Attached one is similar to his tool,but this one is not easy to use(Not repaint indi)
Attached File(s)
1
- Joined Jan 2020 | Status: Member | 2,260 Posts
I have a final question (kindly refer to your image uploaded below) regarding your tools you use , you left out what metrics one tool measures so i draw your attention if you will mention its purpose like you mentioned for the other ones cheers and thanks for the alarms in a more responsible manner this time{image}
Trade the value
- Joined Nov 2020 | Status: Been And Gone. | 1,493 Posts
{quote} Mate, you should be asking Peter Caleb because I am sure you will recieve a 1950 word post about the merritts of that organsation. I started trading on a Wet Tuesday Morning otherwised called Black Tuesday 1987. To the rest of the world it was Black Monday but due to time zones, it was a Tuesday morning in Wellington New Zealand. I had just watch my brother lose $100,000 on his Share portfolio and he was yelling at his broker (no online brokers then) to get his positions closed. Everybody then was borrowing money of their banks to get into...
From my perspective, just as with this thread's content, people are afraid of anything real. Technical analysis is ANYTHING beyond a "brick-n-mortar" presentation. SO EVERYTHING on this site IS technical analysis in some form or another. SO there's no point in arguing over such self evident things.
To gain a 50pip tradable swing formation on ANY instrument, simply multiply the timeframe's medium period movement by half of the weekly average period movement as a square range. This is not up for debate or opinion making as it's done this way in all areas of society ..... it's called "business".
Eg - The following is hypothetical so you'll need to check current numbers yourself.
GBPUSD likes to move between 40-200 pips daily. I will choose the 1HR TF. Weekly it does eg 400pips.
So, if the 1HR view's average movement is say, 20pips, then
20 x (400 / 2) = 4000 / (10 fractional pips in a whole pip) = 400 pips square range.
So I don't see what all the fuss is about. It's about KNOWING YOUR MARKET not whether TA is toxic or not.
Have fun arguing over silly stuff.
Peter
PS - Good money management BEGINS with seeing and knowing the landscape. And this leads to learning about ALL forms of risk. Therefore it has nothing to do with making or losing money. Website traders either don't know or understand this or don't want others to know this.
Trading's for those who learn independently. Everyone else is just blind.
{quote} GY update. I made it clear that "huge move is required to succeed". Today's large moved failed to clear 161.870 called on last Thursday. Look at the day candle to "see" how banks kept the close below this level, almost in a straight line. Until market falls below this level in the pic, market will continue to push towards this 161.87. This is how important this level. Look left on day chart to "see". FF members say no one know the future. I say TA faulty, misleading and dangerous assumption is the reason. If the FF member claim he knows...
Thats a really bad assumption. Your assuming every single trader trades TA? You keep pointing to this percentage and laying claim that all use TA. You don't think there are any failed FA traders? You dont think there are any quantified statistical approach traders that fail? You have to blame the trader. Who else are you looking to blame? Seeking professional help is an option to help people deal with the psychological aspects of investing but its always a PERSONAL decision that one makes and is not a requirement for successful trading/investing. A requirement in my eye though is to make sure your have the skillset to perform in this demanding business, part of that skillset makes up your MINDSET/PSYCHOLOGICAL side and making sure you show up, your dialed in, on point and firing on all cylinders. If not, well you will get your ass handed to you.
Back to the failure rate, what your looking at is the end result, this 75-90% failure figure. What happens in between the opening and closing of those trades gets left out. Fixated on this failure rate is not something you should be focused on really. If your focused on that, you probably should not be in this business.
Take 10 trades and lets just say you loose all 10 trades but.....you were up 30 pips on each and every one of those trades. Now what? In your point here was TA wrong or was the Trader wrong?
Its simple folks, the forex market is hard (shocker). BUSINESS IS HARD!
MY POINT: A successful business/trading career is HARD, REALLY FUCKING HARD and there is a high failure rate. Much like any business across the board, they have high failure rates, the percentages vary based on the specific circumstances of each business but all deal with failure rates of some sort.
Forex itself as a business is one of the most challenging and difficult business to WIN at.
TA, Structure, Banks Intent on price, price action, FA, tape reading, volume or whatever term your looking to use to identify yourself and use to make your decision to buy/sell in whatever market your trading all falls into Market Analysis.
We are all traders/investors and with that we all make some sort of Market Analysis to place a trade. BUY or SELL.
BWilliam, in my opinion you are wrong to say TA is faulty, misleading and dangerous in the context your putting it in.
The TRUTH is, the Investing industry (NOT JUST TA) is littered with faulty, misleading and dangerous content every where you look, across every aspect of trading.
You want the right way, there is only one right way and thats being
SUCCESSFUL. One has to define success for themselves.Look, How about we look to change the narrative here at Forex Factory? A place you visit frequently. A place a-lot of members diss on yet here they are.
You want to help traders see your point of view, wake traders up. RickM wants to help people not loose money. PeterCaleb I think wants to help in some way.
What are you going to do about it?
- Joined Jan 2020 | Status: Member | 2,260 Posts
The TRUTH is, the Investing industry (NOT JUST TA) is littered with faulty, misleading and dangerous content every where you look, across every aspect of trading.
The most accurate, logical and honest I've read so far.
So, yes I ASSUME which I wrote clearly that most retail traders trade TA.
That's why my focus is specific on TA.
I can't blame the trader when he learnt faulty, misleading and dangerous TA assumptions. The fault is not the person, the fault is what he is taught.
How to change the narrative on FF, you ask.
Start by calling out TA is faulty, misleading and dangerous. All these traders, the herd, are falling into the fire pit.
Start questioning every TA assumption. Even when the trades return a profit. Instead of saying nice trade.
We should question TA assumptions, question the nice pretty artwork charts. Why we have what we put on our chart. Why we put nothing on our chart. Why we see something on our chart.
All these has their own TA underlying assumptions. Question every single one of them.
That's how we change the narrative on FF.
Start from the beginning,
"TA assumptions are faulty, misleading and dangerous."
Which you and imo every honest, logical veteran in this business agree with.
What are you going to do about it, you ask,
Well, in my small way, I put in this effort to get FF members come on here to chat and discuss about it. This thread is for honest, logical adults. Which my experience posting on FF tell me there are few. Strange isn't it? Even fewer still who chose to do something about it. Cheers
Trade the value
- Joined Sep 2015 | Status: Member | 2,131 Posts
{quote} Great, thanks for sharing your story.What will you do once you can't get that volume thing or stops to generate profit?So real life is thing as Peter Caleb says.What I'm doing also imbalance, but some connection with real life.Good luck!
Volume is the ultimate real life barometer because here we can see real people acting out their fantasies and pushing the trade button.
Once we see so many traders lose their money every day, we understand the best way of being profitable is to be on the other side of their trades.
Volume shows us which side they are on, all we have to do therefore is jump side and become a thief,
What would I do if volume levels stopped providing profits for me, that’s easy. Next week I head over to Japan for a 6 week trading joint where I split my time between trading and doing the odd touristy thing. If the volume signals are providing crappy signals which does happen from time to timer, I will spend my time eating Sushi.
FUCK trading in those occasions
Trading thin liquidity at the boundary of the charts
