Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

mitsubishi

Beyond Taylor

Recommended Posts

It would do no good to explain anything. Your mind is made up and shall remain that way. Good night Mitt. Have a great day tomm! I am not sure where you are located so it could be day where you are at. Anyway have a good one!

Share this post


Link to post
Share on other sites

Why Taylor? I for one was hoping we would get to the trends in time and someone might shed a light on how Taylor derived his arrow line next to the date in his original book examples.:)

Share this post


Link to post
Share on other sites

Mitt,

 

How are you today? Fine I hope. Hope you aren't too cantankerous today? Anyway, I arose early this morning and looked at my poor chart you had complicated with all your lines and suddenenly it hit me. It was in plain view the whole time. What I discovered was Mitt does indeed like lines. But they have to be horizontal and perfectly straight. That has to be what makes them magical?? Perhaps it is the ambiguity of curvy lines or slanted lines that you detest?

 

Anyway I don't want to continue along this same discussion but could not help sharing this discovery with the readers of the thread. Mitt, it is all in fun so please don't get upset!

 

Are you ready for a BUY day? Today is a BUY day you know.

 

I don't know I am getting the gambling bug taking swipes at me. If I can't squash it I may just have to let it bite me. As long as I don't let it bite too bad or too many times it will be OK won't it?

 

One final word:

 

Lagging indicators:

 

Stoch

MA (all of them curvy lines) including crossovers..triple..double..single ...etc

Trendlines (including clothlines and any other angle lines)

Channels (all the variations of such including fishing and boat channels)

Triangles (ascending..descending..weird shaped one... the whole class of triangles)

Flags (bull..bear..penalty..i.e. the whole family of flags)

Pennants

Wedges

Advance/decline (if you want to call it an indicator)

Boll bands (and any other type of band aid)

There are many others. Too many to list here but they are all lagging. OOPS...But there is one more I want to place here.

PRICE ACTION

 

Now all the PA people can come and stone me in front of the altar of the PA. You will hear nary a word from me. I shall keep my mouth shut and die bravely.

 

Remember it is a BUY day this beautiful bright sunny day in my area of the world. It is a good day for a gamble. Maybe I will go all in today?

 

Anyway Mitt happy trading today. Please post some more Taylor stuff as maybe we could figure out how to label his stuff to be leading indicators instead lagging. Boy, now that would really be a major discovery.

Share this post


Link to post
Share on other sites

Here is a snapshot of part of my software that helps me get pre-market info in my head. Notice the label Tomm Forecast. Three things:

 

1) This is EOD software so the calculations are made after close on 3-27 and the forecast is for 3-28

 

2) Please do not get tripped up by my the semantics. Nobody can predict or forecast the market. That said, what did you want me to label it? "Possible PA Senarios for tommorrow"?

 

3) Like any thing else sometimes it is almost on the money, other times it can be a little off. Sometimes it is WAY off. Too bad institutions and the HFT don't look at my forecast and go by it. :)

 

There are many calculations in my software but one other pre-market figure I look at that isn't here that I will give (as opposed to posting another screen shot) is the average range. That is 14.98 points.

 

As you can see I have three possibles lows to look at and three possible highs (there are some others but I won't get into to that). The low/high at the top are the forecast for 3-28. It may be right . It may be wrong. If it is wrong I have two others I look at. If all are proving way off as the day progresses then I will re-enter the data and recalculate and see if some aberration in the PA/Cycle has caused the forecast to be so far off. Sometimes, that results in the softaware re-labeling the day of the cycle for me and then I have to work off that new info.

 

Why am I posting this snap shot? Well..just showing how I prepare pre-market to trade Taylor style. I have nothing to sell. I am not promoting any product. I am not dangling a carrot. I have nothing to give but a few concepts here and there. The last I shared got shot down :embarassed: I am not tooting my own horn. I am to old to toot. Anybody..can program (if they can program) the same stuff here in this snap shot. You just have to think it through. You may find this useful. If not, no problem. Its a free world (at least in most places). This snapshot give me a view for Taylor Trading. Then as the day progresses I will scalp (for me scalping is generally 1 to 3 points) using my complicated 5 minute chart with my two moving averages on it. Again, these just help me see the intermediate trend and the more immediate trend. I do not, nor expect, the market to obey them. How could the market obey them? It doesn't even know I have them on my chart. They are just lines. They mean nothing. The 89 SMA is used simply because it "seems" good for portraying the proper slope from tick data to about one or two weeks out. That is, the slope that helps me gauge the short/long senario as mentioned in my previous posts. These MA's just help me see a visual slope. When you are old and can't see good sometimes lines help. Now, at times during the day I may draw lines on a pattern I see emerging. Usually, I will delete those lines after they are no longer useful to me. Sometimes they aren't even useful. But that is ok with me. I can live with trading being a stumbling around in the fog and not a black and white issue. I try to keep my chart clean. Why do I look for patterns? Well, it helps me in my scalping decisions. Anyway today is a BUY day. Good trading.

 

PS Please no "you cannot predict the markets or forecast" I don't have the energy to argue anymore. I am too old :)

I WILL STATE AGAIN: I KNOW YOU CAN'T PREDICT OR FORECAST THE MARKETS.

 

However, you can try to anticipate them...maybe.

5aa710e2ecfd6_ESsnapshot3-282012.jpg.e7145ba81d4bf915b35ada18aaf9c622.jpg

Edited by WHY?

Share this post


Link to post
Share on other sites
WHY?,

which language is your program?Do you manualy enter your data?

Unfortunately the data for futures has to be entered manually. It was originally designed for trading stocks and at the time I used TC2000 has my data source so it was programmed to accept EOD data from them. However, it isn't a big deal to enter EOD ES data or even 1 hour data..or 15 minutes..it gets distracting entering 5 minute as you don't have much time for analyis afterwards.

Share this post


Link to post
Share on other sites

You are correct WHY today for me is a buy day.(actually in the cycle it is a sell day).Today i bought 1398 level it is a perfectly mathmatical level and if you are observant of the correct chart with your horizontal lines drawn in the correct place it was a gift.One member here on this forum has time stamped email/charts from me to him of the full details of my trading today.But it is a meaningless statement really as it is just one days trading.I would have to start a journal here and prove over the very long term that i have any edge over a "wavy" line.

We can disagree all day about these issues but the thread is about Taylor and he had a belief system about how markets operates that is pretty much what my belief system is about.

And that is

A) The market is not random

B) The market is manipulated by the main players in order to maximize their profits

C) They buy when the market is falling and sell when it is rising and short sell when others are buying the top BUY SELL then SHORT SELL Each cycle is a campaign executed with precision and discipline.

D) But as they carry out their campaign they leave their footprints on the charts.Footprints that a skilled chart reader can identify if he is prepared to do the work and ignore most of the rubbish posted on trading forums,written in books and sold in seminars.Therefore there are optimal times to enter/exit and other times to stand aside and await the next signal.

 

They do not operate on a whim or because they are bored or use 57 tools to do their job

That is what amateurs do.What i find strange about you is you seem to have grasped all that Taylor said in his book,executed a live trade in a professional way but yet you seem to be carrying over a lot of baggage from your past learning curve.My advice is to let it go,but that is not my problem,just my opinion.I do have strong views and that's because i worked damned hard to earn the right to hold those views.

Actually the discussion may not be that far off topic if you consider how Taylor's sound approach and discipline differs from many traders here.

And yes,i am in great spirits today the weather here in UK is like a summers day thanks for asking and same to you;)

Share this post


Link to post
Share on other sites

ok we are into a little sideways trading range here (marked for benefit of explanation). The bias is still short. So what would I do next? Well, I would wait for a breakout. I would prefer to see the breakout heading south some more. But lets say there is a breakout heading up. Unless I felt like gambling I would just pass it up until I see the price rise enough to get PA up above the 89MA and the 20 EMA above the 89 MA. Of course, I might be successful scalping the up move but then again it may not be much of an up move because the bias has been down. When I see price rise above the 89 and the 20 EMA above it then I know the more immediate trend and the intermediate trend has shifted its bias towards the long side enough that I would be comfortable looking at scalping from the long side. Tactics would be scalping pullbacks, reversals, breakouts, spikes from the long side once the price and 20 EMA is above the 89 SMA.

5aa710e309a39_ESscalprange3-28-2012.jpg.9c2a4891da014f8386f07b5e5a739084.jpg

Share this post


Link to post
Share on other sites

We have reached our expected range of just over 19 points. I would look at going long for a taylor play in the 1392 to 1395 area. It is more risky than what I like because:

 

1) the bias is still short but the market has moved its expected range already (see my screen shot in previous post).

 

2) It made this low zone later in the day. I like to see this by 10:30 central time.

 

3) Because of the additional risk I would trail it up with a stop to lock in profit when taking a long postion.

 

4) If it breaks down out of this range then I would immediatley exit the taylor long with as smalla loss as possible and wait for a better position and go back to scalping the short side.

Share this post


Link to post
Share on other sites
You are correct WHY today for me is a buy day.(actually in the cycle it is a sell day).Today i bought 1398 level it is a perfectly mathmatical level and if you are observant of the correct chart with your horizontal lines drawn in the correct place it was a gift.They do not operate on a whim or because they are bored or use 57 tools to do their job

 

That is what amateurs do.What i find strange about you is you seem to have grasped all that Taylor said in his book,executed a live trade in a professional way but yet you seem to be carrying over a lot of baggage from your past learning curve.My advice is to let it go,but that is not my problem,just my opinion.I do have strong views and that's because i worked damned hard to earn the right to hold those views.;)

Mitt the post was actually a helpful post except for the whim..the bored...the 57 tools...and the word amateur. While I may be guilty (at times) of the first two I certainly am not of the latter two. I'd appreciate a truce here???? By the way are you hanging in there on your 1398 long or have you jumped ship yet? I don't know you may be a trader that will let the market go 10 points against you. I prefer to jump ship and look for a better position.

Share this post


Link to post
Share on other sites

well guys I gotta run. Unfortunately, I don't have the time to wait for a Taylor play as I have some errands to do but basically, I would now go long between 1389 and 1392 (I never did take a taylor position) but I would watch it closely trail it to lock in any profits as the bias is still strong short side. However, I would do this within the next 30 minutes. If I couldn't do this within 30 minutes then I would skip the taylor play for today as we may or may not get an afternoon rally. My final opinion. Taylor play is a gamble today. Not feeling up to it and have other things to do. The scalping to the short side was great today. 89SMA 20 EMA Happy trading.

Share this post


Link to post
Share on other sites
Mitt the post was actually a helpful post except for the whim..the bored...the 57 tools...and the word amateur. While I may be guilty (at times) of the first two I certainly am not of the latter two. I'd appreciate a truce here???? By the way are you hanging in there on your 1398 long or have you jumped ship yet? I don't know you may be a trader that will let the market go 10 points against you. I prefer to jump ship and look for a better position.

 

Truce? we were never at war,not a bit of it.;) I must learn to be more open minded and patient with other peoples views and explanations. You handled all the provocation like a person who is secure with how he trades, enough said.

I am holding 1398 long as i believe this is a very good entry with the proviso that conditions have not changed. I do not set an arbitrary stop loss or target on a trade,it depends on the context of the trade.I'll give you my context on this trade.

I do not allow the market to pick my pocket on small stops.Why i have a real aversion to scalping and looking at small time frames etc,is because this is exactly the environment where the market picks your pocket.A trader who is on the right side of the market should avoid taking a loss unless market conditions have changed.That is the point where i consider that i am wrong.

With this trading approach you need to have very good probability entries and pass on those that imply a higher risk.

If you compare your trading activity today to mine it is clear that you had more decisions to make than me,and you wondered if 98 going to 97 was the beginning of another leg down for example.This is where a combination of reading the chart having identified in advance the key levels pays off.I had my plan i traded it and i am holding.You will have more false signals on a lower time frame than if you concentrate on the larger context.To me,that is the tail wagging the dog.I don't want to work hard,i want to work smart.I don't want to do 6 trades and end up B/E or worse,when i can do 1 trade and only lose if the bigger picture has changed.This is how i attempt to put the probability in my favor.The market gets no say in this decision it is in the trader's hands.During the course of say a 3 month period you also have to ask yourself,how much return have i made compared to market exposure? (time) With my approach,when it is done right,you let the market do all the heavy lifting for you.This idea came to me as a result of being taught a lesson with losses.If you can let a loss build up,then you can let a profit build up.Sitting tight is difficult but so is the stress of large losses.I'm in profit now and i want to bank it;who knows what tomorrow will bring? But my analysis (unless i change my view tonight) says sit tight.

And tonight it's harder to sit than usual as i have a problem with one of the 3 W''s.

What just happened? but rather What didn't happen? (which really is the same Q)

The cash market on the 27th did not reach the equivalent level that the futures made the night before ie 1425. And now we have had a pullback in which i have to ask,is this a healthy pullback or is it the start of something bigger?

If you believe markets are manipulated you could view the move to 1425 as a deception and a better short sell opportunity than beginning that operation from 1419 the actual high on the day.There's a group of players who are one step ahead.So that is on my mind,normally i'd be happier.Off the top of my head the last pullback of significance was 37 points for comparison.

Share this post


Link to post
Share on other sites
WHY- the chart you posted shows high volume at my entry price.Volume = effort,result of effort=closed off the low.Do you or anyone have a different read on that?
Your entry bar was heavy selling. The bar before was also heavy selling. The 5 bars before that were selling but lighter. The bar with high vol around 9:30 was heavy selling...then a couple of more bars with selling ...then the pullback...then starts the 5 bars of lighter selling I just mentioned. Now, the bar after yours was heavy selling right after the open but then buying came back in on that bar before the close and it close up high. Thus it entered the trading range where the bulls and bears battled it out. However the range bound trading had more selling (the amount of bear bars indicate that ..count them) but the bulls battled back before finally giving up on the break down out of the range. The way I trade ranges like this is short the top and cover at the bottom. Then long at the bottom and sell long at the top providing I can get at least 1 point scalping. That means a 6 tick range to allow for execution etc. If it is a tight range then I would not trade it but wait for a breakout. Edited by WHY?

Share this post


Link to post
Share on other sites
You are correct WHY today for me is a buy day.(actually in the cycle it is a sell day).Today i bought 1398 level it is a perfectly mathmatical level and if you are observant of the correct chart with your horizontal lines drawn in the correct place it was a gift.

 

Mitt,

 

I have taylor question for you. I say taylor because your post mentions3-28 being sell day. I am assuming you were looking at going long on a BV (buying day violation by your count).

 

1) Why did you go long at 1398? What led you to think that was a good level for going long?

 

2) What would have been your profit objective..min?

Share this post


Link to post
Share on other sites
Mitt,

 

I have taylor question for you. I say taylor because your post mentions3-28 being sell day. I am assuming you were looking at going long on a BV (buying day violation by your count).

 

1) Why did you go long at 1398? What led you to think that was a good level for going long?

 

2) What would have been your profit objective..min?

 

To be honest my cycle was a short day 28th so that was a mistake saying it was a sell day.I knew it was a short day the night before when i made my plans.Ideal is high made first and early with price at or above prev day high.So tomorrow i'd like to see a violation of today's low made early for a long on buy day.I decided to close half my 98 long tonight in case that happens and also because of my concerns mentioned in post #140.That way if we continue up i have a position,but if we go down first i can average in having reduced my exposure and banked something for the day.Lower entry would be 1385-87 cash. I knew i wanted 1398 after the close on Tuesday if the market would get there.That part i would rather not explain. You probably understand why. I guess you're asking because it looks significant on the chart today and its not on your radar- the low was 97.2.

Another reason i like to trade the way i do is you get plenty of time to consider your options and the probabilities.

 

2) 1414 test is what i'm looking for now but we may go lower first hence my plan

Edited by mitsubishi

Share this post


Link to post
Share on other sites
To be honest my cycle was a short day 28th so that was a mistake saying it was a sell day.I knew it was a short day the night before when i made my plans.Ideal is high made first and early with price at or above prev day high.So tomorrow i'd like to see a violation of today's low made early for a long on buy day.I decided to close half my 98 long tonight in case that happens and also because of my concerns mentioned in post #140.That way if we continue up i have a position,but if we go down first i can average in having reduced my exposure and banked something for the day.Lower entry would be 1385-87 cash. I knew i wanted 1398 after the close on Tuesday if the market would get there.That part i would rather not explain. You probably understand why. I guess you're asking because it looks significant on the chart today and its not on your radar- the low was 97.2.

Another reason i like to trade the way i do is you get plenty of time to consider your options and the probabilities.

 

2) 1414 test is what i'm looking for now but we may go lower first hence my plan

Ok. So you don't on any good rally. mind averaging in since you made a little today on selling part of your position? Actually, if I dial up to a 1 day chart even though today was bearish the trend is still up. Some buying pressure game in just before the close today I see. (I could't watch last bit of day as had to run some errands but from what I see on the chart some buying pressure came in. The market is still weak and I suspect we may see a basically range bound day tomm. If so, you will probally be ok. The intermediate trend on 5 minute chart is close to being up at this moment.

 

My count calls it a Sell day (day2) of the cycle. So, I would sell my long from today (if I had bought which I didn't). If it trades down early below low of 3-28... 1392.00 I will look at going long on a BV. Guess we will just have to see what happens. Here is a screen shot of what my software says for tomm. The entries at the bottom relate to the forecast for today and the actual range made today 3/28. The average range takes in todays range in its calculations to.

5aa710e313312_ESForecast3-29-2012.jpg.077954213339a073d1868e3b58bbb0c8.jpg

Edited by WHY?

Share this post


Link to post
Share on other sites

It is just price rotation really.I believe the main players use these kind of techniques and i try to follow their example of how they trade as much as possible.You can believe it's a cardinal sin to do that or you can figure out if it's a viable tool.There will always be big arguments about it.You do have to have confidence in your abilities,i wouldn't recommend someone just decide to do it one day though.There's just too many shades of grey to get a definitive answer on it.I think bluehorsehoe is a more extreme practitioner in these "dark arts" than me,maybe he'll comment.

Share this post


Link to post
Share on other sites
Ok. So you don't on any good rally. mind averaging in since you made a little today on selling part of your position? Actually, if I dial up to a 1 day chart even though today was bearish the trend is still up. Some buying pressure game in just before the close today I see. (I could't watch last bit of day as had to run some errands but from what I see on the chart some buying pressure came in. The market is still weak and I suspect we may see a basically range bound day tomm. If so, you will probally be ok. The intermediate trend on 5 minute chart is close to being up at this moment.

 

My count calls it a Sell day (day2) of the cycle. So, I would sell my long from today (if I had bought which I didn't). If it trades down early below low of 3-28... 1392.00 I will look at going long on a BV. Guess we will just have to see what happens. Here is a screen shot of what my software says for tomm. The entries at the bottom relate to the forecast for today and the actual range made today 3/28. The average range takes in todays range in its calculations to.

 

Those prices you quote are cash or ES? The trend is at the moment very much up,so i don't see "conditions have changed" at all at this point therefore rotation is viable but reducing exposure is sensible.if this trade had gone on last week i'd be less concerned on the defensive part of the game.But changing conditions often come in a series of warnings.First the "what didn't happen" on 27th followed by weakness.However as you said,definite buying before close,main trend still intact and a key level i expected to hold did hold.That is"Best information"

Share this post


Link to post
Share on other sites

Hi mitsubishi

Heres how I understand rallies and declines.

The rally must exceed the decline to buy

The decline must end early on the buy day

There needs to be some pivot to tell you that the decline has ended

Otherwise you are measuring in hindsight and will miss part of the move

regards

bobc

Share this post


Link to post
Share on other sites
Why Taylor? I for one was hoping we would get to the trends in time and someone might shed a light on how Taylor derived his arrow line next to the date in his original book examples.:)

 

Thanks bobc,have you any thoughts on SILVER'S post above?.I can't get my head around that part of the book.:confused: anyone?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Hi Humble, I was (mis)fortunately enough to have received an injury that took me out of work the last 2 weeks. During those two weeks, I reviewed this entire thread as well as your trading log. I am curious how you are doing as well.  There were many things I took away from re-reading this thread and saving over 1000 pages of notes. The biggest thing that I believe that attributed to success was Thales' warm-hearted compassion for self and others. He demonstrated this time after time even stating that he gets stopped out to the tick at least once a week and it is ok. He also consistently told other traders to take it easy, not beat up on self, and mistakes are actually ok.   Here's why I believe self-compassion/trust is actually the missing piece so many of us have yet to find consistent success. When I take a loss (or miss a gain) I feel as if I did something wrong -> I then criticize/punish myself -> I then seek to avoid self-inflicted pain by searching for remedy -> I then change/modify trading plan, add indicators, or adopt a brand new strategy/guru in hopes that I now have the remedy to not have to experience the automatically generated self-punishment associated with a loss (or missed trade). This cycle continues ad infinitum and it is now many years later in the same game.  I was listening to Mark Douglas' workshop last night and he said that the key to success is having the belief in your own consistency. Put it another way, do I believe that I can trust myself? If I beat myself up for an outcome that I have no control over than I cannot trust myself. My mind would do what it can to prevent this self-inflicted pain from re-occurring by not following a consistent trading plan (loss avoidance or chasing trades). The only way to become successful (consistently profitable trader) is to be able to maintain self-trust no matter what the next trade outcome is. To do that, I must completely reprogram what a loss/mistake means by thinking in probabilities.  Mark Douglas has a recipe to help develop this sense of probability thinking in both of his books, which I'm sure you've already read. If not, the simple premise is, execute a simple trading plan that includes a quick scale out and become acclimated to the random nature of the results. Do this for 30 trades without change. The purpose of the quick scale out is to develop a sense of consistently taking money out of the market. We all started with very positive intentions of creating freedom for ourselves/family and yet it is this exact agenda that causes us to than make ourselves feel bad for not achieving such results. I am now giving up any egoic notion of what a consistently profitable trader means. I take no egoic pride in being consistently successful at swimming or walking. There is no reason for trading to be any other way. Any other way will lead to failure. Imagine how my walking will be if before take each step, I had to ask, is this the right step to take with the right foot? What if I trip? What if I step on sh**? I would not very much want to walk anywhere. With this all said, I am going to restart this thread with the above Mark Douglas exercise. I will also add the last post Thales posted here: This thread is nearly six years old. The nut of this approach is to enter the first higher high long or the first lower low short at a significant support or resistance level. If you are not seeing success, two areas of concern might be as follows: 1) You are taking entries all over the place, and not at price levels that have had prior and obvious significance. As price travels from significant support to significant resistance, it will make any number of "lower lows" along the way higher as normal pullbacks and consolidations take place. If you are going to trade in the middle of nowhere, trade for continuations rather than reversals. Ideally, you refrain from trading in the middle of nowhere completely. "Obvious" means even a nine year old looking at the chart can point to the last "Big High" or the last "Big Low." 2) You are cutting profits short. Most who try this approach have no problem with the corollary of cutting one's losses short, especially as the stop level is "built into" the "set-up." However, most also succumb to the too great temptation to cut profits short by moving the stop to breakeven before the re-test of the entry or a HH or LL in favor of the trade direction. The cure for (1) is to pick a sufficiently liquid market, do your homework before the market opens, identify those areas where you will be looking for a trade, and then only trade if and when price reaches one of those levels and only if price exhibits the behavior defined by the set-up. Trade one market until you get it. After you get it, most should probably still just stick with one instrument. The cure for (2), assuming you have entered based on the set-up conditions at an obvious S/R level of prior importance, is to set your stop loss, set a profit limit of at least 1 if not 2 times your risk, set an alert via text, email, sound, or what have you that will alert you to the trade being closed, leave the room, and do not come back until you've been stopped for a loss or limited out with your profit.   The purpose of the simple trading exercise is to develop belief in self-trust and trading in probabilities: 1) Identify S/R zones on the weekly/Daily/4HR on EU, GU, EJ, AU. 2) Watch order flow as price enters these zones and take the first 15min 123 or limit PB if missed the trade. 3) Fixed targets, 1 at 1R (for Mark Douglas), 1 at next S/R and Fib confluence area based on swing of similar size. If 1R target is too small based on S/R or if it is less than 20 ticks, skip the trade. 4) Stop or targets, no trailing stops. 5) Before each trade, ask "Is this action I am about to take contributing to my belief in consistency and self-trust?" If it's a no, than don't take the trade! I will be using a $100 forex.com account, assuming 2tick spreads, betting 5% per trade. I will take 30 trades before any adjustments. My hours of operation will be 8am EST to 11:30am EST and 7pm EST to 9pm EST 5 days a week. I will also keep a weekly review of my progress with the following questions: How did I do this week with respect to developing belief to consistency and self trust? How is my trading plan developing? Have I stuck to my plan or did I deviate? What beliefs contributed to such actions? How was this week compared to last week?  How many ticks/R units gained or lost this week?  What will I do to move forward into the next week? What steps can I take?  How is my progress thus far? (Scale of -10 to +10)    Best, J
    • Crypto withdrawals and deposits i had noticed can be done using bitpay i guess however still i believe skrill is good tool for me so far to get my funds processed in a day or on next..
    • Date : 20th August 2019. MACRO EVENTS & NEWS OF 20th August 2019. FX News Today * Trade talk hopes and expectations of further stimulus measures kept stock markets underpinned during the Asian session. * Treasury yields fell back as hopes of fiscal easing were scaled back somewhat. * The US administration denied plans to cut payroll taxes to support growth and Germany’s reported contingency plan for a fiscal package in case of a deep recession, are clearly not the central scenario for now. * The 10-year rate is down 1.5 bp at 1.591%, JGB yields dipped -0.1 bp to -0.241%. * US President Trump called on the Fed to cut rates by “at least 100 basis points“. Fed’s Rosengren meanwhile pushed back against further rate cuts, saying that he is not convinced that slowing trade and global growth will significantly dent the economy. * Comments from US Commerce Secretary Ross that the US will delay restrictions imposed on some of Huawei’s business operations helped to underpin sentiment, although. * RBA Minutes:  The minutes to the early-August RBA policy meeting were released without surprises, affirming its wait-and-see-easing-bias stance while repeating its view that the weaker currency will help exports and tourism. * Italian BTPs are underperforming this morning, ahead of PM Conte’s showdown in the Senate, although it seems Salvini’s attempt at a power grab may be backfiring as his coalition partner is trying to form an alliance with opposition parties. * Topix and Nikkei are currently up 0.7% and 0.5% respectively. The Hang Seng is up 0.09% but the Shanghai Comp down 0.01%. * European stock futures are slightly higher, as are US futures after a largely positive session in Asia. * The WTI future is trading at USD 56.30 per barrel. Charts of the Day Technician’s Corner * The Australian dollar has traded firmer and, to a lesser extent, the New Zealand buck. AUDUSD printed a 5-day high, at 0.6795, as did AUDJPY, at 72.36. Among the other main currencies, there has remained a lack of directional impulse. EURUSD has remained settled in the upper 1.1000s, holding below 1.1100, and USDJPY has become anchored around 106.50. The Dollar hasn’t been much affected by US President Trump’s call for the Fed to cut rates by “at least 100 basis points”. Overall investor sentiment is much less frayed that it was last week, with expectations for stimulus in major economies, along with Trump’s partial climbdown in his trade war with China, assuaging recession fears. Main Macro Events Today * Manufacturing Sales (CAD, GMT 12:30) – Manufacturing sales are anticipated to grow 2.0% in June after a 1.6% rebound in shipment values was revealed during May and following a 0.4% decline in April. The surge in transport equipment sales is consistent with the improving economy and as such fits with the BoC’s overall view that the economy is improving after temporary weakness in Q4/Q1. Support and Resistance levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GBPUSD Continues To Faces Corrective Recovery Risk   GBPUSD continues to face corrective recovery risk as it eyes further bullishness. Support comes in at 1.2100 with a turn below that level shifting focus to the 1.2050 level. Further down, support resides at the 1.2000 level where a break will turn attention to the 1.1950 level. Further down, support lies at the 1.1900 level. On the upside, resistance stands at the 1.2200 with a turn above here allowing for additional strength to build up towards the 1.2250 level. Further out, resistance stands at the 1.2300 level followed by the 1.2350 level. On the whole, GBPUSD retains its corrective upside pressure    
    • havent done any crypto withdrawals or deposits, maybe support can answer that... Im more if a traditional trader, straight up regular connection tbh. 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.