Some of my thoughts + Trading System - Page 26
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  1. #251
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    Thank you for your great help!, very useful thread.

  2. #252
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    Feb 2007
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    Quote Originally Posted by elang View Post
    Hello guys,

    Haven't posted in almost 1 week.

    Apart from my two jobs i'm also a sports competitor and having the nationals coming up in a few days i've needed to put an extra "oomph" in on practice to keep my edge over the competition.

    I will be back soon posting on the regular and we will be taking a new approach to things.

    I will take some time to systemize things, so we have a set plan for starting the trading day, every day. I want everyone, both experienced and novice to be able to apply the tips and strategies in my explanations and trading way.

    I'm sure you will find it useful and interesting.

    I've had the pleasure of speaking to some of u over Yahoo Messenger, it has been a great experience, and its really something else to be able to comment in real time and exchange charts etc. Hope i get to meet even more of you!

    Good luck to everyone and have a nice day.

    Regards,
    E. Lang


    Hi E

    Look forward to your return ,Good Luck in your competitions.

  3. #253
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    Jan 2007
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    15
    E LAng,

    Hi and thankd for sharing this system with evryone,
    Inn reading the thread ther was mentioned of some the setting in your system changing since the Zip file you posted after the one on the first page.

    Can you just list the latest settings for your system so we are all working from the same point?

    Thanks
    Theo

  4. #254
    Join Date
    Jan 2007
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    15
    E LAng,

    Hi and thanks for sharing this system with everyone,
    In reading the thread there was mentioning by someone that the settings for your system have changed since the Zip file you posted on page 4 or 5 of this thread.

    Can you list the latest settings for your system so we are all working from the same point?

    Thanks
    Theo

  5. #255
    elang's Avatar
    elang is offline Superior Master Contributor and Member
    Join Date
    Dec 2006
    Location
    Varna, Bulgaria
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    754
    I welcome eveyone! The more the merrier!

    YAHOO Messenger:
    effilang@yahoo.com

    MSN Messenger:
    effilang@hotmail.com

    I've had the pleasure to speak to some great people so far! Hope to talk to more of you guys!

    Regards,
    E. Lang

  6. #256
    Join Date
    Feb 2007
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    1

    Default Amazing!

    E Lang.

    I just wanted to let you know that you have 1 more devoted thread reader.

    After spending 1 months on this site, I have learned more then my past 1 1/2 years in FX. Charts make so much more sense now, thanks to your so complicated "bunches and spreads" terminology .

    All that I feel that I can contribute at the current time, is my appreciation to you for all that you have taught me. Keep the great posts coming.

    Good luck at the nationals!!

    Josh

  7. #257
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    Jan 2007
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    15

    Default Hey E Lang

    Were is the latest zip file ?

    Thanks
    Theo

  8. #258
    elang's Avatar
    elang is offline Superior Master Contributor and Member
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    Varna, Bulgaria
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    The Come Back




    Hello to everyone.

    It has been a while since Iíve posted on here.
    The past month in my life has been very busy. I just couldnít find the time to blog daily as I had before and I apologize to those of you who were following the thread enthusiastically. Regardless a lot of you added me to Yahoo Messenger and weíve had a great time sharing our market experiences and communicating on a daily basis.

    Most importantly though, thanks to my break Iíve once more proven to myself how important it is to take a short holiday from trading now and then. Somehow you performance increases when you get back to doing it again. As if you brain has finally been given the necessary cool down time to sit back and process all the information youíve been soaking up during your daily trading sessions. Sort of like an athlete who trains a specific muscle group, if they keep on straining that muscle on a daily basis without giving it any time to recover instead of recuperating and advancing its form, it will inflict damage to itself. Seems we just need to take a break once in a while pretty much the same way.

    The system I posted on here at the beginning of my thread on BabyPips was a method I started from scratch. It was one of my first attempts at making something somewhat mechanical. The more Iíve traded though the further my interest has distanced itself from creating a system driven by gears and operated by the push of a button. Is it because I just like trading or because I feel I have better control of my ability to profit when I have more information in perspective and when I am right there with the market? I think it is a little bit of both.

    The way I actually trade is a little more different than what some of you might already know, more dynamic with a constant evaluation of market psychology.

    As for the system on BabyPips Iím very happy to declare that many people have written me letters and sent me screen shots of their accounts in profit using the techniques Iíve posted there. In most of these testimonials I was frankly amazed with some of the results I was being shown, I honestly could not believe it lol.
    Itís absolutely fantastic and Iím extremely pleased to see that Iíve been able to influence people towards such a profitable development. All I can say is pass it on and share what you know.

    So letís take a look at how weíll be trading from now on.

    We will be utilizing the following techniques and principles to trade and carry out our technical analysis (TA). Some of them you may know, others not if you are just getting started. Donít let that bother you though as I will try and keep things as simple as possible, plus Iím always around, so you can get in touch with me if there is something you feel I can clarify further.

    Trading Tools and Techniques IOOI (In order of importance to me):

    -Support and Resistance
    -Trend Lines / Channels
    -Fibonacci Retracements / Fibonacci Extension
    -Candle Stick Patterns and Formations
    -Moving Averages

    Thatís it people. That is all we will use to trade. No MACD, No Stochastics, No RSI, at least we wonít be staring at them like a deer in front of a pair of xenon head lights throughout the trading session.

    We will look at them once in a while, if we feel curious J

    I will really try to emphasize how overrated oscillators and other indicators are.
    Donít forget that they are nothing more than a deviated logarithmic extrapolation of the actual price movement on the charts presented in a manner which hints to what is a potential possibility. They can translate what is already on the chart to you in a way which makes more sense, but it far from holds the capability to visually render the intricacies of the market movement and overall trading sentiment.

    We will be looking merely at the price action on the charts.

    The first thing you need to do is set your charts up. Once again I recommend downloading Meta Trader 4 (MT4) .
    Setup up your charts so you have 4 windows: Two bigger ones on the bottom right , sort of like this:






    Two reasons for this.

    1.We donít want to get caught trading ďin-betweensĒ.
    Sometimes viewing one or two smaller time frames, you might get overwhelmed by the rapid price action, causing you to lose control and logic. We want to be able to look at what is going on at a scope which will allow us to properly react to what the market is doing. The last thing we want to do is trade in between the actual price movements we are aiming to catch, not only will we expend ourselves emotionally but we will most likely lose money within the volatility that plays out. Our aim, will be to catch the fine market movements in order to make profit.

    2. If you really trade! Youíll notice how much you flip through times frames. It is exhausting. Iíve found that its best to have the most important time frames up and visible so you donít have to abuse your trigger finger so much, you need to keep it fresh for more important things like busting headshots on Counter Strike! Boyaah! J
    Lets set up our indicators.


    RSI/MACD/STOCHASTICS all remain on default.
    Fibonacci: 0%, 23.6%, 38.2%, 50%, 61.8%, 78.6%, 100%
    Moving Averages: EMA 6,50 and 20 (not critical)
    SMA 13, 200 and 100 (not critical)

    Make the EMA 6 Blue and the SMA 13 Red , 50 and 100 you can make a light color, something close to white so they donít distract you too much.

    STARTING THE TRADING DAY
    The first thing we are going to do, when we wake up, well, ok maybe after we take a wee and all is go to the Daily chart, thatís D1 people!

    SoÖ

    1.Go to the Daily Chart
    2.Draw three horizontal lines
    a: At the High of the previous days candle
    b: At the Low of the previous days candle
    c: At the Middle of the previous days candle

    3.We go to H4 and D1 and we draw trend lines
    4.We go to H4 and D1 and we draw Fibonacci levels
    5.We note the EMA/SMA position and configuration on the H4 and D1 charts
    6.Based on the data collected we determine the trend direction and trade with it
    7.We play out at least 1: Bearish Scenario and at least 1 Bullish Scenario
    8.Once weíve concluded 1 to 7 we move to a lower time frame eg: H1 / M30 / M15 and start looking for a good entry point.

    Now, the question arises. How do we determine where to enter ?
    The truth is there are a lot of different market setups available to any one trader. We will be using a few of them for our entries in detail.

    A.Pinballing (Channel Trading)
    B.Bees (Break Bounce Break)
    C.Fibonacci Retracements

    The application of these methods will be governed by basic market principles we will look at during the course of our trading sessions. Little details with big meaning and sometimes the difference between a losing and a winning trade.

    We will be talking a lot about HHs/HLs, LHs/LLs, Market Waves and Market Movement, Candle Closing and Opening Prices

    In brief for now:

    A Market Uptrend
    When a price is in an uptrend, it is considered to have HHs and HLs.
    An inability of price action to establish a Higher High within a certain range is considered a warning signal.

    A Market Downtrend
    When a price is in a downtrend, it is considered to have HLs and LHs.
    An inability of price action to establish a Lower Low within a certain range is considered a warning signal.

    Market Waves and Market Movement
    Price action in a market moves 3 ways. Upwards, Downwards and Sideways.

    The market moves in two waves. Impulsively and Correctively.
    -And impulsive wave is in the direction of the trend
    -A corrective wave is in the opposite direction of the trend
    -A corrective wave is considered such as long as it retraces to a logical Fibonacci level of its impulse. The individual significance of different Fibonacci levels will be covered during the course of our analysis

    We will be utilizing these three basic theories to help determine market sentiment, entry and exit points when we start trading.

    All of this is just a small taste of everything we will be covering during the sessions, that is where everything really happens.

    Iím sorry to say that for those of you not capable of using Yahoo Messenger, you will be missing out a lot in real-time comments and other valuable information, but hey lol.

    Regards,
    E.Lang
    Last edited by elang; 03-03-2007 at 07:01 PM.

  9. #259
    Join Date
    Feb 2007
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    11

    Default Chart

    Elang,

    Could you please repost your chart?

    Kind of hard to see.

    Thanks

  10. #260
    elang's Avatar
    elang is offline Superior Master Contributor and Member
    Join Date
    Dec 2006
    Location
    Varna, Bulgaria
    Posts
    754
    Eveyone is WELCOME! The more the merrier!

    YAHOO Messenger:
    effilang@yahoo.com

    MSN Messenger:
    effilang@hotmail.com

    I've had the pleasure to speak to some great people so far! Hope to talk to more of you guys!

    Regards,
    E. Lang

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