FOREX PRO Weekly July 30 - August 03, 2012

Sive, I'm one of the appox. 1400 veiws your daily videos get. I'm wondering...
1. Has your trading analysis become more accurate since you've been posting on FPA?
2. Has your method changed at all or have you tuned up your method since you started with FPA?
3. You've said you trade equities and currency futures more than forex. Is there any real difference in your analysis with other kinds of charts?
4. I see in your demo account statement, you traded other pairs besides the EUR/USD. What pairs do you analyze and do the other pairs behave differently enough that it alters your analysis method or can you keep the same method for all charts and pairs?

Thanks in advance

Hi WaveRider,
1. Probably not, or may be I do not see this. I think, that it is better to rely on our members opinion on this question. Since this is easier to assess from 3d side, rather than by myself.

2. Yes. For example, It seems that currently I better incorporate harmonic framework with DiNapoli. Initially I have not used harmonic at all. Also Pivots. May be something else...

3. No, overall plan creation procedure is the same. Difference with details of different markets. For instance, financial markets rare hold for a long time at oversold or overbought, while commodities could stand there considerable period. Commodities have clear seasonal trends and some other things.

4.This demo is rather old. Currently I mostly deal with fundamental analysis of bonds and shares. So I do not trade in common understanding of this word. I buy and sell assets, but mostly based on fundamental valuation and "fair price" calculation. I use techncal analysis mostly for finding proper entry point, when I already have estimated that I would like to buy some asset.
Here my task mostly is to give understanding and give opportunity to see how analysis works on real charts for newbie traders, or for those, who think that it might be useful. Other words for those, who likes it. As you can see I very rare give precise setups (as on Friday for instance).
Speaking about methods - they could be applied on any liquid market. If market has some restictions and government limitations or it is illiquid, here could appear problems. Different pairs definitely have their own specific, but this impacts not the methods of analysis but mostly just some tools. For instance CAD and AUD are commodities currencies. And if I'll see definite bearish setup on gold and bullish on AUD, I probably will take a pause. Something of that sort.

Sive i know you don't use the 25x5 in your analaysis - but cant help notice it's been bumping up off it from 1.212, and it looks like another could have just started

Hi Squidge
No, I do not doubt 25x5. I just prefer to use it for reversal point identification on long-term charts, often after solid collapses as on 2008. I rare use them on lower time frames - as daily.

But, thanks for hint. It looks like we have a daily 25x5 also around 1.2120-1.2140 monthly support...
 
Inside track :D

I've just copied this from previous thread, since many forumes were interested with this:

Hi Craig,

Probably I can ask FPA Administration to provide you your own part of forum for daily scalp signals. What do you think about it?
Let me know if this will be interesting to you. 200 pips per day by scalp trading - this is indeed solid result. FPA have daily signals (Mr.Huskins), I write mostly on longer term perspective,
so intraday scalp signals will be interesting for those who spend in front of computer whole day.

That's fine, as long as people find it helpful, (I have no problems sharing my knowledge)

I tend to take a more relaxed approach, after all, all day in front of the screens can be rather tedious.... @ best ;)
 
That's fine, as long as people find it helpful, (I have no problems sharing my knowledge)

I tend to take a more relaxed approach, after all, all day in front of the screens can be rather tedious.... @ best ;)

Well, probably it will not take a lot of time from you, since this will be more as intraday signals, minimum explanation. Today I will inform administration and let you know their decision.
 
4.This demo is rather old. Currently I mostly deal with fundamental analysis of bonds and shares. So I do not trade in common understanding of this word. I buy and sell assets, but mostly based on fundamental valuation and "fair price" calculation. I use techncal analysis mostly for finding proper entry point, when I already have estimated that I would like to buy some asset.
Here my task mostly is to give understanding and give opportunity to see how analysis works on real charts for newbie traders, or for those, who think that it might be useful. Other words for those, who likes it. As you can see I very rare give precise setups (as on Friday for instance).

Dear Sive,
some time ago (if i remember well, in the beginning of june) you posted us your statement of demo account. Would you mind to post us again? I mean, studying your trades we can learn a lot (something like entry points, moving stop to break even (well...we can guess a bit :D), money management, targets and exit points, etc). Probably the most valuable information, at least for me, it's the comparison with your trades and mine in the same period (i saw i tend to grab few pips, even placing similar orders). If this isn't a problem for you, you might post your demo statement once every 1/2months.
Thank you in advance!
 
Trading Psychology

Hi all

There has been quite a bit of discussion recently regarding the part that the traders mindset plays in their success. Thanks to recommendations made here I have read the Mark Douglas book 'Trading in the Zone' and found it a real eye-opener. Because he goes into so much detail about the mistakes that traders make and why I now understand that I can change the parts of my mindset which stop me from succeeding.

That knowledge is what opens the door but it is my actions that will change the mindset. As he recommends I am starting to be an observer of my own behaviour. Over the last few weeks I have experienced the same greed and fear and the same drives to react when I shouldn't. The difference is that I have been much more aware of what is going on and have managed to not respond when I otherwise would have - sometimes :rolleyes: .

I think it may be helpful to others to have a thread to share experience and advice so I will post in this thread from time to time about my experience and would invite everyone else to join in. I'll not be posting about trades other than to use them to explain something.

Last week was a great example of negative mindset.
I have started trading GBPUSD mechanically. I passed on two trades the week before because I was just back from holiday and didn't want to rush in without being prepared. Both reached what would have been my target (COP)
I opened a trade early last week and it went straight against me until stopped out. I then opened another in the opposite direction to try to catch the move against me. I closed this for a small loss.

Missing the first two trades was the right thing to do as I wasn't fully prepared, but it left me feeling as if I've missed out.
The first losing trade actually had a strong contra indication which I didn't see until it was too late.
The last trade was just stupid and I was right to close it when I came to my senses!

While all of this was going on I was short EURUSD and made a healthy profit, more than offsetting my losses. My handling of the winning trades was much better despite having to fight the urge to close too early.

All of this is covered in Marks book but knowledge isn't the same as experience and that's why I just need to keep doing it mechanically until the mindset changes.

All the best

Michael
 
Hi all

There has been quite a bit of discussion recently regarding the part that the traders mindset plays in their success. Thanks to recommendations made here I have read the Mark Douglas book 'Trading in the Zone' and found it a real eye-opener....
All the best

Michael

Hi Michael, your post as independent thread was automatically moderated, so I have to move it in this thread. Sorry for any inconvenience. ;)
 
Dear Sive,
some time ago (if i remember well, in the beginning of june) you posted us your statement of demo account. Would you mind to post us again? I mean, studying your trades we can learn a lot (something like entry points, moving stop to break even (well...we can guess a bit :D), money management, targets and exit points, etc). Probably the most valuable information, at least for me, it's the comparison with your trades and mine in the same period (i saw i tend to grab few pips, even placing similar orders). If this isn't a problem for you, you might post your demo statement once every 1/2months.
Thank you in advance!

Hi Papao,
when I've joined FPA, I had to track demo for a year, but currently, speaking honestly, I do not track it.
Sometimes I use it, just to not forget trades that we've discussed in video and daily update. Unfortunately, I do not have solid time to seariously trade on demo. Someday, if I'll get this time, we probably put this demo on testing as it was during first time.
Statement, that I've posted - that was just some current statement from some account. Since I do not place trades on demo regularly, accounts close from time to time.
Dealing with financial statements of companies left not much time for other stuff.
But I can tell you that fair price of PEPSICO currently is 72.36$ per share :) May be this info will somehow compensate my demo's abscence :cool:
 
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