Trading spot fx euro using price action - Trading Journals | futures io social day trading
futures io futures trading


Trading spot fx euro using price action
Updated: Views / Replies:67,943 / 844
Created: by Adamus Attachments:887

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you dont need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 887  
 
Thread Tools Search this Thread
 

Trading spot fx euro using price action

  #421 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Interesting conversation

Just read an interesting thread on BPA.com where some traders are discussing some really sound trading advice for newbies: Brooks Price Action thread (you have to login)

The one main point that struck me in relation to my own trading is that perhaps I'm trying to do too much. I don't know which way to lean concerning Lance Beggs's YTC - sometimes I think it's a really great, well-presented package that tells you all you need to know, and sometimes I think it's too much, there are too many setup types, too many parameters to consider, too much going on.

I've already dropped the scaling out of trades so I'm all-in, all-out. I think I can safely say that my trading won't change if I don't use YTC's complex pull-backs, either (even though Lance Beggs says they're his favourites).

I did actually add channel and triangle / wedge setups so I've actually expanded what I do.

Maybe the problem is not that I am trying to apply too much theory, rather I think what I do is I just try to apply the theory too much, in situations where I'm bending the rules to make the theory fit the market. I'll have to watch out for that this week and see whether I should be cutting down on the number of setups I find every session - or whether I am trying to use too much theory.

There's always the 2 simplest steps I can take - just trade with the trend, and trade a higher timeframe - but I need to work out whether I'm doing what I'm doing right first, before I go changing it like that. There won't be much point in working on a higher timeframe if I'm still going to try applying the theory in places where it doesn't apply

You can discover what your enemy fears most by observing the means he uses to frighten you.
Reply With Quote
The following 2 users say Thank You to Adamus for this post:
 
  #422 (permalink)
Elite Member
Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart, MetaTrader
Broker/Data: OEC/Gain, Oanda
Favorite Futures: FGBL, FESX, ES, 6E, Forex
 
eboarder's Avatar
 
Posts: 166 since Dec 2009
Thanks: 540 given, 176 received


Adamus View Post
Just read an interesting thread on BPA.com where some traders are discussing some really sound trading advice for newbies: Brooks Price Action thread (you have to login)

The one main point that struck me in relation to my own trading is that perhaps I'm trying to do too much. I don't know which way to lean concerning Lance Beggs's YTC - sometimes I think it's a really great, well-presented package that tells you all you need to know, and sometimes I think it's too much, there are too many setup types, too many parameters to consider, too much going on.

I've already dropped the scaling out of trades so I'm all-in, all-out. I think I can safely say that my trading won't change if I don't use YTC's complex pull-backs, either (even though Lance Beggs says they're his favourites).

I did actually add channel and triangle / wedge setups so I've actually expanded what I do.

Maybe the problem is not that I am trying to apply too much theory, rather I think what I do is I just try to apply the theory too much, in situations where I'm bending the rules to make the theory fit the market. I'll have to watch out for that this week and see whether I should be cutting down on the number of setups I find every session - or whether I am trying to use too much theory.

There's always the 2 simplest steps I can take - just trade with the trend, and trade a higher timeframe - but I need to work out whether I'm doing what I'm doing right first, before I go changing it like that. There won't be much point in working on a higher timeframe if I'm still going to try applying the theory in places where it doesn't apply

Hi Adam,

I found that article. Maybe it is helpfull to you too.
Nine Transitions: Freezing, inability to pull the trigger

Reply With Quote
The following user says Thank You to eboarder for this post:
 
  #423 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received



eboarder View Post
Hi Adam,

I found that article. Maybe it is helpfull to you too.
Nine Transitions: Freezing, inability to pull the trigger


Quoting 
Don't focus on winning or losing. You are collecting data about your setups and losers are a necessary part of the data. Once you accept losing trades as part of what you seek, your freezing reaction will fade over time.

That's a great way of looking at it! Thanks.

By the way, what is the name of that volume indicator you use in Sierra Charts, with the horizontal bars that you use for finding S/R?

You can discover what your enemy fears most by observing the means he uses to frighten you.
Reply With Quote
 
  #424 (permalink)
Elite Member
Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart, MetaTrader
Broker/Data: OEC/Gain, Oanda
Favorite Futures: FGBL, FESX, ES, 6E, Forex
 
eboarder's Avatar
 
Posts: 166 since Dec 2009
Thanks: 540 given, 176 received


Adamus View Post
That's a great way of looking at it! Thanks.

By the way, what is the name of that volume indicator you use in Sierra Charts, with the horizontal bars that you use for finding S/R?

That is the volume profile, in Sierra called "Volume by Price".

Reply With Quote
The following user says Thank You to eboarder for this post:
 
  #425 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received


eboarder View Post
That is the volume profile, in Sierra called "Volume by Price".

Do you need to compile a continuous contract with the consecutive futures contracts to get a long term chart, or to get it to work just after roll-over? I mean, how much time do you have to put into maintaining it?

You can discover what your enemy fears most by observing the means he uses to frighten you.
Reply With Quote
 
  #426 (permalink)
Elite Member
Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart, MetaTrader
Broker/Data: OEC/Gain, Oanda
Favorite Futures: FGBL, FESX, ES, 6E, Forex
 
eboarder's Avatar
 
Posts: 166 since Dec 2009
Thanks: 540 given, 176 received


Adamus View Post
Do you need to compile a continuous contract with the consecutive futures contracts to get a long term chart, or to get it to work just after roll-over? I mean, how much time do you have to put into maintaining it?

yes right, I am using the countinous future contract feature.

Reply With Quote
 
  #427 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Monday & Tuesday

Didn't trade yesterday. Spent the day reviewing last week's trading in an effort to work out why it went wrong on Friday despite the apparent effort.

That's where I got the time to write up stuff about stops and exits. Technically, that's what was causing me the most problems on Friday. Fundamentally though it was a different problem. I'm not applying myself properly to the job at hand. I know about exit management and the need to choose the correct approach depending on what the market's doing - I have been over the problem in sim trading before.

Considering that it's wasting my time and bringing me closer to the point where I'll have to work for my rent money again, my subconcious seems to be pretty unconcerned about it (i.e. repeating the same errors).

I also had real problems trading this morning. I made about 5 trades and they were all affected by basic errors. I had to stop to figure out what I was doing wrong. It was just focus. I managed to get my focus back on track for the afternoon session but that was not a good session, I just broke even roughly, certainly didn't make good any of the stupid losses I booked earlier. I'm not going to write up today's trades, it'd be a waste of time considering the deeper issues. I figure it could be one or more of these that's the problem:

- I'm trying to do too much stuff in my trading plan, I need KISS
- I need to make the mistakes X number of times - maybe 2, 3 or 5 times before I really assimilate it
- I'm still allowing myself to be lazy and I don't concentrate, pysch myself up, run over my checklist every time, take enough breaks, clear my mind, focus etc etc. and I still haven't put the time in to do the pysch training to help this

What I'm going to do is put myself through a really basic sports psychology programme tomorrow and see if I can really nail the pysch issue. I need to integrate the psych stuff into my trading process - just having "focus!" at the end of the checklist isn't working. No doubt it'll include more thorough pre-trading session preparation work.

You can discover what your enemy fears most by observing the means he uses to frighten you.

Last edited by Adamus; March 28th, 2012 at 05:16 AM.
Reply With Quote
The following 2 users say Thank You to Adamus for this post:
 
  #428 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Thursday 2012-03-29

Had a great read through Jason Selk's 10 Minute Toughness. Good programme, really to the point, no messing around, short, readable, useable. So I've got myself a "performance statement", a personal highlights newsreel, and an "identity statement". The key thing that I took away from it is why positive thinking is important.

Previously I've always thought that I'm pretty positive anyway, but I discovered recently through trading badly that I'm not positive enough. I'm happy to admit I was wrong about positive thinking. A person will have around 60,000 thoughts per day, and they all deeply impact our decision making process. Having a performance statement to recall, and training my thought process to follow certain paths through visualisation techniques should be really helpful, if the claims he makes about the athletes he's helped are anything to go by.

I didn't finish it all but I got a long way, and I will complete it, but I've covered the parts that were what I really wanted. I've got extra actions for my pre-trading session preparation and my "regroup" breaks. I hope it will increase my attention, focus and performance dramatically over the next couple of weeks as I drill it home.

I'm not going to outline the setups all here as I have done before, I was duplicating my notes and it made it confusing sometimes if I got the numbering wrong.

There were 9 setups available during my trading session, and I had a crack at 6 of them.

There were 42 points from those 9 setups. I lost 7.

The worst problem mainly missing the good trades, and a couple of instances of putting my stops too close, and 2 terrible trade selections and consequent double whammy bad exits.

More focus problems but not as bad as earlier this week. I've also got to practice the mental stuff too, it doesn't just click into place.

Technical faults:
- missed 2 good trades
- stops tighter than warranted
- need to change stops according to my idea of what's going to happen, still not doing that. Getting in late on a low probability trade is no good, I should try to get in earlier or I might have to defend a big retrace to stay in a trade which isn't going to work anyway.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-03-29-market-structure.jpg   Trading spot fx euro using price action-2012-03-29-trades-.jpg   Trading spot fx euro using price action-2012-03-29-trades-b.jpg   Trading spot fx euro using price action-2012-03-29-daily-sr.jpg   Trading spot fx euro using price action-2012-03-29-hourly-sr.jpg  
Reply With Quote
The following 4 users say Thank You to Adamus for this post:
 
  #429 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

Congratulations on your journal!



In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.

A) What are the top five benefits you have seen as a result of regularly posting in this journal?

B) What are the top five problem areas you have identified as a result of regularly posting in this journal?

C) Were you initially reluctant to start this trading journal? If yes, why?

D) How do you feel, overall, about your journaling experience?

E) Would you recommend to others that they should also start a trading journal?

Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.

Enjoy your weekend,
Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #430 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Friday 2012-03-30


Hardly had time over the weekend so I'm posting this now, although there's not much to see. Friday was a small ragne sideways day and because I started late, I missed the most promising setups. In fact I only traded once. Here's my mark-up anyway, for the record.

Had a good discussion about volume profile with a trader colleague. I'm struggling to get Interactive Brokers to provide the futures data though, there seems to be a problem getting in my sim account.

Also today had 2 S/R level 'zones' where the S/R lines I drew were closer than 10 pips so I joined them. Seemed to work OK. I hope I'll be able to get volume profile working to make these make even more sense.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-03-30-market-structure.jpg   Trading spot fx euro using price action-2012-03-30-trades-.jpg   Trading spot fx euro using price action-2012-03-30-trades-b.jpg   Trading spot fx euro using price action-2012-03-30-trades-c.jpg   Trading spot fx euro using price action-2012-03-30-daily-sr.jpg   Trading spot fx euro using price action-2012-03-30-hourly-sr.jpg  
Reply With Quote
The following user says Thank You to Adamus for this post:

Reply



futures io > > > Trading spot fx euro using price action

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Spot FX - when to lock in profits kaywai Currency Futures 4 July 21st, 2011 06:28 AM
Serious Spot FX Trading wiosna Reviews of Brokers and Data Feeds 27 June 8th, 2011 02:46 PM
CW's ES Price action trading Journal cw30000 Trading Journals 25 September 28th, 2010 10:54 AM
Basic price action trading - NO INDICATORS Eric j Traders Hideout 23 September 1st, 2010 07:58 AM
Trading Price Action cbratton The Elite Circle 14 November 17th, 2009 04:07 AM


All times are GMT -4. The time now is 07:08 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
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.
no new posts
Page generated 2017-12-18 in 0.15 seconds with 20 queries on phoenix via your IP 54.163.209.109