Pete, you are beast
What PDF? Link pls?
Congrats on 1000 petefader.
Ah, short version. I think I have time to read that one. thx.
Did you catch this one Pete?
So, wasnāt able to break WP and 61.8 fibbs. So there was kinda 2 reasons to go short. So I risked 1 %. Red squares again points out what got my attension. And red circle was my entry.
Target was Daily Pivot. And it sure got hit fairly fast. I closed whole trade, 'cause now Iām checking out if I go long soon. Itās giving somewhat good setup for that nowā¦ Time will tellā¦ Or, volume will tell before time can.
That is good system. But when I use only VSA and see resistance, and Mad Scalper says that I need buyā¦ Of course, I donāt buy. Iāve traded couple of times with that system. Knowing backround helps alot with any system. System works, but knowing volumes makes it even better.
Very fast pips. It hit my target even faster than last time. In this trade, I risked half what I just made with that other trade.
Keep it up the good work Nero
I didnāt trade today. I was on a regular sleep schedule last week, getting up at 2am caught up with me today. Agreed about Mad Scalper. VSA will warn you to skip some losing entries. ā¦btw Nice trading man. Thanks for the posts too. I think a responsibility that comes with knowledge is to put it out there so others that are able to see, can have a chanceā¦then we can say āDonāt look at me, I told you soā lol.
Really? I am still kinda deciding which one of these systems should I try trading first.
Sorry guys for spamming here with me noobish posts
In my opinion, learning volume and how the market works is much more important than blindly following the rules of a system. Learning how to analyze the market is very different than learning āWhen condition x matches rule y, push the button.ā
Once learned, you can either trade volume exclusively, or apply what youāve learned to whichever system you wish.
Basically ditto what Dodge said ā
- but why not do both? take the time . . study and decide how 1 works and if it fits you . . then keep practicing it, while you study the other . . .
What is there to study with Mad Scalper, or any other rules-based system? When the conditions are met, you enter the trade.
You donāt use your PurplePatch system aka Cat and Mouse system, anymore?
I was thinking I would use something like Cowabunga system + some kind of scalping system and trade both of these at given times.
I know this is not a good thread for this debate so I promise I wonāt continue in this off topic. Just thinking out loud. Thanks again for sharing your systems with everyone. Now I believe that understanding volume is not essential but it is very helpful in any system I may use now or in the future.
Possibilities if 61.8 holdsā¦
Hmmā¦ For some reason, I can catch those little moves, and get some decent profits. I have good timing. But when huge moves happens, I always left behind. I canāt find good places to jump in. In these kind of situations, I look what Mad Scalper has to say. But sometimes, not even that can give good entry. Today, I made those couple trades early. Then I didnāt see any good trades and price just went up. I totally missed whole move. Iām way too scared when I see big moves and huge volumes. Too afraid to risk more than 1 %. Hardly risk even that 1 %. Usually just 0.5%. But, even with those 2 fast trades, managed to get 1.5 % profit. That good up move woulda been so nice bonus.
Just because there is a move doesnāt mean there was a safe, VSA entryā¦sh#* happens lol. If you average 1% a day, compoundingā¦itās enough. Try using 1hr/4hr fibbs and SR for larger targets. You can leave on a partial position when your entry lines up. If there is a long period of Accum/dist or extreme stopping Volume on the 1hr, it could pay off with a big move.
Yes, I often leave something going on for bigger profits. But so often, it hits BE. Sometimes I move my stop in profit zone. Letās say I see new possible support area, I move my stop bellow it, just like I would open new trade in there, I would put my stop there. Makes somewhat good sense.
But those gets hit so many times if I donāt just take profits when I usually do. I just keep missing big moves, but Iām happy with little more than 1% profit per day average. But bonus is always welcome of course. And I try to improve. And yes, I havenāt looked so much in bigger TFs. Little bit yes, but not much. Yea, I think I try to look those more from now on. ^^ It all makes sense.
Just to add to the above Nero - a fair few of your trades seem to have been shorts. The directional bias for E/U this week is up and pullbacks have been relatively short-lived. Until this structure changes the better value and odds trades are going to be with the directional bias. If you enter long on a pullback to a support area thereās a better chance of the pair going long for a good portion of itās ATR which presents a nice R/R. Today in E/U was a good example - the pullback to the Tokyo session low at 11am GMT offered a chance to go long for 75-90% of the current E/U ATR depending on where you decided to pull the trigger. Assuming a trigger of 1.3650 and the low of 1.3610 that still left 80 pips in the ATR to go after and price obliged with them all today. Anyway, just a little food for thought! Youāve been pulling in some nice pips this week so keep doing what works for you I guess!