FOREX PRO Weekly June 11-15, 2012

[minimax]

Hello,

was too fast & furious yesterday with my evaluation, have changed it. Why?

Weekly: has not completed 5th wave but got tonight necessary high for fractal



Daily: EWO is convincing me we will get LL before any stronger up move; also DMA 7/5 is telling me it could be 4th wave zone; the price almost hit 38,2 from II to III and 3 > strange coincedence that III from Weekly and 3 from Daily (same for fourths) are the same, but...acceptable; it is possible that the price will hit and confirm 38,2%, missed just for 0,1 pip although I do not believe in; targets for both fifth are in range 1,2075 and 1,2055 so IF my reevaluated view is correct, we will see LL; how: only in 5 wave structure but as an classical or as an ending diagonal? I expect ending diagonal because of structures in lower TFs.




Entered short at 08:49 @ 1,26247, SL = BE, Target 1 = 1,2350, Target 2 = 1,2170

GOOD TRADING to all

 

[amag80]

Hi Sive,

Thanks for sharing your outlook. I have just started following this thread.

Very interesting.

Looking forward to reading and trying my best to understand your point of view.

Thanks

 

[Joshnix]

Asif and Triantus,
Have to thank you for the book recommendation! Mr. Douglas hit everything on the head. I am about 50% through and still making the mistakes I normally make, but if the guy can describe the boom and bust trader I have been so accurately, than he should be able to give me some exercises to work on fixing the issue. "Trading in the Zone" needs to be on everyone's reading list.

Everyone needs to remember the market is neutral, it is not out to get you and you should never take a trade out as revenge against the market.

 

[blueraven316]

Asif and Triantus,

Have to thank you for the book recommendation! Mr. Douglas hit everything on the head.

HI,
Sorry for not being able to fish out the book name from another thread, but what book did Asif and Triantus recommend you ??

Thanks

 

[Joshnix]

"Trading in the zone" Mark Douglas, again I am about 50% through but it is a good read, so far helpful in making me realize where my mind is. Fear and need to be right is a big factor in the lost profits of traders.
Amazon.com: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude (9780735201446): Mark Douglas: Books

 

[kuhan_182]

hi sive,

Thanks a lot for your valuable analysis.I realize that in the video analysis you have suggest us the possibly entries.Can you guide us on stoploss.I hope im not asking much as im beginner

Thanks

 

[rashidin5178]

Guys,
I just wanna share my poor experience in this forum and on forex trading. Obviously the important thing you should familiar with Sive's trading techniques such as Dinapoli, harmonic patterns, candelstick patterns etc. If you don't familiar with it, you can't digest what Sive try to tell us. But the most important for me is your trading style i.e. timing, psychology, reactions when loose or win etc. I think you can describe the remaining. As happen to me many times, I must admit that I'm very poor on dicipline during trading and I always take high risk hoping that I can make high return. I can win sometimes but most of all, I burnt out my hard earn money in one single week, if I'm more unlucky, even in one single day. I try to solve this problem, but still I have the problems to overcome it. For example, I tripled my acc today with mentally nervousness. See, I'm still can't solve it!
Please, don't try this at home!!! Wooohoooo!!!!!
Thanks and Best Regards

 

[Joshnix]

You have to learn to trade you edges in probability which Dinapoli and Mr. Morten help give you with analysis. Most people lose, and consider themselves unlucky, because subconsciously they will find a way to block information that goes against what they feel is right. Rashidin you are not unlucky, you just need to trade your edge and take emotion out of it. Quit trying for the homeruns and take a few base hits.

Good luck to everyone but even the most brilliant people can lose in this profession. This is what I have gathered so far anyways. I made all my luck turn bad by trying to hang on in trades and talk myself into staying in.

I would see 400 pips of profit turn into me breaking even or getting out with 100 because I was tuning out the information that the market was giving. I was seeing the end goal as 1.18 and it may be, but look at what happened Asia open it stopped everyone out unless they kept their stop behind 2670. It did me, thinking I would ride out the retracement because my technicals aligned with Sive's and I just knew it would open lower. Well last night I again got short with a tight stop and made everything back today. But I did it playing the probabilities that if it went over the resistance at 2670 it was heading for 1.3000 area, not because I was angry at the market. Now going forward I am going to play the probabilities and take profits when I see them.

 

[asif faryad]

Guys,
I just wanna share my poor experience in this forum and on forex trading. Obviously the important thing you should familiar with Sive's trading techniques such as Dinapoli, harmonic patterns, candelstick patterns etc. If you don't familiar with it, you can't digest what Sive try to tell us. But the most important for me is your trading style i.e. timing, psychology, reactions when loose or win etc. I think you can describe the remaining. As happen to me many times, I must admit that I'm very poor on dicipline during trading and I always take high risk hoping that I can make high return. I can win sometimes but most of all, I burnt out my hard earn money in one single week, if I'm more unlucky, even in one single day. I try to solve this problem, but still I have the problems to overcome it. For example, I trippled my acc today with mentally nervousness. See, I'm still can't solve it!
Please, don't try this at home!!! Wooohoooo!!!!!
Thanks and Best Regards

Hey Buddy,

I went through EXACTLY!! the same wanted to conquer Rome in a day!! lol

Went throgh making big wins only to give them all away!

I actually did get to the point where i thought this trading is not for me!!!

I stopped trading for almost a year..but there was something in me that wanted to findout where what happened!! as there must be people doing this for a living.

I them instead of looking at all the different types of staagdies on tries to learn,wanted to look into the thinking of a professional and to my amazement thats where all the answers are!

All i can say as a person who had given up and know am consistent IS DONT GIVE UP AS ALL THOSE FEELINGS OF ANGER DISAPPOINTMENT ETC ETC ARE WHAT NEED TO BE RESOLVED..

I CAN PROMISE THAT ONCE YOU THE TIME TO UNDERSTAND AT WHAT MAKES YOU TICK YOU WILL BE AMAZED!!!

AND AGAIN DONT TRADE WITH MONEY YOU CANT AFFORD TO LOSE..ONCE YOU ARE READY SET AN AMOUNT YOU ARE
COMFORTABLE WITH AND START..OR SET UP A DEMO AND PRACTISE ONCE THE EMOTIONAL ISSUES ARE BEING TREATED!!! LOL YES YOU MAY LAUGH BUT HONESTLY ALL THESE CONDITIONING WE PICK UP ARE FROM WHEN WE ARE BEING RAISED AS CHILDREN!

Good luck mate....

Salute to the Morten Traders Group )))))))))

 

[Triantus Shango]

one more thing... just like sive says, it's about 'possessing yourself', that is--and i know, it's easy to say--people used to tell me all the time and it took forever to control greed and fear, and still sometimes i slip, but that's another story--so back to point: one thing that helped me was to stop thinking about money and only think about how i could make the trade beautiful.

beautiful meant a successful trade, kinda like dinapoli mentions. a trade could be USD5 or USD10000 in profit--it matters not the profit, but if it respected all the parameters set out before initiating the trade and concluded with the TP (almost) perfectly, then it would be beautiful. then i would just concentrate on developing that, and developing a feeling for typical setups that would lead to such trades, and before you know it, you forget all about greed and fear--all that matters is that you were able to identify a beautiful structure.

once that dissociation happens without having to consciously think about, and once money management has become 2nd nature, then you'll go in and out like a dolphin in clear blue waters, sometimes grabbing 50 pips up but making the same as if it were 200 pips (due to leverage) because you know this setup has risk defined in such a way that you can afford the overleverage, and sometimes you'll make 100 pips but profit only as if it were 25 pips (just an example) again because you see the beauty of a potential trade (the risk variance being like different shades of hue when admiring flowers for example--you can equally enjoy roses and darlingtonia californica (carnivorous plant) except your distance from them will be slightly different (RRR/risk management).

so, with that approach, yesterday i didn't get stopped out. rather, i rode the wave up on FRI, closed before the weekend, rode the wave down yesterday and closed when the market reached the first probable TP, which was less profit than the potential maximum as i know see that the market dropped an additional 70 pips while i was sleeping. but i was sure of the trade, so i made the same as if i had traded just 1 lot for 150 pips.

point i'm making about strategy is that, getting in a good level on monthly/weekly/daily and holding for a couple of days/weeks/months is all nice and dandy... but the same amount of pips if not more can be achieved intraday even though grabbing 20 or 50 pip chunks at a time.

anyway, that's what works for me. there're tons of different approaches. the key ultimately is achieving total control of your mind and emotions. you must become like david (the android in the movie prometheus) when trading (then switch back to being human again or you'll have no friends).