Noobs on a mission. My journey back to a thousand. - Page 2
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Thread: Noobs on a mission. My journey back to a thousand.

  1. #11
    Nope, that is alright. For many on here it's a brand new concept. Oddly enough it's a very common and famous concept on the futures exchanges (which closely relate to the forex markets), but here... not too much.

    A great starting point is here:
    http://www.cbot.com/cbot/pub/page/0,3181,1184,00.html

    Most of the material focuses on habits and patterns of intra-day traders which can be observed to ascertain whether the market will trend or range. Since these patterns happen before price patterns come about, you end up with an edge over price traders.

    Now's EURUSD market is a classic pattern, it is going to open (8am GMT) above it's last close (5pm EST). In order for price to continue going up it is going to have to find a bottom and examine it, so that traders can quantify their risk. If/when it does so, we will very likely see a strong up trend day (nothing's 100% tho, commerce at your own risk) provided it tests and sticks above the last high.

  2. #12
    Quote Originally Posted by ;
    Well hello everyone and welcome to god knows will most likely be a fascinating journal. First off I would like to say if your looking for the sort of advice thats going to make you rich, you are likely looking on the wrong side of Forex Town. Because I guess that perhaps I can meet some interesting individuals here, discuss some ideas, and hopefully learn a thing or 2 I created this thread. Along the way I share my journey with you to let you know my progress. Plus I'm hoping that if somebody figures out how he-- this FX item operates,...
    Lack of formatting. . .making brain. . .explode...

  3. #13
    LOL.... yeah ... sorry for the jibber jabber. It threw together in about 20 minutes. I Didnt bother to go back and format. I probably should have is give you more stress to add to your already hectic forex day. My apologies :/

  4. #14
    Quote Originally Posted by ;
    Nope, that's fine. For many on here it's a completely new concept. Oddly enough it is a really common and famous concept about the futures exchanges (which closely correlate to the forex markets), but here... not too much.

    A great starting point is here:
    http://www.cbot.com/cbot/pub/page/0,3181,1184,00.html

    Most of the material focuses on customs and patterns of intra-day traders which could be observed to ascertain whether the market will trend or range. Considering these patterns happen before price patterns come about, you end up with an edge...
    Rabid,

    I'm going to look at this once I get a little free time. Thanks for departure a little advice my way and for you advice. Its much appreciated. At the mean time, I think its time.

  5. #15
    Buy NZD/JPY 1 B 50.404 .

    This is much more of a Carry trade place. But from the charts it looks like it's found some trend and support could reverse. This is a risky commerce. Since its going against this trend.

  6. #16
    I just need to come back and post something real quick to clarify my last post.

    My final msg:
    Quote Originally Posted by ;
    Now's EURUSD market is a timeless pattern, it will start (8am GMT) above it's last close (5pm EST). In order for price to keep on going up it will need to find a bottom and examine it, so that traders can measure their risk. If/when it does this, we will very likely find a strong up trend day (nothing is 100% tho, trade at your own risk) supplied it sticks and tests above the high.
    I left that call several hours ago. The chart details exactly occurred.

    Anyhow, what we watched was a timeless pattern. Price had traveled abive the high. It came back to where it opened and found support, developing a nice point for traders to describe their risk.

    At that point it traveled across a range before the US open, and shot up from that point. I've been the day up until now. Price just hit the weekly R1, which was my TP. Price might continue to visit R2, but it generally doesn't in one day. Regardless, I am happy w/ the consequences (200 pip days are never to be regretted, lol) and prepared to call it a day.

    My point in all this is not to brag or anything so primitive, yet to punctuate my point sooner. If you understand the factors which drive the markets, and the patterns they produce, you can adjust your intra-day trading egy by making an edued guess. This tells you when to trade the break, or when to fade against the break.

    These patterns are about 60% to 70% reliable and possess an average ROI of 2:1 (sometimes 3:1, possibly higher, if you get a fantastic ROI).

  7. #17
    Quote Originally Posted by ;
    I only want to come back and post something real quick to explain my last post.

    My last msg:


    I left that call several hours ago. The chart details what occurred.

    Anyhow, what we watched was a timeless pattern. Price had traveled abive the previous large. It came back to where it started and found support, developing a wonderful low point for traders to describe their risk.

    At there it traveled across a range until the US available, and shot up from that point. I have been the entire day up until today. Price only hit the weekly R1, which was my...
    Wow! ... thats very insightful. I will look into the link you sent me so that I can learn more. I didnt understand that the open had some significance. I do consider it. I understand thats part of this game .... When I do, but I hate. I'm doing well but I took a couple of losses that I didnt need to take. I 've been reading a lot about how quits are significant ... and yet one egy I'm using right now requires a 50 pip stop loss. Well twice now .... I got stopped out only to see the pair come right back to near where I purchased it. This was a loss of roughly 120 pips. Fortunately I left 600 on the afternoon so I'm not too upset , but regardless I dont like to lose. Before I would ordinarily not use stops or I'd use them loosely. I do see the value in them but I wonder if I'm not using them correctly.

  8. #18
    EUR/USD Open Long 1.35050 Close 1.36650 160
    NZD/USD Open Long 0.55178 Close 0.55050 -12.8
    AUD/USD Open Long 0.67100 Close 0.66500 -60
    Err!
    AUD/USD Open Long .67010 near 0.66410 -60
    Err!

    Total Gain/Loss 28

    I am so angry because I have stopped out two only to see the pair come back to the identical price. I am trying to stick with a 50 pip stop, but maybe its too near.

    The good news is I am still long in several places and up about 500 pips over the day

  9. #19
    Quote Originally Posted by ;
    I only need to come back and post something real fast to explain my last post.

    My final msg:


    I made that call a few hours ago. The chart details exactly occurred.

    Anyway, what we watched was a timeless pattern. Price had traveled abive the previous large. It came back into where it opened and found support, creating a low point for traders to clarify their risk.

    At that point it flew along a range before the US open, and taken up from that point. I have been the day up until now. Price only hit the weekly R1, which was my...
    I have spent some time studying up on the link you attached. I have to say its an interesting concept, though I'm a little confused still. I found a study manual on CBOT that seems to thouroughly describe it. I'm attaching the link if you or anybody else would like to browse through it.

    Http://www.cbot.com/cbot/pub/page/0,3181,1184,00.html

    Select Market Profile Handbook to Read up on the Topic. Thanks Rabid.

  10. #20
    Whats up Rabid. I've been doing some study on the Market Profile. I submitted a link above that's a lot of information about the subject. I was able to find this indior and thought that you may be able to make use of it.
    https://www.nigeriaforextrading.com/...1593340797.ex4

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