Thursday, May 15, 2008

Difficult day

I wasn't in the mood, market was slow and weird. Too bad that I didn't stay in last long trade and got some pips on that reversal. +1 pip

5 comments:

ORION MACHINE said...

Hey FX, I think you are doing well with your trading. I have been looking at your charts and it seems like you do not actually use the bollinger bands for trade signals.

This is just my opinion, so take it how you will, but in your trading pic for today you said the market was slow. I think its all perspective, because to me, the exact chart had several successful trade opportunities.

If you examine the chart, you are selling late into a break of support and you are selling when price is going up. Its just my opinion, but you are making trades that (to me) don't seem structured.

I mean absolutely no negative vibes for you when i say this stuff, but I think you could do much better to structure yourself (if you are not)

FX said...

Hi Orion nice to hear from you again. You are right, I don't use b.bands at all, I just have them to give me some perspective, but I don't trade by them, don't even consider them. The problem today when I say slow is that market is not moving right away as usual in high probability moment. Also there were on many places 10 or more minutes in tight range when price didn't move 5 pips. I was referring to that as slow.

In my trading I mostly watch how the market is "ticking" in some important situations. Then I decide is it strong or weak enough to enter. So I would say that I don't trade much based on pure TA, but some kind of tape reading. Most signals for me are given when I see how is market moving on 10sec chart back and forth. It's hard to hide real intentions that way. Pure TA for me gives to much signals and I'm not comfortable in taking them. I got to feel that I have high probability trade.

In this day my methods were not much compatible with market. Maybe pure TA would done better job.
1. and 2. trade market to me was probable for break down, but after entry development on 10sec chart didn't confirm that.
3. and 4. there was support on higher t/f but it just didn't show strength. I was basically right but I didn't wait long enough.
Last trade was the worst, I probably didn't have to take it at all.

I'm open for discussion, so I don't take opinions as negative vibe. Just bring it on.

When I look the chart it really don't look that trades are structured, especially when neither of them worked. All my trading is like this, but when it work it look little nicer. It's also without firm structure based on TA but it sometimes overlap when it work. So we basically interpret things differently and take signals based on different stuff.

For me the most important is the speed of ticks, it can't be seen on chart. Chart is 2D and live chart is 3D when you put in how stuff is moving inside the candle.

ORION MACHINE said...

i completely agree with you. I actually do the same thing. Even if there is something coming close to my entry, I don't like to place my limit orders until i see the price "ticking" exactly how I like it.

You and I know, but it is hard to describe to others just what you are seeing from the market that tells you "yes this is it."

And then, not to mention, it ended up being a difficult day for me too. I lost 15% of my account for being distracted and not following my rules... you can read about it in my blog if you like, just click on the table of contents and go to the bottom.

Anyways, good trading to you!!

FX said...

I'm sorry for your big loss, hardest is to recover to the point of loss. Many good trades are needed and than you are at starting point. But that's trading.
I don't know address of your blog. I was looking at myspace and there is orion machine also trader but I don't see post that you are referring. Could you give me the link.

ORION MACHINE said...

just click on my name right now, it will take you to my trading page on myspace. if you cannot figure that out the link is www.myspace.com/eyeofthetrader