The Active Forex Traders Discussion

[Shuffle]

What do you think about yeasterday pinbar on EURUSD?

I did not trade that pinbar because of several reasons.

1. Not at a swing point.
2. Because of #1 I am not confident that if price were to move back to that area, price would then reject that area again.
3. There is overhead resistance. Even if it were to continue up, it would stall in that area most likely unless it busts through, which would make me second guess myself and I don't like to have that.
4. It created a lower high and a higher low (pendant) which is based on my experience, 50/50.

So this one was a no go for me and my plan.

On another note, I did take GBPNZD Evening star formation off of the Daily. There was a Pinbar but I was not confident in it as there was support underneath. However there was a large down bar which then confirmed to me the Evening star pattern. Lo and behold I am in profit.

Next on my list is the newly formed AUDUSD Pinbar to the upside and GBPJPY EB to the downside. GBPAUD/AUDCAD PB is worth a look.

If anyone has any questions regarding these I'd be delighted to answer If anyone wants, I'd love to post charts and stuff!

Is anyone else considering or in anything?

Yeasterday I traded pinbar but I set 1:3 risk reward ratio and my price didn't hit my TP. So I made a good forecast but I am break even Maybe you think that I made a mistake because I didn't trailed my trade. But after reading this ebook I trade only daily charts. It saves me a lot of time and my trading account grows.

http://www.amazon.com/dp/B00HOPBAEY/?tag=tff-amazonparser-20

Yea man, I've only been trading off the daily and its been the single most important decision I couldve made for myself. I didn't read the book but I learned through self experience what worked for me and my personality, which happenned to be trading and analysing off the daily.

 

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[MWizard]

what is in that book about forex trading?

It proves that decisions based on long analysis are worse than decisions based on intuition. It also shows by examples how to take advantage of this process in trading and outperform other traders.

 

[CarrieW]

So its more of a general trading perspective type book? I may just check it out then I am not interested in most books on specific systems at this point. But this sounds right along the lines of what im looking for

Sent from my SCH-I200 using Tapatalk

 

[CarrieW]

Most of my trading is based off intuitions also. But the intuitions are based on many factors so I consider them heavily

Sent from my SCH-I200 using Tapatalk

 

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[MWizard]

So its more of a general trading perspective type book?

Exactly!

 

[Shuffle]

I wish I could get my bridge to work so you could see. it is impressive in itself that I could be down so many pips and not hit a margin LOL

its so shameful but funny so I am going to post it LOL

eur/usd 1.28342---> its 1.38644 LOL sell

eur/jpy 129.994---> 142.092 sell LOL

it is an investment totally at this point. theres not much money in the account and I still have over 50% available so I am going to see

I had a 3rd open that I closed for usd/cad 1.05784---->1.11364 buy that was just as far out as these so I am sitting tight for now LOL

I remembered this post today because EURUSD had a gigantic engulfing bar at a great resistance with HUGE volume to the downside. Just thought I'd let you know.

I've entered on EURUSD sell and USDCHF buy for reasons listed above. Closed out AUDUSD buy for about 90 pips.

Anyone else?

 

[CarrieW]

About $3 back my way today. I watch all day everyday its open

Sent from my SCH-I200 using Tapatalk

 

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[MWizard]

3 ways to become a frustrated trader

 

[CarrieW]

@MWizard great information a little hard to understand but overall excellent and accurate information

 

[CarrieW]

my trades are continuing to go back

hoping it continues

 

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[MWizard]

How to become a stress free investor and trader? 1. Risk only money that you can lose 2. Accept or change your job 3. Accept that you sometimes lose 4. Plan to follow your profitable trading or investment plan.

 

[Udine]

Hi all,

I have not been around for a long time..

Time for an update: have been busy trading and plenty other stuff. Was active with my thread on forexfactory, but there was all said so moved on to a private skype group, but it all took up way too much time. Now I simply post my trades on twitter (udinefx).

Besides I have been able to simplify my trading enormously, no more lagging indicators, limiting my trading to only two pairs (EUR/JPY & GBP/JPY) and getting my daily target withing the first two hours after London open.

From now on I will be around more.

I have finished the trading day with 6 trades.... 6 wins no loss!!

Stay green

Udine

 

[CarrieW]

nice to see you Udine! I am still chugging along I may get to close out my trades for a profit yet! they are FINALLY still going my way. its back my way quite a bit more. I still have along ways to go but its getting there

once I close these trades out for a profit there are no more experiments for me. I am going to get serious. it should be interesting. I haven't actually traded traded in so long I am sure I am rusty. I still watch randomly throughout the day so I am not totally out of it, just not active. I cant wait to trade again!!

I also vow to never ever listen to my husband again... I have no one to blame but myself. but he is my devils advocate I swear... those well I wonder what would happen if? or why did you do that it looks like X to me... they are the devil!!! LOL

But again I only have myself to blame I should have been stronger against temptation. next time

 

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[Udine]

Hi CarrieW,

You must treat it like a business and be very professional if you want your forex trading to become a success.

Simply see tomorrow as the first day as CEO of your new company: Me Inc. You know a successful company needs profit and a positive cash flow.
In order to see if you are on track you must set up your administration.

You need to find one system that works for you and become an expert on that one system. I have found mine and I will show here in the next couple of days.

You can do it !!

Udine

 

[Berters]

Udine, do you mind me asking what your targets are each day? Sounds like a good way to trade just limiting the hours to the morning like that. I haven't had much time to trade a demo account but will start at the end of next week, I spent a good few months last year studying a lot of Forex material and kinda know what I'm doing. I don't really have a strategy in mind apart from trading support and resistance levels that I have marked out, and pivot points. When I have the time I'll try to write out a plan to stick to!

 

[Udine]

Hi Berters,

Yes, you may ask And the answer is 2 %.

BTW here is a simple Trading plan template, which you can use to write out your plan.

Stay green.

Udine

 

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[Udine]

As mentioned in one of my previous post I said I would post how my trading looks like these days. After the successful trading of MTF HA, I moved on to VQ trading (no need to find out what it means), then traded a while renko charts very successful, but I wanted to simplify my trading and stop using lagging indicators...

So I had to make a new system...but had to comply with some rules:
A. not to spend all day in front of the PC to reach my daily target
B. 15 minute timeframe, so enough time to check for set ups and put in pending orders
C. limit the number of currency pairs to watch.
D. no lagging indicators
E. Fast In Fast Out, no risking my money to a minimum in the market... so quick pips

So basically Pareto: 20% of the actions count for 80% of the results (and then focus 100% on that 20%) !!

Step 1: starting with the general rule: Trade with the trend..

My definition of trend:
If price is higher than the daily open, the trend is UP, so trade only long
If price is lower than the daily open, the trend is DOWN, so only trade short.

My daily open simply starts at the new day of my broker..., nothing special..

Step 2: to find out the waves within the trend, as the trend never goes in a straight line up or down...

For that I use the 1Hour candle... if the 1H candle is the same color as the 1Day candle, its time to surf the wave...

Now my 1H chart looked like this.. (by far not ready yet). This is the GBP/JPY chart of May 28.

to be continued ....

 

[Udine]

Step 3: find out when to enter a trade...

Now I knew when the 1H & 1D were going in the same direction, I needed to find a place to enter, to get me some pips.. Adding a line indicator to create a grid at the 00 levels.




As my trading day starts from Frankfurt / London open, added the market open information to the chart..



Now it becomes more clear...
1. price below the daily open line (white line) = ONLY SHORT TRADING
2. vertical lines show when markets open.
3. easy to see when the 1H candles cross a yellow dotted line. places where pips are to be made !!

to be continued....

 

[Udine]

The idea behind this trading is very simple... let me explain..

The markets get active when London, New York (Tokyo) open, as markets start moving when new money is added to the market.

Say the average trading range of a pair for the last 20 days is 100 pips.
Lets use the Daily open line as the centre... so the daily potential of the pair is going higher: daily open + 100 pips and going lower: daily open -/- 100 pips, although it almost never goes exactly like this...

If at London open my pair has NOT moved that 100 pips, I know I can make money !!
Besides I dont need much pips, not that hungry (read greedy) to eat the whole pie, I simply want a small slice of the pie (5 pips/trade).

And I only need 10 pips/day..

Remember:
10 pips a day is all you need to get rich. (A 1K account with 1 %/day compounding will grow into 1 million in 3 years)

Learn to take that 10 pip daily CONSISTENTLY during your trading career and you enter the Hall of Fame.
You wont be the next Soros, (who gives a damn...), but as an excellent provider to your spouse, children and grandchildren.

Think of this:
$ / £ / € 10K account @ 2%/day = $ / £ / € 200/day *5 trading days = $ / £ / € 1.000/week

So there is absolutely no need te become greedy !!!

If you use PDF (Patience, Discipline, Focus) & BCC (Belief, Consistency, Confidence) you will grow your account exponentially !!

You will be so CONFIDENT, that as soon as you get of bed, you SIMPLY KNOW, that you will MAKE MONEY THAT DAY and EVERY DAY AFTER !!

See the forextrading as the beginning, not the end: as the means to build your future, not a get rich quick scheme, treat it like a business, act like a professional and you can become very successful!!

to be continued....

 

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[Udine]

Back to our GBPJPY 1H chart..

Next to know... has the ADR (Average Daily Range) been reached.
In this case added an indicator to show the ADR of MAy 28th...

IF ADR has been reached: no more trading...

The clear blue line shows me that ADR has almost been reached... for me a sign NOT to trade this pair anymore!!

You have read in a previous post I trade the 15M, but you can trade this just as easy off the 1H charts !!

to be continued..

 

[Udine]

Here the charts of the EURJPY and GBPJPY 1H charts, with my trades in the opening hours..... My total "working time" to reach my daily target was 30 minutes...




Am glad to have been able to simplify my trading and complying with all the rules I set for myself !!

Einstein was so right:



Udine

 

[Udine]

To summarize..

here a picture of my rules, I have permanently on my tradingscreen.



Stay green.

BTW.. If I can do it... YOU CAN DO IT FOR SURE !!!

Udine

 

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[Berters]

Really appreciate the info in your posts, and thanks for the template! I'll definitely be re-reading all of these next week when I have time to start trading again

I thought that you might have had a pip target, not percentage, as I was under the assumption that professional traders will happily settle for 10% each year! (granted they are trading with $millions)

 

[Udine]

Well my daily target of 2 % = 10 pips... That is all I need / day

As soon as my account reaches a certain level, I will reduce my leverage and daily target %, to a level where I can live comfortable and invest in passive income...

 

[Berters]

Well my daily target of 2 % = 10 pips... That is all I need / day

As soon as my account reaches a certain level, I will reduce my leverage and daily target %, to a level where I can live comfortable and invest in passive income...

Gotcha! I need to start small and tight when I make my first deposit, going to be tough but I need to prove to myself that I can play it safe and profit.

 

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[Udine]

First demo, until you have consistency, then go live, but with a small account (why risk a big amount, when you can grow your account simply by compounding).

Get used to the live trading as it is a very mental thing. No need to rush it, the markets will be there next, month, quarter, year as well...

 

[IronMunkee]

I have finally, after some days, made it to page 36 LOL!

Allow me to introduce myself, and jump in with you guys here.
I have loved Forex since I first found it few years ago, though I got off on the wrong foot, and, you guessed, "get rich quick" mentality and blew a little over a thousand dollars, two different times. I was a young rookie thought I had it good, and one big mistake was trading a pair I did NOT know. I now stick it out ONLY with the cable (gbp/usd).
I completely believe it now when they say treat it as a business. I do not demo, I trade 1 cent lots right now (revived the account that had 10 dollars left, went higher, now back at 10). I went through all beginner courses read a book even, was getting mentored slightly at one point which the best thing to come out of that was a 1,2,3 indicator (think waves, with 4 being your hit). I am now trying to learn what the heck is up with the Ichimoku indicator as it looks so interesting and colorful haha. I stick to main pivot lines too and S/R, I think I became kind of decent at drawing those trend lines...

Anyways, let's get this thing goin? Last post I see was in May! Hope some of you guys are still in it to win
It would be lovely to talk to a group and discuss and help one another. I have no one I talk to about forex, the most is that I read Forex Factory sometimes. I must say life is pretty freakin difficult right now, and I'm not even in the slowlane, I'm completely out of the lanes period lol, cause of a few stupid decisions I'm at square zero... but looking forward to changing that. I am dedicated to taking this seriously now, and I think I have better control than before. And that's my intro. Thank you and let's continue eh

 

[CarrieW]

Welcome! I am around n still in those 2 trades lol

 

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[CarrieW]

And holy cow idk how I did not get notices for this thread im subscribed wth

 

[Udine]

Since you asked, yes I am very active.... the last 11 weeks my "worst" weekly result was +10 % to the account. You can follow my thread on forecfactory: http://www.forexfactory.com/showthread.php?t=487923
or you can check me up on twitter: Udinefx..

cheers

Udine