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The System (Irony included)

  • #121
  • Edited 7:05pm Nov 8, 2007 6:52pm | Edited 7:05pm
OK the black line is entry red is initial stop and yellow is were I would advance the stop based on the price acion and long wicks at the peak. Looks like the NZD/USD

Nice going by the way

Quoting fiveshorts
...and here's the blank.
Attached Image
Nothing is impossible, with a willing mind!
  • #122
  • Nov 8, 2007 7:04pm Nov 8, 2007 7:04pm
OK I appreciate what you are trying to do here. If you have not already done so go check out the site I posted earlier and examine the 1-2-3 formation. Learn it and learn it well.

If there is one thing I wish someone wold have told me when I first started trading it is this:

Learn 1 pattern and learn it well to the point you can look at a chart and see it clearly and trade only that one pattern until you trade it well. Then add on to that.

Look again at your E1 and really lok to see if it meets a 1-2-3 formation. Trust me you will thank me later for making you do the work.

Quoting fiveshorts
Here's another, respectfully, in the Trader_V 'style'.

Again, correct me if I'm wrong.
Nothing is impossible, with a willing mind!
  • #123
  • Nov 8, 2007 7:17pm Nov 8, 2007 7:17pm
Quoting fiveshorts
OK! Back in business (with the attachments).

Here are a couple of charts I wanted to post earlier.

The first is a comparison of 4 hr candles between VT Trader 4hr and MetaTrader4. Don't want to get off topic, but doesn't it bring the concept of a closing candle into question?

I think forex brokers have a disagreement on price feed, I suggest you don't try to coordinate which one is giving you an accurate feed and concentrate in the one you're most comfortable with. I use currency futures.

I am not here to critisize brokers etc. It's just an observation.
Peace
  • #124
  • Nov 8, 2007 7:38pm Nov 8, 2007 7:38pm
Guys

I have to address again the hindsight situation. Don't get fooled by past price action.


I could built a "system" around hindsight. Actually, all of these so called "gurus" are very handy into building (and making you believe) systems based on hindsight.

I mean. commo'n guys...... It's easy for anyone to tell you ...buy here and sell there if the market has been there already.


You need to read price action ******as is happening*****

At the moment you see a V pattern formed...go for the killing.....not later

You can't afford to play a sissy duck when you're trading.

I advocate a lot risk assessment. Sometimes you just have to miss the bus. But when you see an opportunity, go for it. Don't over analyze the charts. You already know what you're looking for.

Make your life easy.
Peace
  • #125
  • Nov 8, 2007 7:55pm Nov 8, 2007 7:55pm
Quoting feb2865
At the moment you see a V pattern formed...go for the killing.....not later

You can't afford to play a sissy duck when you're trading.

I advocate a lot risk assessment. Sometimes you just have to miss the bus. But when you see an opportunity, go for it. Don't over analyze the charts. You already know what you're looking for.

Make your life easy.
Thats where the juice is...great post feb2865 and great thread too!
Thx for your contributions
  • #126
  • Nov 8, 2007 8:32pm Nov 8, 2007 8:32pm
Feb, TraderV and Fiveshorts,

this is a great thread and you guys are the ones who are feeding the fire here. FiveShorts is acting like a smart moderator interviewing two seaoned traders asking the questions that we all have. I have to confess, shamefully, that i have been in this forex business for some time now, looking for a system that will accomodate my style and schedule. I have tried in the past the 1-2-3 method` and the "J-hook" system. The latter resembles Feb's method. I didn't find them to work for me, not because the systems didn't work, but because I didn't have the discipline to really study them.
Any way, as I said before, I do not believe in lagging indicators so trading naked, and following pure price action is what appeals to me, and what makes more sense.

So...keep it on guys. There are some silent observers that want to absorb as much knowledge as you can pour in your posts.
  • #127
  • Nov 8, 2007 8:40pm Nov 8, 2007 8:40pm
Quoting Trader_V
Look again at your E1 and really lok to see if it meets a 1-2-3 formation. Trust me you will thank me later for making you do the work.


Is this not right?
Attached Image (click to enlarge)
Click to Enlarge Name: TraderV_ex2.gif Size: 47 KB
  • #128
  • Edited 9:50pm Nov 8, 2007 8:55pm | Edited 9:50pm
Quoting alcastro
Feb, TraderV and Fiveshorts,

this is a great thread and you guys are the ones who are feeding the fire here. FiveShorts is acting like a smart moderator interviewing two seaoned traders asking the questions that we all have.

So...keep it on guys. There are some silent observers that want to absorb as much knowledge as you can pour in your posts.
Wow. Alcastro, I've been reading your posts for the longest time, and now you're complimenting me... Good to see you here. I think this is a valuable discussion we're having

I'm just trying to let feb2865 and trader_V know that my questions are all positive and constructive, not challenges. I see so much ego on these and other forums — people who want to boast about their knowledge and dangle carrots in front of newbies — "you don't know what I know"...

feb2865, you started this post, challenging us to get off our butts; dust off our brains and use our eyes to look at price action 'in the raw'. Well, I'm just taking up that challenge and coming right back at you with questions. Not to prove you wrong, but to benefit from the experience you offered to discuss.

For me, that means taking your lessons and trying to apply them to real charts. Actually taking you seriously and doing the homework. I've long stopped listening to Holy Grail preachers with their hands out. If someone wants to share some real knowledge, I will take them up on it.

As long as you want to teach, i'll be there at the front of the class with my hand up.
  • #129
  • Nov 8, 2007 9:54pm Nov 8, 2007 9:54pm
Quoting fiveshorts
Wow. Alcastro, I've been reading your posts for the longest time, and now you're complimenting me... Good to see you here. I think this is a valuable discussion we're having

I'm just trying to let feb2865 and trader_V know that my questions are all positive and constructive, not challenges. I see so much ego on these and other forums — people who want to boast about their knowledge and dangle carrots in front of newbies — "you don't know what I know"...

feb2865, you started this post, challenging us to get off our butts; dust off our brains and use our eyes to look at price action 'in the raw'. Well, I'm just taking up that challenge and coming right back at you with questions. Not to prove you wrong, but to benefit from the experience you offered to discuss.

For me, that means taking your lessons and trying to apply them to real charts. Actually taking you seriously and doing the homework.

As long as you want to teach, i'll be there at the front of the class with my hand up.
No problem. I am always happy to help.

Price will deliver plenty of information. I must say it takes time to train the naked eye. Take it easy. One day at the time. Be aware of that. No rush.

Make sure you qualify your setup. If you missed the bus, there will be another one. If you see the pattern, go for it, don't think twice.

Keep one ear on the ground. Forex is sensitive to news, reports etc. But don't be too "jumpy" either. I use the news to keeps my heads up . That's it.

Ask all the questions you want.

Peace
Peace
  • #130
  • Nov 8, 2007 10:45pm Nov 8, 2007 10:45pm
Great job, everybody in this thread!!

Kudos to all the contributors (especially the starter of this thread ... feb2865)!
  • #131
  • Nov 8, 2007 10:56pm Nov 8, 2007 10:56pm
Quoting leighsww
Great job, everybody in this thread!!

Kudos to all the contributors (especially the starter of this thread ... feb2865)!

Thank you

Always happy to help
Peace
  • #132
  • Nov 8, 2007 11:15pm Nov 8, 2007 11:15pm
I gotta keep this one short so I appologize for the short post.

Your pont 1 and 3 are close but once a point 1 is surpassed by price it becomes null. Now on the other hand (I didn't want to get into this yet but) points 1 and 3 identify a double bottom formation.

Take another look and try to find the proper 1-2-3's and soon you will spot them much easier. Like Feb says take your time the markets are not going anywhere. One day at a time will help you succeed taking in too much at one time can sometimes confuse your thoughts then you start to jumble your knowledge. Learn one thing well first before learning the next.

As for the other folks who have complimented and the thread and me I thank you. This thread is Feb's but if I can contribute something I am more than happy to oblige.

nighty night folks

Trader_V

Quoting fiveshorts
Is this not right?
Nothing is impossible, with a willing mind!
  • #133
  • Nov 9, 2007 12:35am Nov 9, 2007 12:35am
OK. I take your words to heart, thank you feb 2865. I'm not impatient, so much as keen to learn...

Let's try this a different way.

Here's a chart of today's 4hr NZDUSD. The trend is UP. Big drop yesterday on news. Green lines are daily/weekly pivots. Gray lines are previous S/R.

I'm not looking for a signal here. I don't want to be told what to do. But let's take this as an example, just this once, and learn from your approach to this specific setup. How does your thought process interpret this chart, as it stands?

I'm trying so hard to apply your ideas to realtime setups, but it's so easy in hindsight and so HARD in realtime...

Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD6.jpg Size: 69 KB
  • #134
  • Nov 9, 2007 2:38am Nov 9, 2007 2:38am
Great work fiveshorts, Trader_V and feb2865. I like the charts that you post. It makes so much more sense visually.

Looking forward to what's coming. http://www.forexfactory.com/images/icons/icon14.gif
  • #135
  • Nov 9, 2007 7:19am Nov 9, 2007 7:19am
Perhaps this is early, but here is something I have been watching on the weekly chart of this pair.

Since the employment rate came out at a horrible -0.4% the other day, I think the rate increase cycle is done. I could be wrong, it happens.

Anyways, you will notice the white trend line. It's a weekly trend line. You will also notice that we have broken through it once in a great, big, panic.

You will notice the pinbar (reversal candle) setting up on this week's candle. Another thing to notice is that this push up didn't rise as far as the last one.

I have drawn potential wave, or leg lines....whatever you want to call them. This in my opinion, could be the start of something ugly in this pair. (I have to admit here, this chart is a question also....is this what we are watching for as far as potential 1-2-3 patterns? I have never really used them to be honest.)

Like I said, I could be totally wrong here, and accept that. At this point I am watching this pair though.

Might be able to get 100 pips or so on a break of the pinbar, but the real money will be pouring in at .7300 (or a bit higher) in my opinion.

I am so interested in this pair, that this chart I am attaching is also now my desktop. (Which can only mean I am dead wrong, and will blow my account up. )

If I am right, I will be adding on every rally. So comon' kids! Everyone push, I need a nice 5-6 month run.

And boys and girls.....remember, this isn't trading advice. It's just one idiot's opinion.

Clockwork


Great postings as usual. This is rapdily becoming one of my favorite threads.
Attached Image (click to enlarge)
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  • #136
  • Nov 9, 2007 9:28am Nov 9, 2007 9:28am
As a P.S. to the above post, there is one other thing that I would add:

I don't know exactly how to quantify this, and therefore haven't acted on it. And, I can't really put my finger on why....

The Kiwi just isn't acting right. I cannot tell you why, maybe because I followed this pair very intently over the last year. I know that "feelings" or "intuition" cannot be part of a system, but it is just something I have thought for the past 2 months or so. Maybe it is possible to see things without knowing what you are seeing. You learn a pair's personality. And this one just seems sick to me.

I could be wrong. Either way, it seems to me we should know soon.

Clockwork
  • #137
  • Nov 9, 2007 10:25am Nov 9, 2007 10:25am
First of all, I must thank feb2865 for starting this great thread and of course not forgetting trader_v and fiveshorts for their insights.

I would like to borrow fiveshorts recent chart to have a go at interpreting it. Thanks for the chart, fiveshorts

Please see attached file for the chart.

here goes:
Black numberings:- I would be a buyer should price close above 2
Red numberings:- I would be a seller should price close below 2

Please feel free to comment on my interpretations so that I can learn from all you great traders out there.

Thanks

kevtcw
Attached File(s)
File Type: doc NZDUSD.doc   49 KB | 1,063 downloads
  • #138
  • Nov 9, 2007 10:41am Nov 9, 2007 10:41am
Guys

Please stay on subject. Just a reminder that this is a thread for those who want to read price action better and having a better and more sensible view of the market.


Peace
Peace
  • #139
  • Nov 9, 2007 10:53am Nov 9, 2007 10:53am
Trying to do just that. I've been staring at NZDUSD 4hr and nothing else — just candles and relevant pivots — trying to focus on what PA is 'saying'. I thought I'd post the blank chart as a template for you and others to use as a discussion point — it's a current chart and we can watch it unfold.

But it's your thread feb2865, I'm just being annoyingly proactive

However you prefer to run it, that's fine by me.

respectfully.
  • #140
  • Nov 9, 2007 11:52am Nov 9, 2007 11:52am
Quoting fiveshorts
Trying to do just that. I've been staring at NZDUSD 4hr and nothing else — just candles and relevant pivots — trying to focus on what PA is 'saying'. I thought I'd post the blank chart as a template for you and others to use as a discussion point — it's a current chart and we can watch it unfold.

But it's your thread feb2865, I'm just being annoyingly proactive

However you prefer to run it, that's fine by me.

respectfully.
No offense intended Just that I would like to make sure we all stay in focus. I believe we need to discuss and be inquisitive as I am the first one to advocate that. Please don't take it personally and my sincere apologies if I've been rude on my comment. On the contrary I am personally taking notes on your questions and looking things from different angles. I would love for you to keep pushing the subject.

Being annoyinlgy provocative I believe it's necessary to keep the spark alive, in my opinion.

Peace
Peace
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