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Flying Dutchman

  • #3,741
  • Oct 5, 2022 3:24am Oct 5, 2022 3:24am
Evening All,

GBP/JPY off 1 minute chart. Finally saw something Live. Last 2 days I was in negative. Trigger Happy and lost like 5 trades. Rushed a bit and the last one was more of a revenge trade which was my biggest loss of like 4O odd pips, where i increased the lot size to cover the other losses. Human nature and learnt my lesson. I have recently started trading live and on a part time basis so it hurt a bit more. Well went back to smaller lot size and saw this early. As i have said before i see every trading setup BUT after it has happened...lol. Out of 10 i may see 1 before it happens and thats why i have 3 to 6 trades a week. And even then i suffer losses but with small stop loss my account is still surviving. Patience is the key. If you don't see it or even if you feel ur setup is off by 5% don't trade. Hard but it helps. Also try not to move ur stop loss to cater for swings cos if u were happy with ur setup in the first place then its better to take a small loss then to wipe out ur account. Adding to winning trades or trailing stop is ok as long as you have banked some profit and are atleast at break even with add ons.
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  • #3,742
  • Oct 5, 2022 3:55am Oct 5, 2022 3:55am
Morning all.
Summary of Dax trades this UK morning. I learnt something about patience here and following a plan. I noticed a high in between sessions ( Gap) and thought that price might head there in the Equity Open. Instead of waiting I jumped into a long from off a level in the pre London Open ( the Franky Open) - see "X" and was smacked on the hand. Worse ,I did the short on a pin off that level !!!
1285:50 level was a double bottom for a long that I missed albeit price was leaping about...but I could have waited a few bars and longed.
End result okay but I have to learn to wait and follow my plan.

EDIT: Put in my Burke levels. If I am out please let me know?

Done for the morning
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every Saint has a past. Every Sinner has a Future
  • #3,743
  • Oct 5, 2022 5:40am Oct 5, 2022 5:40am
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  • #3,744
  • Oct 5, 2022 6:01am Oct 5, 2022 6:01am
Quoting FocusWinReal
{image}
Hi,

Could you please share the 2 indicators on the right top and left top of the screen. Will be very much appreciated.

Regards
  • #3,745
  • Oct 5, 2022 6:11am Oct 5, 2022 6:11am
Working on a new strategy using two levels. Random levels? Perhaps. Using yesterdays PA in relationship to those levels as an indicator of strength, or lack of. Doubt its anything ground breaking, but maybe for me it might be.
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Get the Lag out
  • #3,746
  • Oct 5, 2022 6:40am Oct 5, 2022 6:40am
Posted this in my journal. Since everyone else is posting charts I figure what the hey...

This is how I see it. The first pic is to emphasize how you use the previous US session as your points of interest. It isn't always this clean. What price does from the US session into the next day will give you an idea of where that day may be going.

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The second chart is today's action. There were 3 equal lows during the gap. I can hear Stacey, "working the low, working the low, working the low ..." then bam a 30+p stop hunt. Somewhere in the circle is the entry. This was your 50-pip move. There was another short at the DT later.

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Mark ... Everything you have been told is a LIE
  • #3,747
  • Oct 5, 2022 6:40am Oct 5, 2022 6:40am
Quoting whitesta
{quote} Hi, Could you please share the 2 indicators on the right top and left top of the screen. Will be very much appreciated. Regards
Hey there W,

The blue box on the left is Pivots D you can find it here posted by forexcube post 17: https://www.forexfactory.com/thread/...24#post9173924

The right one I paid for it so can't share it but perhaps you can find it by searching the M and W thread or Steve Mauro thread. You can see it in some charts in those threads. It's called BPCT.

Cheers...
  • #3,748
  • Oct 5, 2022 6:42am Oct 5, 2022 6:42am
Quoting ZeroLag
Working on a new strategy using two levels. Random levels? Perhaps. Using yesterdays PA in relationship to those levels as an indicator of strength, or lack of. Doubt its anything ground breaking, but maybe for me it might be. {image}
The whole thing is basically about using levels and past points of interest to find today's trades.
Mark ... Everything you have been told is a LIE
  • #3,749
  • Oct 5, 2022 6:45am Oct 5, 2022 6:45am
Quoting whitesta
Evening All, GBP/JPY off 1 minute chart. Finally saw something Live. Last 2 days I was in negative. Trigger Happy and lost like 5 trades. Rushed a bit and the last one was more of a revenge trade which was my biggest loss of like 4O odd pips, where i increased the lot size to cover the other losses. Human nature and learnt my lesson. I have recently started trading live and on a part time basis so it hurt a bit more. Well went back to smaller lot size and saw this early. As i have said before i see every trading setup BUT after it has happened...lol....
Yes -the Gap high between Asia and London? and matching London session High the spoke there on next session and off you go. - but I miss many others too. :-)
Like you - I keep going and feel the mist is slowly clearing and focus on price action at levels. Onwards and upwards for us all :-)
every Saint has a past. Every Sinner has a Future
  • #3,750
  • Oct 5, 2022 7:01am Oct 5, 2022 7:01am
Quoting spzd
Posted this in my journal. Since everyone else is posting charts I figure what the hey... This is how I see it. The first pic is to emphasize how you use the previous US session as your points of interest. It isn't always this clean. What price does from the US session into the next day will give you an idea of where that day may be going. {image} The second chart is today's action. There were 3 equal lows during the gap. I can hear Stacey, "working the low, working the low, working the low ..." then bam a 30+p stop hunt. Somewhere in the circle...
Have to keep watching that video so me old head starts to see it in real time too.

Fruit picking levels on the left
every Saint has a past. Every Sinner has a Future
  • #3,751
  • Oct 5, 2022 7:04am Oct 5, 2022 7:04am
Quoting spzd
{quote} The whole thing is basically about using levels and past points of interest to find today's trades.
More important is to learn how price reacts at those areas. Then trade it.
Mark ... Everything you have been told is a LIE
  • #3,752
  • Oct 5, 2022 7:06am Oct 5, 2022 7:06am
Quoting turnip15
{quote} Have to keep watching that video so me old head starts to see it in real time too. Fruit picking levels on the left
Once you see it ...
Mark ... Everything you have been told is a LIE
  • #3,753
  • Oct 5, 2022 7:22am Oct 5, 2022 7:22am
Nice work spzd

Just one comment. Your chart uses the same time markings as mine. Namely, midnight on the chart is 5pm EST. As forex rolls over to next day at 5pm EST, this makes sure that your daily open line that naturally starts at midnight is correct (and avoids the dreaded Sunday candle when forex opens on Sunday evening). UK time is 2hrs behind the time on the charts which makes your 0800 UK time marking actually 7am.

Also, gotta watch out with the clock change as UK switches 1hr back on 30 Oct whereas US is the following Sunday.
  • #3,754
  • Oct 5, 2022 6:01pm Oct 5, 2022 6:01pm
Quoting BWilliam
{quote} Ofc, like real estate speculation, currency speculation is about the value of the currency pair which has the potential to gain or lose value. Leveraged speculation means the property buyer paid the down-payment with 5 credit cards with another 5 to rotate while waiting to flip his purchase to someone else in a musical chair business. Therefore, we speculate on properties with the highest flip potential starting with one and rise up to 10 in the next 5 years. The expertise is in the ability to read value. This same value requirement for...
I hope the message is not lost, but perhaps it is what it is, for even gold is buried, lost in time, only available to the diligent seeker.
The market hides a perfect geometry.
  • #3,755
  • Edited 10:49pm Oct 5, 2022 10:36pm | Edited 10:49pm
Quoting spzd
{quote} More important is to learn how price reacts at those areas. Then trade it.
Indeed. Looking for shorts only today in the EURUSD...EURJPY also

The level placement, along with price reaction, or lack of, seem to provide a decent filter for trade candidates.
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Get the Lag out
  • #3,756
  • Oct 5, 2022 11:43pm Oct 5, 2022 11:43pm
Situation where I favor longs and will look for an opportunity through out the day, as long as it is above the close from 2 days ago. Again, random lines? A random selection? Perhaps. But maybe it makes sense to me, and allows me to filter opportunities. Maybe trading is in the eye of the beholder after all.
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Get the Lag out
  • #3,757
  • Oct 6, 2022 1:56am Oct 6, 2022 1:56am
Quoting ZeroLag
Working on a new strategy using two levels. Random levels? Perhaps. Using yesterdays PA in relationship to those levels as an indicator of strength, or lack of. Doubt its anything ground breaking, but maybe for me it might be. {image}
Nice trades. Keep up.
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The market hides a perfect geometry.
  • #3,758
  • Oct 6, 2022 2:11am Oct 6, 2022 2:11am
10 quick ones. Push to the line.
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  • #3,759
  • Oct 6, 2022 2:27am Oct 6, 2022 2:27am
Quoting FocusWinReal
10 quick ones. Push to the line. {image}

Nice trade FWR,

Everyone has their way of looking at charts, which is absolutely great with me,
And I can see the footprints of what I like to call the repeatable market mechanics in your chart above also.

From the chart-time 09:12 to 09:49 the market went into an inflection point (the 5min chart shows it well) with a range of about 8-9 pips
and you timed the imminent breakout very nicely.

From the breakout down to the close at BRN 0.65000, by just trading horizontal lines. Well done.

If we keep looking LEFT on the chart to notice which candles are setting up, they can ultimately jump out at us
and then we take the plunge, with full risk protocols in place.

Nothing is guaranteed in trading but with continued observations we can improve the likelihoods of profitable setups 10 pips, 20 pips out to 50 pips (edge trading) should the market setups be at places on the charts where these might occur.

I enjoy looking at everybody's charts
  • #3,760
  • Oct 6, 2022 3:42am Oct 6, 2022 3:42am
Quoting ZeroLag
Situation where I favor longs and will look for an opportunity through out the day, as long as it is above the close from 2 days ago. Again, random lines? A random selection? Perhaps. But maybe it makes sense to me, and allows me to filter opportunities. Maybe trading is in the eye of the beholder after all. {image}
It is easier to see it how you see it that's for sure. You may enjoy this interview. Chris Tate breaks it down well.

Inserted Video
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