Making Money Trading

[1Pipped]

The second trade looks like it has no other reason for it than the fact that it is a good looking pin at a swing low.

If that is the case, I am curious as to why didn't you take the USD/CAD pin that stopped you out?

TD hi,

I remember thinking at the time, theres not much (nothing) to stand on down here, on the second trade. I was also thinking 'lets test this metatrader out, theres a pin, thatll do, "0.01 click" '.

I decided not to take the USDCAD one because I thought the stop would be too big for where the entry compared to 1.0000 was. Do you think it was a tradeable setup ? it did have an s/r line Ide drawn and an old broken trend line just under the tip of the nose...

 

[rathcoole_exile]

You can't learn to shag 3 thai bar-girls in a single session by watching rathcoole_exile.
QUOTE]


following huge public demand, DVDs will shortly be on sale.

Please note, these are purely for educational purposes only and are not to be broadcast for entertainment purposes


(oh, and by the way, 2 of the girls are sisters )

 

[trader_dante]

Do you think it was a tradeable setup ? it did have an s/r line Ide drawn and an old broken trend line just under the tip of the nose...

Well, I think it had more going for it than the second trade but you were right to be wary of the size of the stop and the round number

 

[laoshi]

Hi, I have read this thread from start to finish and was compiling the best bits in a word file to re-read, but then i saw that someone else was going to do it. GREAT!! I thought, so I stopped. Then someone else said that the pdf thread download was only downloading 20 pages and they would fix it.
PLease please please, don't think I am complaining, because this is a FANTASTIC thread, all I want to know is if any of these things are forthcoming, or if I should restart my own compilation. Both are OK, but it would be much easier to reread and make notes offline. Anyone know?

 

[trader_dante]

Gm

Sometimes when I am going through the charts something just jumps out at me and I have to watch it very closely even if I have never paid attention to it before.

General Motors Corp is an example of such a stock.

Can we get above previous strong support?

The chart is very similar for General Electric - the second largest constituent of the Dow.

 

[rags2riches]

Quick Thanks

Many thanks TD for creating a superb thread - You have shaved years off my learning time, although overcoming myself remains the greatest challenge.

Best wishes for your future trading and for taking your own path.

Excerpts from "Way of the Turtle" by Curtis Faith sum it up best:
"I constantly meet people who have lost themselves in an empty pursuit of what they ought to do. In an effort to please their parents and teachers, to get a good job, and so on, they followed a path set out by others rather than the one they chose for themselves....

Invariably the path took them far from their dreams and what they had hoped they would become. They lost sight of the fact that they had a choice: They could decide at any time to do something else....

the reason most people don't follow their dreams is that they are afraid of failing in their endeavors. They believe it is better to follow a predetermined path that they know they can achieve rather than one of their own making where they will be tested.

If we try, we may fail - but we may succeed. If we never try at all, we make it impossible to succeed."


PS: attached is a rough summary of bits in this thread (and from other threads) that I have found very useful.


Cheers.

 

[combotrader]

"I have found that counter trend trading works for me because it is my experience that I can lose many times in a row but I know that I will make those losses back and much more profit on top when I catch a significant change in trend which pin bars often predict. "

TD - this is mean reversion trading that Paul Tudor Jones used to employ to such great effect. Its in the swing and the pin action. I used this repeatedly during the uptrend in crude oil in December on 1hr TF - and it worked every time.

But as you say - one needs the confidence to take them. To be honest, going with the trend is imp - but imho - trend trading is overdone. We are now in a traders market where swing and mean reversion ( you call it counter trend) will be much more important than trend following. Unless, of course, a meaningful trend starts.

GM and GE are important stocls to watch. Interestingly a look at S&P daily emini chart shows its about 30 points away from 50fib line and also resistance. I think this is important and where S&P might sink again, after going up another 30 points.

CT

 

[grimweasel]

TD, et al,
Many thanks for such a great thread! After 4-5 years of reading and research into trading I feel that you have provided me with a light at the end of tunnel of perpetual losses! I now have a greater understanding of the marketrs, SR levels etc and more importantly, my lack of sound trading plan. I will no embark on a period of paper trading thus preventing IG's balance sheet going positive on my behalf!!

I think there is no substitue for reading this thread from start to finish!

BTW, a mate in a bank in London (trader) said their bank is expecting Gold to hi $1K an ounce before May, where it will then make all the front pages. Jo Public will then buy in and we'll have a short superspike as the banks etc sell into the rally only for it to crash back down to a much lower SR level. I intend to watch closely!!
Once again many thanks. I'm surprised that the SB firms have not tried to hack this thread and delete it; it could be an expensive year for them LOL

 

[laoshi]

Many thanks TD for creating a superb thread - You have shaved years off my learning time, although overcoming myself remains the greatest challenge.

Best wishes for your future trading and for taking your own path.

Excerpts from "Way of the Turtle" by Curtis Faith sum it up best:
"I constantly meet people who have lost themselves in an empty pursuit of what they ought to do. In an effort to please their parents and teachers, to get a good job, and so on, they followed a path set out by others rather than the one they chose for themselves....

Invariably the path took them far from their dreams and what they had hoped they would become. They lost sight of the fact that they had a choice: They could decide at any time to do something else....

the reason most people don't follow their dreams is that they are afraid of failing in their endeavors. They believe it is better to follow a predetermined path that they know they can achieve rather than one of their own making where they will be tested.

If we try, we may fail - but we may succeed. If we never try at all, we make it impossible to succeed."


PS: attached is a rough summary of bits in this thread (and from other threads) that I have found very useful.


Cheers.

Thanks a million for the compilation. I feel stupid that I didn't continue with my own.

I agree with all the above. I have 'taken my own path' for the last 30 odd years and while there has been a lot of ups and downs, I wouldn't change it if I could.

Trader Dante
When I started to learn to trade, I read and read and then found this site, and read more and more. On this forum you can't believe everybody, and so some confusion can set in. So I decided to go my own way again.
That is the great thing about this thread. Like having a pin bar that has confluence with a S&R / fib / ma it has given me confirmation that what I have been doing is the right thing. As a result my confidence has increased.
I wish you every success in you new job and hope that you can realise your dreams, whatever they may be.
Thank you

Alan

 

[Spcboe]

Combotrader,

which charting service is that? great charts!

 

[Cavalry Trader]

"I have found that counter trend trading works for me because it is my experience that I can lose many times in a row but I know that I will make those losses back and much more profit on top when I catch a significant change in trend which pin bars often predict. "

TD - this is mean reversion trading that Paul Tudor Jones used to employ to such great effect. Its in the swing and the pin action. I used this repeatedly during the uptrend in crude oil in December on 1hr TF - and it worked every time.

But as you say - one needs the confidence to take them. To be honest, going with the trend is imp - but imho - trend trading is overdone. We are now in a traders market where swing and mean reversion ( you call it counter trend) will be much more important than trend following. Unless, of course, a meaningful trend starts.

GM and GE are important stocls to watch. Interestingly a look at S&P daily emini chart shows its about 30 points away from 50fib line and also resistance. I think this is important and where S&P might sink again, after going up another 30 points.

CT

The 50 fib also conincides with a strong looking resistance line at the November lows of 1410.

CT

 

[Cavalry Trader]

PS: attached is a rough summary of bits in this thread (and from other threads) that I have found very useful.


Cheers.[/QUOTE]

Thanks to rags2riches for the summary of the thread which has made it a lot easier to follow

CT

 

[panache]

Damn! Missed out on a pin for gold this hour.

Unless someone can tell me it wasn't valid anyway!

 

[trader_dante]

Damn! Missed out on a pin for gold this hour.

Unless someone can tell me it wasn't valid anyway!

It wasn't the best looking pin. I like to see the body close to the previous bar highs when looking to go short.

 

[trader_dante]

I don't trade the 4hr TF but this is a good example of a great trade in Gold.

Pin bar at a double top that has currently travelled around 3 X the risk (if entering below the pin with a stop above)

 

[combotrader]

Combotrader,

which charting service is that? great charts!

Its Tradestation

 

[panache]

It wasn't the best looking pin. I like to see the body close to the previous bar highs when looking to go short.

Kool! Feel a bit better now! Thanx T_D. I'll bear that in mind in future.

 

[VinceStanzione]

Based on what I believe to be an EOD pin-bar on the Gold Spot Daily chart, I've gone long at 912.56, with a TP of 936.76 & a sl of 891.89 (Volume of 1.00)

This is my first trade using T_D 's approach.

I executed the this trade with a complete lack of emotion - this should bode well for future trades using this method.

Thoughts anyone? Good, bad or indifferent??

Constructive feedback required!!

 

[Spcboe]

thanks combo.

 

[omni]

Based on what I believe to be an EOD pin-bar on the Gold Spot Daily chart, I've gone long at 912.56, with a TP of 936.76 & a sl of 891.89 (Volume of 1.00)

This is my first trade using T_D 's approach.

I executed the this trade with a complete lack of emotion - this should bode well for future trades using this method.

Thoughts anyone? Good, bad or indifferent??

Constructive feedback required!!

Hi VS.
What timeframe are you using?
By EOD, I am assuming you mean the daily timeframe.
I do not believe there is a pinbar from the price action we saw today.
Also, your trade price of 912, you sure this is spot? Gold has been below 910 since 8am.
Can you post your chart please.
Also, where are you s/r lines?
Do you have a fib lines to support this retracement?
Awaiting your chart.
Omni.