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Price action at the core = family members' discussion project

  • #501
  • Dec 22, 2020 12:23am Dec 22, 2020 12:23am
Quoting TimeTells
And this 2nd thread George started re waves & fibs, sort of seems to me (though I don’t trade it) that it was using waves to find & determine a future 3 stage “market direction” and NOT designed (just) to trade reversal points like the TMA thread.
It is what you want to make of it.

Peter
Real Trading is not gambling.
  • #502
  • Dec 22, 2020 1:08am Dec 22, 2020 1:08am
Admittedly this is a very bad entry, nonetheless. . ..
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  • #503
  • Dec 22, 2020 1:13am Dec 22, 2020 1:13am
Quoting RickM
{quote} The TMA is the wrong tool for George’s methods, he must of realised this and started looking for other tools to identify exhaustion. He looked at waves and fibs to solve the headache of large draw downs when price bypasses one target and moves on to the next likely target. The TMA only loss hundreds of traders lots of money, mainly because George had so many filters to look for when trading, he couldn’t explain it totally to most traders. Being boundless is bloody complicated
You write this years later instead of doing it when George wrote the thread. Wtf. He is too arrogant to ever realise this, meanwhile stupid worshippers get deservingly misled that's what it is.

He HAD to looked at waves because his TMA tool caused the glaring drawdowns. Waves and gazillion of filters is not the solution when it's wrong in the first place. Only novices do that and RickM you know this we've done it ourselves long ago. Not salty just telling it as it is.
Know what you trade
  • #504
  • Dec 22, 2020 2:30am Dec 22, 2020 2:30am
I don't trade the GJ, just the majors

But looking now at both of George's thread ideas

with a quick look at his favourite pair GBPJPY

gave up these two chart views


the first chart was a TMA reversal setup that George used to look for
a simple filter of today's range being greater than 50 pips,
where the market had already done 70 pips when it reached TMA band #1 (well done George)
a snap reversal trade (with a 10pip fake & flip DD --- into a +25pip profit)

2nd chart I couldn't see any wave count that would have qualified
but George's fave fib line was reached if you were trading WITH the market
with price ending up being AT the TMA Band #1 when it reversed - double confluence would have been a great reversal trade (well done George)

each to their own view on what George generously did to present his "observations" of the market
he gets a well done from me for having the courage to start his own thread
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  • #505
  • Dec 22, 2020 4:30am Dec 22, 2020 4:30am
Just scalp GBPJPY -
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  • #506
  • Dec 22, 2020 5:13am Dec 22, 2020 5:13am
Quoting failinforex
Just scalp GBPJPY - {image}


That's a good little trade. Well done.

Peter
Real Trading is not gambling.
  • #507
  • Dec 22, 2020 5:24am Dec 22, 2020 5:24am
Quoting RickM
{quote} The TMA is the wrong tool for George’s methods, he must of realised this and started looking for other tools to identify exhaustion. He looked at waves and fibs to solve the headache of large draw downs when price bypasses one target and moves on to the next likely target. The TMA only loss hundreds of traders lots of money, mainly because George had so many filters to look for when trading, he couldn’t explain it totally to most traders. Being boundless is bloody complicated

You write this years later instead of doing it when George wrote the thread. Wtf. He is too arrogant to ever realise this, meanwhile stupid worshippers get deservingly misled that's what it is.

He HAD to looked at waves because his TMA tool caused the glaring drawdowns. Waves and gazillion of filters is not the solution when it's wrong in the first place. Only novices do that and RickM you know this we've done it ourselves long ago. Not salty just telling it as it is.
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I think perhaps both of you are putting too much stock in your impressions of situations. "Arrogance" is not just about being unnaturally overconfident. It also has to do with lack of self respect. From what I have seen so far, most people on this site (and others like it) would fit into the desired definition and explanation you two are speaking of. I'm not pro or anti George etc, or his methods. I guess I find it humorous when people "socialize" and tell all about what they're like, usually without even realizing they're doing it.

Have fun boys

Peter
Real Trading is not gambling.
  • #508
  • Dec 22, 2020 5:27am Dec 22, 2020 5:27am
Quoting PeterCaleb
{quote} That's a good little trade. Well done. Peter


failinforex,

How did you go with the follow up secondary bottom out move on GBPUSD after that trade you did?

Peter

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Real Trading is not gambling.
  • #509
  • Dec 22, 2020 5:46am Dec 22, 2020 5:46am
Based on my chart it is valid to enter a trade but I'm out dinning. And now heading out to look at Jupiter and Saturn align in the ‘great conjunction’ else I'll have to wait for another 800 years.
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  • #510
  • Edited 2:24pm Dec 22, 2020 1:14pm | Edited 2:24pm
Quoting PeterCaleb
{quote} failinforex, How did you go with the follow up secondary bottom out move on GBPUSD after that trade you did? Peter {image}
You found a trade after it already happened? That's genius!! all those years of trading experience must be finally paying off. never seen anything like it in my 300yrs of trading experience. Good boy.
  • #511
  • Dec 22, 2020 5:30pm Dec 22, 2020 5:30pm
Quoting failinforex
Based on my chart it is valid to enter a trade but I'm out dinning. And now heading out to look at Jupiter and Saturn align in the ‘great conjunction’ else I'll have to wait for another 800 years. {image}


OK great. For the record, I congratulated you on that little trade because it IS literally a small trade that happened on the M1 TF. There was no condescension intended. I was asking about that second trade only out of genuine interest and excitement for you, nothing more. I hope you enjoyed your dinner and viewing of the planets.

Peter
Real Trading is not gambling.
  • #512
  • Edited 10:10pm Dec 22, 2020 7:22pm | Edited 10:10pm
Quoting PeterCaleb
{quote} To make things more interesting .... Let's consider this, the following chart is in fact the normal chart ... right side up right way round. BUT, I changed the blue (bullish) and red (bearish) candles around. So, in fact, your points of reference are now situated so you actually are being shown and told BY the "....." (fill in the blank of what you call your market and how you perceive it and understand it). Apart from having (as I have mentioned before) an indicator from right to left, for those still balancing their mind with how to see...
Hi Peter

Thanks for your sharing your knowledge as always.

I was thinking about how someone that trades successfully may spend more of their time on.

Once the basics are picked up over say a couple of years, would it be worth researching more of trying to find things in the market that other people can't see? like (just for eg) being creative and using an indicator differently or using different levels on the chart differently? or is there really only so much of the basics or (market) you can learn and then it is just a matter of repeating the probabilities of each system until they don't work anymore.

I put this once to an (apparently seasoned) trader here and his response was that everything had been tried already and that the only work that really needs to be done was on yourself

I would also be interested in hearing your thoughts on Mark Douglas

thanks again
Mike
  • #513
  • Dec 22, 2020 10:02pm Dec 22, 2020 10:02pm
Quoting asset21
{quote} Hi Peter Thanks for your sharing your knowledge as always. I was thinking about how someone that trades successfully may spend more of their time. Once the basics are picked up over say a couple of years, worth it be worth researching more of trying to find things in the market that other people can't see? like (just for eg) being creative and using an indicator differently or using different levels on the chart differently? or is there is really only so much of the basics or (market) you can learn and then it is just a matter of repeating...


Hi Mike,

From my perspective, a person needs to start by asking why they want to trade or do trade? Money? Independence? Freedom? XYZ? etc.

Mastering the basics should realistically be the ONLY goal for anyone who cannot consistently create a bare MINIMUM 10% per week rate of return on investment (money AND time). That is a must. THAT helps the trader create that internal dialogue AKA 'what you know and understand about yourself'. Here's my perspective on levels of complexity of strategy, methodology etc - IF a complex strategy can move WITH the market's movements AND maintain its basic integrity and be consistently profitable, then yes sure use it. However most people are too impatient or immature to go and do all the research and testing that would be required to maintain the stability, considering the markets are so changeable. So it would depend on what the strategy is "anchored to". What it relies upon ALL the time to keep it stable. One such example that I use in my own systems is a moving average. It's not fancy and there's no "bling" to it. But it changes with the market AS the market changes and is easily and readily accessible to modify and to add or subtract components for generating or regenerating a strategy of choice .... and anything else toward its design.

However, it's not if the strategy is complex or not, that determines its longevity, it's the ability for it to be consistent inline with the market it runs alongside. The same goes for a person operating as a manual (discretionary) trader. As I have said before, there are specific things that all markets in this world do and ARE that cannot change. EVER. Be it physical transaction or digital. And it's these things that a real trader focuses on for consistency for the lifetime of their trading career. This is probably what that other person meant by "everything had been tried already and that the only work that really needs to be done was on yourself".

I hope that wasn't confusing. I have seen on this site and elsewhere that people are quite obsessed with squeezing everything they possibly can out of tools they really do not understand properly. And I would venture to speculate that it's because they lack the fundamental knowledge about the world of trading to understand how to 'be creative and innovative'.

My suggestion to anyone who does not meet the basic prerequisite that I mentioned before re: weekly minimum rate of return ..... do not complicate or try to get too creative with anything until you truthfully have mastered the knowledge that runs the markets. If George's approach i.e. the "story" suits your thinking then run with it until you outgrow it and don't "need" a story. A bit like a child with a security blanket I suppose.

It's about focusing on the types of things the "crowd" (here for example) sees as pointless/useless/unnecessary/too much work when related to the basics. One needs to understand certain principles eg- the markets go up and down. As a concept it's "too simple" for most people. Another is a bias. It is ONLY a favorable preference and has nothing at all to do with each outcome individually OR all together. It has to do with what IS happening before, during and after the whole world looks at the chart. Because unless you are at the center of the markets, then you can only react or respond.

Re: Mark Douglas. - From what I knew of him and the time I spent with him, Mark wanted to get into trading in a way where he could close the gap between insider and outsider. (Yes I knew him but I don't want people making a big deal from it. Mark was just a guy, not some god.) He felt it was unfair that the insiders (the big boys with very deep pockets) got to make all the decisions and set the rules for the game of trading. And he definitely didn't think like most people I knew back then. He was a good thinker and a person who wanted to usher in what we now call semi-automated trading, using technology to help streamline a manual trader's tasks and processes. Many think it was about statistics and probabilities and psychology, but when he spoke or wrote about these things, it was always in the context of trading through one's thinking, so it was assumed that traders could relate to "probability trading" as something to learn to then improve their own situation. The work he did with others was curious and he did help me to step closer to technology within my own trading. I'm glad I knew him and I saw the impact he had and still has to this day on people and their trading.

Unfortunately for Mark, when it comes to the 'general trading community', his work missed the mark or was too advanced and I see people today still misunderstanding what he was conveying. I could say more but I better stop here.

What did I get from his work? Be truthful and honest and humble when it comes to yourself and what you do. Being like everyone else in this business is failure before you even begin. One of the most useful lessons Mark learned was - if you do not control something then your job is to understand it as best you can. A person with just their own perspective is doomed to follow their opinions, judgments, prejudices and uninformed biases to ruin.

I hope that helps. I know it's a long read but it's worth bringing up all those points.

Summary - Be truthful about what your intentions are for your trading. Be realistic and be as best informed about what you are involved in. Learn the difference between the "speculative" part of the game and then the "constant" parts become more obvious and useful.

Up. Down. Left. Right. Buy. Sell. Now. Tomorrow. Next Week. What is liquidity for YOUR style of trading? Is your broker running an A-book strategy or a B-book strategy with its clients? What do you know from your own observations for SURE that happens all the time? Sometimes? Rarely? Never?

It starts in your head. Forget what the riff-raff are barking about. Be serous and focused.

Peter
Real Trading is not gambling.
  • #514
  • Dec 23, 2020 12:09am Dec 23, 2020 12:09am
Quoting PeterCaleb
{quote} Hi Mike, From my perspective, a person needs to start by asking why they want to trade or do trade? Money? Independence? Freedom? XYZ? etc. Mastering the basics should realistically be the ONLY goal for anyone who cannot consistently create a bare MINIMUM 10% per week rate of return on investment (money AND time). That is a must. THAT helps the trader create that internal dialogue AKA 'what you know and understand about yourself'. Here's my perspective on levels of complexity of strategy, methodology etc - IF a complex strategy can move...
Beautiful summation of trading philosophy and trading tradition that every trader ought to abide by.

Mind you add a bit of your own trading ideas or strategy or methodology or anything from your style of trading that could slightly improve or impact positively the traders here.... I inclusive.

Thanks
  • #515
  • Dec 23, 2020 2:01am Dec 23, 2020 2:01am
Quoting warsong
{quote} Beautiful summation of trading philosophy and trading tradition that every trader ought to abide by. Mind you add a bit of your own trading ideas or strategy or methodology or anything from your style of trading that could slightly improve or impact positively the traders here.... I inclusive. Thanks


warsong,

Please spend some time going through all the posts I have contributed on this thread and if you take notes you will get a sense of how I approach trading.

Peter
Real Trading is not gambling.
  • #516
  • Dec 23, 2020 5:27pm Dec 23, 2020 5:27pm
What I am about to share is not (directly) related to this thread but it IS very relevant to the world around you, eventhough, it's Christmas Eve Day.....

https://compoundadvisors.com/2020/put-these-charts-on-your-wall-2020-edition

Please note - I have nothing to do with the site etc I just thought that if people are putting their money 'out there' then they should know a little something about this world, that is beyond their charts.

Have Fun

Peter
Real Trading is not gambling.
  • #517
  • Dec 23, 2020 5:38pm Dec 23, 2020 5:38pm
This is not my pic but it displays a VERY important element of what you are trying to create and manage as you build your trading presence.

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Enjoy. And Merry Christmas for those celebrating it this year. And I hope everyone keeps safe and healthy over the Christmas-New Year Period.

Peter
Real Trading is not gambling.
  • #518
  • Dec 23, 2020 7:22pm Dec 23, 2020 7:22pm
It's Christmas time. I'm busy cooking up a storm since yesterday.
Trading is akin to cooking, the right steps, the right tools, the right ingredients, the right time, without which it will be a recipe for disaster.
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Happy Christmas
No trading till next year
  • #519
  • Dec 23, 2020 10:12pm Dec 23, 2020 10:12pm
Quoting PeterCaleb
What I am about to share is not (directly) related to this thread but it IS very relevant to the world around you, eventhough, it's Christmas Eve Day..... https://compoundadvisors.com/2020/pu...l-2020-edition Please note - I have nothing to do with the site etc I just thought that if people are putting their money 'out there' then they should know a little something about this world, that is beyond their charts. Have Fun Peter
Hi Peter, thanks for sharing.
  • #520
  • Dec 23, 2020 10:53pm Dec 23, 2020 10:53pm
After someday. About my question of which target would be taken out first? No one knows exactly which. And in the end of the day we are just looking hindsight to guess the foresight. That really really long words are empty inside.
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