Best Thread Live Trading and General Chat Lounge

Yes, after 10 years, I'm very excited. didn't have the money to lose, so I had to be fairly confident I wouldn't crash and burn. i think being on here will force some discipline in trading. only in one trade now - long gbp/$ - but of course i didn't call the entry (1.55242) live. going for about 50. this is one of my "rogue" trades when I knowingly break the rules and go for risk/reward opportunity, which is why i was fishing for some reassurance - (alas, none.)
 
I`m not only good at reading PA but im good at reading FA (forum action)

`Pre-empting the movers`...
 
thx again, sweat. you seem to like to "trade from a distance" - i.e. on larger time frames. you also seem to have your wits and confidence about you. i have derided trading s/r as rudimentary and superficial before but mostly because I like sounding cynical and contrary with my friends and have ultimately failed to build a system around s/r (so, so darned tempting, esp when the market begins to range, as you pointed out.)
 
sweatyslouch said:
Thanks. I learned my craft as a prop trader past 5 years. I have retired now to trade own account but mainly use same methods as i did with the firm. Plot support and resistance on a 4 hour chart. trade 15 min candles at those levels. I always bet on support or resistance holding. I take any trade from these levels with a 2/1 RRR. I only want easy pips and i want my trades to be over within an hour preferably.
The great thing about only trading these levels is that becasue they are at the extremes of the existing market condition you know if you are stopped out to just reverse your bias. Each morning i make a video blog that highlights my plan for the day. The oil trade i just took was planned and recorded very clearly last night and posted on my blog this morning..all i did was have the patience to wait for it. With your permission i will give a link to my blog..it is completely free and i do not try selling anything. It is just my trading diary that i enjoy sharing with others.
Click to expand...

Hi sweaty, good luck with everything...
My set ups aren't dissimilar to yours except that I tend to wait for 1-2-3 confirmation before taking a trade. I also aim for 2:1 min r/r, 15 min candles, although i might amend this as i'm going along and will take what the market gives. One thing i've noticed in the last couple of weeks is how many times i pass on a trade because s/r doesn't permit 2:1, only for the pa to go through anyway. It isn't losing me money, just frustrating to see potentially profitable trades head off without me. I don't think it use to happen this regularly. Have you experienced this lately or is it me cracking up?
Also, when you say you wait for confirmation that support is holding, what confirmation do you look for? Green 15 min bar or something else?
Do you use your stoch or momentum much?
 
higherSelfishness said:
thx again, sweat. you seem to like to "trade from a distance" - i.e. on larger time frames. you also seem to have your wits and confidence about you. i have derided trading s/r as rudimentary and superficial before but mostly because I like sounding cynical and contrary with my friends and have ultimately failed to build a system around s/r (so, so darned tempting, esp when the market begins to range, as you pointed out.)
Click to expand...

In fact i trade only 15 minute candle entries. The longer timframe charts are to identify the levels. Then i drill down to low time frame to take the trades around those levels..It is a waiting game.
I agree that a large part of S&R analysis is superficial..thats because people draw S&R on points of the chart that do not have enough pyschological power within the market. By only drawing S&R at the most obvious prices that the market has the most vested interest in, we are trading the pyschological underpinnings of S&R. Not just some arbitrary lines we have created ourselves.
 
domgilberto1989 said:
Hey Flash, just out of interest (only because i`ve seen a small percentage of your approach to taking up a position) why is it you`re short on this?
Click to expand...

As I said,theres just about enough for a trade. it nearly blew straight away. its on 61.8 of april high/june low ( 61.8 is the main fib i use and rarely at that) Also there is a sort of pullback to a weak trendline,some resistance from Monday. Lots of little reasons(does that make 1 good reason?) Theres also probably some trader boredom in there,in fact its a crap trade,but I will stay with it:)
 
Hi Splashy,

Thanks for the best wishes. I have to be honest, I can't say that I have had the problem of not being able to get 2:1 RRR but that might be a result of a) Being incredibly conservative with what I would define as support and resistance and b) Not being afraid to pull the trigger at a level without waiting for confirmation that price has turned. I.E. i'll place my order at the level, put a 12-15 point stop and that way I only need 30 pips to make out well.

With regards to point B. I only do this in line with overall trend...For example..Trading the EUR/USD at the moment I would happily place a limit order to sell above the market and not wait for confirmation price was turning at all. However I would not place a buy stop beneath the market but would have to see confirmation we might be turning.


I look at Momentum and stochastics on the 4 hour chart only. If there is divergence on what looks like a break It might help me avoid wanting to get into a trade too soon. The perfect example is occuring now in EUR/USD.

Finally, With regards to the 15 min candle I use for confirmation a support or resistance might be holding: it is really just any sign that buyers/sellers exist at the level. I.E. a largish tail or a red candle at resistance or a green candle at support.

Hope I've answered your questions clearly.
 

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