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  • #701
  • Mar 16, 2009 10:13pm Mar 16, 2009 10:13pm
Hi all


goingforward......I see you have had a go at someone about the "not using" of indicators and Fibs. in WisdomFX method..


Maybe a little more reading on your part before you make those comments...

I think post #3

"ps-- i mentioned before that im always looking at PA around these levels for best entries as i cam but its not always possible to get perfect entry and exit
I use other usual indicators on 1 min to perfect entries as much as i can"


Also if you take a look on a few of the charts provided....you will see a comments up in the left hand corner of the chart..

" Set_Fibo_Default "

I am guessing that is some sort of Fib indicator used on the chart at some point....
  • #702
  • Mar 17, 2009 12:30am Mar 17, 2009 12:30am
i'm ok...

he thinks he has been making good profits (also no loss -exactly... I guess) from the free pips and he wants to continue enjoy that free service... adding noise did not show a benefit for him.
  • #703
  • Edited 4:45am Mar 17, 2009 3:38am | Edited 4:45am
while away from desk at meeting, a limit retrace order was hit... haha

i) blindly take power level from w? no...
ii) do I have to refer to other indicator in order to feel comfortable to place limit order? yes
iii) am I sure I can do it and 'no loss'? no... it's ok if it don't retrace at all, and it may wipe out my acc if it never retrace, it's high risk
Attached Image
  • #704
  • Mar 17, 2009 3:46am Mar 17, 2009 3:46am
hi all...

Well we do know he uses some sort of MM in his trading....but thats another part of the method he will not be telling anyone..

So far the things he will not tell are..

1/ how to make those levels...
2/ his MM , stop levels and such
3/ his 1/5 min charting and indicators used to get better entries to those hindsight trades..

So besides him giving out those levels.....seems he is telling no more than that...
  • #705
  • Mar 17, 2009 10:30am Mar 17, 2009 10:30am
Quoting billye
while away from desk at meeting, a limit retrace order was hit... haha

i) blindly take power level from w? no...
ii) do I have to refer to other indicator in order to feel comfortable to place limit order? yes
iii) am I sure I can do it and 'no loss'? no... it's ok if it don't retrace at all, and it may wipe out my acc if it never retrace, it's high risk
Very high risk, he is trading 2 standard lots according to the profits he posts and only taking around 20 pips. One fast large breakout with no immediate retrace and the account is gone unless he is very quickly willing to take a very large loss, equal to 2 weeks worth of gains, and does not stand around waiting for a quick retrace.
  • #706
  • Mar 17, 2009 11:07am Mar 17, 2009 11:07am
Quoting wwwin
Very high risk, he is trading 2 standard lots according to the profits he posts and only taking around 20 pips. One fast large breakout with no immediate retrace and the account is gone unless he is very quickly willing to take a very large loss, equal to 2 weeks worth of gains, and does not stand around waiting for a quick retrace.
That's what I don't like, for what regards me, I average a maximum of 3 times, and if cannot close at B/E, take a loss to the next level... of course huge loss.
The question is, how much often does it happen, more or less to overcome all the small profit you made every bounce?
The perfect method doesn't exist, the intelligence lays in ourself to continuously adapt systems to market changes, without account blow up.
  • #707
  • Mar 17, 2009 11:31am Mar 17, 2009 11:31am
Quoting Marzullo
That's what I don't like, for what regards me, I average a maximum of 3 times, and if cannot close at B/E, take a loss to the next level... of course huge loss.
The question is, how much often does it happen, more or less to overcome all the small profit you made every bounce?
The perfect method doesn't exist, the intelligence lays in ourself to continuously adapt systems to market changes, without account blow up.
yep. It is possible to have 90% or better winning % if you take quick profits and have large or no stops. But the trade that goes against you will kill all the profits. He doesn't say where his stops are, but if he claims 90% or 100%, for sure no stop or a very large stop.

CONCLUSION:

1. He has been lucky and is an accident waiting to happen, or
2. He is not telling you the losing trades, saying hind sight that he didn't take them, or
3. He is not trading at all and playing with the thread.
  • #708
  • Edited 4:56pm Mar 17, 2009 4:45pm | Edited 4:56pm
hi all..


WWWIN......I have seen some of his trades that have 1.5 lots, 2.5 lots and 3 lots.....so not just 2..


Well , now he is busy so wont be doing much trading of that sounds familar....another recent trader stopped posting trades when questions were being asked of the method.....time will tell

Oh nice to see that the New members (march) on wisdoms thread are doing well...

There is another forum that deals pretty much only with S/R levels....Forex4Noobs.com
  • #709
  • Mar 18, 2009 2:57am Mar 18, 2009 2:57am
hi all...

Jst getting some trading time in now....and noticed not much activity on that other thread from all the followers discussing possible entry points and such....
  • #710
  • Edited 3:53am Mar 18, 2009 3:39am | Edited 3:53am
haha, I traded self picked different entries and his p-level is probably okey in terms of resistance strenth > risk taken to be in red.

I see EU 1.294, 1.298, 1.305 and 1.3074 and GU 1.397 are probably some good levels... (for the past, don't do it for future)

not sure if he program our mind so we look at those levels differently.
(actually they are not so big difference with history resistance price average, but how to accurate to +-5pip is a question)

the only thing is need to look at other indicator, a level touched different times will have different bounce, definitely not every time can retrace/rebounce 20pips.

I begin to think that if only do 1 trade a day or a week,

major resistance bounce off 5 pips might be a valid trading method.

effort consumption also relatively lower, just set limit order and wait for levels to be touched and rebounce (just before touch need to watch closely)... while waiting can do something else.

compared with live trading I did after dow open, his resistance bounce offs have better reward/risk ratio,

the main risk it carried is if trend don't return, then in red, so doing it on the beginning of a widely believe no direction day is safer... it could return to the level because of no direction.
  • #711
  • Mar 18, 2009 3:52am Mar 18, 2009 3:52am
Quoting billye
haha, I traded self picked different entries and his p-level is probably okey in terms of resistance strenth > risk taken to be in red.

I see EU 1.294, 1.298, 1.305 and 1.3074 and GU 1.397 are probably some good levels... (for the past, don't do it for future)

not sure if he program our mind so we look at those levels differently.

the only thing is need to look at other indicator, a level touched different times will have different bounce.

I begin to think that if only do 1 trade a day or a week,

major resistance bounce off 5 pips might...
True, I would rather have this approach, for very important levels, just bet on first bounce. It could happen 1 trade/day or nothing and then the next day, more than 1 an so on, average 1 trade/day and it's a good complementary method.
  • #712
  • Edited 10:20am Mar 18, 2009 9:52am | Edited 10:20am
Quoting billye
effort consumption also relatively lower, just set limit order and wait for levels to be touched and rebounce (just before touch need to watch closely)... while waiting can do something else.
.
If you use a limit order what guarantee do you have that it would not be executed while you are doing something else and continue on its way. You would have to watch the limit order like a hawk, that is not low effort consumption.
The only way would be to use a broker that allows contingent if touched order activation, and then the order would have to be an entry stop order not a limit order, to execute while going away from the power level, and with a preset take loss and profit, that is if you want low effort as you say.
  • #713
  • Mar 18, 2009 10:25am Mar 18, 2009 10:25am
Quoting wwwin
The only way would be to use a broker that allows contingent if touched order activation, and then the order would have to be an entry stop order not a limit order, to execute while going away from the power level, and with a preset take loss and profit, that is if you want low effort as you say.

hi wwwin .. coukd u explain this for me please?
Never sell @ lower upward channel unless breacked and vise versa .
  • #714
  • Edited 11:20am Mar 18, 2009 10:42am | Edited 11:20am
Quoting WedWed
hi wwwin .. coukd u explain this for me please?
http://individuals.interactivebroker...?ib_entity=llc

and if the if touched entry stop is not available as an order type, you can still do it with a conditional entry stop order
http://individuals.interactivebroker...?ib_entity=llc
  • #715
  • Mar 18, 2009 2:08pm Mar 18, 2009 2:08pm
Oh no, the power levels on EURUSD got smashed by about 370 pips in 30 minutes today. I wonder what would be the excuse for not taking the PL trade..a power outage? LOL
Good enough move to kill off the 20 pip profits for the two weeks and more. Just as predicted.
http://www.forexfactory.com/showpost...&postcount=705
  • #716
  • Mar 18, 2009 2:36pm Mar 18, 2009 2:36pm
Quoting wwwin
Oh no, the power levels on EURUSD got smashed by about 370 pips in 30 minutes today. I wonder what would be the excuse for not taking the PL trade..a power outage? LOL
Good enough move to kill off the 20 pip profits for the two weeks and more. Just as predicted.
http://www.forexfactory.com/showpost...&postcount=705
Here is why discretion is needed and no automatic system could ever exist.
When I have seen that 1 min. long bar I havn't acklowledged any signal coming from my systems, I just stopped everything for the whole day, when volatility will come back to normal levels, I'll turn on my systems again.

When such things happen, switch everything off and go with the market... at your own risk... for me today as been very good
Plus don't backtest these days !!! this has nothing to do with normal behaviour... It's like test evaluate a man while he's drunk !

When there is obviously something exceptional happening, exceptional rules need to apply ...
I hope someone was long with leverage ...
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Click to Enlarge Name: exceptional.png Size: 8 KB
  • #717
  • Mar 18, 2009 4:58pm Mar 18, 2009 4:58pm
New power levels are 150 pips away after a sustained breakout. I guess they won't trade for 2 weeks, and miss a nice uptrend..it's illogical to wait 2 weeks to make 20 pips when you can make 500 pips in 2 days, and much more if you can stand some fluctiation in profits, are not overleveraged, and have patience to ride it to 1.400 and beyond.
  • #718
  • Mar 18, 2009 5:08pm Mar 18, 2009 5:08pm
Hi all..

This arguement about not backtesting on days of news....well why backtest at all....there is some News from somewhere on most days....specially since the financial problems around the world....

There is really no way you can determine what News will or will not move the market....I have seen small news item make biig moves....


And WWWIN ...I have not bothered to post much the last day or so....because like Shakes...he is not trading much....its all.." take a look at what you could have traded " stuff....and we can all look at a chart and see what we COULD have traded....lol......most there on the thread seem to like the hindsight trading as none post trades after entry...but all have success and no losses....lol
  • #719
  • Mar 18, 2009 5:16pm Mar 18, 2009 5:16pm
Quoting Angler
Hi all..

This arguement about not backtesting on days of news....well why backtest at all....there is some News from somewhere on most days....specially since the financial problems around the world....

There is really no way you can determine what New will or will not move the market....I have seem small news item make biig moves....


And WWWIN ...I have not bothered to post much the last day or so....because like Shakes...he is not trading much....its all.." take a look at what you could have traded " stuff....and we can all look at a...
You are absolutely correct, just the other day there was a sustained move w/o any news at all that begin the current uptrend. Well I guess the second best trader in the world, second only to the former object of our affection, is so confident of his system that he foregoes clear uptrends and sustained breakouts, where large profits are, to take 20 pip profits. He counter-trend trades not only ranging markets, where he should, but also does it in trending times. I guess when your winning % is 100% you can afford to do that.
  • #720
  • Edited 7:25am Mar 19, 2009 7:03am | Edited 7:25am
hi all..


well so much for the level....1.3584.....shot thru it by about 50+pips..

and while waiting for a bounce from that level and higher....you miss out on a 100+ pip move up...


Update.....jst shot thru the 1.3636 to 1.3666 region by about 20 pips......

But lets face it..he will say he would not have taken the first trade but took/ or would have taken the second....even though it went through the entire range and out the other side.....
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