QuoteDislikedIsn't it amusing how many people call themselves "an edge"???
Dang, if I ever need another forex nickname I totally know what I'm using next...
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QuoteDislikedIsn't it amusing how many people call themselves "an edge"???
DislikedA normal person would say that their analysis is based on REASON. There was a reason to enter the trade (other than "the chart told me to do it.")
So if a rate hike happens or a terrorist attack ensues, you are trading with the rationale that the cause (whatever news broke) will EFFECT the bankers' decision to sell/buy the currency in question....
And if you are trading based on voodoo chart analysis such as Gann, Fib, Elliot, triangle breakout, 123, head and shoulders, double top, triple top, etc.... you are simply pulling the lever on a slot machine.
Good luck with that! (or.... in your terminology.... good probability with that)
PS) Getting back to the 5000 trade profitable system talked about a few posts ago.... let's say that you had collected 5,000 James16 pinbar trades with standardized take profits and stop losses..... THAT would be a nice scientific study. It would not show why the trades worked or didn't work, but it could be a nice tool to base a trading system off of. Still gambling though.... the underlying "edge" causing the pinbar inefficiency could be removed without you knowing it.Ignored
DislikedThat would be me then I guess, but did you mean 'pointy headed'? Sorry, there I go again, semantics, headed, haired, close enough I guessIgnored
DislikedWell of course people base their trading decisions on reason, unless of course they have some uncontrollable impulse problem or unfortunate nervous tick in their right index finger.
Ah ok, so you trade on fundamentals and consider technicals are voodoo, fair enough, that's your opinion and of course you're perfectly entitled to it. Personally I don't agree, primarily I trade technicals but also take fundamentals into account although they rarely affect my trading decisions, I follow them more out of interest than anything else.
I've found that the market can often react illogically to fundamentals because the CAUSE for the numbers (which was the EFFECT on bankers to buy/sell) is often buried deep in economics and the actual cause can be extremely remote and often unclear, which is why I feel more comfortable trading definitive patterns on a chart, after all most institutional traders pay close attention to significant technical levels which CAUSE them to buy/sell, the EFFECT.
I really don't know anything about Pinocchio bars (great name though!), but like any type of analysis which helps provide an edge it's decreasing efficiency would be obvious, it's not as if one day the trader turns around to an empty trading account and suddenly realizes his edge is no longer an edge!
lol, this is a great thread, you just couldn't make some of this stuff upIgnored
DislikedWell of course you won't disagree that your technicals aren't based on SOMETHING.Ignored
DislikedWhat you call fundamental analysis is actually a poker game between you and the CBs.Ignored
DislikedI agree, that's why (unlike tdion says he does) I don't base my trade decisions on them!Ignored
DislikedWell of course you won't disagree that your technicals aren't based on SOMETHING.
Maybe you should read the second sentence after that one. Now I know why you picked your name...Ignored
Dislikedi've found this exchange equally amusing, if not more so than you. By the way, I never called you any names.... you picked it yourself, remember?Ignored
DislikedNow please, do us all a favour and stop posting, you are ruined multiple threads.Ignored