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Price action at the core = family members' discussion project

  • #1,921
  • Jun 22, 2021 2:56am Jun 22, 2021 2:56am
Seeing as the rules are the same for all of us .... That means all of you AND me.

My suggestion to someone who wants to learn to trade would be this ...

* Usually there is no reason to join any site to be able to access the information and knowledge found on the site. Trading sites are known for changing the way people think. It's important to understand that opinions are not going to help you learn how you can trade. Only what you can do is important.

* Know that you are alone. Trading is an activity best done on you own without any influences from other people. Everything you do needs to be done independent of everyone. You need to know that no other trader cares about your trading more than you. You will need to be neutral and objective and do all the research you can to create a blueprint on...

- About Trading

- How to trade

... And it is best for you to do it as thoroughly as you can, without interference from anyone.

* It's a good idea not to follow anyone.

* It's a good idea not to get involved in all the talk from people. There's a reason why they say the crowd is wrong most of the time.

* When doing research online, remember that people online are not your friends and you need to protect yourself. When possible, do not join or participate in any site or apparent socializing as it is not real and will distract you from your research and learning.

* Most people congregate on trading sites to feel that they belong. However fake relationships won't help someone learn as you simply do not know who you are talking to and therefore will never know if the information is real and true until you do your own private research.

* Retail traders are not well respected in the financial world and this is not an accident. Most people never do quality research about the industry.

* It is your future so you need to do the work.

* Most retail traders look to their peers to help them. You need to learn they cannot teach what they do not know. And usually that is why their trading has not advanced any further.

* You need to maintain your self respect when doing your research. There will be many who will test you.

* I don't want you to follow me. You won't trade as I do. You need to find out how you see everything.

* People are easily coralled like sheep and this makes them easier to manipulate, particularly on trading sites. Your job is to be better than them and do better than them. But this won't happen if you become one of them.

Have Fun. Good Luck.


Peter
Real Trading is not gambling.
  • #1,922
  • Jun 22, 2021 3:55am Jun 22, 2021 3:55am
Quoting PeterCaleb
Seeing as the rules are the same for all of us .... That means all of you AND me. My suggestion to someone who wants to learn to trade would be this ... * Usually there is no reason to join any site to be able to access the information and knowledge found on the site. Trading sites are known for changing the way people think. It's important to understand that opinions are not going to help you learn how you can trade. Only what you can do is important. * Know that you are alone. Trading is an activity best done on you own without any influences...

I think you would be an excellent candidate for a chat with George
  • #1,923
  • Jun 22, 2021 4:50am Jun 22, 2021 4:50am
Quoting moodybot
{quote} I think you would be an excellent candidate for a chat with George
I wonder if there is a need of posting the exact same (copy and paste) message he (Peter) posted in the other thread.
  • #1,924
  • Jun 22, 2021 5:40am Jun 22, 2021 5:40am
Quoting Pumi
{quote} I wonder if there is a need of posting the exact same (copy and paste) message he (Peter) posted in the other thread.
It’s called fishing, and he’s now using two rods.
If George or the old crew could be bothered he would be toast.
  • #1,925
  • Jun 23, 2021 4:27am Jun 23, 2021 4:27am
Attached Image (click to enlarge)
Click to Enlarge Name: c59acdadfcdaacc4fa82931ac0662f76.png Size: 310 KB

For the past few days, I was studying your thread, Sir George. you really helped me to see the light. After grinding with charts I found this one. Thank you so much for everything u put here . Boundless state of mind is really helping
  • #1,926
  • Jul 13, 2021 11:48pm Jul 13, 2021 11:48pm
How are you doing, sir? It's been a while since we heard from you. I have been coming to this thread regularly. The images you have posted here have been of great value to me lately. I'm posting one of my recent findings here.
Take care, Sir.
Attached Images
  • #1,927
  • Aug 25, 2021 6:31am Aug 25, 2021 6:31am
It all goes in triangles, just saying
  • #1,928
  • Sep 5, 2021 5:28am Sep 5, 2021 5:28am
After spending some time I came to a conclusion that the Targets theory just covers everything (from break of market structure, support and resistance, orderblocks, supply and demand, etc). The added extra about it is liquidity and the psychology.
  • #1,929
  • Edited 8:15am Sep 18, 2021 7:52am | Edited 8:15am
Hello, I'm not sure if George is still here or not but I just want to ask a question that still bugs me

First of all, let me thank George for the most awesome tread he started.
Not only George posts that helped me but also Moody's clearification posts and answers also helped me a lot so I want to extend my thank to him also.

I want to know why George choose to trade GBPUSD and GBPJPY of all the pair (It moves very similar to each other).
I found out from my experience that the similar movement of the pair make the trade enter time become very close and sometimes harder to manage.

Do you look for some information on the other pair of the two when you manage your trade?
I know that George has said that they are completely different beast and I do agree with that.
But I study GBPUSD and looking for another to study and found no reason to look at GBPJPY due to the similarlity.

I am inexperience, so I think that maybe there is a reason to track pairs with a lot of correlated movements. If any of you guys know the reason, I will also be pleased to know your reason.

Thanks,
Ant
  • #1,930
  • Sep 18, 2021 9:22am Sep 18, 2021 9:22am
Quoting Antth
I want to know why George choose to trade GBPUSD and GBPJPY of all the pair (It moves very similar to each other). Ant
I think one of the reasons is that those pairs are good for day-trading. Another reason is the ADR. Just like Gold those pairs can increase your account fast just as it can also wipe it off fast. Good pairs to day-trade but I wouldn't recommend for beginners on a live account. I think those pairs don't offer a dull day.
  • #1,931
  • Sep 18, 2021 11:43am Sep 18, 2021 11:43am
Quoting Pumi
{quote} I think one of the reasons is that those pairs are good for day-trading. Another reason is the ADR. Just like Gold those pairs can increase your account fast just as it can also wipe it off fast. Good pairs to day-trade but I wouldn't recommend for beginners on a live account. I think those pairs don't offer a dull day.
Hello Pumi,
Thanks for your answer. I can understand the point of ADR and volatility. That is the reason I'm considering GBPNZD since, in my opinion, it is the most volatile of all the 28 pairs. GBPJPY is also interesting because of the volatility and because George trades it himself (kind of inspiration only haha). But the similarity I mentioned in previous post bugs me. I have never seriously looked into gold yet but maybe after I can master the trade in spot currencies, I will go there just for the sake of learning.

Do you have oppinion on the similarity though? Do you also trade pairs with similar movements? If so, what do you do when signals come at the same time? I mean if signals come at the same time a lot due to high correlation, wouldn't it be better to track pairs with lower correlation so we can have more trade and doesn't have to co-manage many trades at the same time.

Ant
  • #1,932
  • Edited 5:34pm Sep 18, 2021 5:22pm | Edited 5:34pm
Quoting Antth
{quote} Hello Pumi, Thanks for your answer. I can understand the point of ADR and volatility. That is the reason I'm considering GBPNZD since, in my opinion, it is the most volatile of all the 28 pairs. GBPJPY is also interesting because of the volatility and because George trades it himself (kind of inspiration only haha). But the similarity I mentioned in previous post bugs me. I have never seriously looked into gold yet but maybe after I can master the trade in spot currencies, I will go there just for the sake of learning. Do you have oppinion...
Hi Antth

One of the last times in 2020 when I spend a hour on Skype with George working on some money management ideas, he told me he had started the study the movement of GBPNZD and thought about adding it to his list of trading pairs. In the end, he was only really trading GBPJPY as far as I knew before our sessions ended.

Anyone who has worked with me during a trading session a couple years back would know GBPNZD used to be my favourite trading pair (the Beast) but I dropped in for one main reason. These days I need to see dependable volume data that allows me to see actual imbalance levels near exhaustion (playground area), which isn’t possible outside US major pairs.

On Gold, I feel it has no playground area as it seems to have almost no natural expansion limits. I do trade it myself occasionally when EURUSD is dead, it’s a liquidity traders dream.

Cheers
Trading thin liquidity at the boundary of the charts
  • #1,933
  • Sep 18, 2021 9:31pm Sep 18, 2021 9:31pm
Quoting RickM
{quote} Hi Antth One of the last times in 2020 when I spend a hour on Skype with George working on some money management ideas, he told me he had started the study the movement of GBPNZD and thought about adding it to his list of trading pairs. In the end, he was only really trading GBPJPY as far as I knew before our sessions ended. Anyone who has worked with me during a trading session a couple years back would know GBPNZD used to be my favourite trading pair (the Beast) but I dropped in for one main reason. These days I need to see dependable...
You may try trading German index. Not only you will get dependable data , you don't have to pay for overnight swaps if you trade index futures offered by a broker on.MT4 and another on MT5.
German index ADR is around double of GBPJPY.
Euro 1 is pip value of contract.
Practice makes a person perfect
  • #1,934
  • Sep 18, 2021 11:02pm Sep 18, 2021 11:02pm
Quoting simnz
{quote} You may try trading German index. Not only you will get dependable data , you don't have to pay for overnight swaps if you trade index futures offered by a broker on.MT4 and another on MT5. German index ADR is around double of GBPJPY. Euro 1 is pip value of contract.


Yeah but that would require common sense. No amount of data or 'information' can compare to common sense.


Peter

Added edit: I like the GER30 too. It's got flare. Hehehehe.
Real Trading is not gambling.
  • #1,935
  • Sep 18, 2021 11:52pm Sep 18, 2021 11:52pm
Quoting PeterCaleb
{quote} Yeah but that would require common sense. No amount of data or 'information' can compare to common sense. Peter Added edit: I like the GER30 too. It's got flare. Hehehehe.
I like Dax because in April 2020 I made 20% gain in a single day and in June 2021 made a 17.5% loss in a single day.

I trade with common sense. Data can be a guide or an MA can provide forecasting comfort so be it for those who can combine all three.
Practice makes a person perfect
  • #1,936
  • Sep 19, 2021 1:24am Sep 19, 2021 1:24am
Quoting simnz
{quote} You may try trading German index. Not only you will get dependable data , you don't have to pay for overnight swaps if you trade index futures offered by a broker on.MT4 and another on MT5. German index ADR is around double of GBPJPY. Euro 1 is pip value of contract.
Hi Simnz

I think traders may not get the concept that large daily ADR can also mean bigger losses, not just bigger movements.

The real issue in trading a market is whether the trader can trust the liquidity to be consistently predictable at breakout point. If we can develop a system that can identify the exact expansion of a breakout move within a pip or two - we have a very powerful system. The liquidity of limit orders on EURUSD is dependable, measurable and bloody reliable enough to allow traders to increase their trade size by three to five times their normal position size.
We know where the liquidity thins out and we know how it will react EVERY SINGLE TIME (outside major news).

Bottom line - there is a edge available when trading EURUSD and I'm not stupid enough to ignore it.

George as you know loved trading GBPJPY because he could identify the playground area to the pip. He simply waited for this zone to come in contact with price and would trade price back towards dense liquidity. He had a edge with GBPJPY but I feel there is no edge with trading index's.

A good trader will of course make his own luck, I'll stick with my edge like George.

Cheers but I'll stick with boring EURUSD and take the easy money.
Trading thin liquidity at the boundary of the charts
  • #1,937
  • Sep 19, 2021 1:35am Sep 19, 2021 1:35am
Quoting RickM
{quote} Hi Simnz I think traders may not get the concept that large daily ADR can also mean bigger losses, not just bigger movements. The real issue in trading a market is whether the trader can trust the liquidity to be consistently predictable at breakout point. If we can develop a system that can identify the exact expansion of a breakout move within a pip or two - we have a very powerful system. The liquidity of limit orders on EURUSD is dependable, measurable and bloody reliable enough to allow traders to increase their trade size by three...
Amen to that. I trade the EU also as my primary pair. Mainly because the leverage is truly at 50:1, and also because I was trading when RBS pulled their shenanigans a few years back.

I can move to BE+1 in only 5 pips because the EU, when it gets started, allows you to stack very quickly. I can get five positions on without increased risk. I cannot do that with other pairs, I have to give them more room, and be much more worried about spikes. My stops can be very tight as well. Deep liquidity means no games. I keep track of the daily and monthly ATR to see what is going on. If you do that on the 28 pairs, you can see what the market is really trying to do. For example, September has been a really slow month generally speaking.
If you are good at something, never do it for free--Joker
  • #1,938
  • Sep 19, 2021 2:14am Sep 19, 2021 2:14am
[quote=wrenkle;13054539]Greetings, Just testing several waves, am I in the correct road? 3687676 Cheers, Mike. {image}[/quote
IF THOSE TICKS MEANS AREA OF ENTRY YOU SHOULD BE COREECT. ALTHOUGH I TRADE CYCLE AND NOT WAVE
.
  • #1,939
  • Sep 19, 2021 2:40am Sep 19, 2021 2:40am
Quoting RickM
{quote} Hi Simnz I think traders may not get the concept that large daily ADR can also mean bigger losses, not just bigger movements. The real issue in trading a market is whether the trader can trust the liquidity to be consistently predictable at breakout point. If we can develop a system that can identify the exact expansion of a breakout move within a pip or two - we have a very powerful system. The liquidity of limit orders on EURUSD is dependable, measurable and bloody reliable enough to allow traders to increase their trade size by three...
Continued good luck to.you.
Had you not talked about ADR and reliable data I would not have made the suggestion .
Practice makes a person perfect
  • #1,940
  • Edited 7:53am Sep 19, 2021 4:32am | Edited 7:53am
Quoting RickM
{quote} Hi Simnz I think traders may not get the concept that large daily ADR can also mean bigger losses, not just bigger movements. The real issue in trading a market is whether the trader can trust the liquidity to be consistently predictable at breakout point. If we can develop a system that can identify the exact expansion of a breakout move within a pip or two - we have a very powerful system. The liquidity of limit orders on EURUSD is dependable, measurable and bloody reliable enough to allow traders to increase their trade size by three...
Hello Rick,
Thanks for sharing your experience.
I see your point about trying to catch the reversal to the pip.
I have read many of your posts about liquidity and correlation between different financial markets but I never quite get what you are doing yet, so I'm trying my best with George's theory.

I'm getting used to GBPUSD and I agree with you that focus and familiarity makes it better. But, without said familiarity, my current hypothesis on the precision of reversal at the target is that, the volatility of any pair should be highly correlated with the precision we can get from George's target theory.

So it should be the most precise on the pair with lowest volatility or highest volatility pair. And I think I will try to look on both eventually when I have the time. I have not started research it though.

I think that EURUSD is kind of medium-low volatile. But for USD pair, have you every tried something like AUDUSD or NZDUSD, I think that if you find more precision on EURUSD than GBPUSD. AUDUSD and NZDUSD might give you even better.
Once highest precision is achieved, the volatility and ADR wouldn't even matter.

I can be completely wrong though.

regards,
Ant
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