Hey everyone,
1)Thanks Bo for your help while I was away, your help is sincerely appreciated. 2)Personal - I just received notice of an unfortunate medical diagnosis within my family. The only reason I say this is because I will have very limited time over the next week or so to answer all the questions. I will try to pick out comments and posts that affect the most people and respond in that form. (it's my Dad for those in a praying mood).
Anyway, we must not lose focus of the step we are on right now. Some of you are looking for a "system" with the information I've given so far, don't. I'm really not trying to make this a riddle. However, sometimes I even feel like I am...lol, but I'm not trying to. Come to think about it, trading just may be a riddle....hadn't thought of it that way before.
Some of you may think you have a good grasp on the market and would rather I just show you how I trade. This however, is not a good way for others to learn. YOU CANNOT LEARN HOW TO TRADE IN A DAY. (I'm not yelling, just wanted it to stand out
).
What I asked you to do with the weekly chart is use 1 candle and fib it. Then I asked you to observe what followed. I did this not as a trading strategy, but to help you study S/R as it relates to theses fibs. Weekly candles are most reliable and as you go down in time frames it weakens and gives way to the stronger (higher) time frames. So, you must know daily if you want to trade hourly....and so on. If you want to trade 15mn time frame you don't need too much daily information just 1/4 hr. I'm sure you get the idea, it's been said somewhere before I'm sure.
The market likes to give hints on where it is going to go next, even if it takes a while to get there. You can observe this when S/R lines are penetrated but not broken. As long as you have your S/R in the right spot.
For instance, if a support area is penetrated by 20 pips and turns itself into the most misread candle in trading.......The Dreaded Pin Bar. After the "pin bar" is done getting everyone into a long trade it magically heads back down to bust through the support. You can know this information ahead of time, so you aren't long. You can sit there all smug waiting for a short signal and do this
:.
This is where Vhands trading is essential. You can watch the price action hit the supports you've drawn and see how it reacts to it. Looking at a candle that has already formed is relatively useless in the learning process.
Q. So, if you could learn where the weekly was headed and waited for the daily to signal the same and then traded hourly, would that improve your trading? I haven't showed how to trade any of this yet, so don't be foolish and try trading what I've told you so far. If I wanted you to just make money I would post a trade call (it's a lot easier for me)
This is a large concept that needs to be accepted. If your answer is no, I suggest you buy an ice cream stand with your money instead.
I like ice cream, mmmmmmmmmmmm.
I'll go back through the posts and address some issues as time allows.
Thanks.
1)Thanks Bo for your help while I was away, your help is sincerely appreciated. 2)Personal - I just received notice of an unfortunate medical diagnosis within my family. The only reason I say this is because I will have very limited time over the next week or so to answer all the questions. I will try to pick out comments and posts that affect the most people and respond in that form. (it's my Dad for those in a praying mood).
Anyway, we must not lose focus of the step we are on right now. Some of you are looking for a "system" with the information I've given so far, don't. I'm really not trying to make this a riddle. However, sometimes I even feel like I am...lol, but I'm not trying to. Come to think about it, trading just may be a riddle....hadn't thought of it that way before.
Some of you may think you have a good grasp on the market and would rather I just show you how I trade. This however, is not a good way for others to learn. YOU CANNOT LEARN HOW TO TRADE IN A DAY. (I'm not yelling, just wanted it to stand out
).What I asked you to do with the weekly chart is use 1 candle and fib it. Then I asked you to observe what followed. I did this not as a trading strategy, but to help you study S/R as it relates to theses fibs. Weekly candles are most reliable and as you go down in time frames it weakens and gives way to the stronger (higher) time frames. So, you must know daily if you want to trade hourly....and so on. If you want to trade 15mn time frame you don't need too much daily information just 1/4 hr. I'm sure you get the idea, it's been said somewhere before I'm sure.
The market likes to give hints on where it is going to go next, even if it takes a while to get there. You can observe this when S/R lines are penetrated but not broken. As long as you have your S/R in the right spot.
For instance, if a support area is penetrated by 20 pips and turns itself into the most misread candle in trading.......The Dreaded Pin Bar. After the "pin bar" is done getting everyone into a long trade it magically heads back down to bust through the support. You can know this information ahead of time, so you aren't long. You can sit there all smug waiting for a short signal and do this
:.This is where Vhands trading is essential. You can watch the price action hit the supports you've drawn and see how it reacts to it. Looking at a candle that has already formed is relatively useless in the learning process.
Q. So, if you could learn where the weekly was headed and waited for the daily to signal the same and then traded hourly, would that improve your trading? I haven't showed how to trade any of this yet, so don't be foolish and try trading what I've told you so far. If I wanted you to just make money I would post a trade call (it's a lot easier for me)
This is a large concept that needs to be accepted. If your answer is no, I suggest you buy an ice cream stand with your money instead.
I like ice cream, mmmmmmmmmmmm.I'll go back through the posts and address some issues as time allows.
Thanks.
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