DislikedLOL, not the way I meant to say it. I meant it from my own recollection stand point. You're just getting even with me for gumm'n up your thread with unwanted, unsolicited gibber jabber.Ignored
COT trading system with free indicator 297 replies
No Free Lunch but all the Free Coffee you can drink 736 replies
SWAP free, rollover free Broker? 15 replies
How to free indicator resources? indicator called from EA 6 replies
DislikedLOL, not the way I meant to say it. I meant it from my own recollection stand point. You're just getting even with me for gumm'n up your thread with unwanted, unsolicited gibber jabber.Ignored
DislikedSkunny, I'm suitably humbled. All I can say is that I'm glad that others will gain insight from your posts. Again, many thanks for sharing. I didn't discover this thread because, of late, I've been keeping to the "Beginner Q&A" and "MetaTrader" forums.
I guess I jumped to conclusions by linking your two statements "THERE IS A 100% WINNING WAY TO TRADE" and "A calibrated tool and price action will get you there". Back on JohnW's thread, I suspected that the "calibrated tool" might be Fibos, and I think I posted something to that effect. From memory you said that you'd accidentally stumbled on an amazing concept after poring over charts for a million hours, and it revolutionized your trading to the point that you discarded indicators. I've just found the post:
Now it seems that a second tool, Gann lines, are being added. This is starting to look like a complex, discretionary method. Nothing wrong with that, of course. I'm slowly learning that expert traders use a variety of tools with great judgement; that this "judgement" is difficult to explain to others, and that it can't be learned overnight. Hence I promise that I will henceforth be more patient.
I'm not trying to be a smart-a$$, attempting to find possible contradictions in anything that you've said. Just trying to get an idea as to what kind of learning curve is involved; what might be realistically possible performance-wise; and - in terms of method - precisely where you're coming from.
I hope that your father's health is improving. I lost my mother to cancer in 2002; life definitely has its periods of blackness. My thoughts and prayers are with you.
DavidIgnored
DislikedLet me address the 100% winning trades thing.
I tell you this, achieving 100% over a predetermined period of time is possible. I won't even entertain the opposite view as a possibility. In order to do this you need to know what the "perfect set up" is. What happens if you do know? Do you only take trades you believe are "perfect"? I bet a lot of you just knee jerked and said "duh, it's a no brainer". But what if in order to be "perfect and flawless" you've passed on 30 trades and of those 30 you would have messed up 15% of them due to your own buffoonery, not your system? Of those 30 trades you would have netted 2000 pips. Now does it make sense to only take the supposed "perfect flawless trade"?
I know, there is someone that is saying "if you know it's perfect and flawless you can put your house on it". (usually young traders)
Now remember, it's possible, but because you are human you are faulty by nature, that's our journey. If we were born "perfect and flawless" we wouldn't be having this conversation. So, being armed with this information we don't put our house on a trade, even if you have the "perfect trade" set up. There is a very safe way to trade, with uncomplicated money management, so why risk your house?
Your goal is to pursue perfection while managing the reality of your own faults.Ignored
DislikedI believe you can have a very high winning rate, however my reasons for not believing 100% is possible over the long term are:
ANYTHING can happen. The setup can be PERFECT, you follow your system to a tee, you take into account all (known) variables, however there will always be known variables. Known ones being news releases, expected results, what will happen if it is over/under, seasonal cycles, etc, but what about acts of terrorism, natural disasters, unexpected political changes to an otherwise stable government, or something as simple as a huge trader such as soros making a trade and moving the market. What about companies needing to convert huge amounts of money for whatever reason? I am just saying there are always unknown factors that will be out there, and even if there is a 1/500 chance of something like the aforementioned happening, it can, and will.Ignored
DislikedHey everyone,
1)Thanks Bo for your help while I was away, your help is sincerely appreciated. 2)Personal - I just received notice of an unfortunate medical diagnosis within my family. The only reason I say this is because I will have very limited time over the next week or so to answer all the questions. I will try to pick out comments and posts that affect the most people and respond in that form. (it's my Dad for those in a praying mood).
Anyway, we must not lose focus of the step we are on right now. Some of you are looking for a "system" with the information I've given so far, don't. I'm really not trying to make this a riddle. However, sometimes I even feel like I am...lol, but I'm not trying to. Come to think about it, trading just may be a riddle....hadn't thought of it that way before.
Some of you may think you have a good grasp on the market and would rather I just show you how I trade. This however, is not a good way for others to learn. YOU CANNOT LEARN HOW TO TRADE IN A DAY. (I'm not yelling, just wanted it to stand out).
What I asked you to do with the weekly chart is use 1 candle and fib it. Then I asked you to observe what followed. I did this not as a trading strategy, but to help you study S/R as it relates to theses fibs. Weekly candles are most reliable and as you go down in time frames it weakens and gives way to the stronger (higher) time frames. So, you must know daily if you want to trade hourly....and so on. If you want to trade 15mn time frame you don't need too much daily information just 1/4 hr. I'm sure you get the idea, it's been said somewhere before I'm sure.
The market likes to give hints on where it is going to go next, even if it takes a while to get there. You can observe this when S/R lines are penetrated but not broken. As long as you have your S/R in the right spot.
For instance, if a support area is penetrated by 20 pips and turns itself into the most misread candle in trading.......The Dreaded Pin Bar. After the "pin bar" is done getting everyone into a long trade it magically heads back down to bust through the support. You can know this information ahead of time, so you aren't long. You can sit there all smug waiting for a short signal and do this:.
This is where Vhands trading is essential. You can watch the price action hit the supports you've drawn and see how it reacts to it. Looking at a candle that has already formed is relatively useless in the learning process.
Q. So, if you could learn where the weekly was headed and waited for the daily to signal the same and then traded hourly, would that improve your trading? I haven't showed how to trade any of this yet, so don't be foolish and try trading what I've told you so far. If I wanted you to just make money I would post a trade call (it's a lot easier for me)
This is a large concept that needs to be accepted. If your answer is no, I suggest you buy an ice cream stand with your money instead. I like ice cream, mmmmmmmmmmmm.
I'll go back through the posts and address some issues as time allows.
Thanks.Ignored
DislikedI don't believe you've read the whole thread, but I'll address your points. I'm not talking about your system or just any system. I'm talking about knowing the market.Your argument seems to be, that because it might be impossible therefore it isn't possible.
I also specified "predetermined time frame". What does long term mean? Anyway, the particulars aren't important it's the message I'm trying to communicate as I know it.
If you think that when a market crashes or a terrorist attack happens that there isn't any boundaries in place to stop it at particular points (which you can trade) then you need to stick around.
Personally, I invite the trading conditions you seem to fear will ruin your attempt at perfection. From my experience there isn't a trade that doesn't form before it happens.Ignored
DislikedClick on "show" and see where that fib is. If it's in the list, it's there, it's just off the chart.Ignored
DislikedIs it conceivable to quite sucking on momma's nipple and simply learn what is being shared here without trying to automate it?Ignored
DislikedThen it goes to the very end of the GBP/USD weekly chart but no fib lines to be seen. Sim. for EUR/USD. Works fine on GBP/JPY on multiple timeframes - so seems to only work with that pair.Ignored
DislikedI think it is because fibo's, when saved as a template on G/J will only save on G/J. Tools, only save on the currency you save it on (I think). Indicators however, will save and open on any currency.
You can customize your settings yourself, with your fibo tool. Hope this helps.Ignored
DislikedNo order flow, market flow. I've said it before, but it bares repeating often. The market is predetermined it's not random or chaotic, it has trading ranges that change constantly. Meaning, new support and resistance area are forming with every movement. If you don't follow along you are using poor information to make your trades.Ignored
DislikedMy question was prompted by Skunny's remark that a person could never hope to perfectly execute the method. An EA - which removes human weaknesses such as emotion from trading - potentially could.Ignored
DislikedWell actually the object (fib tool) is on the other currencies when loading the tmeplate as well. It is just that the tool is located at 230.ish area of any currency, so it only shows up on GJ If you right click in the the chart area of the template and select Objects List, you will find the fib. If you want to, you can use the EDIT button to bring it to the same screen area as the currency you are looking at.
Just use Parameters and change the two Value entries to a number that is the same area as your currency. the upper value is the top of the Fib tool. the bottom Value is the bottom ofthe Fib ToolIgnored
DislikedHi Skunny,
I'm with Hanover on this one........didn't realize you had started this thread. Boy, glad you are doing it and glad I found it!! Very eye-opening stuff here! Please save me from myself and keep it coming.
Also, your father is in my prayers tonight! I have a father that is on the decline from kidney disease. Not a fun thing at all! You have my respect.
Kind Regards!Ignored
DislikedCan you please elaborate a bit on "market flow"? What the heck is it anyway (you can see I'm a newbie).
And how can the (FOREX) market, which is the sum of the trading choices of millions of traders, possibly be "predetermined"???
TIAIgnored
Let the population at month n be F(n). At this time, only rabbits who were alive at month n−2 are fertile and produce offspring, so F(n−2) pairs are added to the current population of F(n−1). Thus the total is F(n) = F(n−1) + F(n−2).[5]
Now do you understand? I don't, I was lost on the first sentence, but I'm sure it's in there somewhere...lol
But , this is how I see the world. There are forces in the universe we don't understand and never will. These forces and facts don't have an origination point that we know of. Most of which we call laws, I think they get this name because it just is. Laws of Attraction, Gravity etc. I'm one of those guys that doesn't focus on why, rather I focus on what is. In this case. it just is. It is human nature to think we are responsible for the results that happen on a large scale.
Let's take global warming and my best friend Al Gore to task here...
It is my belief that if you could chart your life mathematically you can project where you were destine to be. Not that you'll get there, you'll screw it up somehow. The planet is going to do what it is going to do regardless of us, it's in a cycle. The markets are the same way, the currency is going where it is going regardless of us. Sure, we might help it get there quicker or slow it down, but it's going to get there. If the planet wants to warm up 5 degrees and melt ice, so be it, it needs to go where it needs to go, If we all stop driving cars and using hair spray(LOL) tomorrow, we aren't going to stop it. If we all die because of it....so what. It needed to happen.
This isn't a debate on global warming, so please keep it to yourselves. PM your opposite view if you feel the need. The point I'm making is, that there are some things that just are. Market flow to me.....just is. The puzzle was, to figure out where it is going. Like global warming, 10 years from now it may go the other way and start cooling (some scientist believe). I guarantee you,humans will be to blame for this as well. We are not that powerful IMHO. But then again, what do I know.