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

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cwn6161
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Postby cwn6161 » Tue Sep 28, 2010 2:48 pm

Your first trade that worked, you traded AWAY from the 3 sema. Look at how that trade compares to adaseb's chart comments.

Your second trade you traded TOWARDS the 3 sema.

I thought Dragon's method was to wait for the price to cross the 50% mark on a large candle?

I'm just trying to get you to see and think why the last trade was wrong. Don't give up.

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eudamonia
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Postby eudamonia » Tue Sep 28, 2010 3:21 pm

Lukx,

Go checkout Don's motivational videos. http://donmillereducation.com/journal/t ... al-videos/. Watch the clip from Facing the Giants and the clip from Any Given Sunday.

If you don't give a damn about trading than just quit. But if you care about trading more than just the money (and it sounds like you are trading scared money at the moment) than do yourself a favor and grow a pair. This business ain't easy. Neither is life. That's a fact.

I suggest that you go line yourself up another job ? even if it?s menial. You can?t trade scared money. Trade in your off hours. Be prepared to work 16-18 hour days. Downsize every expense ? live like a monk. How bad do you want to succeed?

Everyone gets kicked in the balls in this business if they live long enough (check out Don?s August 2008 single day hit for the tune of $100k). I started off the week and promptly went 60 pips in the hole. If you let every failure stop you dead in your tracks you will NEVER win.

This week my focus is going to be clawing my way back to profitability 1 inch at a time (just like Al says). If you love trading this is what you have to be ready to do. Are you actually ready to allow yourself success or will you wallow in self-pity?
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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es/pip
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Postby es/pip » Tue Sep 28, 2010 3:31 pm

1st trade was lucky right in front of news

cant do anything about the 2nd one, with that announcement just coming out


regardless you cant whine about it
Bend over and assume the position for another 4 years of hope and change.

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es/pip
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Postby es/pip » Tue Sep 28, 2010 3:44 pm

es/pip wrote:1st trade was lucky right in front of news

cant do anything about the 2nd one, with that announcement just coming out


regardless you cant whine about it


i was long eu before that announcement with a target of 1.3588 and got ticked out of it and i never got back in

lost 2% vrs making around 25%

lol

how's that for some s**t
Bend over and assume the position for another 4 years of hope and change.

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adaseb
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Postby adaseb » Tue Sep 28, 2010 4:37 pm

lukx wrote:and this didn't work out:
Image

I think I'm done ... I'm on edge of loosing my job, ain't gonna make money trading... time to pack my things , sell them and start living under the bridge.


I think what you should try is finding another method of trading.

I too didn't have success trading Zerolines. In the long run I kept breaking even. It was nice getting +200 pip days on GJ but there were times where I kept getting stopped out constantly because I thought I was in a Mightyzone.

The problem with trading that method is that its looks easy in hindsight but in real-time its hard seeing if a Mightyzone area will hold. Even if you wait for the market to start turning your way, you might end up entering at the worse moment.

I have no idea how dragon33 picks the right ones everytime.

I know that on this forum indicators such as Moving Averages or Fibonacci are not welcome but there are tons of traders such as myself that use them everyday. One of the best indicators out there is Support/Resistance.

Put a 10 EMA on your charts and see how reliable it can be on trending days. Or when price is undergoing a major pullback, plot fibs from the daily low and high and see how many times it will bounce of the 61.8 fibs.

What you need to understand to be successful in this business is that the market is not about predicting what will happen but more like reacting to what is happening right now.

I guarantee you that there is no indicator/method/robot out there that works each and everytime. It might work for a few months but sooner or later it will prove to be ineffective.

For example. Mondays with no major news are usually slow ranging days. If you notice not a lot of movement then don't try to trade breakouts or pullbacks.

On a day like today after the EU rallied, many times you could of bought the dip on the EMA and waited till it broke out again

Then there are some days where whatever you try, nothing works. Decrease position sizes or quit trading. There are other days where the market is generous and many trades are textbook.

In my opinion I think the reason why 95% of all traders end up failing is because they just want a simple system that alerts when to short or when to long. However trading is not a science its more of an art form. You need to adapt to what the market presents to you everyday.

Also keep in mind that currencies are very difficult to trade. There are other instruments out there that are less of a headache.

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lukx
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Postby lukx » Wed Sep 29, 2010 8:16 am

adaseb wrote:Basically if you want the best chance of success in trading these MZ/ZL/Support/Resistance/Whatever you want to call these areas is like so.

This works best if you are making new highs/lows and your in a major resistance/support (bearish/bullish MightyZone).

If price is making new highs, wait until it fails to make a higher high. This works best if some time has lapsed between because you want accumulation of stop orders below a certain area.

These stops are set by the traders that are anticipating a breakout even higher.

These setups don't happen every day. Maybe once or twice a week on EU GU pairs. Only do these pairs.

There is no reason to use a stop greater than 10 pips. Risk 0.25% of your account or less. Trail your target at 25,45,85 pips. This way if you get a good runner you'd come out with a 5 to 1 risk/reward ratio.

If you do this in the long run you should NEVER LOSE AGAIN!!!


Just remember look for good setups.

Look for a major support/resistance areas or Mightyzone where price might turn.

Let the market attempt to make higher highs (or lows) and let it show you that it fails to close higher (lower).

Then look for a good area where you would put your stop if you wanted to trade the breakout. And use this area as your limit order.

Use a tight stop, and let your profits run. Don't be gay and close the trade at like 15 pips. You're never going to win this way.

Here are some charts and GOOD LUCK






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adaseb, how do you set the target with this method?

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adaseb
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Postby adaseb » Wed Sep 29, 2010 9:03 am

lukx wrote:
adaseb wrote:Basically if you want the best chance of success in trading these MZ/ZL/Support/Resistance/Whatever you want to call these areas is like so.

This works best if you are making new highs/lows and your in a major resistance/support (bearish/bullish MightyZone).

If price is making new highs, wait until it fails to make a higher high. This works best if some time has lapsed between because you want accumulation of stop orders below a certain area.

These stops are set by the traders that are anticipating a breakout even higher.

These setups don't happen every day. Maybe once or twice a week on EU GU pairs. Only do these pairs.

There is no reason to use a stop greater than 10 pips. Risk 0.25% of your account or less. Trail your target at 25,45,85 pips. This way if you get a good runner you'd come out with a 5 to 1 risk/reward ratio.

If you do this in the long run you should NEVER LOSE AGAIN!!!


Just remember look for good setups.

Look for a major support/resistance areas or Mightyzone where price might turn.

Let the market attempt to make higher highs (or lows) and let it show you that it fails to close higher (lower).

Then look for a good area where you would put your stop if you wanted to trade the breakout. And use this area as your limit order.

Use a tight stop, and let your profits run. Don't be gay and close the trade at like 15 pips. You're never going to win this way.

Here are some charts and GOOD LUCK






Image
Image
Image
Image
Image


adaseb, how do you set the target with this method?


Just trail it and scale out as your in profit.

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lukx
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Postby lukx » Wed Sep 29, 2010 9:28 am

Thank you :). You also mentioned some other easier instruments to trade, what would that be and I guess I will have to find the broker that got it right? Can you please recommend something?

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FMR
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Postby FMR » Wed Sep 29, 2010 1:33 pm

Hello everybody I`m new. I`ve read that topic and NLA for half year so I now something, but my results are... poor. Maybe if i show my screen somebody wiil tell what I do wrong :roll: on the other hand, it (showing screen ) will discpline me to not make some stupid things.
OK my first loss :evil:
Thank you all guys for that topic and your time i`m realy appreciate.
Attachments
H4 gotowe.gif
H4 gotowe.gif (32.54 KiB) Viewed 1653 times
H1 gotowe.gif
H1 gotowe.gif (31.29 KiB) Viewed 1653 times
M30 gotowe.gif
M30 gotowe.gif (31.53 KiB) Viewed 1653 times
M15 gotowe.gif
M15 gotowe.gif (34.03 KiB) Viewed 1653 times

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dragon33
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Postby dragon33 » Wed Sep 29, 2010 4:32 pm

FMR wrote:Hello everybody I`m new. I`ve read that topic and NLA for half year so I now something, but my results are... poor. Maybe if i show my screen somebody wiil tell what I do wrong :roll: on the other hand, it (showing screen ) will discpline me to not make some stupid things.
OK my first loss :evil:
Thank you all guys for that topic and your time i`m realy appreciate.


You just picked the wrong direction. First you are trading against H4 even against H1.

The place where you started was a run too late. You wanted too buy after failing to break H1.

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