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Trading spot fx euro using price action


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Trading spot fx euro using price action

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  #371 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
 
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Posts: 1,085 since Dec 2010
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Lost a few pips overall today.

3 trades
1 serious missed trade
1 mistake on the S/R levels
3 mistakes with stops.

Had problems with stops.

Frankly I don't know where the more serious problem lies.

I put my initial stops in good positions but then pulled them in too soon on all 3 trades, turning possible big pips into a minus.

Might be a focus issue, since I'm pretty wasted and not getting enough sleep. I need to ask myself before I move the stop, "will price coming back to this level invalidate my trade premise?". Today though i just figured where I thought price might retrace to, and I pulled the stop to there without adding the 2 pips safety buffer.

I didn't re-read this point in any of my notes either so I need to look at that too.

My focus was also off, I realise, since I had forgotten to put in a support level from a previous swing low where the target of my first trade should have been and would have been a bull's eye.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #372 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
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Adamus View Post
Lost a few pips overall today.

3 trades
1 serious missed trade
1 mistake on the S/R levels
3 mistakes with stops.

Had problems with stops.

Frankly I don't know where the more serious problem lies.

I put my initial stops in good positions but then pulled them in too soon on all 3 trades, turning possible big pips into a minus.

Might be a focus issue, since I'm pretty wasted and not getting enough sleep. I need to ask myself before I move the stop, "will price coming back to this level invalidate my trade premise?". Today though i just figured where I thought price might retrace to, and I pulled the stop to there without adding the 2 pips safety buffer.

.

Hey Adamus,

Didi you read the latest YTC newsletter? Mr Beggs had an article " Sometimes a Free-Trade is Not the Best Option" discussed what you were talking about regarding moving stops. If you have yet to read it, I think you would find it beneficial. It helped remind me some things about moving my stop. Hope this helps.

Ward

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  #373 (permalink)
 Nicolas11 
near Paris, France
 
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Hi,

With respect to Ziad...


Deucalion View Post
Adamus, Ziad runs OpenTrader...at the moment, he won't blog or share his views. I regard that post by him (the one on EMiniPlayer's site as a brilliant condensed view of several good books).


Nicolas11 View Post
After some research on the Web, I think that I found it.
Blog of Michael Brenke: Trading The Mini's
This post: Trading The Mini's
Nicolas

this gentleman seems active on the "Real Traders. Real Results." group on LinkedIn:


Nicolas

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  #374 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
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Nicolas11 View Post
Hi,

With respect to Ziad...





this gentleman seems active on the "Real Traders. Real Results." group on LinkedIn:


Nicolas


OK so the guy is on linked-in now, good. I subscribed to his twitter but he hasn't twittered since summer last year. The promo video for opentrader.com is fun. Not sure where the benefit is for anyone, but I guess some people want to prove themselves beyond their accounts.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #375 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
 
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thewardiknowof View Post
Hey Adamus,

Didi you read the latest YTC newsletter? Mr Beggs had an article " Sometimes a Free-Trade is Not the Best Option" discussed what you were talking about regarding moving stops. If you have yet to read it, I think you would find it beneficial. It helped remind me some things about moving my stop. Hope this helps.

Ward

Yes ironically I did. I forgot to write in my post above that I analysed what I was doing and decided that I am only satisfied with my stop position when I get it right the pip, due to my inherent weakness at being able to take the heat. Obviously playing that game is a recipe for getting stopped out early. But the psychological nature of the problem means I have to be on top form to manage it. Yesterday I wasn't.

I was initially worried that I'd just forgotten how to manage my stops just because the neurons with the experience had died or something, but in actual fact it was my subconcious steering my decisions.

It's a bit of a difficult one to deal with.

I can see several solutions.

- double check that I am walking the straight and narrow - but then it all happens so quick, that I don't really have time for one of my timed regular "focus" events.

- don't trade when tired (this was an option I thought about but couldn't bring myself to admit what seemed like a little bit of tiredness might wipe me out)

- come up with an "action affirmation statement" for dealing with positions

- find a trading style that suits my psycho-weakness - like scalping - maybe if it happens more, I'll do this

Actually I like the action affirmation statement solution most. I've got a great one for entries nailed to the wall above my laptop, so I guess I need one for exits.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #376 (permalink)
 Adamus 
London, UK
 
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Whole heap of missed opportunities since I rigidly refused to take any setups unless I was happy about the signals.

The one trade I did make was on bullishness that I just couldn't figure out. I knew I was bullish, but I couldn't tell why and it seemed counter-trend, so I almost blew the trade entering late on a pull-back which actually turned out to be a bounce off resistance of the swing highs I'd forgotten to mark on the chart earlier - bit of a catalogue of errors really.

So I made a few meagre pips, a few stupid errors but held this one position for 10 pips of heat amazingly. Well done but totally unnecessarily if I hadn't made the earlier error of forgetting the S/R line.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #377 (permalink)
solator
Olomouc, Czech Republic
 
 
Posts: 4 since Mar 2012
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Adamus View Post
Whole heap of missed opportunities since I rigidly refused to take any setups unless I was happy about the signals.

The one trade I did make was on bullishness that I just couldn't figure out...

Hello, Adamus, here is your YTC colleague from Olomouc. I read your messages and it looks like I would suggest to try slower time-frames. I had to switch from 5 M to 30 M and it was still too fast for me. Than I finally listened to what many people say - to start with 4H or even daily. This is what I am studying now and it looks much easier to me.

Also, I found that I needed some more orientation in the charts so I returned to my original idea to use pivot points. I am still not sure how to trade them perfectly but forex definitely reacts to those levels quite well. After a few small losses I returned to demo and try to learn much more.

I also work on my psychology to "deserve the money" etc. - I found lots of psychological obstacles to making money!!!

I must agree that to trade 5M or even 3M requires a lot of experience and training to see the patterns. We are not Lance! He must have a perfect training as a former soldier but that is not appropriate for everybody. Also I am afraid that to use so tight stop losses does not work well.

I would be happy to find somebody who trades forex with Pivot Points successfully and would like to share his/her experiences...

Have a lot of pips!

Pavel

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  #378 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
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Broker: IB/IQFeed
Trading: EUR/USD
 
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solator View Post
Hello, Adamus, here is your YTC colleague from Olomouc. I read your messages and it looks like I would suggest to try slower time-frames. I had to switch from 5 M to 30 M and it was still too fast for me. Than I finally listened to what many people say - to start with 4H or even daily. This is what I am studying now and it looks much easier to me.

Also, I found that I needed some more orientation in the charts so I returned to my original idea to use pivot points. I am still not sure how to trade them perfectly but forex definitely reacts to those levels quite well. After a few small losses I returned to demo and try to learn much more.

I also work on my psychology to "deserve the money" etc. - I found lots of psychological obstacles to making money!!!

I must agree that to trade 5M or even 3M requires a lot of experience and training to see the patterns. We are not Lance! He must have a perfect training as a former soldier but that is not appropriate for everybody. Also I am afraid that to use so tight stop losses does not work well.

I would be happy to find somebody who trades forex with Pivot Points successfully and would like to share his/her experiences...

Have a lot of pips!

Pavel

Hi Pavel,
there must be a dozen people on this forum discussing pivot points - I've definitely seen them mentioned a lot.

Great to hear from you. You're not the first person to recommend a higher time frame, but frankly I want to stick to this one, despite the steep learning curve. What sort of returns and win-loss ratio do you expect with the higher time frame?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #379 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
 
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Posts: 1,085 since Dec 2010
Thanks: 471 given, 786 received

Poor day, considering I decided it was a 'typical' day for the Euro.

Chose a few low probability trades, rationalised to myself that they were good setups when in fact they weren't.

I need to do more bar-by-bar perfect hindsight trading of the by-the-book setups. Maybe I should trade less and do more learning like that. I need to get to the next level and the way I'm approaching it at the moment is not efficient.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #380 (permalink)
solator
Olomouc, Czech Republic
 
 
Posts: 4 since Mar 2012
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Hello, Adamus,

I cannot answer your question yet, but as an example - my last DEMO trade was on GOLD and I managed to enter on 4H chart and then I stayed in the trade for some 8 days. I made 680 pips. The risk was some 50 pips.

The thing is that I am not able to do it on live yet not even teach you anything... But I found I can make much better decisions when I have enough time. And, also, I found soon that the commission I paid for trading on 5M chart according to the YTC was consuming a lot of my money and that was not affordable...

Good Luck and I believe we are going to make it!

Pavel

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