in the hole $200 atm, definitely dissapointing. Not sure if its bad luck or what. I guess its the price of learning.
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06-10-2013, 08:31 PM #1441
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06-10-2013, 08:42 PM #1442
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06-10-2013, 08:48 PM #1443
heres the system i'm using currently.
I identify a range on the 15 min timeframe and once it is broken I look for a pullback and once price goes past the peak of the pullback I enter and place my stop under the low of the pullback and my limit(target) as the next resistance point or the day's range added/subtracted to the ranges low/high.
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06-10-2013, 08:54 PM #1444
try managing the trade on a 5 min. and dont keep your target at the next resistance. you need to put it below it somewhere. you also need to see where the orders are stacked, and then place targets and stops around them accordingly. meaning, the move will have no problem hitting your target because of the limited orders, and it will have a harder time hitting your stop if placed below a stack of orders
what went wrong with the trade
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06-10-2013, 08:56 PM #1445
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06-10-2013, 09:06 PM #1446
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06-10-2013, 09:09 PM #1447
Been having pretty good luck with small fluctuations in oil prices this year.
When I have free time to pay attention to the market every day, I'll put roughly $5000 (do the same thing in my parents' portfolio which I manage, so I've made double these gains technically) in a long or short position in oil ETFs and hold it for a few days, maybe a few weeks at the most. Lately its just been fluctuating between $90-$100/barrel. When I'm actively watching, I'll just reverse my position whenever it gets towards one end of that spectrum.
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06-10-2013, 09:29 PM #1448
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06-10-2013, 09:41 PM #1449
Last edited by DavidJr74; 06-10-2013 at 09:47 PM.
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06-10-2013, 09:46 PM #1450
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06-10-2013, 10:03 PM #1451
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06-10-2013, 10:07 PM #1452
what do you mean where orders are stacked? Usually my trades are atleast 50:50 but on my last losing trades I was risking more than my gain which was a mistake. I think I will paper trade for a little longer and test the system out. Also i'm trading with 3 lots per trade, i'm not aware of how much the average trader uses such as yourself but it would seem trading 2 lots or even 1 would be better because then a losing trade wouldn't take a huge chunk out of my capital.
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06-10-2013, 10:08 PM #1453
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06-10-2013, 10:13 PM #1454
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06-10-2013, 10:17 PM #1455
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06-10-2013, 10:41 PM #1456
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06-10-2013, 10:53 PM #1457
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06-10-2013, 11:01 PM #1458
Only been forex trading for less than 2 months so yea, just checked this system out http://www.trade2win.com/boards/fore...-system-5.html , seems fairly good and since the thread is huge and been going on for more than half a year i'm guessing it's a good system, will try it out on my practice account tonight(pull an all nighter) and see the results. Also how do you create your own system? I just find other's system's and adapt them to my style, its how I did it with equities and that worked out fine.
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06-10-2013, 11:31 PM #1459
the problem with that is those are experienced traders executing that plan. and half of them on there dont even know what there doing. so a bunch of wannabe trader following a real trader. never buy a system, never use someone elses system. period. you must have knowledge of trading. there are literally too many factors that go into trading that cant be written out. you will blow up your account.
trading is not only a TON of knowledge but also a lot of mental flexibility.
why do prices reverse at certain zones? what causes them to reverse? answer these for me.
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06-10-2013, 11:34 PM #1460
heres what was said on the first page of trade2win by the op
"Important:By the way, we are not saying that The 3 Duck's Trading System is the "Holy Grail" of trading, of course it has it's losing trades & losing runs. We like to use it with our own market knowledge and view it as a common sense approach to price observation."
there you go.
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06-11-2013, 12:03 AM #1461
Thanks, total noob to forex trading(price action trading). Going to utilize the 3 ducks out with my other trading knowledge and see how it goes rather than just use it by itself. Regarding your previous question I wouldn't be able to answer why price reverses at certain zones other than I understand what happens and how I and others react towards it such as resistance and support zones, etc or why a reverse may happen. With equities I could say that the volume wasn't enough and the price was stretched but with forex you don't have that. Hopefully trading forex 6 hours a day for the next 3 months can help change that.
Last edited by fuuuu123; 06-11-2013 at 12:20 AM.
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06-11-2013, 12:29 AM #1462
well if you cant answer why then you should not be trading at all. why do people react towards it? zones means = support and resistance levels. thats what i was referring to.
and your last answer about equities is about as wrong as it gets. not trying to be mean or anything just trying to help. paper trade and learn more.
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06-11-2013, 12:40 AM #1463
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06-11-2013, 12:42 AM #1464
It would help if you would answer the question so I could understand lol. Also with equities I guess volume may not be why a price reverses but I used it as a predictor to a reverse or continuation and I was profitable for half a year doing so.
also jumping in that chatroom atm
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06-11-2013, 04:48 AM #1465
fuuuu - It's all about liquidity and perception. There are no written rules as to why an equity or a currency move up or down. Sure there are catalysts for large swings but even when a catalyst comes out it STILL is all about liquidity. Now when I say liquidity it has little to do with volume. What it means is the balance of liquidity. If nobody wanted to sell a product but only 2 people wanted to buy said product then you could effectively have a price war and still no volume would move. Eventually someone would cave in and sell to the highest bidder. The problem here was that there were no liquidity providers. When you set a limit order to buy or to sell then you are providing liquidity to the market. When you set a market order to buy or sell then you are seeking liquidity in the market.
Liquidity moves price, I've said this many times on here. Forex is extremely liquid, hence why it's so hard to predict price action. The only reason your system was working is because it was having a good run. Now look at you ... you had one bad trade and you're rethinking everything .... so what happens after your next bad trade? EVERYONE LOSES MONEY IN THE MARKETS. That's how it goes. If you expect to win every time then you're in the wrong place. The trick is to keep your wins greater than your losses so stack your odds of success with your reward:risk and that's the key to making it in forex.My $0.02 is worth $0.03
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06-11-2013, 05:15 AM #1466
AAPL is going to need more than iOS7
Beyond the functionality that iOS 7 brings — not just improved controls and notifications, but new ways to share files with nearby users, stream music from the Internet, browse open tabs on the Web and more — the system helps Apple catch up with the razzle and dazzle of the competition. Skinny fonts and bold primary colors interact on layered visual planes that drift gracefully in and out of view — these are all hallmarks of the new design. And if certain elements may look a bit familiar, that's because, yes, many of these ideas — the "flat" school of design — have been visible in Android and Windows Phone for a few years.
Don't misunderstand though: iOS 7 still isn't the end all of mobile operating systems. By the time fall comes around, Google will probably show off a new version of Android, one that will highlight remaining iOS shortcomings. After all, even in iOS 7, there are no customizable homescreen widgets, no gesture-based Swype-style keyboards, no hands-on control over an apps' system usage — and both the HTC One and Samsung Galaxy S 4 have camera apps with more powerful editing tools.My $0.02 is worth $0.03
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06-11-2013, 05:25 AM #1467
def. going for the inverse h&s play now. 162.23 on the low side? then it should jam higher, if we fail this right side get out IMO
downside is the market has no direction, its a volley back and forth.
edit: on the spy and do we buy LULU?Last edited by GabrielNovar; 06-11-2013 at 06:06 AM.
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06-11-2013, 07:33 AM #1468
Fuk it, gonna yolo it. In for 150 shares of LULU
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06-11-2013, 07:38 AM #1469
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06-11-2013, 07:46 AM #1470
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