I like the way it says “need to be confirmed” in the title-line of this thread: nobody can accuse it of misrepresentation, that way … 
Hey Lexys How r u doing. I’m would like to know more about your trading method. (not to argue) just curious.
Not really “my method”: I don’t do anything clever - it’s only semi-discretionary applications of what I’ve learned from the “price action classics” (Joe Ross, Al Brooks, Bob Volman, etc. … authors whose work I’ve studied and tested and experimented with [I]really[/I] carefully and thoroughly).
I trade only futures (so that I can use constant-volume bars), and typically take something like 6-7 trades per day, on average; they can be open anywhere from 5 or 10 minutes to 5 or 6 hours, but the average is much nearer the lower of those figures. A 6-hour trade is really exceptional for me and will arise only on a “clear, big-trend day”.
I never hold a position overnight.
I typically do nearly 90% of my week’s trading between Tuesday lunchtime and Thursday night.
I trade multiple lots/contracts and scale in and out of positions so that I can minimise risk. I add only to winning positions, never to losers. When I leave a trade “running” for much longer than normal, adjusting its stop-loss manually as it goes, that’s usually about the last third of a trade of which I’ve already closed about the first two thirds to avoid loss and lock in some amount of profit.
I trade quite a lot of S/R breakouts (often “second breaks”) and various ways (based mostly on bar patterns) of “buying the dips in an uptrend and selling the peaks in a downtrend”, in other words entering after minor retracements have been shown to be “only” minor retracements rather than changes in trend-direction. Many of these things have quite a wide range of fancy names (like “Ross hooks” and “Slaughterbeck entries” and so on, both of which are specific bar-patterns, and both of which work well for me, with a good edge) names which they’ve kind of acquired, over the generations, as price action writers have described them somewhat differently, perhaps all blowing their own trumpets a bit at the same time, but they all boil down to the same basic principles, really. I don’t actually do anything complicated at all: my focus is just on doing relatively uncomplicated things very well and very consistently, and managing each trade carefully and attentively so as to try to minimise losses. I look at everything I do in terms of risk management rather than in terms of profit maximisation.
I don’t really use indicators (and definitely not at all for opening or closing trades), but [I][U]all[/U][/I] my trading is TA-based.
I don’t really understand fundamentals - economics isn’t my subject at all. :8:
I have losers, too! Including sometimes losing days. (But no losing [I]month[/I] for over 3 years, now, thankfully).
I did exactly the same things before switching to futures, to be honest: I traded from M5/M10 spot forex charts in the same ways - it’s just that the results have improved in consistency a bit since using constant-volume bars, and it makes it much easier for me, mostly because all my bar patterns themselves arise out of volumes traded, rather than having to worry about what time of day it is, whether there’s any real volume in the markets, and so on, all the time. So, for example, on the e-mini Nasdaq (which I trade quite a lot), the bars on my charts work out at around 4 minutes each, give or take, for the first couple of hours of daily Nasdaq trading, whereas later in the day they’ll take around 9-10 minutes each, or even longer (index futures are open nearly 24 hours a day, but their underlying instruments aren’t at all. I trade them [I]almost[/I] only during the RTH of their underlying, though - albeit that this might be “too conservative” of me. I think I’m probably [I]very[/I] risk-averse, by “general independent-trader standards”.)
I like your approach for trading, simple and to the point and the switch to futures is great too . I have a friend that he does the e- mini too.
Did he do something different before, also? I’m really enjoying the e-minis. I really hadn’t realised what [I]huge[/I] markets they are (the ES volumes traded are absolutely enormous, but I find that one a bit like watching paint dry, compared with the NQ) … I kind of almost wish I’d [I]started[/I] on futures, now, but of course I didn’t have the kind of deposit you need for them, when I started (I suppose most people don’t, really …).
The irony is that money generates money, which is why people who have plenty of capital are at an advantage when investing compared to those who do not… Given equal amount of intelligence, the difference is just that…
So you may be smart, and have ambition, but if you start a business (including this one) with too little money, and cannot raise enough to play the real game, then you are gambling, basically… or you will just have it as a hobby…
And for the ordinary person who works an ordinary job, saving something like 10,000 takes a long time and
effort… at which point they cannot just use it for trading because that may be the only money that they have saved for years to put down for a deposit to buy their first (and possibly only) home…
So rich people get richer faster than ordinary people can get sufficiently capitalised to even have a shot.
This is not a socialist rant, but you can see why forex is so popular: trading anything else requires the ‘right’ amount of capital… but, right for whom?
The false democracy that is retail forex trading is in fact almost perfect for keeping less affluent players out of the ‘real’ trading world… nobody wants a retail trader to really ‘get’ it, so there is a lot of money spent on disseminating inaccurate information for easy profits on the back of retail traders’ ignorance. Undercapitalised, undereducated, and unprepared, those retail traders enter the forex world as they can leverage their dreams, but how many really even stand a chance?
Then you do the ‘right’ thing and save for your retirement but then banks give you 0.05% annual interest… so they
push you into taking on risky investments (like playing the forex market), but you are unprepared and end up losing
a lot of money…
How is this kind of trading panorama the ‘level playing field’ that some talk about?
It is not, not at all… It is not even meritocratic… It penalises people who cannot access a lot of capital fast enough without taking on too much debt… No sane person would take a loan with 20%+ interest in order to start trading futures etc. Yet I suppose you could say it is like opening any other business, where you need sufficient start-up capital… Yet understanding business is understanding costumers, real people, etc. whereas trading is understanding something impersonal done in front of a screen, where ‘getting it’ may never happen, like an intangible dream…
Ah, I could go on! 
Yes, my friend traded regular stocks from $10. / $ 30. stocks. He loves it and i think i am going to do the same starting next year.
Just to be clear from my last post #4907 my friend loves to trade the e-mini .
I agree, pressure on the downside remains, the pair next possible target would be at 1.1100 if break below 1.1160/50 support zone.
Yesterday the EURUSD went back and forward without any clear direction and closed in the middle of the daily range, in addition managed to close within Friday’s range, which suggests being clearly neutral, neither side is showing control.
The pair is trading below the 10-day moving average that is acting as a dynamic resistance and is trading above the 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: a daily resistance at 1.1460, a 61.8% Fibonacci retracement at 1.1347 (resistance), the 10-day moving average at 1.1273 (resistance), a daily support at 1.1237, the 200-day moving average at 1.1168 (support), and the 50-day moving average at 1.1134 (support).
Extend that to the last nineteenth months: what’s new?
I agree …
I think I’d probably agree with the rest, as well, if you did.
One little observation, though, not offered as a “detraction” from anything said above: it [B][U]is[/U][/B] possible for people almost anywhere in the world, these days, who can genuinely acquire trading skills (e.g. on demo) [I]even without having any capital at all[/I], to “get themselves funded” to trade on a profit-sharing basis - actually a very generous profit-sharing basis - by briefly demonstrating that they have some sort of edge, and that they understand and are both able and willing to comply with risk-management rules, without their ever having to borrow money.
Yes it is, Lexy, and you kindly gave me examples of that before (e.g. TST)…
Hello peeps!
As I said many times before, this pair has now been stuck for NINETEEN MONTHS in a thousand-pip range
(1.05 - 1.15): with a monthly average true range in decline, this pair is moribund from a trending angle, offering a prolonged congestion with little light at the end of the tunnel for a true break.
Has this situation occurred before? It has:
From April 1997 to November 1999, as seen in the above
FXCM screenshot of the monthly EUR/USD, the pair was stuck in this very same range, with a brief but failed break above the upper boundary in September 1998: a total of thirty-one months.
The resulting breakdown took the pair below parity (1.00) until the introduction of the single currency, when it went on a sustained rally and uptrend for months.
I have to go and dress my baby now so I will leave you to answer this question: what caused the late 1999 break below 1.05, and could those events make a comeback in current history?
Happy Trading.
Yesterday the EURUSD plunged with a wide range and closed near the low of the day, in addition managed to close below the previous day range, which suggests a strong bearish momentum.
The pair is trading below the 10 and the 200-day moving averages that are acting as a dynamic resistance and is trading above the 50-day moving average that is acting as dynamic support.
The key levels to watch are: a daily resistance at 1.1237, the 10-day moving average at 1.1253 (resistance), the 200-day moving average at 1.1192 (resistance), the 50-day moving average at 1.1134 (support) and a daily support at 1.1097.
After starting the week with moderate growth, the euro erased gains during yesterday’s session. The single currency was trading at 1.1142 at the end of a session and dropped with 46 pips, as the intraday low was reached at 1.1131. Technically the sentiment remains negative, but it’s not excluded a test of the psychological level at 1.1105. Support is located at 1.1105 and resistance is seen at 1.1235.
focus on multiple indicators, make life easier for you 
EUR/USD is still testing the support at 1.1130 and the sideways consolidation might continue until the announcement of the US Non-Farm Payrolls on Friday.
During the early trading hours EUR/USD was hovering around 1.1130 level, but later on the solid ADP employment report pushed the pair higher to currently trade at 1.1163.
Yesterday the EURUSD initially fell but found enough support at the 50-day moving average to trim all its losses and closed near the high of the day, although managed to close within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair is trading below the 10 and the 200-day moving averages that are acting as a dynamic resistance and is trading above the 50-day moving average that is acting as dynamic support.
The key levels to watch are: a daily resistance at 1.1237, the 10-day moving average at 1.1236 (resistance), the 200-day moving average at 1.1170 (resistance), the 50-day moving average at 1.1135 (support) and a daily support at 1.1097.