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-   -   How my Trading took BIG turn... (https://www.forexfactory.com/thread/213648-how-my-trading-took-big-turn)

steveshelby Jan 2, 2010 6:04pm | Post# 41

My understanding is this: Markets are the result of belief systems that create orderflow. Phenomena like S/R and trendlines are easily and unambiguously visible on several timeframes, and have consequently become so pervasive in their use, that many orders get placed in those areas.

The market operates on willing buyer/willing seller and (as has been pointed out already) supply and demand. Increase in demand results in buying pressure, and vice versa. Pending (limit) orders create liquidity, while market orders consume it. This analogy is an over-simplification,...
Even though I do not always agree with you, Hanover, I enjoy reading your posts. You discuss and debate the issue and never stoop to name calling or worse. You're a gentleman and a scholar. Tip of the hat to you, sir!.

NYWallSt Jan 2, 2010 6:50pm | Post# 42

You may want to post that in the appropriate thread.
Um Ok. I was just making a quick comment about it, not go into detail.

indianguyinny24 Jan 2, 2010 6:53pm | Post# 43

Pi - the movie

"...When your mind becomes obsessed with anything, you will filter everything else out and find that thing everywhere..."

.

NYWallSt Jan 2, 2010 7:01pm | Post# 44


Looking for patterns in the market may seem like the smart thing to do but in the end it is really folly.
What's folly about it? I dont just look for patterns i also look for resistance and support breaks. Like i said before, i just trade in a simple way now and look at what price is doing, Your basic Support becoming Resistance and breaks. Anyway my original point to my thread was that I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.

steveshelby Jan 2, 2010 7:05pm | Post# 45

What's folly about it? I dont just look for patterns i also look for resistance and support breaks. Like i said before, i just trade in a simple way now and look at what price is doing, Your basic Support becoming Resistance and breaks. Anyway my original point to my thread was that I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.
My comment was not intended to be derogatory to you. Let me offer my apology if I offended you.

NYWallSt Jan 2, 2010 7:19pm | Post# 46

My comment was not intended to be derogatory to you. Let me offer my apology if I offended you.
No you didn't, It's fine. i was just asking whats folly about this method of trading.

steveshelby Jan 2, 2010 7:30pm | Post# 47

No you didn't, It's fine. i was just asking whats folly about this method of trading.
The folly comment is to be taken in context of the movie clip I posted. The folly is in the searching for "a pattern" (in particular). Patterns do exist in the market. An example is price will cross a line ending in 00 and then it will either a) cross the next price ending in 00 or b) price will cross back over the first line ending in 00:

http://i773.photobucket.com/albums/y...550/eurusd.gif


How one trades is a personal matter. It is your money at risk. I have no right to comment on what you do or how you do it.

kenkomo Jan 2, 2010 7:42pm | Post# 48

I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.
One point that I have learned is to get rid of the indicators. They are all history and are not predictors.

steveshelby Jan 2, 2010 8:54pm | Post# 49

One point that I have learned is to get rid of the indicators. They are all history and are not predictors.
Do you have a trading journal or thread where I could read the details of how you trade without indicators? I notice you're a Jacko Trader but Jacko uses support and resistance which are "history".

swingmonkey Jan 2, 2010 9:44pm | Post# 50

Hey Swing, Hanover already made some points regarding your post but no, i have never heard of Goodman Swing Count System, Ill take a look a it. Would like to know the dangers of using Support and Resistance. As for me i just trade what the market is showing in price patterns (Rising/Falling Wedges, Triangles, Head and Shoulders, Break of resistance/Support..etc..) These patterns are always happening and i just keep it simple by using the basics of Support becomes resistance and vice versa.
In my previous comments I failed to mention in which context Archer discusses traditional S/R's (My bad). He warn's about setting stops to close to support and resistance levels. "Despite the variety of support and resistance methods, most of them cluster very similar price areas. Professional traders often use those areas to make contrarian trades - they are buying and selling when your stops are being hit". Interestingly enough the Goodman Swing Count System identifies it's own areas of support and resistance. If any body subscribes to these theories I'd be interested in hearing how it has worked for you.

kenkomo Jan 3, 2010 1:42am | Post# 51

Do you have a trading journal or thread where I could read the details of how you trade without indicators? I notice you're a Jacko Trader but Jacko uses support and resistance which are "history".
I don't have a journal or thread here. Jackos basic outline is here. (He explains his system much more detailed in his private blog, using trades as his tools for his explanations.) . I don't want to speak for Jacko but i don't think that he sees that support and resistance are necessarily indicators. Jackos basic rule is that support and resistance are so widely used by all the major players that they are self fulfilling targets

Big V Jan 3, 2010 12:42pm | Post# 52

Totally agree! keep it KISS..

steveshelby Jan 3, 2010 1:04pm | Post# 53

I don't have a journal or thread here. Jackos basic outline is here. (He explains his system much more detailed in his private blog, using trades as his tools for his explanations.) . I don't want to speak for Jacko but i don't think that he sees that support and resistance are necessarily indicators. Jackos basic rule is that support and resistance are so widely used by all the major players that they are self fulfilling targets
Thanks. Do you follow the basic outline?

kenkomo Jan 3, 2010 6:51pm | Post# 54

Thanks. Do you follow the basic outline?
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.

podgy Jan 5, 2010 2:48pm | Post# 55

No sarcasim intended
 
The folly comment is to be taken in context of the movie clip I posted. The folly is in the searching for "a pattern" (in particular). Patterns do exist in the market. An example is price will cross a line ending in 00 and then it will either a) cross the next price ending in 00 or b) price will cross back over the first line ending in 00:

http://i773.photobucket.com/albums/y...550/eurusd.gif


How one trades is a personal matter. It is your money at risk. I have no right to comment on what you do or how you do it....
Isn't that stating the obvious?

podgy Jan 5, 2010 3:11pm | Post# 56

Profitable?
 
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.
Hi Kenkomo,so are you making the cool dollar with Jacko?

NYWallSt Jan 5, 2010 4:16pm | Post# 57

One point that I have learned is to get rid of the indicators. They are all history and are not predictors.
A long time ago i would have strongly disagreed with you but now, I feel like its the true way to trade. I Know everyone has their own style of trading but for me, Trading just price has been a whole new world to me and i will never look back.

steveshelby Jan 5, 2010 7:26pm | Post# 58

yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.
Is the logic a secret?

kingfisher Jan 6, 2010 12:38am | Post# 59

yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.

How much fees Jacko charges for inclusion in private group?

kenkomo Jan 6, 2010 4:04am | Post# 60

Hi Kenkomo,so are you making the cool dollar with Jacko?
yes


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