL is about 50 normally - but I don't know if that's right - and I know it's hard to know unless the entry is perfect... and the Target is worth it... the target is normally the sky... haha well if i'm watching i like it to run as far as possible... really i'm not lookin for the moon - I'd be happy with profit full stop and be happy to have targets that are consistently larger than Stops... (which i know should be a prerequisite)... but

sometimes I TP too early and next one hits stop - result: break even for a week. As I said earlier to someone, I must be doin somethin right and I must be doin somethin wrong ha... So first wrong is that, risk:reward.... but I actually think my entry points could be better...

Yes that is a great suggestion to major in one or two pairs while using a general setup for other pairs, I really like that idea  - I am trying to get to that : learning the behavior of a pair or two

Thanks Peter...lucky  leprechaun method under construction hehe

Comment by Gill on July 14, 2012 at 3:00am

Yes Keith a bit over the top.. 21 here (old pic) hehe

Comment by Peter jcp on July 14, 2012 at 9:21am

Hi Gill - Talking of stop sizes - I must get this article out on size of stops and targets now that I have enough survey information. A 50 pip stop for day trading is common and well used. Normally it requires you to be targeting a minimum 75-80 pips - average 100 pip+ and anything over 150 pips then would be a great trade ( RR over 3 )

Sounds easy enough - but that's why so many traders fail - they just don't end up making enough profitable trades with RR's over 2+

If you like the 1 hr chart  ( remember its the largest Intraday time frame chart that every trader around the world sees as the same) then try the following combinations of multi frames -

15 / 30 / 1hr  / 4 hr -  or 30 / 1hr / 2hr / 4 hr - or 5 / 30 / 1hr /4hr or 5 / 15 /1hr / 4 hr

If you are able to work on more frames under 1 hr in the combo - you can then get your stops down to more in the 20-35 pip range - allowing you targets that might be more achievable - ie - 40 -70 pips.

The trouble is the market know all the strats etc and will every day stop hunts specifically to take traders out of the market. You could counter this by having 120-150 pip stop sizes and only target 200-300+ pip moves - but yet again these don't happen every day or two and so you have to have low stakes etc

What's the answer then ?

My own answer is gaining lots of experience and then getting to a level of very small stops and targets of 10 -30+ pips and multi trade. Take an invite to the " ForeXmosgate"  and I and some of the other guys will be live intraday trading next week and this might help.

Alternatively - if you cannot spend 3-5+ hrs a day trading and only want 1-2 hr maximum - dont look so much at day trading and keep with the bigger stops and hope to catch a trend of 150 - 300 pips over 2-4 days every week.

Finally the most important thing to remember - 70-85% of traders fail and don't make it or give up. Why is this? - mainly because they have more losses than wins ( or bigger losses than wins) and because they use the most common methods and dont use sufficient MM . 

Hope this helps Gill - and have a great weekend

Regards

Peter

Comment by Peter jcp on July 14, 2012 at 10:37am

LOL - Yes got the link to the widely acknowledged authority on Forex price action ;-) I must read it again along with a few pints of Guinness - I then should be in the "zone"

PS - I think Trev's in that club as well - I failed to make the grade- I need another 2000 pints of Guinness behind me to have a chance ;-)

Comment by Keith Shaw on July 15, 2012 at 8:12am

; 0 ))

Comment

• ‹ Previous
• 1
• 2
• 3
• 4
• Next ›
• Page