hi posters and lurkers ...
i'm new to the thread, but not new to the madness we call the forex!
after reading 11,485 posts, i have followed "the_wizard" grappling with outright quitting to becoming a professional a trader, "razldazl" asking "can you confirm if this is a PB?" to helping newcomers with their own questions and providing expert, insightful analysis, mbq effortlessly providing continued (and patient) guidance, james16 creating a sought-after PF, and i could go on and on (so don't feel left out --- it's not the oscars you know
)
to all of those new to the thread ... reading the 11,000+ posts to date is truly worth it and necessary! take notes, cross-reference your own charts, make a list of your questions, and don't be so quick to need the perfect indicator or EA ... if there is one thing j16 has taught me is that (1) price action is the "indicator" and (2) YOU are the EA!! as you read on, the "system"
will reveal itself to you and the majority of your questions will be answered for you by the time you reach the end and you will experience several "AH-HA!!" moments.
this brings me to some questions/need for clarification (a mere 12 questions after 11,000+ posts --- if i missed a post that would have answered my questions, please feel free to direct me there --- sorry for the length!!)
:
1. reference post #2831; mbq took the trade short, but it seems like that was driving into traffic or a PPZ? could someone please help me understand his reasoning for believing this was a high probability trade?
2. does mbq play every I4B as a b/o or only those that have the other supporting factors? i remember somewhere that he posted an answer stating that he will place 2 orders up and down and along the way, i'm not sure about whether these should just be used as more of a roadmap, play off a s/r level, or in the way mbq described
3. as i read thru the posts, i would often cross-reference charts, or just visually try and spot examples on my own. i came across a DBHHC on the GBPCHF 4hr chart on 6/19/08 at 1600hrs (fxdd; 0000hrs = 2pm PST). can someone pls help me reconcile this w/ one of james16's samples in his 1st posts? (the price went south instead of north)
4. nice pin bar on euraud on 8/17/07 that traveled down for some time. i seem to recall this being a very long play that a few were able to remain in. i am wondering how the trade was managed so they could ride thru the pauses and corrections that seemed like they should have been stopped out? i am thinking the S/L's might have been farther away from just one-candle-trailing-stop back might, but if there is someone that caught this entire move, i would love to learn how you approached it.
5. how many fib lines should be drawn to find confluence? and from how many time frames?
6. there was some mention of monthly/weekly pivots being used by some traders. is there any value in the R1/S1 levels being added to the determination of PPZ? or does that just become a cluttered mess where it will freeze taking any trades at all? are the monthly/weekly pivot points treated as both support and resistance?
7. for TL b/o's, how many times do you wait for price to retest b/f you are confident it is or isn't going to bust thru ... or not?
8. i've heard mention of "proxy" pin. is this a bar that visually looks like a PB, but where the open/close is not contained w/in prior days price?
9. when a trade is going in your favour due to a good set-up and liberal trailing stop, but begins approaching a strong area of S or R, how do you manage? set a TP? TP immediately? move S/L tighter?
10. ppz ... (no, i'm not going to ask you what ppz stands for!!
) how far back in time do you look to establish ppz? based on some example charts i've seen thru the thread, i think i am going back too far to find those s/r cross-over zones and am again creating a situation where i am not even taking an A set-up. i created a sample of what i am talking about with the gbpjpy ... (i've tried prtsc & 'saveas" method of pasting into my thread, but it's either too fuzzy or the top gets cut-off ... i must be doing something wrong .... hints?)
11. #11166: is this a more intermediate or advanced trade set-up? i see a lot of places below where price could get hung up (maybe this is my ppz problem --- see above) and doesn't seem to be at an "extreme" swing high ... (i have the same quandry about the recent usdcad trade many were playing). i can easily spot swing highs/lows in the past, but not so much in present time ... i think this relates to the trying to predict "bottoms", etc", but when it comes to when price is on the go, how do we know if we're at a swing point or not?
12. is drawing a TL more of an art than science? i will see one chart with TL drawn from point A to B and another trader's chart has his/her's going from B to C, etc. if it is this discretionary, no problem; but if there is a more consistent way of approaching, i'd like to understand this better.
okay .... i'm out. i am eager to begin my PA trading journey with you. THANK YOU FOR EVERTHING!!
i'm new to the thread, but not new to the madness we call the forex!
after reading 11,485 posts, i have followed "the_wizard" grappling with outright quitting to becoming a professional a trader, "razldazl" asking "can you confirm if this is a PB?" to helping newcomers with their own questions and providing expert, insightful analysis, mbq effortlessly providing continued (and patient) guidance, james16 creating a sought-after PF, and i could go on and on (so don't feel left out --- it's not the oscars you know
)to all of those new to the thread ... reading the 11,000+ posts to date is truly worth it and necessary! take notes, cross-reference your own charts, make a list of your questions, and don't be so quick to need the perfect indicator or EA ... if there is one thing j16 has taught me is that (1) price action is the "indicator" and (2) YOU are the EA!! as you read on, the "system"
will reveal itself to you and the majority of your questions will be answered for you by the time you reach the end and you will experience several "AH-HA!!" moments.
this brings me to some questions/need for clarification (a mere 12 questions after 11,000+ posts --- if i missed a post that would have answered my questions, please feel free to direct me there --- sorry for the length!!)
:1. reference post #2831; mbq took the trade short, but it seems like that was driving into traffic or a PPZ? could someone please help me understand his reasoning for believing this was a high probability trade?
2. does mbq play every I4B as a b/o or only those that have the other supporting factors? i remember somewhere that he posted an answer stating that he will place 2 orders up and down and along the way, i'm not sure about whether these should just be used as more of a roadmap, play off a s/r level, or in the way mbq described
3. as i read thru the posts, i would often cross-reference charts, or just visually try and spot examples on my own. i came across a DBHHC on the GBPCHF 4hr chart on 6/19/08 at 1600hrs (fxdd; 0000hrs = 2pm PST). can someone pls help me reconcile this w/ one of james16's samples in his 1st posts? (the price went south instead of north)
4. nice pin bar on euraud on 8/17/07 that traveled down for some time. i seem to recall this being a very long play that a few were able to remain in. i am wondering how the trade was managed so they could ride thru the pauses and corrections that seemed like they should have been stopped out? i am thinking the S/L's might have been farther away from just one-candle-trailing-stop back might, but if there is someone that caught this entire move, i would love to learn how you approached it.
5. how many fib lines should be drawn to find confluence? and from how many time frames?
6. there was some mention of monthly/weekly pivots being used by some traders. is there any value in the R1/S1 levels being added to the determination of PPZ? or does that just become a cluttered mess where it will freeze taking any trades at all? are the monthly/weekly pivot points treated as both support and resistance?
7. for TL b/o's, how many times do you wait for price to retest b/f you are confident it is or isn't going to bust thru ... or not?
8. i've heard mention of "proxy" pin. is this a bar that visually looks like a PB, but where the open/close is not contained w/in prior days price?
9. when a trade is going in your favour due to a good set-up and liberal trailing stop, but begins approaching a strong area of S or R, how do you manage? set a TP? TP immediately? move S/L tighter?
10. ppz ... (no, i'm not going to ask you what ppz stands for!!
) how far back in time do you look to establish ppz? based on some example charts i've seen thru the thread, i think i am going back too far to find those s/r cross-over zones and am again creating a situation where i am not even taking an A set-up. i created a sample of what i am talking about with the gbpjpy ... (i've tried prtsc & 'saveas" method of pasting into my thread, but it's either too fuzzy or the top gets cut-off ... i must be doing something wrong .... hints?)11. #11166: is this a more intermediate or advanced trade set-up? i see a lot of places below where price could get hung up (maybe this is my ppz problem --- see above) and doesn't seem to be at an "extreme" swing high ... (i have the same quandry about the recent usdcad trade many were playing). i can easily spot swing highs/lows in the past, but not so much in present time ... i think this relates to the trying to predict "bottoms", etc", but when it comes to when price is on the go, how do we know if we're at a swing point or not?
12. is drawing a TL more of an art than science? i will see one chart with TL drawn from point A to B and another trader's chart has his/her's going from B to C, etc. if it is this discretionary, no problem; but if there is a more consistent way of approaching, i'd like to understand this better.
okay .... i'm out. i am eager to begin my PA trading journey with you. THANK YOU FOR EVERTHING!!
"Believe nothing you hear and half of what you see." Proverb
, Raz
...learning Wisdom!!!