The best way to stay consistent!

billko1977 · July 6, 2012, 6:43am

Its been a slow week from where im sitting. I had a couple trades i liked but news events turned them against me. Reminds me to take upcoming announcements into concideration when placing a trade. Do you mind me asking how your week went SR? Roughly how many pips?
Thanks to all

buster48 · July 6, 2012, 7:15am

Id have to agree with you there Billko,Ive been trading more with indicators but have come to the conclusion that announcements and fundamentals are everthing with indicater mainly used for entrypoints,resistance and support,being equaly important,using these things ive found better trading this week ,trading with strong currancysie aud, nzd againt week ones like the euro has been good this week for me, cheers.

SR_Player · July 9, 2012, 1:08am

Hi billko1977

Yes slow week, due to fundamentals…did ok closing at +3K, haven’t calculate the pips, but go ahead, statement attached

DetailedStatement.pdf (156 KB)

njokie · July 9, 2012, 2:28am

thats cool SR i think u also deserve a keep up and its encouraging to see this thing as real just wanted to ask u dont use sl?and tp?

SR_Player · July 9, 2012, 4:26am

TP never always leave it open, SL I do at times, but when I am trading in front off the pc I leave it open, if I go away from the charts then I put one in…

SR_Player · July 9, 2012, 4:42am

Can you attach the chart because I cant open the link in your post

pepeelpew · July 9, 2012, 4:42am

Hello SR Player, thanks for the explaining.
I’d like to ask you to judge this setup I’ve found on EURUSD:

I marked the lows by the shadows of that candles. No shadows no lows.
Impulsive move.
The green candle just closed with a little shadow on the previous low.

Thank you

SR_Player · July 9, 2012, 4:45am

I like eur/usd lower, Daily in a wave 5 down

Sicnarf · July 9, 2012, 7:22am

Hi SR,

Ive got several questions but forgot most of them so I’m just gonna ask one now. In your 1:3 RR how long does it take to hit that target? On average? 3days? A week? 2-3weeks? And if not mistaken you hit 15% at that point right? Thx!

SR_Player · July 9, 2012, 7:49am

Depends on what time frame I am using, from 1 to 3 day usually, unless the mkt is quiet like last week, where I take trades off lower wave timeframes…

Sicnarf · July 9, 2012, 12:58pm

wow only 1-3 days? That’s very nice. Ok will try to remember some more of my questions. thanks!

billko1977 · July 9, 2012, 7:49pm

That’s very impressive. I notice that u vary your lot size considerably. How do you base this? Is it according to your feeling on the strength of the trade?
I appreciate the posting of your weekly trade report. This information is very useful. I can see when and where you entered and hopefully see what you saw. Anytime you can do this with your successful closed trades I would be very useful to see the setups u take.
Im not interested in copying your trades but i am very interested to see HOW u do what u do.
Thanks SR

leonardo4358 · July 9, 2012, 8:16pm

Excellent stuff. Look forward to see more coming. Just starting trading myself…

elits1959 · July 10, 2012, 4:11pm

Dear SR player

Thank you very much for this thread, it’s a great offer from you.

Till now you told us about how to trade the Wave 5 after the wave 4 correction.

Do you trade the big ABC correction after the Wave 5 ??? I think the Wave C is safely tradable.

If your answer is yes, How do you trade it??? What is your method ???

SR_Player · July 11, 2012, 12:15am

Hi elits 1959

I do trade the ABC correction, normally the C will retrace to around 61.8% of B so that is a hint, also I trade it on a previous SR level and at times a trendline break…Wave 5 completion is important obviously after displaying a strong level of Divergence off the tradingit.com waves indicator then I will look for the ABD to start forming.

SR_Player · July 11, 2012, 12:16am

Welcome leonardo4358

try tradingit.com they have great tools for newbies

SR_Player · July 11, 2012, 12:18am

It depends on the day on how clear the set ups are, if I trade a wave 5 then I will let it run for a 1:3 ratio to the 127% ext with a larger position, if I trade lower timeframes then I will use smaller positions.

angelnish · July 11, 2012, 3:55am

SR_Player:

[B][B][U][/U][/B][/B][B][/B][B][/B]I first visited this site many years ago and looking back now it was the smartest thing I ever did. A big thank you for the people who got me to where I am today with my trading, you know who you all are!!!

The world of forex trading as we all know has evolved so much in the last 10 years, and as traders we all undergo a process to learn how to trade so we can generate some great money consistently. We are all aware that what constitutes success in trading involves a process from a great trading system, risk management, psychology, structure, planning, execution and managing. There are many great trading systems/strategies out there, it’s really up to us to implement them in a way that we find this consistency.

I wanted to take the time to be as blunt as possible and run through what I have found to have helped me the most in my 10 years of experience trading FX. Firstly I would like to run through the trading set ups that I take. I am not here to say the way that I trade is better than anyone else’s way, I just feel obligated to share my system and thoughts because I have been fortunate enough to have come across some great profitable traders that taught me this way…If this has an impact on 1 person than I am more than happy.

This system is based on technical analysis. One of the most important things that I was taught was to train my eye and look at reocurring patterns in the charts. Pull up any currency pair on any timeframe and you will notice that price will act as a magnet to certain previous highs and lows in the market.

This system is based on pure price action and involves using price as a level of support and resistance. Lets focus on what I deem to be support and resistance. I do NOT consider double bottoms/tops as a form of support and resistance (for you conventional traders out there please don’t yell at me lol). What I do consider support and resistance is basically when price makes a new high then comes back and retraces to a previous high, I consider this as Support, when price makes a new low and retraces back to a previous low then this is considered resistence to me.

I have attached a chart of the live market on the EUR/USD, watch the green zones I have highlighted, once price has penetrated a high it retraces back to the green zone for a BUY entry. For a SELL, the red zone comes into play once a low has been broken forming a new low then the price retraces back to the red zone for a valid short.

The old saying comes into play what was once support now acts as resistance, and vice versa. This is the golden rule!!! For me I have found that this way of entering the market is the best form of entry with no or little heat against you in most cases.

Go through the charts and you will be pleasantly surprised how these types of set ups are everywhere, ocurring everyday in any market and on any timeframe.

The hardest part to any trading system is to define the trend, as this is the most important element to trading this system…As the days, weeks and months unfold I will be sharing how to clearly define the direction you want to trade along with specific entry and exits points…Here’s a hint let the market do what it wants to do, we do NOT have any control over this, let it decide then we execute…

Hope this helps

Looks like a very logic and simple system. Hope you can share more with all the newbie out there.:35

nk123 · July 11, 2012, 6:23pm

SR Player, you are excellent, superb. Words cannot define your efforts/help you provided to all through this forum.

No activity on this thread, any latest setups.

SR_Player · July 11, 2012, 9:21pm

Thanks nk123

I think the cable is still bearish and has to come down by quite a lot, thats what I am liking today