[james_gsx]

I have a question for you, you use longer term moving average and try to determine the longer term price trend, then you take a short term signal. That sounds contradictory. Have you thought of using those signals to find the big picture, then taking "big picture" trades? From my experience, if you use something long term as the 80ema then take a "short term" trade you will most likely get filled with emotions and take a bad trade. The reason being is because it takes time for price to reach those levels, and they won't be accepted or rejected quickly. Rather they will hang around that area and bob around, before making a move. If you want a shorter term trade, try looking at a shorter term picture and taking trades that correspond with that picture.

There is no right or wrong time frame, just find the one that works best for you. While it may seem easy to hold for 2 hours, you may find it difficult to hold for 15 minutes. Theres nothing wrong with that, it's just the way you trade.

Now, onto some of your charts. The first problem I see come up is theres no real system involved. You are doing a good job at analyzing the markets, but I don't see anything in there that you could use consistently as a system. What you did is really easy to do in hindsight like you said, but not so easy in real time. From there, I would suggest looking over your annotations and see if there is some sort of consistent flow that continues to pop up. You may not notice it over time, but eventually you'll probably see it. From there, try to draft a system and stick to that while watching the market in real time.

You should also decide whether or not you want to trade trend or counter trend. From looking at those charts, I see a lot of good counter trend setups. Since I want to help you, I'll let you look for them. Pay attention to the size of the candle body in relation to support and resistance. That might be a starting point for you.

Hope it helps.

[Kiwi]

Steve,

It seems that james thinks that you don't know how to trade and are looking for advice.

My own reading of your explanations varies from his so I suspect that this is not the case. Perhaps you might share your background to avoid future misconceptions (if, of course, this is a misconception )

[james_gsx]

Originally Posted by Kiwi »

Steve,

It seems that james thinks that you don't know how to trade and are looking for advice.

My own reading of your explanations varies from his so I suspect that this is not the case. Perhaps you might share your background to avoid future misconceptions (if, of course, this is a misconception )

First off, I apologize if that is the way I came across in my post. That was not my intent, but now I can see how I was perceived that way. So again, I apologize. The reason I said what I said was because of what he said in the first post about looking for shorter term trades, and because I've been there before. I used to take longer term objectives, and then try to take trades from there. Obviously, it didn't work in the long haul as I was tossed around a lot and couldn't hold on. In hindsight, it looked like a good idea. But hindsight doesn't show the candle in the making - if that makes sense.

I would venture though to say, that the OP has experience in reading charts. But I would say he does not know how to translate this skill into a profitable trading plan?

eh... maybe I should learn how to read the opening statement. He offers advice to <b>new traders</b> looking for help. I thought he said he WAS a new trader looking for help.

I'll insert my foot in mouth, and kindly look like the forum douchebag.

[steve46]

Hello Kiwi

No, I am not looking for advice. I have been doing this for many years (about 17).

I simply wanted to suggest some ideas that struggling traders could adapt to their own use.

The 200 and 80 period EMAs, constant volume charts, and the idea of watching how world markets react, are concepts that I have had success with.
I thought I would discuss these concepts briefly, so that traders who may be struggling can see some examples and evaluate for themselves.

I hope that clears up any misconception.

Good luck to everyone

Steve

[steve46]

Another important concept that I have had success with is Market Profile

This next chart shows the effect of Asia on our Globex market. As can be seen, the Asian market opens and auctions down to 1297 (near the daily pivot). Then the Globex market moves up to test the 200 and 80 period EMAs located at 1299...coincidentally the value area high is located at 1299.50

Price fails to take the value area high out on the initial test. Price retraces and then tests that point again....and fails again...auctioning all the way down to 1295 which is (coincidence again) the value area low. This is where the DAX opens....

Now I am limited in what I can say about this but I do believe that Market Profile offers a trader a lot of opportunity if they are willing to do some research...

[smwinc]

Originally Posted by james_gsx »

eh... maybe I should learn how to read the opening statement. He offers advice to new traders looking for help. I thought he said he WAS a new trader looking for help.

I'll insert my foot in mouth, and kindly look like the forum douchebag.

James your post made me laugh so much I had to nominate it

[OAC]

Originally Posted by steve46 »

Hello Kiwi

No, I am not looking for advice. I have been doing this for many years (about 17).

No personal offense, but 17 years does not mean you may not benefit from advice from someone with less experience. we are very often too close to the trees to see the forest.
For instance, our Wyckoff devotees on this forum would have a huge problem with your almost total exclusion of using natural horizontal S/R levels.

[brownsfan019]

How about we just let Steve post what he wants. If you like it, great; if not, head back to DB's area.

The title of the thread is Ideas for Struggling Traders. If you are not struggling, then there's really nothing of interest here. If you are struggling, then keep an open mind to a new idea.

I personally like the MA's that Steve is using here for intraday trading. I realize that it's not fixed horizontal levels like Wyckoff, but that means nothing.

As my high school math teacher used to say - there's more than one way to skin a cat. That's such an odd way to say there's more than one way to do things, but after all these years, that saying has stuck w/ me.