patience? no kidding

[oildaytrader]

That was a bit quicker that your first trade at the beginning of this thread. I didn't mean quite that fast! Your first idea was excellent. Follow the trend and enter on a pullback.

You'll get it right, in the end.

Pullback plus reversal on 4 hour bullish / bearish engulfing

 

[oildaytrader]

yeh but no, the demo trade wasn't a lucky virtual punt, it was based entirely off my method that i'm continuing to use, but yes i essentially chased it a bit, i didnt want to ride it out on demo, wanted to get the rest of it live.my stops are usually good places to go in the other direction, they aren't usually based off S/R but just out of volatility.
don't know why i rushed into that UJ long, i've got my limit order set and i should just leave the computer now

It was in a downtrend , so why did you not wait for pullback an go short?

 

[Chartsy]

It was in a downtrend , so why did you not wait for pullback an go short?

because i don't usually trade the dailies, i use the daily to tell me where/when the H4 trend could become exhausted, as far as i could see the downtrend has got very oversold, i expected a big retrace so i looked for an excuse to reversem and did so when an upmove occurred with a higher low

 

[Chartsy]

hur hur limit order filled
now the bit that matters

 

[Splitlink]

because i don't usually trade the dailies, i use the daily to tell me where/when the H4 trend could become exhausted, as far as i could see the downtrend has got very oversold, i expected a big retrace so i looked for an excuse to reversem and did so when an upmove occurred with a higher low

Is that Footsie you are trading? I expected that to be a short, too, but it did not complete and I see that it has gone the other way. You have to let them complete, it's part of the patience game.

It helps me , when I get a 4H signal, to look for the pattern on a lower TF, ie 30M.

To do that--always wait for the pullback to start and put in the order below it. Otherwise you get triggered on the way up and you don't know if it will come back.

 

[Chartsy]

Is that Footsie you are trading? I expected that to be a short, too, but it did not complete and I see that it has gone the other way. You have to let them complete, it's part of the patience game.

It helps me , when I get a 4H signal, to look for the pattern on a lower TF, ie 30M.

To do that--always wait for the pullback to start and put in the order below it. Otherwise you get triggered on the way up and you don't know if it will come back.

believe me, i've considered all different entry techniques within pullbacks in trends, what you are suggesting sounds good when the pullback fails, but is worse when the pullback works, i've come to the conclusion that if i'm confident a pullback is going to happen, but not sure how far, i average in, if i have a good idea then i wont bother to average in and will just go all in at one price. the other option is to start small and pyramid within the pullback, but again that only looks great when the trend reverses.
so overall, i think i'm justified in my entry approach, yours is justifiable too just i think that at times doing that is just a way to 'not lose' as opposed to getting in and win.

nah, eurusd

 

[Windowsill]

OK its crap advice...keep doing what your doing, you might get a winner in another couple of months....your right...your method is great...its trading thats such a boring / pointless undertaking in general...we're all in the same boat

Did you sit in ffront of the screen 24/7...if so I have to agree with Prawn!!

 

[Black Swan]

I know several swing traders that are in the same boat and the ones that are coming out ahead are the ones who are keeping their powder dry on the whole waiting for the market to break out of this trading range.

Last year in contrast was great for trend swing traders and the market conditions will come back again.

Maybe you could look at add a counter trend strategy to your system to liven things up a bit and give you some more trades but on the positive side you seems to have your discipline nailed, down unlike some traders that I know who have been taking poor setups recently out of frustration and have been slowly eroding their accounts.

Good points well made and yep, comparing last year to this is totally diferent, I wonder if it will "come back" as you put it? Perhaps *it's* simply evolved and the lesson is that we have to be ready to adapt far more quickly than in previous quarters?

 

[Splitlink]

A to B is the reversal from the top.

C is the high of the pullback, but you can't know that at the time

With an order to sell at a pullback when you are below PB. no matter where it is, you do not know whether it is a pullback or if it is going to go to a new high. You must wait for it to complete and, to know that , your order must be above the target price. The trick is to get the most minimum risk. This , in turn, actually increases the risk of getting stopped, but the possibility of having a good run, I think, is worth it

Yesterday, I entered this at 5595 and rode it down to lunchtime, making 41 points.

This is a 10 minute chart

 

[Chartsy]

good trade splitlink

 

[meanreversion]

Chartsy .. I've not ploughed through all this thread but I trade a medium term trend system using dailies, which gives me about 10 signals a month. I trade it on 10 markets.. this is one way to increase trade frequency, just add more markets! There are 4 ccy pairs and 6 commodities (2 metals, 2 energy and 2 agriculturals).

Now, although there aren't many trades here, there are always open positions so it's not "boring" (although I'm not looking for excitement in trading, just profits..).

I've also started trading a breakout system using 4hr bars in a few FX pairs, which is probably more akin to swing trading. This system trades around 30 times a month, so I've automated the process (to reduce errors and also I've no interest in trading at 3am).

I did read a comment about trend trading once, that it requires "patience and fortitude" (maybe that was Larry Hite). It's very true ..

 

[Goldmansucks]

i heard it alllll the time when starting out 'be patient and do the simple things'
''haha, as long as ive got a good method patience duzzin matter'

ive made 1 trade in 2 months, and it was a loser, i am a swing trader but holy **** i'm finding it very boring indeed sitting on the sidelines for weeks, for limits not to be filled etc.

it's actually much more of a drag than it looks,imo

Reduce your position size and trade a few more instruments. That will let you compare more than one result a lot sooner.

 

[meanreversion]

Experiment with more instruments, ilke an oboe, or maybe a harpsicord.