IG's trade of the week trader's comments

[oilfxpro]

https://www.ig.com/uk/trade-of-the-week?CHID=3&QPID=12896

 

I would not trade usd cad short trade recommendations .My reason is eur/usd /gbpusd is the only alternative to trade during dollar weakness.The spread on usd cad is higher and volatility can be low on loonie..It is called the loonie.It behaves like the loony in trading.

 

I traded the euro usd already today   for dollar weakness.The analysts other recommendations in last two weeks were ok.

 

 

RISK WARNING:no trading analysis, signal or advice  is guaranteed to make money, and the past performance  of an analyst  can be easily raise  false beliefs about future performance of signals . Past performance can't be easily misinterpreted by those new to trading who could follow a signals without proper due diligence on the validity of those analysis. It can also be misinterpreted and used incorrectly by experienced traders.

 

If you are new to trading please make sure you know the risk associated with your trade and don't simply follow a online signals, analysis  and recommendations.

 

[oilfxpro]

https://en.wikipedia.org/wiki/U.S._Dollar_Index

 

• Euro (EUR), 57.6% weight
• Japanese yen (JPY) 13.6% weight
• Pound sterling (GBP), 11.9% weight
• Canadian dollar (CAD), 9.1% weight
• Swedish krona (SEK), 4.2% weight
• Swiss franc (CHF) 3.6% weight

[oilfxpro]

not an easy trade, see higher time frames

[Caseynotes]

Could you not make this chart more clear and explain your point let alone the rationality of your point?

[oilfxpro]

I can see clearly on the chart , so  I  don't need narratives.

 

[Caseynotes]

Your charts are so covered in indicators as to be totally ambiguous and I certainly would not have picked that out. So you are just picking out random historical support levels and hoping they might be so again in the face of a 2 week down move.

 

Why not short at the most recent resistance level? Without any rationalisation your charts can mean anything  and nothing.

[oilfxpro]

The beauty of charts is in the eye of the beholder.Even without indicators , which you are a master of, I can see  everything , it does not need narrative. Have you ever wondered, it may or may not be possible, that you may or may not suffer from Dunning Kruger effect?

 

[Caseynotes]

As you know I use levels not indicators, I include MA's as levels. You pretend to see everything but dear not explain what you see for fear of being exposed. As I have shown earlier, I was posting on Dunning Kruger on this forum before you had even heard of it.

[oilfxpro]

Ma shapes have no relevance, it is total nonsense.It is just another cognitive bias to distort clear decision making.What relevance has an MA bounce, if used subjectively?All these beliefs about mas create biases.This is why this trade is a failure.The charts are clearly showing objective information with a brick wall support, not charge through it.:smileylol:

 

The chart shows a range.You should be buying here at support.

 

 

A cognitive bias refers to a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion. Individuals create their own "subjective social reality" from their perception of the input

 

Cognitive biases distort trading decisions

 

https://www.elitetrader.com/et/threads/cognitive-biases-distort-trading-decisions.305227/

 

 

 

[Caseynotes]

MA's are dynamic levels. The current ftse 1 hour chart shows price is clearly recognising and reacting to the 100MA. You have demonstrated many times you do not understand TA and therefore do not know how or when to use it.

 

[oilfxpro]

No professional would use that , as you said in one of your posts, analysis is not for trade signal. Professionals can see clear charts without mas.In your case, you can't call one trade in advance , with that t/a bs. In my case I call trades almost every day in advance, but not only that I post trade able systems.

 

In your case you will always remain a technical analysis teacher .Those who can do, those who can't teach technical analysis,.

[Caseynotes]

Most professionals are using it, that is precisely why price responded directly at it, because the professionals saw it and bought at those levels thus moving price up. 

 

Call trades? but the same old pattern is emerging, many calls are just forgotten about, what happened to them?, we can only guess. You do crow about the winners though but there is a problem with them as well. You say you are routinely risking 30 tick but usually come up with a win of 16 tick or 40 tick, what kind of a risk reward ratio is that?

 

The only reason you feel compelled to call trades in the first place is because of the ridiculous claims you make for these amateur 'professional' strategies you roll out one after the other that have been raked up out of some losers forum like 'trade2win'. I make no such claims, I am not peddling any 'strategy' and so don't feel any need to post trades. People can take my posts on TA or leave them, what do I care? 

  

[oilfxpro]

Casey 

 

The problem is you don't understand professional trading and how professionals trade probabilities.I only want 20 to 30 ticks profit, I don't care if the market is giving 500  ticks.If I can make my highest probability ticks every week, like 100 a week, I will soon be a compounding billionaires.

 

How to become a billionaire from trading/ compounding billionaires on t2w

 

http://profitabletrading1.blogspot.com/2017/12/how-to-become-billionaire-from-trading.html

 

 

A trader can earn a 50 ticks consistently a week from trading , a trader can become a billionaire in 12 years.Compound profits on a weekly basis ,  a low risk method with low draw downs of less than 200 pips , and maximum 30 ticks risked per trade.On three lots risk is 90 pips or $900 per trade on a $100,000 account.

3 positions * 50 ticks a week  * 1 lot , compound it on a weekly basis.

 

Here is a profitable method to make 100 ticks a week.

 

http://www.trade2win.com/boards/trading-journals/224896-20-30-profitable-dow-dax-weekly-100-ticks-profit.html

[oilfxpro]

If you would get rid of the moving average nonsense , fib bs and all that , you would have made money.The trade already broken down.It is very similar to when you screwed up on Dax long trade, in buy the dip.At the least the analyst got two trades right.

 

In your case it is just hindsight and scew up.This trade long is another of your screw ups.

 

 

 

[Caseynotes]

You know absolutely nothing about my trades but knowing nothing has never stopped you from commenting on anything else so no surprise there.

 

Levels such as MA's, support and resistance, trend and channel lines and Fibs are all I need. You on the other hand obliterate price  with every lagging indicator you can find (including at least 5 MA's, it's hard to count them all), what makes it more laughable is that you use an EA to draw it all for you, presumably because you are unable to do it yourself. 

 

 

 

 

[oilfxpro]

The indicator does everything for me, saves me all the work every day , that indicator cost $400 to make.Why keep a cow when you get free milk?Does not make sense.It does not mean I have to drink milk everyday, I can be vegan when I like .

 

Now  you are free to sell it on tradecity.com after compiling it and renaming it.