Another year goes by and the method still works a charm.
no fuss, no drama
ticking along under the radar
business as usual
just how it should be!
Looks like a good old thread I can learn from. 
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.
Any tips or recommended threads would be great.
thanks,
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.
Matt,
Thanks for pointing me to the Alternative Technical Templates threads.
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.
http://forums.babypips.com/the-melting-pot/72819-16-candles-58-edsel.html
Gold gave a nice 3 Ducks entry today. Rinse repeat.
I’ve been short gold for a while now based on COT data that hinted at a drop. Will be interesting to see the new data on Friday eve.
Nice trade Matt!
What’s your approach to trading these days? Are you still taking them on via the 4H and Daily timeframes?
Are you managing to pull some money out of the markets from time to time, or are you just compounding the balance for now?
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
Good to hear things are going well for you.
2 days is a short trip but if you fancy meeting up for a beer give me a shout on FB!
AUDUSD short and USDCAD long look compelling today.
EURAUD off 1.50 too
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.
EURAUD finally out of the gates but not far enough to consider moving the stop at the moment.
USDCAD has hurdled 1.32 and printed a higher low so I’ve moved the stop up to lock in some profit. Looking further ahead the day’s average range takes us to 1.3225 and there’s potential resistance up at 1.3255-60.
Out for a small profit as a sharp sell-off erases the gains we ground out this morning.
Looks like the value entry today was at 13150 or below but a suitable trigger didn’t present itself.
That just leaves EURAUD which is currently sat at around BE. It hasn’t printed a higher low so the stop still remains below the day’s low at 1.50.
EURAUD has put in a higher high and now that the day is almost over I’ve moved my stop to BE. I won’t be closely managing it overnight and I’d be surprised if this one doesn’t wash out in the next few hours.
EURAUD out at BE overnight as expected.
A quick flick through the charts this morning and the focus pairs are still Aussie and USDCAD.
For AUDUSD, all bets are off if price gets above the most recent high at 0.75:
