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  • #47,081
  • Nov 25, 2008 8:09pm Nov 25, 2008 8:09pm
forgot attachment on previous post.
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  • #47,082
  • Nov 25, 2008 8:10pm Nov 25, 2008 8:10pm
interesting 12hr chart...
support on the 62 and resistance at the 89 (currently 3060ish).

UTL is up a'rd 3104ish. tick tock...

1hr gann not quite crossed on this last candle, and mom has barely crossed the 0 line and pointing down as well. Lower 1hr BB is currently 4pips beneath the DP, so that will take some oomph to get thru for lower targets. asia doesn't seem to be interested at this point. trichet speaking at london open.

my accucharts has confirmed a cross for the down on 20m thru 1hr, 2hr is still out to lunch. I'm leaving my single short from 3026 open to drift ever so slowly down to the tp at the dp with a +1 pip locked in. i hope.

be back later. i hope.
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FUBAR...
  • #47,083
  • Nov 25, 2008 8:12pm Nov 25, 2008 8:12pm
Quoting Jay Walker
Hello!

My name is Jay and I post here "occasionally".

I've been in a long since 2823 got hit and in another one since 3035 (one on the daily chart, the other my first attempt at the weekly chart).

Because of the possibility of the market fluctuating up, down or sideways, I decided to apply for TARP money to hedge my bets...that situation is developing.
jay we now have TALF as well, go for all of it. i am.
FUBAR...
  • #47,084
  • Nov 25, 2008 8:12pm Nov 25, 2008 8:12pm
.... this one is really the last one!
Simple 15min Symmetric channel with cross line inside.

Zones to watch - Dark spots. if cross first line so possible trade to other, if cross symmetric channel, wait at least 50 pips below, but lately when I see this crosses, we can see more than that.

I hope I have help you guys with some tips.

Good night.
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  • #47,085
  • Nov 25, 2008 8:16pm Nov 25, 2008 8:16pm
Quoting Driver55

Depends on the circumstances ..


This time I unlocked everything ... and for this reason that rigid lock everything if Pa returns over 3080

Thanks. My mind works with your and Psiholog's strategies. Trying to combine these two. Jay Walker's methods are beyond my comprehension. I am learning from you with a modification only to build on with hedges in ascending numbers and unlock in deceding numbers - means add position 1+1+1+1+1+1 ..... but ulock 3+2+1. When to unlock comes from Psiholog's if I correctly understand his method. He has a Psiholog Law that every gap ultimately fills in. He is right most of the times.
The Thief of Wall Street
  • #47,086
  • Nov 25, 2008 8:23pm Nov 25, 2008 8:23pm
Quoting ak4x
i'm fine. evening started off ok with a little downside mom that has since dried up. took 35 on that first trade to my tp which then ran on some more, but that's the way that system goes. like I said, i needed to get some of the discipline from that method back into my numbskull. the trend trading is ez pips but makes me lazy, dull, and dimwitted. (no snickering.. )

it's not about pips I lost or left on the table, cuz I didn'y LOSE any pips, and I took from the table everthing I wanted, so what's not to like?

currently re-entered on...
Was away watching evening tv with my daughter. My trading's been going OK, but... Same old problem. I'm getting better at catching PIPs - caught 300 or so today, and most days are 100-150, but I am still stubborn about use of stop loss - primarily because I don't trust my broker. It's software, and I feel like they know everything I'm doing. Right or wrong?

I spent most of last night generating pips and hedging. Buy, tp, pa falls back, regain equity, buy again, you get the picture.

Hey, gotta go back to tv with daughter. AK4X, Thanksgiving is my favorite holiday of the year, probably for obviously reason. This year, I've got Forex and a bunch of helpful guys like you to be thankful. Best in trading to you.

Ed
Up or down, gimme a ticket
  • #47,087
  • Nov 25, 2008 8:27pm Nov 25, 2008 8:27pm
Quoting Chicky
Thanks. My mind works with your and Psiholog's strategies. Trying to combine these two. Jay Walker's methods are beyond my comprehension. I am learning from you with a modification only to build on with hedges in ascending numbers and unlock in deceding numbers - means add position 1+1+1+1+1+1 ..... but ulock 3+2+1. When to unlock comes from Psiholog's if I correctly understand his method. He has a Psiholog Law that every gap ultimately fills in. He is right most of the times.

First of all I use hedging only if I have to defend my position.
Release at levels that I consider important, such as the 3060. But I am also ready to lock again as I have said.
The actual situation is still very dangerous for shorts.
Personally, as I have said does not use a law to unlock 1, 2 or all.
Depends on the situation.

Around the gaps .. depends on the market ..
For example on futures markets .. gaps are frequent and it is not said that will be closed in the short term.

The best thing that can happen to you is to find out where you're wrong.
  • #47,088
  • Nov 25, 2008 8:28pm Nov 25, 2008 8:28pm
Quoting ak4x
jay we now have TALF as well, go for all of it. i am.
Tarp and Talf. Can I have MILF too?
Not all sins are created equal
  • #47,089
  • Nov 25, 2008 8:31pm Nov 25, 2008 8:31pm
thank you 786 and doblece
  • #47,090
  • Nov 25, 2008 8:35pm Nov 25, 2008 8:35pm
Quoting Driver55

First of all I use hedging only if I have to defend my position.

Release at levels that I consider important, such as the 3060. But I am also ready to lock again as I have said.
The actual situation is still very dangerous for shorts.
Personally, as I have said does not use a law to unlock 1, 2 or all.
Depends on the situation.


[left]Around the gaps .. depends on the market ..

For example on futures markets .. gaps are frequent and it is not said that will be...
Thanks. I got it and will always keep in mind while trading. Yes, we use locks only to protect our positions. Level of unlocking will depend on market behavior and our comfort level. Thanks again for this very good piece of advice.
The Thief of Wall Street
  • #47,091
  • Nov 25, 2008 8:42pm Nov 25, 2008 8:42pm
Quoting Chicky
Thanks. My mind works with your and Psiholog's strategies. Trying to combine these two. Jay Walker's methods are beyond my comprehension. I am learning from you with a modification only to build on with hedges in ascending numbers and unlock in deceding numbers - means add position 1+1+1+1+1+1 ..... but ulock 3+2+1. When to unlock comes from Psiholog's if I correctly understand his method. He has a Psiholog Law that every gap ultimately fills in. He is right most of the times.
just wanted to make sure you fully understand what gap means to me. this applies to 5min chart and higher but it is not always true. a gap does get filled 75% of the time...it is price that was skipped for one reason or another. What normally happens is to fill that price especially in a ranging market. The only time gaps do not apply fully is when there is a breakout. At that point the gap itself becomes a resistance or support and it will take some massive effort to push it back above that point. Here is 2 examples the current situation and yesterdays situation.

1)Yesterday....after the high was reached we reached a consolidation period all the way to 1.2800. Many many gaps in the process which confused me big time...thats why i didnt keep overnight short position while i slept. As it turns out all those gaps were filled and more.

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2)the current situation...as is customary lately after the ny session we slowly started drifting downwards in this case towards 1.3000 . At this time i see 2 gaps that are relevant...one at the very high. So...we dont know yet what will happen but do know that 75% of the time those gaps get filled unless there is a breakout in which case they become support or resistance. Note that the 1.3035 gap was not touched on this last attempt at a run up meaning it should be resistance now

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Also note that i described 2 scenarios on the 5min chart. This however applies to all time frames larger then 5min and get more accurate the higher we go..thats if the broker represents the correct close/open of candlesticks and there is no bad data feed
Different opinions highly valued, ignorant to slander.
  • #47,092
  • Nov 25, 2008 8:50pm Nov 25, 2008 8:50pm
Quoting psiholog
just wanted to make sure you fully understand what gap means to me. this applies to 5min chart and higher but it is not always true. a gap does get filled 75% of the time...it is price that was skipped for one reason or another. What normally happens is to fill that price especially in a ranging market. The only time gaps do not apply fully is when there is a breakout. At that point the gap itself becomes a resistance or support and it will take some massive effort to push it back above that point. Here is 2 examples the current situation and yesterdays...

Sorry Psi,

I believe it is appropriate to say that the gap of which you speak not of great importance for the following reasons:

1.) Most of the gap that you have on your chart are not present in mine.
This could mean that depend on your broker.

2.) Gaps on 5Min .. not have almost no value.

I am talking about opening gap in the market .. in our case only Sunday.

The best thing that can happen to you is to find out where you're wrong.
  • #47,093
  • Nov 25, 2008 9:00pm Nov 25, 2008 9:00pm
Quoting Driver55

Sorry Psi,



I believe it is appropriate to say that the gap of which you speak not of great importance for the following reasons:


1.) Most of the gap that you have on your chart are not present in mine.
This could mean that depend on your broker.


2.) Gaps on 5Min .. not have almost no value.



I am talking about opening gap in the market .. in our case only Sunday.

this gaps are not the traditional gaps you may be thinking of. It is not the friday close to sunday open that we all know so well. This gap system that i observed in all my time studying pa is more of an indicator as to what is likely to come next...in the short term to help trading decisions...call it..an extension to my study of price action psychology...as i use no indicators its quite useful to me
Different opinions highly valued, ignorant to slander.
  • #47,094
  • Nov 25, 2008 9:01pm Nov 25, 2008 9:01pm
Quoting psiholog
..thats if the broker represents the correct close/open of candlesticks and there is no bad data feed
Maybe the broker WANTS to send a bad data feed .....
  • #47,095
  • Nov 25, 2008 9:05pm Nov 25, 2008 9:05pm
Quoting TradeWell
Maybe the broker WANTS to send a bad data feed .....
your right so it could be broker related only in which case what i say only applies to IBFX haha...i dont know its kind of hard to use this "gap" thing anyways as it requires constant attention to pa..like right now...notice all the small gaps on the 5min chart...all of those will get filled sooner or later...its a signal there is no strength behind the move...that does not mean we will not continue down but first we must get this nonsense out of the way haha
Different opinions highly valued, ignorant to slander.
  • #47,096
  • Nov 25, 2008 9:06pm Nov 25, 2008 9:06pm
Quoting SpecialEd
Was away watching evening tv with my daughter....
I really doubt that it matters if the brokers know what you are doing. They need to know what direction you are trading obviously so that they can hedge. THey can't really spike you out too easily since these days everyone has multiple brokers or they have one main broker and then a demo account with someone else. If they screw you with spikes etc then it's surely bad business for them.

I don't know. But I have noticed that Oanda and fxpro work pretty much same price. I use Oanda as my Live account and Fxpro (MT4) as my demo account. I use MT4 since it has better charting indicators and such.
  • #47,097
  • Nov 25, 2008 9:08pm Nov 25, 2008 9:08pm
Quoting psiholog
this gaps are not the traditional gaps you may be thinking of. It is not the friday close to sunday open that we all know so well. This gap system that i observed in all my time studying pa is more of an indicator as to what is likely to come next...in the short term to help trading decisions...call it..an extension to my study of price action psychology...as i use no indicators its quite useful to me
Metatrader gaps all the time because it only updates when the price has changed. See your 1 minute chart, it has gaps from bar close to the next bar open on every single bar.

OANDA on the other hand rarely gaps, because it updates every few seconds and shows a flat bar if the price has not moved.
  • #47,098
  • Edited 9:11pm Nov 25, 2008 9:09pm | Edited 9:11pm
Quoting psiholog
just wanted to make sure you fully understand what gap means to me. higher we go..thats if the broker represents the correct close/open of candlesticks and there is no bad data feed
I really appreciate you explaining the Gap concept. I was not 100% right about it calculation. I used vertical lines.

What I have observed over several months, watching PAs and verious time-frame charts is that price always looks for conslidation and therefore after every steep move it retraces to establish a new resistence/support. 75% of the time, the point at which a break ends becomes the outer boundary of the new range it forms, some times this outer boundary is further away in the direction of the break. Yesterday was strange. Price did not move up in one, two or three steep moves, it was like somone trying kill the upward move at regular intervals. That is why it was in a stairs like steps. However, it did retract to some extent. I use these retractions as my edge and look for conslidation more than a break itself.
The Thief of Wall Street
  • #47,099
  • Nov 25, 2008 9:10pm Nov 25, 2008 9:10pm

Well guys ..
I´m back in a couple of hours.


Remain short and if it come at 3085.. then hedging .
Bye

The best thing that can happen to you is to find out where you're wrong.
  • #47,100
  • Nov 25, 2008 9:11pm Nov 25, 2008 9:11pm
Quoting Jay Walker
Tarp and Talf. Can I have MILF too?
Sorry Jay. Had a terriffic post ready to go but; No Way: this is not the Board to explore that vector.
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