[QUOTE=“krugman25;556153”] 1. The rule here is not taking any intra-day trades that happen in the last 4 hours of the US session, and preferable the last 8 hours. Although if an intra day trade happens during the European session before US opens, I consider it fair game, as there can still be moved off of low TF PA candles during the US session. If a trader wants to be more cautious they can cut off trading as early as they are comfortable with. 2.The gap is when price moves during the time your broker is closed. Most brokers open up a few hours before the Asian session starts, but other institutions will begin trading before that. This light volume trading can move price, so when your broker opens up price has gapped. Since the broker is closed down, non of your stops will trigger until they open up. If price has gapped past your SL, your trade won’t be closed until after the broker opens up trading again. The brokers trading system being down is the same reason you can’t open trades or set entries after the US session has closed on Friday.[/QUOTE
I don’t think much will happen for this week so it is the right time to conclude. I agree that it is better not to talk profit but I would still like to have your impression on this week. I suggest we do this every friday evening or even during the weekend. i am open to any suggestions but I thought we could each of us comment about the week on two aspects:
How was the week in terms of profit ? Answer could be simply good, bad or neutral so that we don’t go into an unhealthy competition.
How do you rate the market conditions for the week ? Answer could be easy, difficult, average
That would give us an idea on how others perceived the week compared to us.
My input for this week is : Bad in terms of profit - difficult in terms of market conditions
I did the same profit this week with 4 trades (3 winners one be) than last week with 2 (one win and one be) having allowed myself to take pinbar on TF lower than daily gave me more trading opportunities this week with stricter MM rules however I wouldn’t have got into any trade this week if it was only on daily TF so I am ok with the results
Thanks everyone for the great week and enjoy your weekend
I think that would be fine to allow discussion as long as it doesn’t become a unhealthy, like you mentioned. We saw the Canadian Dollar winding up for over 2 weeks and also the AUD and NZD skyrocketing. Between the explosive CAD breakout, and the AUD/NZD collapsing way back, most of the pairs were fairly untradeable. Those large impulsive movements made most of the pairs untradeable for most of the week. I think price has finally shaken out enough that we can get back to normal trading come early next week. I ended the week with no account movement. I only took 2 trades this week, an AUD and NZD trade that both ended up being stopped at BE. Overall poor trading conditions with most setups having little/no edge. I saw many traders here going overboard with low TF trades. I have noticed a strange trend, that some traders will pass on good quality trades because of a little noise or some other minor risk factor, but will quickly jump into low TF trades that are overall poor quality. I hope to see that change over time as this thread continues and traders here grow and develop their skills.
Unfortunately that’s because we still fail to identify a good trade
That thread is moving so fast that you are missing some of the trades posted or simply don’t have enough time to comment on them all
Personally I start to feel more confident about some setups and these are the only ones I am taking although I post all the ones that catch my eyes here for review and discussion, hope we all are making some progress
The rule here is not taking any intra-day trades that happen in the last 4 hours of the US session, and preferable the last 8 hours. Although if an intra day trade happens during the European session before US opens, I consider it fair game, as there can still be moved off of low TF PA candles during the US session. If a trader wants to be more cautious they can cut off trading as early as they are comfortable with.
2.The gap is when price moves during the time your broker is closed. Most brokers open up a few hours before the Asian session starts, but other institutions will begin trading before that. This light volume trading can move price, so when your broker opens up price has gapped. Since the broker is closed down, non of your stops will trigger until they open up. If price has gapped past your SL, your trade won’t be closed until after the broker opens up trading again. The brokers trading system being down is the same reason you can’t open trades or set entries after the US session has closed on Friday.[/QUOTE]
Thanks for your help again Aaron, I have decided to add a new rule to my own personal trading plan from today and that is not to place any trades on a Friday. I will manage any that are still open otherwise I will be taking the day off. The day just seems too slow and unpredictable for my liking. The problem for me is that even if there is a decent signal in the morning, there is no guarantee that it will be in profit by the end of the day. This is something I have learnt today and intend to stick to.
I don’t think much will happen for this week so it is the right time to conclude. I agree that it is better not to talk profit but I would still like to have your impression on this week. I suggest we do this every friday evening or even during the weekend. i am open to any suggestions but I thought we could each of us comment about the week on two aspects:
How was the week in terms of profit ? Answer could be simply good, bad or neutral so that we don’t go into an unhealthy competition.
How do you rate the market conditions for the week ? Answer could be easy, difficult, average
That would give us an idea on how others perceived the week compared to us.
My input for this week is : Bad in terms of profit - difficult in terms of market conditions
Looking forward to you guys input.
Wishing you all a great weekend !
Yves[/QUOTE]
Hey Yves, I’m the same, the week was very up and down but I managed to gain a small amount of profit until Friday when I pretty much lost all that I’d made during the week, nothing to major but frustrating none the less. Market conditions seemed very tough…choppy!
You shouldn’t make any conclusions based just on one trade, you should have at least 20 trades to change anything in your trading plan, because we don’t focus on individual trades, but on the long run. If you are going to make changes after every single trade, then you are not going to get far, because in the end it won’t bring you a consistent success.
You shouldn’t make any conclusions based just on one trade, you should have at least 20 trades to change anything in your trading plan, because we don’t focus on individual trades, but on the long run. If you are going to make changes after every single trade, then you are not going to get far, because in the end it won’t bring you a consistent success.
Just my 2 cents.[/QUOTE]
Thanks Richard, I agree with what your saying. The loss I made today was tiny and hopefully will soon be made back and more in just one successful trade. Until today I haven’t been trading Fridays for a few weeks now. So I suppose I broke my own rule that I’d laid down a while ago which I regret. As I don’t intend to hold trades over the weekend I would need very fast moving trades to make profit on a Friday and there is no guarantee of that so for now I’m going to see what happens if I sit out on that day.
You guys are doing great, and I can see traders starting to stretch their wings and see there is more to trading than just trading the daily charts and taking 1 signal every other week. It doesn’t mean we have lower standards here, it just means we grow our skills to trade on the various TF’s. I trade 50 pairs and trade from the weekly all the way down to the 30 minute and I still only found 2 trades worth taking this week. It’s great see traders exploring some of the new techniques and methods discussed here. You are right, I do miss some posts and charts throughout the week. I can actually see traders have been growing in their understanding in just the last few weeks. Some people have gotten excited about their new found freedom that is here and gone a little overboard with trading, but that’s understandable as it is exciting learning new ways and methods to trade. This thread is very impressive, even though I haven’t been able to post all of the articles I would like, you are all still learning very well from chart analysis. Everyone keep up the good work!
But you could still take Daily setups if there is any on Friday’s open. Or do you have a rule for that too?[/QUOTE]
No rule for that, but it would be Thursday night for me. Damn your confusing me now Richard! Will be back tomorrow when Benedicts home brew has worn off and I’m thinking more clearly.
I haven’t seen a daily signal that I have wanted to take so far in the short time I’ve been doing this so haven’t thought too much about this but if it were to happen I guess I’d be happy to hold it over the weekend. Do you hold trades over the weekend?
The trade is already moved to BE and 50% profit taken off at the first target (light green line), but I would leave it even if it didn’t reach the first target.
It’s the same here for me, BA. My personal trade plan is that I have no problem to hold trades over the weekend [B]if AND only if[/B] it’s D1 setup and above tf.
For lower tf than D1, the rule is different. I will not open any new intraday trade on the last half of Friday (my weekend begins when US opens on Friday). Or, if I already have any open intraday trade on Friday, I’ll move it to BE or ‘consider’ shorten the SL, and call it a day.
A bullish weekly pin bar a few weeks ago showing a clear rejection of below price and now a BUEB engulfing the previous 4 weeks
Looks like this pair is ready to go further up ?
Pros
Closed above resistance
Price action timeframe gives high probability
No real nose to the left
Cons
I don’t like weekly TF with the huge SL and a lot of time to wait
I can see your point here. To a certain extend, I am even considering only trading from tuesday to thursday. Even if I improved a lot in the last 3 months, I still have this bad habit of wanting things to happen quickly and it normally only happens during these 3 days if it happens at all. I think it could save me a lot of frustration and refrain me from taking impuslive decisions while in a trade when price just doesn’t seem to move in any directions.
[QUOTE=“bizzaro;556266”]hey krugman, which are the 2 trades that u are in now? btw, are u still looking to go long on aud/usd?[/QUOTE]
Hey bizarro, I’m not in the AUD or NZD trades anymore, they were stopped out at BE earlier in the week. I am still bullish on some of the AUD pairs and will be looking for chances to go long early next week.
