Becoming a Consistent Trader

[forex99]

I trade the London session so i'm watching the charts from around 7am and if my entry hasn't filled by 4pm London time I will normally pull my order. I will go into orders etc soon.
Yea when I saw this set up MF was aligned and the trend was down.
I look at 9- 10 pairs each day but it doesnt take me that long because i need Daily and 4hr to be in alignment before I go any further and today there was only one pair, i.e the usd/jpy that met my criteria.

 

[Cooldent]

Nice thread ... I'm learning this thread now ...

 

[forex99]

Hi Sorry guys, I've been so busy lately that I actually forget about this thread :-(
I will do my best to get it back on track...
Had a lovely trade yesterday for 91 pips
Up 3% for the week off that baby.

Just to add to my previous posts about the set up and using market flow to determine trend direction, I sometimes just trade in the direction of the 4hr market flow. I find i get more set ups that way...

I'm watching the Aud/usd today as well as the Usd/Cad. Will keep you posted...

 

[submar1ney]

Excellent, glad you're back. Looking forward to more learning.

Cheers

Ian

 

[submar1ney]

The trade from yesterday, could you go into a little bit more detail please the way you went about it. I notice on the chart you have S&R lines labelled M, S, R etc. Can you explain please?

Many thanks

Ian

 

[forex99]

Hi Submar1ney

M = midpoint pivot
S= S1,S2 pivot
R= R1 ,R2 pivot etc

Just marking my pivot points for the day/week/month. Hope that helps?

Well guys had a nice trade again today
Took 60 pips on the Cad. It didn't hit my target as of this writing but price is starting to get a bit choppy and has failed to break the intraday highs so I banked some pips.
Up 2% for today so I'm not complaining. Wish it was like this everyday...

Price spiked right down into my entry and ran like race horse...
There was a lovely confluence area at the 50% fib level.

1) Daily M2 Pivot
2) 50% Fib leve
3) 4hr Support area ( 4hr fractal point)

Any questions let me know...

So two trades in two days and I'm up 5%. Remember i never risk more then 1% on any one trade. Money management is so important I can't stress that enough!!
This is not a get rich business and you will be disciplined very quickly if you think otherwise...

 

[forex2009]

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i like to trade the noise and am sucsessful at it. have you ever tried to trade the noise? if so what type of stratergies were you using? the indicators i use are the following:

macd
bollinger bands
ema high, low, open and close
parabolic sar
stotchastics
rsi
fibonnacci (also draw reflective fibonnaccis)

i use triple time frame analysis
the charts i use are from daily right down to 1 minutely, but i use the 15 minute chart as a minimum to set the trade, anything less is just to wait for the perfect entry but i will not use the indicators in 5min or 1min to set profit or stops, 15 min minimum. if i am trading the 1hr chart or less i will never leave a trade unatended, i put price alerts everywhere over the charts so every minute or so my platform bleeps, any sign that the direction is not consistant i exit the trade most of the time with a profit. if i place the trade in the 15 minute chart i will keep my eyes on the next time frame up for any changes in the directional move so to prepare for exits, when i enter the trade all three time frames must indicate the same directional move (triple time frame analysis) regardless if there is a trend or not, too be honest i cant be arsed to wait around for trends to develop, its too long, and anyway there are always large directional moves going on even if there is no trend being indicated. i use every single currency pair, in every time frame from hourly down to the minimum i place price alerts on the ema s , i am looking to trade the bounce off ema s , i see ema s as flexible support or resistance lines, then between the ema s and bolinger i am looking for half of it as the profit (best not to be greedy). for example if i am buying i: wait for a bounce off ema support (price alert) go to the next time frame above, are all the indicators saying buy? yes they are, i now go to the time frame below, if its saying sell i wait for it to say buy (can set more price alerts if i cant be arsed to stare at the comp for too long. enter the trade, even if my profit target is 50 pips i will place a price alert 20 pips above the entry point, when the platform bleep i go to the next time frame above, any sign of price reversal from the indicators i exit with a profit, maybey 10 or 15 pips if i am quick enough to make my decision. if the next time frame is still supporting the buy decision i place my alert another 10 or twenty pips above, also i will set alerts 10 pips above entry, on the entry, below the entry, a stop loss doesnt always have to be executed, if i am losing the trade by about 10 or 20 pips when my stop is place at 60 pips away i will still exit the trade if the next time frame above is showing signs of a reverse move, so the idea is just put alerts everywhere and never leave the laptop, thats for intra day trading. there is alot more to the way i use my indicators so if you wanna know more just ask and i will give you more details. when im trading the daily charts i can leave my laptop for a few hours becuase its longer term

 

[forex99]

Hi Forex2009

I don't trade with any indicators. I use price and price only...
If indicators work for you that's great! I personally don't use them anymore as I find I can make money far easier with price alone. The simplier the better! As with everything we do in life
What you just described above sounds like to much hard work,lol. But you gotta use what suites you best. Plain Support/Resistance levels with confluences are all I need.

 

[Claudia123]

Hi Forex2009

I don't trade with any indicators. I use price and price only...
If indicators work for you that's great! I personally don't use them anymore as I find I can make money far easier with price alone. The simplier the better! As with everything we do in life
What you just described above sounds like to much hard work,lol. But you gotta use what suites you best. Plain Support/Resistance levels with confluences are all I need.

Interesting - think you are right about all the indicators they overcomplicate things. Look pretty though. Can I ask what stops you are using on eur/usd, usd/chf, cable. Thanks.

 

[forex2009]

This is my first thread so forgive me if it's all over the place

What i want to do is take a very simple system and trade it consistently to show traders, mostly newbies how you can become consistent. It's not rocket science!
What you will find very difficult to do is to control your emotions and the urge to not overleverage your account.

If you want to get rich quickly please go to the casino and take a punt there.

What I'm going to do is show you my set ups and my trades as and when they happen.
They will not all be live as I have a job and can't post screen shots from work.

To save myself alot of time and re-invent the wheel,I will post a link to the system I use.
It's free and everything is explained there.Please note this is NOT a marketting stunt. There is no payment involved etc.

I want to say that if you do follow my trades i will not be resposible for any finacial loss etc. If you are going to learn and trade this method please demo it for a few months.
You will take losses - that's a guarentee! What's important is that you keep your risk really small, I personally don't risk more then 1% per trade. Yes that's 1%,lol.
It's what I'm comfortable with and keeps me in the game when times don't go my way.
I don't take many trades per month, maybe 1 - 3 a week depending on market conditions.

Here's the key to this system....the risk reward is great! So far, as of today ,I am up 17% for the month of January and that's from three trades. This week I haven't taken one trade, which will drive some traders crazy! Remember trading is NOT about action. This seems to be a huge misconception. It's really dificult for people to go from a 'normal' job to trading consistently because people have this belief that you must be trading all the time in order to make money. What I have found is the more you trade the less you have left in your account at the end of the day,lol.

I trade the forex market, trading Support/Resistance levels. There are NO indicators or fancy little green and red dots that appear on your screen to show you a buy or sell signal. The entry I use might be a bit different to what some are used to. I place limit orders in the market at my defined levels and just wait for price to come to me. You can use candle patterns etc if you want extra confirmation but you sometimes find price just powers off these levels, leaving you scratching your head.

Well that's the start of my thread, i hope to be of some help to someone out there.
Please post any questions you may have and I'll do my best to answer them.

All the best

A

hi mate, do you trade breaks of support or resistance? or the bounce? i personally like to use bounces off the bollingers on daily charts and also treat the ema as a flexible support or resistance line, i also wait for bounces off the ema, i use daily charts to set the trades so i can walk away from my lap top for a few hours and not get a headache. what else is there to your system? and do you find support and resistance using forex forecast sites reading the strategist reports? can i have more info about your system please, sounds interesting,
regards, bill

 

[forex2009]

Hi Forex2009

I don't trade with any indicators. I use price and price only...
If indicators work for you that's great! I personally don't use them anymore as I find I can make money far easier with price alone. The simplier the better! As with everything we do in life
What you just described above sounds like to much hard work,lol. But you gotta use what suites you best. Plain Support/Resistance levels with confluences are all I need.

i have herd people using price alone, how do you make your decisions based only on price? do you not use just one indicator? why didnt indicators work for you?

regards forex2009

 

[forex2009]

Forex,

I think you're right not to post a link to a system description on another site - such might call your motives into question. Given your aspiration to help newbies though it would seem useful to describe your system in some detail here. Perhaps just an outline to start with and the finer points exposed with your trades?

Good luck.

I would answer ed's question, "why would they charge a lot of money to teach you to trade?"

- teaching people requires time and effort and often becomes intrinsically unrewarding (you may like someone over a beer but may not enjoy their poor work habits, say)
- to teach someone takes away from ones own trading and thus a compensatory income stream is appropriate
- often teachers who are genuine are becoming bored with trading and looking to replace its mechanics with something else that gains income from what they know
- when you pay money to learn you a) are much more committed to succeeding, and b) have greater belief in it.

Good training is worth having - and worth paying for if you can find and verify it.

books will do
regards forex2009

 

[forex99]

Hi Claudia123, with regards to stops I use a 30 pip stop on most pairs except the gbp, eur/jpy,gbp/jpy which I use a 40 pip stop on.

Hi Bill, Yes I trade the bounce off an area of confluence. Just to recap - an area of confluence is when I get a Support/Resistance area where price has actually traded before aligning with a Fibonacci level and a pivot point, Monthly, Weekly, Daily Pivot is doesn't really matter... What I want is to have a minimum of three things aligning within 10-15 pips to get me interested in the set up..

If you look at my post in the beginning you will find i locate my Support/Resistance levels off the 4hr chart using the Fractals or Swing points. These are very good and I would recommend watching them.

Hope that helps? The system is really simple to follow. There are no tricks or fancy indicators or any website giving me some magic information. This is simply price and price alone....

 

[forex99]

Today I'm watching the Euro/Usd and Aus/Usd for a long.
We have the 4hr Market Flow up on both pairs.
I also have a triple confluence on both the pairs.

On the Euro you can see where the white arrow is.. I have a 4hr fractal, a daily pivot point (pink line) and the 50% fib level... now all i do is wait! if price gets down to that level I will already have a limit order in and hopefully price will spike that level and react off it again... I risk 30 pips and my target is the old highs up at 1.2991 area. Thats around a 1:5 risk/reward trade if it pays. I don't need many of those a month!

 

[blubadge]

Hi forex99
Where can i find the autopivot indicator
thanks

 

[fg_guy]

Ok, so today I'm looking at the USD/JPY.

I've checked the Daily chart and noticed that the market flow is down.See image.
Moving down to the 4hr chart I can also see that the market flow turned down yesterday, this now aligns itself with the daily chart.
Right, this is where it gets exciting!
Looking at the 4hr chart I want to mark any resistance levels I can that might cause price to bounce from. Support/Resistance can be slightly subjective. I say this because you can draw it from the candle bodies or from the highs and lows of the candle wicks. There is no right or wrong way here, just what suites you. I find using the fractals the easiest way and makes my trading less subjective.I now mark all 4hr fractal/swing points on my chart that are closest to price. Chart 3.

Doing a Top Down Analysis I now move down to my 1hr chart. I now draw in my fibs from the high of yesterday to the low of either today or yesterday, which ever one is lower. What I'm looking for is for a confluence area of resistance where I can make a possible trade. Chart 4 you can see two areas of possible resistance marked by the yellow arrows.

Ok, because I now have two possible areas of where price might bounce from I want more confirmation. I want to try and narrow my choices down even further. I do this by adding pivot points to my chart. Some people like them and others think they're rubbish. There are different ways of calculating them and different time zones you can use to get your calulations from. I simply use automatic pivots that my software calculates. They are GMT pivots. I like the daily,weekly and monthly pivots. I don't really care as long as they try and help me make a trade.

Moving down to a 15 min chart now I have added my pivot points to my chart. The chart becomes a bit 'messy' now but don't forget I've already targetted two possible areas to trade from. All I'm looking for is a triple confluence i.e a resistance area, a fib level and a pivot. Chart 5 shows you the one level now has a pivot point as well as a fib level and a resistance level. I like this in deed!

So now I have an area to make a possible trade from. That's if price gets there.
Lets see what happens.
I will discuss entries and targets in my coming posts. Any questions please give me a shout. Please remember to demo this first if you are thinking of trading any of these set ups.

hi, thanks for your system. how long have you been trading it? look at chart two please, why isnt the pink line at the the latest fractal, i.e. below 90?

 

[fg_guy]

can u please post the pivot indicator too? which broker r u using>?

 

[forex99]

Hi Guys, Sorry I've been away for a few weeks. Went over to Sunny Cape Town. Will Post pivot indicators and reply to your posts shortly. Regards A

 

[forex99]

Hi fgguy

I'm using Interbankfx at the moment but will look at using Dukascopy in the near future.
The pink line on my chart indicates the 4hr Market Flow and when it will change. I only move that line when a 4hr fractal forms forming a new swing low (in an uptrend).

Please find attatched the two pivot indicators... one for the weekly/monthly and one for the daily. Make sure you set the weekly/monthly pivot indicators daily settings to 'False'.

BTW I Had a great little trade on the euro today

 

[pki99]

Hi Forex99,

Welcome back and thank you for sharing. I'm totally captivated by your trading approach, as you can probably tell by the timestamp on this post!

I have a few questions - I'll try and be brief .....

1) Could you please explain how you calculate Market Flow a little bit more? It was not immediately obvious to me from the charts you posted.

2) I take it that you're not overly concerned if the main trend appears to be ranging/sideways as long as the daily and 4 hour Market Flows line up?

3) As well as the PP, R1, R2, S1, S2 daily, weekly and monthly pivots, do you also use the midpoint pivots for all of these daily, weekly, monthly levels?

4) Are you ever tempted to trade if your triple confluence level is ignored and then price starts to react at a double confluence level you marked out?

5) Finally (!) any particular reason for moving from InterbankFX? I was thinking of using them as they've been highly recommended .......

Thanks for the education.