Journey to Profitability

Sprout said:
Since you are on Tradingview, an insightful view of PA is to use the tri-panel screen set-up. Timeframes from longest to shortest, L to R. The middle view being the timeframe you trade. Your annotations will carry over to the other timeframes. You expand any panel to fullscreen by clicking the box in the lower right hand corner.


In terms of your display, the current price scale and dimensions of bars would be anxiety producing for me. If you play with it, there's a sweet spot that allows you to monitor price accurately but without getting 'twitchy' and 'reactive'. Monitoring on the next slower TF up helps to smooth this out.
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Isn't that for pro members only? I am not a pro member
 
Last trade for the week

EURGBP
HTF https://www.tradingview.com/x/T38hZGzd/ LTF https://www.tradingview.com/x/HzV3LYsn/

Result: Won

Handle123 said:
Often heard of "Buy low, Sell high" many simply don't understand this concept is actually very true when you become a chartist, buying support/selling resistance, but you have to build rules around this concept and have answers before the questions arise, must have clear trading plan with first of how you define trend, what you allow for retracement in regards of current trend, what can make trend to go into no signal mode and what it takes to either restart trend or new trend starts. So keep good notes and print out good charts.

All advice I have received, I backtest it to show it either works for me or ask more questions or discard. What works for one often times will not work for another.

Much info on the web, but you have to make it where you understand it for yourself, don't think a few sample size is enough, this in terms of hundreds/thousands if you can program, more stats you have, more you can expect recurring patterns will continue or can be a fluke of duration of an economy, what worked in odd year of a decade might not work two years from now.

Learn from your profitable trades and study why they were profitable.
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https://www.tradingview.com/x/9ElpNlE9/ Something like this? How about purely using horizontal levels? That's what I'm doing now
 
iamnewuser911 said:
I have applied to some prop firms and got an interview however this one seems shady. Will go for the interview and see how it goes, nothing to lose. I will be getting a day job in the mean time, should I? I think it is the right choice.
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Also...

Consider applying at prop firms that trade equities as well as the ones that trade futures.

I think your goal is to be a winning trader more than being set in stone about what you trade.

Just be sure to post on ET asking about firms you consider.

And post the deal AND training they offer you before putting down money or signing anything.
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I am not saying stocks are better than futures or visa versa but I would check out both types of prop firms and come back here and let us know what you find.
 
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iamnewuser911 said:
Something like this? How about purely using horizontal levels? That's what I'm doing now
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They also work when they work and when they don't work which is more often broken, better have answer beforehand. You look at any chart and pivot highs/lows often get broken by either a little or much. Back testing wise, for me horizontals work the least and shallow trendlines, unless it is part of a congestion, you are trying for that double bottom/top and with other price patterns double have better chance of working, but just sticking out of some pivot and waiting for it to bounce, unless you are going to hedge, I rather look for better opportunities.
 
iamnewuser911 said:
New trade

EURAUD

HTF https://www.tradingview.com/x/02ObINld/ LTF https://www.tradingview.com/x/UllXBKKJ/

Result: Pending
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I think your reversal signal is valid.

I presume you just entered the trade during mid / end Asian time.
Most likely the big boys are not around.


some comments:

> trade only when the big boys are around. You can look at the volume but I doubt FXCM provides volume daata.
I look at currency futures volume from CME. This is something you might want to consider next time.

> check euraud day range. some cross pairs have very poor day range and difficult to profit from trading such pairs.



do note FOMC meeting is coming soon.
currencies might not move before the meeting.
But big boys might decide to move it before the meeting.
 
maxinger said:
I think your reversal signal is valid.

I presume you just entered the trade during mid / end Asian time.
Most likely the big boys are not around.


some comments:

> trade only when the big boys are around. You can look at the volume but I doubt FXCM provides volume daata.
I look at currency futures volume from CME. This is something you might want to consider next time.

> check euraud day range. some cross pairs have very poor day range and difficult to profit from trading such pairs.



do note FOMC meeting is coming soon.
currencies might not move before the meeting.
But big boys might decide to move it before the meeting.
More...

Yes I entered during Asian time.

Why can't the big boys just trade whenever they want?

What tool do you use for day range? ATR?
 
iamnewuser911 said:
Yes I entered during Asian time.

Why can't the big boys just trade whenever they want?

What tool do you use for day range? ATR?
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big boys trade early part of Asian session,
throughout European session and early US sesion.
They might trade outside those sessions depending on circumstances/news/events ...
What do they do when big boys are not trading?
No idea. Perhaps they take tea breaks, snooze, go home ...


day range. you can create the formula to calculate day high - day low.
if not, do it manually.
 
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