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  • #4,421
  • Oct 17, 2008 7:27am Oct 17, 2008 7:27am
Quoting Knightz
plannin to start acc on 7k..
gonna start wif usin 1-2 lots per long/short
i think shud b normal acc...
any comments?
Yes, rule number 1: don't try to emulate Lehman Brother, AIG, and company.
Forget then the 2 lot/7k account.
Go for a max leverage to 1:5 max 1:10 when stop is very tight.

Then your saverage ize, with a 7k, should be between .3 to .7 lot.
You'll see profit this way, maybe.
GoodLuck
Max
  • #4,422
  • Oct 17, 2008 7:47am Oct 17, 2008 7:47am
Heard about risk/money management?

Well maybe you are not aware that if you trade a standard lot then 1 pip of EURUSD is worth 10 $.

This means if you want to practice proper money management and risk only 1% of your capital per trade, that is, 70 $, then you can afford, uhh, as much as 7 pips in the red (including spread of course!!). Not too much, these days. Would be stopped out before you get in.

In other words,

w8 dude, u gonna fukup big time if u do as u sez.

Quoting Knightz
plannin to start acc on 7k..
gonna start wif usin 1-2 lots per long/short
i think shud b normal acc...
any comments?
forget about tomorrow, just steal away into the night
  • #4,423
  • Oct 17, 2008 7:48am Oct 17, 2008 7:48am
I would like to thank these three traders. Houdini, who is my mentor and BRV and Iman for their insight and blogs. It is because of guys like these that I have been able to understand price action and behavior. In doing so, I have coined a phrase I don't think anyone else uses ( or haven't found it at least) called TSR. It stands for true support resistance. I think there are many methodologies that teach support and resistance but don't separate the wicks from the closings and even "certain" wicks on a candle that can jump out to you as very significant when defining TSR or a very sensative price level. When you can see that on a chart and it becomes second nature, it can turn your trading into success beyond what you ever dreamed. When you couple that with the psychology that you must have (which is probably the most important facet of gaining consistant results), you CAN be consistant and feel confident and without fear in every trade you take. That's not to say that you can "know" what the market is going to do, as you never "know" anything about this market except that it can do ANYTHING AT ANYTIME. If you do not truly believe this, I think you will find it difficult to attain success as you will expect something from the market in every single trade, when that is not realistic. I know, because it took nearly three years for me to finally believe that I cannot beat this market, no matter how much analysis I do, or how many hours of study I put in. This market is bigger than me, and many traders say that, but inside they do not believe it and that is evident in their trading portfolio. When you believe with all your heart that the market can do anything at anytime, you will ALWAYS protect yourself and take profit when it is given. I use SR to manage my trades just like I do to enter them. I am not promised a target, although many times it hits it, so I must secure profit for my trouble and pay myself something. I know this sounds simple, but boy it has been a battle for me to implement. I just posted this to contribute a little something here and hopefully someone can relate. Although we can see who is in the market at the time, based on our charts and price action, we cannot know who is getting ready to enter or exit the market nor how big the position. KNOWING and Believing that unknown fact will keep you in a mindset to consider your risk above all before you push the button. Keep that in mind when you trade this very volitile and low liquid market. Happy Trading.
  • #4,424
  • Oct 17, 2008 8:51am Oct 17, 2008 8:51am
Good post....have you read "Trading in the Zone"? If not, you should.


Quoting 4X4EVER
I would like to thank these three traders. Houdini, who is my mentor and BRV and Iman for their insight and blogs. It is because of guys like these that I have been able to understand price action and behavior. In doing so, I have coined a phrase I don't think anyone else uses ( or haven't found it at least) called TSR. It stands for true support resistance. I think there are many methodologies that teach support and resistance but don't separate the wicks from the closings and even \"certain\" wicks on a candle that can jump out to you as very significant when defining TSR or a very sensative price level. When you can see that on a chart and it becomes second nature, it can turn your trading into success beyond what you ever dreamed. When you couple that with the psychology that you must have (which is probably the most important facet of gaining consistant results), you CAN be consistant and feel confident and without fear in every trade you take. That's not to say that you can \"know\" what the market is going to do, as you never \"know\" anything about this market except that it can do ANYTHING AT ANYTIME. If you do not truly believe this, I think you will find it difficult to attain success as you will expect something from the market in every single trade, when that is not realistic. I know, because it took nearly three years for me to finally believe that I cannot beat this market, no matter how much analysis I do, or how many hours of study I put in. This market is bigger than me, and many traders say that, but inside they do not believe it and that is evident in their trading portfolio. When you believe with all your heart that the market can do anything at anytime, you will ALWAYS protect yourself and take profit when it is given. I use SR to manage my trades just like I do to enter them. I am not promised a target, although many times it hits it, so I must secure profit for my trouble and pay myself something. I know this sounds simple, but boy it has been a battle for me to implement. I just posted this to contribute a little something here and hopefully someone can relate. Although we can see who is in the market at the time, based on our charts and price action, we cannot know who is getting ready to enter or exit the market nor how big the position. KNOWING and Believing that unknown fact will keep you in a mindset to consider your risk above all before you push the button. Keep that in mind when you trade this very volitile and low liquid market. Happy Trading.
  • #4,425
  • Oct 17, 2008 10:02am Oct 17, 2008 10:02am
Quoting SeaPip
Good post....have you read \"Trading in the Zone\"? If not, you should.

yes, I am re-reading it again.
  • #4,426
  • Oct 17, 2008 10:41am Oct 17, 2008 10:41am
hi ,

is it option expiration day today ?


I read a lot about houdini trader , can someone post a link to his thread\blog please.

thanks.
  • #4,427
  • Oct 17, 2008 10:42am Oct 17, 2008 10:42am
Quoting 4X4EVER
I have coined a phrase I don't think anyone else uses ( or haven't found it at least) called TSR. It stands for true support resistance. I think there are many methodologies that teach support and resistance but don't separate the wicks from the closings and even \\"certain\\" wicks on a candle that can jump out to you as very significant when defining TSR or a very sensative price level.
I am a green newbie so please don't mind my question. I have been searching my charts to identify strong S/R levels and always choosing the tip of the candle's wick as the level to go for. Is that wrong? Should I be separating the wicks out and using just the closing levels?
Thx
  • #4,428
  • Oct 17, 2008 11:26am Oct 17, 2008 11:26am
Quoting spekitox
BRV elegantly draws an ellipse - but in fact it should be viewed as two separate spots. First, the left side of the ellipse is the bucket. The right side is when price hits the bottom of the bucket. I was mislead by the ellipse, I was looking for the U-shape above the ellipse. No no no. Left side: the bucket, right side: when it hits the bottom. Now all those ellipses in the PDF make good sense.

That's exactly what caused confusion for me too - I was looking at the U shape above/below the elipse. The video clarified all that, THANKS A LOT, BRV!
One Chart is Worth Ten Thousand Words.
  • #4,429
  • Oct 17, 2008 11:35am Oct 17, 2008 11:35am
Quoting Forex007
That's exactly what caused confusion for me too - I was looking at the U shape above/below the elipse. The video clarified all that, THANKS A LOT, BRV!
can u kindly illustrate further?
  • #4,430
  • Oct 17, 2008 12:04pm Oct 17, 2008 12:04pm
Quoting Knightz
can u kindly illustrate further?
Hi Knightz,

BRV's video should explain a lot (i recommend you watch it 5 or 6 times and then you will get it) :

http://nobrainertrades.blogspot.com/...t-pattern.html

Summary:

a) After a 'U shaped bucket' has been formed earlier, the trade is to go long when the price returns down to the upper level of the 'range' that formed the base of the bucket

and

b) After a 'n shaped bucket' has been formed earlier, the trade is to go short when the price returns up to the lower level of the 'range' that formed the base of the (upside down) bucket

My opinion is that you study this strongly as I am sure this could well be a successful trading method on its own!
  • #4,431
  • Oct 17, 2008 12:14pm Oct 17, 2008 12:14pm
After all this trying and explaining I am still unclear about buckets. i understand the concept and see them...but the problem is i see the everywhere.

I see them all the time and am now confused as to what I need to look for.

I attach an example where the last two buckets are pretty clear ( I think) but what about the ones I highlited before ?
Attached Image (click to enlarge)
Click to Enlarge Name: example.gif Size: 38 KB
The quality of your life is brought about by the quality of your thinking.
  • #4,432
  • Oct 17, 2008 2:33pm Oct 17, 2008 2:33pm
I'll be spending a lot of time this weekend on Post#1
of the thread! Awesome work putting it all together.
Thanks so much for your efforts!

Maybe everyone who hasn't done so should print out
and study the BRV S+R Trading pdf this weekend. That way we
are all on the same page and too many other methods,
even though they are all fine, don't creep in here and
confuse what BRV and others are trying to share with us.
Just my opinion.

Have a great weekend (studying and planning for next week)!


Also: Watch the bucket vid a few more times. LOL
  • #4,433
  • Oct 17, 2008 4:42pm Oct 17, 2008 4:42pm
Quoting Willowgal
After a 'n shaped bucket' has been formed earlier, the trade is to go short when the price returns up to the lower level of the 'range' that formed the base of the (upside down) bucket
Here's a visual aid of upside-down buckets.
The actual trade examples are probably not
too good. Just to help see what the pattern
is that's being discussed.
I hope I'm not mistaken!

Attached Image (click to enlarge)
Click to Enlarge Name: buckets.png Size: 43 KB
  • #4,434
  • Oct 17, 2008 4:45pm Oct 17, 2008 4:45pm
Quoting FXSurfer
Here's a visual aid of upside-down buckets.
The actual trade examples are probably not
too good. Just to help see what the pattern
is that's being discussed.
I hope I'm not mistaken!

Very good, thanks for that.......

Only thing is, I see a lot of buckets going the other way also. This is what I mean when I say I see them all over the place....

LOL
The quality of your life is brought about by the quality of your thinking.
  • #4,435
  • Oct 17, 2008 5:36pm Oct 17, 2008 5:36pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
I'm sure BRV's excellent video on buckets most likely cleared things up for most of you that are struggling with grasping them... but, anyway...

...here is an example of a textbook bucket pattern...

...and it's just coincidence [honest!!] that I selected an example that took-off like a rocket ...


Magnus
Attached Image (click to enlarge)
Click to Enlarge Name: 2008-10-17_GU_Bucket_1.gif Size: 24 KB
  • #4,436
  • Oct 17, 2008 5:58pm Oct 17, 2008 5:58pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Another couple of charts (before I get thrown out the thread )...

Both charts are the same... but [perhaps] show an example of taking a step back when looking for buckets - or any pattern for that matter...


Magnus
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2008-10-17_GU_Bucket_2a.GIF Size: 21 KB
Click to Enlarge Name: 2008-10-17_GU_Bucket_2b.GIF Size: 25 KB
  • #4,437
  • Oct 17, 2008 6:10pm Oct 17, 2008 6:10pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Right, this is the last, just to show buckets working upside-down...


Magnus
Attached Image (click to enlarge)
Click to Enlarge Name: 2008-10-17_GU_Bucket_3.gif Size: 24 KB
  • #4,438
  • Oct 17, 2008 6:34pm Oct 17, 2008 6:34pm
Perhaps stepping back a moment and recalling what this thread is all about, will help. By that I mean that the basis of all we do here is Support and Resistance.

So. The "inside" of the bucket wants to be either a recognizable support level or a resistance level. And as always, this level is stronger when it is confirmed by another S/R level, especiually one that can be seen on a higher time frame and has historical significance. A Fib retracement or extension level that coincides with this inside of the bucket would also be a plus. Some confirmation, then, will increase the probability that the level will be respected by price, when price next encounters it.

The bottom line, IMHO, is that not all buckets will give an edge to our trading. Only those that truly are legitimate support and resistance levels.

Seattlerust
  • #4,439
  • Oct 17, 2008 9:29pm Oct 17, 2008 9:29pm
Quoting BillyRayValentine
Super clean, easy short tonight on GBP - hope you guys caught this:

Billy Ray,

I saw this on my way out the door for supper. It looked like an "A" grade trade if I ever saw one. Would give this one a 9 on a 1 to 10 scale for setups?

It had multiple fibs lined up with good horizontal S/R and was a bucket pattern and price was choppy before it hit the level.

Thanks man.

Jason
May the fish in your stream of life always bite.
  • #4,440
  • Oct 17, 2008 10:52pm Oct 17, 2008 10:52pm
Thanks for the videos Billy Ray, keep up the great work...
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