Now I am considering retirement. I would like to start a career as a professional gambler. Black Jack.
LOL I am teasing you leighs
:Or, we may be profitable starting up a psychic center and charge forex traders for horoscope readings!! lol
:Or, we may be profitable starting up a psychic center and charge forex traders for horoscope readings!! lol
- #422
- Nov 14, 2007 10:04pm Nov 14, 2007 10:04pm
- | Commercial User | Joined Jun 2006 | 1,578 Posts
Well, heck if we all go bust following your method, then we shall all be heading for the BJ table, lol
Or, we may be profitable starting up a psychic center and charge forex traders for horoscope readings!! lol
well I have to go
see you all guys in the morning
Leighs, thanks so much to bring this sense of humor. We all need it believe me.
Peace
Peace
- #423
- Nov 14, 2007 10:44pm Nov 14, 2007 10:44pm
Hmmm.....ya...no gap on my metatrader chart. Good point on how certain feeds can lead you astray. On one feed I see a "V" and on another I don't.
In regards to gaps..I have always been told and have seen that "gaps" love to be filled more time than not. To the upside...would mean a reversal to fill in the blanks.
alcastro..I thought you wrote you were trading naked? Your posted chart is lite up like a Christmas tree
In regards to gaps..I have always been told and have seen that "gaps" love to be filled more time than not. To the upside...would mean a reversal to fill in the blanks.
alcastro..I thought you wrote you were trading naked? Your posted chart is lite up like a Christmas tree
- #424
- Nov 14, 2007 10:53pm Nov 14, 2007 10:53pm
Hello FEB2865 and all, just wanted to congratulate your for starting this great thread. Trading naked charts is really the way to go I think. I do really like your style of teaching. This is straight to the point with a very sincere desire to help.
Your posts are so helpful and really happy to have found this thread.
It is true that trading naked charts is not easy in the beginning and can take a long time to master, but I do agree that the final result will be very rewarding for the patient and disciplined trader.
I am trading forex since 2 years and still not consistently profitable and already have blown 2 accounts (fortunately mini-accounts) when learning and trading with indicators, it doesn't really helped me that much after all. Only the thread of Phillip of 4H MACD has really help me in some extent to see the motion of the market and recognize S/R. In fact, it is the thread of Phillip who has push me to look for this kind of thread about naked chart trading.
Will definitely follow this thread with great interest.
Thank again to share your great knowledge with us FEB2865.
Sincerely
Shreem
Your posts are so helpful and really happy to have found this thread.
It is true that trading naked charts is not easy in the beginning and can take a long time to master, but I do agree that the final result will be very rewarding for the patient and disciplined trader.
I am trading forex since 2 years and still not consistently profitable and already have blown 2 accounts (fortunately mini-accounts) when learning and trading with indicators, it doesn't really helped me that much after all. Only the thread of Phillip of 4H MACD has really help me in some extent to see the motion of the market and recognize S/R. In fact, it is the thread of Phillip who has push me to look for this kind of thread about naked chart trading.
Will definitely follow this thread with great interest.
Thank again to share your great knowledge with us FEB2865.
Sincerely
Shreem
In regards to gaps..I have always been told and have seen that "gaps" love to be filled more time than not. To the upside...would mean a reversal to fill in the blanks.
alcastro..I thought you wrote you were trading naked? Your posted chart is lite up like a Christmas tree
alcastro has been BUSTED, lol!!
:
- #427
- Nov 14, 2007 11:16pm Nov 14, 2007 11:16pm
- | Joined Nov 2007 | Status: Big trend, big money | 786 Posts
Well, heck if we all go bust following your method, then we shall all be heading for the BJ table, lol
Or, we may be profitable starting up a psychic center and charge forex traders for horoscope readings!! lol
I opened my E/U long position on Tuesday. I hold half of them until now. Wish I could hold them for weeks.
Maybe we will see E/U at 1.5 (just my guess) since US economic data would not be good.
So, leigh, you would open long if E/U breaks out 1.4723 (yesterday's high)?
- #428
- Nov 14, 2007 11:23pm Nov 14, 2007 11:23pm
Welcome, shreem!!
Sincerely
Shreem
- #429
- Edited 11:38pm Nov 14, 2007 11:28pm | Edited 11:38pm
So, leigh, you would open long if E/U breaks out 1.4723 (yesterday's high)?
Since that would be a breakout above a resistance level......using the 1-2-3 entry method may be something to look at simply because it would be a test of a support line (after the break above) and a new high...and if held...would break the #2 level leading to a more conservative entry.
That said....the "V" formation would also work but for me...I would wait for the bottom of the "V" to take place above the breakout and ignore the current one.
Hope that makes sense.
...oh...I went long on tuesday as well. A little premature as I jumped the gun before the full closing of the bar and can see it had some selling pressure.....not showing strength to the upside. But...that inside bar forming may be a good sign...or not....who knows.
Well...I don't see any V forming on forex dailies right now so going to track down a few 123 for practice
- #431
- Edited 2:16am Nov 15, 2007 1:17am | Edited 2:16am
So, leigh, you would open long if E/U breaks out 1.4723 (yesterday's high)?
Unfortunately, if I can't get a better price/discount, the SL would have to be approx. 150 pips away from entry (the previous day's low), and that would be a little more than I wanted to risk on a SL per pair (I was hoping for not more than 100 pips), so I would either have to do only 1 lot (with half going toward the 50+ pip revolving TP) instead of my normal 2 lots on the opening position.
I might also look to see if there are any other currency pairs first that would have a better SL positioning and meeting the criteria of feb's method. We'll have to see.
I am going to quantify the results of feb's method by following it by the book. That is the only way we are going to know if feb's method is consistent and profitable.
I will be the guinea pig, if I must, lol, since I am not going to be deviating from the rules.
I have a journal, so I am going to post my results there, so as not to mess up this thread with my personal data. I'll report status here once-in-awhile, or you can check the journal yourself every-so-often.
Those of you who are posting here, you don't need to post to my journal unless you need to ask me a question or something, lol. I'd rather keep us posting here for most of the discussions pertaining to PA and this thread. This thread will be more widely read anyway, so whatever you guys have to share will be more useful to others here
One more thing ...
Yes, I do see that there is a resistance level coming up at the 1.4738 if I put a pivot calculator on my charts (okay, it's just some temporary sunscreen, so don't panic, I've washed it back off, but again, my goal is to quantify the consistency of just trading mechanically with this method, so I'm not going to worry about that right now.
Maybe I better put .5 lot on this one for our forex laboratory testing, lol.
Anyway, the way things have been going, I'm thinking that it might even retrace further down and not even break through the high. This bus may be having a flat tire at the moment thus making us wait even further.
Yes, I do see that there is a resistance level coming up at the 1.4738 if I put a pivot calculator on my charts (okay, it's just some temporary sunscreen, so don't panic, I've washed it back off
, but again, my goal is to quantify the consistency of just trading mechanically with this method, so I'm not going to worry about that right now.Maybe I better put .5 lot on this one for our forex laboratory testing, lol.
Anyway, the way things have been going, I'm thinking that it might even retrace further down and not even break through the high. This bus may be having a flat tire at the moment thus making us wait even further.
I am curious. In your previous post, you explicitly state that you are going to follow his method by the book. Then why aren't you already long the EUR?
Are you sure you are understanding his method? You might have skimmed over my posts, because many of my examples have mentioned time-and-time again which is the right candle to enter and what criteria we have to wait for. Please go back and read over as it then may be more clear why I haven't yet entered. Thank you
You think it's going down. Why? Because of resistance there? Because feb was unsure of it himself?
If you're going to follow it, then follow it. You should've already been long at the close today at ~ 4650...set your stop at 4600 and you're good to go. If it gets hit then it gets hit. But at least your following the plan that you say you're going to follow.
Listen, and this is for everyone here, not you... so don't think I'm picking on anyone in particular... but I see this ALL the time. It's crazy. It amazes me actually.
Please go back and double-check for yourself. I gave you many references to the posts in question. Thanks!
- #434
- Nov 15, 2007 2:21am Nov 15, 2007 2:21am
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
Mr. Trend
And the other thing people need to realize is that even feb's method of trading isn't completely mechanical. I've been trading for awhile discretionary. Trust me -- there's a lot that goes into discretionary trading that even feb hasn't explained yet, and one of those things is getting a good feel for the market which will often come across as not following your plan even though that's all part of trading for awhile and knowing the markets your trading...
I understand that there's more to it then doing things mechanically, but I will talk about that in my next post. I was already preparing that one before your rant, lol, but you kinda posted before I got to post it, lol
But you still need to follow your plan damnit... ROFL...
Feb needs to go back to his example that you linked to and point the arrow in a way that doesn't look like he's pointing to the close and explicitly state "open of <whatever> bar"
:
- #437
- Nov 15, 2007 2:39am Nov 15, 2007 2:39am
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
Is there like a gong that we can hit whenever you still get the dang rules wrong, lol
You are too cute, Mr Trend. For all your silliness, I am beginning to like you, lol.
Mr. Trend
- #438
- Edited 3:17am Nov 15, 2007 2:42am | Edited 3:17am
Haha, this the post I was going to post, before Mr Trend had a hissy fit, lol (I luvs you, Mr Trend, so I'm just teasin' ya
--------
Okay, for the fun of it, here's something that I have been wondering about as I'm studing these charts and learning more about PA ...
Can we further put the odds in our favor by reading the actual candlestick pattern (like doji star, hammer, harami, etc.)? I would imagine the answer is "yes".
So, let's talk about this for a minute ...
I'm going to analogize BlackJack, because they parallel quite nicely actually, lol.
Now, with BJ, as I mentioned, there are specific rules/strategies that you follow in order to put the odds in your favor. For instance ...
If you have two aces, you alway split (no matter what the dealer is showing)
If you have 20, you always stand
If you have 17, you always stand
If you have 14, and the dealer is showing 9, you always hit.
If you have 10 and the dealer is showing a 4, you double-down
And so on and so forth ...
This is mechanical, you don't even question it, you always do what the rules/strategy says when you are holding certain cards and the dealer is showing a certain card. Maybe that's why when my indicators said jump, I jumped with no question, lol. I have been too Pavlovian trained with BJ. But isn't that what your indicators are for? When they give a signal, you follow it? Otherwise, what the heck good is having those indicators then?
So, anyway, now I am thinking that the above would be similar to feb's method at the bare level, where we don't question the V-Formation and the breakout of the previous candle. This is all mechanical.
However, let's throw this around for a bit ...
In BJ, you can further put the odds in your favor by counting cards. This is not illegal, but the casinos will ban you should they know you do this. Why? Because it puts the odds so far out of their favor that they will most always lose to the BJ player. This is why casinos now use 4 decks, so that it hinders card counters.
Anyway, my point is ... in forex and PA, reading candlesticks might in the same way as counting cards, put the odds even further in your favor.
I guess that this would be a more advanced level, like beginners in BJ normally don't start out counting cards, lol.
This may be the next step for us, eh? (once we advance from beginners to intermediate)
Anyway, for those who just don't wanna fuss with making things too complicated, then I guess they would just stick with the bare-bones level, mechanical method/strategy.
Or maybe feb will scold me for posting this and say, don't complicate things!! lol.
--------
Okay, for the fun of it, here's something that I have been wondering about as I'm studing these charts and learning more about PA ...
Can we further put the odds in our favor by reading the actual candlestick pattern (like doji star, hammer, harami, etc.)? I would imagine the answer is "yes".
So, let's talk about this for a minute ...
I'm going to analogize BlackJack, because they parallel quite nicely actually, lol.
Now, with BJ, as I mentioned, there are specific rules/strategies that you follow in order to put the odds in your favor. For instance ...
If you have two aces, you alway split (no matter what the dealer is showing)
If you have 20, you always stand
If you have 17, you always stand
If you have 14, and the dealer is showing 9, you always hit.
If you have 10 and the dealer is showing a 4, you double-down
And so on and so forth ...
This is mechanical, you don't even question it, you always do what the rules/strategy says when you are holding certain cards and the dealer is showing a certain card. Maybe that's why when my indicators said jump, I jumped with no question, lol. I have been too Pavlovian trained with BJ. But isn't that what your indicators are for? When they give a signal, you follow it? Otherwise, what the heck good is having those indicators then?
So, anyway, now I am thinking that the above would be similar to feb's method at the bare level, where we don't question the V-Formation and the breakout of the previous candle. This is all mechanical.
However, let's throw this around for a bit ...
In BJ, you can further put the odds in your favor by counting cards. This is not illegal, but the casinos will ban you should they know you do this. Why? Because it puts the odds so far out of their favor that they will most always lose to the BJ player. This is why casinos now use 4 decks, so that it hinders card counters.
Anyway, my point is ... in forex and PA, reading candlesticks might in the same way as counting cards, put the odds even further in your favor.
I guess that this would be a more advanced level, like beginners in BJ normally don't start out counting cards, lol.
This may be the next step for us, eh? (once we advance from beginners to intermediate)
Anyway, for those who just don't wanna fuss with making things too complicated, then I guess they would just stick with the bare-bones level, mechanical method/strategy.
Or maybe feb will scold me for posting this and say, don't complicate things!! lol.
Oh don't worry... there's more silliness to come...
Just be glad I didn't put my http://leighswishingwell.com/lp/emotes/whip.gif to ya!! But, knowing you, you might start actually liking it http://leighswishingwell.com/lp/emotes/crying.gif(lol, my other forum were masochists, too, so you'd be in good company. Those guys/gals over there were a riot, they had inane sense of humors like me, lol!
)
