RealDemo

Price tightening it's range and leaving this pattern in it's wake on the 4hr chart. Whatever the reason, trend exhaustion, consolidation before continuation, or possible reversal the end result is often a breakout. Go for it Asia. Not my time to trade but interesting to see what develops.

"Two things are infinite: the universe and human stupidity" Albert Einstein. It seems unfashionable these days to describe someone as stupid for fear of being seen as uncaring, insensitive, or heaven forbid honest. .....but really.... come on..... let's start being more honest with one another. If your blaming adverts you really are a dumbass. [ame= ]http://www.youtube.com/watch?v=8rh6qqsmxNs[/ame]

This fourteen day trend line on the 4hr EURUSD finally burst it's banks at the start of the US session, and kept within the longer term bear channel. Events on the markets have strengthened Dollar across the board creating some powerful moves. The GBPUSD has dropped over 200pips. Here is my chart of that pair and some explanations. Coming into today price has been trading a very narrow range. Previous high/low trendlines are drawn and I'm ideally looking for a set-up to get short. Early London session stays within Asian range confirming for the moment that there is little interest in buying Sterling. A little fake out of this range hitting the resistance provides a perfect fading entry (green circle). At point 1 the lower trend line is broken but the 33pip's to the previous swing doesn't fit with what I'm looking for so this is not taken. Price again finding resistance back at the Asian range, and we have the US coming on line too. Session openings are useful places to look for momentum. At this point an order is placed below the trend line 2, the price action is looking weak and close to the line. Stop loss can be placed outside the upper range, take profit levels S1,S2,S3 if I get lucky.

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These last four days give a pretty good overall picture of what this very simple European open stategy can offer. The demo results I've had from this year have been encouraging, so briefly..... Trade 1,Monday. A loser to start the week, it happens. Trade 2,Tuesday. A flyer, these are the best but these are the winners I need to max out. Trade 3,Wednesday. Another flyer, not so high. Took the trade off due to news. Didn't max out. Trade 4,Thursday. A breakeven. I cut the trade fearing a repeat of Monday. ....and that's that. :missy: All the best to TL traders for 2012.

Sorry but it doesn't look like you've taken on board any of the advice already given in your other thread. You've got way to much stuff going on, trim it all back. What is the key premise that your working with here? When you say analyse something...what is it you are actually doing? be very specific, and keep it sharp. I don't want to sound mean, trust me I've been there in headless clucking mode too, but if this list is a reflection of what's going on in your head then it's time to stop and listen to what people are trying to tell you.

Long GBP this morning out of this Asian range. Looking at the 4hr gives some perspective on where price will probably find sellers and buyers will bail out, plus some news mid morning to watch out for. Actually R1 target hit before the news so closed trade. Looking for a set-up to go long this pair back into this channel. I chose to try and fade this Asian session breakout, looked like a possible DB pattern but first trade stopped out by a spike. Re-entered on the break of the last 15m swing. All out at R1.

....yes it does... I mean how could it not?

USDCHF remains in bearish mood in this channel. The triangle formation butting up against the DP this morning falling away sharply at the London Open. My bias was bearish with the 4hr trend and from the DP the TP levels were S1, S2, and much to my surprise S3. On the 4hr bullish channel price is now on the lower trend line.

C'mon Tim, be brave, you've got a tie on and a smile that says "I've just had sex". Nobody was born with all the facts and truths in their little head even though some like you to believe that they were still in nappies when they placed their first trade. As somebody pointed out to me the other day, there is some great info on this site, they're right, but it's all a question of filtering. Don't take stuff as "hate" unless someones being up front and personal with you. Some people really don't like this book and that's cool, other people (grown-ups) reading this thread or any other for that matter can look after themselves and draw their own conclusion or not. It's fairly easy for the successful 10% to quickly become elitist as there are not that many of them, but remember not all of that 10% are going to be excellent traders a lot of them are just "ok traders" who think they've cracked it.

TITZ Brett Steenbarger from here: TraderFeed: Walking Through a Trade Setup DbPhoenix (member of TL) from here http://www.traderslaboratory.com/forums/trading-psychology/4348-trading-edge-definition.html I really like this last definition.

Quote: Originally Posted by RealDemo » ...what am I missing? I've read it at least 4 times, why doesn't he trade? When anyone mentions this book it often attracts comments that belittle it from "pro-traders" and often they never say why. ...I'd be interested in a discussion of why and where it lacks, whatever it lacks. ok, how about this...... in TITZ, one of the main lesson for the new trader is that 'the market can do anything at any time'. this is bullsh!t. Quote from his book TITZ: "These behavior patterns are observable and quantifiable, and they repeat themselves with statistical reliability. Technical analysis is a method that organizes this collective behavior into identifiable patterns that can give a clear indication of when there is a greater probability of one thing happening over another." This would seem at odds with that. Quote from his book TITZ: "By 1981, I was thoroughly disgusted with my inability to trade effectively while holding another job, so I moved to Chicago and got a job as a broker with Merrill Lynch at the Chicago Board of Trade. How did I do? Well, within nine months of moving to Chicago, I had lost nearly everything I owned. My losses were the result of both my trading activities and my exorbitant life style, which demanded that I make a lot of money as a trader. From these early experiences as a trader, I learned an enormous amount about myself, and about the role of psychology in trading." Really you think this is an attempt at attracting kudos? I've read Brett Steenbarger and learnt plenty of stuff from him too.

...what am I missing? I've read it at least 4 times, why doesn't he trade? When anyone mentions this book it often attracts comments that belittle it from "pro-traders" and often they never say why. ...I'd be interested in a discussion of why and where it lacks, whatever it lacks.

Approaching the low of 2011. Where are we off to next :question:

An important lesson I've learned on the subject of support and resistance is the way it changes from one to the other and the trading opportunities that creates. Looking back at this recent Eurusd chart, 3 possible short entry set-ups stand out for me at this swing low support turned resistance. First entry would be short off the line 3220, high probability that price will be rejected there. Second would be short after the formation of this bearish candle, we arrive a little bit later but we've got some more supporting evidence that sellers are coming in. Third would be to wait for the candle and look to short a fib retracement of that candle. This last one of course risks missing the boat completely if it doesn't retrace. All these entries allow us to get in early before the price takes off on the breakout, which in a down trend is what we want. This pullback retest can be seen on all time frames and is an excellent way to enter a trend.

Previously price hasn't reacted at all to this line on your chart. Monitoring multiple timeframes is good practice, but what significance do you associate with this MA?

Nice snowy christmassy Swissie bonus this morning. Set-up gave a normal entry signal, entered early getting in before the rush, stop just the other side of last 15m swing. Fairly high probability of a $ pullback today on all pairs anyway, some profit taking and the Euro at a significant low 1.30. TP set for swing low support and within ADR. I don't normally trade news but the correlation of a technical set-up with a bonus fundamental move created a pretty good trade. 2 lots left on for the possibility of a continued move lower, may have to wait for NY before a continuation or reversal is seen,50pips locked in with stop.

Hi, nice entry. Just wondering how you manage your trade. Your target of 97 is 400 odd pips away, do you go all in all out, or take profit along the way, or trail your stop?..... or maybe you add! ...anyway nice call.

Hi, hope things go well for you too. If you can find time post your thoughts and experiences.

Hi, what session are you trading?

'run by Europe, but not in Europe' seems to be UKIP's accusation at Cameron. The world always seems fed up, when was that perfect time when we weren't fed up? Sometimes we've had reason to be really fed up.

Hi, beginning at the start of next year I shall be trading my first live forex account. In true community spirit I'll be recording these efforts for delight and derision here: http://forexnovicetrader.weebly.com/index.html .... should you wish to look I'm not selling anything btw. Actually.... other than to publicise my possible slow death, I'd be interested to here from anyone who may be planning going live soon. Preferably forex trading, but don't let that stop you, happy to share thoughts with anybody who finds themselves at this particular stage on their trading route. I'm going to try and post some stuff here as well but I must make it clear this is obviously not 'Guru Time'. The aim is to just try and provide a record of what might happen when we (me) as novice traders open our wallets and stop playing monopoly..... ....if statistics can be believed then this might not take very long. My own reason for creating something public is this... Firstly, that the ease in which I could stray from my rules will hopefully be restricted due to the public embarrassment it would cause me. A well executed trade that didn't work out is fine, but a forced trade that didn't make the list and then lost is not. :haha: You never know it might work. Secondly, I hope it genuinely might help others in whatever way that might be, even if it's to say "*u*k that!" As I say this is the first time so I'm not going in deep, I'm putting $2000 in a microlot account and taking it from there. This money can be lost without provoking death or divorce....or both. So there you go, hope this might interest somebody.

It was said with tongue in cheek, but they are not that different to one another. Filtering and sifting through the chaff and double talk on a forum is not that easy when your own knowledge is weak. I've been led up many a trading garden path.....