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Flying Dutchman

  • #4,081
  • Nov 3, 2022 10:38pm Nov 3, 2022 10:38pm
Quoting whitesta
{quote} Well said TimeTells, I mostly try and look for reversals near or around RNs at specific times. I get into trouble when price just smashes through these levels and proceeds to next target without reversing. I have read nearly all your posts and the ability you have in reading what other traders are doing by watching charts is next level. I have no clue on what or how to see what other traders are doing..lol. Once we are able to see or read through charts what the big players are doing then its like i said is next level. All about targets....
GJ - H4 FVG to the pip where it taps Fvg, and prev. weekly open line is just above the price to have idea as they are not S/R.
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Zoomed in to M5: (should wait for price to accept FVG as support/resistance then trade as some FVG will filled the price return so Price action can only help here.
Fractal market H4 fvg vs M5 when they get respected then we may trade.

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M5 chart - with RNs and Ema 50 High low and EMA150 close
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Second Setup - Now focus on the Gap open last week:

H4 prev week gap up:
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Zoom in to M5 with EMA's and RNs - at time i catch reversals against the trend, so EMA can help to be with the trend, use the EMA you like but why 50? as it is equilibrium.
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The bottom line is we should not end up like this hypothetical guy perhaps my early days He made the pips but not the money.
Risk management and Greed - no method will work 100%, 100% of the time.

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"Exchange of hands"
  • #4,082
  • Nov 4, 2022 5:35am Nov 4, 2022 5:35am
Quoting whitesta
{quote} Well said TimeTells, I mostly try and look for reversals near or around RNs at specific times. I get into trouble when price just smashes through these levels and proceeds to next target without reversing. I have read nearly all your posts and the ability you have in reading what other traders are doing by watching charts is next level. I have no clue on what or how to see what other traders are doing..lol. Once we are able to see or read through charts what the big players are doing then its like i said is next level. All about targets....
I think if you are on the 5 min chart all the time, you dont see the market structure to the left as price was rising between the 21st to 24th October.

Market stalled at 167.00 and gapped up to 168.00 forming support all the way across till 3rd Nov. Even if it wasn't touched it was still there, waiting.
But you would have to go up to at least a 30m chart to spot this.

Seeing the "bigger picture" is in my opinion is what most traders are missing in their analysis. It is all too easy to look at the micro structure and ignore the macro. Then scratch our heads and wonder what just happened ?

HTH.
It never gets easier, you just get better
  • #4,083
  • Nov 4, 2022 8:57am Nov 4, 2022 8:57am
PRE-FLIGHT ROUTINE
Tom HougaardNovember 04, 2022
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When it comes to flying, perhaps you are like me. You like the prices you pay to fly with RyanAir, but you don’t actually like RyanAir. You like their low prices, but you don’t actually like the whole experience that comes with flying with this particular low budget airline.

Now perhaps you are thinking “why am I reading about RyanAir in a brochure for a trading and investment event? Is this a stock tip for the RyanAir shares? No, not really. I am just trying to paint a picture.

I found myself on a flight with RyanAir, and as I strapped myself in, both mentally and physically, preparing myself for the crammed seat experience, and the inevitable predictability of their scratch card offerings and security briefings and their self-absorbed congratulatory announcements if their flight was on time or ahead of schedule.

And then something unusual happened. The pilot made an announcement.
“Ladies and Gentlemen, welcome on board. Shortly the crew will be taking you through our security briefing. I know I can’t see you right now, but I know you are probably rolling your eyes right now, grabbing your mobile phone, checking your messages or the news, and you are thinking “bla bla bla – just get on with it”, and I understand why you are thinking that.

Most of you are frequent fliers and you don’t need to hear another bloody security briefing (he actually said bloody!!!), so let me tell you a little about why we are doing the security briefing and the difference between your short-term memory and your long-term memory.

You see, ladies and gentlemen, it is very unlikely that you will ever even be needing the things you are hearing in a security briefing. I am sat up here, and I am doing my very best to get both myself and you and the crew and all your fellow passengers safely to our destination.

However, let us imagine there was an emergency. Studies have shown that a mind that is in panic will forget absolutely everything. Such is the power of a panic situation, that we are unlikely to remember even the most basic task. Our bodies freeze, as our minds are protecting us from a scary situation.

Studies have also shown that if you actually do pay attention to a security briefing, you are much more likely to remember what to do in an emergency situation. This is why we are doing them. As a pilot I receive frequent flight simulator training, and I assure you ladies and gentlemen, in those simulated training events, it is not smooth flying. Rather it will be my co-pilot have lost consciousness from food poisoning, and my left engine is burning, and I have lost all radio contact with the control tower.

So, this is why we go through the security briefing, so that IF there is an emergency, there is a chance that you will still remember what to do, even if your mind is in a panic mode. But if instead you are more interested in Britney Spears and Kim Kardashian, then the odds of survival are significantly reduced. So, for the next few minutes, give Brittney and Kim some rest and look at my wonderful crew as they prepare you for take-off.”

The plane erupted in a spontaneous roar of applause and laughter. And … everyone paid attention.

Now aside from being a good anecdote it taught me something. This pilot goes to work every day. The temptation to just sit down, hit the throttle, and take off must be tempting. I mean it is the same routine every day.

Instead, they go through a comprehensive checklist. It is all done to ensure that the odds of successful flight are as high as possible. I adopted this approach to my own workday.

Of course, I need to know where the key price levels in my markets are. I need to know what Asia was doing. I need to know what the trend of the last few days have been, as well as what news is coming out today or tomorrow.

But it doesn’t stop there. I am a day-trader. It is intense work. Am I rested? Am I properly fed? Have I exercised? Have I visualized my approach to an emergency situation? Have I looked over old trades, so I know what my weak spots are? I call my old losing trades, all neatly placed in a PowerPoint presentation, my Book of Horror.

I dive into that book every morning, ahead of the trading day, to make sure that my mindset is tuned into what I want to achieve and the behaviour I want to avoid. I know that the best loser is the long-term winner. Therefore, I am preparing my mind to take losses quickly.

My old brain, that 100,000-year-old fossil, sat at the top of my shoulders, has some really bad traits, some bad ways of reacting, whenever I am under pressure, and I am taking it through a pre-flight routine, to ensure that the very thing it doesn’t want to do, is the very thing we are going to do today.

My brain hates to get uncomfortable, and it loves to hope. My pre-flight routines is designed to take my humanness out of my system, at least while I am trading, and much like a pilot, I am committing the right kind of behaviour into my short-term memory, thus improving the odds of a successful trading day ahead.

It is not what we do every now and then that define us. It is what we do every day.
Tom Hougaard
Master your Mind,,,Master the Market
  • #4,084
  • Nov 4, 2022 1:00pm Nov 4, 2022 1:00pm
I must go through a comprehensive checklist. It is all done to ensure that the odds of successful trade are as high as possible. I adopted this approach to my own workday.

Of course, I need to know where the key price levels in my markets are. I need to know what Asia /Franky/London was doing. I need to know what the trend of the last few days have been, as well as what news is coming out today or tomorrow.

It never gets easier, you just get better
  • #4,085
  • Nov 4, 2022 7:02pm Nov 4, 2022 7:02pm
Quoting bluesteele
PRE-FLIGHT ROUTINE Tom HougaardNovember 04, 2022 {image} When it comes to flying, perhaps you are like me. You like the prices you pay to fly with RyanAir, but you don’t actually like RyanAir. You like their low prices, but you don’t actually like the whole experience that comes with flying with this particular low budget airline. Now perhaps you are thinking “why am I reading about RyanAir in a brochure for a trading and investment event? Is this a stock tip for the RyanAir shares? No, not really. I am just trying to paint a picture. I found myself...

Great post Could you drop it in my thread if you get time so i have a reminder of it, Cheers pal
  • #4,086
  • Nov 5, 2022 4:59pm Nov 5, 2022 4:59pm
Quoting fxpider
{quote} Thank you for all the suggestions. Any recommendations regarding who to follow and whose video to watch? Regards
I posted a video for you in my thread. Watch it 5 or six times. its a short video. Then do some work !! Pull up every currency pair and open your eyes and you will see things from a clearer perspective
  • #4,087
  • Nov 7, 2022 2:17am Nov 7, 2022 2:17am
Hi All,

First trade of the week. Had a set profit at RN. Price went past it quite a bit but happy with what i got.
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  • #4,088
  • Nov 7, 2022 4:01am Nov 7, 2022 4:01am
USDCAD --> 1.36800
  • #4,089
  • Nov 7, 2022 4:15am Nov 7, 2022 4:15am
Been demo trading Cable up until now . Bit of Stacey Burke and a lot of "Roadmap."
I am aware of the gap down prior to UK open. ( UK 7am to 10am for my charts)
Advice please.
Is this how you would mark up levels for this instrument ?
Comment welcome
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every Saint has a past. Every Sinner has a Future
  • #4,090
  • Nov 7, 2022 4:07pm Nov 7, 2022 4:07pm
The green shaded area is the SB 3 hour Asian Range, So I thought why not have 3 hour candles overlay ?

10.00 & 15.00 vertical lines are the UK & US Opens.

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It never gets easier, you just get better
  • #4,091
  • Nov 8, 2022 5:23am Nov 8, 2022 5:23am
Demo tracking Cable this morning UK time 7am to 10am.
Haven't a clue what to do this morning - price thrashing about and I cannot pin down what or when to trade. Perhaps that's a sign to do bugger all !
Put in what I thought might be reasonable ideas but still seems a muddle to me.
Third arrow from the left is a short that would have sprung back and bitten me on the nose
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every Saint has a past. Every Sinner has a Future
  • #4,092
  • Edited 7:52am Nov 8, 2022 7:36am | Edited 7:52am
Quoting turnip15
Demo tracking Cable this morning UK time 7am to 10am. Haven't a clue what to do this morning - price thrashing about and I cannot pin down what or when to trade. Perhaps that's a sign to do bugger all ! Put in what I thought might be reasonable ideas but still seems a muddle to me. Third arrow from the left is a short that would have sprung back and bitten me on the nose {image}
Try looking at the same chart on a 15m or 30m TF and draws S&R lines. 5m too much noise.

GJ was much better.

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It never gets easier, you just get better
  • #4,093
  • Nov 8, 2022 7:58am Nov 8, 2022 7:58am
Quoting Shabs19
{quote} Try looking at the same chart on a 15m or 30m TF and draws S&R lines. 5m too much noise. GJ was much better. {image}
Hmmm....15 minute seems that the last trade on the right would have been the only one triggered and was profitable
I only look at Cable because Indices are normally my thing
Thanks Shabs
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every Saint has a past. Every Sinner has a Future
  • #4,094
  • Nov 8, 2022 8:20am Nov 8, 2022 8:20am
Quoting turnip15
{quote} Hmmm....15 minute seems that the last trade on the right would have been the only one triggered and was profitable I only look at Cable because Indices are normally my thing Thanks Shabs {image}
You have to look at risk reward potential, not just possible entries. At least 2:1

GJ meets that criteria, GU doesn't.
It never gets easier, you just get better
  • #4,095
  • Nov 8, 2022 8:26am Nov 8, 2022 8:26am
Quoting Shabs19
{quote} You have to look at risk reward potential, not just possible entries. At least 2:1 GJ meets that criteria, GU doesn't.
I could spit !

I usually trade Indices only but do you look at several pairs and the levels/trend ?
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every Saint has a past. Every Sinner has a Future
  • #4,096
  • Nov 8, 2022 9:02am Nov 8, 2022 9:02am
I look at the Major Pairs, I have currently 8 pairs, I look for strenth vs weakness, then scan these charts for clean price action.

Then I draw levels and look for some confirmation of trend or reversal
It never gets easier, you just get better
  • #4,097
  • Nov 8, 2022 9:57am Nov 8, 2022 9:57am
Dear Andy,Pete,Kev ,Dean, Bw and members
After reading so many time of George thread and your post.
I am focusing above 1 hr targets
But after back testing charts i observed
1) When price reaches or taken out target price reverse
2) But some time target taken out and continue in same direction
3) some time target taken out and will draw down and my stop loss hits and come in my favour
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Even thought i told will exit trading but i cannot still learning.
This time i hope i would understand with your replies
  • #4,098
  • Nov 8, 2022 11:36am Nov 8, 2022 11:36am
Maybe you search the answer at the wrong place. Maybe? Huh? Test as many possible ways.
  • #4,099
  • Nov 8, 2022 5:18pm Nov 8, 2022 5:18pm
Quoting venkatredy
Dear Andy,Pete,Kev ,Dean, Bw and members After reading so many time of George thread and your post. I am focusing above 1 hr targets
But after back testing charts i observed 1) When price reaches or taken out target price reverse 2) But some time target taken out and continue in same direction 3) some time target taken out and will draw down and my stop loss hits and come in my favour {image}Even thought i told will exit trading but i cannot still learning. This time i hope i would understand with your replies

Quoting Ihlas
Maybe you search the answer at the wrong place. Maybe? Huh? Test as many possible ways.


Hi V,

If you are back searching I will sincerely hope for yourself & family that you are testing all this on demo or simulator please.

Read what Ihlas has written above & think about that.

Your schematic shows options of what 'could' happen at your Targets.
There lies a big clue, as you insist on only trading reversals AT the Targets.
ie what happens "around" the targets, say 5-6 x 1 min candles AFTER reaching your Targets.

I know you hate this answer lol but the answer is actually in front of your eyes.
By that I mean you have an expectation of "something" happening right AT the Target.
Why use just your expectation for your trading, why not use what the market itself DOES at that point.

COMPARE in your demos what the market DOES as opposed to your EXPECTATION and see if you can find an answer there.

Look at the Schematics from this post, Wyckoff is HOW the market runs, day after day, week after week, do NOT look for this exact replica 'pattern' on a chart, it is the CONCEPT of how the market runs.
https://www.forexfactory.com/thread/...1#post14198341

Look at Shab's schematic of Structure Trading, these are entries to be considered AFTER 'something' has happened and NOT an expectation of what the trader might THINK will happen at a point


We traders do not run the market movements Venka, why predict when we can sit back and WATCH what the market does - and THEN respond.

All on DEMO or a SIMULATOR please, sir, not live trading as you do not have that grasp just as yet imo.

all the best V
  • #4,100
  • Nov 8, 2022 5:56pm Nov 8, 2022 5:56pm
Quoting venkatredy
Dear Andy,Pete,Kev ,Dean, Bw and members After reading so many time of George thread and your post. I am focusing above 1 hr targets But after back testing charts i observed 1) When price reaches or taken out target price reverse 2) But some time target taken out and continue in same direction 3) some time target taken out and will draw down and my stop loss hits and come in my favour {image}Even thought i told will exit trading but i cannot still learning. This time i hope i would understand with your replies

Hi V,

There's a Free Simulator in the post here.

Load it in your EXPERTS folder, then you can test trading during the day or on the weekends also when the markets are closed.

https://www.forexfactory.com/thread/...1#post13892741
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