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Flying Dutchman

  • #3,161
  • Edited 11:47am Sep 7, 2022 11:30am | Edited 11:47am
Quoting turnip15
{quote} I am UK based - is it the bar next to the "X" ? {image}
Here ya go ... G$

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edit: I forgot to say hindsight ....
Mark ... Everything you have been told is a LIE
  • #3,162
  • Sep 7, 2022 1:09pm Sep 7, 2022 1:09pm
Quoting spzd
{quote} Here ya go ... G$ {image} edit: I forgot to say hindsight ....
Excellent. I see it now. And hindsight is okay too
every Saint has a past. Every Sinner has a Future
  • #3,163
  • Sep 7, 2022 7:33pm Sep 7, 2022 7:33pm
Just one trade for me as trading from NZ. Would love to trade US Equity but its just too late for us.
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  • #3,164
  • Sep 7, 2022 9:27pm Sep 7, 2022 9:27pm
Quoting BWilliam
I'm not interested in under 50pips, I'm also not interested in 50pips I can't see. To me, I see dangerous 50pips and not dangerous 50pips. Ofc I know it can go 50pips but it's dangerous so... Sometimes I wish I don't know. That's the price to pay for reducing blindness. Open eyes is not always a good thing.
There's a difference between a market move value that's dangerous and not dangerous in respect to risk. Professional traders know that, risk assessment is their highest priority in trading.

The best trader is the one who trades the best risk management strategy. This include the best risk assessment model.

So, are all strategies the same?
What criteria do professional traders evaluate their strategies, and they review that constantly?

Same question for retail trading,

Do you see all strategies the same?

If not, with what criteria do you evaluate strategies?

Read this forum to understand the huge missing gap in retail trading. Another difficult subject, taboo topic.

To me, this is the most important topic about trading strategies. Cheers
Know what you trade
  • #3,165
  • Sep 7, 2022 11:08pm Sep 7, 2022 11:08pm
Quoting BWilliam
{quote} There's a difference between a market move value that's dangerous and not dangerous in respect to risk. Professional traders know that, risk assessment is their highest priority in trading. The best trader is the one who trades the best risk management strategy. This include the best risk assessment model. So, are all strategies the same? What criteria do professional traders evaluate their strategies, and they review that constantly? Same question for retail trading, Do you see all strategies the same? If not, with what criteria do you...
You do bring forth a serious topic. One which I think to many overlook or abuse. Included in this is acceptable DD. Why? DD shows how loose or tight you are with stops. To me, the only acceptable DD is what I am willing to lose initially (for me it is usually no more than 10 or 12 pips roughly 1 ATR for that time frame -m15- or 1 bar h/l ). If you are willing to lose 10% or more of your account in one fell swoop is not trading. Then they whine about 0.6 pips slippage.

So yeah I have a pet peeve over draw down.
Mark ... Everything you have been told is a LIE
  • #3,166
  • Sep 8, 2022 2:48am Sep 8, 2022 2:48am
Quoting spzd
You do bring forth a serious topic. One which I think to many overlook or abuse. Included in this is acceptable DD. Why? DD shows how loose or tight you are with stops. To me, the only acceptable DD is what I am willing to lose initially (for me it is usually no more than 10 or 12 pips roughly 1 ATR for that time frame -m15- or 1 bar h/l ). If you are willing to lose 10% or more of your account in one fell swoop is not trading. Then they whine about 0.6 pips slippage. So yeah I have a pet peeve over draw down.
Hi spzd, you have turn all that negative energy into something good for yourself. Reading forums, oh yes it's at abuse level. That's why I bring up this sensitive topic. I brought up sensitive topics because getting them right form the fundamental principles we abide by in our journey as a Forex trader. Unfortunately people tend to see it as a veiled criticism. Only truth hurt. This is my contribution on FF specially for those who seek success. It's for them that I write. Cheers
Know what you trade
  • #3,167
  • Sep 8, 2022 3:23am Sep 8, 2022 3:23am
Hi,

Anyone trading GBP/AUD? It is in hindsight. I could not pull the trigger as i was waiting for a pullback and maybe a W formation. Other confluence was it broke the previous session Low, Bullish Engulfer when it decided to go up. Decent for 35 to 40 pips i'd say. Its for learning process and any input would be great. @Bluesteele, @spzd. Was i being too cautious to wait for a pullback or was i just blind?

Trade well.
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  • #3,168
  • Sep 8, 2022 5:41am Sep 8, 2022 5:41am
Quoting BWilliam
{quote} There's a difference between a market move value that's dangerous and not dangerous in respect to risk. Professional traders know that, risk assessment is their highest priority in trading. The best trader is the one who trades the best risk management strategy. This include the best risk assessment model. So, are all strategies the same? What criteria do professional traders evaluate their strategies, and they review that constantly? Same question for retail trading, Do you see all strategies the same? If not, with what criteria do you...
I believe if we translate it to real use:

Trade only a strategy with fixed SL and TP. With the SL that is unlikely to be hit. A "no option" trade. The most risk-less trade.
The market hides a perfect geometry.
  • #3,169
  • Edited 6:56am Sep 8, 2022 6:31am | Edited 6:56am
I don't hate scalping spike candles. I can scalp since I was a scalper for many years. But I don't use volume data for my scalps. Someone wrote we can use proxy tools in place of volume delta. Scalp is the same as swing trades just that it's much faster than swing trades, the buy/sell semi-cycles are shorter. In and out the market book profits a lot faster. You have to know when to get in and when to get out with precision. Many traders like scalping for the adrenalin rush, the thrill of the skill of doing it right. However if you look at the chart where I scalped it's very dangerous, isn't it? Post#3164 talk about dangerous trades. This is one example of dangerous trading, close to real time example allows you to see clearer. Nothing to be proud of. If the trader acquire this precise scalping skill, then use this skill for better gain by getting precise entry for swing trades, thereby limiting drawdown and reducing the risk ie. part of risk management. Cheers.

***if you have not acquired scalping skills, spend time demo scalp spikes to acquire this important skill to add to your tool box.
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Know what you trade
  • #3,170
  • Sep 8, 2022 6:40am Sep 8, 2022 6:40am
Quoting BWilliam
{quote} Hi spzd, you have turn all that negative energy into something good for yourself. Reading forums, oh yes it's at abuse level. That's why I bring up this sensitive topic. I brought up sensitive topics because getting them right form the fundamental principles we abide by in our journey as a Forex trader. Unfortunately people tend to see it as a veiled criticism. Only truth hurt. This is my contribution on FF specially for those who seek success. It's for them that I write. Cheers
It's a very sensitive world now BWilliam. The 90's would be a welcome return any day. Beam me out of 2020's. I've enjoyed your comments and have not seen them as criticism or anything like that. Just good knowledge worth considering.
  • #3,171
  • Sep 8, 2022 6:52am Sep 8, 2022 6:52am
Quoting FulMargnAlch
{quote} I believe if we translate it to real use: Trade only a strategy with fixed SL and TP. With the SL that is unlikely to be hit. A "no option" trade. The most risk-less trade.
Not endorsing this content but it did speak of wider stops than targets.

Inserted Video
  • #3,172
  • Sep 8, 2022 7:00am Sep 8, 2022 7:00am
Quoting whitesta
Hi, Anyone trading GBP/AUD? It is in hindsight. I could not pull the trigger as i was waiting for a pullback and maybe a W formation. Other confluence was it broke the previous session Low, Bullish Engulfer when it decided to go up. Decent for 35 to 40 pips i'd say. Its for learning process and any input would be great. @Bluesteele, @spzd. Was i being too cautious to wait for a pullback or was i just blind? Trade well. {image}
Nice example of price reacting around those Stacey Burke levels
That High around 71000 -see how price breaks and returns for a nice short. Thus action/levels on the left influence actions on the right of the screen. Stacey talks of engulfing, retraces and Pin bar candles around those levels etc.

I am still experimenting with that alongside my normal trading.

As an aside: I use Tradingview but cannot find the "sweet spot" indicator for Stacey's Levels, meaning I have to draw them in by hand

Has anyone found such indicator on Tradingview ?
every Saint has a past. Every Sinner has a Future
  • #3,173
  • Sep 8, 2022 7:05am Sep 8, 2022 7:05am
Quoting turnip15
{quote} ... Tradingview but cannot find the "sweet spot" indicator for Stacey's Levels, meaning I have to draw them in by hand Has anyone found...
Have not found one yet. If you do please let me know.
Mark ... Everything you have been told is a LIE
  • #3,174
  • Sep 8, 2022 7:09am Sep 8, 2022 7:09am
Quoting whitesta
Hi, Anyone trading GBP/AUD? It is in hindsight. I could not pull the trigger as i was waiting for a pullback and maybe a W formation. Other confluence was it broke the previous session Low, Bullish Engulfer when it decided to go up. Decent for 35 to 40 pips i'd say. Its for learning process and any input would be great. @Bluesteele, @spzd. Was i being too cautious to wait for a pullback or was i just blind? Trade well. {image}
Confluence around daily open, 800ema. 15 min pin bar.
  • #3,175
  • Sep 8, 2022 7:25am Sep 8, 2022 7:25am
Quoting FocusWinReal
Not endorsing this content but it did speak of wider stops than targets. https://www.youtube.com/watch?v=OiXdyq9XNDs
FWR, 17:48-59 "There is no global truth in trading. There is only intelligent, logical structures how you should trade."

I try to talk about some of this intelligent logic here.

Scalp or swing trade this G$ spike ? Cheers
Know what you trade
  • #3,176
  • Sep 8, 2022 7:28am Sep 8, 2022 7:28am
Quoting turnip15
{quote} Nice example of price reacting around those Stacey Burke levels That High around 71000 -see how price breaks and returns for a nice short. Thus action/levels on the left influence actions on the right of the screen. Stacey talks of engulfing, retraces and Pin bar candles around those levels etc. I am still experimenting with that alongside my normal trading. As an aside: I use Tradingview but cannot find the "sweet spot" indicator for Stacey's Levels, meaning I have to draw them in by hand Has anyone found...
Try searching "round number". There are a couple that work on FX pairs only.
Mark ... Everything you have been told is a LIE
  • #3,177
  • Sep 8, 2022 7:36am Sep 8, 2022 7:36am
Quoting spzd
{quote} Try searching "round number". There are a couple that work on FX pairs only.
If I may, this is for mt4, if one needs it...Button Looks nice
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Attached File(s)
File Type: ex4 C12_UltimateRoundNumbers.ex4   16 KB | 283 downloads
File Type: mq4 C12_UltimateRoundNumbers.mq4   5 KB | 365 downloads
File Type: ex4 C12_UltimateRoundNumbers (btn).ex4   27 KB | 317 downloads
Make your own rules and stick to it.
  • #3,178
  • Sep 8, 2022 7:38am Sep 8, 2022 7:38am
Quoting FocusWinReal
Confluence around daily open, 800ema. 15 min pin bar.
To trade against that massive spike of 75% adr going into London open it requires this one intelligent logical structure, the knowledge that market will move value above dol. Cheers
Know what you trade
  • #3,179
  • Sep 8, 2022 10:02am Sep 8, 2022 10:02am
Quoting spzd
{quote} Try searching "round number". There are a couple that work on FX pairs only.
I replied on your thread but thought it polite to refer to it here since I raised the query here:
I have put in levels manually ; same with UK and US trading zone times ( UK times). Using Tradingview charts ( easy to use on iMac)
Then sat back and watched price act around those ( Stacey Burke type) levels.
Illuminating - but recognising such action in real time - needs practice in my case I am sure.
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every Saint has a past. Every Sinner has a Future
  • #3,180
  • Sep 8, 2022 10:09am Sep 8, 2022 10:09am
Quoting turnip15
{quote} I replied on your thread but thought it polite to refer to it here since I raised the query here: I have put in levels manually ; same with UK and US trading zone times ( UK times). Using Tradingview charts ( easy to use on iMac) Then sat back and watched price act around those ( Stacey Burke type) levels. Illuminating - but recognising such action in real time - needs practice in my case I am sure. {image}
If you really start to deep dive into just bars you start to see how every freakin' one has something to say. Price action is +++ for cognitive work outs.
Mark ... Everything you have been told is a LIE
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