Let’s get into things a wee bit. It’s been a bit slow recently so I’ll kick things off with this.
I’ve just looked through the charts and the Daily USD/CAD looks good for a short IMHO:
Daily;
So I jumped up to the weekly chart and found the rejection level (1.0099) had held from last week.
Weekly;
So I went down to the 1 Hour chart and noticed there had been a little bounce up from 1.0055, price currently sitting around 1.0063 and another slight S/R level around the 1.0080 level.
1 Hour;
Blue area marked had been a previous 24 hour (almost 24 hour ) range that price had moved in, the top of the level at 1.0035 and the bottom being around 1.0017.
I’ve decided to place a short entry at 1.0085, with a stop at 1.0110 (25 pip stop) and target the top of the blue range at 1.0035. This keeps my stop less than 2% of my account and would be a 2:1 RR.
If it doesn’t trigger over night then nothing lost, if it does and I lose out I think it was a reasonable trade and the loss was within my “acceptable loss” zone.
UKDave - In your post #776, I think you did a great job summarizing Sam Seiden’s core strategy, especially the “odds enhancers”. I have watched, over a period of months, almost all of the Seiden’s webinars on FXStreet and try to catch the live ones, although I managed to miss last Thursday’s because the notice about it was only e-mailed last Thursday morning. I’ll watch the recording, likely tomorrow. I also read the weekly newsletter, Lesson from the Pros. Is there any particular pair you apply his strategy to? Or, are you checking out multiple pairs? I’ver frittered away a lot of time “educating” myself and have found that the basics of what Seiden teaches makes sense to me. Now, I’ve got to get on with this and start applying what’s been learned. So far however, I’ve not been particularly assiduous identifying levels.
Apologise, I’m a bit frustrated these days, sorry. apologise from everybody in this thread. a part of it, it was, that I don’t like myserious talks. but another part is, that I’m not satisfied with my tradings. I’m on the way to think it through.
You know, I’m starting to see currency-pairs a bit like human beings. there are direct, true or single currencies and unmusical or pseudo ones. but there are times too, when time makes the unmusical one to look like single and vice versa. It’s a bit crazy if you make yourself beleive in one pair at a time, and you don’t know if the time was truthful or not at those times. cause I’m getting to think, that the time is more important.
now, sorry, I broke my own swear I won’t post, heh. cheers for everyone,
It’s true. And it’s something that scuppers the chances of many people I think. Let’s say, for the sake of argument, that you have a system that yields a 60% win rate. Fantastic. But for many, that wouldn’t be anywhere near good enough. They’d try it, see a few losses then throw it out and, even worse, if anyone on a forum asked about it, they’d say someting like ‘I tried that, it’s crap. It doesn’t work.’
Hi. I monitor multiple pairs, initially looking at the longer timeframes (daily/weekly) to identify long-term areas of potential supply and demand (much like Yunny has above). It just needs a glance at the chart really. If price is moving towards an area it’ll pretty much jump out at you.
I then drill down to the shorter timeframes to identify levels and potential entry points.
This is bearing in mind what I said before though about the danger of looking too hard for levels. It’s not about going to shorter timeframes to find areas of s/d. It’s about going there to find levels where you already have an area of s/d identified on a higher timeframe, if that makes sense.
One thing with the Seiden videos that I’m always aware of is what he’s NOT telling us. As he says openly, he can’t let everything out otherwise those paying for training wouldn’t be too happy. With this in mind, I doubt he’s holding back little bits, but great chunks of teaching. That’s fine though, I’m convinced there’s more than enough there to get us on our ways and working it out for ourselves.
I can honestly say kores, that outside of a health problem concerning one of my family, I have found nothing in life that has affected me more psychologically than trading. And I do mean that.
I’ll tell you a true story. I am 45 now, and when I was 12 my best friend became the youngest karate black belt in the uk. Two years later his younger brother took that title from him when he got his black belt at age 11. I always remember their parents home being filled with trophies and medals that the boys had won in competitions both in the UK and abroad.
I always remember also adults saying to their parents that they must be so proud of their children, but their father would only ever smile and say, “They’re not teenagers yet, the hardest part is still to come.”
I never knew what he meant by that. I could never work it out. Well sure enough when both of these boys hit 15 or 16, and they discovered girls and alcohol, they both quit karate and to this day never took the sport back up.
Nowadays I actually know a guy who is very high up in the martial arts world. He’s been doing it for a very long time and has actually became a millionaire through mastering his craft, traveling the world to learn and teach the sport. i don’t know him very well, but I do know him.
Point is, he wasn’t as good as my first two friends, he took the sport up much later than them and it seems to be generally accepted that the two brothers had infinitely more potential than this other guy ever had. But where are the two brothers now? Well today they are both short, fat bald guys who have barely worked a day between them since we were kids.
I see them still around my old neighbourhood, walking with short, fat (thankfully not bald) wives trailing a procession of kids behind them which usually look as though they could be doing with a good wash and feed (and not always in that order).
And every time without fail when I see them, I think “My God, what could have been?”
But they, I and no-one will ever know the answer to that question because they gave up. A world of opportunity lost because they just gave up. What a pair of tossers !!
Now, I’m not saying that if you give up trading you will become a short, fat, unemployed guy, (LOL) but you’ll never know what could have been.
Winston Churchill once commented something along the lines of, “When you’re going through hell, keep going.”
Never a better piece of advice given my friend.
As for the mysterious talk and discussion of private, invite only threads, I give you my apologies for that. It never really was a serious thought, or designed to hurt or offend anyone.
Best of luck with everything kores, and I’m glad you broke your “swear” not to post again.
Just thought I would stick this in as an add on to the USD/CAD trade I detailed above but never got the entry on. Looks as though price did fall, currently sitting in the blue zone I had marked. If it breaks through the bottom of that zone (1.0017) then this is the next levels I am looking at to go long again;
Just to add a touch of the slightly exotic, and post something as I realise that I have been quiet recently, I’m currently short NZD/CAD off the Daily.
I’d post a chart but I’m iPad-only these days - my PC suddenly doesn’t like BabyPips (it’s fine for the rest of the Internet, so I don’t think it’s me) but won’t run BP. I can do ‘likes’ on my 'phone browser, but I can’t post charts, sorry. As I barely post these days I have not got to the bottom of a solution, yet.
As he says openly, he can’t let everything out otherwise those paying for training wouldn’t be too happy. With this in mind, I doubt he’s holding back little bits, but great chunks of teaching. That’s fine though, I’m convinced there’s more than enough there to get us on our ways and working it out for ourselves.