Alternative Technical Templates.

[JimmyMac]

Originally Posted by Jimmy Jones

I feel like I have everything I need in this thread to succeed. Lot's to learn and practice of course but the basic concepts are here.

The fact that this type of discussion is in the very small minority of all of the discussion going on in the forex forums on the web tells me this is the info I want to focus on.

I agree, you've certainly got enough material to construct a decent base or foundation. And that's one of the most important aspects when devising a trade plan. If you don't build from a solid base, then everything else is going to come tumbling down around your ears time after time.

One of the reasons this type of information is often overlooked or avoided is the fact most folks don't want to (or cant) put the work in.

It's initially mentally taxing & not easy to do the groundwork. Does that reflect why most folks go belly up in this game? who knows, but it maybe explains why so many folk are constantly in search of the "off the shelf" strategy.

We all know that route doesn't work, but it won't stop them from desperately chasing their tails all over the park.

Good luck on your quest to do things your way

[Jimmy Jones]

Originally Posted by JimmyMac

Good luck on your quest to do things your way

I hope I did not imply I have a better way of doing things. The point I was trying to get across was this thread contains what seems to be the best basis to build on. When I say build on I mean the ideas that I need to focus my attention on. I'm done chasing the holy grail, done trying to find the perfect setup of indicators (like macd, rsi, w %r, ect), done trying to code a profitable EA.

Lucky for me I have had the time (14+ hours a day for the last 2 months) to chase my tail like you say. Thankfully I came to the realization most of the stuff found in forex forums is not the way to be profitable. I can see if I only had a few hours a week then this learning experience could have been drawn out over a year or two until I came to my senses

And I like the fact that it's going to take some real work to figure this out. If it takes hard work then the majority won't do it, and like I have read, the majority feeds the minority very well in the forex.

[JimmyMac]

Originally Posted by Jimmy Jones

I hope I did not imply I have a better way of doing things.

No, not at all

My comments weren't aimed at a particular individual, simply a general observation.

You're to be congratulated in your attitude & application. It's not an easy path you're intending to walk, but if you're fortunate enough to maintain focus & discipline then hopefully the rewards will taste that much sweeter.

[pipvader]

i took both of these trades yesterday and today, both stopped me out before moving in the direction i thought they would. i triggered of an IB in both cases, i would like to know if im doing somthing wrong. Or is their something else i should be considering?

The screenshots are from what i was look at before the trade and after.

[Jocelyn]

Originally Posted by Blaiserboy

I would appreciate seeing how you would document a trade..... and also.. how you would subsequently document a trade that went the wrong way.

That might be the most important aspect of trading.......

How we document or manage a trade is unimportant. How you initiate, execute & manage a trade based around the concepts & framework of the contents here + your own set-ups & triggers & trade management skills is the real important issue.

You can use the content here as a springboard to dig a little deeper & explore the relationships between price action & the supply-demand network if you so wish.

What you do with the framework here is entirely up to you. You're not us. You don't think like us, you won't possess our attitudes, risk profiles or aims & expectations. Neither will you mirror our psychological strengths or even agree with our views & outlooks. Therefore it's an irrelevance how we document or manage a trade.

We’re certainly not going to go into any more depth regards our personal set-ups, triggers or models than we already have done or offer in-depth reasonings behind our choice of entries/profit pares/exits than are available via the posts scattered within the thread.

That’s not what this content is about. There’s plenty of that type of stuff available on this site to bury yourself under if you’re so inclined.

I note you’ve been earning your primary income via full-time currency trading for approx 3 yrs? You also got a couple (trend biased) moving average based set-ups which appear to offer you a decent return on your capital?

Well, I guess you, more than anyone else here, ought to be more than equipped to incorporate what you’ve read here alongside whatever it is you use to trigger your positions?

I see you’re a big fan of James’ 40-100pip strat & Tymens Candlestick based strategy. Those are exactly the type of strategies which will marry up nicely with the generic models of support & resistance observation covered on this thread. They also include detailed steps on how to approach an entry, manage the trade, including setting your risk (stop-loss) & managing a losing trade.

As JimmyMac intimated, there’s more than sufficient information available via these 3 threads alone to assemble a workable & efficient strategy to highlight the essential elements required to negotiate your way thru the maze of FX complexity.

[tonymand]

Originally Posted by pipvader

i took both of these trades yesterday and today, both stopped me out before moving in the direction i thought they would. i triggered of an IB in both cases, i would like to know if im doing somthing wrong. Or is their something else i should be considering?

The screenshots are from what i was look at before the trade and after.

You are not necessarily going to win every trade. It took me 3 attempts last night to get my place at the party. If you actioned your trade in line with your strategy then you are doing nothing wrong. This was a clear retest of the previous 4H breakdown level where you are trying to discern whether it will turn back or go on. Remember the level is actually a zone so I had 10-50 as my play area although it did get briefly through that

[Jocelyn]

Originally Posted by pipvader

i took both of these trades yesterday and today, both stopped me out before moving in the direction i thought they would. i triggered of an IB in both cases, i would like to know if im doing somthing wrong. Or is their something else i should be considering?

They look ok from where I'm sat.

You're looking to trigger in line with the dominant trend on the Cable, you identified a decent potential entry below that doji & your emergency stop would have been above the s&r junction. You simply got taken out on the price action volatility on & around the level.

Nothing much wrong with your preparation or execution, just one of those things!

I've annotated your chart with a s&r line to highlight the area & confirm that your analysis is well based.

[pipvader]

Thanks Tony, there was actually another IB yesterday on the 1hr i decided not to take because of my previous loss, i will be a bit more flexible.

When you say zone, do you mean that if price exceeded 60 you would not trade?

[pipvader]

Thank you Jocelyn for highlighting that, ill keep at it.

[keitsuke]

I stumbled across this thread just today and haven't had a chance to go through the entire thread, but from the most recent couple of pages, I can already tell this is a value adding thread.

Thumbs Up for all the contributors.