Market Traders Chewin' The Fat

investment
forex

#181

SM these aren’t my words but this guy trades in a similar way to me in that he is always looking for the reversal point, he uses limits more than 80% of the time and is an excellent trader. I’m not sure if he still posts at FF but credit to him (GDR3K) as I can’t say it any better about my thoughts on confirmation.

" Find out where the market will hit and most likely bounce away from, fuck all that confirmation bollocks, you want to be first in and first out and let the peasants fight for the scraps, as in, the price drops, you have a buy limit down way under at whatever price, you get filled and the only drawdown you go into is the spread, then market immediately turns the other way and slams through your take profit level like a whore on crack. They are the positions you want. You don’t want to be in the market any longer than you have to as it’s an unpredictable beast open to any and all manipulation. On that note regarding slamming through profit levels like whores, most amateurs in this game would not even think to have a buy limit at the turning point but would wait for ‘confirmation’ or whatever that means, then enter long on a small pullback, only to get cleaned out by the dogs dangleys, mr market and his rotten crotch.

The key is, knowing where the price will hit and most likely bounce away from on first touch. Then it’s having the balls to put a limit order there when all conventional wisdom and every forex site in existence tells you absolutely not to do it and to do it this way or that way. "


#182

Thanks. As he says, they key is knowing where (and when) to put those orders. I like the idea of limit orders, it is just much harder to do.


#183

I couldn’t agree more. It’s pretty much how I do my trading.


#184

Yeah I mainly trade at market as I like to see the whites of the market’s eyes but same principle of taking a leap of faith and getting in where you anticipate a bounce. Stick with it :+1:


#185

Hey! He popped up here when it was Freebird…


#186

Must have been before I rode in to town. Anyway he really does know how to work a limit order.


#187

This is example of why I prefer to trade at market. I had to pop out and pick G/kids up from school and dropped that limit on a touch over my level. Had I been in the chair I would have entered for sure on that first touch as the volume was perfect and no doubt would have picked up my loot.
Instead a wooden spoon. :roll_eyes:


#188

Screenshot_2


#189

:rofl::rofl:… body is unclear message is annoying :grin:


#190

Maybe this will help.

Screenshot_1


#191

I just went to The Tomb and PM’d GDR3k

Let’s see if he turns up…


#192

This week was a difficult one. Loads of disruption, not enough time to watch the screen.
At one point I thought I had dropped it, but eventually finished up 0.8% on the week.
So here’s to a better next-week, although I will be stuffed from Thursday evening.

In keeping with sentiments expressed by @Leatherneck
I tend to be exuberant about positive outcomes, and quietly sulk when less positive.
So as a balancing statement … I lost 0.5% in the month of December
Not a huge hit but it is only fair to point out that sometimes things are not all roses.

This month the total so far is up 4.9% and I am doing my best to hang onto it … which I could do by simply ceasing trading (and that may happen due to external factors) … :innocent:


#193

Lots of big U.S. news kept me out for quite a bit. Which is damn annoying. Now this coming week, I can look forward to the EUR and JPY having big talks, along with G20 talks. ENOUGH WITH THE TALKS! LET ME TRADE ALREADY DAMMIT!!! :face_with_symbols_over_mouth:

edit: Looking at the economic calendar, ffs man. It’s looking like the markets aren’t going to return to normal until the first full week of February. Dammit! I don’t want an extended vacation! I want to make money!

:face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth::face_with_symbols_over_mouth:


#194

Will be eliminating line 3 as I think the descending wedge no longer relevant. Also not looking at this as a head and shoulders as the right shoulder as become overextended.

Looking at the 4 hr, I am now looking at the old h&s lines and the purple lines as the new range till something major takes place.


#195

Spent a lot of time over the holidays going over my records. Strictly scalping now. Have found my sweet spot is 6.9 take profit. That gives me bout 2.83% on a short and because of Oanda’s spread and way of doing things bout 2.21% on a long. Emergency stop is 21 pips which would result in a 8-8.75% drawdown, something I can live with. If in a extremely strong trend, I will put a 1 in front of the 6.9 so I have a 16.9 take profit. That is as strong as I intend to get. When ready to do business, look at 5min to 4hr timeframes to see what she doing. 15min main one I use and actually trade the 3min or 2min, forcing myself to wait for what I’m looking for. 5 trades first week and 4 this past. No loses. Now convinced one can maintain a 88% or higher win rate. I only trade now between 6am my time till london close of 12pm my time. Will look at tokyo open and wait at least 30 minutes to see where they want to take her. Close the screen after one successful tokyo trade per session. If I get over 10% for the week, I’m done as records showed that over the last two years I gave away some good profits trying for that last couple per cent. Per Stu’s post above, I have taken “over trading” out of my vocabulary. Matter of knowing precisely what you are looking for and taking it.


#196


#197

Screenshot_1


#198

Weekly Charts January 13th, 2019
USDIndex, Weekly
EURUSD,Weekly
USA500, Weekly
USOIL,Weekly


#199

If you look at Alex’s 1-week chart it now looks like a downtrend with an aberration which for a while looked like a H&S


#200

Take no prisoners Jim :grin::muscle: