There’s not much to add these days as there are far superior threads covering this material, although one has to look a bit harder to find them these days as they seem to have fallen ‘out of fashion’.
However, the methodology still works - of course. The breakdown in Gold today was well flagged for entry with a variety of triggers, including the three ducks, or the more aggressive 15 min IB. I took the more conservative approach with the break of the previous day low and, despite some slight slippage on the entry due to the 10-sec plunge, still pulled 3R out for the day.
There was more to be had as it turns out but I got out when my method told me to. Can’t say fairer than that.
I hope you’re all still trading well and looking forward to the holiday season. Take care as we head into the next few weeks as liquidity dries up.
Good to see you around Matt! I guess as we find ourselves trading well we tend to drift away from the forums. I stole some pips from the Crude Oil Stocks news today myself, missed gold completely. Everything well with you and the lady?
Matt, do you consider expedient to trade the days near holdiays? What about volatilty of the major currency pairs? Should we expect enhancement of fluctuations or it gonna damp down? Any forecast from you on next forex year (I would like to hear your forecast on EUR/USD pair)?
The Inventory news yes. Although I do trade stocks as well nowadays, if investing in funds can be called trading… I’ve gotten a account with Saxo Bank, a “real” stocks/futures/forex/&etc broker based in Copenhagen… but I find I still like my dear old Oanda retail platform better.
Like you I’ve moved this year, uprooted myself and shifted to a new city and also living together with the gf now… It takes a lot of energy for sure. Starting to feel settled now finally. I check up on you sometimes on Facebook so I knew you were moving. I’m glad it’s going well for you!
Didn’t make it to the UK, not this fall either, maybe next spring could be possible. If so I will let you know.
I’ve been reading MG99’s swing trading thread and feel like I’m finally starting to get a clue about picking trends. My demo’s are looking good…, but I still need to learn when to exit. Money management looks important too. Well, now that I have a number of winning trades(presently anyway! lol)I can start learning how to cash in & repeat.
Hey thanks for stopping by. Certainly if you can identify a trend and trade with it rather than against it then you’re setting yourself up for success. But know the limitations of that approach and stay out when an obvious trend is not apparent - forcing trades because you feel you need to be ‘in’ is not going to end well.
Some might argue that your approach to exits and money management are more important than your entry. If you plot the major areas on the chart where price has paused or reversed on the last trip up or down then you’ve got a good idea of where price might be headed and can manage your trade accordingly. Whatever approach you take, make sure you are aware of the benefits and risks of your chosen approach. Don’t fall into the classic mistake of second guessing or moving stops - make your plan and stick to it in the knowledge that it works for you.
For threads, I have a very short list. Look out for the Alternative Technical Templates series. There’s three of them, here’s the first: 301 Moved Permanently
Everything you need to know is in there. Posts sometimes go missing on this forum so watch out for the ATT ‘book’ PDF that’s linked in there somewhere, it has snippets captured from long-since departed posts all of which add to a volume of great advice and guidance.
With those three threads you have all you need. If you find yourself wandering off into related threads and find value there then great but don’t wander too far from the path. It’s a lot of reading but take it slowly and [I]understand[/I] it rather than just consume it. Then ask questions - I know the crew are still around and willing to offer a hint when you need it.
I’d also recommend perusing the 16 candles thread. Similar material to ATT but focusing more on pull-back entries with the trend and reducing the emphasis on S&R. Just read it through and the core structure should become clear after a few pages.
I’m basically just a boring trend trader with moving averages, but sometimes when COT data hints clearly enough I may try to pick a top or bottom, as with the gold short. Timeframes daily and 4H mostly yes. Have plans of trying to automate a bit which would save tremendous time and energy, working full time running your own business and trading is taxing as I’m sure you know too.
As the account grows I keep moving the target balance up for when I’ll consider myself fully funded and start withdrawing the surplus. I’m also looking a bit at brokers like Interactive Brokers where you can sort of get the whole menu, stocks, futures, forex, bonds, funds etc. For now I’ll just keep building the balance and make a decision when it matures on its own.
Btw probably going to London in November for a two day Orthodontics course
AUDUSD looks like it might finally be heading south without me.
USDCAD has made a run for the yesterday’s highs and ran into resistance at 1.32. Moved the stop to BE whilst we wait to see how strong the sellers are and whether we can push on through.
so I knew you were moving. I’m glad it’s going well for you!
