lukx zline trading log + cfabian p.35 + adaseb p.48

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lukx
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Postby lukx » Thu Nov 19, 2009 6:40 am

SHORT:

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lukx
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Postby lukx » Thu Nov 19, 2009 6:55 am

LOSS:

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Kenyuki
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Postby Kenyuki » Thu Nov 19, 2009 6:55 am

lukx, looks like you're shorting the support (demand) area? Look at the 1.6710 area.

Ken.

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Postby Shinobi-X » Thu Nov 19, 2009 7:32 am

adaseb wrote:
Shinobi-X wrote:@cfabian
I was first a scalper (dating back from the very beginning). then I noticed scalping might be good for other trader but certainly is not for me. I tried thousands of setup numbers for indicators such as RSI, Stochs, CCI, MA, HMA (the manual one not like the one we have today), Heiken Ashi, MACD and load them to my chart (not all at the same time though) with candlestick and other chart patterns in mind. but I learnt that whether you scalp or not you'll see ups and downs (I mean the price either goes up or down). so I figured if you could combine scalping-type money management with pattern spotting it would create an incredible outcome. but then it failed because scalping numbers are tight knit and you'll get whacked here and there. part of the scenario I don't like is to take loss if the indicator is against you. it's like zero sum game (to me it is partly because I can't stand losing money).

I step back and go back to the classics. candlesticks and western patterns. this is what I stick with till now. a few months back I get my hand on TRO's 3LZZ which is a great tool to aid to what I already know. I used H1 as a base and then zoom out to H4 and D1 to see what's in for today or what's coming ahead. I sometimes check W1 once in a while because this TF is very long and far ahead. I used fib as initial target but locking in profits as I go along the bountiful path (I don't use trailing SL unless I go to bed).

My money management I got from Ryan Jones's book "The Trading Game". but I custom-fit it for myself. I noticed that MO has a similar approach to Ryan Jones but I see that he is also custom-fit it to be aggressive. I still have no idea how dragon33 managed his account. the candlestick, I learnt from Stephen Bigalow's book "Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits". but as I posted earlier that not all of the patterns are applicable in the fx market. I also read from John J. Murphy to get insight of this great trader's mind "Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications".

and my advice is: stick to one pair. it's easier, less stressful, and you can get to know its actions a lot faster than when you're watching several currency pairs. if you're in the Euro or US timezone it's good to follow G/U, but if you're in Asian timezone it's best to follow E/J (this last sentence is purely my opinion). I stick to e/j because if the euro move e/j will move and when the yen move the e/j will also move and I cover both timezones as I trade (hence the 16 hours a day).

well it's my side of story. it's best to learn from other traders too to get their insight on things and pick the best that suits you.


Hey how many years have you been trading?

How long did it take you to get your "ah ha" moment?


looking back... my first encounter with fx was 2002, started trading in 2003, ups and downs until late 2006. after that it gradually became better. started seeing the result like I now have since oct. last year. the worst part is when I started in 2003 I used the money given to me as a gift for finishing my college. too hotblooded back then to handle a crazy sum of lots. feeling like a king for months then ended up like a sewer rat. they all thought that trading is gambling and do you have any idea how it feels like being laughed at like they were trying to say "told you so". I still feel the pain but hey... what doesn't kill you made you stronger :)

Good trading to all!
The gap between reality and dream is called action.

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pablo101
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Postby pablo101 » Thu Nov 19, 2009 8:21 am

Kenyuki wrote:
pablo101 wrote:Ken, can I ask where you got the supply area you marked up in you charts? I do have a zline marked at 1.6873 but thats it :?:

Hey pablo101, I just zoomed in from the weekly charts all the way down to H1.

Dark blue line = weekly resistance
Light blue line = daily support
Peach line = H4 resistance

Weekly:

Image

Daily:

Image

H4:

Image

H1:

Image

Cheers,
Ken


Thanks Ken, meeting Sam sure help your trading! :)

For some crappy reason I was fixated with longs yesterday, I miss the H4 supply but I would have taken it if I saw it. I see price is now 6652 umpf!
What line? The line that tells you which way you are trading! - MO

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lukx
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Postby lukx » Thu Nov 19, 2009 9:02 am

LONG:
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Image

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lukx
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Postby lukx » Thu Nov 19, 2009 11:29 am

LOSS:
top or bottom, always in loss.

I'm below 20$, I'm stopping log, and be just flipping coin, taking trade and applying 2% money management with RR 1:3. Or F$%& it I'm taking money out and buy myself ice creams. Hope this whole log will be good leasson for new guys how NOT to trade :).

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Kenyuki
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Postby Kenyuki » Thu Nov 19, 2009 11:51 am

lukx, if you wanna practice looking at the charts and spotting support and resistance, please let me know.

You were doing so well, the switch in your head just needs to be turned on.

Let me know... we're both in the UK so timing should not be an issue.

Cheers,
Ken.

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Postby aliassmith » Thu Nov 19, 2009 1:44 pm

lukx wrote:LOSS:
top or bottom, always in loss.

I'm below 20$, I'm stopping log, and be just flipping coin, taking trade and applying 2% money management with RR 1:3. Or F$%& it I'm taking money out and buy myself ice creams. Hope this whole log will be good leasson for new guys how NOT to trade :).

Image


Lukx,

You will get a lot of cheerleading on these types of forums.

You can do it Rah Rah Rah.........

I am not like that, I try to think in reallity!

Take my advise in my previous post and get that ice cream for now.

I promise you will be "right as rain" for doing it.

SOUL SEARCH and make a commitment either way, you will happy
you did.
Trade Your Way as Long as It Makes Money!

aliassmith
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Postby aliassmith » Thu Nov 19, 2009 2:03 pm

lukx wrote:LOSS:
top or bottom, always in loss.

I'm below 20$, I'm stopping log, and be just flipping coin, taking trade and applying 2% money management with RR 1:3. Or F$%& it I'm taking money out and buy myself ice creams. Hope this whole log will be good leasson for new guys how NOT to trade :).

Image


Stoploss seems to close to let the 1 hour work
I try to put my stoploss behind clean pivots
If I didn't take profit at 1.5 times my risk as
I marked then I would have taken profit at the
close of the candle after the hammer candle.

could take partial profit at my TP spot then move the
rest to BreakEven and let it run. You have to
manage the trade.

Risk $50 make $75
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