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Just A Dollar And A Dream


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Just A Dollar And A Dream

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  #1 (permalink)
 druM3 
belfast, UK
 
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I thought after 2 years of reading other peoples journals i would have a crack at my own. Im new to this forum but have spent 100s if not 1000s of hours trailing through FF / T2W etc etc readin, learning and thinking.
To date i have been fairly sucessful and now trade full time. The path to this stage of my trading carear has been bumpy and turbulant but its all been worth it. I started out in July 2010 attending a course at blackcube in Holywood Northern Ireland. This is a small hedgefund run by a friend of mine. After seeing the multiple screen setups and the money that was being made i decided that trading was 100% for me! The next 12 months was then spent buying and reading every course online - some good and some completly ridiculous lol! You name them and i have done them:

5 tic forex
markets mastered
market maker method
h2dt
max
blackdog
sam sieden
etc
etc.....

The result has been a consistant strategy based on everything i have learnt from all of the above plus many many more.

So what do i do?????

My main focus is on EU and AU Futures and occassionally CLE but i would be inclined to say im a forex trader :-)
I trade a 5 tick range bar chart on MT4 and use Ninja for execution and time and sales - I guess you will wonder why I use MT4 for charts when Ninja has a perfectly good charting package built in!!! Its basically because im so used to looking at MT4 but i am trying to get used to Ninjas charts.

Primarily i would say i am a scalper and typically trade for 1 2 1 R2R but this will generally depend on the conditions of the market. If i am in a clear range i will 'scalp' 1 2 1 R2R but if im in a trending scenario i will look for key levels as targets such as 00 & 50 round numbers and support and resistance. As i spent so long studying 15 min trend following systems i can usually work out what the conditions are and set my expectations based on that decision.

I am going to try and post a chart every few days to show my trades and i am going to write up the criteria for each of the trade types that i take. Hopefully this wont generate a barage of 'we dont believe you posts' which i see all but too often on some of the other forums. I dont / wont post accs as that my business but im looking into a screencasting package which will allow me to record my trading and i can post the odd live video showing my trades

So today was a great day! On EU and AU we were really in a range bound market until after London close. As i trade 8am - 4PM i didnt get a chance to benefit from the bigger move in NY. So as we were in a range / mess (TYPICAL MONDAY MORNING) i felt scalping 121 was best until i was proven otherwise. Each trade is taken on my 5 tick RB chart and i use a 7 pip SL and a 7 pip TP (pip / tick same thing lol). The reason for this is because i believe that if the high or low of a range bar is taken out (counter to the direction of your trade) the trade never really works out - and if it does i tend to think its because of smoking the hopium pipe lol.....

Normally i look for double tops and bottoms, regular divergance patterns, ping pong bounces in channels, lower highs in an up move, higher lows in a down move, and trend continuation pullbacks. As i said above i am going to try and document each setup over the next few weeks....

So here is what i did today :-)

EU
10 x +7
2 x -7
2 x BE
1 x -2


AU
7 x +7
1 x BE

So the results were just over 100 ticks / pips.




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  #3 (permalink)
 druM3 
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And it begins all over again :-) ILl post some charts later on this afternoon.....

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  #4 (permalink)
 ThatManFromTexas 
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This was the end of the New York session yesterday. I don't trade Euro, posted this as an example with my 5 tick Range Bar chart.




This is the London Session today.



Just took my meds, going back to

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #5 (permalink)
 druM3 
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Thats an interesting chart setup.... What is the dashed MA?

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  #6 (permalink)
 druM3 
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Didnt get a chance to post any charts yesterday as my 2 daughters were using my office as a playground - 1 is 8 months and the other is 2.5.... very hectic when trying to trade lol

Anyway here is my marked up chart from this morning. Im going to write up my entry types / strategy tonight and post it :-)





70 ticks in total with no losers - cant complain about that. i reduced the target to 5 ticks due to some observations i have been making. When my patterns appear the market tends to make at least one full bar after the fill so essentially that is 5 ticks - kinda makes sense but then you have no chance of benefiting from the larger runs.

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 Big Mike 
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  #8 (permalink)
 druM3 
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I was watching the videos on tradeitdontdateit - holy smokes hopefully someday ill be doing that lol!!!!

Any way today was a good day agin on the euro - it was a bit of a mess this morning but some nice channels and trendlines with multiple touches! The bigger swings this afternoon tied in with som channel breakouts so i managed to hold a few trades for more than the normal 5- 7 ticks.

ILl post the charts when im finished :-)

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  #9 (permalink)
 druM3 
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Friday was the type of morning i dream off lol! A nice clear channel on the range chart with obvious upper and lower trend lines. I only traded from 730 to 11 and managed to squeeze out 63 ticks. Not bad at all! Still trying to work out best fixed targets for the setups but havnt drawn ny conclusions yet! ATM im thinking in a range ill just scalp 1 4 1, in a trend ill try for 10 or so and in the channels with the beaut trend line bounces ill shoot for 5 - 10. Its all trial and error but the results have been great. Here is the chart from Friday morning......


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 druM3 
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So what are my setups?

Well the methods that i use to trade are from a selection of the courses i mentioned earlier. All my trades are taken on a 5 Tick Range Chart. Until recently i used a 1 minute chart but when i discovered constant range bars i quickly switched.

The first thing i look for is trend lines and channels. It still amazes me how unreal TL and Channels are on range charts. Once a third touch happens and the market shows a rejection im all over it! Really it is unreal how high a success rate these trades have :-) I also monitor the 5 minute chart with a selection of indicators that wont work properly on the range chart! This includes the 5 min 15 min and 1 hr 55 ema, pivot points and % levels based on the open price that day. I watch carefully to see what way price on the 5 tick chart reacts at these important levels

SETUPS.

1. Trendline and channel bounces.
Basically with this im looking for clear trend lines with 2 touches and i draw the line out much further than the current price action! If i see a rejection on a 3rd or more touch such as a pin / 2 bar reversal ill take the trade. If i get a close outside the channel ill consider a trade but often prefer a break and retest.

2. Double Tops & Bottoms
I always pay attention to these trades! Im looking for a DT or DB with a break of the high or low with regular MACD or CCI divergence. The best ones are where the 2nd high or low is actually a pin that sucks back into the first high or lows peak. AWESOME setup but 100% has to have a divergence

3. Trend Structure
This is broken down into a few different trades. The first being a trend pull back Once the structure of a trend is clear such as higher highs and lows ill be looking for trend continuation setups! Basically this involves a pull back with a reversal pattern such as a 3 bar or 2 bar reversal. I often use a fib tool on pull backs and also like to see hidden divergence on the cci - if the structure is right you generally get a further push! At this stage i also look at the size of the swings. I like to see similer size in the swings or i start to think its running out of steam and if there is regular divergence forming ill be convinced a reversal is coming! The second part of this is looking for lower highs in an uptrend and higher lows in a down trend! Obviously tif the market fails to make at least a DT or DB never mind a fractal break its fair to expect a move in the other direction (remember i am a scalper so im not looking for homeruns).

4. Regular Divergence
When the market is making a trend move i like to take counter trend scalps as well as continuations trades. I look for higher highs in price and lower highs on the MACD. Again this is a great setup as what may just be a pull back usually is big enough for a small winning trade counter trend.

On all of the trades above apart from the DT / DB with a pin i use the OSMA 5345 as an entry trigger! I want to see a close above or below the water line (zero line) as my entry trigger!

I have found over time that this is an excellent confirmation and if you think about it it makes sense as the setup occurs and the confirmation is generated by the MA cross which is generating the OSMA signal so in theory its showing enough momentum in the setup to cause the water line cross! HOPE THAT MAKES SENCE :-)


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 druM3 
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Another good run this morning. As soon as i got to the PC just before London open i saw that we were in a strong down move from early on! This made it fairly clear - pull backs to go short and counter trend scalps long :-)
I had to go out after 11 and when i saw the channel that was on EU for most of the early afternoon session i swas really cheesed - missed soooooo many good oppertunities.



The pic above is the trades from LO to about 11 or so UK time.

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 druM3 
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Another amazing day today despite a tiny range on 6E - cant believe how much of a mess it was on the 15 min charts!!!

Beautiful channels all day - 2 pics below LO and NY





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 Supermad 
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subscribed!

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 druM3 
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Nice one mate - Thx

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 druM3 
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I cant believe the state of the euro atm on the 5 and 15 min charts! The daily range is shrinking before our eyes! BUT on the other hand the range bar charts are performing well! Another great run today!





Really intrigued by tradeitdontdateit.com The guy on there is a serious trader. There is a lot of hoax / real chatter online but i must say that watching him live is incredibly impressive! Ill continue to watch and learn

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 NKE12 
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Great journal Dru. Great trading as well - your reading of the market and market structure enables you to squeeze pips out in range bound markets as well as anyone I've seen.

With the current shrinking adrs, you'll convert me yet!

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 druM3 
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NKE12 View Post
Great journal Dru. Great trading as well - your reading of the market and market structure enables you to squeeze pips out in range bound markets as well as anyone I've seen.

With the current shrinking adrs, you'll convert me yet!

You taught me well :-)

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 druM3 
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I had a PM ref the coloured range bars! I thought id explain what they are! Basically it is an indie that will colour bars if / when certain criteria is meat! If a bars open and close are within the upper and lower 33% of the total size of the bar the code will paint a colour on top of the bar! The logic with this is that you can very quickly determine which bars are 'bulls' / 'bears' / 'indecision bars' (indecision bars being the ones with no colour! This is amazing for spotting 2 bar reversals as in my book i only want to see 2 bar reversals which are bulls and bears!
The indecision bars are basically chop or pins! I do take trades of pins on TL and channel bounces and on pull backs in trend - the indie just makes this all much easier to see.........

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 druM3 
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I went to a kickboxing event last night to see my mate fight a pro muay thai bout! Glad i sit at a computer and not in a ring! Great night but it must take some seriously big balls to do that carry on :-)

Friday morning was another good trading session! A nice downward channel to start of then a break out to the upside! I managed to get a nice short of the high at that time due to a clear trend line on the 10 tick 6e chart!



Ill only be trading Monday , Tuesday and Friday this week as im heading to England to meet all the guys from our trading group - Good Times!!!!! Looking forward to seeing all the CCI Traders again in person :-)

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 druM3 
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Really pleased my new Dell 2711 Monitor arrived today!!! Heres a pic of it all set up and what it used to look like! I just need a bigger desk to get the other 2 back up again lol






Ill post a chart from this morning later on tonight! Some nice trades this morning but serious distractions via the delivery man :-)

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elosteve
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cool set up dru, about time that pic of your nipper had a frame round it though. lol.

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 ThatManFromTexas 
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druM3 View Post

..... i reduced the target to 5 ticks due to some observations i have been making. When my patterns appear the market tends to make at least one full bar after the fill so essentially that is 5 ticks - kinda makes sense but then you have no chance of benefiting from the larger runs.

Your theory is correct.

Attached is a spreadsheet of results from a test I did last week on TF, trading with 5 tick range bars.

The "NT" column is the results per trade of trying for the long run.

The column "Target" is the results per trade with a set target.

The cell labeled "ticks" sets the target in ticks.

There is a blank template worksheet with all the formulas if you need it.

The cells labeled "NO Target" and "Set Target" are set to calculate $10 per tick for TF. The formulas for those two cells would need to be edited to reflect 6E .

You need a consistent methodology for exiting a long run for this to be effective. Once you enter the data you can test different target sizes to see the results vs targets.

Earlier in the Month, there were strong trending days and long runs had a good showing, but I was surprised how well a 10 or 15 tick target did in comparison.


I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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 druM3 
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ThatManFromTexas View Post
Your theory is correct.

Attached is a spreadsheet of results from a test I did last week on TF, trading with 5 tick range bars.

The "NT" column is the results per trade of trying for the long run.

The column "Target" is the results per trade with a set target.

The cell labeled "ticks" sets the target in ticks.

There is a blank template worksheet with all the formulas if you need it.

The cells labeled "NO Target" and "Set Target" are set to calculate $10 per tick for TF. The formulas for those two cells would need to be edited to reflect 6E .

You need a consistent methodology for exiting a long run for this to be effective. Once you enter the data you can test different target sizes to see the results vs targets.

Earlier in the Month, there were strong trending days and long runs had a good showing, but I was surprised how well a 10 or 15 tick target did in comparison.



Hi M8

Thanks for this! Ill get a good look at it olater :-)

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 druM3 
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elosteve View Post
cool set up dru, about time that pic of your nipper had a frame round it though. lol.

Very good Steve LMAO

I dont even know why thats still up there lol I have nice new canvases that need put up!

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 druM3 
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ThatManFromTexas View Post
Your theory is correct.

Attached is a spreadsheet of results from a test I did last week on TF, trading with 5 tick range bars.

The "NT" column is the results per trade of trying for the long run.

The column "Target" is the results per trade with a set target.

The cell labeled "ticks" sets the target in ticks.

There is a blank template worksheet with all the formulas if you need it.

The cells labeled "NO Target" and "Set Target" are set to calculate $10 per tick for TF. The formulas for those two cells would need to be edited to reflect 6E .

You need a consistent methodology for exiting a long run for this to be effective. Once you enter the data you can test different target sizes to see the results vs targets.

Earlier in the Month, there were strong trending days and long runs had a good showing, but I was surprised how well a 10 or 15 tick target did in comparison.


Id love to chat to you about this maybe on skype if you fancy it :-) PM me if you want to!!!

Thx Again

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  #26 (permalink)
 druM3 
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Very slow this morning lol not surprised with it being bank holiday galore all over the place lol!

Managed to squeese out +22 - hopefully this afternoon will be a bit better.


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 BobbyJ 
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ThatManFromTexas View Post
Your theory is correct.

Attached is a spreadsheet of results from a test I did last week on TF, trading with 5 tick range bars.

The "NT" column is the results per trade of trying for the long run.

The column "Target" is the results per trade with a set target.

The cell labeled "ticks" sets the target in ticks.

There is a blank template worksheet with all the formulas if you need it.

The cells labeled "NO Target" and "Set Target" are set to calculate $10 per tick for TF. The formulas for those two cells would need to be edited to reflect 6E .

You need a consistent methodology for exiting a long run for this to be effective. Once you enter the data you can test different target sizes to see the results vs targets.

Earlier in the Month, there were strong trending days and long runs had a good showing, but I was surprised how well a 10 or 15 tick target did in comparison.


@ThatManFromTexas

Thanks for the spreadsheet. Its definitely helping me revise my use of targets. On a side note, did you notice that your first trade at the open of the market each day was a winner (6 for 6) with a minimum gain of 15 and median of 24. BTW, I'm sure it is fair to collect a 5% royalties on those trades!

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 ThatManFromTexas 
Houston,Tx
 
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druM3 View Post
Id love to chat to you about this maybe on skype if you fancy it :-) PM me if you want to!!!

Thx Again

I have a loss of hearing ( Did I mention I am old and decrepit?) that makes it awkward to skype... my answers don't always match the questions...

But obviously a lot of traders have that problem on here because... every time I say something they say..."What the Bloody Hell did he just say..." But then again... that may have more to do with my Texas "Twang" accent....




BobbyJ View Post
@ThatManFromTexas

Thanks for the spreadsheet. Its definitely helping me revise my use of targets. On a side note, did you notice that your first trade at the open of the market each day was a winner (6 for 6) with a minimum gain of 15 and median of 24. BTW, I'm sure it is fair to collect a 5% royalties on those trades!

Once you collect enough data , you can drill down to all kinds of info you don't notice when trading.

I find that running the stats builds confidence in a trading plan....

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #29 (permalink)
 druM3 
belfast, UK
 
Experience: Intermediate
Platform: Ninja Trader 7 / TOS
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ThatManFromTexas View Post
I have a loss of hearing ( Did I mention I am old and decrepit?) that makes it awkward to skype... my answers don't always match the questions...

But obviously a lot of traders have that problem on here because... every time I say something they say..."What the Bloody Hell did he just say..." But then again... that may have more to do with my Texas "Twang" accent....





Once you collect enough data , you can drill down to all kinds of info you don't notice when trading.

I find that running the stats builds confidence in a trading plan....

LOL ok fair enough! Finished nicely today on 66 ticks! Not bad considering the euro is being a complete numpty at the minute! Heading to London at 645am in the morning so no trading for a few days! Ill be having withdrawl symptoms but then again im going to meet traders so we will probably end up with a laptop open at some stage lol

I can officailly say i love trading - boooooooooooom

"Just A Dollar And A Dream"
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elosteve
essex, uk
 
 
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I notice earlier in the thread you mentioned having a 5 min chart as well as your M2 Dru, do you just use a standard 5 min chart for this or do you set that up as a CRB chart please, also do you have any indis on this longer term chart such as osma, macd etc? cheers.

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  #31 (permalink)
 druM3 
belfast, UK
 
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Awesome trip to London to meet the guys from our trading group! OUTCOME of the trip = MT4 is dead lol

As i use NT for execution i really wanted to use NT charting as well! Problem was that the NT range bars had gaps! It dawned on me that there are no gap range bars and remembered reading about them on here!
The only other thing standing in the way is the indie that marks the bulls and bears! Thanks to a post on here i have a very kind chap called harry coding it for me! EXCITING TIMES.

Ill post a chart from this morning later on today :-)

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 druM3 
belfast, UK
 
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elosteve View Post
I notice earlier in the thread you mentioned having a 5 min chart as well as your M2 Dru, do you just use a standard 5 min chart for this or do you set that up as a CRB chart please, also do you have any indis on this longer term chart such as osma, macd etc? cheers.

Hi Steve

Yes i have a 5 and 15 min chart open as well on another screen
I traded 5 / 15 for so long that i cant ignore them - the main reason for having them open is to see the 55 ema 200 ema and % levels! Very often a 'limbo' setup will happen on the range chart and the 5/15 helps confirm the reversal / rejection. I dont have any oscillators on the 5 / 15 just pivots / brn / emas / % / h2dt support & res levels and bollinger bands - basically all the stuff i used b4 moving to CRB charts

Also remember its not an M2 chart - since its an offline chart on MT4 its just named M2 - just incase anyone confuses it with a 2 min chart!

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 druM3 
belfast, UK
 
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So first day on my new super dooper NT charts - exciting times!!!

Here is the screenshot of the London session - didnt trade too long as it was quite slow and NFP so didnt expect too much.



28 Ticks - JOB DONE

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  #34 (permalink)
 druM3 
belfast, UK
 
Experience: Intermediate
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After the sell off last night i didn't know what to expect this morning lol! As usual there was a nice clear channel to be traded. Ended up a good morning despite being a bank holiday = WIN

Had a look at NY and it seemed fairly good too with a nice upward channel!

On a diff note i see a possible swing failure pattern on the EU daily chart - i wonder if the technicals will beat the fundamentals - ooooooooh a debate lol

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  #35 (permalink)
 druM3 
belfast, UK
 
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12 hours at the screens today!!! Made a decision - I am going to start trading the S&P!

I have been watching tradeitdontdate it for a few months now - Lakai is an amazing trader - i know there is threads on here debating if he is a real trader or not but from watching the trades live i can see that he is def real never mond 3 years worth of videos on his site! The way in which he trades (apart from the scaling in) is very similar to my style. Look for channels and pattern and trade them accordingly such as triangles / channels / trends - pull backs and counter trend scalps.

The 6e has been getting worse every day and the ADR is now down to roughly 90 pips! The london session today was a mess and i get the feeling that im sleeping in with regards to not making a move to a smoother more predictable instrument. SO i traded it this evening on sim and nailed it to the wall lol roughly a few hours of trading and i blasted out 76 ticks (ish) - the screengrab below shows the trades and the dom with the floating p/l. AGAIN THIS WAS ON SIM. I am going to spend some time on this and start live on it next week - BOOOOOOM

My main chart for s&p will be a range chart but 4 rather than my usual 5 - 4 ticks being 1 point so kinda makes sence! Ill also be using a 1600 and 400 tick chart to identify channels etc and the usual 5 / 15 min charts to see what the usual EMAs etc are doing. Exciting times




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 druM3 
belfast, UK
 
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Havnt posted for a while as i have been tweeking my strategy - here is todays results. Traded 8-11 then NY :-)


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komlos
Budapest Hungary
 
 
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Hey druM3!

Congrats for these results! Do you still trade this strategy? What is your overall experience with it after all these years? Would you mind sharing your latest tweaks?
Thank you

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