TygerKrane's Pip-Pickpocketing

TygerKrane · Postby **TygerKrane** » Tue Apr 13, 2010 4:11 pm

I wonder how much my trading would improve if.......

I kept a JOURNAL!!

And an online one at that! A welcome place for all to celebrate when I succeed; and act like you don't know me when I fail

Here is my intro:
TygerKrane's Intro

:smt032

"So Let It Be Written / So Let It Be Done"

TygerKrane · Postby **TygerKrane** » Tue Apr 13, 2010 4:22 pm

[highlight=orange]{Just in case I feel the need to gather any data, articles, etc. in one place}[/highlight]

dragon33 M15 zlines trading example, says was done strictly off the M15

bredin's hedging example

aliassmith's zline cheat sheet
aliassmith's zline cheat sheet#2

MightyOne's trading challenge, training exercise

A good reading point for NLA, from prochargedmopar

Forex Trading Simulator info

Collection of Sam Seiden videos @ www.fxstreet.com

Additional Sam Seiden video @ www.forexpros.com:
[url=http://www.forexpros.com/live-events/transcripts/identifying-low-risk,-high-reward,-and-high-probability-trading-opportunities-for-swing-and-longer-term-forex-traders-50263]Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Swing and Longer Term Forex Traders[/url]

[highlight=#00CCFF]July 18, 2010[/highlight]
"The Long Candle Course", that prochargedmopar had in his signature (@ July 2010) that he got from razorboy:
http://www.4shared.com/document/THVYgALC/TheLongCandlecourseApril10.html

[highlight=#00CCFF]July 21, 2010[/highlight]
dragon33's ULTIMATE post about entries

[highlight=#00CCFF]September 14, 2010[/highlight]
In my opinion, the ultimate post on the scalping mentality one should have

[highlight=#00CCFF]October 17, 2010[/highlight]
Great post from TerminalIndicator aka SignalBender about "The Secret to this Business", and some useful steps a trader should take before they even begin trading.

Some useful videos I had referenced in an old post of mine

forexjake80 wrote:Did you watch the videos on prochargedmopars signature? About supply and demand? If not, do it NOW.

Prochargedmopar changed his signature, so if anyone is wondering what that video is, here it is:
Sam Seiden, Supply and Demand Trading with Mechanical Indicators and Oscillators in the Forex Market

but this one is good as well:
Sam Seiden, Multiple Low Risk Forex Entries with Support and Resistance

TygerKrane · Postby **TygerKrane** » Tue Apr 13, 2010 8:35 pm

So this is my current setup, I originally just used the first two pictures below, but then I saw a Sam Seiden video about Supply, Demand and Bollinger Bands , which made me want to go back to my
good old favorite BB's starting this week. (But at the same time I kind of want to do just price action and horizontal lines as well, so I keep both versions available for me to look at. I'll be making
observations on how best to use BB with all my new Kreslik and Seiden knowledge.)
I guess I justify it like "I'm nowhere near wanting to try Diamonds of Perception, so I'll use volatility to judge how fast a price should be moving.

I trade EURJPY for the 7P-11P / 7A-11A{EST} 4hr candles
I trade GBPUSD for the 3A-7A / 7A-11A / 11A-3P{EST} 4hr candles
(If I'm awake, I try the GBPUSD 3A-7A 4hr candle)
(For trading the 7A-11A candle, I only choose one per day; either the one closest to day extremes, or whichever shows me something nice on the 4hr chart)

MT4 for some TRO tools and get general overview. Also, LOVE THAT pipware minicharts.

FXTS platform setup. I keep track of the
1.Weekly Open +/- @20 pips,
2.Monthly Open +/- @20 pips,
3.The Previous Week's High, Low & Open,
4.I mark out on the chart the 3A-7A, 7A-11A, and 11A-3P 4hr candles, and
5.The day open

And here is the Bollinger Band version that I might be "un-evolving" back into: {BB set at 20,1 and 20,3}

TygerKrane · Postby **TygerKrane** » Tue Apr 13, 2010 10:42 pm

Currently reading The Inner Circle Trader 's blog.

Another great Trader saying to ditch the indicators. :shock:

I'm totally undergoing mental whipsaws right now: Focus on Price Action vs. Trying a little bit more with my Bollinger Band observations???

But actually, its only this week that I start up with the BB again, I must've been working on the 'no indicators trading' for the past 3-4 months now, about.

forexjake80 · Postby **forexjake80** » Thu Apr 15, 2010 1:34 am

tyger, what comes to mind in terms of bb: The Face-Sucker-Alien someone posted sometime ago

DITCH THE BITCH!!!

Brookmyre · Postby **Brookmyre** » Thu Apr 15, 2010 2:56 am

TygerKrane wrote:Currently reading The Inner Circle Trader 's blog.

Another great Trader saying to ditch the indicators.

I'm totally undergoing mental whipsaws right now: Focus on Price Action vs. Trying a little bit more with my Bollinger Band observations???

But actually, its only this week that I start up with the BB again, I must've been working on the 'no indicators trading' for the past 3-4 months now, about.

Hey TK,

I've been following along with ITCs stuff too.....as far as the indicators V no indis arguement goes, try this little test:

On a chart a couple of days old, place horizontal lines at each of the whole numbers 80/50/20 and 00(These are the whole numbers ITC recomended...plus big whole numbers). Then look to see where the zlines have formed. Look and see where the support/resistance and turns are for the next couple of days.....

I've only tested this on GU, but I bet it works on them all.

I suspect you'll have all the indis pulled off your charts by the end of the day

TygerKrane · Postby **TygerKrane** » Thu Apr 15, 2010 3:47 pm

Is this a case of my zline getting zlined?? lol :oops:

*disclaimer, my knowledge of zlines is less than basic

I went long @ 126.11

Here is the context of the setup on H4 & M30
(Been trying to capitalize of that amazing 125pip gap all week long. Soon I'll get a handle on things, soon.)
:smt117

I would think though that you more experienced guys got major rich off of that one.

TygerKrane · Postby **TygerKrane** » Sat Apr 17, 2010 1:37 pm

forexjake80 wrote:tyger, what comes to mind in terms of bb: The Face-Sucker-Alien someone posted sometime ago DITCH THE BITCH!!!

forexjake,
You like aliens?? I'm watching a great show called "V" nowadays; don't watch too much TV these days tho, so it is my little guilty pleasure...

TygerKrane · Postby **TygerKrane** » Sat Apr 17, 2010 1:50 pm

forexjake80 & Brookmyre,
Thanks for the input guys, its great to have pirates like yous guys aboard the S.S. Kreslik. (I think thats how they name boats :?:

)

Yes, I'm done with the BB, back to the horizontals. I can't help being tempted by BB's, I like figuring out little puzzles, so I think to myself, "yeah, I can figure out something good with BB's". (easy way to keep me happily occupied: give me a jacket with a broken zipper. lol, the world around me disappears till I get the damn thing back on track; For the life of me though, can't solve a Rubik's cube :oops:

)

Anyways, here's from an old, funny Forex Factory thread:

Trading Posters

TygerKrane · Postby **TygerKrane** » Sat Apr 17, 2010 2:10 pm

Did Tons of reading this week; plus my whole flirtation with BB thing (did I mention that instead of gaining, I lost tons on the EJ as I started working the charts with conflicting viewpoints?) I caught some good moves as well, but if I hadn't been trying to use different methods all at once....

Anyways, as I was about to go back to indicators came up on this: (it's a quick read)
10 Reasons Why Price Action Will improve Your Forex Trading, by Nial Fuller

I liked these sections best: {especially 3 & 1}

4. Allows for profitable use of higher time frames.

3. Price action trading is the closest thing to what floor traders in the pits use.

We have seen the images of screaming pit traders on the floor of various exchanges in Chicago or New York. Do you think they are using lagging indicators to make their decisions?......

1. Price action analysis helps you achieve the discipline required to excel at forex trading.

Discipline is perhaps the most important ingredient to long term trading success. When you have a simple yet effective and flexible method you can concentrate more on the psychological aspect of managing your own emotions while trading. Emotion management and self-discipline are by far the most important factors that separate professional traders from amateurs. Many traders get so caught up in fine tuning their method or in finding the ?holy grail? that they end up forgetting the real meat of trading success is right between their ears. How you react to winning and losing trades is much more important than the method you employ. The best thing about price action analysis is that it allows you to concentrate on yourself because you have no need to worry whether or not your method is effective.

And I learned alot about how my psychology was holding me back this week.

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