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  #37755  
Old Jul 16, 2009 3:12pm
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You guys are lucky to have Mike, For me I may help people out a few times but after that they can go back and read, Mike keeps helping


*** TOO ALL THE NEW PEOPLE, WHAT YOU ARE ABOUT TO ASK IS NOT NEW AND HAS BEEN POSTED ABOUT 100+ TIMES, IF I AM INCORRECT I WILL GIVE YOU $100 ***
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  #37768  
Old Jul 16, 2009 4:10pm
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Quote:
Originally Posted by Bemac View Post
I don't think you're going to get an argument from anyone here on that.

I think it's more about "Potential R:R"

It's like jumping into a Yellow Cab in New York 1/2 a block from an accident scene dead ahead.
{might have been better Walking this one. Shoulda seen THAT comin'}

I do understand your point & I think it deserves the time to cover that aspect agian.

(A)"Looks like it's goin' Up" is not a complete reason to Buy.
(B)"Looks like it's goin' Up for 150P to next Res" is a reason to Buy.

Does that mean if I'm in (B) scenario...

The key I am finding out after years of doing this is add'in into a winner not killing it, if I am in a trend trade and it's working out I will be looking at way to add into this position to make it work better and enjoy the run and use PA to add into the position, It's nice having a 2% risk trade make 15+%
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  #37769  
Old Jul 16, 2009 4:10pm
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Quote:
Originally Posted by rustyjeff View Post
Ok then. What is the air speed velocity of a fully laden swallow??

Smart ass
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  #37773  
Old Jul 16, 2009 4:14pm
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Quote:
Originally Posted by moneybags View Post
I have a feeling you won't lose much money Ryan.

All kidding aside though, people in here are lucky to have someone like Mike around. Great trader, knows this stuff inside & out, and is willing to help all the time. And explains in a very clear way.
This thread is now at 2500+ pages. That's one hell of an undertaking for all the new people. I feel bad for you guys...

Take care,
Tom

Goto school for 12 years to become a doctor and make less then a fulltime good trader, now is this 2500 pages that hard? I have friends that are Doctors and I will say that trading is MUCH harder then that due to it not being the same everytime, you have no "routine" in trading, the perfect setup that worked last week may fail the next 4 trades this week. People are just lazy and that's why they will not make it in the market or run any business.
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  #37779  
Old Jul 16, 2009 4:43pm
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Quote:
Originally Posted by jimboo View Post
Forgive me but I can't work you out. One minute you post with charts saying how easy trading is, then you flip flop and say it's more harder than becoming a Doctor?? What type of Doctor are you talking about, a Witch Doctor?

I can say Trading is much easier than being a Doctor who has to deal with different life and death situations everyday....give me a chart anyday, those Doctors are Hero's to me.

That is incorrect, anyone can do the school and take the time to become a doctor, I know people after 15 years still can not trade due to EMOTIONS. Also let me know after a few years how you are doing, I wish you well but you have not even started so it's funny to see you say stuff when you have not traded before with a large account if any at all.

Also trading is easy, any 5 year old can do it, it's knowing when to close out the WINNERS as well as how to manage your money / emotions when you do it. Why do traders shoot up a office and kill 12 people if it's so easy to do?
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  #37780  
Old Jul 16, 2009 4:46pm
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Quote:
Originally Posted by jarroo View Post
Let's say I have $250,000 @ 3% is $7500.
$7500/50 pip stop loss = $150 a pip. (roughly)

If I took this Gbp/Jpy 4 Hour BUOB trade (and didn't take anything off the table ) it would be worth, 500 pip move x 150 a pip = $75,000

$35,000 would goto taxes.
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  #37786  
Old Jul 16, 2009 4:58pm
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Quote:
Originally Posted by jimboo View Post
Why are you not living in a Tax free Haven?

Because I like the US and can live any place I want but I am not going to live in a 3rd world country that sucks so I don't have to pay tax, that's just dumb to me.


Also let see if you last past 6 months if this is so easy I am not trying to be a ass but I think you are saying it's so easy and I can see how you are starting to fail already when you say "I take 50% off because I have fear" well once you grow you account and if you do okay when 1 pip = $100 you will see what true EMOTION is much less $1000 a pip, or have 10 losers in a row. Also read some of my old posts before you think I am just a retard bashing on the new people, I have crashed and burned for years before I got it right...


Read this link, Jim put it on the front page.


http://www.forexfactory.com/showpost...ostcount=31232
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  #37823  
Old Jul 17, 2009 12:01am
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Quote:
Originally Posted by Cyrus View Post
Ryan. How about the Bahamas or Camen Islands?
Live on the beach, trade tax free.
Sure aint 3rd world! LOL ^_^

"I take 50% off because I have fear"
I'm worse.
I split my size into 3 orders.
1:1.5, to 1:2, i take money off the table to "pay myself first" for risking
and being somewhat right.
By this time I shift to breakeven.
So the WORST that can happen, is that I make some money for risking.

Depending on my read of the market, i either let the other 2/3 run,
or take 1/3 off again @ nx support/resistance.

The last 1/3, again,...

As long as you make money, my goal is to place the trade and walk away.
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  #37862  
Old Jul 17, 2009 10:48am
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Quote:
Originally Posted by mbqb11 View Post
for what it is worth. James does not even use trendlines. Just horizontal support and resistance. I only personally use Extremely clear trendlines for breakouts.


Mike

I am starting to use the support and resistance, the thing is I am a gun slinger, I take trades that look like crap to everyone else but make me money and to me each indicator that will make me close a trade out too fast such as resistance and support I dont really mess with. The BB and RSI show me if it's over-extended or not, if it goes over extended I CT it on the 5min as a hedge.
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  #37869  
Old Jul 17, 2009 1:51pm
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Quote:
Originally Posted by mbqb11 View Post
Yeah you have been at this for awhile, so it is a different story. Once you know as much as you do it is only about doing what works. Period.


I ALWAYS stress in this thread CLEAR PA, CLEAR S/R, CLEAR TLS, etc, b/c most people are so new to this getting "fancy" ends up a disaster. If you stick to the clear stuff and give yourself a chance to learn it as you go along. Everyone has their own "twists". That is why people in the pf see my intraday and are like HE DID WHAT! Then realize it is me combining what I know, not that I...
So true Mike, If I was JUST starting out I would do PB's with S:R ONLY and print out all my trades as well as take a screen print of it when I put the trade on because the ones that fail look different after they fail, hell I still do that today just to get better and make sure I did not miss anything

Like this It lost but it looks good so no biggie..
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  #37874  
Old Jul 17, 2009 2:29pm
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Quote:
Originally Posted by tac View Post
Great advice here, I will be capturing my trades entry and exit via Jing and annotating them, before and after. After all daily/weekly TF rifle trading will afford you that time. To look back and learn from each trade for me is great advice , thanks guys. Hey Mike and Ryan, im on page 70 (Sept 06) of the backside of the thread, you guys haven't appeared yet? Seeking Light and Peter are just posting for the first time..sorry if I am giving a running commentary of the thread.. ill stop that.

Tac

Here is 1 more post for you to read I got on in 2008ish in here.
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  #37875  
Old Jul 17, 2009 2:31pm
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Quote:
Originally Posted by mbqb11 View Post
Oh man do I remember the days of just staring at charts, printing each bar out, staring, taking them with me every where. Looking at every little detail, making a bajillion(yes that is a number amount with the amount of charts and data I put together) spreadsheets/screenshots/printouts. I swear I never slept and my eyes were coming out of my head, but I wouldn't trade any of that time for anything. I couldn't sleep b/c when I closed my eyes I guess from staring at the monitors the charts were in my eyes and head, and I would see flashes of them,...

To be honest Mike everyone I know that makes it in this biz has a form of OCD and spends all the free time looking at charts or did at 1 time. I did the same thing back in my computer days, I read 8000 pages and past 18 Microsoft test in 1 year lol
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  #37878  
Old Jul 17, 2009 2:53pm
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Quote:
Originally Posted by Flem26 View Post
Man, the yen crosses are going berserk right now. Did they just catch Bin Laden?

I bought some usd/jpy yesterday and told it to go up.
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  #37888  
Old Jul 17, 2009 8:35pm
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Quote:
Originally Posted by fat_tom View Post
18 in a year?!

And I thought I was a bit of a loser with 16 over 5 years!!!

LOL!!!

Fat Tom
Oh ya, I think I am a MCSE+I, MCP, MCDBA, and a few others lol NT4.0 and 2000
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  #37905  
Old Jul 18, 2009 10:36am
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Quote:
Originally Posted by albchr View Post
Hi folks,

I don't ask a lot of questions but I've been wrestling with this for a while now.

In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?

For the most part, I use weekly charts for finding them (since I trade from the 1H & 4H). It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly...

I still flip to a line on close chart just to see the trend better, also if you are looking for divergence the line on close cuts down on the noise and if using RSI you can see it very clear and it takes out the guess work. For me I use candle's and LOC charts for price.
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  #37906  
Old Jul 18, 2009 10:38am
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Quote:
Originally Posted by fat_tom View Post
LOL yeah im MCP, MCSA, MCSE (2000+2003) - messaging (2000 & 2003) MCTS (Exchange 2007, Server 2008) MCITP (Exchange 2007)

still my career mind you!!! really should bang out a couple more this year but I find this thread more intresting reading than technet!!!

Fat Tom

Nice job, all my stuff is 1997-2000 lol, I may update my certs if I have nothing else to do, It just took so long to get them and I dont want to lose it. I still do IT stuff now and then maybe 5 hours a week helping people out and still enjoy the trade.
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  #37917  
Old Jul 18, 2009 2:30pm
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Saturday @ 2:30pm market closed, going over my week's trades just to see if I missed anything of if I screwed up. I do NOT have to do this anymore BUT I do it because I enjoy winning after so many years so it just makes me smile when I make money now, the money I don't even care about any longer Have a good weekend everyone and if you know of a good chick cury pm me it lol
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  #37930  
Old Jul 19, 2009 12:38am
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Quote:
Originally Posted by StoragePro View Post
Good lord. If you have nothing to do, stop by and wash my windows. What are you losing anyway? I had an MCSE, MCSD, and MCT. Pfft. The gleam was off those certs a loonnnggg time ago. Just like a VCP cert is now suffering from.

You are about a 6hr drive away I may take ya up on that lol Naa just doing cooking now and having a good time with it. Curry is this weeks spice
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  #38006  
Old Jul 19, 2009 11:29pm
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Quote:
Originally Posted by batesmotel View Post
That's easy!

Solution: Move to Uruguay...set up an FX company in the Isle of Man (Free Port)...pay 10% tax....and Bob's your Uncle!! Simple really....

GregB

PS Don't forget to pay "cash" for everything in Uruguay...also, make sure you rub shoulders with the Uruguayan politicians (it may be necessary to grease a few palms..$$)...and whatever you do....DON'T sleep with the President's daughter!!

Not that easy to just up in move, if it was lots of people would be doing it. I pay about 28% in taxes after my CPA and my business I trade through, not too bad really. And to the people who said just setup a offshore company and trade with it good luck with that. Do you really think the IRS and such is that stupid?
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  #38087  
Old Jul 20, 2009 1:30pm
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Mike has some great points about R:R, I like to try for 2x my risk but if it starts craping out I goto cost quick, it really depends on how PRICE moves after I get in, if it's small bars going up on my long I relax, if I get long get some bars going up that are small then 3 big bars well that is not good, I watch support fib's MA's whatever to see if it stops. I will tell you right now I have 3 open trades and all are at cost, to me I want to see what happens and let it play out, too many time I have killed a winner to let it go for 2-3x as much as I made from it.


Also I take some crap trades but I do have reasons for it, if you look at charts and see PB's on 6 pairs and they all line up guess what? I take them all because odds are they are going to move together most of the time.

*** Realtime deal*** I am still long on the USD/JPY trade but the big 1hr bars coming down are starting to get me a little worried, not close out the trade worried but something to think about.
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  #38109  
Old Jul 20, 2009 3:53pm
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Originally Posted by jimboo View Post
Well said, bravo! But not if you're MR Ryan, he says that any of these Tax free places are third world, LOL. He would sooner give nearly half away to Mr Taxman to pay for nice big Pensions for the Obamas, he's such a nice guy!

Here's a thank you from the man himself, listen carefully...."And i would like to thank all those who could live in a Tax free haven but decide to stay and pay high Taxes!"

http://www.cnbc.com/id/15840232?video=1188755180&play=1

I guess everyone in the US is stupid for paying the taxes... Funny thing is it's the same people HELPING you to learn how to trade. Keep bashing the people that help and see how far that gets you.
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  #38111  
Old Jul 20, 2009 4:04pm
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Quote:
Originally Posted by batesmotel View Post
Perhaps you may want to pick up a copy of the book "The Creature from Jekyll Island" by G. Edward Griffin...then you will really see where your hard earned tax dollars are going to...Just a suggestion...

GregB

lol, I know about the fed. I love how everyone bashes the US that lives somewhere else. I don't want this to turn into a why the US sucks and if it gets that way I will take my 500k a year dumb tax paying ass somewhere else and let all the smart one's learn to trade the market that live is a better place then the US.
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  #38852  
Old Jul 24, 2009 1:57pm
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Quote:
Originally Posted by PeterFM View Post
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.

I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread.

Although I'm not a great one for moving to BE either, I feel that you should be looking at the impact that partial profit taking may be having on your bottom line. If you're looking at this stuff correctly then you should have a clear...

Yep and that's why I stopped posting, then if you say something about it they bash you or some other crap that I really don't need to deal with, then all the other clutter messes with my trades, Hell I am still long the usd/jpy and added in 2% more on the pullback with divergence, up 20% on one trade is not to bad when I had 2% risk to start. If I read everything here I would be out of the trade all together and up maybe 3-4%. I wish people here luck but I just think most people do not get it and then because I am kinda harsh they think I am attacking them and give me crap back. Anyway if you add into your position on long term trends you will make a LOT of money in the long run.
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  #38859  
Old Jul 24, 2009 2:53pm
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Quote:
Originally Posted by salisa View Post
twopence worth: I run a business here in the uk successfully - we just had our 10th birthday and not one person has agreed with the way I run it over the years ... but guess what: it works for me and all of my staff and customers... the great thing about this business (trading) too is that it can work in so many different ways that suit each of us as individuals... there is no "right" way to do it - thats the beauty! sure some will make more than others but that is the way it works - right? some have more nerve, resolve, patience etc ... I am...

If you kill a trade @ 1% profit and risk 3% you are not going to make money. Something will happen, if you take a 150 pip stop and kill the trade +20 you will lose in the long term, I know this and have seen it happen, news, world events, computer dies, something will screw you and that is why I make MM and risk such a big deal. If you risking 100$ who cares, risking 50k well that's a lot different just in the mental terms. No one I know who trades and makes money risks 100 pips and takes 20 off, go over to avidtrader free chat and ask, they trade real money and when I scalped off the 3min I would risk 3 for 7-8 and had over a 50% win rate.

Yes it may work for a little while just like winning at cards, hell it may work for a few months or even a year or two, but after 10 years of doing this it will NOT work over time just as flipping a quarter and when you win you make 15c if you lose you lose 25c it does not work.


P.S. Just because you run a business does NOT = you can trade, in fact most people that do well outside of the market have a harder time trading because they where sucessfull in the past and it does not carry over.
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  #38887  
Old Jul 25, 2009 1:04am
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Originally Posted by batesmotel View Post
Great post.... I agree...if you are a "sharp shooter" with a 95% win rate....you really don't need a 1:1. On the other hand, for long term positions, It really makes a hellava lot of sense to "Build Your Position".

I want to find out more about this MM.

GregB

No one wins 95%, if you say you do you are full of shit.
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  #38942  
Old Jul 26, 2009 1:38am
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Quote:
Originally Posted by batesmotel View Post
Lol...perhaps I was exaggerating a tad....but I do know a Torontonian scalper (Eurosniper is his username...eurousdsniper on yahoo) that approaches this win rate....not that he gets 1:1 always...he always takes some off at +10-20 pips and moves SL to BE, then hopes for a runner....9 out of 10 trades are on the EURUSD. He does not divulge his strategy, but I do know that he plays off of S&R's and PA...But I think his secret weapon is his order flow data that he subscribes to.....he knows when there is a $10 billion buy limit order, for example,...

75% sure I hit that in the past on the 3min S&P, also the contest are retarded just as you know everyone makes the 1st million on demo then gets killed with real money. If you fail at demo your strat sucks, if you fail on real money your not control of your emotions. Also I could care less what someone posts on some bullshit site, I have seen it before and in fact the 95% winners site I paid $500 per stock pick for that service 8 years ago and guess what? 65% lost me money after paying $500 for the pick, also why try to sell something if you can make MONEY??? Some many people selling shit cant trade and that's just the truth anyone I know who can trade does not sell shit ever because they make money and dont have to, think about that. If you can made say 200k a week why even screw around with selling some bullshit for $500 a month or even $1000 a month when you can just trade and do better then that?
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  #39149  
Old Jul 28, 2009 4:16pm
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Quote:
Originally Posted by rustyjeff View Post
Yes, after a long break I did miss trading..
This week will be warming up, getting the charts in my head, getting the feel back..
fresh eyes as they say.... there seem to be some good looking opportunities coming, from the wind up on usd crosses &yen pairs to important levels on some exotics & indexes.

hey ikki, I like the euro just a bit better then ej on the way up for the fibs lining up with ppzs... if it does what I want...

5min today on eur/usd was great, also had a long @ a extreme on the 4bar hit with RSI divergence too, yesterday was okay had 2 wins, still do the 4hr but it's hard to pass up a 32% gain on a account in 1 day when it takes a few days of waiting on the 4hr stuff. Also I stopped posting a lot due to how many retards we have posting now and I just don't want to deal with it unless I see someone / something I like
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  #39150  
Old Jul 28, 2009 4:20pm
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Originally Posted by mbqb11 View Post
Good book for those that never thought about the psychological side of trading. I found it pretty obvious but that was probably coming from a poker background and what not. My copy is in mint condition maybe I'll give that away next to someone who PMs me with why they need that book. Winner gets it

Trading is mostly emotions. Controlling your greed, fear, and all the emotions that come with executing your trade plan. This is why you could give someone the keys to the mint and they still might not be profitable. Emotions are what drive the market,...

Hit the 5min then lol Maybe I could setup some kinda realtime chat deal so the scalpers can all chat, no retards just ppl that play and add something to it oh and people that win too . Is that skype thing any good Mike?
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  #39151  
Old Jul 28, 2009 4:29pm
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Yesterday's trades, 5min fun stuffs.
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  #39153  
Old Jul 28, 2009 4:46pm
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Originally Posted by aarangio View Post
Hi ya Ryan,

just wondering why you didn't take that pinbar..it looks really good i was thinking?

Adrian

10:00 news, I watched it as well but on news I don't have a edge and don't want the risk.
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  #39177  
Old Jul 28, 2009 8:48pm
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Originally Posted by mbqb11 View Post
LOL no 5min for me I am very content here

What skype thing? The yugma? yeah yugma works great

-Mike

I want something that I can interact with people on and they can do the same back, it will be free as long as they add something of value to it. Come to the dark side Mike
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  #39223  
Old Jul 29, 2009 8:18am
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Quote:
Originally Posted by Jigsaw View Post
I've seen Mike trading the 5Min a couple of times . . .

(I know what you traded last summer)

@Ryan

Last three/four weeks since my summer holidays started I've been trading the 5Mins for at least twelve hours a day. Before that I just did it an hour here and there. Rollercoaster tycoon and other management games are a good way to get through it for me on spare screens .

I mostly trade outside bars on the 5Min, and I am a 1:4 R:R ratio man like yourself (Although my risk is normally .5 so no mad return days...

I never looked at the outside bars as it seems you would take on more risk due to a bigger stop, throw up a chart if you dont mind of a few.
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  #39233  
Old Jul 29, 2009 9:28am
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Quote:
Originally Posted by FOURX View Post
hey Ryan,

why on your charts do you always state 5 risk?

the pinbar on the counter trade was 10 pips long?

thanks

Post up a pic of what you are talking about.
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  #39268  
Old Jul 29, 2009 12:39pm
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Originally Posted by Jigsaw View Post
BUOBs and BEOBs at confluence.





I put this down the main reason as being countertrend here as the reason why it failed, when your trading 1HR you have to be certain of super strong levels especially countertrend, you will get way more pinbars like this that fail out.

Shit happens and losses happen though, I trade hourlies and always am at 1:1 and my win rate lately hovers around 68-72%. So I mean losses happen, I am never concerned about pinbars failing or stuff failing once I have my rules. I am more concerned about staying disciplined...

Okay that's what I was thinking too but wanted to see it. Yep it's easy stuff and it's funny to see ppl thinking 20+% a month is not real lol. Maybe not for them but most people are wrong in the market anyway.
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  #41434  
Old Aug 18, 2009 11:12pm
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Quote:
Originally Posted by tac View Post
The problem with trading dailies is you will never build a small account up just trading them, there are simply not enough trading oppurtunites, for account building you need to get down to 1hr or 15min charts, where you can get trades every day. However to get down to them you need to move down from daily to learn pa and gain experience. So it looks like

Small account - start on daily gradually move down to 15 mins to learn
Build account up to large account then move up to daily.

Yep even at 100% a year you are not going to make a million unless you have 300k+ to start and that is rare. I started with 20k blew up, 20k more blew up, sold everything got a 2nd job, blew up 10k and that was a long time ago. I know most ppl here think doing 50-70 or 100% a month is not real but I tell you I have done it and see others do it that trade the 3-5min stuff, I posted it here in the past so it's not BS. The hard past is running the trades with 0 emotion and not having a care about the trade.

Goto a forum like avidtrader and just read, I have been on it about 12 years now and just look at how tuned in those people are and 90% of the scalp and some of the traders have 7+8 figure accounts, hell one of the older guys is the host on CNBC europe


P.s. I have not posted in a while because nothing is new just same crap different day.


P.s.s I am back to the 5min LOL
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  #41436  
Old Aug 18, 2009 11:22pm
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Originally Posted by james16 View Post
i got news for you benji my friend.

money makes things easier and thats about it.

whats the greatest thing money ever did for me?

when i finally had some i still felt totally unfullfilled and it triggered a spiritual search in my life and i dont mean religion.

a journey inwards instead of outwards.

im convinced life is just a "school" and im also convinced when its over we will have a good laugh at how silly it was for so many of us to be so neurotic about everything. me included.

True about the money, That's why I started working out that's something money can not buy and it's a challange
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  #41569  
Old Aug 19, 2009 8:36pm
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Quote:
Originally Posted by Eclipse View Post
How much time do you spend a day monitoring the charts? And how many crosses do you look at? Do you even trade the 1 min. timeframe with the same method?
But most importantly: why aren't you able to trade higher timeframes with the same profitability?
Your answers could help me to understand some things. Thanks.

I watch charts about 2-3 hours a day max on the 5min. I get a feel for whats going on so I only have to check it out maybe every 30-45min and if I miss a few I really don't mind. On Forex you can trade the 1min but I don't care for it 5min for me is less chart time but I have done the 1min on the S&P e-mini without any issues.

About trading the higher times it's just not me, I tried it 2 times now and it works but it's too slow for me and It's not the money it's the holding a trade for 3 days to get stopped out, I am ADD bad I want to know in 15-30min if it worked or not, I don't care what happens I just want to know so I can plan the next setup. Also what I make in the 5min in 1 week takes about 2 months to do in the 4hr and I have the same or better win rate on the 5min because It trends almost daily, also if you watch 50 pairs on the 1 hour chart you look at just as many setups on the 5min with one pair per day so what is the differance?

Also I watch 1 pair, eur/usd best spread that's why I trade it.
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  #41574  
Old Aug 19, 2009 10:44pm
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Quote:
Originally Posted by LasVahGoose View Post
If you don't mind me asking, what is your 'record' compounding rate after 1 week on the 5 minute charts?

To be honest I don't keep track of it, I think I would say 40% or so, all it takes is 4-5 winners with 2% risk and 8% reward. Right now I am just doing a 2% risk 4% reward but I just adjust with the range and how it trends. Also I adjust down too, if I lost 2% I adjust so it compounds nice and you never go broke. As of late I am hitting about 75% winners.

Monday was no trades.
Tuesday was 2 trades, 2% = 10 pips, killed one +12 pips the next got me +20
Today was 1 trade stopped @ cost.

So up about 6% this week, kind of slow but that's okay most people don't make 6% a month

And for the people who call Bullshit, please see my attached screen shots. Today's short would of worked out but it was getting late so I went to cost.
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  #41576  
Old Aug 19, 2009 10:53pm
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Quote:
Originally Posted by unlv_tj View Post
I have been investing since I got out of college in 2000. Mutual Funds (Roth IRA, 401k, etc.) and also rental properties with my brother.

I don't think to this date I have made 6% in over 9 years.

Great to see you around here Ryan, you are an inspiration!

Ya that's why I put up the screen prints lol. It just takes BALLS to not freak out on the amount you are trading with.
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  #41578  
Old Aug 20, 2009 12:08am
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Quote:
Originally Posted by vijay s. View Post
Not balls...just trusting your system and sticking with it even after a loser or two. Nice, Ryan, thanks for the post. Definitely inspirational as mentioned, you shouldn't underestimate your contribution to this family, even if its the same ole same ole. Theres a lot of insight you provide as a trader that "made it" that aren't necessarily related to entries/exits and trading system info. IMHO that is just as valuable as the trading mechanics itself.

My one question is...after a certain equity level, you don't need more than a certain % per...

I will say after being a loser for 5+ years I am going to take all that I can out of this market I know I could just do the weekly if I really wanted to but then I would not have anything to do. It maybe a ego thing now but I sure love winning, it's not even the money, it's the years of not understanding why I was losing and losing 90%+ for YEARS that pissed me off and I don't trade out of spite because after a few thousand trades you know if it works or not even if I get 20 losses in a row I know it works.

Think about this, even if it's not about the money do you not smile when you are right and right may not be a winner, hell I get more excited when I get stopped at cost and it would of took my 10 pip stop out lol. Maybe I am different then everyone else but I don't think I will ever quit the market just because it was such a pain in the ass to get it down and I really do enjoy it. If I did not I would not be posting here to random people that I will never talk to.
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  #41580  
Old Aug 20, 2009 12:32am
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Quote:
Originally Posted by Jlr View Post
What turned you from a loser to a winner, if you don't mind
Having a mentor help me for over a year, spend 100s of hours on the phone and well over 1000 e-mails. I was in luck, I helped him with some computer code work and he said he was going to teach me what he knew because he had cancer and if he passed I would help his son trade. He is still alive today and we chat from time to time, he enjoyed teaching me and I ended up helping him on some setups after I got good at it. It was just a luck thing to be honest, right place at the right time. I guess that is how always helping people out has paid off.

BUT after learning how the setup works and you start making money you have a different set of things to deal with, that is Risk and emotion and if you never talk about either you are not trading big because you will not get big unless you understand that and overcome it.

Also what J16 has added is a little more price action, now I trade 3 setups not just my old 2. PBs with trend, PBs with CT and Rsi divergence at extremes with divergence called "The Rope" or at least that's what my old mentor call it, also don't ask about the rope not going to post it but the other 2 setups can make you rich as well.
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  #41624  
Old Aug 20, 2009 11:33am
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Quote:
Originally Posted by TiaForex View Post
I love your stuff Ryan. Always have. Good to see you here again.

You mentioned spending years not understanding why you were losing. I quote that often to people as an example of the level of perseverance it takes to get profitable. When you finally got profitable and looked up, what were the reasons you were losing over those five years? And what changed?

I've read your post history twice and I don't think it's something you've ever written about. It'd be a great insight into a winner's psychology.

It goes back to the 1st 2 people I had as montors, they got a nice run up 1997 - 2000, the other one could trade great just not his own money

Mentor #1 took 64k and made over 8 million, Derick Lenord watch a wade cook video he's on it making 145k in one day off dell options, well he was in the right place at the right time and now is broke and in jail. I posted the deal before.

Mentor #2 Showed me a lot of price action such as Wave's Fib's and a setup called the Gartley 222 butterfly that was very nice. He is still great at TA just can not trade his own money and runs a hedge fund, He pointed me to Mentor #3

Mentor #3 Smartest person I have ever talked with, very down to earth and no BS, showed me what to do and even walked me through it on the phone and I still lost lol, He told me "Ryan you will know if you can trade or not in 6 months, some people just never can" He is correct about that too but after about 6 months I was winning and winning a lot I would say 75% or bette but not making any money that's when I really got pissed off. How the hell can I win most of the day and still end up damn broke!!! Well it was my MM and RR that was crap, once I fixed that my stress went away and the money started stacking up. Funny thing is when I called him about 6 months after the year he spent teaching me I told him "You know I was winning and still losing money but I started understaing this RR stuff and now I am doing okay" He just laughed and told me "You had to get that down on your own " We are still good friends and I chat with him every week or too and he still trades the 3min S&P e-mini.
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  #41633  
Old Aug 20, 2009 12:24pm
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Quote:
Originally Posted by mbqb11 View Post
LOL i get my best night sleeps after a night out now GO FIGURE

I thought you would say like something out of Black Hawk Down, but what do i KNow :P

I guess blacking out / passing out is a form of sleep
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  #41635  
Old Aug 20, 2009 12:27pm
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Originally Posted by TiaForex View Post
Thanks man, that was great reading.

Thanks glad I could help out.
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  #41636  
Old Aug 20, 2009 12:29pm
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Quote:
Originally Posted by mbqb11 View Post

I am going to Missississp next week to play some poker with my brother, 100k On black right Mike? What game is fun that I can play and is not a job? I was doing the dice throwing game on that big table but it moves too damn fast, also my bro just said play the pass line but that is no fun lol
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  #41639  
Old Aug 20, 2009 12:36pm
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Quote:
Originally Posted by james16 View Post
Just dont get your dice in a vice.

Lol
I almost did last time, some drunk chick was hitting on me with her husband right next to her.

Last time I lost $8 and it pissed me off LOL, I hate knowing I am going to lose but I want to learn how to play a little. I feel like a retard not having a clue what I am doing.
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  #41644  
Old Aug 20, 2009 1:09pm
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Quote:
Originally Posted by james16 View Post
well have fun and thanks for helping out here.

jim

Jim glad to help out anytime, sometimes I come across as a ass but as you know I just hate to people lose money.
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  #41645  
Old Aug 20, 2009 1:10pm
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Quote:
Originally Posted by rustyjeff View Post
Ryan will be all over this..

Was in the shower when that one came up LOL story of my life. One thing I am getting good at now is not caring about missing one because I will have a setup again
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  #41675  
Old Aug 21, 2009 12:05am
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Quote:
Originally Posted by TiaForex View Post
Awesome stuff Joel. What platform do you use for charting futures?

I think tradestation my well end up being my Christmas present....

Tradestation is great and have used it for years, started with TS2000i now it's all web. It's nice if you look at a lot of things but for me I just use the eur/usd free ones BUT when I traded the 3min S&P e-mini 1 bad tick would throw up a incorrect divergence and kill me so it was worth it paying the $300 a month for everything. Also tradestation is easy to use and I have messed with most charting software including the $600 a month CQG
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  #41676  
Old Aug 21, 2009 12:09am
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Originally Posted by 4X=0 View Post
now long for what its worth
Attachment 293098

I hope you don't trade that far zoomed in, I know from when I started out I would zoom WAY in to make crap trades look good, that's back in the 90%+ loss days
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  #41744  
Old Aug 21, 2009 1:59pm
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Quote:
Originally Posted by TiaForex View Post
Hi Ryan,

Another question while you're here. And thanks again for taking the time to contribute.

When you trade a fast market like the 5M and 3M what were your contingencies? You must have had backup laptops with wireless connections and a generator. After all, one power spike and you could lose big with that stuff.

Also, I've always wondered, do you have time enough to enter a stop loss and take profit on those 5M/3M markets. Or do you just buy/sell to market and edit once the order is in (which always sounds dangerous).

When I thought...

I just have my broker on a cell phone, also I always put in stops the same time I place my trade I have been burned before on that years ago and it was easy to fix. The only risk I have now is when I adjust my stops but over the years the GOOD brokers don't go down, In 1997-1999 Interactive Brokers had some growing pains Also you had to use math then too like 16 3/4 not 16.75 lol


Also about doing all that work, I am smart and lazy. I have a print out of what account balance = what risk and leave it on my desk, I have pre set stops and losses and I am good at math so if I have to adjust a tighter stop I just work the number in my head for the units, If you are trading say 2.5 million units and move your stop from 10 to 8 because that's resistance you just add 20% more so that's .5 then it's 3 million units, I round to the nearest 100k to make it easier but I also match the trade in DBFX because Oanda does not like you going over 10 million units and I like to hedge it too just in case something happens.
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  #43880  
Old Sep 16, 2009 1:22pm
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Default My take

on this weeks market action on the 5min... Please see attached chart.
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  #43882  
Old Sep 16, 2009 1:25pm
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Quote:
Originally Posted by Icehocey77 View Post
lots and lots of chop, maybe we'll get somthing now that we've got past 1.47

Ya it's so slow I got a screen next to my tv to watch it, I dont even sit in my office anymore lol
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  #43951  
Old Sep 16, 2009 10:25pm
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Quote:
Originally Posted by joelcf View Post
I completely agree with you. It is a forrest:trees situation that I think new people to almost everything get stuck in.

I guess this goes back to this - not much...though it varies with your approach, pych and level of sophistication.

Understanding more about how markets work is a good thing, imho, but you absolutely dont need to know it to trade 'j16 style'. You could think that order flow has something to do with a mcdonalds drivethrough and a trading desk...

Good post and a few pro's I trade with and watch get into this stuff very deep, they count bars, do EW counts and work 18 hour days still and have been for 20+ years and its all they know. I do well maybe make 3-5% less and work 3-6 hour days sometimes if nothing is going on maybe more but I dont have to. So it comes down to is that 3-5% a big deal to me and for me I would rather have the time to do other things.

Also to me the J16 is just adding into my "hand" if I play poker I want a good hand to play and this PA adds into my rich deck plan, do I still lose sure, but would you fold if you had 2A's hell no you would play it, same deal. Also years ago we had a S&P e-mini system that worked well, we had it staffed 24 hours a day with 3 groups of people and it made damn good money, when the market changed we sold it to a firm in Chicage for a nice chunk of change and let them burn it out so these system do work but most not more then a few years at most but that's all you really need if you are running 100+ contracts of S&P e-mini's

The thing I found out is all the other crap you add just helps you take the trade it does not really help, at least for me. I used to have 12+ things on the chart and do EW and bar counts and all this other crap so when I took a trade I would not even question it, now after 10k trades and 10 years I can do it just with BB and RSI and take the trade and walk away and win 65-70% of the time off a 2% risk 4% reward so it pays the bills.
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  #43953  
Old Sep 16, 2009 10:34pm
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I take that turd pick back, 10 risk for 20 reward so I did get a trade in today
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  #43976  
Old Sep 17, 2009 12:52am
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Originally Posted by mbqb11 View Post
Never huffed any paint here

This is why some of the smartest people fail miserably at trading. It is opposite of how we really need to think often. Doctors, Lawyers whatever think that it is like learning a profession that way. It is completely not from my experience and that is why the joke is the doctors and lawyers get in last and give the liquidity for the big boys to get out of their profession. Those who just boil it down to its simplest level, practice, are open minded etc seem to thrive the best. I don't think you should change who you...

That is so true, lots of people that master what they do get into the market and expact the same. The people that do the worst are the Doctors / teachers / and IT type people because the job is the same thing over and over and the market is not that. One of my friends up in NY lost a little over 1 million in the past 12 months trying to get the bottom of the banks, well he never got it and walked away for some time off, he offered to pay for me to come and help him out lol I just do it over the phone now for free, but to be honest most people in the market are like him, they do great at a "real" job and just and try to do the same thing in the market and get hammered. I come from a IT field and when I got into this my last mentor told me I am going to have a hell of a time trying to get something that works all the time because it's just not going to happen, He was right too I wasted LOTS of time looking for the one setup I could trade over and over without a loss and it's not there.
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  #43977  
Old Sep 17, 2009 12:55am
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Originally Posted by joelcf View Post
This is why Ryan is one of the seven people on the whole of FF that I have grabbed every post, read and reread, taken notes and saved.

Last I checked, there were 25,000 active members.



This is another reason

Hey thanks man that means a lot and why I post here.
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  #44014  
Old Sep 17, 2009 2:05pm
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Originally Posted by manperm View Post
I'd say about as much as an airline pilot needs to know about the plane he's about to fly. Basically, you need to know as much as possible. "Less is more" can be taken as, "Less knowledge will cost you More," as well.
I am not sure about that, I made well over 6 figures a year not knowing support and resistance lol It just takes being good at reading PRICE and knowing what setups work for you and how to manage them. I know people that KILL me on telling me what is going to happen how it's going to happen and what they are going to do, but guess what? I make money and they don't so who cares what you know, you trade to make money. Now if you want to be a show off and talk about how much you know to all your friends and not make money that's fine too. I ran into someone like that talking about all this high tech crap and I asked him after he was done, "So I guess you make a killing in the markets dont you?" He said "No I still have to work but someday I will" So who cares what you know it's all about MAKING MONEY to me the rest is just bullshit.
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  #44016  
Old Sep 17, 2009 2:09pm
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And to back up my point, here is my 1 trade today that made me 4% and I really don't care how it worked or what else was going on, I made money and that's my job
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  #44036  
Old Sep 17, 2009 4:32pm
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Originally Posted by mbqb11 View Post
at the end of the day that is really the only reality. It's like those posts on FF of people saying I made 10,000 pips! Yeah but how much MONEY did you make.(not even a question that is a statement :P )

Ryan vegas run lets do this

Man when I was in Golf Port seeing my brother I got $100 out and never even played, I had no edge on anything and I knew I was just going to lose so I walked around lol. I think it's because I lost so much in the past in the market now I can control myself and I don't play unless I have a edge. Never thought going to a casino without spending money, just like I never bought a lotto ticket, bad odds again LOL BUT if you want to go and see some clubs or whatnot I am game just say when.
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  #44039  
Old Sep 17, 2009 4:40pm
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Originally Posted by mbqb11 View Post
sunday at Rehab

LOL, Never played a lot in the past but a few 100. My biggest worry is getting hammered and blowing a LOT of money haha, that's why I have a 1500 a day limit on my debt card Let me talk to my brother and see if he can get something comped out in Vegas and I will let ya know.
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  #44112  
Old Sep 18, 2009 12:07pm
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Originally Posted by benji533 View Post
Here is an example.

Just a tip, when you play divergence trades such as RSI / MACD or whatever the LONGER the divergence is apart the LESS chance you have of it working, that is how I use some of the TIME crap I do when I trade. SO if you have 5 bars that make a divergence vs 100 bars well that 5 bars has a better odds MOST of the time because once you go so far back anything can make a divergence. Look at this chart.

Now are these 100% textbook divergence trades? Nope but who cares nothing is exact in the market and the only reason I am here is to make money and that is what I do that works.

Now here is the mix, from the time it hit until it was time to take the trade is was 8 bars.... Just something to think about
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  #44120  
Old Sep 18, 2009 12:59pm
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Originally Posted by benji533 View Post
Thank you guys for the comment. But unfortunately you are missing my point. At this stage I do not care about what works ant what not. I didn't even look if the div worked on my example chart, I just searched for a double MACD tops and a higher price top.

The thing that I want to know is the reason, sense, logic, factors for this to work. I want to know why. I can't see any sense. It's the same with the moving averages post I had last week, and Jarroo's reply. I want to know why these tools work.

Ben

You are NEVER going to make it if you have to know why, you can take 2 exact same setups, same time, same date same everything and one works and one does not work. What you NEED to be working on if something that works for you MOST of the time OR if it does not work most of the time make sure your winners make a LOT more then your losers. Who cares about the logic and all that other crap because I will tell you that it WILL drive you nuts and NOT make you any money, read my post a few pages back about people that know everything about the market and still can not trade. don't be like them.
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  #44161  
Old Sep 18, 2009 3:53pm
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Originally Posted by TiaForex View Post
Divergence starts to appear on charts. People go short based on it. Price carries on going up. People get slaughtered.

That's it.

Divergence shows the potential for a reversal but it's not a signal that the reversal is going to happen now. Therefore it adds confluence to reversal PA, but that reversal PA better be strong or you'll get killed.

Look at your charts and see how long price continued to diverge from the oscillator before that divergence was respected and price corrected itself.

Case in point, the NU and AU at the moment. Look...

Yep and that is why I like it to be less then 10 bars on the 5min because the longer it gets the less it works or at least what I have seen, Hell if you go back far enough you can get a 95% loss rate off of divergences.
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  #44162  
Old Sep 18, 2009 3:58pm
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Originally Posted by benji533 View Post
OK enough! You are right. I made 9R gain in the last 30 hours. Used 2% on each trade - makes it 18% gain.
This is not my first day doing this. So I know what works for me. I'm happy.

I'll look into the sources you mentioned only for fun

Have a great week everyone!

Ben

PS - I know demo is different. But only psychologically. I'll pass it as well when time comes
Money changes it all, When your 1 trade = a nice car then you will look into MM and RR as the only thing that matters. But you are doing good, find something that works in any market and run with it, hell my setups are over 25 years old, I just added the J16 PB and PPZ stuff into the mix, if you get a setup that is too complex and it has a lot of things that have to happen it will not work in the long run. For me using BB's you will ALWAYS get extremes from people / news / emotions and RSI just ties to it so it works for me.

P.S. The 1st 4 people I showed the market too turned 100k into over a million, after they went live they all quit and blew up in 3 months, accounts range from 5k - 45k with me showing them the exact same trades I was in and when I got out, they though they could do better so did not listen to me. They still enjoy their day jobs.
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  #44184  
Old Sep 18, 2009 6:33pm
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Originally Posted by StoragePro View Post
Goodness no... jeeze, that hurts to the bone.
lol you know it too well.
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  #44185  
Old Sep 18, 2009 6:43pm
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Originally Posted by james16 View Post
is forex factory screwed up right now or is it just me.

everything is solid white.

I got the same thing, it screwed up yesterday as well.
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  #44208  
Old Sep 19, 2009 12:10pm
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Originally Posted by Jazflyer View Post
Ryan, where did you have your div. line drawn on this chart? Guess it would have to be prior to the swing high PB otherwise there wouldn't be any div. Is that correct?

I was a little late to the party because I did not get up until 11:30AM EST so I missed the 1st short but I played it on the 2nd one and it worked. It's all odds.
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  #44209  
Old Sep 19, 2009 12:13pm
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Originally Posted by PipGator View Post
No,Oanda does not support MT4. They have their own charting software which is not very good. The worst part of using Oanda, in many people's opinion, it the charting software. Many of use use MT4 for the charting and use Oanda for placing trades only. It's been a while since I transfered money, but I don't think they charge for deposits or withdraws.

Ya Oanda charts SUCK, also the few times I pulled money by check it took forever like 10 days and it came from Canada if I remember but it was around the end of the year so mail was heavy. I would say do a wire if you need it faster. I know I can get a wire from DBFX in under 3 hours
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