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  • #21
  • Oct 15, 2007 2:42pm Oct 15, 2007 2:42pm
Quoting soultrader
JX, if you didnt want paralells drawn then maybe you should have thought of your own name for the thread instead of hi-jacking mine.
Are you forgetting that you originally CLOSED your thread? Much like Wendy's to McDonald's I made the decision to offer people an alternative. We have different styles and that is fine. There was no hijack made and I don't have any intention of treating this thread in the way you treat yours.
Quoting soultrader
They say imitation is the greatest flattery i suppose, but if you are to progress to be a professional trader you will have to learn to leave the pack and think for yourself.

Thanks for your time. Nuff said
As I have said many times, there is no holy grail that works for everyone and that I can only comment on what I have done and what works for me. If that helps others decide for themselves how they want to trade then that is a positive. This thread is for sharing ideas.

Do what you will in yours and I will do what I will in mine. I wish you no disrespect and I refuse to take the low road.

Cheers.
  • #22
  • Oct 15, 2007 2:45pm Oct 15, 2007 2:45pm
Quoting philmcgrew
I agree with you. However, I thought the point of the 1KT trading room was an area where we could discuss techniques with successful traders. It seems to me that any time you ask a question the author get his panties all bunched up (not directed at any particular author but if the shoe fits...) and curls up in the fetal position.

I never implied that trendlines didn't work. I simply wanted to know what the decision process is for picking major pivots while ignoring others. The answer seems to be "I've done this for 4 years and I know what I'm doing. I'm OK with that you can't debate one's thought process, especially when it isn't repeatable.
I say give the man a chance.. He started this thread and I'm pretty sure as times passes he will convey his message.

panties all bunched up..hehe
Check Mate GAME OVER
  • #23
  • Oct 15, 2007 2:47pm Oct 15, 2007 2:47pm
Quoting philmcgrew
I agree with you. However, I thought the point of the 1KT trading room was an area where we could discuss techniques with successful traders. It seems to me that any time you ask a question the author get his panties all bunched up (not directed at any particular author but if the shoe fits...) and curls up in the fetal position.
I stand by everything I have said and have done nothing of what you imply. In fact, I took the time to explain to you why I chose the line.

1. Major trend in the 5m chart beginning with London action
2. Major trend in the 5m chart typically having more credence than the shorter term trend.

Also, you incorrectly thought I said to short at the top of an ascending triangle because you were looking at the wrong currency pair yet now have "curled" by not acknowledging what I was specifically referring to.
Quoting philmcgrew
I never implied that trendlines didn't work. I simply wanted to know what the decision process is for picking major pivots while ignoring others. The answer seems to be "I've done this for 4 years and I know what I'm doing. I'm OK with that you can't debate one's thought process, especially when it isn't repeatable.
See above.
  • #24
  • Oct 15, 2007 2:51pm Oct 15, 2007 2:51pm
Quoting bunton
I say give the man a chance.. He started this thread and I'm pretty sure as times passes he will convey his message.

panties all bunched up..hehe
I laughed at that one as well

I am no stranger to this type of talk from people and I fully expected it when I started this thread. I have several currency related threads on a separate forum that experienced the exact same type of apprehension. That eventually faded away after months and months of posting live trades and my chart analysis.

It comes with the territory and I welcome the challenge.

I now ask that we please end the bickering and let things progress as they will. Good luck to all.

And to Soultrader I will even change the name of this thread to a more appropriate name since you have gone back on what you said and decided to continue your thread.
  • #25
  • Oct 15, 2007 2:57pm Oct 15, 2007 2:57pm
Quoting bebop
Mark Weinstein, use fib, EW, Gann, and oscillators. He reveals this info. in the very book you are referring to. Yet there are others that don't use T.A. at all and make all decisions from fundamentals.

You assume many things, Soul. That is not so smart, IMO.
quite right, it's late, and many years since i read that.

JX, i'd love to see your charts and in a few months say I was wrong, Im learning all the time and as I often say I don't know what i don't know. to make this happen please post the charts BEFORE the trade is taken and not after - it should make for very interesting reading.

we could start now, on the 30 min chfjpy chart, the retrace of the recent downmove is now at the 38.2 fib, should we take it now or wait for the 50 or 61.8?
https://linktr.ee/Soultrader
  • #26
  • Oct 15, 2007 3:04pm Oct 15, 2007 3:04pm
Quoting soultrader
quite right, it's late, and many years since i read that.

JX, i'd love to see your charts and in a few months say I was wrong, Im learning all the time and as I often say I don't know what i don't know. to make this happen please post the charts BEFORE the trade is taken and not after - it should make for very interesting reading.
That is the method I use as well in terms of posting. The only problem was that trading was mostly over for the day and I still wanted to post a few examples of what it was that I was talking about so I figured I could make an exception.

Please look for many live posts in the future as that is the best way.
Quoting soultrader
we could start now, on the 30 min chfjpy chart, the retrace of the recent downmove is now at the 38.2 fib, should we take it now or wait for the 50 or 61.8?
I will look at the charts on this pair and post how I break it down and what I see.

*EDIT* let me know exactly what price points are representing the top and bottom, as you see it, so I do not waste time analyzing the wrong thing. I am just looking for clarification.
  • #27
  • Oct 15, 2007 3:37pm Oct 15, 2007 3:37pm
While I await clarification I will break down the charts in a way that I do quite commonly.

First let's look at the 4-hr chart. As you can see, the trendline drawn in is not perfect...but it is pretty solid. Next you can see the really broad Fibonacci levels drawn in.

Just by looking at this my bias is to be long.
The 100.20 level is the clear resistance point on the upside. That being so, I would look to take some of the profits before reaching that level.

If the price makes a clear break of 99.00 it would signal a trend reversal.

Bear in mind that this is barring any serious fundamental event that trounces consensus.
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  • #28
  • Oct 15, 2007 4:01pm Oct 15, 2007 4:01pm
Just wanted to throw my 2 cents worth. I personally feel that trendlines are unnecessary. With experience, one should be able to look at a chart and determine a trend. Of course tools like the ones WTB uses (30 50 100 sma stack up) are useful but in the end, the trends are perceived by a trader in the mind.

One might argue that trendlines provide major support/resistance points but usually when there's a trendline break there is also a breakout of a consolidation pattern like a flag. Do trendlines really work as a s/r point? S/R points work when there are a huge number of traders that uses them and with trendlines, many of them are drawn differently. Hitting the right trendline is therefore more of luck than skill in that you have to choose the one most used by others.

My conclusion is that trends can be perceived through sight and experience and drawing trendlines sometimes just clutter the charts. Consolidation patterns are a more reliable tool.
  • #29
  • Oct 15, 2007 4:11pm Oct 15, 2007 4:11pm
Quoting JFX81

Bear in mind that this is barring any serious fundamental event that trounces consensus.
It should be noted that we have 6 hours until CHF Retail numbers are released.
  • #30
  • Oct 15, 2007 4:35pm Oct 15, 2007 4:35pm
Real quick, this is a scalp set-up for me. I take profits quickly. Red line is where I expect price to go, could stop at the next line above though. Horizontal is stop line. Does this work every time? No, but it works often enough for me.
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  • #31
  • Oct 15, 2007 4:52pm Oct 15, 2007 4:52pm
This is really annoying trying to scalp and post at same time, but was stopped and reversed a few moments later for next highly-probable successfull scalp.
  • #32
  • Oct 15, 2007 5:10pm Oct 15, 2007 5:10pm
Looking to hold this one down to the median line, at least. Will also aim to take what market gives me. That means price action has to confirm, and confirm soon!
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  • #33
  • Oct 15, 2007 5:15pm Oct 15, 2007 5:15pm
After thinking about it, I think some people are under the impression that I use a ton of TA tools. But here is what I look at:

1. A couple Fibonacci levels
2. Basic trend lines
3. Handful of Candle Patterns
4. EMAs, but not much anymore.

All in all it really isn't much when you put it in perspective. No fans, no RSI, no momentum, etc...

If you are looking at more indicators than you can count on two hands then you are overloading yourself and will find indicators to justify ANY direction at one time.
  • #34
  • Oct 15, 2007 5:33pm Oct 15, 2007 5:33pm
Break of red line should accelerate it. Stop is red horizontal line for the moment. Stop won't go higher, only lower.
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  • #35
  • Oct 15, 2007 6:18pm Oct 15, 2007 6:18pm
Red lines are the ones to watch and possibly exit at if price action looks ready for a retrace/reversal.
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  • #36
  • Oct 15, 2007 6:21pm Oct 15, 2007 6:21pm
Bebop

I think it would be interesting if you explained to everyone what it is you see, what makes you feel that way in terms of bias, etc...

When posting to this thread I believe breaking down the psychological process would be a great benefit.

Best,
  • #37
  • Oct 15, 2007 6:23pm Oct 15, 2007 6:23pm
This part suggests you Trade PA Exclusively...
Quoting JodyOng
Just wanted to throw my 2 cents worth. I personally feel that trendlines are unnecessary. With experience, one should be able to look at a chart and determine a trend. Of course tools like the ones WTB uses (30 50 100 sma stack up) are useful but in the end, the trends are perceived by a trader in the mind.
Middle Road
Quoting JodyOng
One might argue that trendlines provide major support/resistance points but usually when there's a trendline break there is also a breakout of a consolidation pattern like a flag. Do trendlines really work as a s/r point? S/R points work when there are a huge number of traders that uses them and with trendlines, many of them are drawn differently. Hitting the right trendline is therefore more of luck than skill in that you have to choose the one most used by others.
Ahh... the rub... Your Failsafe "Consolidation patterns" would be???
Quoting JodyOng
My conclusion is that trends can be perceived through sight and experience and drawing trendlines sometimes just clutter the charts. Consolidation patterns are a more reliable tool.
This is not a 'Call to Arms' Mereley a request for another perspective.

TIA Jody...
Bill
  • #38
  • Oct 15, 2007 6:31pm Oct 15, 2007 6:31pm
Quoting JFX81
Bebop

I think it would be interesting if you explained to everyone what it is you see, what makes you feel that way in terms of bias, etc...

When posting to this thread I believe breaking down the psychological process would be a great benefit.

Best,
I'm trying, but there are a lot of things going on in my head. I keep in mind the longer-term charts I have, but don't try to keep much of a bias.

In the chart with the fork, a test of the outer line reversed price, which supposedly means an 80% chance of going to the median line, minimum. That is where the slight bearish bias comes from.

The previous set-up failed and wouldn't have if market was bullish, IMO.

I try to be aware of the lines I deem important. That comes with experience, and I still have room for improvement, of course.

In general, I like trading this way. I am always in control. No system will fail me, only me myself. My system (me) will only get better with time.
  • #39
  • Oct 15, 2007 6:52pm Oct 15, 2007 6:52pm
One more post for me tonight. Just want to add that when I exit the trade, I no longer care about where market goes. This should be obvious, but what I mean is I am not going to kick myself if price continues to go in my direction, nor will I be glad if it reverses.


There's some psychological stuff for you. Hehe..
  • #40
  • Oct 15, 2007 6:53pm Oct 15, 2007 6:53pm
Quoting bebop
I'm trying, but there are a lot of things going on in my head. I keep in mind the longer-term charts I have, but don't try to keep much of a bias.

In the chart with the fork, a test of the outer line reversed price, which supposedly means an 80% chance of going to the median line, minimum. That is where the slight bearish bias comes from.

The previous set-up failed and wouldn't have if market was bullish, IMO.

I try to be aware of the lines I deem important. That comes with experience, and I still have room for improvement, of course.

In general, I like trading this way. I am always in control. No system will fail me, only me myself. My system (me) will only get better with time.
OK. Do you need someone else {lesser to be discarded, higher to be argued} to critique your above comment, or, are you going to do that by yourself?
Not intended as a slam. Honestly it's not. I wrote it this way because you seem on the cusp of your next hurdle.

You figure it out and you are beyond this cusp for the rest of your career.

{CLUE} What YOU believe vs Everyone Else... = ? ? ?
{[General comment and not directed at the current market]}
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