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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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  #471 (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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Slow period at work waiting for my code tests to run. Funny how an hour of trading can fill your head for the rest of the day.

Haven't got the charts to mark-up yet but today's trade was a long as price took off upwards a bit late. It looked like it was going to rally and I considered jumping in but didn't. That would have been unplanned. If it keeps looking like it's going to do something and then it does, I'll keep track of it and work out a trade. But today it was just in a stall zone before it took off.

I got in long well, but my exit let me down again. Pulled my stop in too tight. Everything happened really late, so by the time the market was moving, so was everyone in my house, having breakfast and demanding attention and being distracting. That's my excuse although I can't guarantee I wouldn't have done the same when in total isolation.

My initial stop was good, I moved it up once, probably justifiable, but then I moved it up twice and that was hit. I think I easily justified it, but I knew it was too close - as I was cleaning my teeth, I knew it was too close but I didn't go back and change it.

I was guilty of putting the stop where I would have been happy if it had gone totally against me - instead of putting it somewhere that would not get hit if it reasonably continued up to the target. And it did. When I moved the stop, I didn't think, "would the trade be invalid if price got down here again?", rather I thought, "if it gets hit here, I've got 2 pips profit".

As I said, I don't know whether that move was just done in distraction, or whether I really would have decided to put it there under perfect trading conditions.

I think what I'll have to do is trade until 7:15am and then shut down the laptop - either without a trade or just leaving the target and stop in place if I have a position.

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  #472 (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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Mark-up for this morning.

Tons of S/R in there. Makes it slightly more difficult to analyse as long as I don't get phased by it. There are ways of dealing with it, it's like everything, just have to bear that in mind - difficult when there are so many other things to keep there in the forefront.

Got what I wanted today - a couple of pips profit, instead of the target I was aiming for. Moved my stop up too quick as I said earlier. I prefer emotionally just to bail out when there's any doubt in the bias. Not good.

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  #473 (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, 787 received


No trading yesterday, got to bed too late.

This morning got up late but managed to get into trading mode. Easy trade today, wish they could all be like this but probably only 1 in 10 will be. Virtually no drawdown. Had to quit early so I left the trade on and the target was filled quickly.

The number of S/R lines on my chart is getting too much. But with the Asian high and low being my main S/R levels, it's not a big deal - just a question of what the target should be.

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  #474 (permalink)
 Traderji 
Australia
 
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Adamus View Post
I checked out MBT but their spreads are bigger, so what you gain on the commission you lose on the spread. I don't know what their execution is like. I also saw their adverts for limit order payments. I don't work with limit orders - I've banned myself from using them until I can deal with entering on stops and at market first.


I am not affiliated to MBT in any way or trying to sell them to you but you are wrong on the spreads. They have tiny spreads. Right now on my screen it's around 0.6pip spread for eurusd.

Here use this to compare live spreads across many brokers

FX Intelligence Analyzer: Compare live spreads and quotes from multiple brokers


PS: What's wrong with limit orders? Market orders tend to be more emotional - I want this now! Besides in an ECN you can set the limit order wherever you want. So if the spread is 1 pip and you want to sell put your limit order 0.1 pip away from the bid. The spread goes down to 0.1 effectively a market order and if you get hit you get paid by MBT.

Good luck.

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  #475 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
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Broker: IB/IQFeed
Trading: EUR/USD
 
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Posts: 1,085 since Dec 2010
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Hi Traderji, thanks for the comment. You might be right. I compared IB and MBT directly about a year ago for 20 forex crosses which I traded mechanically and IB came out clearly ahead. Maybe on the Euro/USD they are comparable - thanks for the link.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #476 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
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Just read some comments about a break-out coming on the daily chart and thought it was happening. Totally wrong.

I had started out with best intentions not to be side-tracked but in the end I came away with only 5 pips when I should have got 15. Instead of moving my stop down from S/R to S/R as my plan dictates, which I could have done before leaving for work, I stuck my target way down and left the stop at the first S/R after a decent entry. I told myself not to do this - again I realised while cleaning my teeth - but then got slack and overpowered by the demons of greed. Even considered not putting in a target, just leaving the "big sell-off" to run its course.

Grateful for a few pips and a good run on my first week trading the European opening. OK, not good, just mediocre.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #477 (permalink)
 Adamus 
London, UK
 
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Horrible PA. When I pulled the chart up first time instead of seeing it just flat as it normally is, price was moving around as though I'd started late. Maybe this was a sign of the consolidation coming up. I got in at a sensible place and got stopped out at a sensible place, but perhaps the sensible thing would have been to stay out, which I briefly considered but obviously didn't consider enough.

Wasn't able to trade Mon & Tues - not enough sleep. Getting up to trade at 6AM is fine but making it through the day at my new job without falling asleep is not easy so I skipped the trading sessions. Annoying but I have to sort my stuff out the night before and get into bed - like now.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #478 (permalink)
 Adamus 
London, UK
 
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Bad trade. I guess I was desperate to trade. I waited and waited and then I was making myself late for work and in the last minute the break out of a stall upwards persuaded me to go long. It wasn't a setup I should take.

I figure I just let myself in for this again and again, making rushed decisions when I should have taken a step back already and let any chance go unexploited. Too rushed, not sticking to my rule to stop trading at 07:00.

And then because I had to leave, I didn't have a chance to review the trade so I wondered all day whether it was valid or not. And if it was valid, after 2 losing trades I already feared my method might not have the edge I thought it had.

Compare that with last week, when I had 3 winners and I was speculating when I could start trading real money already.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #479 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
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Trading: EUR/USD
 
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Posts: 1,085 since Dec 2010
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Didn't have any problems not trading today, i.e. didn't leap in with a dumb entry at the last minute.

The first real move of the day didn't happen until after 8:00 so I was long gone by then. Price put in a low while I was watching but it was too far from the Asian low to be considered a proper test and left me thinking that it's pretty typical of an opening move to want to hit the Asian low - and today it fulfilled expectations, although I was tempted to think that the two lows close to the Asian low might signal a failure to get any lower. But the thought conflicted with my experience of opening moves. It's definitely more likely to hit the Asian low than to give up. Once it's hit the low though (or the high), there's nothing I've seen that helps predict whether it'll just touch, break-out and fail or break-out and continue.

Another thing I'm keeping my eye on is how often price will cross back over the Asian session completely and how strong the opposite Asian session boundary proves itself as an S/R level.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #480 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
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Trading: EUR/USD
 
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Busy this week, no time left in my life for anything but the bare necessities. That does include trading, although it has to squeeze in with 8 hours as a wage slave, 7.5 hours sleep, 1.5 hours eating and scraps of time with the long enduring family.

Monday was a bank holiday here so ruled out as difficult trading.

Tuesday I missed as well staying up late stupidly the evening before. Slowly building up a good habit to get into bed early though. Managed to put some notes together from Wednesday. Did well to stay out in terms of following my rules although in hindsight there was a scalp on offer if I'd been more observant or less confused by the failure of my expectations, as the market moved off the Asian low just before I started and worked its way up instead of breaking back down to take out the low.

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