The Thief of Wall Street
Your and My Lessons Learned Losing and Gaining in Trading 5 replies
Lessons Learned during System Development 29 replies
Rookie Lessons Learned 5 replies
What i learned today 14 replies
Things I've learned (as a n00b) 6 replies
DislikedBuma,
I just took a long scalp for few pips, only one trade (not on demonstration account).
May remain on sidelines for rest of the week.
Here is what I see. Dotted lines are the strong levels. The "Gap" you see is the strongest.Ignored
DislikedTrade 5
As part of my system, after every two consecutive losses, I eat about 10 grams of Horny Goat Weed, cover my whole body with 2 pints of goat blood and perform some black magic rituals either standing, sitting or lying naked in my backyard. Usually this is a 40 day ritual, but in weather conditons like this, I do it for 40 minutes.Ignored
DislikedI have added some horizontal resistances (pink lines) to complete the chart. Kindly remember all lines are arbitrary but more than 50% chance of being respected.
Click at the chart for larger version.Ignored
Dislikedas bumapatria, the only question i have is why the lines are all parallel, or at least they seem to be.
these are not the usual trendlines but rather a channel. and what makes the dotted lines so powerfull.
what's the story here?Ignored
Dislikedas bumapatria, the only question i have is why the lines are all parallel, or at least they seem to be.
these are not the usual trendlines but rather a channel. and what makes the dotted lines so powerfull.
what's the story here?Ignored
DislikedHow do you deal with price going through and only through such lines?
I can see on your charts that price reacts to your lines, validating their existence.
I try and avoid this difficulty through using very few lines or a preset drawing device such as Gann Fan or channels.
Only your way, there seems to be almost nothing finite, no boundaries between or close and around which these low-reacting lines go.Ignored
DislikedTrade #7 - Running
There is a little glitch in this position. I know a way how to correct it. Will explain later, after this trade either hits sl or tp. Do not want to encourage exceptions.
Just remind me of this equation when this trade is over:
X/n + y/n = Z/nIgnored
Dislikedchiky, i see you have awesome setups. truyl great...
do you also trade live?
just a question.
if udo..
damn...
great job !Ignored
Dislikedi usually watch the 4hour chart....when i identify a support or resistance, i wait for it to get half way and place my order...the aim is to confirm that the support or the resistance is genuine..
yes i still get some whipsaw here and there but that's how i trade this method..works for me.
currently long eur usd @ 1.3411....lets see how it goesIgnored
DislikedShot, what do mean by half way? Do you place a market order when support/resistance is near or a pending order right a that support/resistance?Ignored
Dislikedi set a pending order when the support or resistance has been established...
the image below shows 2 RED lines and a blue line...its a eur/usd chart 4hour (last week)
on the 26th of September , a support was formed at 1.3375....next resistance should be at 1.3570..
so i wait for price to get to the middle of the support and resistance (at 1.3477 which is the blue line) to give me PROOF that price is actually going to keep going up to meet the resistance.Ignored
DislikedPost 1 of 4: The first and foremost lesson learned is to Have an Edge.
The edge means a “Method” or a “Result of Analysis” that puts traders in advantageous position in such a way that odds are in their favor if their analysis is right or their method is sound.
[color=black]An edge can be a conclusion regarding market’s future direction after analyzing fundamentals or it can be a technical method that is likely to yield profit over a certain number of trades. The profit is net result of...Ignored