Making Money Trading

[jonj]

On Oanda you goto preferences->quotes. Above the list of quotes on the 'add' side, is a dropdown menu (I didnt notice it either ...) well its set to 'currencies' but there is another option in there called 'commodities' and thats where gold and silver are

ahha thanx very much!!hadnt seen that!!

 

[rubberdagger]

ahha thanx very much!!hadnt seen that!!

Hi if you want Gold charting for Meta trader you can get it by opening a demo account with North finance... and downloading FX Pro...

Hope this helps

regards

rubber.

 

[grimweasel]

I've been playing recently on the larger TFs (monthly/wkly/daily) and I've been having better success with the larger stops. Althought it takes a bit more guts it seems that if you time the larger moves (as depicted on the larger TFs ) correctly you have less stress and more importantly you trade LESS!

I was massively overtrading on the 1hr TFs taking imperfect setups where I could not stomach losses of say 50/60 pips. Now I just see that as 'noise' and tend not to check the charts that often. I think the large moves that TD talks about can be captured better on the bigger tfs as it reduces the overtrading on the smaller TFs. After all,I'm in this for the long haul, not a short term quick buck as we know that doesn't happen.
This is not gospel only my findings and I'd be open to further debate!
Good trading
Grim

 

[omni]

Hi Everyone,
I think many of you are cutting your trades too quickly.
People seem happy to make 50 ticks.
I think people should be looking to make 300+ ticks to make this strategy work (1hr tf & daily tf)
You need to think about what you are setting yourself up for.....

If you have a 60% hit rate and your stops are 50ticks away, you need to be making a lot more on your winners than 50+ ticks.

And for those of you that find youselves getting stopped out...... take gbpusd. It moves an average of 120 ticks a day, lowest 10percentile is 60ticks, top 90percentile is 190 ticks....... so if your stops are in the normal trading range......... YOU WILL BE STOPPED OUT...... and i bet you didnt want to be...............right????

So before you put stops at 50ticks or whatever away (on cable for example) think about the daily range of the market and act accordingly.

50 ticks profit is nothing to write home about, that is a failed trade in my view.

And of course, before i get gunned down. Apply your tf accordingly....... 1hrly timeframe trading range will be smaller than daily timeframe trading range and so on........

Just make sure you hang on in those trades, give them room to work and see retracement as a time to add, not a time to cut your position.

 

[nattytrader]

My initial thought was to choose Crude Oil but looking at the poll so far I can see seven people have voted and no one has chosen commodities. I know that many of you will just be interested in the methodology and may then look to take it and apply it to the market you are comfortable trading. However, I think it would help if something was chosen that the majority of people were interested in.

new to the board. All I trade is Crude, natural gas, and the emini. Anyone else on the same page?

 

[trader_dante]

new to the board. All I trade is Crude, natural gas, and the emini. Anyone else on the same page?

I trade Crude but not Natural Gas.

 

[jonj]

anyone seen the hourly pin on gbp/usd?? i like this one.T/D any opinions?

 

[trader_dante]

anyone seen the hourly pin on gbp/usd?? i like this one.T/D any opinions?

I was long GBP/USD from the inside bar that formed this morning. The current pin has formed in a small sideways range. For that reason it is a no go for me.

 

[superspurs]

contradiction

in a bit of a pickle here,took the dollar cad pin long but there is a nice pin forming on the dollar yen short about 15 mins till candle closes

 

[1Pipped]

Hi superspurs, Ive not got a pin on my 4hr chart but there is on the daily if it can stay up for half an hour.
Have a look at this chart usdcad & usdjpy often moving the opposite way to each other for quite some time.
Myself if I was going to trade them both I think Ide put half size on each just to be safe though and see what happens.

 

[superspurs]

ill pull the yen order,on the thinking that with gold down,swissy up,euro down all indicating dollar strength

 

[trader_dante]

Gold. 1hr.

 

[portomar]

Gold. 1hr.

nice action t_d

 

[trader_dante]

nice action t_d

And on the 4hr too. This could move. Credit to Pelzar who spotted it first but was too lazy to call it for us

 

[portomar]

And on the 4hr too. This could move. Credit to Pelzar who spotted it first but was too lazy to call it for us

agreed. am almost toally avoiding indicators thanks to my epiphanic reading of this thread, but switched on RSI at about 7 oclock last night on the hourly (bearish engulfing pin is it called?) and saw a reading of 17! thats very oversold in my book.

 

[zishor]

i just look at one indicator that I don't trade against. A MACD divergence. Anyway Gold is showing a nice Bullish divergence which would give a nice pro for the trade

 

[jonj]

the pin on gold looks perfect but i dont see an pivot or confluence,could somebody post a chart?
thanx

 

[trader_dante]

the pin on gold looks perfect but i dont see an pivot or confluence,could somebody post a chart?
thanx

That was my chart as the pin formed. If you put the level into your own charting package on 1hr and zoom out you should see it.

 

[Arf]

Hi all,

I have been reading all of these posts from the beginning (no mean feat!) and have been applying the principles with fairly good success.

I took the Gold pin bar and after reading TD's thoughts, this has given me added confluence. I will be interested how Td (and anyone else who got in) play this, as I tend to grab profits to early or move stops up to quickly to maintain profits.

Good trading
Arf

 

[superspurs]

And on the 4hr too. This could move. Credit to Pelzar who spotted it first but was too lazy to call it for us

5 star post, the boys are back in town :clap::clap::clap: