5% - 10% profit per day trading
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thanks spanish, and which charts do you use? the ones provided by etx? or subscribe to a separate charting platform?
i guess you also trade to small times frames such has 1 hour or so..
thks.
i guess you also trade to small times frames such has 1 hour or so..
thks.
"Goodness, have you read a single post on this thread?"
to be fair to myself, i did start out reading the thread and then got distracted by all those having a go at spanish.
to be fair to myself, i did start out reading the thread and then got distracted by all those having a go at spanish.
People that start reading threads and then can't be bothered to carry on with them and so just start asking questions, really piss me off!!!!
Read the whole thing. It's a fantastic read. It's an inspiration to many people and there is a lot to learn from it thanks to Spanish.
Read the whole thing. It's a fantastic read. It's an inspiration to many people and there is a lot to learn from it thanks to Spanish.
feel free to get pissed off.
i asked a query of spanish and spanish only. he has the prerogative to reply or not.
all the rest of you can butt off.
i asked a query of spanish and spanish only. he has the prerogative to reply or not.
all the rest of you can butt off.
Quote from superstephen:
Spanish i read an older post of yours and you described a little bit about how you trade with lines. I have been trying to use "price action" as some people call it by focusing on movements in price instead of going nuts with a bunch of indicators.
I think im onto something pretty nice, need to research more but im on it. I basically just draw a crapload of lines, horizontal and diagonal, from all kinds of peaks and troughs. I have noticed that big moves start from "intersection" of usually 4 lines which can become a rediculously perfect exactly terrific place to get in right before a huge move occurs. The hard part is picking out the intersections from the spider web i create, but i guess i would get used to that.
i want to trade nasdaq index futures on a 15 min chart, 1 point = $20 (13.4 GBP), still practicing
How similar is this to what you do, could you show me a pic of one of your charts?
thanks buddy
Aloha mate.
What i do is in some ways similar do what you are doing, except i would have to say that you chart lines may be more of ''curve fits'', instead of just drawing the lines on in-advance and then seeing how market reacts when it touches the lines.
(I just want to say that im not like putting down your charts or anything like that mate. lol)
If they work for you then they are good as they are dong their job.
But the reason i said they are more of a curve fit rather than trend channels is because they are done on such a small time frame,
that they dont actually show the full perspective of the market,
just show a small subsection with the S&R levels of that period.
And so if you look on the 15mins chart and see what looks like a big spike there that you should see, if you however look on the 30mins t 1hour charts zoomed out you may see that over the weekly range you are still in the lowest 1/8.
The way i do my charts is go to the 30mins - 1hour chart, zoom out to show 2 t 3weeks worth of market,
and then draw the lines from the left side of the chart where the market is, into the blank space on the right side of the chart that in the future will be the moves and patterns that the market makes.
And at the end of the day all trading physcially is is just you ''working out which direction the maket is going to move, and then betting in that direction that before it happens''.
So the lines that i had drawn and saved on the chart, its not a case of then adding new lines on everyday as the market moves,
but instead simply watching the market move towards and through those lines,
watching it react when it touches them, and it always does react on them,
and then if its fallen lots n lots steeply and you see it struggling to go and stay below 1 of the lines you can then use it as a place to buy in, and use the higher lines as the place to know when to cash that trade in.
And ive attached a pic of 1 of the of the charts but in the 3min time frame, as when you actually put trades in you use 1min chart,
but 3mins often gives a clear view for that day.
the libes going across were all drawn on the 30min chart about 2weeks ago, but this is just how the market reacted when it touched them.
but 3mins often gives a clear view for that day.
the libes going across were all drawn on the 30min chart about 2weeks ago, but this is just how the market reacted when it touched them.
And in reply to private message i got asking ''Why do i focus on and advise people to only-
Sell off the steep peak spikes and buy the bottom dip down spikes??
And so il post the answer here as i think it may help as explanation to any others who wanted to know about this-
No matter how much you want to avoid using the words 'forecast', 'predict', and 'workout the future', when describing what you actually do when trading..,
all trading actually is is just you looking at half of a picture chart, and you just predict what you think will be the next movement to happen on that chart.
This alone would be extremely difficult and daunting thing to be able to do, especially to do consistently,
since how on earth can anyone know what the future is going to be??!
But so instead of trading by having to 'workout what the market will do by making lots of small trades and so just losing smaller amounts of money lots of times..',
i just trade by putting in trades at levels that are so extreme that the trade will always endue going into profit when the pull-back reaction comes.
To help explain in alot lot easier way think of it this way-
Someone gets a piece of paper, draws the bonnet of a car on it, and then says to you,
''Draw the rest of the car now, but if its not the same as how i drew the picture of the car i have in my pocket then you are going to lose your money''.
You would have huge problems in doing that, but when trying to trade from mid market levels that is all basically what you are trying to do,
look a flat horizontal screen and workout what comes on the other side of the page.
However, if someone says to you ''Ok look at this screen, its a 3D picture of a car, but you facing it from head-on, so standing infront of the bonnet and looking down at the chart from that way, instead of side-on.
The left half of the car has been drawn up to the left side of the roof of the car, and so all you now have to do is draw what you think will come on the right side of that''.
Would be so so easy wouldn't it..
Since the the right side would just mirror left side with exact symmetry.
With the markets even though there isnt ''exact symmetry'' ever, in some cases it does come very close to that,
and there is ALWAYS ''an opposite 'reaction' for every action''.
May not be an exact equal size reaction, but there will ALWAYS be some kind of opposite reaction, EVERY SINGLE TIME.
And so thats why its so so much easier to just take the to off and buy up the bottom of steep sharp moves, and can even use giant stop losses if you want,
since there is always an opposite reaction for every action.
And just like with the car example, the right side of the chart when the price falls isnt going to be too different from the opposite left side when the price went up.
And thats why the 1hour chart zoomed out comes in so handy, as you can see instantly just by looking when a spike looks too big and out of place on that, and so you then go to 1min chart and get your entry in.
Sell off the steep peak spikes and buy the bottom dip down spikes??
And so il post the answer here as i think it may help as explanation to any others who wanted to know about this-
No matter how much you want to avoid using the words 'forecast', 'predict', and 'workout the future', when describing what you actually do when trading..,
all trading actually is is just you looking at half of a picture chart, and you just predict what you think will be the next movement to happen on that chart.
This alone would be extremely difficult and daunting thing to be able to do, especially to do consistently,
since how on earth can anyone know what the future is going to be??!
But so instead of trading by having to 'workout what the market will do by making lots of small trades and so just losing smaller amounts of money lots of times..',
i just trade by putting in trades at levels that are so extreme that the trade will always endue going into profit when the pull-back reaction comes.
To help explain in alot lot easier way think of it this way-
Someone gets a piece of paper, draws the bonnet of a car on it, and then says to you,
''Draw the rest of the car now, but if its not the same as how i drew the picture of the car i have in my pocket then you are going to lose your money''.
You would have huge problems in doing that, but when trying to trade from mid market levels that is all basically what you are trying to do,
look a flat horizontal screen and workout what comes on the other side of the page.
However, if someone says to you ''Ok look at this screen, its a 3D picture of a car, but you facing it from head-on, so standing infront of the bonnet and looking down at the chart from that way, instead of side-on.
The left half of the car has been drawn up to the left side of the roof of the car, and so all you now have to do is draw what you think will come on the right side of that''.
Would be so so easy wouldn't it..
Since the the right side would just mirror left side with exact symmetry.
With the markets even though there isnt ''exact symmetry'' ever, in some cases it does come very close to that,
and there is ALWAYS ''an opposite 'reaction' for every action''.
May not be an exact equal size reaction, but there will ALWAYS be some kind of opposite reaction, EVERY SINGLE TIME.
And so thats why its so so much easier to just take the to off and buy up the bottom of steep sharp moves, and can even use giant stop losses if you want,
since there is always an opposite reaction for every action.
And just like with the car example, the right side of the chart when the price falls isnt going to be too different from the opposite left side when the price went up.
And thats why the 1hour chart zoomed out comes in so handy, as you can see instantly just by looking when a spike looks too big and out of place on that, and so you then go to 1min chart and get your entry in.
:eek: I never ever understood what people actually meant when they say ''i trade of the 'x' mins chart''.
As that makes it sound like you exclusively only use that timeframe of the chart when trading.... :eek: :eek:
(Which is just mind-boggling to even think about why and hwo someone could trade like that).
To be able to 'work-out what will happen next you need to-
1. Look at what happend very recently on the 1 n 2mins chart to see exactly where the price is now in relation to the most recent move of over the past 1 to 15mins.
2. Then look at where this current level after what the recent move was is leaving you in relation to the range for the previous week t 2weeks.
3. You then scroll between the 3mins t 10mins charts to see how steep and sharp this recent movement actually has been on this day, and if its forming a head n shoulders/double top/slidng top/flag pole formation.
4. And you then go back to the 1min once you know which direction to trade in and just use the 1min / tick-by-tick (1second) chart to time your entry to being pip-perfect.
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