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Trading Made Simple(r)

  • #4,081
  • Sep 27, 2019 1:23pm Sep 27, 2019 1:23pm
Quoting RobinHood
{quote} {image} I hope that this chart that 40PipsAlan created helps to prove to everyone that Support and Resistance is HARD to determine and can't be relied upon. It's always hit or miss. It works when it works, and it doesn't when it doesn't. Like the saying goes: "Even a stopped clock is right twice a day."
Hello RH,

Actually it's easy, according to GANN's Natural Price R/S Levels

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but GANN is talking about the $1 which has 100 cents
in forex $1 equals 10000 pips for the first number on the left to change

so, deviding the 10000 pips by 8 you get 1/8=1250 pips , works well with monthly and weekly trading

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for Daily trading you need to devide every 1/8 by 8 to get 1/64=156.25 pips

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for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips

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below that, is just crazy but you get 1/512=19.53 pips, might be good for scalpers, who knows.

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1/8's in Fib %'s

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these are fixed levels for all pairs including gold

cheers,
"the public is not yet ready for it" W.D. GANN
  • #4,082
  • Sep 27, 2019 1:49pm Sep 27, 2019 1:49pm
Quoting Kwt4x
{quote} Hello RH, Actually it's easy, according to GANN's Natural Price R/S Levels {image} but GANN is talking about the $1 which has 100 cents in forex $1 equals 10000 pips for the first number on the left to change so, deviding the 10000 pips by 8 you get 1/8=1250 pips , works well with monthly and weekly trading {image} for Daily trading you need to devide every 1/8 by 8 to get 1/64=156.25 pips {image} for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips {image} below that, is just crazy but you get 1/512=19.53 pips, might be good...
Wow I need a stiff drink after all that
  • #4,083
  • Sep 27, 2019 2:00pm Sep 27, 2019 2:00pm
Quoting Kwt4x
{quote} Hello RH, Actually it's easy, according to GANN's Natural Price R/S Levels {image} but GANN is talking about the $1 which has 100 cents in forex $1 equals 10000 pips for the first number on the left to change so, deviding the 10000 pips by 8 you get 1/8=1250 pips , works well with monthly and weekly trading {image} for Daily trading you need to devide every 1/8 by 8 to get 1/64=156.25 pips {image} for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips {image} below that, is just crazy but you get 1/512=19.53 pips, might be good...
Thanks for posting the info, but what you need to keep in mind is that W. D. Gann could never support himself trading, and effectively died broke.
Always a Student, Never a Master - Emulate What Works
  • #4,084
  • Sep 27, 2019 2:27pm Sep 27, 2019 2:27pm
Quoting RobinHood
{quote} Thanks for posting the info, but what you need to keep in mind is that W. D. Gann could never support himself trading, and effectively died broke.
you're welcome.

never mind him, treat him as Fibonacci who never traded the market, but his tools are utilized intensively.
both are alike in methods, but GANN used 1/8's as measurement.

until the late 90's the market quotes are in 1/8's as trading unit, and still moves in 1/8's even if quotes now are in 1's and 1/10'ths

the closest indicator to this kind of measurement is the "Murrey Math Line", but it's dynamic and goes under square of 1

to me, it made it easy to know major levels and the rest as targets

cheers,

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"the public is not yet ready for it" W.D. GANN
  • #4,085
  • Sep 27, 2019 3:59pm Sep 27, 2019 3:59pm
Report for the week:

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Really pleased. Back to back, the last 2 weeks have been my best results following a method, for the past 2 years of demo trading, all things considered: pips or R increase, trading volume (not too many trades), consistent position sizing, and generally following my trade plan. They make up for the horrible month of August I had.
Funny thing is, I started the week with 6 consecutive losses. And closed the week with 7 winners, nicely in the green. Even before doing my post-week analysis tomorrow, I already know where I f*d up at the start of the week. Results could have been sooo much better had I not done silly stuff.

Here is a glimpse of the ugly that could have made this week even better:

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Oh, let's just enter in a middle of a wave out of FOMO / Greed. Looks ugly in hindsight. In all fairness, I was adding to an existing trade that was in the green, just way too late.

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The first entry was based on lower TF (exception to the usual H4 TF that I follow, but I was anticipating a Pound reversal). 2nd order opened when momentum went my way, short SL in order to have bigger size (greed). Moved SL to BE too soon imo, getting me out at the worst place. (entered again after pullback and more than made up for that loss, but still).
  • #4,086
  • Edited Sep 28, 2019 9:30am Sep 27, 2019 6:46pm | Edited Sep 28, 2019 9:30am
Advancing...
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Traded small timeframes, 1 Hour down...Thank You ALL,
"Great Men are not born great, They Grow Great."
  • #4,087
  • Edited Sep 28, 2019 4:41am Sep 27, 2019 9:35pm | Edited Sep 28, 2019 4:41am
Quoting RobinHood
For those of you who are struggling, here's a suggestion. Try trading a simplified version of my methods. Such as this one below: {image} If the candles are blue/blue and the HMA is green and the the RSI is above the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. If the candles are red/red and the HMA is Magenta and the the RSI is below the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. Ways to exit are many... 1. At +1R or +2R, etc. or whatever other Profit Target you use. 2. When one or both candles turn the...
When assisting new traders with rules it is imperative that the information presented is true and correct

Making a correction to a recent post by a veteran 30 year full time trader is difficult, but sometimes necessary, below is an example of a recent post (3972 by (RobinHood)

The chart did not copy here, so go back and look at the chart to see what he is talking about.

This line is correct
If the candles are blue/blue and the HMA is green and the the RSI is above the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart.


t

This line is incorrect
If the candles are red/red and the HMA is Magenta and the the RSI is "Below" the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart.


This is the correct wording.
If the candles are red/red and the HMA is Magenta and the the RSI is "Below" the Purple 50 Line, only take SHORT trades on a 4 Hr. or Daily chart.

In the original post the word LONG is used to describe both ABOVE n BELOW conditions when referencing the Purple 50 Line i.e .if the price bars are RED and pointing DOWN you can only take SHORT trades.

I hope the above helps the newbies and wonder why everyone who read post 3972 never identified this very small, but highly significant error in wording.

May you continue to benefit from all of RobinHoods good work.

Kind regards
  • #4,088
  • Edited 1:57am Sep 28, 2019 1:46am | Edited 1:57am
Quoting Kwt4x
{quote} Hello RH, Actually it's easy, according to GANN's Natural Price R/S Levels {image} but GANN is talking about the $1 which has 100 cents in forex $1 equals 10000 pips for the first number on the left to change so, deviding the 10000 pips by 8 you get 1/8=1250 pips , works well with monthly and weekly trading {image} for Daily trading you need to devide every 1/8 by 8 to get 1/64=156.25 pips {image} for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips {image} below that, is just crazy but you get 1/512=19.53 pips, might be good...
WOW, Insightful,
for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips

This is why my TP1 target and goal has ALWAYS been to lock in 40pips. *In previous posts I've explained my initial target area to be 30 to 40pips*

Thank you for validating this to me on a personal level. Otherwise I wouldn't have been able to prove how I solved my strategy to get there it was always based on my belief &experience of the market. But here it is mathematically.
The more you learn, the more you see
  • #4,089
  • Sep 28, 2019 2:10am Sep 28, 2019 2:10am
Quoting RobinHood
{quote} Thanks for posting the info, but what you need to keep in mind is that W. D. Gann could never support himself trading, and effectively died broke.
++++. To all the Gann bullshitters out there - stop spreading this fake stuff.
  • #4,090
  • Sep 28, 2019 2:48am Sep 28, 2019 2:48am
Quoting Marcusv007
{quote} WOW, Insightful, for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips This is why my TP1 target and goal has ALWAYS been to lock in 40pips. *In previous posts I've explained my initial target area to be 30 to 40pips* Thank you for validating this to me on a personal level. Otherwise I wouldn't have been able to prove how I solved my strategy to get there it was always based on my belief &experience of the market. But here it is mathematically.
THIS!
Quoting Marcusv007
it was always based on my ... experience of the market.
Not so much this...
Quoting Marcusv007
it was always based on my belief ... of the market.
To free Gazans of Hamas, use whatever it takes.
  • #4,091
  • Sep 28, 2019 2:57am Sep 28, 2019 2:57am
Quoting DrDave
{quote} THIS! {quote} Not so much this... {quote}
I find the thing is to learn as much and see what works for me and what doesn't..
At the end of the day one must develope a method/ system that works for them. Not based on anyones observations but ones own on a first hand basis.....because at the end of the day you're trading your belief of the market
Enjoy your weekend.
The more you learn, the more you see
  • #4,092
  • Sep 28, 2019 3:14am Sep 28, 2019 3:14am
Quoting Marcusv007
{quote} I find the thing is to learn as much and see what works for me and what doesn't.. At the end of the day one must develope a method/ system that works for them. Not based on anyones observations but ones own on a first hand basis.....because at the end of the day you're trading your belief of the market Enjoy your weekend.
Yes, of course. Our beliefs are what drives our actions.

But the important point here is, what were the main factors that lead to your belief? If your belief that the market you were trading tends to run in swings of 30-40 pips, how was that belief developed? Did you use a random number generator? Did you see it in a dream? Did a trading "guru" say so, so you accepted it? Did you make observations of the price movements in that market over an extended time period and discover a high probability of the swings going that number of pips under a variety of conditions? Was there some proprietary method you used?
To free Gazans of Hamas, use whatever it takes.
  • #4,093
  • Sep 28, 2019 3:22am Sep 28, 2019 3:22am
Quoting RobinHood
{quote} Thanks for posting the info, but what you need to keep in mind is that W. D. Gann could never support himself trading, and effectively died broke.
Could you post a reference that has verified Gann dying "broke"? I have yet to find any published documents that show the results of a Will Probate Order or Succession Order. I give little weight to hearsay such as that reported by his son, with whom there was a falling out.

Your posting simply adds one more to the propagation of an urban legend.
To free Gazans of Hamas, use whatever it takes.
  • #4,094
  • Sep 28, 2019 3:33am Sep 28, 2019 3:33am
Quoting DrDave
{quote} Yes, of course. Our beliefs are what drives our actions. But the important point here is, what were the main factors that lead to your belief? If your belief that the market you were trading tends to run in swings of 30-40 pips, how was that belief developed? Did you use a random number generator? Did you see it in a dream? Did a trading "guru" say so, so you accepted it? Did you make observations of the price movements in that market over an extended time period and discover a high probability of the swings going that number of pips under...
We have had this conversation before where you blasted me with umpteen questions.

Too be honest with you Dave, one but only seeks a humble existence and in all my posts I make a point to say my trading strategy, my personal opinion in relation to ME. I do not seek anything further than to share thoughts and hopefully give a little to the group as food for thought because I have taken so much from it.

I do NOT see any need to validate myself to anyone. You disagree or agree. Finito. I do see and understand now why many go quiet or off these forums in total.

Other ideas or opinions are simply not welcome.
The more you learn, the more you see
  • #4,095
  • Sep 28, 2019 3:58am Sep 28, 2019 3:58am
Guys my trading results from last week, don't laugh too much. On the plus side I have had 3 weeks in a row with account growth, just not very consistant i know.
My conclusion is that hackers have got into my forex feed and given me bad signals to discredit me. On the serious side we have everything going on, FOMO, revenge trading, over trading, bad trading and trying to trade whilst doing a full time job during the London session.
Looks like I did some of Barraka's end of trend trades as well as adding some more of my own in the hope of getting into the main trend.
I am going to adjust next weeks trading and go back to basics, hopefully double checking the signal is good as can be. If I can spot the SR levels nearby I will try and hold fire till it is passed. I did say if I can spot the SR levels but no promises on that one. Keep up the good work guys and try to trade well.
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  • #4,096
  • Edited 11:15am Sep 28, 2019 4:13am | Edited 11:15am
Quoting DrDave
{quote} Could you post a reference that has verified Gann dying "broke"? I have yet to find any published documents that show the results of a Will Probate Order or Succession Order. I give little weight to hearsay such as that reported by his son, with whom there was a falling out. Your posting simply adds one more to the propagation of an urban legend.
I didn't "simply add one more to the propagation of an urban legend".

Here's 2 of my references:

https://en.wikipedia.org/wiki/William_Delbert_Gann

It says: "Alexander Elder, in his book Trading for a Living,[11] said “I interviewed W.D. Gann’s son, an analyst for a Boston bank. He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses. When W.D. Gann died in the 1950’s, his estate, including his house, was valued at slightly over $100,000.”

AND

https://www.investopedia.com/article...nd-wd-gann.asp

Doubters

At the other end of the spectrum, Alexander Elder, in his 1993 book Trading for a Living, presented a more skeptical view, later used as evidence by Gann doubters. "Various opportunists sell 'Gann courses' and 'Gann software.' They claim that Gann was one of the best traders who ever lived, that he left a $50 million estate, and so on. I interviewed W.D. Gann's son [John L. Gann], an analyst for a Boston bank. He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses. When W.D. Gann died in the 1950s, his estate, including his house, was valued at slightly over $100,000. The legend of W.D. Gann, the giant of trading, is perpetuated by those who sell courses and other paraphernalia to gullible customers."


"Effectively" definition:

ef·fec·tive·ly

actually but not officially or explicitly.

--------------------------

I said "He effectively died broke" because it is a well circulated falsehood that he left a $50 million dollar estate and so by comparison leaving only $100,000 is EFFECTIVELY BROKE.
Always a Student, Never a Master - Emulate What Works
  • #4,097
  • Sep 28, 2019 4:22am Sep 28, 2019 4:22am
Quoting asgcorp
{quote} ++++. To all the Gann bullshitters out there - stop spreading this fake stuff.
have some manners please.

it's OK if you could not grasp GANN methods, but you have no right to attack others like this.

GANN and Fibonacci are exactly the same in every method, the only difference between them is GANN use 1/8's in his measurements.

so, if I tell you the next chart is the 10 years chart for GBPJPY using fibo tools, would you accept me ? even if I'm lying ? because it's not fibo measurements

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it's only math, does not matter if it's GANN or Fibonacci, what matters is how to use the tools in mt4

cheers,

Sorry RH
"the public is not yet ready for it" W.D. GANN
  • #4,098
  • Sep 28, 2019 4:32am Sep 28, 2019 4:32am
Quoting Marcusv007
{quote} WOW, Insightful, for H4 you can devide 1/64 by 4 to get 1/256=39.0625 pips This is why my TP1 target and goal has ALWAYS been to lock in 40pips. *In previous posts I've explained my initial target area to be 30 to 40pips* Thank you for validating this to me on a personal level. Otherwise I wouldn't have been able to prove how I solved my strategy to get there it was always based on my belief &experience of the market. But here it is mathematically.
you are welcome, and good luck

cheers,
"the public is not yet ready for it" W.D. GANN
  • #4,099
  • Sep 28, 2019 10:18am Sep 28, 2019 10:18am
Quoting rhzishan
Took this trade on H4 {image}
Thanks for sharing. Could you plz share your template and indys for this chart? Thanks.
  • #4,100
  • Edited 11:04am Sep 28, 2019 10:47am | Edited 11:04am
Quoting 40PipsAlan
Guys my trading results from last week, don't laugh too much. On the plus side I have had 3 weeks in a row with account growth, just not very consistant i know. My conclusion is that hackers have got into my forex feed and given me bad signals to discredit me. On the serious side we have everything going on, FOMO, revenge trading, over trading, bad trading and trying to trade whilst doing a full time job during the London session. Looks like I did some of Barraka's end of trend trades as well as adding some more of my own in the hope of getting...
If you show your trades maybe someone here can see what you are doing wrong (51 trades on 4H in a week is a lot).
By the way, forget the SR-levels it only complicate your trading.
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