No Brainer Trades

Quoting Iron-man

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For those of you who have not seen the movie, 1984 http://www.google.com/search?sourcei...the+movie+wiki

Garcia, please don't think for a minute that you are not welcome here. There is no "inner circle". I have no doubt that some people will become more familiar with each other over time and by posting more and through PM. That's just the normal process of social activity. But I for one welcome people who want to improve their trading by embracing the philosophy we teach here.

I don't have any reason to believe you are stupid, least of all because of your heritage. I think OzzieDave has a good suggestion here about posting indicators some where else and linking to them.

Personally I will answer anyone's question in this thread or by PM, even when they preface it with "this may be a stupid question".

IMHO one of the challenges as time goes on is we fall into a bit of a trap. S/R trading really is straight forward and simple to apply. Maybe we feel the need to add to it. I mean how can we post the same charts day after day with the same old boring horizontal lines.

Actually that was another requirement BRV had in the beginning was to post a chart when we make a trade call to support our reasoning. We have steered away from that lately. (Myself included)

But the whole point is to learn how to apply Horizontal S&R lines and to a lesser degree how to use fibs and diagonal trendlines. The real advantage to a thread this size is not that we keep adding things to the basics but that we post charts as we learn so others can learn too and knowing that no one person can watch 10-20 currencies all the time, there may be some one who notices a move in one currency that someone else completely missed. I for one don't watch the AUDJPY much so I have benefited from others who have made calls in that currency.

Now that's what I signed on for, to help some and be helped by some. But if we spend our time arguing over what the thread is really about when it has been clearly demonstrated and spelled out by BRV already, then all we will succeed in doing is to drive people away from posting and reading at all. We will destroy the ability of this thread to be a place for traders to learn, improve and help others do the same.

I for one would consider that a tragedy

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Quoting garciaFX

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By asking me a question shows you don't want me to be done. You must think I am a stupid Mexican.

What are you asking? Done? Done what? Perhaps I struck a nerve. Do my observations make you feel uncomfortable? A freedom fighter's work is never done until oppression no longer exist. Blasting someone for posting a chart with an indicator that was on topic is OPPRESSIVE. And then praising someone for posting a spreadsheet with similar information makes it absurd. It's like double speak in 1984.

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Quoting djambazov84

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Good morning all,

It is a gorgeous Sunday morning here in NY so I decided to check my favorite thread to see what is going on and I see more drama which is cool since I suppose 90% of us have money on the table. Some even bolder than me (which I admire) actually pay bills with trading which encapsulates their consistently, more often than not, profitable way of trading. Let us heed their words and thoughts.

Now, I see that there has been a quite a few new members joining. I respect that and out of a feeling that my contribution to the overall percentage of trading insights has been relatively small I would like to offer interesting books for aspiring traders (like me) to take a look at when dealing with trading psychology, market (true) mechanics and "The Big Boys move everything theory".

1. "Liar's Poker" by Michael Lewis

2. "The market wizards" and "The new market wizards" interview collections with America's top traders by Jack Schwager

3. "The alchemy of finance" by George Soros.

4. "Technical Analysis of the Financial Markets" by John Murphy.

5. "Reminiscences of a stock operator" by Edward LeFevre.

6. "How to trade stocks" by Jesse Livermore (in my opinion easily one of America's top all time individual traders)

I find these books highly resourceful and extremely relevant up 'till this very day which is amazing because the human
trading" element will always be composed of the same parts: greed, fear, ego. That being the "biggest noise" on our charts even though we do not see. It is there it has been priced in already. But one thing we can try to use to our advantage and as our edge other than exploiting high probability support turned into resistance bounces would be to try to estimate fear, and greed. How can we quantify that ?!?! Are you crazy !? You can not measure human feelings.

Well for one thing, tops and bottoms including wicks on the very high time-frames draw a picture of thousand words, screams, cheering, disbelief and so on and so forth. The average volatility of a given period H1, H4, D, W and Monthly (depends which time frame you feel comfortable trading) is your human emotion gauge. We would not have wicks and dojis if we lacked indecision guys, and indecision is seldom hesitation, uncertainty and questioning the rationale of the current price level. I try to adjust myself to the concept of volatility stops when I try to enter a trend.

In Forex volatility stops are quite tricky and can not be quite predictive unlike in other markets because of the unexpected correction swings which occur from time to time. I will give an example:

I`m currently in EUR/USD from the bounce of 1.4825 and I want to max out my pips by trying to ride the trend to its full potential. Since there has been increasing monthly range for the pair ( it is 144 pips for August !?!?!??!?!?!??!?!? and we all know why either low liquidity or fundamental shift in intermediate USD valuations correction due to faltering economies throughout the world) I try to outsmart the range and keep a large enough trailing stop to negate the effects of daily noise. The only way you can lose all that money on the table is to be entirely wrong on the primary trend. Because if daily volatility turns against you, then there is probably something important that is becoming of significance and you might try to re-adjust for a large bounce/correction/new possible trend.

Have a shot at it everybody. I hope I helped at least one person today.


p.s. oh and Garcia...are you done...?

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Quoting garciaFX

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By asking me a question shows you don't want me to be done. You must think I am a stupid Mexican.

What are you asking? Done? Done what? Perhaps I struck a nerve. Do my observations make you feel uncomfortable? A freedom fighter's work is never done until oppression no longer exist. Blasting someone for posting a chart with an indicator that was on topic is OPPRESSIVE. And then praising someone for posting a spreadsheet with similar information makes it absurd. It's like double speak in 1984.

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Quoting johnedoe

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This thread has been a very interesting read and I am beginning to see how I may incorporate some of this into my trading.
Thanks BRV and Ironman

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Quoting garciaFX

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You make this sound like a cult. The words of BRV as sacred. No one else has anything of value to add. If it doesn't come from the master ignore it because he is the only one who has the vision to know what is good for us. How stupid do you think this Mexican is? I mean no disrepect to BRV but please tone down the idol worship. A spreadsheet is ok but an indicator showing the same or better information in real time is to be knocked down? Perhaps pearls have been cast upon swine.

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Quoting ozziedave

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Hi Garcia,

I just don't get you. This is after all BRV thread which he started based on how he trades. If some one has a proven methodology why do we need to change it or attempt to make it better. For those who wish to do that start your own thread. I was also a member of another thread where the originator, another seasoned traded, was teaching S&R and he asked that every one follow a few simple rules. One of those rules was to post charts with no indicators. Some people just couldn't do one simple thing. They kept asking questions about indicators and trying to improve his method. In the end, he left the forum and deleted his thread because he just didn't need to or want to put up with idiots who couldn't follow a few simple rules. Seasoned trades like BRV should be treated with respect. BRV didn't come here and say "here's my methodology, can you help me improve it". If you are one of those people who needs to improve on every methodology you try, then please do so, but post it somewhere else. How simple is that?

I am not against the use of indicators or identifiers, I just think that if you want to use them or discuss them then place a link in your posts to that thread. This seems like a simple solution to me and it would keep this thread to the point and uncluttered so newbies can follow along without being totally confused by the information.

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Quoting djambazov84

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You claim you have an edge !

englighten us

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Quoting AlexFX

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Put another prawn on the barbie will ya, well said mate, lets all move on with this simple basic methodology. People need to understand that trading is about simplicity and trading with market flow. Support and resistance are great.....next

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Quoting johnedoe

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it is a very simple MA system. also I don't wish to deviate from this threads foundation so unless BRV OKs it I will not deviate from the main topic here.
however you can view the results so far in my journal.

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Quoting Tulip

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its shrimp, 'put another shrimp on the barbie' Mate.

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Quoting Gerard212

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Guys
Great thread and thanks for the guidance.A question please re Stop Losses on daily.Do u set these using also R/S levels? On daily charts these can be quite large. Any help is appreciated.

Gerard

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