NexusFi: Find Your Edge


Home Menu

 





Trading spot fx euro using price action


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Adamus with 599 posts (455 thanks)
    2. looks_two Zwaen with 46 posts (38 thanks)
    3. looks_3 SammyD with 30 posts (12 thanks)
    4. looks_4 Big Mike with 18 posts (17 thanks)
      Best Posters
    1. looks_one Big Mike with 0.9 thanks per post
    2. looks_two Adamus with 0.8 thanks per post
    3. looks_3 Zwaen with 0.8 thanks per post
    4. looks_4 SammyD with 0.4 thanks per post
    1. trending_up 136,831 views
    2. thumb_up 619 thanks given
    3. group 51 followers
    1. forum 844 posts
    2. attach_file 898 attachments




 
Search this Thread

Trading spot fx euro using price action

  #581 (permalink)
 SammyD 
Salt Lake City, Utah
 
Experience: Intermediate
Platform: NinjaTrader, Tradestation
Trading: Forex
Posts: 72 since Feb 2011
Thanks Given: 274
Thanks Received: 36

Good luck Adamus. I'm in the same situation myself. Sometimes life seems to throw curve balls but if it is meant to work out, it will. Take care.

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
Deepmoney LLM
Elite Quantitative GenAI/LLM
Exit Strategy
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
ZombieSqueeze
Platforms and Indicators
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
27 thanks
GFIs1 1 DAX trade per day journal
18 thanks
The Program
18 thanks
  #582 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748


bnichols View Post
It's not possible to compare 2 traders' journeys, but I suspect it's possible to compare destinations, so I'll add this.

These days I rely less on indicators the more I learn to trade price action. The downside is for our chosen time frame (short) price action turns us into short time frame scalpers. Seemed like a good idea early on, to trade within the limits of our budget and still capture every nook and cranny price concealed itself in, profits increasing the way the length of a fractal coastline does the smaller the dimension, but IMO 50 to 100 trades/session is way, way too much when e.g. price is in a trending channel--too hard on the flesh, not so much for a bot, in any case unnecessarily expensive in terms of commissions.

Very nice point BNichols. At this short time frame those of us who trade this way are basically scalping.

Visit my NexusFi Trade Journal Reply With Quote
  #583 (permalink)
 
mokodo's Avatar
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
Posts: 385 since Jun 2011
Thanks Given: 525
Thanks Received: 348


Hi Adamus,

Spotted you were on the forum again, are you planning to get back trading / posting?

know thyself
Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #584 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

I finished working for my client just before Christmas, so that leaves me free to concentrate on trading again now. I have quite a lot of stuff to take care of before I get anywhere near a chart again though.

It's good to have a bit more spare time to follow the threads on futures.io (formerly BMT), and see how everyone's doing.

Til later,

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #585 (permalink)
 
bnichols's Avatar
 bnichols 
Dartmouth NS
 
Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker: IB / IQFeed / Kids
Trading: Forex, stocks
Posts: 637 since Feb 2010
Thanks Given: 64
Thanks Received: 460

Good to see you back Adamus.

Visit my NexusFi Trade Journal Reply With Quote
  #586 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

I've got loads of ground work to do before I can get back to trading regular sessions, for instance I'm re-writing my trading plan with exact descriptions of the price action formations and triggers that I look for in my setups. For that I have to re-read several books too.

I'm also re-reading my journal here to make sure I've not forgotten anything when I re-write my trading plan.

I have some psych work to do as well, reading and noting all relevant information from "How We Decide", which really helped when I read it late last year - I made references to it here on this journal too. I read it first from @wldman "how we make decisions, learn from them, and then establish patterns that become habit are more important than any indicator, statistic or math based strategy" and the now departed-from-this-forum @TheRumpledOne at thread. Basically knowing what my brain is doing gives me a chance to correct it, which seems to be the most direct route to improvement compared to my efforts in 2012 where my attempts to improve where often just a waste of time.

I also need to write an indicator that will automate the 60min chart support and resistance lines that I want to put on my 3min, 1min and tick charts.

That's just one way I can see to speed up my pre-trading preparatory work. I don't want to cut corners but I don't want to spend precious time doing stuff like drawing S&R lines.

So while doing this ground work, I don't want to "not trade" so I'm going to try trading the NY Open to catch a setup. Initially I'm just going to watch it and make notes, and not trade it at all.

Today's chart - I noted the EUR/USD is in pull-back mode in a young bull trend from October and today's London Open resulted in more bearish pull-backs down from the Asian session range, but only 50 points or so, followed by some mild chop which retraced back to today's Asian Low just as NY was coming online:


You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #587 (permalink)
 SammyD 
Salt Lake City, Utah
 
Experience: Intermediate
Platform: NinjaTrader, Tradestation
Trading: Forex
Posts: 72 since Feb 2011
Thanks Given: 274
Thanks Received: 36

Good to see you back in the fold Adamus

Reply With Quote
Thanked by:
  #588 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

Another short go today at the US session open.

Al Brooks's stuff doesn't always apply, but his barbwire pattern today was a good warning as the chop around the NY open proved infathomable.


You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #589 (permalink)
 SammyD 
Salt Lake City, Utah
 
Experience: Intermediate
Platform: NinjaTrader, Tradestation
Trading: Forex
Posts: 72 since Feb 2011
Thanks Given: 274
Thanks Received: 36

When I started this morn, Eur was flat as a pancake so I switched the charts to GBP. Much better action. I am personally getting tired of the Euro hanging in these ranges for a week at a time then shooting up to the next range quickly. Of course I never catch the big move because I see all sorts of resistance above and it doesn't jive with my risk/reward.

Reply With Quote
  #590 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789



SammyD View Post
When I started this morn, Eur was flat as a pancake so I switched the charts to GBP. Much better action. I am personally getting tired of the Euro hanging in these ranges for a week at a time then shooting up to the next range quickly. Of course I never catch the big move because I see all sorts of resistance above and it doesn't jive with my risk/reward.

Hi Sam,
I can appreciate that. I haven't got the nerve just to swap currencies like that. Apart from what you mentioned, do you notice a big difference? What are you entry signals anyway?

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote




Last Updated on July 1, 2016


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts