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  • #9,961
  • Mar 25, 2009 9:33am Mar 25, 2009 9:33am
Ok Geitner and his comments can hang around for the time being.

I glanced away from my charts for 2 seconds to find my buy stop at 1.3515 executed and on fire!! Ahhhhhhhh!

How is everyone? Long time no speak. I started mushing together some stuff last night to go ahead and post away but never got finished.

Glad to see the thread still alive and kicking!
Attached Image (click to enlarge)
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  • #9,962
  • Mar 25, 2009 9:34am Mar 25, 2009 9:34am
Quoting RedCabbage

Eurgbp

9281

Usdjpy

9800
There go 2 more.

I got one not the other.
  • #9,963
  • Mar 25, 2009 9:36am Mar 25, 2009 9:36am
Quoting BillyRayValentine
Ok Geitner and his comments can hang around for the time being.

I glanced away from my charts for 2 seconds to find my buy stop at 1.3515 executed and on fire!! Ahhhhhhhh!

How is everyone? Long time no speak. I started mushing together some stuff last night to go ahead and post away but never got finished.

Glad to see the thread still alive and kicking!

OMG BRV WB!
AVones BEEN MISSING YOU!
  • #9,964
  • Mar 25, 2009 9:40am Mar 25, 2009 9:40am
Welcome back BRV, how are you doing?


Walt
  • #9,965
  • Mar 25, 2009 9:40am Mar 25, 2009 9:40am
hey BRV, is really good to see you again. And maybe you can help me with this. I usually use the daily fibo to try to see much better some sup or res.
But what happens if a big reaction because some news breaks my points. Should I forget those points and draw another fibo line, or can I still work with the old one. I attached my example.
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  • #9,966
  • Mar 25, 2009 9:41am Mar 25, 2009 9:41am
Quoting RedCabbage
1hr and upwards for my s/r.

30m 15m and 5m for PA.

No I don't wait for candle closes all the time but I always look to see if they are closing anywhere significant.
Can you tell me what PA stands for? I am not familiar with it...
  • #9,967
  • Mar 25, 2009 9:41am Mar 25, 2009 9:41am
Any new lessons or updates to the support/resistance strategy? In heavy trends it seems to take a beating...


Walt
  • #9,968
  • Mar 25, 2009 9:41am Mar 25, 2009 9:41am
Quoting jones247
Welcome back BRV, how are you doing?


Walt

All is well! Side projects kept me busy for a while but need a break from this morning's activity, so thought I would go ahead and post. Everyone making $$$!!!?
  • #9,969
  • Mar 25, 2009 9:44am Mar 25, 2009 9:44am
Quoting Concept
Can you tell me what PA stands for? I am not familiar with it...
Price Action
  • #9,970
  • Mar 25, 2009 9:44am Mar 25, 2009 9:44am
Quoting jones247
Any new lessons or updates to the support/resistance strategy? In heavy trends it seems to take a beating...


Walt
Hi Walt, Support and resistance trading isn't all about going against the trend. Plenty of opportunities to go in line with the trend based on these principles as well; in fact most of my trades are usually in line with an underlying trend.
  • #9,971
  • Mar 25, 2009 9:47am Mar 25, 2009 9:47am
Hey Billy

How are you? Glad to see you back!

Quoting BillyRayValentine
Hi Walt, Support and resistance trading isn't all about going against the trend. Plenty of opportunities to go in line with the trend based on these principles as well; in fact most of my trades are usually in line with an underlying trend.
BANDA333
  • #9,972
  • Mar 25, 2009 9:48am Mar 25, 2009 9:48am
Quoting lafedgar
hey BRV, is really good to see you again. And maybe you can help me with this. I usually use the daily fibo to try to see much better some sup or res.
But what happens if a big reaction because some news breaks my points. Should I forget those points and draw another fibo line, or can I still work with the old one. I attached my example.
I would just draw it from the highest high to the lowest low. In this case, 1.3735 or so down to 1.3415. Keep it simple, and make sure its obvious to the rest of the world.

In this kind of situation, though, going to be hard using fibs as a meter. Just regular price action. Pretty much everything got blown out because of this spike.
  • #9,973
  • Mar 25, 2009 10:04am Mar 25, 2009 10:04am
Quoting BillyRayValentine
All is well! Side projects kept me busy for a while but need a break from this morning's activity, so thought I would go ahead and post. Everyone making $$$!!!?
Hi BRV... thanks for all u hv share... its inspire me a lot.. mmm.. I wanna ask some questions.. im a newbie in no brainer.. I always follow the rule.. but its seems like the most of my trade goes to break even after I move the stop loss to break even.. if I see your trading performance its at the average of 132 pips per trade.. its really unlikely with my trade.. what seems to be the problem? exit strategy? would you share more about your exit stategy?

thanks....
I draw a line for u... a support line.. not a resistance one..
  • #9,974
  • Mar 25, 2009 10:06am Mar 25, 2009 10:06am
Quoting RedCabbage
Price Action
Well now I feel stupid for asking that.

Thanks RC! =)
  • #9,975
  • Mar 25, 2009 10:10am Mar 25, 2009 10:10am
Quoting left_trader
Hi BRV... thanks for all u hv share... its inspire me a lot.. mmm.. I wanna ask some questions.. im a newbie in no brainer.. I always follow the rule.. but its seems like the most of my trade goes to break even after I move the stop loss to break even.. if I see your trading performance its at the average of 132 pips per trade.. its really unlikely with my trade.. what seems to be the problem? exit strategy? would you share more about your exit stategy?

thanks....
I would always say just start from the beginning and only take trades that have a wide and reasonable profit target....here alot of times we use the example of 150 pips. You can then just do some basic math to establish a good risk/reward scenario of atleast 3 to 1. Doing that, only 3 of every 10 trades need to hit the entire profit target to be profitable.

The exapmles here can be bad sometimes because I posted the maximum amount of pips per trade that could have been achieved. Theres a post I wrote a while ago that might help with this 'basic math behind making the most of your trades". Try to be as systematic with it as you can.
  • #9,976
  • Mar 25, 2009 10:19am Mar 25, 2009 10:19am
Quoting BillyRayValentine
I would always say just start from the beginning and only take trades that have a wide and reasonable profit target....here alot of times we use the example of 150 pips. You can then just do some basic math to establish a good risk/reward scenario of atleast 3 to 1. Doing that, only 3 of every 10 trades need to hit the entire profit target to be profitable.

The exapmles here can be bad sometimes because I posted the maximum amount of pips per trade that could have been achieved. Theres a post I wrote a while ago that might help with this 'basic...
And FYI - I think where most traders suffer is that they either do not have the patience or discipline to implement a good risk/reward system or they simply take profits too early and not let winners run.

Most importantly, if you know you're wrong just get the hell out of losing trades!

Also, if you see something, make sure to take it. Don't fall into the trap of watching winners go by and only taking losses. Alot of traders fall into that one. Gotta be on your toes.
  • #9,977
  • Mar 25, 2009 10:47am Mar 25, 2009 10:47am
Quoting BillyRayValentine
I would always say just start from the beginning and only take trades that have a wide and reasonable profit target....here alot of times we use the example of 150 pips....
Thanks you for your attention sir.. Yes.. i think Im not taking much attention on the 'basic math behind making the most of your trades'. I'll try to keep it in mind and implement it for my trades right away...
I draw a line for u... a support line.. not a resistance one..
  • #9,978
  • Mar 25, 2009 10:52am Mar 25, 2009 10:52am
Quoting BillyRayValentine
And FYI - I think where most traders suffer is that they either do not have the patience or discipline to implement a good risk/reward system or they simply take profits too early and not let winners run.

Most importantly, if you know you're wrong just get the hell out of losing trades!

Also, if you see something, make sure to take it. Don't fall into the trap of watching winners go by and only taking losses. Alot of traders fall into that one. Gotta be on your toes.
It's all abt me.. yea I'm the one who not have the patience or dicipline to implement good risk/reward system.. viuuh.... thanks once again Mr. BRV.. for your attention.. its open my eyes.. all the best for you...
I draw a line for u... a support line.. not a resistance one..
  • #9,979
  • Mar 25, 2009 12:13pm Mar 25, 2009 12:13pm
So just to double check to make sure I understand this. You would open a position with say 2 standard lots, once you hit your initial profit target, you could close one position out and let the other one run, correct?
  • #9,980
  • Mar 25, 2009 12:48pm Mar 25, 2009 12:48pm
Hi All

I'm new to this particular thread and would be very grateful if any of you 'no brainer' veterans would help me with a couple of questions

Am I right in saying that the method here is to 'pull the trigger' as soon as the previous support/resistance is hit without waiting for any price action confirmation?

On page one of the thread I cannot see any mention of stop losses other than the suggestion to get out fast if the trade goes against you. Can anyone amplify on this? Would you exit if the trade moved just a couple of pips the wrong side of the s/r line? Can anyone quantify the stop loss?

Many thanks and good fortune in your trading
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