The ideas that I trade by:

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forextrading
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Postby forextrading » Tue Jul 22, 2014 4:00 pm

MightyOne wrote:
forextrading wrote:
Braathen wrote:So EU just hit a 1month+ extreme and i got a nice little pennant going
here.. what im going to do with it is another question :D
I will keep drawing them and try to see what i can see :D

But it does look cool!

Image


Finally, I understood where the extreme is. This is the maximum or minimum price of X period of time?

In this case, I drew extreme of the month - right?

So these are the places where we play away from it.


An extreme is the highest or lowest prices of a range.

The extremes that we are interested in are older than 2 days & ones where you could realistically see yourself placing/moving a stop to if you were trading nothing but the large chart itself.

Image


That said, do you know how hard it is to trade a monthly chart :lol:

The larger the chart the more 'stuff happens before stuff happens'; your 15m is going crazy, the daily is doing its thing, the weekly is bouncing around, & you still have to find a way to EVENTUALLY shift your focus back to the monthly chart.

Now imagine trading a quarterly or a yearly chart :lol:

That is why I say stick close to 2 days but don't ignore an epic monthly price level if you happen to be backed into one.


Thanks,

Now I understand about that extreme point.

I play similarly, body of a larger chart shows me the way, a small chart for entries support / resistance.

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adaseb
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Postby adaseb » Tue Jul 22, 2014 7:31 pm

So when is a pennant/cone considered invalid? After there is a breakout? Or is it still valid.

Found this. Wondering whether its a coincidence. No resistance in that area aside from maybe the 113 Psychological.

Image

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Postby adaseb » Tue Jul 22, 2014 7:47 pm

So what is the general way to trade these cones/pennants?

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forextrading
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Postby forextrading » Tue Jul 22, 2014 9:06 pm

adaseb wrote:So when is a pennant/cone considered invalid? After there is a breakout? Or is it still valid.

Found this. Wondering whether its a coincidence. No resistance in that area aside from maybe the 113 Psychological.

Image


The trend lines show the dynamic S / R.

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Postby adaseb » Tue Jul 22, 2014 9:21 pm

I will not high-jack this thread with my trades. I will only post a sample of how I trade daily now.

A few people have emailed me and were surprised I was still trading and were wondering how trading was going and such. I don't want to start a new thread and this one seemed pretty active so I will just post here.

Basically I don't trade the way I did when I used to post here. For some reason I love trading GOLD. When Gold is active, I trade it immensely. But I still occasionally trade currencies when I see something that I can profit in.

And honestly, I hate day-trading and its burning me out. Yesterdays Gold range was $14. and after all my trades I netted $14/per contract in profit total. That's why I am researching these cones/pennants because I want to transition into swing trading and concentrate on my other business ventures in the spare time. Trading is really stressful on my life and the only reason why I do is for the money.

Trading this month was pretty tough in general. I don't trade GOLD like this everyday. Some days when there is no range, I avoid it all together. And I dont' make this much profit everyday. Some days I make nothing.

You also need a futures broker if you want to daytrade/scalp Gold. The spreads on market maker brokers is way too high. When Gold is active, spread is $0.10. I think it also has a tight spread on the Gold ETF during the NY session.

The margin for Gold is very low, I think the min is around $10,000. Which is incredibly huge leverage for trading 100 oz of Gold. Basically if you traded only 1 contract and made $14/oz, you would of net $1400.

Aside from one trade which was based on a moving average everytrade was off the extreme and support/resistance. No RSI, No triangles, No EA, Nothing complicated.

I do some tape reading and watch the volume and market depth for the futures contract. Some trades, not all are based on that. I basically use 6 monitors at once for my trading.

The only skill required here is to just keep emotions out. Try to trade like a robot. Don't second guess yourself. If a trade fits a pattern, just take it, dont think.

But honestly. I know there are many newcomers here wishing to make some extra money trading. Save yourself the hassle and trade long term.


Here are the charts. Will post my EURUSD chart shortly.



Image

Image

Image

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Postby adaseb » Tue Jul 22, 2014 9:56 pm

I usually only trade EURUSD at the London open. I don't like trading it during the NY session most days because its choppy.

First I check the orders for the large buyers and sellers for EURUSD.

Most of these orders are pretty common sense. Basically large bids and offers on extremes. But its useful because it tells you where the large stops are. This is useful because you usually want to get out right after the stops are triggered.

As you can tell. Scalping doesn't net many pips. You only make money if you trade large lots. Since your stops are small.

The area in PURPLE is VERY important and I missed it. And I am regretting it ever since.

Many people entered short at 1.3491 or so because it was the pivot low. Very technical area on where to short. Now, during the Core CPI, many traders will put a stop at B/E usually during news. So unless most traders were happy with 10 pips profit, they stayed short and put their stop at B/E.

So during low liqudity they were all stopped out, and then massive selling caused the low to break and the stop at 1.3470 to get triggered. All the way down to 1.3460 or so. If you had some knowledge of what was going on, you could of net +30 pips in 1 minute and been done for the day instead of scalping like me for small pips.


Image

Image

forextrading
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Postby forextrading » Tue Jul 22, 2014 10:12 pm

adaseb wrote:I will not high-jack this thread with my trades. I will only post a sample of how I trade daily now.

A few people have emailed me and were surprised I was still trading and were wondering how trading was going and such. I don't want to start a new thread and this one seemed pretty active so I will just post here.

Basically I don't trade the way I did when I used to post here. For some reason I love trading GOLD. When Gold is active, I trade it immensely. But I still occasionally trade currencies when I see something that I can profit in.

And honestly, I hate day-trading and its burning me out. Yesterdays Gold range was $14. and after all my trades I netted $14/per contract in profit total. That's why I am researching these cones/pennants because I want to transition into swing trading and concentrate on my other business ventures in the spare time. Trading is really stressful on my life and the only reason why I do is for the money.

Trading this month was pretty tough in general. I don't trade GOLD like this everyday. Some days when there is no range, I avoid it all together. And I dont' make this much profit everyday. Some days I make nothing.

You also need a futures broker if you want to daytrade/scalp Gold. The spreads on market maker brokers is way too high. When Gold is active, spread is $0.10. I think it also has a tight spread on the Gold ETF during the NY session.

The margin for Gold is very low, I think the min is around $10,000. Which is incredibly huge leverage for trading 100 oz of Gold. Basically if you traded only 1 contract and made $14/oz, you would of net $1400.

Aside from one trade which was based on a moving average everytrade was off the extreme and support/resistance. No RSI, No triangles, No EA, Nothing complicated.

I do some tape reading and watch the volume and market depth for the futures contract. Some trades, not all are based on that. I basically use 6 monitors at once for my trading.

The only skill required here is to just keep emotions out. Try to trade like a robot. Don't second guess yourself. If a trade fits a pattern, just take it, dont think.

But honestly. I know there are many newcomers here wishing to make some extra money trading. Save yourself the hassle and trade long term.


Here are the charts. Will post my EURUSD chart shortly.



Image

Image

Image


Very good trades. I also trades the S / R and extreme.

I agree, daytrading is stressful as all trading.

forextrading
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Postby forextrading » Tue Jul 22, 2014 10:27 pm

adaseb wrote:I usually only trade EURUSD at the London open. I don't like trading it during the NY session most days because its choppy.

First I check the orders for the large buyers and sellers for EURUSD.

Most of these orders are pretty common sense. Basically large bids and offers on extremes. But its useful because it tells you where the large stops are. This is useful because you usually want to get out right after the stops are triggered.

As you can tell. Scalping doesn't net many pips. You only make money if you trade large lots. Since your stops are small.

The area in PURPLE is VERY important and I missed it. And I am regretting it ever since.

Many people entered short at 1.3491 or so because it was the pivot low. Very technical area on where to short. Now, during the Core CPI, many traders will put a stop at B/E usually during news. So unless most traders were happy with 10 pips profit, they stayed short and put their stop at B/E.

So during low liqudity they were all stopped out, and then massive selling caused the low to break and the stop at 1.3470 to get triggered. All the way down to 1.3460 or so. If you had some knowledge of what was going on, you could of net +30 pips in 1 minute and been done for the day instead of scalping like me for small pips.


Image

Image


I do not believe in the news. But there are a lot of people who play only news.

Good trades.

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Postby MightyOne » Thu Jul 24, 2014 2:16 am

adaseb wrote:So when is a pennant/cone considered invalid? After there is a breakout? Or is it still valid.

Found this. Wondering whether its a coincidence. No resistance in that area aside from maybe the 113 Psychological.

Image


A triangle is a channel(s), if that answers your question :lol:

Image

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Postby Jalarupa » Thu Jul 24, 2014 8:45 am

So by that rationale... If coning PA is not responding in the proper way...

Then it is channeling or resuming direction of prevailing move?

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But yeah everything is relatively obvious in hindsight... :(

The real developmental area in my view is Foresight... But how should one cultivate such a talent?
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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