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  • #161
  • Sep 22, 2008 9:32am Sep 22, 2008 9:32am
So here we have a almost live example on the us/cad. Mac d is showing down on almost all time frames. If i were reading these and thinking of taking a trade according to mac e d I would short.

Not the case for me I am considering a long on this pair. Why would i do that if I looked at mac e d. One hour just turned down four hour is clearly down.

The reason again cause I am looking for what is going on behind price
Attached Image (click to enlarge)
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  • #162
  • Sep 22, 2008 9:35am Sep 22, 2008 9:35am
Quoting SunTrader
s-h,

If your whole premise is it is not possible to trade successfully with an indicator alone to obtain entries and exits - I agree completely. If you are saying an indicator (whichever well known one you want to pick) with proper money management can not get it done - I do not.

sun

proper money management is not what is going to determine it. I guess it coincides with it but stop placement is going to determine it more.

Again take this us/cad anyone in their right mind would not buy the us/cad with mac d the way it is. I will consider it a long here pretty soon. Lets see how it plays out.
  • #163
  • Sep 22, 2008 9:37am Sep 22, 2008 9:37am
so far it is working its dropped 18 pips from where it was when i posted. Maybe mac e d will prove me wrong this time.
  • #164
  • Sep 22, 2008 10:03am Sep 22, 2008 10:03am
boy have i been wrong this morning. Looking for a buy between 1.0350 and 1.0300
  • #165
  • Sep 22, 2008 11:01am Sep 22, 2008 11:01am
Quoting steelhead
proper money management is not what is going to determine it. I guess it coincides with it but stop placement is going to determine it more.
I should have said what I always say: proper trade and money management.

Many have claimed that a coin flip with proper T & M will win in the long run. Never having tried can't say so myself but the premise seems right. Too many traders place emphasis on their chosen indicator or are searching for the holy grail.

The holy grail is simple: determine an entry/stop, let the trade happen and be ready to close it if it does not do what you thought it would.

Like driving a car somewhere, determine a route to take, have a backup direction, avoid accidents and arrive safely or otherwise stay at home that day (i.e. no trade).

But in keeping it simple that can mean using a indicator as a trigger within a setup. To just say this squiggly line crossed this one or this one turned up/down is throwing money away. Repeating myself, I have no argument with this.
  • #166
  • Sep 23, 2008 2:49pm Sep 23, 2008 2:49pm
how are the indicator based traders fairing today? Are they working for you?
  • #167
  • Sep 23, 2008 3:36pm Sep 23, 2008 3:36pm
Quoting steelhead
how are the indicator based traders fairing today? Are they working for you?
I'm currently using indicators. Today I took 6 trades, and all 6 were positive.
Visit my journal here.
  • #168
  • Sep 23, 2008 3:42pm Sep 23, 2008 3:42pm
Quoting Rosscub
I'm currently using indicators. Today I took 6 trades, and all 6 were positive.

Cool 6 trades is alot in one day but congrats on your success. What was your biggest winner pip wise
  • #169
  • Sep 23, 2008 4:11pm Sep 23, 2008 4:11pm
Quoting steelhead
Cool 6 trades is alot in one day but congrats on your success. What was your biggest winner pip wise
I'm interested to hear why you consider 6 trades in 1 day to be a lot. Granted, I don't always take that many, but when trading for 6 hours on lower timeframes (1 and 5 minute), I think 6 is a reasonable number.

Today I was mostly scalping since there wasn't but 1 entry on my swing trading system. I actually took 7 trades, but 1 ended at breakeven. 1 trade was a swing trade, and it ended with about 10 pips. The other 5 trades were scalps with the greatest gain being 9 pips.

Some of my swing trades have gained over 150 pips, but I'm almost always out of the market by the end of day.

Steelhead, I have developed and used trading systems that required no technical indicators and others that have utilized multiple indicators, and I traded both successfully. Exhibit more open-mindedness. We are all inclined to believe that others who are like us are better than those who are different from us. Don't be blinded by your prejudices.
Visit my journal here.
  • #170
  • Sep 23, 2008 4:16pm Sep 23, 2008 4:16pm
Somewhere on here someone was trying to convince everyone that fibs don't work.

Pull up the Eur/Usd 15min chart for today (9/23/08) and draw your fibs.

Look at the short entries. Does anything stand out?
  • #171
  • Sep 23, 2008 4:20pm Sep 23, 2008 4:20pm
Quoting steelhead
Cool 6 trades is alot in one day but congrats on your success. What was your biggest winner pip wise
Wow.

Then you probably would consider 189 trades today to be really alot!? I should add that I scale out of all my trades so that number is a bit skewed.
  • #172
  • Sep 23, 2008 6:03pm Sep 23, 2008 6:03pm
Quoting FXoffshore
I'll put my money on the line, trading my method.

I'll buy EUR/USD right now @ 1.4133 long
the time on MT4 is Sept 17 5:11 pm.

Then we can examine the method later.
Now, after 4 days in that trade, I exited last night from that one trade, at 1.4803

670 pips banked.

My method. Elliott wave.
  • #173
  • Sep 23, 2008 6:15pm Sep 23, 2008 6:15pm
....and I entered at fibonacci retracement at .618, just to prove that Steelhead is his name for a reason. You saw it here in this thread live. Did you ever post your trades?

Fibo is fractal mathematics. It is present in our DNA, our bodies and minds, solar systems, and seashells. Elliott and Fibo are the most powerful system for trading, used by the best.
  • #174
  • Sep 23, 2008 6:37pm Sep 23, 2008 6:37pm
Quoting FXoffshore
....and I entered at fibonacci retracement at .618, just to prove that Steelhead is his name for a reason. You saw it here in this thread live. Did you ever post your trades?

Fibo is fractal mathematics. It is present in our DNA, our bodies and minds, solar systems, and seashells. Elliott and Fibo are the most powerful system for trading, used by the best.

like i have said offshore you were late to the buy party. i bought at 1.3939 so congrats you missed out on an 200 more pips.

Elliot wave might be the worst system for trading. How wrong you are about elliot wave. I dont have to post it live I posted it a longtime ago where were you then. No where to be found ofcourse. Where were you for the sell yesterday at 1.4836 ah you missed that one too.

You really dont want to play this game with me. Its a game you cannot win
  • #175
  • Sep 23, 2008 7:24pm Sep 23, 2008 7:24pm
Quoting FXoffshore
Fibo is fractal mathematics. It is present in our DNA, our bodies and minds, solar systems, and seashells. Elliott and Fibo are the most powerful system for trading, used by the best.
Nautilus shells are logarithmic spirals, but not necessarily conforming to the Golden Ratio as the texts would have us believe. The Fibonacci/Euclidean numbers do appear in nature remarkably frequently but when perhaps the most used example is a myth it makes me wonder what else can be debunked with a bit of investigation:

http://www.emis.de/journals/NNJ/Sharp_v4n1-pt04.html


PS. Many ways to skin a cat gentlemen (and ladies), no need to ram the cats down eachother's throats.
  • #176
  • Sep 23, 2008 7:38pm Sep 23, 2008 7:38pm
great thread with many opinions shared...as a wise man once said all roads lead to jerusalem ..
wheather its by indicators or by trying to followg price action... the main issue is that the road is so long...tiring...frustrating...that most traders blow all what they have before reachingthe destination...but on the other hand others do reach...and they reach using different roads.
  • #177
  • Sep 23, 2008 7:44pm Sep 23, 2008 7:44pm
Indicators, fibos, elliot wave, trend, retrace, trend-continuation, pinbars, bullish and bearish engulfish, trendline, galline, and everyother thing that traders use to have an edge (most of the time, just TRY to have an edge).

It's not a fact if indicators (with indicators i mean all the stuffs writed above) works, or if them will let you fail.

Study one hundred systems for every of these indicators, and after a big time spent in research and testing, at the end.. you will understand that trading is all about support and resistances, places where people buy, places where people sell, and places where people sell hard (or buy hard) in case of breaking.
That are in fact, places where market decide what to do next, you can put on it a fibo or a indicator or observ the chart to spot some PA pattern, but don't forget how the market work (support and resistances).

0.02
  • #178
  • Sep 23, 2008 7:50pm Sep 23, 2008 7:50pm
Quoting tunera
Indicators, fibos, elliot wave, trend, retrace, trend-continuation, pinbars, bullish and bearish engulfish, trendline, galline, and everyother thing that traders use to have an edge (most of the time, just TRY to have an edge).

It's not a fact if indicators (with indicators i mean all the stuffs writed above) works, or if them will let you fail.

Study one hundred systems for every of these indicators, and after a big time spent in research and testing, at the end.. you will understand that trading is all about support and resistances, places where people buy, places where people sell, and places where people sell hard (or buy hard) in case of breaking.
That are in fact, places where market decide what to do next, you can put on it a fibo or a indicator or observ the chart to spot some PA pattern, but don't forget how the market work (support and resistances).

0.02
amen amen great post. can I get an amen lol
  • #179
  • Sep 23, 2008 8:00pm Sep 23, 2008 8:00pm
Quoting steelhead
You really dont want to play this game with me. Its a game you cannot win
Are you threatening me?

I see your games, and have no desire to play "bash everyone that does not see things my way". I'll take the high road and leave your miserable rantings. This is not a discussion, it is a an ego trip for you. Knock your self out.

I do win when I make a profit, I'll go do that now. Which is more than I can say for you.

FYI. The American all time trading champion, Robert Prechter Jr, achieved over 440% in 4 months using real money. His record stands nearly 30 years later. He is a Hall of Fame trader, author of a dozen books and courses, famous for calling market turns before they happen, and followed by over 100,000 subscribers, plus least of all he is my Elliott mentor.

Who are you?
  • #180
  • Sep 23, 2008 8:09pm Sep 23, 2008 8:09pm
Quoting FXoffshore
Are you threatening me?

I see your games, and have no desire to play "bash everyone that does not see things my way". I'll take the high road and leave your miserable rantings. This is not a discussion, it is a an ego trip for you. Knock your self out.

I do win when I make a profit, I'll go do that now. Which is more than I can say for you.

FYI. The American all time trading champion, Robert Prechter Jr, achieved over 440% in 4 months using real money. His record stands nearly 30 years later. He is a Hall of Fame trader, author of a dozen books and courses, famous for calling market turns before they happen, and followed by over 100,000 subscribers, plus least of all he is my Elliott mentor.

Who are you?
You dont know who i am? Im your daddy lol just messin man good luck to you

Offshore you started the game and asked me to play remember. I simply stated you wouldnt win that game thats all. Shall i post your post again that says i called out a live trade where are yours.

Conveniantly you leave that part out when saying you dont want to play that game. then state you dont want to play the game. How funny.

Anyways good luck with your trading this thread is moving forward.

Naysayers always have sour grapes.
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