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adaseb
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Postby adaseb » Thu Nov 04, 2010 6:34 am

mook wrote:Okay my first trade today. Its 1:31am now. I gotta get up to go to work in a few. Woke up to find EU just poppin. Waiting, Hit 3sema, RAT shorted into 100fib (1hr), took a while, but out at lower 100 fib, stalled.


Good job.

Call your work and tell them you quit!

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mook
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Postby mook » Thu Nov 04, 2010 2:57 pm

adaseb wrote:
mook wrote:Thanks Ad,

1st trade today. Shorted at top fib. Funny thing however, that the blue fib is from a 4hr more than 1/2 mth ago ~ and yet it still seems to be relevent. I've come to realize that fibs give me a general idea of where to enter and exit, but identifying the actual SR levels will have to be part of the game plan. I will experiment with whether or not the more recent 4hr fibs take precedent.

Ad, when you say you trade over 100 times a wee ~ Do you trade in one direction, on multiple pairs, or are you long/short on a single pair? I only trade EU, as I'm comfortable with it.


They are only scalp trades on the EU. I trade both directions but if I have a good feeling that the overall daily trend is one way I might hold those trades longer.

But typically I always close out 80% of my position once the trade reaches around 15 pips.

My hard stop is around 3.5 pips but I usually always close the trade manually if its not going my way and lose 1-2 pips.

Its not a lot of pips but I use very large position sizes and usually double my account every 40-50 days using very small risks for each trade.

Here is an example of yesterday.

Normally I don't hold trades this long but starting from the far left I got stopped out at 0, -2, -3, and caught the bottom at around 1.4005 and scaled out most of my position after 10-15 pips but held some of it till the break 50 pips later. Then tried catching a long again and due to slippage I got a bad -4 loss on that one.

I only do this on the euro because its takes too much concentration to do it on multiple pairs and euro has the best spread/liquidity and volatility at times. Trading like this is a real pain though and you really gotta work for it that's why I prefer trading long term.

Today I only traded the NY session and im flat pretty much waiting for the Fed Rate in about an hour.

Image



Hey Ad,

I'm just looking at the chart you posted.

1. How are you making your entries and exits. From what I can tell ~ are you are using SR on 5 min?
2.When you say you don't hold trades too long, how do you determine exits? (15pip min?) I have alot more indicators than you, and I can barely scrape out 10-15 pips at a time. I wish I could make more frequent trades that would net me the same.

Thanks.

Where is Canada are you from?

Thanks.

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Postby adaseb » Thu Nov 04, 2010 6:18 pm

mook wrote:
adaseb wrote:
mook wrote:Thanks Ad,

1st trade today. Shorted at top fib. Funny thing however, that the blue fib is from a 4hr more than 1/2 mth ago ~ and yet it still seems to be relevent. I've come to realize that fibs give me a general idea of where to enter and exit, but identifying the actual SR levels will have to be part of the game plan. I will experiment with whether or not the more recent 4hr fibs take precedent.

Ad, when you say you trade over 100 times a wee ~ Do you trade in one direction, on multiple pairs, or are you long/short on a single pair? I only trade EU, as I'm comfortable with it.


They are only scalp trades on the EU. I trade both directions but if I have a good feeling that the overall daily trend is one way I might hold those trades longer.

But typically I always close out 80% of my position once the trade reaches around 15 pips.

My hard stop is around 3.5 pips but I usually always close the trade manually if its not going my way and lose 1-2 pips.

Its not a lot of pips but I use very large position sizes and usually double my account every 40-50 days using very small risks for each trade.

Here is an example of yesterday.

Normally I don't hold trades this long but starting from the far left I got stopped out at 0, -2, -3, and caught the bottom at around 1.4005 and scaled out most of my position after 10-15 pips but held some of it till the break 50 pips later. Then tried catching a long again and due to slippage I got a bad -4 loss on that one.

I only do this on the euro because its takes too much concentration to do it on multiple pairs and euro has the best spread/liquidity and volatility at times. Trading like this is a real pain though and you really gotta work for it that's why I prefer trading long term.

Today I only traded the NY session and im flat pretty much waiting for the Fed Rate in about an hour.

Image



Hey Ad,

I'm just looking at the chart you posted.

1. How are you making your entries and exits. From what I can tell ~ are you are using SR on 5 min?
2.When you say you don't hold trades too long, how do you determine exits? (15pip min?) I have alot more indicators than you, and I can barely scrape out 10-15 pips at a time. I wish I could make more frequent trades that would net me the same.

Thanks.

Where is Canada are you from?

Thanks.


1) What I use varies what session I trade. Typically during London and NY I use SR and Fibonacci Retracement/Projection. During Asian I sometimes use Trendlines. That's it, no other indicators.

2) Typically I scale out when I can. Its very hard in the first few seconds or minutes of a trade to figure out how far it can go, so I always scale out. Sometimes I see a trigger in the opposite direction and I wait till price reaches that area and get out and reverse my position. Same for getting out of loses.

You got to use judgement, if you are out -2 and it doesn't look like the trade is going to work, just get out. Better getting -2 than -4. Most of the time your judgement will be correct.

The amount of trades I take depends on market conditions. Sometimes I can do over 50 trades in a day.

Scalping is the best way to grow your account because you use small stops but its one of the toughest ways to trade.

I typically risk 20 pips per 2% of my account. If I lose more than 20 pips in any given day, I stop trading.

For example with a $50000 account I would risk, $1000 per 20 pips which is $50/pip. So at the end of the week if I am up 100 pips its a nice gain, and I can typically double my account every 45 days or so.

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Postby adaseb » Thu Nov 04, 2010 6:20 pm

But it seems that you are doing very well with Mightyone's so I would stick to that. Just trade what works for you.

mook
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Postby mook » Thu Nov 04, 2010 6:52 pm

Thanks Ad,

I will consider a few options. I like MO/Dragon, cuz I can see where I'm gettin in, and gettin out. However, bigger lots is what I'm aiming for. I'll try scalping soon. Today, I've become a bit over zealous. Stupid. Got in on the trade, went for a work out, and the trade came back.

I'm hopin it goes back down to where I first intended it to go. Got in around blue square. TP is some Zline below, if it hits at some point, it will be a good trade. Shoulda taken my pips when I had the chance it was up over 25pips at one point. !@#$%^&. I think i'm down now.
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Postby adaseb » Thu Nov 04, 2010 7:04 pm

Yeah I was looking for a long in that exact area. I though it would touch where it brokeout earlier but I guess each broker had a different price on that spike high that occured yseterday during Fed Rate.

mook
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Postby mook » Fri Nov 05, 2010 1:49 am

Went to bed, woke up, and up 21 pips. I tp'd at just above the 3rd sema rat in the last photo. The account is 21 pips richer. I gotta spend more time in front of the screen. Just wondering how many o you guys trade full time.
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mook
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Postby mook » Mon Nov 08, 2010 11:55 pm

Question? Whose using Fib Retracements? I'm looking at EU, and at this point I've been scalping as its trending sideways. I wasn't sure why I haven't found much info on Fib Retracements on Kreslik. Seems to be working in combo with CC... Please advise. Look at this chart. I sold at 1 sema closed at bottom red line... then it !@#$%^& tanked! Should have held.
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Postby adaseb » Tue Nov 09, 2010 12:32 am

What you are using is not really fib retracements. The tool is called fib retracements but only the 0,50,100% are shown because Dragon33 wanted to use it to see the half-way point easier of the MO candles.

mook
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Postby mook » Tue Nov 09, 2010 1:50 am

Adaseb,

You mentioned in your previous post that you personally use fibs. Can you please explain that: I got the impression that you were using more than the 0,50,100 ~ and more so the standard fib lines 23,38,68 etc....

The trade above is the standard fib lines. Have a look.

Thanks.
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