DislikedYou are looking for price to touch the PP or Psych level... retrace and the move back to that level.
Does that make sense?
MikeIgnored
- #35,782
- Oct 1, 2008 4:00pm Oct 1, 2008 4:00pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
The rest is noise... including the advice on here...
FUBAR...
- #35,783
- Oct 1, 2008 4:08pm Oct 1, 2008 4:08pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
Mike, you'd have loved this... Jeff Macke on Fast Money, (the shaved head guy) has a big dollar long position. The moderator guy asks him "How do you justify that with all the threat in the news against the dollar... How can you hold that position?"
Jeff holds his hands over his ears, and says "I don't listen to it, cuz sure the dollar is screwed up, sure we're screwed up, but the rest of the world is even more screwed up. So I'm dollar long."
I know... I'm preachin to the choir.
Jeff holds his hands over his ears, and says "I don't listen to it, cuz sure the dollar is screwed up, sure we're screwed up, but the rest of the world is even more screwed up. So I'm dollar long."
I know... I'm preachin to the choir.
FUBAR...
- #35,785
- Edited 4:57pm Oct 1, 2008 4:14pm | Edited 4:57pm
- Joined Mar 2007 | Status: Trader | 3,709 Posts
Mike, you'd have loved this... Jeff Macke on Fast Money, (the shaved head guy) has a big dollar long position. The moderator guy asks him "How do you justify that with all the threat in the news against the dollar... How can you hold that position?"
Jeff holds his hands over his ears, and says "I don't listen to it, cuz sure the dollar is screwed up, sure we're screwed up, but the rest of the world is even more screwed up. So I'm dollar long."
I know... I'm preachin to the choir.
All of them own hedge funds or are professional traders.
The moderator guy is awesome - he has a gift of explaining things so even I can understand them.
He broke down mortgage backed securities and my mother and law said - "Wow - that's it?"
No - that wasn't it... but the guys knows his shit.
- #35,786
- Oct 1, 2008 4:17pm Oct 1, 2008 4:17pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
Mike, you'd have loved this... Jeff Macke on Fast Money, (the shaved head guy) has a big dollar long position. The moderator guy asks him "How do you justify that with all the threat in the news against the dollar... How can you hold that position?"
Jeff holds his hands over his ears, and says "I don't listen to it, cuz sure the dollar is screwed up, sure we're screwed up, but the rest of the world is even more screwed up. So I'm dollar long."
I know... I'm preachin to the choir.
- #35,787
- Oct 1, 2008 4:23pm Oct 1, 2008 4:23pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...
- #35,788
- Oct 1, 2008 4:24pm Oct 1, 2008 4:24pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...
- #35,789
- Oct 1, 2008 4:29pm Oct 1, 2008 4:29pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #35,791
- Oct 1, 2008 4:35pm Oct 1, 2008 4:35pm
- Joined Mar 2007 | Status: Trader | 3,709 Posts
thanks man.i just saw your video on the pivot point system. how would you have traded today since price did not hit the pivot point for the day .4179. i got the picot calc from your forum on pivot point. pls enlighten me further. how does algridas get several pivot points during the sessions for entries?
A whopping 19 PIPS.
The worst day this week and I'm happy.
Weekly total around 90... not going to win any PIP awards... but my max drawdown last month was 20 PIPS. This week... 9 PIPS. (drawdown)
You can see I didn't trade the trend line break... my azz was passed out on the bed and I didn't wake up until 8:20am when half the move was over.
I did notice some insider trading though - seems like a lot of traders were short prior to the release...HMMMMM???
Either way - my trading goal is different from most.
I'm more interested in capital preservation than I am about missing a trade or move.
PS - How many traders on this site or any other would be willing to post their trades day after day...month after month? Very few? Why? Most on this forum don't win every day or even every week... most are full of shit.
Your goal should be consistency. Learn to take money out of the market day after day.
- #35,792
- Oct 1, 2008 4:44pm Oct 1, 2008 4:44pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
thank you. i do hope i'm not a bother here as i'm learning. yet you could also give attention to gurus like psiholog etc.i noticed that in your chart,you have number of pysch level different from 00 or 50. e.g .80, .20. how did u arrive at those as psych levels?
please how can i draw an intra day trend line or draw a trend line for that matter?
thank you
...i like that...whether i am one or not...debatableother then 00 and 50
-i do not use psych levels i do not use pivot points
-i use market sentiment to dictate my entry points (example if i feel bearish i buy on any retracement to higher values)
to determine those values i use fibs based on either intraday..current low to high or high to low...or the longer term fibs...this too is debatable of when and how i use...it really dependson the situation
-i make great usage of certain patterns triangles/channels/wedges...these are psych supports/resistances which many times lead to breakouts...the bigger and longer the pattern is...the bigger the movement that follows
to draw trend lines i connect the highest spikes of any candlesticks(15min chart,1h chart or 4h chart depends on the situation) and the lowest spikes...a good example is that chart in which i show the current descending triangle...keep this in mind though...if i see a descending triangle on 4hour chart lets say...but then there are candlesticks that break the trend....sometimes i redraw the line connecting with the new spike as i did today(this too is debatable)
in other words...my method is not something that can be taught, it adapts given the situation and i adapt with it..whether my goal is 40pips or 200...hope this helps...if i was reading id say that psiholog is smoking crack
Different opinions highly valued, ignorant to slander.
- #35,795
- Oct 1, 2008 4:48pm Oct 1, 2008 4:48pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #35,796
- Oct 1, 2008 4:52pm Oct 1, 2008 4:52pm
- Joined Mar 2007 | Status: Trader | 3,709 Posts
guru
other then 00 and 50
-i do not use psych levels i do not use pivot points
-i use market sentiment to dictate my entry points (example if i feel bearish i buy on any retracement to higher values)
to determine those values i use fibs based on either intraday..current low to high or high to low...or the longer term fibs...this too is debatable of when and how i use...it really dependson the situation
-i make great usage of certain patterns triangles/channels/wedges...these are psych supports/resistances which many times lead to breakouts...the bigger and longer the pattern is...the bigger the movement that follows
to draw trend lines i connect the highest spikes of any candlesticks(15min chart,1h chart or 4h chart depends on the situation) and the lowest spikes...a good example is that chart in which i show the current descending triangle...keep this in mind though...if i see a descending triangle on 4hour chart lets say...but then there are candlesticks that break the trend....sometimes i redraw the line connecting with the new spike as i did today(this too is debatable)
in other words...my method is not something that can be taught, it adapts given the situation and i adapt with it..whether my goal is 40pips or 200...hope this helps...if i was reading id say that psiholog is smoking crack
There are no GURUS on this site... there are some solid traders with great strategies that give their time and analysis freely... psiholog is one of them.
You want a guru... here he is: http://en.wikipedia.org/wiki/John_D._Arnold
5+ years with monthly returns averaging around 40%. NO OTHER trader in history comes close. He ain't trading a mini account either.
My hedge fund buddies and their cronies believe he's the best TRADER ever.
- #35,797
- Oct 1, 2008 4:56pm Oct 1, 2008 4:56pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
It's not debatable.
There are no GURUS on this site... there are some solid traders with great strategies that give their time and analysis freely... psiholog is one of them.
You want a guru... here he is: http://en.wikipedia.org/wiki/John_D._Arnold
5+ years with monthly returns averaging around 40%. NO OTHER trader in history comes close. He ain't trading a mini account either.
My hedge fund buddies and their cronies believe he's the best TRADER ever.
..forex only though..stock market=manipulation and insider information...screw that
Different opinions highly valued, ignorant to slander.
- #35,798
- Oct 1, 2008 4:58pm Oct 1, 2008 4:58pm
- Joined Mar 2007 | Status: Trader | 3,709 Posts
hey hey now im 22...i got plenty of time
You got time.
Here's a screen print of my trades.
A whopping 19 PIPS.
The worst day this week and I'm happy.
Weekly total around 90... not going to win any PIP awards... but my max drawdown last month was 20 PIPS. This week... 9 PIPS. (drawdown)
You can see I didn't trade the trend line break... my azz was passed out on the bed and I didn't wake up until 8:20am when half the move was over.
I did notice some insider trading though - seems like a lot of traders were short prior to the release...HMMMMM???
Either way - my trading goal is different from most.
I'm more interested in capital preservation than I am about missing a trade or move.
PS - How many traders on this site or any other would be willing to post their trades day after day...month after month? Very few? Why? Most on this forum don't win every day or even every week... most are full of shit.
Your goal should be consistency. Learn to take money out of the market day after day.
- #35,800
- Oct 1, 2008 5:09pm Oct 1, 2008 5:09pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
He didn't make his first billion until he was in his mid thirties.
You got time.
anyways my strategy is simple..150pips per day...1dollar pips for each 1000$ dollars...5$ pips for 5000$ dollars and so on....emotion is not something that affects me while trading anymore therefore increasing pip value is not an issue. in essence i can increase exponentially in a short period of time
the only problem i have which i am still struggling is the startup capital
...i intend to win the ibfx contest in november though with a mini account start value 250$ so that will be my startup capital
....50cent pips for the first week and 1dollar pips for the last 3 weeks...that increases a 250dollar account to 2850 in 4 weeks and probably the highest gain that contest ever saw...i know i can do it
Different opinions highly valued, ignorant to slander.