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  • #2,141
  • Feb 7, 2008 3:03am Feb 7, 2008 3:03am
Quoting galaxymom
At the end of that little run up was that spinning top, and price did what I expected and turned bearish, I entered at the Intraday Pivot, but I had looked to short earlier, and considered this buying the rally, besides I'm a bit Fearless, and tend to be aggressive with my entries.
Gosh that is fearless, the intrady pivot is only just below the Swing pivot.

Ian
  • #2,142
  • Feb 7, 2008 3:08am Feb 7, 2008 3:08am
Quoting ianf0ster
Gosh that is fearless, the intrady pivot is only just below the Swing pivot.

Ian
Yes, it is, but if you look, price tried 8 times, the way I see it, to break Resistance and that spinning top was a key to me that the bear was winning.

You have to find what you are comfortable with. It's all in how you see the price action.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,143
  • Feb 7, 2008 3:25am Feb 7, 2008 3:25am
Quoting galaxymom
Yes, it is, but if you look, price tried 8 times, the way I see it, to break Resistance and that spinning top was a key to me that the bear was winning.

You have to find what you are comfortable with. It's all in how you see the price action.

what about the news? do u care at all lol? or are u that good!
  • #2,144
  • Feb 7, 2008 3:27am Feb 7, 2008 3:27am
Quoting dagoods
what about the news? do u care at all lol? or are u that good!
Hey Dagoods, no, I don't do news!
I am not that good or that Fearless!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,145
  • Feb 7, 2008 3:42am Feb 7, 2008 3:42am
Quoting galaxymom
Hey Dagoods, no, I don't do news!
I am not that good or that Fearless!

sure you are mom!
  • #2,146
  • Feb 7, 2008 4:38am Feb 7, 2008 4:38am
You know this trading lark is easy in hindsight.
Looking back, its easy to see where resistance points were hit repeatedly and eventually failed to penetrate and price dropped. Its as obvious as the nose on your face.
Seeing it in realtime is a different story though...
  • #2,147
  • Edited 5:09am Feb 7, 2008 4:51am | Edited 5:09am
Quoting jicjoc
You know this trading lark is easy in hindsight.
Looking back, its easy to see where resistance points were hit repeatedly and eventually failed to penetrate and price dropped. Its as obvious as the nose on your face.
Seeing it in realtime is a different story though...
Very true, I spent a lot of time on vhands, working with just support and resistance lines and watching price react to them and the candle formations that happen around them, and what kinds of candles or groups cause price to react in certain ways, then went back and added a single fib and walked it along and observed how the fib guides you along the price action. I've gone thru over a year of advancing one candle at a time, looking for double tops and double bottoms and how what candle seems to send them to the 38 level, and which send them to the 0 level. I've done that with 3 different pairs and there are differences with each pair. When Bo said do this till you're sick of a pair, he wasn't kidding. Every hour of charting, vhands, working out theories is money in the bank in the long run.

I have a lot more homework to do myself, and I believe if you really want this you'll do the homework also.

Enough of Mom's admonitions!

PS: finished 2 trades with +50, I'm a happy camper!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,148
  • Feb 7, 2008 5:13am Feb 7, 2008 5:13am
Quoting galaxymom
Very true, I spent a lot of time on vhands, working with just support and resistance lines and watching price react to them and the candle formations that happen around them, and what kinds of candles or groups cause price to react in certain ways, then went back and added a single fib and walked it along and observed how the fib guides you along the price action. I've gone thru over a year of advancing one candle at a time, looking for double tops and double bottoms and how what candle seems to send them to the 38 level, and which send them to the 0 level. I've done that with 3 different pairs and there are differences with each pair. When Bo said do this till you're sick of a pair, he wasn't kidding. Every hour of charting, vhands, working out theories is money in the bank in the long run.

I have a lot more homework to do myself, and I believe if you really want this you'll do the homework also.

Enough of Mom's admonitions!

PS: finished 2 trades with +50, I'm a happy camper!
  • #2,149
  • Feb 7, 2008 5:47am Feb 7, 2008 5:47am
I want just to mention about vhands.
I did practically the same job with just a strategy tester which is included into MT4. Check "visualization" there and voila! The only thing is you cant trade - just watch the price, but for me this is good enough.
  • #2,150
  • Feb 7, 2008 5:50am Feb 7, 2008 5:50am
Quoting jicjoc
You know this trading lark is easy in hindsight.
Looking back, its easy to see where resistance points were hit repeatedly and eventually failed to penetrate and price dropped. Its as obvious as the nose on your face.
Seeing it in realtime is a different story though...
Yes, it suits me (from the study and live trading of ideas presented here and within Skunny's thread) to wait for price action to show it's hand first, rather than anticipating a breakout this way or the other and invariably having to suffer a drawdown before getting in on the right side.

I prefer shorter term trades and even happy to fib 1 or 2 larger range 15min bars after breaking from S/R areas for instance. My testing suggests a high win rate and (for me at least) it's a satisfying way to trade.

A chart of my session so far (i'm GMT based). Many will turn their noses up at the lost opportunity pips from the move so far, but i've acheived what I wanted from the market, in line with personal risk tolerance and trading psych...and this, i now realise, is my trading grail.
Attached Image (click to enlarge)
Click to Enlarge Name: 15min Fibs - 7th Feb 08.GIF Size: 66 KB
  • #2,151
  • Feb 7, 2008 7:40am Feb 7, 2008 7:40am
Bo - Another snowy end to the week this week but I made sure I was trading before I went out to shovel a foot off the driveway this time. I learn quick. Today is the bright star of the week for me. Let's all say a prayer we don't give back tomorrow.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,152
  • Feb 7, 2008 6:10pm Feb 7, 2008 6:10pm
Quoting galaxymom
At the end of that little run up was that spinning top, and price did what I expected and turned bearish, I entered at the Intraday Pivot, but I had looked to short earlier, and considered this buying the rally, besides I'm a bit Fearless, and tend to be aggressive with my entries.
Where did you place your stop? Can you post a chart?
  • #2,153
  • Edited 6:39pm Feb 7, 2008 6:38pm | Edited 6:39pm
Quoting Jared
Where did you place your stop? Can you post a chart?
I placed the stop on the other side of the Intraday Long. Just notice I said buy the rally, I meant Sell the Rally.
Attached Image (click to enlarge)
Click to Enlarge Name: fibs gu ex.gif Size: 24 KB
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,154
  • Feb 7, 2008 8:01pm Feb 7, 2008 8:01pm
No matter what other things I try, when I pull up the latest Cable hourly before a session begins, I feel most at home and in control of the next 12 hours.

I'm not a newbie anymore but I'd like to say Thanks for this thread again.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,155
  • Feb 7, 2008 8:55pm Feb 7, 2008 8:55pm
Quoting Thexder
Bo - Another snowy end to the week this week but I made sure I was trading before I went out to shovel a foot off the driveway this time. I learn quick. Today is the bright star of the week for me. Let's all say a prayer we don't give back tomorrow.
Ah.......I miss snow .
  • #2,156
  • Feb 7, 2008 8:59pm Feb 7, 2008 8:59pm
Quoting galaxymom
I placed the stop on the other side of the Intraday Long. Just notice I said buy the rally, I meant Sell the Rally.
Thanks mom. I will practice more agressive entries on vHands. I have a tendancy not to enter unless the trade looks like it is a sure thing, but if you have a tight stop like that then your risk/reward is very good.
  • #2,157
  • Feb 7, 2008 9:17pm Feb 7, 2008 9:17pm
Quoting Thexder
Bo - Another snowy end to the week this week but I made sure I was trading before I went out to shovel a foot off the driveway this time. I learn quick. Today is the bright star of the week for me. Let's all say a prayer we don't give back tomorrow.

Im glad we dont have to deal with snow, I'd rather sweat than shivver.
  • #2,158
  • Feb 7, 2008 9:18pm Feb 7, 2008 9:18pm
Quoting Thexder
No matter what other things I try, when I pull up the latest Cable hourly before a session begins, I feel most at home and in control of the next 12 hours.

I'm not a newbie anymore but I'd like to say Thanks for this thread again.
Thats a good sign !
  • #2,159
  • Feb 7, 2008 9:19pm Feb 7, 2008 9:19pm
Quoting Bobokus
Im glad we dont have to deal with snow, I'd rather sweat than shivver.
Either shoveling or mowing & re-seeding due to all that winter shoveling and salting.. never ends.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,160
  • Feb 7, 2008 9:20pm Feb 7, 2008 9:20pm
Quoting galaxymom
I placed the stop on the other side of the Intraday Long. Just notice I said buy the rally, I meant Sell the Rally.
No offense, but your charts are really busy.

I would like to know how to keep track of what is what on your charts?
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