Ratman's beginner's set up and analysis

[Technically Fundamental]

HE's a Legend

They are some epic metaphors

 

[Technically Fundamental]

Another mistake I made. Do not emulate...

Check the attatchment

I placed stops at diff points at varying S&R levels as I started getting scared when the trade was turning against me.
The trade went against me to the tune of around 6 and 7 hundred before it started to turn back. In the end I was so scared left the trade with an aggregate profit of about £112 instead of sticking with and trusting in my own anlysis. If I did have confidence and dealt with the emotio better I would have cleared a lot more than that. Check the hourly candle if you want to see the levels traded in the end.
I think it was Trader Dante who said something like be a man and take either the profit or the loss. I never understood that at first but now I think it makes sense. If you make a profit, well done. You're work paid off. If you make a loss on a trade your analysis was wrong. You need to find out why.

 

[Charlton]

Check the attatchment

I placed stops at diff points at varying S&R levels as I started getting scared when the trade was turning against me.
The trade went against me to the tune of around 6 and 7 hundred before it started to turn back. In the end I was so scared left the trade with an aggregate profit of about £112 instead of sticking with and trusting in my own anlysis. If I did have confidence and dealt with the emotio better I would have cleared a lot more than that. Check the hourly candle if you want to see the levels traded in the end.
I think it was Trader Dante who said something like be a man and take either the profit or the loss. I never understood that at first but now I think it makes sense. If you make a profit, well done. You're work paid off. If you make a loss on a trade your analysis was wrong. You need to find out why.

This has some connection with the new knowledge article

T2W Day Trading & Forex Community

Whilst we may need to revise and review our strategy we also need to give a strategy a chance and to follow it. Diversion from a strategy will make it difficult to assess and refine it in an objective way, because inevitably these adhoc diversions will not be properly recorded and evaluated such that they can be incorporated into a revised strategy in the future.

Looking at Spanish89's postings in another place, you will see they are littered with phrases such as 'If I had done x I would have made a profit/much more profit' or 'I predicted the price would reach level x, but I got out before that otherwise I would have made a profit' etc. This type of thinking negates personal responsibility and prevents the feed-back loop into strategy development from occurring.

Indeed Trade Dante was correct in his "take it like a man" expression.

Charlton

 

[Technically Fundamental]

Yeh I see the point connection but I wasn't greedy. I had zero conviction i.e lack of discipline in my trading rules and I have more of a problem over losing money than winning big.

 

[Blue Ruin]

Check the attatchment

I placed stops at diff points at varying S&R levels as I started getting scared when the trade was turning against me.
The trade went against me to the tune of around 6 and 7 hundred before it started to turn back. In the end I was so scared left the trade with an aggregate profit of about £112 instead of sticking with and trusting in my own anlysis. If I did have confidence and dealt with the emotio better I would have cleared a lot more than that. Check the hourly candle if you want to see the levels traded in the end.
I think it was Trader Dante who said something like be a man and take either the profit or the loss. I never understood that at first but now I think it makes sense. If you make a profit, well done. You're work paid off. If you make a loss on a trade your analysis was wrong. You need to find out why.

Careful with your fibs mate. You're on line charts and I'm not familiar with your strategy, so feel free to tell me to bugger off.
However if you draw the fib from the top of the swing high on the 18th/19th, as I think you should, rather than off the weekly high, the 68 fib is in a far more meaningful position.
And hindsight shows us that this is the level the price reacted to.

 

[KillPhil08]

do some cable analysis pwease

 

[Technically Fundamental]

Careful with your fibs mate. You're on line charts and I'm not familiar with your strategy, so feel free to tell me to bugger off.
However if you draw the fib from the top of the swing high on the 18th/19th, as I think you should, rather than off the weekly high, the 68 fib is in a far more meaningful position.
And hindsight shows us that this is the level the price reacted to.

Its a *weekly fib but based but I based it validity on the year-to-date evaluation*. I figured that would be a better indicator of macro variance after all the US treasury announcements yesterday. As soon as US gets into trouble the euro skyrockets lol.

I know that sounds a bit like nonsense but I'm not exactly sure how to articulate my views without knowing the correct terminology lol

 

[Technically Fundamental]

Had my first losing day of trading... I'm down £100!!!!

I don't know wtf happened but someone somewhere has some serious muscle in the gold market. I've been warned against trading gold before but I never heeded the advice. Avoidance of the gold market is now added to my rule book.

 

[Black Swan]

Had my first losing day of trading... I'm down £100!!!!

I don't know wtf happened but someone somewhere has some serious muscle in the gold market. I've been warned against trading gold before but I never heeded the advice. Avoidance of the gold market is now added to my rule book.

can't agree with you there, gold is a luverly 'play'. 5 pips a spread on IG, mostly turns like a tanker then shoots; 2 excellent entries today (with v.obvious exits), one just after 11 one at 2.
edit: timing

 

[Technically Fundamental]

can't agree with you there, gold is a luverly 'play'. 5 pips a spread on IG, mostly turns like a tanker then shoots; 2 excellent entries today (with v.obvious exits), one just after 12 one at 3.

I got in short at about 914 at 11ish.
The action actually correlates with my analysis but out of the two ways I thought things could go my mind told me to expect a proper test of the 910 before a slow climb throughout wall st trading day back to 928.25.

Don't know who I was kidding lol.

Looking at it now today's rallies were basically a cancellation of mar25th :-S

 

[Technically Fundamental]

I got ahead of myself.

 

[Black Swan]

I got in short at about 914 at 11ish.
The action actually correlates with my analysis but out of the two ways I thought things could go my mind told me to expect a proper test of the 910 before a slow climb throughout wall st trading day back to 928.25.

Don't know who I was kidding lol.

Looking at it now today's rallies were basically a cancellation of mar25th :-S

When I get it wrong I blame the charts, or my reading of them, never myself . The only judgement I make is pulling the trigger based on chart analysis, all macro economic questions must be discounted IMHO.

 

[Technically Fundamental]

wtf is IMHO?

 

[Ljr]

wtf is IMHO?

In My Humble/Honest Opinion?

 

[Technically Fundamental]

ah.

 

[Technically Fundamental]

I HATE GOLD!!!

WTF is going on?

 

[Black Swan]

I HATE GOLD!!!

WTF is going on?

What are you looking for? For spread traders/scalpers the conditions and set ups don't come much better than gold today, the smartest amongst us probably took 30 points (at least 10 quid a point) in a breeze (I didn't take that much but should have).

If you're looking longer term then yes avoid gold, but its volatility is legendary, similarly oil.

 

[Technically Fundamental]

What are you looking for? For spread traders/scalpers the conditions and set ups don't come much better than gold today, the smartest amongst us probably took 30 points (at least 10 quid a point) in a breeze (I didn't take that much but should have).

If you're looking longer term then yes avoid gold, but its volatility is legendary, similarly oil.

The market was completely f-ed yesterday during UK hours and didn't know where to settle. I'd was expecting it to act more like a market finding itself and not like some hedgers plaything lol.

No problems anyway I dont care anymore. I got beat fair and square.

 

[Black Swan]

The market was completely f-ed yesterday during UK hours and didn't know where to settle. I'd was expecting it to act more like a market finding itself and not like some hedgers plaything lol.

No problems anyway I dont care anymore. I got beat fair and square.

Sorry to have to say this but that is emotional drivel.

 

[Technically Fundamental]

Sorry to have to say this but that is emotional drivel.

Why is it? The market was being forced. It wasn't really testing levels... 11am-12pm gold drops by $15/ounce. Then lunch time and downtrend stops and selling rally stops. 2pm-3pm gold rises by $19/ounce and settles on the 23% 2 week fib. Market close gold drops $16/ounce and tests out -38% 2 week fib and settles on -23% 2 week before stabilising throughout wall st operating hours.

If you can give me a reason for the why gold fluxuated so much then I'll retract everything but as far as I'm concerned the gold market was coersed yesterday.