Tips & general help to make you a better trader by Phil Newton, Developer of Trading Strategies at TradingStrategies.info
Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
Register for the webinar
Hi Folks,
Sunday afternoon again and taking a quick look at the charts for the day and week ahead. So far its not looking to interesting with the currency pairs that I’m looking at having developed some 240 min ranges which for my is usually a step aside and wait indication.
Enjoy
Phil
Ok folks, something for a little but of fun but at the end of it will have a very interesting result.
Answers on the comments please.
Hi Folks,
Just a reminder about todays webinar its free to register and join me.
Starts at 11 GMT today.
See you all in there
Phil
Hi Folks,
Doing the crystal ball thing again.
Hi Folks,
One of the many e-mail questions I get asked is;
Can I use Price Action on XYZ?
The simple answer is yes. As I’m dealing with markets facts I can trade price action in exactly the same way as I would any instrument.
Enjoy
Phil
Hi Floks,
I hope you dont mind me being a little lazy with this post as I didnt have time to post each item in real time as I did on my own website.
But there is a good video and a nice running commentary of some trades on the video and static charts of the late evening trades that developed on the pairs I have been trading today.
Enjoy
Phil
Hi Folks,
I’m looking at the charts as usual this morning and have been all morning and all I can do is shake my head.
Most of the cross rates that I’m looking at are still range bound and waiting for price to get to S/R levels or break past those S/R levels and so far they are nowhere close to being at those levels previously identified.
The only cross rates that have looked interesting for me so far today are AUDJPY AUDUSD and CADJPY which have broken out of the larger 240 min ranges and there is such a lack of activity today that I’m thinking that these might really struggle to make any significant intraday moves at the very least. the good news with them is that I have managed the trades to a break even point as Ive described in the Ive room today.
So its back to waiting… waiting and waiting some more.
I think personally If I wasn’t at the trade desk and doing some presentations, today and this week would be a really good time to go fishing. Have a long weekend. Spend some time with the family. If I was flat that’s what I would do with my time…. something better than sitting at the desk.
What every you decide to do today and tomorrow… enjoy yourself and have a great weekend.
Phil
Hi Folks,
Just a reminder about todays webinar its free to register and join me.
http://www.fxstreet.com/live/sessions/session.aspx?id=bdec3a46-3ae4-406f-9e87-ac5906be0454
Starts at 11 GMT today.
See you all in there
Phil
….tick…tock…tick…tock…
Follow the white rabbit… he never had much time and was always rushing off somewhere and was always late to be some place else.
One of the main things I have talked about in the Live Trading Room today is time management and how you can get the most out of your day without wasting a moment of your time between trades.
Even when you have several positions open for me the actual “trading time” is actually very small and most of the time before during and after a trade is spent waiting.
So what can you do in that free time other than update your analysis? Firstly I encourage you to give yourself a “homework project” for most newer traders this will be to strat writing a written trading plan of how you intend to trade.
Other homework ideas could be research and development of ideas or variations of ideas. I spend a lot of time looking at different variation of what I’m doing to see if they would be better on the real time accounts rather than on the back burners. It also helps me keep a benchmark of performance over the long term with my different strategy ideas.
Or you could do what I’ve done in the past and teach yourself how to juggle
So whats been keeping me busy today in what has been for me a rather dull slow paced day for my strategy?
As well as keeping track of many different idea’s, answering support emails,explaining each of my trades as they set up and all the other support stuff from doing the live room. I spend a few hours today looking at a new trade platform.
In addition to this I was looking at the same strategies I use on FX and seeing what they look like in real time on Gold, Oil, and European Index’s. As a few things set up I fired a few trade off on the demo account to get a feel for the platform and see how the patterns develop on these markets.
Ive looked at these market before and prior to starting the live room I was trading FX Mini Dow and occasionally NASDAQ stock. Now Ive got the routine down in the live room I’m looking to re-start trading multiple markets again.
Below is a quick look at what the charts look like on the platform I’m looking at as well as the two trades I have taken using the Fib set up with exactly the same rules as I would use on FX.
Gold Fib set up selling rallies in down trend
Scale out not quite reached at time of this image. When/If triggered will be setting a target to low of day for last 3rd as will only be passively watching it.
15 min Fib oil set up, selling rallies in down trend.
Scale out hit just after this image was taken
Trade management for last 3rd as I’m only passively watching this Ive set a limit for a retest of the low of the day
Hi Folks,
Looking forward to Mondays trading and the week ahead as always. Thinking about the scenario’s that could unfold for me and thinking about a plan of action to trade those scenarios based on my trading plan.
Enjoy
Phil