Any Forex Swing Traders Here?

[yoosica]

That's what I tot when I bought AUDUSD at 0.92
Lol!!!!!

Lol! That's damn Gg... 1 way street!

 

[Knight_Rider]

That's what I tot when I bought AUDUSD at 0.92
Lol!!!!!

It was deemed overvalue at that time. Even their governor said so and target price was 0,85

But if I were you I would hoot a 0.02 buy when it drop every 200 pips and be a turtle trader.

 

[feiyun]

ooo, hmm, i don't set TP, usually is trailling SL see how much can be juiced from the markets.

How many pips of Trailing stops did you set? Isn't trailing stops a double-edge sword?

 

[yoosica]

It was deemed overvalue at that time. Even their governor said so and target price was 0,85

But if I were you I would hoot a 0.02 buy when it drop every 200 pips and be a turtle trader.

Governor whole day talk down one la lol

 

[Dividends Moderator]

Governor whole day talk down one la lol

The industries come out with the statistics and the Garment acts as a medium relay messages, they don't havr control over pmi, non-farm payroll etc.

 

[yoosica]

The industries come out with the statistics and the Garment acts as a medium relay messages, they don't havr control over pmi, non-farm payroll etc.

U got hear any gahmen say their currency undervalued? Lol

 

[CookieMonsta88]

How many pips of Trailing stops did you set? Isn't trailing stops a double-edge sword?

well, since i day trade, i carry a mental stoploss, to the last retrace, like in elliot wave theory, but in certain cases, where im riding alot of profits, like it closes very near the high or low, i set a trailing stoploss 20pip from the current price, assuming im riding profits, like 40pips profit, then 20pips trailing stoploss locking in 20pips, well 20pips for eurusd should be ok, im not sure for the rest. also im ok with being gunned out leaving 20pips on the table also assuming im riding profits, so not a prob for me.

the thing if set too close market makers will hunt ur stoploss, so need further abit. 1 more thing, depending on how liquid ur market is also, like eurusd a tighter stop is ok, but less liquid pairs u need wider stop, as for exotics, u may not want to use stoploss at all, but use an expert advisor to look after ur position to cut loss or profit for u. also depends on the day one, if u do it on friday, not just u get stopped out if u put too close, the people getting out will be extra volatility against u.

so this one u need try and slowly fine tune to see how far the market maker can't push the market against u if u want it tight enough, otherwise 50pips should be ok.

so the bottomline for me is if im watching my trades, ill keep a mental stoploss, but if i need to be away, then i need see the volatility, if im already in profits, then see the pair's liquidity, but otherwise if still in small losses, but the day is ending, i just cut my losses.

so its more of depends on what position u are in then decide what is better for that particular situation.

 

[yoosica]

well, since i day trade, i carry a mental stoploss, to the last retrace, like in elliot wave theory, but in certain cases, where im riding alot of profits, like it closes very near the high or low, i set a trailing stoploss 20pip from the current price, assuming im riding profits, like 40pips profit, then 20pips trailing stoploss locking in 20pips, well 20pips for eurusd should be ok, im not sure for the rest. also im ok with being gunned out leaving 20pips on the table also assuming im riding profits, so not a prob for me.

the thing if set too close market makers will hunt ur stoploss, so need further abit. 1 more thing, depending on how liquid ur market is also, like eurusd a tighter stop is ok, but less liquid pairs u need wider stop, as for exotics, u may not want to use stoploss at all, but use an expert advisor to look after ur position to cut loss or profit for u. also depends on the day one, if u do it on friday, not just u get stopped out if u put too close, the people getting out will be extra volatility against u.

so this one u need try and slowly fine tune to see how far the market maker can't push the market against u if u want it tight enough, otherwise 50pips should be ok.

so the bottomline for me is if im watching my trades, ill keep a mental stoploss, but if i need to be away, then i need see the volatility, if im already in profits, then see the pair's liquidity, but otherwise if still in small losses, but the day is ending, i just cut my losses.

U sound Jin pro.. Mental stop loss..

Where u learn ur trading tactics from? Can teach? I getting whipped

 

[CookieMonsta88]

U sound Jin pro.. Mental stop loss..

Where u learn ur trading tactics from? Can teach? I getting whipped

hi, i learnt from the book markets and exchange microstructure for practitioners coz this one shows how the orders and volatility come about and how the price discovery mechanism of the market works, and how some people can manipulate the stocks for the short term, also manipulation isn't 'bad' per se, coz QE itself is some sort of manipulation in itself, this one can see on charts as a huge limit order to block price from moving, then when the huge limit is filled, price will explode the other way and catch those who filled the limits, i myself nearly got caught by the stealth QE for the chinese yuan, lucky i exited early at small loss, so kinda had a feel like something weird is going on in the back ground.

then i learnt about technical analysis from technical analysis of stock trends by edward and magee, so this are the patterns like the topping and bottoming and continuation patterns.

so i cross reference jesse livermore, wd gann's truth of the stock tape and richard wyckoff's the day trader's bible, these i cross reference their trading tactic. i focus mainly on wd gann, coz his got the chart patterns itself.

also i find that steve nison is quite good for candle sticks, but candle sticks and price action when used together is best. like inside stick with candle stick formations.

W.D. Gann Interview By Richard Wyckoff - Ticker and Investment Digest - Traders Log

check this interview of wd gann by richard wyckoff

the intra-day trades by wd gann, its coz his timing is extremely good thats why he can have so high win loss ratio, also he trades confirmation and not predicting the markets, so he looks for signs which confirms his idea, which supply or demand is tipping.

also finally i spent 1.5years watching price action about 4 hrs a day every working day, mainly US morning session. so during the 4 hours daily i can sort of see the theory play itself out, then slowly demo an edge out i guess.

actually, even after getting all the knowledge i still get whipped by the markets, just slowly correct the small mistakes and make them into profits, its the learning process.

anyway with regards to the stoploss, its mainly with respect to OTC, exchange is different, exchange can have tighter stoploss.

also, think about it, coz although people are interested in waiting for the close of a stick, actually, a 5min stick is just 5 1 min stick, so actually how the 5min stick is formed gives us insight as to how strong the buyers or sellers are.

also the candle stick itself the wick and body relative to the rest of the sticks before shows us acceleration without resistance or with resistance, so that itself can give us a visual feel as to how the markets are like.

finally for intra-day trading, there is always the problem of noise, so for me personally bottomline is i visually see the market looks nice, then i trade, that is price action is clear, if price action looks very mumbo jumbo like, keep up down up down in a small range, i just ignore, till it breaks higher or lower. this is key, coz i suspect most traders with a proper method lose money here, that is they get whipsawed by a market which is very noisy, because the charts even when visually looking at the charts u can't see nice pattern forming on it, coz it literally is noise, nothing to analyse, so if u try to analyse at all u still lose money.

for my particular method, it is to identify when the market is turning, so candle stick & pa helps me identify a probable setup for a turning point, kind of like swing trading, except its intra-day, and i go with the current day's trend, and fade the retraces in the direction of that major trend, so what i see is sort of like elliot wave theory, with the impulse and retrace, just that i don't subscribe to the many many patterns, like the basic impulse and retrace idea, when combined with v-top, double top and tripple top, and they bottom counterparts, form a way to view the markets as to what is the trend likely to be, as for how u attack the trend, it depends on ur comfort level as to what u feel comfortable with as an operating method.

 

[civicguy]

hi, to add on, those pinheads, with a extreme parabolic spike before, exceptionally good, since they typically represent a blowoff top or bottom, however the next stick needs to break the low of the pinhead if we want to enter, but personally i look for the inside stick, then look for the next stick after the inside stick to close below the low of the inside stick for more confirmation to play these types of setup.

I think pinbar trading needs to also be at key event areas such as very clear support/resistance, previous swing high or low etc

 

[CookieMonsta88]

I think pinbar trading needs to also be at key event areas such as very clear support/resistance, previous swing high or low etc

yea, that one is good point too, coz if u pin bar at these area, u have a high probability of the markets showing triple tops and double tops, like near previous resistance, u pinbar at the top again and go down, it is a double top in formation right?

so as the markets print more bars we get more information, and more confirmation, but as we get more confirmation, we get less opportunity, so as we get more confirmation, our risk actually increase because, then for that trade, we may enter later, take less money while our risk is pushed slightly higher.

so its all a balancing act, not too much not too little.

 

[yoosica]

hi, i learnt from the book markets and exchange microstructure for practitioners coz this one shows how the orders and volatility come about and how the price discovery mechanism of the market works, and how some people can manipulate the stocks for the short term, also manipulation isn't 'bad' per se, coz QE itself is some sort of manipulation in itself, this one can see on charts as a huge limit order to block price from moving, then when the huge limit is filled, price will explode the other way and catch those who filled the limits, i myself nearly got caught by the stealth QE for the chinese yuan, lucky i exited early at small loss, so kinda had a feel like something weird is going on in the back ground.

then i learnt about technical analysis from technical analysis of stock trends by edward and magee, so this are the patterns like the topping and bottoming and continuation patterns.

so i cross reference jesse livermore, wd gann's truth of the stock tape and richard wyckoff's the day trader's bible, these i cross reference their trading tactic. i focus mainly on wd gann, coz his got the chart patterns itself.

also i find that steve nison is quite good for candle sticks, but candle sticks and price action when used together is best. like inside stick with candle stick formations.

W.D. Gann Interview By Richard Wyckoff - Ticker and Investment Digest - Traders Log

check this interview of wd gann by richard wyckoff

the intra-day trades by wd gann, its coz his timing is extremely good thats why he can have so high win loss ratio, also he trades confirmation and not predicting the markets, so he looks for signs which confirms his idea, which supply or demand is tipping.

also finally i spent 1.5years watching price action about 4 hrs a day every working day, mainly US morning session. so during the 4 hours daily i can sort of see the theory play itself out, then slowly demo an edge out i guess.

actually, even after getting all the knowledge i still get whipped by the markets, just slowly correct the small mistakes and make them into profits, its the learning process.

anyway with regards to the stoploss, its mainly with respect to OTC, exchange is different, exchange can have tighter stoploss.

also, think about it, coz although people are interested in waiting for the close of a stick, actually, a 5min stick is just 5 1 min stick, so actually how the 5min stick is formed gives us insight as to how strong the buyers or sellers are.

also the candle stick itself the wick and body relative to the rest of the sticks before shows us acceleration without resistance or with resistance, so that itself can give us a visual feel as to how the markets are like.

finally for intra-day trading, there is always the problem of noise, so for me personally bottomline is i visually see the market looks nice, then i trade, that is price action is clear, if price action looks very mumbo jumbo like, keep up down up down in a small range, i just ignore, till it breaks higher or lower. this is key, coz i suspect most traders with a proper method lose money here, that is they get whipsawed by a market which is very noisy, because the charts even when visually looking at the charts u can't see nice pattern forming on it, coz it literally is noise, nothing to analyse, so if u try to analyse at all u still lose money.

for my particular method, it is to identify when the market is turning, so candle stick & pa helps me identify a probable setup for a turning point, kind of like swing trading, except its intra-day, and i go with the current day's trend, and fade the retraces in the direction of that major trend, so what i see is sort of like elliot wave theory, with the impulse and retrace, just that i don't subscribe to the many many patterns, like the basic impulse and retrace idea, when combined with v-top, double top and tripple top, and they bottom counterparts, form a way to view the markets as to what is the trend likely to be, as for how u attack the trend, it depends on ur comfort level as to what u feel comfortable with as an operating method.

Nice link thanks for that...
U must be trading full time?

 

[CookieMonsta88]

Nice link thanks for that...
U must be trading full time?

Well, though i would like to, I'm not profitable yet, keep whipsawing up and down my p&l coz of the discipline problem, so its like 1 week profitable and next week lose a bit, then net come out never earn, so I guess I can't do it full time anytime soon unless I improve more

 

[feiyun]

hi, i learnt from the book markets and exchange microstructure for practitioners coz this one shows how the orders and volatility come about and how the price discovery mechanism of the market works, and how some people can manipulate the stocks for the short term, also manipulation isn't 'bad' per se, coz QE itself is some sort of manipulation in itself, this one can see on charts as a huge limit order to block price from moving, then when the huge limit is filled, price will explode the other way and catch those who filled the limits, i myself nearly got caught by the stealth QE for the chinese yuan, lucky i exited early at small loss, so kinda had a feel like something weird is going on in the back ground.

then i learnt about technical analysis from technical analysis of stock trends by edward and magee, so this are the patterns like the topping and bottoming and continuation patterns.

so i cross reference jesse livermore, wd gann's truth of the stock tape and richard wyckoff's the day trader's bible, these i cross reference their trading tactic. i focus mainly on wd gann, coz his got the chart patterns itself.

also i find that steve nison is quite good for candle sticks, but candle sticks and price action when used together is best. like inside stick with candle stick formations.

W.D. Gann Interview By Richard Wyckoff - Ticker and Investment Digest - Traders Log

check this interview of wd gann by richard wyckoff

the intra-day trades by wd gann, its coz his timing is extremely good thats why he can have so high win loss ratio, also he trades confirmation and not predicting the markets, so he looks for signs which confirms his idea, which supply or demand is tipping.

also finally i spent 1.5years watching price action about 4 hrs a day every working day, mainly US morning session. so during the 4 hours daily i can sort of see the theory play itself out, then slowly demo an edge out i guess.

actually, even after getting all the knowledge i still get whipped by the markets, just slowly correct the small mistakes and make them into profits, its the learning process.

anyway with regards to the stoploss, its mainly with respect to OTC, exchange is different, exchange can have tighter stoploss.

also, think about it, coz although people are interested in waiting for the close of a stick, actually, a 5min stick is just 5 1 min stick, so actually how the 5min stick is formed gives us insight as to how strong the buyers or sellers are.

also the candle stick itself the wick and body relative to the rest of the sticks before shows us acceleration without resistance or with resistance, so that itself can give us a visual feel as to how the markets are like.

finally for intra-day trading, there is always the problem of noise, so for me personally bottomline is i visually see the market looks nice, then i trade, that is price action is clear, if price action looks very mumbo jumbo like, keep up down up down in a small range, i just ignore, till it breaks higher or lower. this is key, coz i suspect most traders with a proper method lose money here, that is they get whipsawed by a market which is very noisy, because the charts even when visually looking at the charts u can't see nice pattern forming on it, coz it literally is noise, nothing to analyse, so if u try to analyse at all u still lose money.

for my particular method, it is to identify when the market is turning, so candle stick & pa helps me identify a probable setup for a turning point, kind of like swing trading, except its intra-day, and i go with the current day's trend, and fade the retraces in the direction of that major trend, so what i see is sort of like elliot wave theory, with the impulse and retrace, just that i don't subscribe to the many many patterns, like the basic impulse and retrace idea, when combined with v-top, double top and tripple top, and they bottom counterparts, form a way to view the markets as to what is the trend likely to be, as for how u attack the trend, it depends on ur comfort level as to what u feel comfortable with as an operating method.

Thank you for sharing CookieMonsta88! May i asked which timeframe do you trade? I personally trade Daily charts and my entry and stop loss based on daily charts as well. Maybe we can organise a coffee session to chit chat about forex soon!

 

[Knight_Rider]

Thank you for sharing CookieMonsta88! May i asked which timeframe do you trade? I personally trade Daily charts and my entry and stop loss based on daily charts as well. Maybe we can organise a coffee session to chit chat about forex soon!

archcherub will be keen

 

[CookieMonsta88]

Thank you for sharing CookieMonsta88! May i asked which timeframe do you trade? I personally trade Daily charts and my entry and stop loss based on daily charts as well. Maybe we can organise a coffee session to chit chat about forex soon!

hi, erm, for me personally because of my account size, since I'm still testing my comfort level with the amount of risk I'm willing to handle, its really small, so i can't leave a stop loss wider than 20pips otherwise i will be blowing too much of my account on a single trade, as my max accepted loss per trade is 2%. so at this stage I'm kind of undercapitalised, hence i do day trading mostly, since i can reduce my exposure to risk by timing the trade entries. also since I'm actively timing the markets, my loss is typically less than 2%, since once i know I'm wrong, i quickly cut loss, so 2% is sort of like maximum accepted, but if i figure out I'm wrong before the 2%, i will quickly cut or even switch over if volatility is good in the opposite direction. so this kind of cases are extremely good if you are actively managing and see-ing new information which the market is showing u, like u are down 0.2% and u figure odds are u are wrong, u cut and switch, and u may end up not just making up for ur losses but end in profits too, instead of having a 2% max loss.

to add on, the method of trading below which i mentioned works on all timeframes, except that as u go lower in time frames, u get a little more noise, so u need to see how clear or nice looking the chart is to see if u are trading noise or a genuine trend, and also mental stoplosses only. but on higher timeframes, because its not as easy to hunt stops, i would put on a stop loss, if the pair is like the usdjpy or eurusd which is very liquid. well noise can be traded too if u are doing extremely quick scalps for 4-5 pips, but just not worth the effort.

 

[Dividends Moderator]

archcherub will be keen

Yeah, in fact, most traders will be utmost keen

 

[yoosica]

Coffee session!

 

[archcherub]

archcherub will be keen

still sharpening my knives. waiting for capital build up.
sort empty capital now

and waiting for coffee with the knight first lah...

 

[yoosica]

hi, erm, for me personally because of my account size, since I'm still testing my comfort level with the amount of risk I'm willing to handle, its really small, so i can't leave a stop loss wider than 20pips otherwise i will be blowing too much of my account on a single trade, as my max accepted loss per trade is 2%. so at this stage I'm kind of undercapitalised, hence i do day trading mostly, since i can reduce my exposure to risk by timing the trade entries. also since I'm actively timing the markets, my loss is typically less than 2%, since once i know I'm wrong, i quickly cut loss, so 2% is sort of like maximum accepted, but if i figure out I'm wrong before the 2%, i will quickly cut or even switch over if volatility is good in the opposite direction. so this kind of cases are extremely good if you are actively managing and see-ing new information which the market is showing u, like u are down 0.2% and u figure odds are u are wrong, u cut and switch, and u may end up not just making up for ur losses but end in profits too, instead of having a 2% max loss.

to add on, the method of trading below which i mentioned works on all timeframes, except that as u go lower in time frames, u get a little more noise, so u need to see how clear or nice looking the chart is to see if u are trading noise or a genuine trend, and also mental stoplosses only. but on higher timeframes, because its not as easy to hunt stops, i would put on a stop loss, if the pair is like the usdjpy or eurusd which is very liquid. well noise can be traded too if u are doing extremely quick scalps for 4-5 pips, but just not worth the effort.

If u dun mind me askif. What size are u trading?

What's a comfy amount