Intraday FX Player
- Thread starter CFerret
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Gary it will seem that way if you have left out chunks of the thread. There are a number of new traders who are going thru the thread and are developing their techniques as well as other more experienced traders who have joined and gone thru the thread several times and are learning to apply the techniques. You will see lots of positive results/posts at different levels as well as their personal hurdles.
But more recently the emphasis has been on the 1 min structure and signals. The move from 5 min TF to 1 min TF is very, very intense at the beginning. After entry it requires close monitoring as there can be a lot of bidirectional movement so posting is not easily done unlike the 5 min.
However we have strict rules and the first is having a gameplan. That means calling the primary direction in advance, not with hindsight. It is vital to know if you are trading with or counter to the trend and where most pips with least risk can be collected.
Next is learning to take 5 min trades in the direction of the trend and only after that learning to take counter trend trades. Then once that is successful we can progress to the 1 min TF but it's a mind bending jump - most traders just see noise before the fog clears.
Make no mistake, learning to use lots of multiple TF's in this way is extremely difficult and going down in TF's is a painfully hard experience. Those who are making the breakthrough were close to quitting and may well have done so without encouragement.
So when the exact same rules for the 5 min are applied successfully to the 1 min and signals read and positions taken including before the news (in accordance with the gameplan) then a certain amount of backslapping is not just in order, it is psychologically important. Encouragement and reinforcement is also part of the development process.
But rest assured, there is no evolution into magical trading. Every 1 min entry and exit is exactly the same as in the 5 min TF but live posting is impossible. In a couple of days reading you will not have developed the necessary methodology or techniques required to see what is happening live. You too will have to go through the same difficulties as other posters and it might not be for you. But if you just want to pick up some trading techniques there's plenty to work on earlier in the thread.
In response to your post CF has said he will call the 5 min and that's probably as "live" as it will get. But trades are never mentioned, never, without clear reasons being given because the rules don't change just because a TF has changed. What applies on the 1 hr is exactly the same as for the 1 min. No one is trying to pull the wool over your eyes and you too can prove it to yourself as indeed other sceptics have.
And you know what, if you make the breakthrough to successfully trading the 1 min you'll get some backslapping too... because we know what it costs to get there and backslapping happens in every field of human endeavour where huge difficulties are overcome. No one wants you to feel that your trading development is ignored so I am saying the same to you as to others... read all the thread and then read again applying the techniques and then post where you are at.
Good trading and welcome to the thread
The other day I posted that the market only has a liimited bag of tricks and once you have these figured out you can quickly identify what is going on. I make it sound easy and it is now, but that's because in addition to lots of screen time for years I kept MS Word open and screen capture software running and built up my personal journal running into thousands of pages.
At weekends when the markets were closed I'd often spend 12Hr + days going through the best trading book ever written - your own personal joirnal. When I'd go on holiday I'd select part of my journal where I needed visual reinforcement and take 600 -1000 pages with me.
The way 1 min bars form together can tell you they are going to trend it way before the HH preceeding the HL structure has formed. How far the Pullback comes in the HL is more telling information.
Developing a sensitivity to the tricks that are used in the market is a learning process that develops away from the screen as much as in front of the screen. So through the week build up your journal and at weekends study it because it is also the study of yourself. Take pen and straight edge and add notes and TL's, S&R etc. and then update your journal and reprint.
Study other traders as well and and incorporate their ideas into what you do if it stands up to testing and mixes well with your style. Trading is a journey and a wonderful mental exercise and I enjoy trying to push the evelope because there's always more to learn. It is said Gann died with charts spread over his bed and it took a removal van to take the charts out of his house. If it wasn't for PC's I sometimes think I'd be like that.
At weekends when the markets were closed I'd often spend 12Hr + days going through the best trading book ever written - your own personal joirnal. When I'd go on holiday I'd select part of my journal where I needed visual reinforcement and take 600 -1000 pages with me.
The way 1 min bars form together can tell you they are going to trend it way before the HH preceeding the HL structure has formed. How far the Pullback comes in the HL is more telling information.
Developing a sensitivity to the tricks that are used in the market is a learning process that develops away from the screen as much as in front of the screen. So through the week build up your journal and at weekends study it because it is also the study of yourself. Take pen and straight edge and add notes and TL's, S&R etc. and then update your journal and reprint.
Study other traders as well and and incorporate their ideas into what you do if it stands up to testing and mixes well with your style. Trading is a journey and a wonderful mental exercise and I enjoy trying to push the evelope because there's always more to learn. It is said Gann died with charts spread over his bed and it took a removal van to take the charts out of his house. If it wasn't for PC's I sometimes think I'd be like that.
brilliant words.... as always....
exactly my ongoing process..... I have gone thru and keep collected all my notes ...two reams of paper so far in 5 months..... 12 hour days, etc.... will it never end???
I use every bit of mental and physical energy I have , until almost exhausted.... Ive barely been ouitside in recent weeks.... I know I'm overdoing it now.... so I need to keep it all in balance ....and take time to eat, get sunshine, play golf, etc.... but partly its that this learning process and this puzzle game of forex is So fascinating....and my mind connects with it so intensely well..... that its powerfully attractive to me....and the other part is that when you realize that it will take many months (even years ) to master..... I have speeded up my study process to top speed and hope I might be ready to trade real money in 2 weeks instead of 5 months, or 3 months.....
so the passion for it is there and I'm working on it....
Ive learned to be patient. Ive learned to be smart in my decisions...stopping real money trades was a smart decision last week.
and I'm learning to put it all together with all the skills ,developing all the skills......
what I see now is that the reason why 90 % of people lose their money....is because they dont understand that in this game..... the only way you can win consistently, is by Mastering the art. completely mastering your craft. not having 60 % of the skills.....thats what I had 3 weeks ago when I started trading real money and losing it.... it means Mastering the craft. 100 %...... or at least ...I might say....88 % at least.
all the skills. including psychological. we have fun with the kung fu analogy, but in truth, it really is that way.... its about mastery of a craft.
its like mastering the craft of cookoo clock making....or putting little ships in bottles, or mastering the language of astrology.... or mastering texas holdem poker.... these guys you see on tv...the world poker tournaments.... the top players are Masters of that craft.
tiger woods is a master of his craft. Its exactly that sort of thing. he had to practice 12 hours a day to master his craft. and thats what I have to do in learning forex. its what I did mastering astrology.
I like to say it from time to time because it is a very special blessing when you find someone who is a real Master of the craft.... and who offers his teaching in the way of true Spirit.... without reserve, no thought of money,no greed, just pure transmission of the mastery.... and people who come here to learn are really blessed to receive this gift from Yoohoo.... he'll get tired of me thanking him too much so I wont go on.... but this is really a special thing we get to have here....and I might hope to pay it forward to others in some way some day ,myself.
I do that now with astrology .... so I can appreciate it here with forex.
what strikes me so profoundly is the level of wisdom in the teaching.... not just technical, but human wisdom.... I remember reading the book, Zen and the art of motorcycle maintenance...a classic from the 70's.... and it was very good in describing this principal.... that when you put your whole mind into mastering a craft.... you can find that place of ....perfection.... it can be felt in and heard in the perfect rhytem of a motorcycle engine perfectly tuned.... it can be heard in the sound of the french language...it can be tasted in a guiness beer, or seen in Tiger wood's swing....and it can be found in the teachings of any master craftsman .... but its very sweet when you notice it.... its profoundly rich..... far beyond ...making money.
its about the pure human spirit we all share.
some people life an authentic life..... in this way....
Yoohoo....is it possible to draw trendlines on the CCI graph...? do you know what I mean? from the tops of a wave to the next wave top etc..... and also to see how the straight lines at times form a convergence with the upper graph (the candlestick chart) and come together at a future hour.... do you understand what I'm saying? Ive been looking at this ...and wonder if it can be seen this way....
my 100 th post.....
exactly my ongoing process..... I have gone thru and keep collected all my notes ...two reams of paper so far in 5 months..... 12 hour days, etc.... will it never end???
I use every bit of mental and physical energy I have , until almost exhausted.... Ive barely been ouitside in recent weeks.... I know I'm overdoing it now.... so I need to keep it all in balance ....and take time to eat, get sunshine, play golf, etc.... but partly its that this learning process and this puzzle game of forex is So fascinating....and my mind connects with it so intensely well..... that its powerfully attractive to me....and the other part is that when you realize that it will take many months (even years ) to master..... I have speeded up my study process to top speed and hope I might be ready to trade real money in 2 weeks instead of 5 months, or 3 months.....
so the passion for it is there and I'm working on it....
Ive learned to be patient. Ive learned to be smart in my decisions...stopping real money trades was a smart decision last week.
and I'm learning to put it all together with all the skills ,developing all the skills......
what I see now is that the reason why 90 % of people lose their money....is because they dont understand that in this game..... the only way you can win consistently, is by Mastering the art. completely mastering your craft. not having 60 % of the skills.....thats what I had 3 weeks ago when I started trading real money and losing it.... it means Mastering the craft. 100 %...... or at least ...I might say....88 % at least.
all the skills. including psychological. we have fun with the kung fu analogy, but in truth, it really is that way.... its about mastery of a craft.
its like mastering the craft of cookoo clock making....or putting little ships in bottles, or mastering the language of astrology.... or mastering texas holdem poker.... these guys you see on tv...the world poker tournaments.... the top players are Masters of that craft.
tiger woods is a master of his craft. Its exactly that sort of thing. he had to practice 12 hours a day to master his craft. and thats what I have to do in learning forex. its what I did mastering astrology.
I like to say it from time to time because it is a very special blessing when you find someone who is a real Master of the craft.... and who offers his teaching in the way of true Spirit.... without reserve, no thought of money,no greed, just pure transmission of the mastery.... and people who come here to learn are really blessed to receive this gift from Yoohoo.... he'll get tired of me thanking him too much so I wont go on.... but this is really a special thing we get to have here....and I might hope to pay it forward to others in some way some day ,myself.
I do that now with astrology .... so I can appreciate it here with forex.
what strikes me so profoundly is the level of wisdom in the teaching.... not just technical, but human wisdom.... I remember reading the book, Zen and the art of motorcycle maintenance...a classic from the 70's.... and it was very good in describing this principal.... that when you put your whole mind into mastering a craft.... you can find that place of ....perfection.... it can be felt in and heard in the perfect rhytem of a motorcycle engine perfectly tuned.... it can be heard in the sound of the french language...it can be tasted in a guiness beer, or seen in Tiger wood's swing....and it can be found in the teachings of any master craftsman .... but its very sweet when you notice it.... its profoundly rich..... far beyond ...making money.
its about the pure human spirit we all share.
some people life an authentic life..... in this way....
Yoohoo....is it possible to draw trendlines on the CCI graph...? do you know what I mean? from the tops of a wave to the next wave top etc..... and also to see how the straight lines at times form a convergence with the upper graph (the candlestick chart) and come together at a future hour.... do you understand what I'm saying? Ive been looking at this ...and wonder if it can be seen this way....
my 100 th post.....
I suppose I do think of myself at times as some kind of an expert in trading, but 1st of all not because of what I understand but because of the cost. It's been said that an expert is someone who has made all the mistakes it's possible to make in a very narrow field. Guys, no one could be more stupid than me - I'm Irish and we have that as a national trait. But we also never give up, and that's how I gained my expertise.
And just to put the Irish on the map - we changed the world. We invented the tractor to revoluntionise farming and the pneumatic tyre to revolutionise transport. So this weekend have a Guinness on the Irish coz you're eating and travelling coz of us
CCI - google TL's on CCI. TL's are excellent, especially for catching ends of trends. Woodie has some good ideas early on - just don't do anything Woodie says. Double tops/bottoms, Zero Line as S/R, divergence etc. Woodie got too clever and developed a cult where people tried forever to make it work - just keep it simple. With a few pointers it's obvious really, you don't need a big manual! But well done to Woodie, took something simple and made it complex and then sold it to his followers for $1,000 - now that's mesmerizing salesmanship as an artform.
I'll remember to google the CCI.... did you happen to watch or play the end of new york session at all? I was there and watching (but ready to play one trade if it was to happen).... into the last hour....euro was still creeping up in the 157 60 area.... 157 70/80 I was looking for it to keep going to 158 (from my trendline analysis) but my trade set up was for the plunge down , to a line , maybe 1 57 25 or 157 34.... I was watching closely the 3 hr (was +120 area) the 1 hr (+110 area) ..... the 5 minute was there above 100...and the 1 min was fluctuating between extremes as PA went up and down in its waves, small waves so that was predictable to watch.... the whole combination didnt come together it seems.... because the 30 minute and the 15 minute wasnt strong enough....they were around 50 and 70 on the CCI...... so, is that why the play didnt drop for a big move at that time?
....PA just kep creeping up ...and I had enough as the day was winding down.....
am I starting to look at CCI correctly ?
also , what setting do you have your CCI at ? it seems to come standard at ...what is it....14 100 100 ....
I set my WMA at 40. and thats all Im using for indicators. WMA, CCI PA watching (need to study candlestick identifications this weekend).... and then I use the guidance of my trendline analysis....which isnt as kooky as you might suspect. its classic in its basis. but with my personal twist as I see it....its like the way you say....dont trade what you think ,trade what you see.....I draw trendline with that same principle.... classic lines.... but also lines to the points I see.... what makes sense to me. I would certainly have abandoned my experimentation with it if I saw that it was not yielding accurate prediction.... but I immediately saw that it was right on target.... so ,I will probably share the ideas in my journal at some point if it seems like a useful idea. but right now, I dont want to get distracted friom the study process....
....PA just kep creeping up ...and I had enough as the day was winding down.....
am I starting to look at CCI correctly ?
also , what setting do you have your CCI at ? it seems to come standard at ...what is it....14 100 100 ....
I set my WMA at 40. and thats all Im using for indicators. WMA, CCI PA watching (need to study candlestick identifications this weekend).... and then I use the guidance of my trendline analysis....which isnt as kooky as you might suspect. its classic in its basis. but with my personal twist as I see it....its like the way you say....dont trade what you think ,trade what you see.....I draw trendline with that same principle.... classic lines.... but also lines to the points I see.... what makes sense to me. I would certainly have abandoned my experimentation with it if I saw that it was not yielding accurate prediction.... but I immediately saw that it was right on target.... so ,I will probably share the ideas in my journal at some point if it seems like a useful idea. but right now, I dont want to get distracted friom the study process....
Tom, another piece of friendly advice, don't try to trade when you are nearly exhausted, your mind starts to think less clear and you start taking emotional decissions. I know what I'm talking about, I had a really great first three days this week, but I only had slept about 4 hours each night, by thursday my trading got worse and by friday I had better slept instead of trying to trade, giving back a lot of my profits from this week in a totally stupid way. I stopped looking at what the charts were saying and got this notion that this market was overbought, not because of what the charts were saying but because of move of such magnitude in two days was 'overdone'. The usual story once in a while with me: trying to outthink the market and be clever, becoming stubborn, not using a stoploss, even stopped watching my screen for an hour because I badly needed the sleep, while letting my position run in the hope it would come back ('hope' can be a bad thing in trading) and cutting near the high in a most stupid way. In other words my brain totally stopped working and I stopped trading in my usual way. A lesson I should have learned a long time ago. I personally think lack of sleep enforced this kind of moronic behaviour. As an end result lost much more money than I should ever have instead of taking a small loss and not feeling quite happy with myself this weekend, but will try to learn a lesson from this (no trading when death tired), printed out a small paper with some rules on them and put them on top of the wall where I am facing my laptop.
Looking forward to next week, knowing I can do this well and have acquired a lot of skills allready, but not perfect yet so I still need to pay lots of attention what's going on and still need to learn a lot. Occasional setbacks are to be expected as I am not a master of this yet. (allthough this one could have easily been avoided) If I have discipline and pay attention I know I am allready at the stage where I can easily make this back in one or two days. Being quite stubborn myself helps and so does believing I will be able to master this in the end (allthough this might take years).
Another piece of advice for everyone just starting out on this thread. I only really got what CF and Yoohoo were talking about when I started going over all the trades CF made in something like the first 100 pages of this thread, one by one on the 5 minute charts. Then only things started to become really clear, before I only thought I more or less got what they were talking about. So get something like prorealtime.com and go over each trade and try to figure out why CF took that one. Things will become much clearer.
Looking forward to next week, knowing I can do this well and have acquired a lot of skills allready, but not perfect yet so I still need to pay lots of attention what's going on and still need to learn a lot. Occasional setbacks are to be expected as I am not a master of this yet. (allthough this one could have easily been avoided) If I have discipline and pay attention I know I am allready at the stage where I can easily make this back in one or two days. Being quite stubborn myself helps
and so does believing I will be able to master this in the end (allthough this might take years).Another piece of advice for everyone just starting out on this thread. I only really got what CF and Yoohoo were talking about when I started going over all the trades CF made in something like the first 100 pages of this thread, one by one on the 5 minute charts. Then only things started to become really clear, before I only thought I more or less got what they were talking about. So get something like prorealtime.com and go over each trade and try to figure out why CF took that one. Things will become much clearer.
another great piece of advice regarding keeping a personal trading book Yohoo. I will certainly start one. One question however on how to best get organised: what do you think is the best way to print screenshots ? Do you just take the screenshot of one timeframe (the most relevant one) and add comments regarding the other ones, or do you take a screenshot of your total setup, or several timeframes?
As the weather in Belgium at this moment is almost Irish (no summer whatsoever, lots of clouds and rain everyday over the last week ...) and I finally got some decent sleep I will have plenty of time to go over lots of charts
As the weather in Belgium at this moment is almost Irish (no summer whatsoever, lots of clouds and rain everyday over the last week ...) and I finally got some decent sleep I will have plenty of time to go over lots of charts
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