Technical Analysis Fallacy

Oh thanks Joypips, it's a joy to have positive people like you around!

Once the rough weather passes, we'll see the rainbow once again.

Good Fortune.
regards
Fredde程秉政

Hello, me again. Just wanted to share with you guys my experience with what I have learned so far (only up to page 189).

I have been learning about forex for about 10 weeks now. When I say learning I mean average of 14 hours a day everyday for last 10 weeks. In that time I have tried dozens of systems, made beautiful indicator art on my charts, and in the process brought a $50,000 demo account down to $14,000, blew two $5,000 demo accounts, and brought another $50,000 demo account to $40,000 in a matter of a few trades (few hours).

I started a new Oanda demo account three weeks ago, $100,000 balance. Traded very conservatively, never more than 2% risk on each trade (determined by pips distance to stop loss). Week 1 found the account up barely (only because of interest payments), week two saw the account end at $96,000. Beginning of this week the account was down to $92,000 after two trades. So I quit trading and went on another search.

Luckily I stumbled into this thread, because in reality there is no way the title of this thread reflects the amazing material contained within.

I am a fast learner, pick things up very well, so after several hours straight (a few days to be honest) I decided to try and trade based on my interpretation of the material contained within.

The first few hours were a bit weird for me, no indicators! What the heck, made me feel a little uncomfortable.

However after only a few hours of trading I was able to bring the $94,000 demo account back to $99,000, with very conservative MM. Out of 11 trades, all but one were actually 'out of step' (meaning I was on the right trend but entered too early) with my dance partner and required a rescue mission, and I still made money (not on purpose, just by nature of how fast the price action moved in my direction on rescues before I could get the trades closed). No losses yet (they will come I'm sure, but never like before now).

The information in this thread is gold for those who can clear their minds and start from a fresh perspective. I am excited to think of the possibilities as my understanding of the information in this thread becomes clearer and my skills at dancing get better.

I am so fortunate to have stumbled in here.

Great video, thanks, will always remember and follow.

regards
ps:

goodmorning all

jimmy....thanks for sharing, that is great news and i'm sure you will continue to improve...remember demo a/c is quite different to live a/c so start small and build gradually...

I see fti dropped by with a message 'try to remember' ....it's a great song
hope it wasn't in response to my attempt to answer sichuan's question...I will take it as a general message to us all to keep at it until it becomes 2nd nature....l

have a great weekend everyone...

joy

[quote=MaMood;2191114]After that tough moves in USDJPY I'm done for the day.
Have to babysitt my 7 month old son for the rest of the day.

Have a great weekend!
Hope to meet you again on monday ;-)[/quote

MaMood,
The u/j seems out of sorts a bit doesn't it.
If you were on the wrong side I hope your mm was right for any rescues.

I'm recommited to my old best friend, that is mm that is able to handle a 10, 20, 40, 60 pip rescue if needed and days like today are like a walk in the park.

We will get to know each other real well and I look forward to the working relationship.

Looking forward to next week, take care

I'm going to post some chat logs that have a lot of good stuff from fti. Now, yes, I have "wobbled" back here to do this, but it was a choice of either letting these stay in my own possession, or sharing it with those who might find some benefit from them. So, DutchAngel, you will have to just take one more bit of "drama" so I can post these (but in all honesty, you really should go back and read this thread all the way through again, because my having to make my departures in the past weren't without good reason. If you can't understand my needing to take leave when I did, then you are one tough lady (tougher than me, lol) cuz my sister's death, and other personal obligations resulting from it, was not something I could take lightly. Anyway ...

For those who are still very young and are not to the age where your health, mortality and family obligations (spouse, kids, etc.) are important to you yet, you obviously cannot understand some of us older folks' reasons why we are searching/needing a balance between fti's style and something that is more manageable. When I was your age, I felt invincible, too, but reality will one day kick in for ya.

Also, we are not banks, nor do we have the same environment the pros who work for the banks have in that arena, and I'm sure even fti has been finding it more difficult to trade in "retail" forex the way he did when he was younger working for the banks. We do not get to see order flows, we have platforms and internet connections that go down, we do not have Juniors in which to turn over our babysitting when it extends far past our bedtimes, etc. etc. For those who can handle right now, great, for those who can't, find a median that works for you.

Also, for those beating themselves up cuz they read patterns, fti also reads patterns. Here's a snippet of my chat log regarding that ...

Also, there is a LOT of stuff on patterns he and others have discussed throughout this thread, so I suggest that everyone (even if you think you have grasped it all, which most have not since you don't remember a lot of what was said in past posts) needs to reread the entire thread. And don't only read fti's posts, cuz many other contributors have had some valuable discussions throughout.

Patterns are just not to be used to make predictions or judgement calls prematurely, cuz they can change at any moment.

Those who have to put blame and cannot be open minded enough to accept others' methods, think about why the world is at war all the time with each other. There is NO perfect religion for ALL, there are NO perfect people in this world ... there are good Christians and bad Christians, there are good Catholics and bad Catholics, there are good Muslims and bad Muslims, there are good Buddhist and bad Buddhists, etc. etc. Until you can accept each other's feelings and viewpoints and have understanding and compassion for them, only then will we have peace in the world ... if you cannot, then you will be a very turmoiled and angry person lashing out at everyone who doesn't agree with you.

It was very unfair to lash-out at Lusan.

Both, he and I are still using parts of fti's method, we have just had to tweak for our needs.

Okay, enough Mom lectures. I will be posting the first installment of my chat logs in the next post. You will have to be patient as these will come in bits-and-pieces, cuz I've only gotten through reading about 1/4 of our convos, having to edit as I go to remove all the idle chit-chat that fti and I would throw in here-and-there when on training runs, lol (boy, did we have some fun back then). I still have much to go through, cuz sheesh could we ever talk, haha, so got days-and-days and hours-and-hours of chat verbiage, so like I said ... be PATIENT (otherwise, I still brought along my whip here, you know)!

I'm not going to get into any convos here, I'm mainly back just to post these because there's some really good stuff in them that would be a shame to keep to myself and not share. Also, there's some stuff he never really explained thoroughly in this thread that may bring better understanding via the chat logs.

This is the continuation of chat logs that were posted previously somewhere in the recesses of this thread.

Since this forum won't let me enter the entire session in one post, I will have to dissect and post them separately. I will indicate when a new session/day's chat begins, so it's not confusing as to which training run was being talked about. I have also put line spaces in-between to make it easier to read.

Also, I was starting to fix his fat-fingered typos, but it was taking too long and if I had to do it throughout the entire chat log, I'd never get this done , lol, so you're gonna have to make due (but since you're all used to it anyway, I'm sure you'll get through deciphering it all okay, lol).

Here we go ...

------------

Session Start (lww:fti): Sun Nov 25 20:41:20 2007

[20:42] fti: are u watching USD
[20:43] lww: yes, is something about to happen? lol
[20:43] fti: yeah looks like
[20:43] fti: call up the hourly Eur/USD chart, tell me what U see?
[20:44] lww: lol, I can't get into EUR/USD, cuz it's going against the trend, lol
[20:44] lww: I have the hourly up, and it looks like it's currently in a consolidation
[20:44] lww: but it seems like it's going to head down
[20:45] fti: yes, congestion, but winding too tight
[20:45] lww: what does that mean?
[20:45] lww: a big move soon?
[20:45] fti: if you check 15 mins , even clearer
[20:45] lww: hang on let me bring up 15m
[20:46] lww: oh yeah, I see what you mean
[20:46] fti: yes, seems big move,
[20:46] fti: question is whether we're going to wait for london boys to come in .

[20:53] lww: okay, so EUR/USD look like going down to you?
[20:53] fti: can't tell yet,
[20:54] fti: both sides winding too tightly
[20:54] lww: My fractals are looking like it's slightly biased to the downside, lol
[20:56] lww: are you watching the 5m as your main chart?
[20:56] fti: high possibility, but , we re too far from the avrages, morover its testing support v intensely
[20:56] fti: yes
[20:56] lww: oh, you still need to tell me what you use the sma's for
[20:57] lww: you mentioned that you don't use them like most, but you still use them, so I was curious in what way?
[20:57] fti: sma are really only average prices
[20:58] fti: the 12 sma incdicates to me where the hourly average traded price should be
[20:58] fti: and the 48 tells me the 4hrly average prices.
[20:58] fti: they are just price indications
[20:59] fti: the significant indication is which is on top
[20:59] fti: whether its a bear or bull
[21:00] fti: so like for now
[21:00] fti: the bear is dominant.
[21:00] lww: you only use for 5m though, no? As I saw that your daily chart is naked
[21:01] lww: I figured that your daily chart is just so you know overall trend?
[21:01] fti: yes
[21:01] lww: looks like they may be waiting for London before making any major moves
[21:01] fti: I never trade against the day trend
[21:02] lww: but you did go short the other day on EUR/USD, lol
[21:02] fti: yeah, going to the eventless afternoon , sweeping up and down, and hitting no major stop points
[21:03] fti: the short chart is for intraday.
[21:04] fti: you see I normally try to make smallpips here and there to use it for positions overnight which will onlybe the scout position
[21:04] fti: without stop loss , soneed cushion
[21:05] lww: ah, so you do leave longer term positions. I thought you might close all trades once you're done
[21:05] lww: I remember you mentioned in one of your posts ... "would you leave your babies unattended?"
[21:05] lww: thus, I didn't think you did overnights
[21:06] fti: the scout as always is expandable
[21:07] fti: the rest of the army is never, they not utilised unless Iam quite sure.
[21:07] fti: level two is used for reasue remember

[21:08] fti: there's lots more for you to know before you will
[21:09] fti: be able to use the tech safely
[21:09] lww: yes, I figured you've only touched the surface with me
[21:11] fti: this can be a double edge sword if used wrongly.

[21:12] fti: remember never sent rescue party
[21:12] fti: if the scout to too far off the 12 sma
[21:13] fti: and cut him loose if the two sma 12 and 48 are in inverse mode

[21:14] fti: now testing top
[21:14] fti: notice the long sweeps
[21:14] fti: and the alternating bars
[21:15] lww: that's the hunters, eh?
[21:15] fti: yeah
[21:16] fti: they ll keep this sweeping action in thin trading until one side gives way and trigger stop loss orders
[21:16] fti: that when you will see a break out
[21:16] lww: it just stopped. Is this what you meant by everybody watching to see who move next?
[21:17] fti: yes
[21:17] lww: fascinating
[21:17] fti: took some stops on top already
[21:17] lww: yeah, poor souls
[21:18] fti: question is , are the stops orders large enough to self feed for a run
[21:18] lww: "self feed", what does that mean?
[21:19] fti: stops being filled , triggering other stops nearby which trigger more stops near it
[21:20] lww: wow, feeding frenzy
[21:20] fti: like a snowball or avalaunch
[21:20] fti: yes
[21:20] lww: yeah, that's a better way to put it, lol
[21:21] lww: so this can go back and forth for some time before any breakout, no?
[21:21] lww: okay, I think something has broken, lol
[21:22] fti: already self feeding
[21:22] lww: wow, just goes to show you that it went the other way than the fractal indicated, lol
[21:22] fti: now next resistence level testing
[21:22] fti: he comes
[21:22] fti: here comes
[21:22] lww: this is where they catch those thinking this is a breakout, eh?
[21:23] fti: yeah
[21:23] lww: so could still be false breakout and go other way, but catch many victims?
[21:23] fti: now watch USD?JPY doing the same
[21:24] lww: yeah
[21:24] fti: this is the type of intermarket relationship you have to watch for
[21:25] fti: now Im wating for it to run up in EUR then I'll be looking for opening to buy EUR.
[21:26] fti: after a while, will be like driving, automated it become second nature, howere much info to watch for

[21:27] lww: so what's your entry target for scout?
[21:27] fti: still gotta wait
[21:27] fti: the market will tell me soon enough
[21:28] lww: 12sma still to downside, do you wait for it to go upside?
[21:28] lww: above 48sma?
[21:28] lww: I know you said you don't use sma cross info, so maybe that's not so important, eh?
[21:29] fti: they are laggers, by in alittle while the whole scenario will cahnge up
[21:29] fti: don't read them like that
[21:29] lww: ok, I understand
[21:29] fti: look at 15 mins
[21:29] fti: its already up
[21:30] lww: I don't have the smas on 15m, so let me put that on there
[21:31] fti: oh sma on 15m is 4 and 16
[21:31] lww: ok thanks
[21:34] fti: top taken out

------------

To be continued ...

Continuation ...

BTW, this is the hilarious session that fti mentioned a long time ago in one of his posts, about us laughing at his making ice cream money, lol.

-------------

[21:39] fti: euro flapping its wings already
[21:39] lww: yes, I just saw that
[21:39] lww: when do you know when to get in?
[21:40] fti: Im looking at near 40 now
[21:40] fti: be patient it should come
[21:42] lww: omg, it's hiking
[21:45] fti: it'll come 40 soon
[21:46] lww: Are you like wanting me to jump in when it hits 40? I was just gonna watch you, but should I trade this your method?
[21:46] fti: noticed how the averages reversed already.
[21:46] fti: they alway lag
[21:47] lww: yes
[21:47] lww: this is why not good to depend on indicators, lol
[21:47] fti: no no good , but must understand its characteristics
[21:48] fti: it will always be johnny come lately
[21:48] lww: lol
[21:48] lww: so is it necessary to have them? Can I not just read the price action?
[21:49] fti: but it gives good indication for good attempt point to send scout out as it is the hurly average , remember
[21:50] lww: You wait for it to retrace to the 12sma before sending in scout?
[21:50] lww: cuz scout should be closer to 12sma, right?
[21:50] fti: yes
[21:51] fti: not only sma12 also watch for chart support poing fot this instance
[21:52] lww: what do you mean by "chart support"?
[21:52] fti: now they've taken the stopsout
[21:52] fti: gotta digest to see
[21:53] lww: for those who thought to jump in upon the break eh?
[21:53] fti: if they got enough, otherwise will swing bck to try to snook the people who bought in to stop them out
[21:54] fti: again, esp those who put close stop losses
[21:54] lww: boy, it's amazing the predatorial strategies involved.
[21:54] fti: u see already 4 up bars
[21:55] lww: on the 15m? or 5m?
[21:55] fti: the up strength will wain before the 9th bar
[21:56] fti: the 15 min bar a little trendy,
[21:57] fti: the 5 min although u see 2 down and another 2 down , actually didi't come back cost bar is so very short, only indicative of bid offer spread
[21:58] fti: now retrace
[21:59] fti: probably 40 worst 25
[21:59] lww: Will you be putting a limit or market order when it hits your target?
[21:59] fti: now
[22:00] fti: but if uprun begin quickly must hit
[22:00] fti: the offer.
[22:01] fti: notice Yen doing the same?
[22:01] lww: swissy, too
[22:01] fti: chf is too thin a mkt to trade
[22:02] lww: I should take that one off my list then, lol
[22:02] lww: That's the one I just made some pips on, lol
[22:02] fti: try to stay on eur, gbp, and yen
[22:02] fti: even gbp is thin volume until london shows
[22:03] lww: how about EUR/JPY?
[22:03] fti: becarefull now uptakes will be very swift
[22:05] fti: nomatter , so long as you're confortable trading them
[22:06] fti: I tend to focus on 1 or 2 majors,
[22:06] fti: too many girlfiends with babies, a bit hard to follow up, lol

[22:07] fti: scout deploying
[22:07] lww: I only trade 2 pairs at a time, but I watch 9 cuz the bus is flat tire most of time, lol
[22:07] lww: you deployed scout?
[22:07] fti: notr yet trying
[22:08] lww: limit order at?
[22:08] lww: 1.4848?
[22:08] fti: 43
[22:08] lww: ah, okay
[22:10] fti: nothing yet
[22:10] fti: are you getting updates , my price s not moving???
[22:11] lww: seems to be pausing at 47
[22:11] lww: yeah, it's stuck at 47, the feed is still good, just everybody must be watching, lol
[22:11] lww: there, going again
[22:11] lww: 45
[22:11] lww: 42
[22:12] lww: was scout deployed?
[22:12] fti: nothing yet
[22:12] lww: 40
[22:12] lww: I thought you had limit order at 43?
[22:13] lww: you wait for a clear sign of PA heading back up then?
[22:14] fti: yeah got it

[22:19] fti: I am now trying the 1,4 progression
[22:19] lww: I'm staying out, and just watching you, lol
[22:26] fti: redeploy scout
[22:27] lww: it's hiking back up
[22:28] fti: bot 0.1at 1.4855
[22:28] fti: nono
[22:29] fti: bot 0.01 at 1.4855
[22:30] fti: so horrible these decimals
[22:30] lww: lol
[22:30] fti: i m so used to 10 mio 20mio 50miio
[22:30] fti: gotta get use to it, thats why have to demo i guess
[22:31] lww: and good thing too, lol
[22:31] lww: you gotta get used to the platform
[22:31] fti: one thing is I really cannot get used to the margin system
[22:31] fti: so used to spot
[22:33] fti: now I have 0.30cts profit
[22:33] fti: god
[22:33] lww: lol
[22:33] lww: .01 is why
[22:34] fti: actually I m try to do like in spot got
[22:34] fti: 50000, trade 50000
[22:34] fti: so0.01 is 10000, correct?
[22:35] fti: ok now I've only got 10cts loss
[22:35] lww: it will depend on your broker. With EFX, I have 100:1 leverage, and so if I buy 1 lot that's 10,000.
[22:35] lww: 10 lots = 100,000
[22:35] lww: but with some other brokers, 1 lot = 100,000
[22:35] lww: so depends on your broker
[22:36] fti: you are trading mini contracts I think they call it
[22:37] lww: yes, but with EFX, it's all the same whether mini or not. They just go by 1 lot = 10,000 and so for bigger traders, they have to increment by 10 or more
[22:37] fti: you see this was one of my issues, if traders have 50000
[22:38] fti: and they trade too large then I time a whipsaw of 5 big figs , account would be dead
[22:39] fti: anyway today I trading nickels and dimes

[22:49] lww: E/U slowing down
[22:49] fti: ah, they don't have that bowing smilie
[22:49] lww: lol
[22:50] lww: don't worry about the smilie, watch your .30 cent trade, lol
[22:50] fti: now 40cts
[22:50] lww: big spender!
[22:51] fti: boy you show your family my blotter now and they laugh their heads off
[22:51] lww: lol, well you're entitled to a few funny moments

[23:00] fti: back to losing 10cts
[23:00] lww: hope you won't be destitute after this trade
[23:01] fti: wonder how long it'll take me to double is account?
[23:01] fti: I don't know why, but I'm sitting here laughting at myself, lol
[23:02] lww: well, at 30 cents a pop, we might be dead by then, but with the power of compounding, who knows.
[23:02] lww: lol, well if it's any consolation, I'm laughing too, so you're not alone
[23:02] fti: up 50cts
[23:03] fti: I think my scout's laughing too
[23:03] lww: you can't even buy yourself an ice cream cone with that, lol
[23:03] lww: oh hey, I think it's heading up again, might make a dollar
[23:05] fti: anyone comes to the dealing room asking for a price like this , I think I'll jump out the window.O:-)
[23:05] lww: rotfl
[23:05] fti: 70cts
[23:05] lww: well, I guess I have blackmailing material on ya, eh? Mwaahahaha
[23:07] fti: I thought , gotta start small and build like in the dealing room, but this's crazy, even for demo.
[23:07] lww: you are making me laugh out loud!
[23:07] lww: I'm glad I'm not drinking water
[23:08] fti: I bet the brokers the other end may be laughing too
[23:08] lww: good thing you're incognito
[23:08] fti: yeah
[23:09] fti: looks like we're waiting for London
[23:10] lww: It's 9:11 a.m. there, they still sleeping?
[23:10] lww: they should be coming on the scene any moment then, I hope.
[23:11] fti: no still sorting out the sandwiches and coffee distribution I guess
[23:11] lww: Gotta at least get you to triple digits, sheesh
[23:12] lww: oh wait, when I said triple digits, I was counting the decimal places, lol
[23:12] lww: so I guess I meant gotta get you to single digit, at least
[23:13] fti: I guess this about the hardest70 cts I ever made in my life.
[23:13] lww: rotf!!
[23:13] lww: humbling, ain't it?
[23:14] fti: sure is,
[23:16] fti: what, there's hope yet, the army;s getting ready,
[23:16] lww: whoo-hoo
[23:16] fti: i meant wait
[23:17] fti: probably make anothe few cts for me today, lol
[23:17] lww: sending in the level 2 troops will certainly buy you a hot dog with that ice cream cone
[23:18] fti: bot 0.4 at 73
[23:19] lww: ok
[23:19] fti: a moment ago I had profit 1.50cts now loss 1.20cts
[23:21] fti: I don't get this, margin used 7434.70 ???
[23:21] lww: wha? That's bizarre!
[23:21] lww: oh, you've added .4 not .04
[23:22] fti: no sorry its 0.04
[23:23] fti: free margin 42566.10
[23:23] lww: hmmmm, the margin doesn't look right.
[23:23] lww: sometimes these demos are quirky
[23:23] fti: that's what I thought....???
[23:24] fti: wait
[23:24] fti: I think they re leveraginf=g the accout.
[23:25] fti: I have depo in USD, marginneeded is in EUR.
[23:25] lww: yeah, but how can you make .30 and your margin is 7 thousand? That doesn't make sense.
[23:27] fti: effectively I now have a 50000 spot exposure, I guess margined at like
[23:28] fti: 5000 EUR x exchange rate =
[23:29] fti: 7430.00 usd

[00:41] fti: oops ,position in trouble , losing 4.70 cts
[00:41] lww: I have to go to bed soon, so I will get you info tomorrow.
[00:44] fti: ok I guess it bed time for you
[00:44] fti: I let you know how it goes tomorrow, ok

------------

End this session

Will post more later this weekend.

Decided to post one more since I finished editing it ...

Zoran ... if you're still reading here, you'll get a kick out of the "James Bond" car mention in the chat below. That's funny how you happened to make an analogy about it, lol.

------------

Session Start (lww:fti): Mon Nov 26 20:55:36 2007

[20:56] fti: looks like mkt sweep both sides
[20:57] lww: which currency you looking at?
[20:58] fti: wow made 1.30 yestrerday
[20:58] fti: EUR
[20:58] lww: haha
[20:58] lww: I still think something was wrong with the platform
[20:58] lww: how can you make only 1.30 and with that large a margin?
[20:58] fti: now scouts losing 1.00
[20:58] lww: doesn't make sense
[20:58] lww: oh. you going short?
[20:59] fti: lucky it wasn't 30cts
[20:59] fti: yeah deplo scout short 0.1 at 53
[21:01] fti: so arn't you trading
[21:02] lww: lol, I haven't had a bus, cuz they're all going against the trend. You're trading against the trend, huh?
[21:02] fti: no
[21:02] lww: EUR/USD is long on Daily
[21:02] fti: for now there's no trend
[21:03] lww: ah, so if there's no trend you will trade either way?
[21:03] lww: I guess when I get better at this, I will be able to sense what you do, but for now, I'm trying to follow the rules ... "trend is your friend" lol
[21:04] fti: ylike I said I'll dance whatever she's dancing.
[21:04] fti: the trend's stalled.
[21:04] fti: the fed looks formoney, the BOJ speak.
[21:04] lww: yup, lots of consolidations all around
[21:05] fti: so no tango, just slow dancing
[21:05] fti: dancers got to make a living , right?
[21:05] lww: no large moves, but I guess you can capture enough pips to make it worthwhile, eh?
[21:06] lww: yup, I guess I better start dancing too, lol
[21:06] fti: but be careful , you haven't graduated dancing school yet, huh
[21:06] lww: I'm journalling my trades though, so I have to try to be consistent, lol
[21:06] lww: yes, I understand
[21:07] lww: I know I still have lots to learn
[21:07] fti: nevertheless I think you'll make good dancer, slowly
[21:07] lww: lol, thanks
[21:08] lww: yeah, I wanna work my way up to the rumba eventually

[21:08] fti: goosh, scouts going to sleep
[21:08] lww: lol, gotta throw cold water on scout's face
[21:09] fti: suspect stong dlr until probably friday then maybe some action
[21:10] lww: good
[21:10] fti: fed watching and everyones nervous
[21:11] fti: anyways , do you know what tat BOJ chap talked about?
[21:11] lww: I hadn't gotten yet to that article, I have been reading the PDF files, lol
[21:11] lww: what' did he say?
[21:12] fti: the EUR/YEN is tearing
[21:12] lww: what does "tearing" mean?
[21:13] fti: normally EUR strong DLR/YEN weak
[21:13] fti: now EUR/DLR weak USD?YEN weak
[21:14] lww: so tearing means that both are weak?
[21:14] fti: so the crosses abit upset due to speech
[21:16] lww: looks like you may get a chance to have level 2 attack
[21:17] fti: probably into london zone
[21:17] fti: they are now just coming in
[21:17] lww: cool
[21:18] fti: probably gotta be cautious, don't wanna lose 30cts back
[21:18] fti: down down down
[21:19] lww: boy, from going from mio to cents, that's gotta be strange, lol
[21:19] fti: no matter, just figs to me
[21:19] lww: oh yeah, "size doesn't matter" lol
[21:20] fti: but it sorts of take alot of umm off the ego
[21:20] fti: guess Im still human yet

[21:21] lww: it's heading down pretty nicely
[21:21] fti: seems , but 4th down bar, not in a rush
[21:22] lww: lol, I went in at 58
[21:22] lww: and with no stoploss, yikes
[21:22] lww: first time for me without SL
[21:22] fti: see now the breakout in the 5 mins chart should be intresting
[21:23] fti: either side.
[21:23] fti: so how's it feel to be so so very naked
[21:23] lww: gotta get used to it I can tell ya
[21:24] lww: my platform better not crash, lol
[21:24] lww: I think that's the only thing that troubles me about not having SL
[21:25] fti: you'll get used to the nakeness after a while
[21:25] fti: if you really feel unconfortable
[21:25] fti: call the broker up
[21:26] fti: take out your deposits , and leave just enough for 100pip move
[21:27] lww: I'm not worried, I can always call broker to exit position. I plan to exit tonight anyway, and not leave this overnight
[21:28] fti: now scout is making 10cts
[21:28] fti: seems your scout smarter
[21:29] lww: I'm up $7.00
[21:29] fti: just enough to buy a beer
[21:30] fti: know you're watching the baby like a hawk, right?
[21:30] lww: no kidding
[21:30] fti: oops ther goes the beer
[21:31] lww: lol, well still at $4.00 so a small mug maybe
[21:32] fti: if all the traders know how hard its tomake the money, I guess they not be so reckless and leave their babys unattended
[21:32] lww: yup
[21:34] fti: before this , after entry you probably left a stop loss and left to the the fates, huh
[21:35] lww: well, I used to put tight SL, but when trading longer-term, I would put larger SL
[21:35] lww: when trading short-term, my SL was 10 - 20 pips, so I saw exactly what you were talking about
[21:36] lww: the way you trade, you're out of the trade before any large casualties, so there's a difference with that
[21:37] lww: most of us didn't/don't know how to trade like that
[21:37] fti: well, Im the kind that never drive with my eyes closed
[21:38] lww: you also have strategic maneuvers that we don't know about
[21:38] lww: you're driving with a James Bond car, lol
[21:39] fti: no perfer volkswagan
[21:39] fti: ok maybe spider

-------------

To be continued ...

Continuation ...

-----------------

[21:41] fti: this guy here 's quoting 3 pip spreads
[21:41] fti: what you getting?
[21:42] lww: on E/U 1 pip
[21:42] fti: nice
[21:42] lww: sometimes can get 0 pip
[21:42] fti: choice?
[21:42] lww: no, you have to wait for it, lol
[21:42] lww: Many times, I wait and can get the 0 pip spread if I time it right
[21:42] fti: no 0 pips spread is called choice price
[21:43] lww: I wish the Londoners would hurry up and finish their biscuits, lol
[21:45] fti: don't rush them englishmen very finished
[21:46] fti: here 59/51
[21:46] fti: whats your side?
[21:46] lww: 50/51
[21:46] lww: somebody put in a wrong order if you're got 59/51
[21:46] fti: I like to see their faces when 50 cracks
[21:46] lww: the bid larger than the ask?
[21:46] lww: 53/53
[21:47] lww: see there's a choice price
[21:47] fti: you got very good prices, must be valued customer
[21:48] lww: some other pairs, not always so good, but E/U pretty steadily 1 - 3 pips (or even choice price).
[21:48] lww: right now most all pairs are good
[21:48] lww: all running 1 - 2 pips
[21:48] fti: don't pay too much attention to spreads
[21:49] lww: lol, you were the one who brought it up
[21:49] fti: if you have to hit, 20pips spread also gotta hit
[21:49] fti: you see
[21:50] fti: at the end of the day you don't want bad positions
[21:50] fti: if positions are bad just take the pain and bite the bullet
[21:53] fti: gotta make my ice cream cone for the day,lol

[21:54] lww: was some of those stop sweeps, cuz of the 1 up 1 down, etc.
[21:55] fti: no seems london boys are trying up first
[21:55] lww: wow, it's amazing you can see all that in there, lol
[21:56] lww: so whose holding them down? The Japanese ending their day?
[21:56] fti: u see the congestion in 5mins chart
[21:56] fti: markrt was waiting for something
[21:57] fti: just when the mkt moved is london coming full swing
[21:57] fti: so ithey're signalling, we're in
[21:57] lww: wow, interesting
[21:57] fti: tey took it up , then they are now tessting down
[21:58] fti: so now orders are pouring in to london and
[21:58] fti: london boys are begining to see order(paper) flow
[21:59] fti: see now we stopeped right in the middle of everything
[21:59] lww: yeah
[21:59] fti: somethings happening interbank
[21:59] fti: the masses doon't know yet
[22:00] lww: My scout is still up a dollar, lol
[22:00] fti: clever boy
[22:00] lww: they are waiting for someone to make a move?
[22:00] fti: no they have made their move
[22:00] lww: so what's everybody waiting for, lol?
[22:00] fti: not filtered down to tier 2and 3 yet
[22:01] lww: oh, here we go maybe
[22:02] fti: see you can feel already clever.
[22:02] lww: ok, I got enough for pizza now
[22:03] lww: just cheese though, not yet pepperoni
[22:03] fti: arithink more
[22:03] lww: okay, pepperoni on order
[22:04] lww: so what are we looking at for tier 2?
[22:04] fti: huh?
[22:04] lww: I guess gotta wait
[22:04] lww: till we see small retracement, eh?
[22:04] lww: I meant level 2 attack, lol
[22:05] fti: no better get scout out fist then re scout the retrace for an attack
[22:05] lww: huh? why would you not leave this scout in?
[22:06] lww: oh, cuz the average?
[22:06] fti: no too deep
[22:06] lww: you deploy new scout if it's too deep, I see
[22:06] fti: no
[22:06] fti: no
[22:07] fti: if too deep don't be greedy
[22:07] fti: take profit and play new level
[22:07] lww: ok, makes sense

[22:08] fti: ok , Iam recalling scout now
[22:08] lww: so take scout out now?
[22:08] fti: bot 1 at 31
[22:09] lww: ok, my scout out too
[22:09] fti: where?
[22:09] lww: made $27
[22:10] fti: huh also 31
[22:10] lww: 30 i think
[22:10] fti: u could have gor 29
[22:10] lww: wait, let me look up my account info
[22:10] lww: it doesn't keep the price on this platform, I have to look elsewhere
[22:10] fti: u s 58-30=28pips lah
[22:11] lww: actually, ended up at 31 too, lol
[22:11] fti: lol
[22:11] fti: ok
[22:12] fti: now place sell oder sell 1 at 1.4844
[22:12] fti: limit
[22:13] fti: thats the new scout
[22:13] lww: yup, he's all cleaned up and ready to go.
[22:14] fti: don't forget to give him ammo
[22:14] lww: why of course, what good is he if he's naked?
[22:16] lww: did you look at 15m 4sma to enter limit price?
[22:17] fti: no
[22:17] fti: it wasn't there 5mins ago
[22:18] lww: how do you figure out limit price for new scout?
[22:18] lww: just "feel"?
[22:18] fti: no
[22:18] fti: feel is for mkt
[22:19] fti: you see the low point pab at 14845
[22:19] fti: low point bar
[22:19] lww: 1.4825
[22:19] fti: thats about 50% for this long legged lady, right?
[22:20] lww: ah, fibonacci?
[22:20] fti: what is that some 60's idol,lol
[22:20] lww: lol, no that's fabonocci
[22:21] lww: this is that other leonardo guy haha
[22:21] fti: your pizza guy?
[22:22] lww: pisa, pisa
[22:22] fti: and i m no dummy, ok I know pizza
[22:23] lww: lol, I thought you were talking about Leonardo (and not the actor)
[22:23] lww: okay, looks like scout is not going to show his stuff
[22:24] lww: just yet anyway
[22:24] fti: have patience. don't be in a rush to become millionaire
[22:24] lww: lol, I'm not rushing, I'm just saying is all
[22:25] fti: now we know that the test zone is 35
[22:25] lww: lol, and what does that exactly mean for the future?
[22:26] fti: huh
[22:26] fti: what future?
[22:26] lww: what does the test zone mean, so I know what it means for the future?
[22:27] lww: what significance does it have? lol
[22:27] fti: that means chances is that the mkt should not retest the last high point
[22:27] fti: at about 37
[22:28] fti: also that this rundown is real
[22:29] fti: so now we re gonna have to send scout to re enter near there or the next retracement high point to be determined by watching
[22:29] lww: should I cancel scout limit order?
[22:29] lww: the one at 44?
[22:30] fti: take you full unnaked scout order out now, serves no purpose anymore
[22:30] lww: ok, he's out
[22:31] fti: within the next 7 5 min bars we will see a retracement
[22:31] fti: lets see to what level

[22:33] fti: gosh i only made 2.20cts today
[22:34] lww: well, your fortune is growing!
[22:34] lww: doubled yesterday
[22:34] fti: watch when mkt get to 25 hit it
[22:35] lww: londoners are still skiing downhill
[22:35] lww: you mean send scout in at 25?
[22:35] fti: no I think the saw the feds
[22:35] fti: yers by hitting
[22:35] fti: its coming
[22:36] lww: so put in limit now at 25?
[22:36] fti: no
[22:36] fti: be nimble, this is real
[22:36] fti: I think the feds are in
[22:36] fti: notice the previous bar, this is very bearish sign
[22:37] fti: someone's sell EUR big
[22:37] lww: wow
[22:38] lww: isn't that previous bar called a doji?
[22:38] fti: i call jesus christ!
[22:38] fti: watch 25
[22:38] fti: see 25 hit it, prepare now
[22:38] lww: ok, 25 hit
[22:39] lww: 26
[22:39] fti: shit I got 24
[22:39] lww: oh, I didn't know you meant to go in, lol
[22:40] lww: I missed it, haha
[22:40] fti: prepare level 2 deployment
[22:40] lww: should I go in at 23?
[22:40] fti: huh you didn't get 25
[22:41] lww: whoops, too late, it's going down to fast
[22:41] lww: lol, no I thought you were telling me to watch it, haha
[22:41] lww: oh well, no worries, next time
[22:41] lww: I watch you now
[22:42] fti: what good is watchingit
[22:42] fti: ?
[22:42] lww: lol, yeah yeah, was dufus
[22:42] fti: no worries
[22:42] fti: bad instructions from general
[22:43] lww: lol, I just gotta know the lingo better
[22:43] lww: I may still get in at 24 though, should I if it reaches?
[22:43] fti: fti: i call jesus christ! fti: watch 25 fti: see 25 hit it, prepare now
[22:43] fti: remember?
[22:44] lww: lol, ok
[22:44] fti: another JC
[22:46] fti: hello
[22:46] lww: i'm watching
[22:47] lww: am I supposed to do something? lol
[22:47] fti: wait do't deply yet
[22:47] lww: yeah, I can see that, lol
[22:47] fti: watch 35 if bid 35 hit it

[22:49] fti: someting happening
[22:49] lww: yeah, it's stalling
[22:50] fti: whats your mkt?
[22:50] lww: 24/25
[22:50] lww: 25/25
[22:50] fti: try hit 25
[22:51] lww: ok hit
[22:51] fti: where now?
[22:51] lww: 24/25
[22:51] lww: 25/26
[22:51] lww: 24/24
[22:52] fti: here bid 23
[22:52] lww: 23/24
[22:53] fti: level 2 deplyment
[22:53] fti: standby
[22:53] lww: what do I set?
[22:53] fti: just wait for a mom
[22:53] lww: ok
[22:54] fti: hit now
[22:55] fti: sold 0.4 at 22
[22:55] lww: sold 23
[22:56] fti: clever
[22:56] lww: hehe
[22:56] fti: what size?
[22:56] lww: 1 lot
[22:56] fti: ok
[22:56] fti: now we wait
[22:57] lww: oh, was I supposed to deploy 3 lots?
[22:57] fti: i don't know what was your plan?
[22:57] lww: the 1 scout then 3 attack?
[22:58] lww: no plan, just adding slowing, so 1 lot for me is fine
[22:58] fti: you're new go slow . get the feel first
[22:58] lww: when I get good, then I will do your 1, 3, 3 attack no?
[22:58] lww: yes
[22:58] fti: no
[22:58] fti: don'tdo that
[22:58] lww: oh
[22:59] fti: go slow make some money first
[22:59] fti: slow and steady, ok
[22:59] lww: when I meant get good, I meant playing with house money, lol
[23:00] fti: spend some of it first
[23:00] fti: it makes you feel good
[23:00] lww: on ice cream
[23:00] fti: lol
[23:00] lww: I can buy tub though, not only cone

------------------

To be continued ...

Continuation ...

------------------------

[23:00] fti: oh shit 35 coming
[23:00] lww: oh oh, what's going on?
[23:01] lww: what do we do if it hit's 35?
[23:01] fti: patience
[23:02] fti: looks like sweeping top for 35
[23:02] fti: no fear for now
[23:02] lww: yeah, I was just going to say
[23:03] lww: sweeping
[23:03] lww: probably go to 45 then head down again
[23:03] fti: i am deplying rescue team at 35
[23:03] lww: ok how many?
[23:04] lww: oops, they past
[23:04] lww: should I deploy now at 41?
[23:04] fti: sold 0.4 at 38
[23:06] lww: i missed deployment so do I just sit tight?
[23:06] lww: and let it come back down?
[23:06] fti: try anything above 35
[23:06] lww: ok
[23:08] fti: no sell eur
[23:08] lww: my basis is 1.48286+, what's yours
[23:08] fti: yoy what
[23:08] lww: basis ... the new price
[23:08] fti: your mean your cost is
[23:09] lww: it's called "basis" on my platform
[23:09] fti: ok
[23:09] lww: the average cost
[23:09] lww: for the 3 lots
[23:10] fti: ok should be fine
[23:11] fti: 148293
[23:11] fti: for 9

[23:12] lww: what do you think just happened? Londoners or Feds?
[23:14] lww: Oh, I'm using real account, so when do I know when to surrender, lol
[23:14] fti: this wa the level we saw the markets met something right suspected to be the feds right
[23:15] fti: then when it slided very fast they didn't come out
[23:15] fti: so after the congestion, I expected to see them again but they didn't show
[23:16] lww: they were waiting?
[23:16] fti: so the london boys came back to see if the feds are still watching this level
[23:16] fti: once they see fed activity again , the thing may drop like a stone
[23:16] lww: hope so, lol
[23:17] lww: ok, maybe here it comes
[23:18] lww: there's a pinbar, so might be good sign
[23:18] fti: normal bar
[23:18] fti: nothing showing yet
[23:19] fti: gotta wait a while
[23:19] fti: this 2nd scount not very clever ,lol
[23:19] lww: ah, give him a chance
[23:20] fti: Im not worried about scout, worried about army
[23:20] lww: well, army wasn't too clever then haha
[23:20] fti: now no ice cream cone
[23:20] lww: yeah, we gotta wash dishes instead
[23:21] lww: they are stalling
[23:21] fti: should have waited for 35 for deplyment but the JC bar snooked me
[23:21] fti: remember?
[23:22] fti: so now level 2 and scout trapped deep
[23:22] lww: yes, it sure looks like it
[23:23] fti: so on come back must get the rescue time out quickly
[23:23] lww: leave scout though?
[23:23] lww: or take everyone out?
[23:23] fti: aand level 2 to fight
[23:24] fti: scout nd level 2 stays
[23:24] lww: lol, I'm not understanding
[23:24] lww: oh, "and"
[23:26] fti: 1.4790 is critical support below alot of stop expected
[23:26] lww: so target is 1.4790?
[23:26] fti: just keep in mind
[23:28] fti: position should be alright
[23:28] fti: but army levels disadvantage
[23:30] fti: this ;level is getting scary
[23:31] lww: hey, don't say that general!
[23:31] lww: show no fear
[23:31] fti: oh
[23:31] lww: must stay brave in face of enemy, lol
[23:32] lww: rather "opponent", I don't like to use the word "enemy"
[23:32] fti: I am a realistic general
[23:32] lww: I'm optimistic soldier
[23:32] fti: not one who ask army to charge at bullets
[23:32] fti: sorry
[23:32] lww: ah, you're right
[23:32] fti: ok
[23:32] fti: I think they saw him
[23:33] lww: whew

[23:34] fti: were you sweating in the nude?
[23:34] lww: lol
[23:34] lww: kinda
[23:34] lww: but I was keeping a stiff upper lip
[23:34] fti: this is nothing
[23:34] lww: oh gawd, don't say that
[23:35] lww: lol, this is gonna be too aggressive for some on FF, lol
[23:35] lww: this is risk taker kind of moves, no?
[23:35] fti: imagine if the guys didn't show up and the mkt goes searching for him
[23:35] lww: oh that would have been fun
[23:35] fti: why you like losses?
[23:35] lww: so is he showing up or what? lol
[23:36] lww: that was sarcastic tone, lol
[23:36] fti: not like earlier.
[23:36] fti: earlier the mkt paused saw him and went run
[23:37] lww: ah
[23:37] fti: thtime theay seem to be teasing him
[23:37] lww: rascals
[23:38] lww: uhmmm, there's the JC, no?
[23:38] fti: maybe your charts a little different from mine
[23:38] lww: when it is on bottom, doesn't it mean it will go up?
[23:39] fti: whats on bottom?
[23:39] lww: the JC
[23:39] lww: we are looking at E/U right? lol
[23:39] lww: 5m
[23:39] fti: yes
[23:40] lww: oh but the 15m is showing doji on top, so that is looking like down
[23:40] fti: huh?
[23:40] lww: lol, nevermind
[23:41] lww: there's a cross after a large up candle on the 15m, so wouldn't that mean it's likely to head down?
[23:41] lww: I gotta read more on this candlestick patterns, lol
[23:41] fti: don't read too deep into the bars
[23:41] fti: just remember the reversal bars

[23:43] fti: this market keep teasing the 45 levels
[23:43] fti: somrhings there
[23:43] lww: yeah, looks like that doesn't it
[23:45] fti: cables down
[23:45] fti: dlr yen 's up
[23:45] lww: so that's good sign E/U will go down
[23:46] fti: so what this euro dancing arounf here
[23:46] lww: still having their tea and biscuits?
[23:46] fti: now!
[23:46] lww: now what?
[23:47] fti: having tea now
[23:47] lww: you scared me. I thought you wanted me to add more positions
[23:47] lww: I can't add anymore positions anyway, though
[23:47] fti: lol
[23:47] lww: I just have to wait for these guys to complete the mission
[23:47] fti: I can just see this,
[23:48] fti: one naked scared lady
[23:48] fti: lol
[23:48] lww: oh hush up
[23:48] fti: ok serious the mkt should be down
[23:49] fti: weshould see it happen in 10mins time
[23:49] fti: for noew go get yourseldf a tea

[23:51] fti: whats your loss now?
[23:52] lww: -13.3 pips ($37.00)
[23:52] lww: -11.3 ($34)
[23:52] lww: not too bad
[23:53] fti: no sweat, will be profits soon
[23:53] lww: I'm dry, lol
[23:53] fti: just didn't like the feel
[23:53] lww: no sweating yet
[23:54] fti: todays battle not too smooth ?
[23:54] lww: no kidding lol
[23:54] lww: lots of rocky terrain
[23:55] lww: had to climb over boulders
[23:55] fti: no
[23:55] fti: the reading was right
[23:55] fti: the postioning not too sweet
[23:55] lww: deployed them too early?
[23:55] fti: yeah
[23:55] fti: yesterday was worst
[23:56] fti: but manage to put out ok
[23:56] lww: yeah, the big 1.30
[23:56] lww: oh man, they still not behaving
[23:56] lww: somebody making trouble
[23:57] lww: hey, we had a good first deployment though
[23:57] lww: first scout was good
[23:57] fti: yeah
[23:58] fti: the second was dunce
[23:58] lww: well, I hate to say this, but the General told him to go out
[23:58] fti: yeah
[23:58] fti: sun zi says
[23:59] fti: if the soldiers disobey the orders then its the officer's fault

--------------

To be continued ...

Continuation ...

-----------------

[00:00] lww: sheesh, it's still testing the 45
[00:00] fti: yeah
[00:01] lww: maybe we get a double-top
[00:01] lww: and the thing drop big
[00:01] fti: hope not because that top is no peak
[00:02] fti: so if top top where left is not a peak
[00:03] fti: the testing will be very intense
[00:04] fti: I send you chart
[00:05] fti: you watch the mkt if 25 level alert me ok
[00:18] fti: steady
[00:19] fti: no
[00:19] fti: no sign of bull yet
[00:19] lww: those teasers
[00:19] fti: but testing 45
[00:20] lww: I got your chart
[00:20] fti: I think you are looking at 48sma right
[00:21] lww: on 5m, yes
[00:21] fti: atually mkts still at the same level
[00:22] fti: just nearer offer level, thats all
[00:22] fti: testing 45
[00:22] fti: if mkt was bull,
[00:22] fti: no chance to even metion
[00:22] fti: mention

[00:23] fti: remember the 1st trade
[00:23] lww: yes
[00:23] fti: in split second saw 30
[00:24] lww: what do we do?
[00:24] lww: 53
[00:24] fti: wait
[00:24] fti: wait
[00:26] fti: lets see if this up take is real first
[00:27] lww: it's fighting it, lol
[00:27] lww: internal turmoil, haha
[00:28] fti: because its not bullish
[00:28] lww: yeah
[00:28] fti: but our position is dis advantaged
[00:28] lww: yup
[00:28] lww: unfortunately, but we still have hope
[00:30] fti: never trade on hope
[00:31] fti: once the sign is bad then we may have to bite the bullet
[00:31] lww: sheesh, you're taking away all my optimistic tendencies, lol
[00:31] lww: yes, that I understand
[00:31] fti: but the sigs of the bull is not there we fight
[00:31] lww: I just meant, it looks like it's going back down
[00:35] fti: It doesn't look like its gonna run away
[00:35] fti: we must now consider lightening tthe load
[00:36] fti: I 'll try to determine where is a good point to thake level 3 out first
[00:36] lww: so I take 2 of my 3 positions out then?
[00:36] lww: leave scout?
[00:37] lww: when you say when
[00:37] lww: of course
[00:37] fti: noted
[00:37] fti: you not sweating?
[00:37] lww: nope not yet
[00:38] fti: good
[00:38] lww: please confirm though, if I take only 2 out when you say it's time
[00:39] fti: you got 3 right
[00:39] lww: yes
[00:39] fti: take 1 out
[00:39] fti: not now
[00:39] lww: lol, yes I know.
[00:39] fti: please wait
[00:39] lww: I'll wait for you to say "now"
[00:46] fti: we should be able to see 35 retested

[00:46] fti: the problem isthe mkts letargic
[00:46] lww: yeah, really
[00:46] fti: with sporadic impluse push
[00:46] lww: like they've gone on siesta or something
[00:46] fti: so may have to wait for a bit
[00:47] fti: when it comes banck to 45
[00:48] fti: we would be able to tell it it has momentum for 35
[00:50] lww: ok, they are waking up and ready to do something looks like
[00:51] fti: yes
[00:51] fti: the last 3 bars suggest that they are waiting for something
[00:52] lww: spinning tops?
[00:53] fti: thats actually a berish signal
[00:53] lww: good
[00:53] fti: but momentum isnot building up
[00:53] lww: yeah, slow as molasses
[00:56] lww: okay, here we go ... something is happening
[00:57] fti: momentum too dlow
[00:57] fti: slow
[00:57] lww: yeah, what's up with them tonight, lol
[01:01] lww: wow, they're really fighting their demons. They just don't wanna commit, lol
[01:04] fti: there the momentum loss again
[01:04] lww: yup
[01:04] fti: so the down swing is gonna take some time to build up
[01:05] fti: which is not so advantages for us
[01:08] lww: lol, the U.S. is gonna be waking up soon
[01:08] lww: by the time this starts doing anything
[01:09] fti: looks like
[01:10] fti: its quite late yourside now right?
[01:11] lww: 1:10 a.m.
[01:11] lww: but I can't leave this open, so have to complete mission
[01:11] fti: are yot yired?
[01:11] lww: yes, but I'll make it
[01:11] fti: tired?
[01:11] lww: isn't it almost dinner time for you?
[01:12] lww: these guys are playin' with us
[01:12] fti: no, they can't see us
[01:12] lww: lol, yeah I know. Just a figure of speech
[01:13] fti: so we must relax and watch them fight
[01:13] fti: problem is its too late for you
[01:13] lww: don't worry about me, I'll be fine
[01:13] lww: I can sleep in or take a nap during the day tomorrow
[01:13] lww: or rather today, lol
[01:14] fti: great
[01:14] fti: then let make some pips to make the suffering worthwhile
[01:14] lww: you're on
[01:14] lww: okay, here we go again
[01:14] fti: going to 45 soon
[01:15] lww: looks like there's some momentum
[01:15] fti: can't tell yet
[01:15] fti: but the down swing is coming well
[01:16] lww: good
[01:16] fti: that 45
[01:17] fti: again

[01:19] fti: how are you doing?
[01:19] lww: I'm fine
[01:19] lww: or do you mean pip wise, lol
[01:19] fti: no pip wise I know your blotter
[01:20] lww: mentally then, I'm fine, lol
[01:32] fti: ok this should be the last up test
[01:33] lww: hope so
[01:34] fti: what was the low you saw on the 45 test a mom ago?
[01:35] lww: you mean the last candle?
[01:35] lww: or the last low fractal?
[01:35] fti: no
[01:35] lww: 42 then
[01:36] fti: the swing down to 45
[01:36] fti: here reads 41
[01:36] lww: 42 was the low
[01:38] fti: this must pick up momentum downwards for us to get out of the woods
[01:44] fti: this mkts letargic
[01:44] fti: two quickies an no just drifting
[01:45] lww: lol
[01:58] fti: you're tired
[01:58] lww: holding on, lol
[01:59] lww: it should be dinner time for you, no?
[02:00] fti: its ok, not hungry, have supper intead, i guess
[02:00] fti: I wanna see this drop
[02:00] fti: having coffee now
[02:01] lww: is this the longest trade you've been or what? haha
[02:01] fti: no
[02:01] fti: yesterday was worst
[02:01] lww: oh yeah, that was wasn't it
[02:02] lww: also, cheap date, lol
[02:02] fti: say what?
[02:02] fti: oh
[02:02] lww: cheap date. only cost you $1.30
[02:03] fti: well walk with kings, sleep with beggers.
[02:03] fti: just my style
[02:04] fti: when I was at the bank
[02:04] fti: used to go out drinking while juniors watch my position
[02:04] fti: gets back to dealing room, sleeps there!
[02:05] lww: you worked long hours back then?
[02:05] fti: yeah
[02:05] fti: sometime big exposure
[02:05] lww: I can imagine the stress
[02:06] fti: so make my way home while people coming to work

[02:13] lww: ok some movement now
[02:13] lww: dang, they tease again, lol
[02:13] fti: not real
[02:15] fti: sharks, we sat thru london lunch
[02:15] lww: 7:17 in NY
[02:16] lww: still got ways to go for U.S. session
[02:16] fti: I so blur when positions are small
[02:16] fti: sorry New yorker, lazy bunch
[02:17] lww: When I used to wake up, the U.S. session seemed to have big moves to me
[02:17] lww: that is not them, then?
[02:17] fti: they quote interbank about 8:30 to 11 NY time
[02:17] fti: it moves big because the ppl don't want to quote prices
[02:18] lww: I don't understand it, but ah, lol
[02:18] fti: then they lunch like 11:30 comes back about 2:30
[02:18] fti: then switch off system
[02:18] fti: CME takes over
[02:19] fti: Forex for afternoon controlled by CME
[02:19] lww: so they aren't coming back for 2 hours? yeesh
[02:20] fti: mostly jap banks and british banks active
[02:20] fti: ok here goes
[02:20] lww: ok, something maybe?
[02:21] lww: ok, I can't add positions but where should I take one man out at? Or is that plan scrubbed?
[02:21] lww: I know we wait for 25
[02:22] lww: but what happens there?
[02:22] fti: place order to buy 1 at 1.4830 limit
[02:24] lww: ok, I need to know the logic of why we did that ... is it because we are lessening our load?
[02:25] fti: right !!
[02:25] fti: clever
[02:25] lww: ok, good. At least I'm understanding this
[02:25] fti: We are now doing damage control
[02:26] fti: after suffering for so so vv long
[02:27] fti: the reson why 30 is because that was our 1st obj for the earlier trade remember?
[02:28] lww: hmmmm, they want us to suffer longer, lol
[02:28] fti: tipical NY
[02:28] fti: mkt thin
[02:29] fti: steady
[02:30] fti: this up run fails and zoom it'll crash
[02:32] fti: if I stay late I'll probably see 1.4750
[02:33] lww: oh that'll be good
[02:33] lww: would make up for your yesterday, lol
[02:33] fti: lol
[02:33] fti: i m on demo, no matters
[02:34] fti: I think stops may be detected at 57 to 65 levels
[02:35] lww: ah, so that's why they are trying to sweep higher, eh?
[02:35] fti: notice how 45 testing bar look the same
[02:35] fti: both with long down tail
[02:36] fti: gives them good reason to try up side
[02:37] fti: because mkt ny normally thin, they run around like on steroids
[02:38] lww: lol

[02:42] fti: the chart formation is so bearish
[02:42] lww: yeah, but they are taking their time about it
[02:42] fti: once 30 is done probably, even the scout will come in the money
[02:42] lww: cool
[02:43] fti: notice the 12 sma?
[02:43] fti: its trading flat 45 to 50 zone
[02:44] lww: yes, I see that
[02:44] fti: once they trade below 48 sma goodnight to the eur
[02:45] lww: hopefully, goodnight to Leigh, too
[02:45] lww: once we hit our marks that is
[02:45] fti: actually is good morning
[02:45] lww: oh, that's right
[02:46] fti: actually you can go rest now if you like
[02:46] lww: somehow hard to sleep when somebody is telling you good morning though
[02:46] lww: wha? I can't leave my babies unattended
[02:46] fti: the overnight strategy can now be formulated
[02:47] lww: and what's that?
[02:47] lww: do we put in buy limit orders to take profit?
[02:47] fti: look at the top formations it is waiting for the time to break down side
[02:47] fti: no
[02:48] lww: we just leave the positions open?
[02:48] fti: there is a peak in the middle of the two shoulders , right?
[02:48] lww: head and shoulders?
[02:49] fti: not yet formed
[02:49] fti: but we know that they have not enough momentum to test upside right?
[02:49] lww: yes, that's true
[02:50] fti: so the cluster zone evene if they tested up side
[02:50] fti: probably cannot take out the 67 zone , right?
[02:51] lww: if you say so, lol
[02:51] lww: I have no idea what they can or can't do, haha
[02:51] fti: so so if your load is lightened
[02:53] fti: you acan leave 1 lot with stop loss just at 68 stop
[02:53] lww: oh, so I can put a SL then
[02:53] fti: so now we have to find a way to clear 2 lots as best least damage.
[02:55] fti: now yr ave is not inclusive of the what 28 pips you took earliers right?
[02:56] fti: now this is getting unhealthy
[02:56] fti: the must not test up side again
[02:59] lww: looks like they are still testing
[02:59] fti: yeah
[03:00] fti: thats what I didn't like
[03:00] fti: its changing the pattern
[03:00] fti: lets watch this test

[03:01] fti: common long tail
[03:01] lww: look at JPY
[03:03] fti: ok bad news
[03:03] fti: its going up
[03:03] fti: I am cutting and turning long, what ddo you think
[03:03] fti: wanna follow
[03:04] lww: I might pass, but you go ahead
[03:04] lww: I need to sleep, lol
[03:04] fti: what about the loss
[03:04] lww: I'll get another bus later
[03:04] fti: ok please cut AT MKT
[03:05] lww: I got out
[03:05] lww: -$76
[03:05] lww: that's ok
[03:05] fti: DONT FORGET TO TAKE OUT YOUR LIMIT ORDER
[03:05] lww: go get em
[03:05] lww: I already did
[03:06] lww: Let me know how it goes
[03:06] fti: ok
[03:06] fti: net loss?
[03:06] lww: have a goodnight and was good to finally jump into one
[03:06] lww: net loss was -$76
[03:06] fti: soory for bad day
[03:07] lww: no, no need to apologize.
[03:07] lww: It was a good experience, lol
[03:07] lww: Where did you buy long?
[03:07] fti: 66
[03:08] lww: looking good
[03:08] fti: 63
[03:08] fti: 64
[03:08] fti: 65
[03:08] lww: 71
[03:08] fti: u bot
[03:09] lww: wow, your pricing is way different
[03:09] lww: no, I am just saying that's what my price is showing
[03:09] fti: oh
[03:09] lww: oh, you bot at all those prices?
[03:09] fti: thanks, you saved the day
[03:09] lww: I thought you were just saying what your quotes were showing, lol
[03:09] fti: the signs were all showing in yen already
[03:10] lww: oh, good then that I looked at yen when I did, hehe
[03:10] fti: no that my buying cut loss and turn
[03:10] fti: where did you cut?
[03:11] lww: let me look
[03:11] lww: 63
[03:11] fti: wow
[03:11] fti: ok price
[03:12] fti: just in the nick of time
[03:12] lww: lol, yeah whew
[03:12] fti: otherwise another 30usd right
[03:12] fti: no
[03:12] lww: that would not have been good, especially with 3 positions
[03:12] fti: 45
[03:13] fti: 45 usd aditional
[03:13] lww: oh, you were counting the 3 positions total
[03:13] fti: yes
[03:13] lww: ok, have a good one. I'm heading out now. Take care and see you later!
[03:13] lww: night!

---------------

End of session

Regards,

Textor

One more thing ...

Please let fti rest if he needs to. Don't be selfish and want more and more from him. He has already given TONS and he is now trying to trade for his own family's nest egg. If he is too distracted, it will only give him improper mindset when he's doing his own trades.

Another reason why I'm posting these chat sessions logs, is cuz it's the closest thing to seeing what a one-on-one training would be like, so hopefully it will alleviate some of the pressure off fti and his frustrations with his trying to train people here.

Everything you need will be throughout this thread and in the chat logs.

Leighsww, Thanks for coming back to share those chat sessions, they answer a lot of questions I had about the sma and more.

There's more sessions I still have to post, but I'm going to have to post them as I edit them, so might be a few days in between each, but for now you guys can digest the ones given.

Have a good weekend!

thats ok, because what you have given is more than a couple days worth of info to digest.



Once again thanks, very good stuff.

leighsww,

Great job,
Thanks for taking the time and it is perfect timing so it can be reviewed on the weekend.

Much insight to the mindset, patience and execution of the trade.
It helps us to pull together what we have been reading and view it in action.

I look forward to reviewing this a couple times so pace yourself on the sessions, thanks for the homework.

Also, great to here from ya, from some of the post I've read lately your a source of encouragement.
Keep it up when you can.

Thanks

These are priceless shares leighsww.

Many many many Thanks