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Flying Dutchman

  • #5,201
  • Feb 16, 2023 11:02am Feb 16, 2023 11:02am
Quoting spzd
{quote} That blue line is when the market opened Sunday evening (for me).
Price has a tendency to come back where it started, as you know.
Mark ... Everything you have been told is a LIE
  • #5,202
  • Feb 16, 2023 12:32pm Feb 16, 2023 12:32pm
Quoting TimeTells
{quote} . To do a double ADR like yesterday happens often enough. I have seen triple ADRs on GJ, so we must be very wary thinking ALL these DD situations CAN be traded out of, as it is money management, risk profiles, leverages, lot sizes, amounts of averages in there etc etc....
Good words TT.

The news went the wrong way, but no problems.

I did some time trading with Michael Storm in his trade room, NY sessions. Washing positions on multiple pairs can be hard work. Ultimately it wasn't for me but learned a lot about drawdown and selling rising price or buying falling price. We traded 0.01 positions up to 10 positions per pair and on multiple pairs. Was a lot of holding overnight and scalping to manage DD (washing) which is only prolonged when you get it totally wrong. It's not a style for beginners or the risk averse.
For an explanation on washing as he puts it (no affiliation):
Inserted Video


All the best TT.
  • #5,203
  • Feb 16, 2023 12:39pm Feb 16, 2023 12:39pm
Quoting Shabs19
{quote} The initial break is usually the right direction, they have to get interest from buyers, then go after their stops to fill their own orders. So why would you want to buy the breaks ? FOMO ? Or keep a cool head & Buy the pullbacks as long as you can. When does it end ? Good places would be when New traders enter & the Current ones leave.
Was shorting, not buying and got it wrong. Though it came back before going back up.
It perplexes me when Asia session goes up and London and NY keep it going up in a nice line. Grinding up. Thats all, just was thinking aloud.
Cheers...
  • #5,204
  • Feb 16, 2023 3:47pm Feb 16, 2023 3:47pm
Quoting FocusWinReal
{quote}
Was a lot of holding overnight and scalping to manage DD (washing) which is only prolonged when you get it totally wrong.
It's not a style for beginners or the risk averse.
For an explanation on washing as he puts it (no affiliation): https://www.youtube.com/watch?v=H074pstumes
All the best TT.

Cheers FWR,

Yes it all can be done. And it IS a trading skill.
A trader could also stop the bleed early when price does the unexpected by a 'flat hedge freeze' keeping the loss stuck where it is while reassessing the situation.

However, why I don't recommend all this, from experiencing it first hand lol, is the loss of your own TIME.
Sitting &/or holding (overnight), watching & worrying, waiting for the next candle move up or down etc (been there, done it).

Better maybe to kill it off early. And get back to a new trade.
That "new" trade can also be the same pair (sounds weird, but it isn't), even same direction again (or NOT, switched as a flip), if the market action play warrants it.

Now you have a skillset in the arsenal FWR, choose wisely when to use it.

all the best again FWR
and to all
it's onto freaky Friday now hahaa
  • #5,205
  • Feb 16, 2023 4:01pm Feb 16, 2023 4:01pm
Quoting TimeTells
{quote} ... Better maybe to kill it off early. And get back to a new trade. That "new" trade can also be the same pair (sounds weird, but it isn't), even same direction again (or NOT, switched as a flip), if the market action play warrants it. Now you have a skillset in the arsenal FWR, choose wisely when to use it. all the best again FWR and to all it's onto freaky Friday now hahaa
That is it. All that hedging (which is not really hedging) is risky. Can be done. US = FIFO so unless offshore no can do.
Mark ... Everything you have been told is a LIE
  • #5,206
  • Feb 16, 2023 4:03pm Feb 16, 2023 4:03pm
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Mark ... Everything you have been told is a LIE
  • #5,207
  • Feb 16, 2023 4:10pm Feb 16, 2023 4:10pm
Quoting spzd
{image}


I went to bed @ London close and woke up a while ago.... to check the daily closes and to drop the kids at school. That's the beauty of living in AUS, one can trade all the sessions if wanted. LOL
Success = Practice + Patience + Persistence
  • #5,208
  • Feb 16, 2023 4:20pm Feb 16, 2023 4:20pm
Quoting spzd
{quote}
That is it. All that hedging (which is not really hedging) is risky. Can be done.
US = FIFO so unless offshore no can do.

FIFO, yes I had heard that.

Isn't it nice of the industry watchdogs over there to tell you what you are 'allowed' to trade and when (ffs)

I guess you guys could open two a/cs and do it that way, oppossite trade on each a/c, but again why invest all that time essentially on a broken trade.

And regards the broken trade imo.
They are not really broken.
The market just went the other way, at the time.
And as you said before Mark price often returns, so thats the temptation we face.

Still, each to their own, fresh trade, clear head maybe best who knows.
all the best
  • #5,209
  • Feb 16, 2023 4:25pm Feb 16, 2023 4:25pm
Quoting TimeTells
{quote} FIFO, yes I had heard that. Isn't it nice of the industry watchdogs over there to tell you what you are 'allowed' to trade and when (ffs) I guess you guys could open two a/cs and do it that way, oppossite trade on each a/c, but again why invest all that time essentially on a broken trade. And regards the broken trade imo. They are not really broken. The market just went the other way, at the time. And as you said before Mark price often returns, so thats the temptation we face. Still, each to their own, fresh trade, clear head maybe best...
You learn to adapt. Even to the regulations.
Mark ... Everything you have been told is a LIE
  • #5,210
  • Feb 17, 2023 4:11am Feb 17, 2023 4:11am
Day is near over for me.
Got a little something out of the eight hour range lol, was okay.
Just short of what I wanted, but hey, not giving any back now.

Breakout is imminent, likely towards New York I guess but not much point me waiting around.

Good fortunes to all, trade well, trade safe, and have a top weekend.

.
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  • #5,211
  • Edited 5:04am Feb 17, 2023 4:49am | Edited 5:04am
Quoting TimeTells
Day is near over for me. Got a little something out of the eight hour range lol, was okay. Just short of what I wanted, but hey, not giving any back now. Breakout is imminent, likely towards New York I guess but not much point me waiting around. Good fortunes to all, trade well, trade safe, and have a top weekend. . {image}
NZDUSD was OK, not one I normally look at, until you mentioned it the other day.

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It never gets easier, you just get better
  • #5,212
  • Feb 17, 2023 5:57am Feb 17, 2023 5:57am
Quoting Shabs19
{quote}
NZDUSD was OK, not one I normally look at, until you mentioned it the other day. {image}

Hi Shabs,

I think I mentioned NU as a pair in that I am still Gun-Shy of it after getting blasted on it 5 years ago hahaaa.

I think Fxp was trading it well if I remember and he has Tamed it nicely with the DT & DB function.

I stick to GJ even when slow as I can usually grift my needs in scalps during the day.
Asia was quiet for GJ after the first kicker high and then it went into an extreme length inflection period (8 hours ranging lol) where I snuck my pips.

I was headed to the cot area lol just before when, 15 mins after I posted, another move kicker (NOT breakout) surfaced,
so I snuck in again for a quickish +10p and THAT'S IT for me now.

There is no real breakout out as yet imo, either direction, just the normal expanding of price and probably the New York traders will see something stronger.
They still have 100 pips ADR to play with in their kitty yet, high (or low) if they wish, but as usual I will check the action all out in the morning

Good fortunes all, back on Mon'dy

.
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  • #5,213
  • Feb 17, 2023 6:03am Feb 17, 2023 6:03am
More lines. Sadly Dax does not always make an easy short then long trade everyday.
Enjoy your weekend.
Not a FVG in sight Shabbs
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every Saint has a past. Every Sinner has a Future
  • #5,214
  • Feb 17, 2023 8:06am Feb 17, 2023 8:06am
Quoting spzd
Big shake out on that last news. Things should kinda go the dollar way for a bit. {image}
Then add in yesterday's PPI and ...
Mark ... Everything you have been told is a LIE
  • #5,215
  • Feb 17, 2023 9:38am Feb 17, 2023 9:38am
Quoting turnip15
More lines. Sadly Dax does not always make an easy short then long trade everyday. Enjoy your weekend. Not a FVG in sight Shabbs {image}
Put your indicator back on, you will see hundreds.............
It never gets easier, you just get better
  • #5,216
  • Feb 17, 2023 10:14am Feb 17, 2023 10:14am
Quoting Shabs19
{quote} Put your indicator back on, you will see hundreds.............
No thanks - ignorance, in this case, is bliss
every Saint has a past. Every Sinner has a Future
  • #5,217
  • Feb 17, 2023 10:26am Feb 17, 2023 10:26am
SP500 -nice ranging action between 15 minute levels. Black horizontal is the New York Open line.
No FVGaps or fancy ( to me) stuff. Just lines to prompt me to get in or out.
Have a nice weekend folks.
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every Saint has a past. Every Sinner has a Future
  • #5,218
  • Feb 17, 2023 5:43pm Feb 17, 2023 5:43pm
GJ, and I imagine many pairs, will provide close to the full gamut of Market Mechanics each sometimes 48 hours.

All visual.

Just a matter of "what are we looking for".

Have a look at more of what other seasoned traders might search out with Prior Hi's Lo's, Structure, Change Of Structure, Breaks etc
on Shabs' CHART post above.

https://www.forexfactory.com/thread/...5#post14329455


I get up in the mornings and review 'what' the market did the day before, giving me targets etc for the next trading day.
All a process.
And if we believe that when price is "moving", that it is actually moving to a ... "Somewhere" ... then we can trade what we see.

all the best for a terrific weekend ahead

.
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  • #5,219
  • Feb 18, 2023 3:52am Feb 18, 2023 3:52am
Follows MS reasonably well.

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It never gets easier, you just get better
  • #5,220
  • Feb 18, 2023 5:21am Feb 18, 2023 5:21am
Quoting Shabs19
{quote} NZDUSD was OK, not one I normally look at, until you mentioned it the other day. {image}
Hi Shabs,

I like how you are looking at Price

I don't know about you but the Number One thing I look for is Pricing Failing to make a New Low or High

If there is then a BoS going against the Low or High I get really interested

I know you are probably looking for this but it might help someone to "SEE"
Attached Image(s) (click to enlarge)
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