K on a more serious note i have decided that im going to trail the markets trend from the uk morning open with the daily contract (8ticks spread / can go as low as 20ticks stoploss [only really 12 cos the spread]) at £1 per tick and moving stoploss along as much as i can after each movement.
So i will have to get extremely good enteries to be able to clear the spread by 20ticks and then be able to move stoploss to lock in break even, before being stopped out for a loss (£20 loss is about 3days food money gone so dont want to be losing it).
But hopefully i will be able to get my entries good enough and get in during mild momentum so i can then trail those few dollar movements down for maybe £200 t £300 each (2 t 3dollars),
and then if a base reversal forms i can cash in the trend-trailing trade,
and smash the market hard at £6 t £8 per tick for the sharp fast pullbacks.
(If no reversal forms and its just a huge elongated trend all day i will still then be able to earn a decent amount from my £1 per tick trade)
The main reasons why i want to start doing this is;
* I need to earn money everyday, both for rent and food issues, and for pyschological reasons,
so on the days when market is dull and its just 1 long slow trend il still have made money.
* Hopefully this will help me start to get used to holding trades for more than 60ticks max, even though that will always require holding through mild t medium pullbacks.
(Since currently i need to see atleast a steep $3movement minimum before i would consider trading for the pullback/reversal).
But if the next trade that i make is in the opposite direction to this trade it means that the market will have gone over $3s in what was my favour, but i would have taken max 60 t 80ticks from the move).
* This should help me even more in keeping extreme patience even when im just sitting on my sofa watching the market move in 1direction for 6 t 7 hours,
but still not clicking to trade for the the pullback if the reversal formation hasn't formed.
(Since i am extremely extremely ambitious and so love to spend all day n night working and earning for 40 t 50hours straight somedays even...,
but so when i am just sitting but not earning i feel very very lazy and foolish and liek i should be wokring alot harder and earning).
However this way i will be earning nearly constantly throughout the day.
P.S Something im sure we have all noticed but havent actually discussed as to why it happens and then why its being allowed to keep happening...
Basically everyday, (since the russian gas stuff was sorted and oil fell from 48 t 42 that day), the market has opened the day at/near its high, and then fallen slowly but steadily all day till around 5pm,
and then its pulledback roughly $1 and mild t medium speed and steepness.
At 1st of all this seemed just like another days movement in the oil market,
but now that this seems to be nearly an everyday pattern its got me very curious and confused.
And so what is everyone's views on what fundamentals / price action trading + human pyschologly in the minds of the trades who move the market could be causing this to be a daily pattern??
And then why is it being allowed by the big traders to keep happening like this??
Since it could be viewed as easy free money for them to just keep this pattern going,
but they are then giving everyone out there who follows this dialy papttern easy money too. :eek:
All views welcome.
+Anyones views on how they would have traded that formation that i posted screenshots and explanation about on the previous page would also be welcome for some pyschological diversity for me.
So i will have to get extremely good enteries to be able to clear the spread by 20ticks and then be able to move stoploss to lock in break even, before being stopped out for a loss (£20 loss is about 3days food money gone so dont want to be losing it).
But hopefully i will be able to get my entries good enough and get in during mild momentum so i can then trail those few dollar movements down for maybe £200 t £300 each (2 t 3dollars),
and then if a base reversal forms i can cash in the trend-trailing trade,
and smash the market hard at £6 t £8 per tick for the sharp fast pullbacks.
(If no reversal forms and its just a huge elongated trend all day i will still then be able to earn a decent amount from my £1 per tick trade)
The main reasons why i want to start doing this is;
* I need to earn money everyday, both for rent and food issues, and for pyschological reasons,
so on the days when market is dull and its just 1 long slow trend il still have made money.
* Hopefully this will help me start to get used to holding trades for more than 60ticks max, even though that will always require holding through mild t medium pullbacks.
(Since currently i need to see atleast a steep $3movement minimum before i would consider trading for the pullback/reversal).
But if the next trade that i make is in the opposite direction to this trade it means that the market will have gone over $3s in what was my favour, but i would have taken max 60 t 80ticks from the move).
* This should help me even more in keeping extreme patience even when im just sitting on my sofa watching the market move in 1direction for 6 t 7 hours,
but still not clicking to trade for the the pullback if the reversal formation hasn't formed.
(Since i am extremely extremely ambitious and so love to spend all day n night working and earning for 40 t 50hours straight somedays even...,
but so when i am just sitting but not earning i feel very very lazy and foolish and liek i should be wokring alot harder and earning).
However this way i will be earning nearly constantly throughout the day.
P.S Something im sure we have all noticed but havent actually discussed as to why it happens and then why its being allowed to keep happening...
Basically everyday, (since the russian gas stuff was sorted and oil fell from 48 t 42 that day), the market has opened the day at/near its high, and then fallen slowly but steadily all day till around 5pm,
and then its pulledback roughly $1 and mild t medium speed and steepness.
At 1st of all this seemed just like another days movement in the oil market,
but now that this seems to be nearly an everyday pattern its got me very curious and confused.
And so what is everyone's views on what fundamentals / price action trading + human pyschologly in the minds of the trades who move the market could be causing this to be a daily pattern??
And then why is it being allowed by the big traders to keep happening like this??
Since it could be viewed as easy free money for them to just keep this pattern going,
but they are then giving everyone out there who follows this dialy papttern easy money too. :eek:
All views welcome.
+Anyones views on how they would have traded that formation that i posted screenshots and explanation about on the previous page would also be welcome for some pyschological diversity for me.
