Trading with mp6140

[mp6140]

Hi mp6140,

Not sure if I did this BARC trade by your book--I think not--but I followed as best as I could, for now.
+52 points since I opened on Friday. I closed this morning, as you suggested.

Thanks a lot.

Split

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my apologies splitlink, cause I havent fully explored if I can get barclays on my data feeds (last nite i got no sleep because of the fed release and overnite trading) but ill check --- if only to see what it looks like cause its hard to tell how to trade something when one hasnt a clue as to what its doing.

but after 52 points, I'll say you MUST have been followiing my systems (LOL)

enjoy and trade well

mp

 

[HeiPaaDeg]

Interesting thread. So I should basically put eg SHI indicator on my chart or use lrc to find the trend? They are all different on different time frames? on eg EUR/USD it is now up on daily and on 5 mins it is down. I guess we are then looking for a long? It is at the very top of the channel on daily and in the middle on 4 hour chart.

Not looking for fish here, but more of a framework for how you go about this.

Best Regards

 

[mp6140]

Interesting thread. So I should basically put eg SHI indicator on my chart or use lrc to find the trend? They are all different on different time frames? on eg EUR/USD it is now up on daily and on 5 mins it is down. I guess we are then looking for a long? It is at the very top of the channel on daily and in the middle on 4 hour chart.

Not looking for fish here, but more of a framework for how you go about this.

Best Regards

start with the longest timeframe (monthly) and work your way down to the timeframe youre trading ---- you might have to expand the lower timeframes to see the trends better. the whole idea is to see what the major trends are doing AND then where YOUR TIMEFRAME fits into the whole equation.

think of it this way ---- the monthly is the "REAL" trend, the weekly shows what that week is doing inside of the monthly trend, the daily shows what the currency is doing inside of the weekly. The H4 shows its trend inside of the daily, and so on ---- as you go down each timeframe, youre essentially magnifying a small part of the LAST part of the LAST MOVE on the timeframe above. ----- the 15 minute is a mangification of the last part of the 30 and 1 hour.

its VERY important you get this down to fully automatic, as it will allow you to do what the pros do, sometime in the future ----- use the H1 as your DAILY TREND chart, and then trade the 5 or 15 as you wish, based on whats happening on the H1

give me a sec to figure out the other answers

mp

it also allows, if you make a mistake, to know that you are trading with the trend, and if you miss your exit today, it will more than likely come back to you tomorrow ---- AS LONG AS YOU AND THE TREND ARE GOING THE SAME WAY.

remember, you will suffer a drawdown as the currency reverses its minor trends tonight or tomorrow, BUT it will come back (that is the safety part of the equation, only meant for tragic errors !)

 

[HeiPaaDeg]

start with the longest timeframe (monthly) and work your way down to the timeframe youre trading ---- you might have to expand the lower timeframes to see the trends better. the whole idea is to see what the major trends are doing AND then where YOUR TIMEFRAME fits into the whole equation.

think of it this way ---- the monthly is the "REAL" trend, the weekly shows what that week is doing inside of the monthly trend, the daily shows what the currency is doing inside of the weekly. The H4 shows its trend inside of the daily, and so on ---- as you go down each timeframe, youre essentially magnifying a small part of the LAST part of the LAST MOVE on the timeframe above. ----- the 15 minute is a mangification of the last part of the 30 and 1 hour.

its VERY important you get this down to fully automatic, as it will allow you to do what the pros do, sometime in the future ----- use the H1 as your DAILY TREND chart, and then trade the 5 or 15 as you wish, based on whats happening on the H1

give me a sec to figure out the other answers

mp

it also allows, if you make a mistake, to know that you are trading with the trend, and if you miss your exit today, it will more than likely come back to you tomorrow ---- AS LONG AS YOU AND THE TREND ARE GOING THE SAME WAY.

remember, you will suffer a drawdown as the currency reverses its minor trends tonight or tomorrow, BUT it will come back (that is the safety part of the equation, only meant for tragic errors !)

I tested this for two trades now (which of course means nothing)

Monthy is up, weekly is up, daily is up. Hourly was down, five minutes was even steeper down and the price was crashing into the bottom of the five minutes and hourly. So I went long last night and picked up five pips. Nothing i know, but nice to see.

Now the price just broke out of the steeper five minutes channel so I figured that it would rise up to at least the top of the hourly channel. So I went long and picked up 35 pips.

I guess it can not be this easy all the time. But I think you are right. Price action rocks!

Edit: but what now, kind of tempting to go short, but that would be against the trend and not recommended right?

 

[Trader333]

mp6140 has previously said that it is not just a case of entering based on the direction and correation of multiple time frames. My understanding is that you enter in the direction of the trend at support or resistance points (support for Long and resistance for Short). This reduces your risk at market entry and in the event that the market moves against you then you have the knowledge that it will resume to a higher time frame trend at some point.


Paul

 

[HeiPaaDeg]

mp6140 has previously said that it is not just a case of entering based on the direction and correation of multiple time frames. My understanding is that you enter in the direction of the trend at support or resistance points (support for Long and resistance for Short). This reduces your risk at market entry and in the event that the market moves against you then you have the knowledge that it will resume to a higher time frame trend at some point.


Paul

But the channel makes support and resistance points? Or is this thought wrong?

Best Regards

 

[black bear]

thats a good post but ..................

start with the longest timeframe (monthly) and work your way down to the timeframe youre trading ---- you might have to expand the lower timeframes to see the trends better. the whole idea is to see what the major trends are doing AND then where YOUR TIMEFRAME fits into the whole equation.

think of it this way ---- the monthly is the "REAL" trend, the weekly shows what that week is doing inside of the monthly trend, the daily shows what the currency is doing inside of the weekly. The H4 shows its trend inside of the daily, and so on ---- as you go down each timeframe, youre essentially magnifying a small part of the LAST part of the LAST MOVE on the timeframe above. ----- the 15 minute is a mangification of the last part of the 30 and 1 hour.

its VERY important you get this down to fully automatic, as it will allow you to do what the pros do, sometime in the future ----- use the H1 as your DAILY TREND chart, and then trade the 5 or 15 as you wish, based on whats happening on the H1

give me a sec to figure out the other answers

mp

it also allows, if you make a mistake, to know that you are trading with the trend, and if you miss your exit today, it will more than likely come back to you tomorrow ---- AS LONG AS YOU AND THE TREND ARE GOING THE SAME WAY.

remember, you will suffer a drawdown as the currency reverses its minor trends tonight or tomorrow, BUT it will come back (that is the safety part of the equation, only meant for tragic errors !)

Hi mp6140


weedhopper here :cheesy:

good post but .............

"it also allows, if you make a mistake, to know that you are trading with the trend, and if you miss your exit today, it will more than likely come back to you tomorrow ---- AS LONG AS YOU AND THE TREND ARE GOING THE SAME WAY.

remember, you will suffer a drawdown as the currency reverses its minor trends tonight or tomorrow, BUT it will come back (that is the safety part of the equation, only meant for tragic errors !"

sorry that sounds very much like running a loss in my book, you only have to be wrong once or twice and you are holding overnight to by the sounds of it which could make that drawdown pretty large if it goes full pear shaped overnight.

I understand what you mean exactly and if you work it out correct you certainly do have a little more breathing room in trades.

if your trading in on 15 min (my STT) and your entry is mis-judged I see no point at all in holding out for the larger perceived trend to save you.

Why ?

Take your loss (small) and move on. Your outlined method is correct imho (I use it and it works) but why would you want to hold a bad un long enougth to blow your account apart because one trade entry in the micro part of your analysis as proved wrong in the moment ? If your lucks out and you have entered the exact turn / major trend change

where do you call trade wrong ? how much drawdown ?

close and re-open at better level imho everytime, define the trade before the in

I do appreciate what you are saying but it reads very wrong for inexperienced traders imho you are giving the impression that some great force is at work higher up and it will come and rescue little old you from your naff entry.

If the results are positive from waiting on a Bad un to turn good ......

it re- enforces bad trade habits or could do as per nines excellent posts / thread

http://www.trade2win.com/boards/gen...seful-things-i-ve-found-net-8.html#post405629

"its VERY important you get this down to fully automatic, as it will allow you to do what the pros do, sometime in the future ----- use the H1 as your DAILY TREND chart, and then trade the 5 or 15 as you wish, based on whats happening on the H1"



I would say again I agree with what you say regards top down and choose what and where you want to trade in

Just reads a bit dangerous imho (I have noted the word is Exit and not Entry mp)

Andy

 

[black bear]

Thread Hi-Jack

If you were starting out I would just use max of 3 tf any more is overload at first, you may find that quite enougth for a couple of months, you do as mp says require it to be fully automatic, no think just no it like your times tables.

4hr 1hr 15 min for intra day, you get overnight opportunities a plenty if thats your cup of Tea

if you prefer overnighters outright

month week day

the rest is practice or it is if you like to enter sharp and straight into the money and experience less drawdown.

you want to get in on the higher 2 trends / direction.

The short term trend/time frame will be running against the higher trend time frames in all probability at good entry locations.(medium could be to in strong counter trend move) Best just watch for a week or two, you will get the idea, you will soon see how many timeframes are batting for you when you enter and what needs to be achieved in order for the trade to work out.

points of possible entry ~

manual higher timeframe R&S lines, trendlines, pdh pdl pdc pwh pwl pwh - I would include ~ open hours range and gaps at the open

Funny really ............

I think its just a variation on Elders work ~ its a long term investors tool, might be wrong and will stand corrected

have Fun HeiPaaDeg :cheesy:

month = long term trend
week = medium term trend
day = short term trend

NOTE:

I have traded with this view from almost the beginning of my search for what works for me (had a good sit down and re-invented it) and it works! you can build on it and it still works, you will learn how to enter in the money, you will learn how and when the larger timeframes play in, you will learn in advance where you would like to enter = name your price, you will learn to set targets and plan your trade with confidence.

you will learn low risk entry / trades

IT WILL TAKE LONGER THAN THIS MORNING ! er sorry this afternoon

could take a whole week if you get your skates on and your not daft as a brush like me

I have added this link

T2W Day Trading & Forex Community

helps with Short term trend entries, well all of them really, goes together like fish & chips

when you have done all that and have it off to a T, pop over and see db on his volume thread and you will be really rocking

YOU DO NOT NEED ONE INDICATOR ~ NONE, if you put one on your chart and really look you will see the above on your macd, macd Histo, rsi & Stocky things, if they work for you I have no beef at all with them, I used them for some time and did ok myself but they are not required and can distort and slow learning imho.

I have a few indicators on my car, I signal to other road users my intention / intended direction or intention to slow down

I move when I no its safe to do so instantly

If I have mis -judged my entry I exit promptly for a small loss or a small win or BE, or claim on my insurance

Homework, well how to get started perhaps

3 timeframes times 5 apart approx ( I no all six and they are etched in my brain I just update program)

using info on pgs 10-25 I think of this link R&S or ftse beater thread much the same

good thread TD hope all going well :clover:

http://www.trade2win.com/boards/first-steps/26947-making-money-trading.html

mark off R&S points (approx as you see them) on long term trend and medium term trend

note and mark pdh pdl pdc etc

watch the market trade (one market at first, no hopping) and just absorb it

your short term trend is = ACTION = you are looking for opportunities to un-fold to enter the higher timeframes

last link ~

Price & Volume - T2W Day Trading & Forex Forums

dbs work is well worth a look, if you do not get it at 1st (I did not) save it and re-visit later

a real gem and a lot of hard work put into it = appreciated

thats it ..........

I choose to scalp and trade small moves only you may choose to do anything you like in the world

Its a good world and its a good view of the market and well worth the time it will take you to learn it ~ inside out

I like this its a recent find (db threads)

The spider does not need to "feed" everyday. He is content to wait until a morsel comes his way, patient and secure in the knowledge that he has taken the steps necessary for his survival. His carefully crafted web transmits to him all sorts of information. But he knows how to identify the false signals~ the wind vibrating his web, a drop of rain~ from the real thing enmeshed in it. Why does he know it so intimately? Because he has carefully constructed his web himself. No one else can build it for him. As a result, the configuration of his web is as uniquely his as his fingerprints. Most important, the spider is patient. He waits until he sees a convergence of most all of his indicators before he acts; but when he does, he pounces aggressively and without hesitation.

Just about it from me...........................

I will never post on the boards again regards method or trading other than to pass the time of day waiting for price to be touched

hope someone gets a bit of mileage out of my posts and they are of some use to even one person

I would like to thank all people who have posted threads and individual posts that I have found of value in my journey so far. I have never used another site/forum and only lurked on this one behind the curtain for ages in the early days.

Made up for it later

I would like to say sorry to LM for posting in an over aggressive manner one day some time back and I hope I have learnt to respect and appreciate anothers point of view, even if I do not agree with them. I do hope you except it LM as I have never received a response from you since = all the best anyhows :clover:

Happy Easter All, hope weather better than forecast for the weekend (UK)

good luck with Life and your trading and :clover:

Andy

 

[mp6140]

gotta say one thing that is really of no importance, but I sure do like teaching women better than men --- as much as a man thinks hes moving forward slowly, hes usually fooling himself.

the channels will give you STRONG points to consider taking profit and going flat for the next move, but there are also methods of knowing what might actually happen.

trading with the trend is a few things in reality ---- increased profits by holding overnight on the H4 or daily, and protection if you made an error somewhere along the line. While Ive stated it, I havent shown you HOW and WHY it works, so youse is getting ahead of what Im talking about. Normally I make a lot on overnite trades (overnite for me is the london and asian markets) by simply pulling trades off the H1 or H4 and letting them play out over the nite and into the US open. But when dealing with the H4 and the time it takes to move into profit, one should first have a good idea of support and resistance, and youse guys aint put THAT on your charts yet !

Youre kinda putting the carriage before the horse AND you had on heck of a day yesterday, so lets slow down a bit.

On your longs (or shorts) off the H4, while price will move from one side of the channel to the other, it can take a LOT of time (weeks possibly). When trading overnite on the H4, one uses fibs and support and resistance --- normally one works with the 50 fib, some pivot points and support and resistance. If your chart shows a couple of strong indicators AT THE 50 FIB, you can place your tp point there, and "usually" be pretty solid. If you like safety, one can place their tp point at the 15 or 23 fib --- you may not make the whole enchilada, but more than likely youll make profit AND be safe !

theres a WHOLE lot more to understand, including how the H4 will fake a down move, hit the 15 or 23 fib and then reverse rite back up to resistance *or above) ---- there are ways of trading this also as the H4 "normally" doesnt really begin moving in its selected direction till midnite EST, so one keeps WHAT time it is in mind also !

It all works, but its not just "HIT THE LINE AND GO SHORT !"

SLOW DOWN A TOUCH and watch how the prices interract with the channels and the mid channels (a LOT !), then we can get to where your next million comes from.

after all, theres still the blue and red dots, the various arrows pointing up and down, and those strange lines, zigging and zagging all over the place !

Hate to be a young woman in the back seat of your car ---- your speed of desire should leave someone black and blue !

now watch dang it

mp

 

[Splitlink]

Hi Andy,

I tried to follow my success story with BARC with another one, HSBC. This has a downtrend on daily and, yesterday I shorted it. Of course, the indices took off and I ended the day about 8 points down. That 8 points was made up, just about, this morning, but decided to leave the trade on until now, and have just cut it at a loss.

This one didn't, exactly, go nastily pear shaped, but it could have, at the open. In fact I had a stop on and fully expected to be taken out, this morning but, surprisingly, I wasn't. mp has confidence in his belief that a downtrending share can be sold above the previous day's close and it will trend lower. However, this is not a play for the newcomer, going into swing trades. The trader must be absolutely sure of his trend direction and be right about it.

Having said that,I am going to continue to try and find suitable shares after Easter and intend staying with mp's ideas. In all fairness, I have't got him fully understood, yet. In other word's --All MY Fault !

I see that HSBC has come lower, again, after I closed at a loss. mp has been vindicated, so far, but I still have to come to terms with the fact that I have always been a close stop trader. It is hard to change. Especially overnight!

Good trading to everyone and Happy Holiday

Split

 

[black bear]

checked - just profit mp

good thread mp, have a good Easter

all yours again, sorry for interruption



Andy

 

[black bear]

Hi Andy,

I tried to follow my success story with BARC with another one, HSBC. This has a downtrend on daily and, yesterday I shorted it. Of course, the indices took off and I ended the day about 8 points down. That 8 points was made up, just about, this morning, but decided to leave the trade on until now, and have just cut it at a loss.

This one didn't, exactly, go nastily pear shaped, but it could have, at the open. In fact I had a stop on and fully expected to be taken out, this morning but, surprisingly, I wasn't. mp has confidence in his belief that a downtrending share can be sold above the previous day's close and it will trend lower. However, this is not a play for the newcomer, going into swing trades. The trader must be absolutely sure of his trend direction and be right about it.

Having said that,I am going to continue to try and find suitable shares after Easter and intend staying with mp's ideas. In all fairness, I have't got him fully understood, yet. In other word's --All MY Fault !

I see that HSBC has come lower, again, after I closed at a loss. mp has been vindicated, so far, but I still have to come to terms with the fact that I have always been a close stop trader. It is hard to change. Especially overnight!

Good trading to everyone and Happy Holiday

Split

Hi Split

Agree 200 %

Just my eye on the presentation, full understanding comes with time and experience imho and can not be rushed, that last post of mp"s reads a bit funny thats all

Higher all saving power of higher Timeframe which ...can be wrong

just have to set up shop correctly at the start and be clear which timeframe your trading

have a good Easter Split and good :clover:

Andy

 

[mp6140]

Hi Andy,


I see that HSBC has come lower, again, after I closed at a loss. mp has been vindicated, so far, but I still have to come to terms with the fact that I have always been a close stop trader. It is hard to change. Especially overnight!

Good trading to everyone and Happy Holiday

Split

=====================================================

whatchagottaremember split is that you also need to know where your exit point IS, or you aint got no idea if you hit it yet or if its on down the road a piece ---- thats what the "support and resistance" chart overlay is for !

search for it EXACTLY as i wrote it (the "and" is important) and youll get a whole new world in front of your !

mp

 

[trader_dante]

There is a guy on here who teaches price action at s/r levels.

Don't know how reliable it is

But thought of it when I read Splits post about HSBC.

Guess what called the turn of the bull market in HBOS???

 

[Splitlink]

=====================================================

whatchagottaremember split is that you also need to know where your exit point IS, or you aint got no idea if you hit it yet or if its on down the road a piece ---- thats what the "support and resistance" chart overlay is for !

search for it EXACTLY as i wrote it (the "and" is important) and youll get a whole new world in front of your !

mp

Gotcha, pal!

I have the holiday period to look into your posts, again.

Split

 

[mp6140]

checked - just profit mp

good thread mp, have a good Easter

all yours again, sorry for interruption



Andy

=================================================================

no problems, just to remember that Im trying to cram a few years experience into a week or so, and there are a few things to yet be presented --- heck, I havent even shown you my nifty little macd/ma crossover "super money maker master of the time/space continuim" indicator, which if nothing else can produce some decent yorkshire pudding !

unfortunately, tomorrow i have a doctor putting a camera where the sun dont shine, and today i have to prep for it. Prepping for this consists of taking medicines that make you sick to your stomach, so that your stomach and associated exit points have nothing in them for the camera to be mystified about ----- its a genuine pain in the butt !

so today and tomorrow I shall probably be a tad on the downside of the curve, but will try to be a nice guy and not scream at questions asked.

good holiday

mp

 

[black bear]

=================================================================

no problems, just to remember that Im trying to cram a few years experience into a week or so, and there are a few things to yet be presented --- heck, I havent even shown you my nifty little macd/ma crossover "super money maker master of the time/space continuim" indicator, which if nothing else can produce some decent yorkshire pudding !

unfortunately, tomorrow i have a doctor putting a camera where the sun dont shine, and today i have to prep for it. Prepping for this consists of taking medicines that make you sick to your stomach, so that your stomach and associated exit points have nothing in them for the camera to be mystified about ----- its a genuine pain in the butt !

so today and tomorrow I shall probably be a tad on the downside of the curve, but will try to be a nice guy and not scream at questions asked.

good holiday

mp

Mp

Hope all goes well,

Off next 2 weeks myself, this time proper away

looks a good thread in the making

Andy

 

[black bear]

Tip X was always your strong point I heard

There is a guy on here who teaches price action at s/r levels.

Don't know how reliable it is

But thought of it when I read Splits post about HSBC.

Guess what called the turn of the bull market in HBOS???

Td

there you are


Td you............ bet you tip X all the bad uns away

have a good Easter

Andy

 

[trader_dante]

Td

there you are


Td you............ bet you tip X all the bad uns away

have a good Easter

Andy

Bad 'uns?

I don't know what you're talking about

 

[mp6140]

That's something that we have in common. I don't have to have another of those for 5 years. 10 litres of that muck, 1 every 20 minutes? I'd rather get stopped out at a loss

That's much, much, worse than the camera part. To be honest, I cheated on the last one. Figured if I wasn't cleaned out by then, hard luck! I just could not get it down.

Nice to talk about something else, for a change!

Split

==============================================

certainly more interesting to speak of other things, but Im not so sure this would have been my choice in content (LOL)

when done, it shall be done and while i may not be the most agreeable person in the world at this moment, this too shall pass (so to speak !)

nice to know others have shared this remarkably "cleansing" experience !

while an unfortunate side effect of growing older, It beats the alternative !

enjoy and trade well

mp