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  • #22,081
  • Aug 20, 2008 8:55pm Aug 20, 2008 8:55pm
Quoting acumen
Let me know when you've built up a year of trades?

Then we can talk.

You rookies with your "I've doubled my account" bulls#t never last more than a few months.

Trades are attached.

The equity chart represents my last 900 uninterrupted trades.

Can I see your last 900 trades via a similar chart... no $ or numbers needed... just a graph.

There are a ton of new traders on this thread.

Telling them you can double your account every month is more horsesh#t.

Advising them to not DEMO trade is stupidity.

If you want to help - do some reading and give out some constructive advice.
I did not say that newbies should not demo. I said that I demo traded for 1 week. I actually think it is great for newbies to demo trade until they are comfortable. I demo traded for a week because I felt I was ready to trade live.

Don't misquote me. http://www.forexfactory.com/showpost...ostcount=21797

As for your chart, I don't want to comment. I don't aimlessly trade one currency like that. I use medium-long term analysis to find trades with the probability to win.

I make the best probabliity trades with a stop loss and actively manage the trades.

I am not saying that I can double my account, I said I made 50% in two weeks.(there is a difference)

Instead of doing 900 trades, I would like to wait for my opportunities.

"The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch.'" WARREN BUFFET

That quote applies to my trading style.

Edit: I don't have anything against acumen, he has apologized to me. I believe the fighting solves nothing and I have no problems with acumen.
  • #22,082
  • Aug 20, 2008 8:55pm Aug 20, 2008 8:55pm
Quoting Warren Forex
Resistance Support Pivot Points and Indicators !

Which are the most reliable and effective.

I use BB with EMA and SAR Then I use MACD with RSI and Awesome Indicator and CCI

Feedback will be appreciated !!!


Bruce
for me rsi 14 ..... I have macd on charts but tend to ignore it

then I have keltner channle 50 , with 1.5 channel width , and a zigzag / pivot indicator.

RSI gives me the triggers.

Three days last week I was waiting to get into YM long (dj emini futures) as rsi was bullish divergence .. three days, one trade per day 100 , 190 and 120 points for three days.

I love rsi. There is a great book by John Hayden called rsi the complete guide. A bit dry , but once you master the teachings of the book it becomes invaluable.
Blogging daily now at www.volume.zone
  • #22,083
  • Aug 20, 2008 8:58pm Aug 20, 2008 8:58pm
Acumen I accept your apology, I don't want to fight with any one here. I just wanted to clear false charges.

Is it ok if I leave my last post up to clear some of the things you said about me?

Edit: I have deleted the rude things about acumen in my last post.
  • #22,084
  • Aug 20, 2008 9:01pm Aug 20, 2008 9:01pm
Quoting bigandrich
I've seen price action mentioned twice today. Never used it. Is there a quick explanation or is it something that needs to be studied and then applied?

price action is a 'learned thing ' . It is the study of how the price is moving or what it is doing.

If the wicks on both ends of the candles are long and the price is consolidated , kind of like gj right now on a 15 min chart , it means that buyers and sellers are fighting it out, There is no clear winner. I call this a gang fight and stay way out of the way .

If , like the eurusd on a 10 min chart right , the price action is nice and smooth with higher lows on the candles .. this is nice price action that you can get into a long on at the RIGHT level.
Blogging daily now at www.volume.zone
  • #22,085
  • Aug 20, 2008 9:03pm Aug 20, 2008 9:03pm
Quoting bigandrich
I've seen price action mentioned twice today. Never used it. Is there a quick explanation or is it something that needs to be studied and then applied?
Yea mate, not something that can be explained quickly.

Basically you're looking for price patterns, be it one bar or a multitude of bars.

Jim over at the james16 thread has some great examples of the most common one/two bar patterns:

http://www.forexfactory.com/showthread.php?t=2331

The book "Martin Pring on Price Patterns" by Martin Pring is a great read. So is "Japanese Candlestick Charting Techniques" by Steve Nison.
  • #22,086
  • Aug 20, 2008 9:06pm Aug 20, 2008 9:06pm
http://www.financialsense.com/Market/wrapup.htm

I strongly suggest that everyone take the 10 minutes or so to read The Wrap Up posted above. It is incredible what the FED and the Finance Houses have done to America and Americans.

The explanation with graphs and charts is of superior quality.

Choices soon will realy be needed by Americans. The STATUS QUO will not stand... The Evil of Money and Power in the Wrong Hands !!!

Snippet:

Make no mistake; the debt-financed prosperity has been an illusion. Initially everyone seemed to benefit from rising assets and/or declining interest rates which made debt more affordable. Our lifestyle’s largess increased as we purchased bigger homes, bigger cars and more toys. Now, consumers are scared about keeping their jobs, worried about high energy and food prices, falling home prices, falling stock markets, rising inflation, greater government deficits, government bailouts, and the threat of higher taxes. It seems we have come full circle in the inflation cycle described in the book by Jens O. Parrson, Dying of Money: Lessons of the Great German and American Inflations, with an excerpt given below.
http://www.financialsense.com/Market...es/0820.16.jpgEveryone loves an early inflation. The effects at the beginning of inflation are all good. There is steepened money expansion, rising government spending, increased government budget deficits, booming stock markets, and spectacular general prosperity, all in the midst of temporarily stable prices. Everyone benefits, and no one pays. That is the early part of the cycle. In the later inflation, on the other hand, the effects are all bad. The government may steadily increase the money inflation in order to stave off the latter effects, but the latter effects patiently wait. In the terminal inflation, there is faltering prosperity, tightness of money, falling stock markets, rising taxes, still larger government deficits, and still roaring money expansion, now accompanied by soaring prices and ineffectiveness of all traditional remedies. Everyone pays and no one benefits. That is the full cycle of every inflation.



Bruce
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  • #22,087
  • Aug 20, 2008 9:07pm Aug 20, 2008 9:07pm
many thanks for the responses
  • #22,088
  • Aug 20, 2008 9:12pm Aug 20, 2008 9:12pm
Quoting bigandrich
I've seen price action mentioned twice today. Never used it. Is there a quick explanation or is it something that needs to be studied and then applied?

Price action is trading what you see via a blank chart.

If you watch a chart for long enough you can begin to see patterns. It's easier on the lower time frames... like a minute chart.

On a bullish move it's like watching a fishing bobber, no matter how many times the fish pulls it down it still 'pops' up.

Last night was a good example of a bearish beat down.

Price kept trying to move through .4800 and no matter how hard it tried it kept getting smacked down. It was a good place to sell. Add to that it's a pych level.
  • #22,089
  • Aug 20, 2008 9:13pm Aug 20, 2008 9:13pm
Quoting bigandrich
I've seen price action mentioned twice today. Never used it. Is there a quick explanation or is it something that needs to be studied and then applied?
Look at the pin bar on the attached chart that I have circled. This was the eurcad this morning after the news ... now look at

1) price is on whole number .. forms support
2) rsi went under 30 then came back up = bullish move
3) sellers drove price down then buyers stepped back in , in actual fact it was likely a bear trap being set. I had long in at 1.5575 ( extremely high risk trade) , as you often see this kind of move close to support levels.

The price action of that one candle , coupled with the rsi and the support level of a whole number gave an awesome 100 pips trade. In order to stay in the trade look at the rsi , not the price , it never formed one lower low all the way to the peak.

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.jpg Size: 219 KB
Blogging daily now at www.volume.zone
  • #22,090
  • Aug 20, 2008 9:14pm Aug 20, 2008 9:14pm
Aug 20, 2008 9:58pm (11 min ago)
daanman3 http://www.forexfactory.com/images/s...ser_online.gif
Member


I was wrong about you and I apologize. Leave it at that. You have earned my respect.

Bruce
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  • #22,091
  • Aug 20, 2008 9:14pm Aug 20, 2008 9:14pm
Quoting daanman3
Acumen I accept your apology, I don't want to fight with any one here. I just wanted to clear false charges.

Is it ok if I leave my last post up to clear some of the things you said about me?

Edit: I have deleted the rude things about acumen in my last post.
Absolutely.

Thanks.

Mike
  • #22,092
  • Aug 20, 2008 9:15pm Aug 20, 2008 9:15pm
Quoting trading801
lets discuss..

ray bro u here?

anyway i am SHORT @ 1.4780
Please explain why...the 15m and 1H charts are bullish. Why aren't you holding for 48 (bigger resistance)? Just curious to see what methodology people use to make such decisions as I'd like to learn.
  • #22,093
  • Aug 20, 2008 9:19pm Aug 20, 2008 9:19pm
Quoting Warren Forex
Aug 20, 2008 9:58pm (11 min ago)
daanman3 http://www.forexfactory.com/images/s...ser_online.gif
Member


I was wrong about you and I apologize. Leave it at that. You have earned my respect.

Bruce
Warren I think you are mistaken. I was talking about acumen in my last 2 posts. I am ok with you.

can you post some dollar index charts and links?
  • #22,094
  • Aug 20, 2008 9:20pm Aug 20, 2008 9:20pm
Quoting seesaw
Please explain why...the 15m and 1H charts are bullish. Why aren't you holding for 48 (bigger resistance)? Just curious to see what methodology people use to make such decisions as I'd like to learn.
well the way i see it is likely he has a tight stop , 1.4780 is a resistance level at the 61.8 % fe . There is a bearish divergence on the double top , so not a bad reason to go short .

I like the way the RSI is dropping a little in this zone , while price is staying very close to resistance., This means that typically we may well see a breakout of 1.4780 later.

The bearish divergence gives the indicator time to ' reload' and gives it some breathing room.

The way I would play this is :

1) go long on a breakout of the bearish divergence
2) go short under 1.4770 as the rsi drops down under 60.

Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 165 KB
Blogging daily now at www.volume.zone
  • #22,095
  • Aug 20, 2008 9:24pm Aug 20, 2008 9:24pm
Quoting malcolmb14
well the way i see it is likely he has a tight stop , 1.4780 is a resistance level at the 61.8 % fe . There is a bearish divergence on the double top , so not a bad reason to go short .

I like the way the RSI is dropping a little in this zone , while price is staying very close to resistance., This means that typically we may well see a breakout of 1.4780 later.

The bearish divergence gives the indicator time to ' reload' and gives it some breathing room.

The way I would play this is :

1) go long on a breakout of the bearish divergence
2) go short under 1.4770 as the rsi drops down under 60.

Attachment
This makes sense, thank you. I noticed you are using 10m chart and I use the 15m...does it make a huge difference because my RSI in my 15m is still around 80.
  • #22,096
  • Aug 20, 2008 9:25pm Aug 20, 2008 9:25pm
For me, personal opinion only..

i look at 24 hours ago.. around this time it dives..

and was looking at the prices for sometime.. it is a bull but it is slowing down..

hence i short.. of course i may miss shorting at the very top, but i am not greedy hee
  • #22,097
  • Aug 20, 2008 9:33pm Aug 20, 2008 9:33pm
[quote=malcolmb14;2176087]s/r works not indicators ... mmm ok .....

how about using support resistance levels and an indicator ???

double tops , head and shoulders etc etc are often easier to spot in rsi than on the price

divergence breakouts in rsi can often be seen BEFORE the price breaks support / resistance levels.

I trade , very effectively, using mostly rsi ... so please do not tell me that indicators do not work , every single trader out there has a different style of trading . You use support / resistance .. that is great , but there is more than one way to skin a cat.

A few charts ...
1) gu short on bearish divergence on rsi .... could see that trade a mile off
2) eu double top rsi 10 min chart this morning gave VERY safe trade off resistance
3) same chart for EU gave value of 50 rsi failure for nice 40 pip trade between fibs

maybe the issues is you do not know which indicator to use and how to become a master using it.

remember no 2 traders will ever trade the same.. I have buddies that use EW , wolfe waves , gann theory , simple moving average crosses all the way to an ex programmer for JP Morgan that did risk matrixs and has some awesome custom developed indicators.


Since 99. Equities and currencies mostly. Some energy.

If you are beating the market then they work.

I simply not a fan.

I've authored several black boxes from nuts to bolts so I'm pretty sure I can grasp the concept of an indicator.

The best system is the one you're winning with. If I could consistently beat the market using astrology - I would.
  • #22,098
  • Aug 20, 2008 9:36pm Aug 20, 2008 9:36pm
I'm also short at 1.4782
  • #22,099
  • Aug 20, 2008 9:39pm Aug 20, 2008 9:39pm
Quoting acumen
Trading smaller movements is just noise.

Markets are fractal. Whether the time period is 1 second or 50 years. Patterns exist that can be exploited. Noise is what the inexperienced eye sees.

Forex that trends so well why wouldn’t you want to take advantage of the large swings?

Another FX fallacy. Currency markets don't trend more than other markets.

The more trades one takes increases the risk and the number of decisions that have to be made.

Nonsense. There are only two types of traders. Trained and untrained. If you're trained and you're confused you're on the sidelines. If not - you're playing a game of probabilities.

How else will you be able to let the profit run?

When you're letting those profits run you are also letting those losses run. The larger the time frame, the larger the stop... the greater the draw down.

This will help you position yourself with the longer term trend and pull bigger moves out with less risk and a whole lot less time in front of the charts.

The longer you spend in front of your charts the easier it is to understand the nuances of the pair you're trading.
I disagree almost completely but will just say that there is no one way to win in the trading game. What works for one doesn't work for another. Can't be done without hard work, patience and determination but even then the right trading decisions must be made for the style and temperament of the individual.
  • #22,100
  • Aug 20, 2008 9:41pm Aug 20, 2008 9:41pm
Quoting malcolmb14
who ever says indicators do not work I will disagree with them 100 % of the time
A coin flip works too.
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