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Damion's Tribute

  • #301
  • Jul 23, 2009 11:29pm Jul 23, 2009 11:29pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting finswin56
ha! I wish. Just not my style of trading.

My AUD/JPY stopped out when the new highs were made, but my 4H GBP/CHF gartley is working very well right now. I took partial profits at around 1:1.5 R:R, and am letting the rest run to the 127 fib. I'm at break even right now, and it's a nice stress free way of watching a trade run.
LOL.
I knew you are going to say that....

The gartley you took was superb.Good R:R.
  • #302
  • Jul 24, 2009 2:02am Jul 24, 2009 2:02am
These times are psychologically testing for me, it challenges my conviction in my trading "edge" as tunji rightly mentioned (for those who have read trading in the zone). Being stopped out for 4 consecutive trades kind of makes you wonder whether the method is still working and profitable. Nevertheless. I have been through these times many too often, and it usually occurs during significant changes in price trends. The way forward? Just gotta have more patience and continue to BELIEVE! Because it has worked brilliantly before and it will continue to work brilliantly in the future.

Now that the 4h down trend lines have been broken on most of the yen pairs, its time to look for a long position! Gogogo. Will post my charts when I get home.
  • #303
  • Jul 24, 2009 3:33am Jul 24, 2009 3:33am
Quoting soyabean
These times are psychologically testing for me, it challenges my conviction in my trading "edge" as tunji rightly mentioned (for those who have read trading in the zone). Being stopped out for 4 consecutive trades kind of makes you wonder whether the method is still working and profitable. Nevertheless. I have been through these times many too often, and it usually occurs during significant changes in price trends. The way forward? Just gotta have more patience and continue to BELIEVE! Because it has worked brilliantly before and it will continue...
Strong man Soya. Never stop - the winning trades are round the corner my friend.
AFTAB Time Will Tell & Price Will Show
  • #304
  • Jul 24, 2009 3:34am Jul 24, 2009 3:34am
I am in the JPY trade - retest of trendline. Will post my chart in a few minutes - just come home need to eat something.
AFTAB Time Will Tell & Price Will Show
  • #305
  • Jul 24, 2009 5:16am Jul 24, 2009 5:16am
Quoting soyabean
These times are psychologically testing for me, it challenges my conviction in my trading "edge" as tunji rightly mentioned (for those who have read trading in the zone). Being stopped out for 4 consecutive trades kind of makes you wonder whether the method is still working and profitable. Nevertheless. I have been through these times many too often, and it usually occurs during significant changes in price trends. The way forward? Just gotta have more patience and continue to BELIEVE! Because it has worked brilliantly before and it will continue...
Soyabean, I feel your words. You know I’ve heard of so many successful traders that their winning trades (win/loss ratio) are 50% or less; but because they manage their losing trades so well and have reward/risk ratio that’s about 2:1 or higher, they ultimately end up building impressive records.
That’s my goal; and the much coveted bonus is to have winning trades of 70% and above.
  • #306
  • Jul 24, 2009 6:37am Jul 24, 2009 6:37am
I love this pair, but I'm never awake when the going gets good. It's very annoying to wait so patiently for a pair to line up, and then just miss it.
Attached Image (click to enlarge)
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  • #307
  • Jul 24, 2009 7:54am Jul 24, 2009 7:54am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Did anyone caught this one?
Coz I sure didn't! This one swam under my nose.Hope you guys did.I was occupied and did not thoroughly studied swissy.Figured it as not my fav,I just overlooked and now I could have pip.Anyway life goes on....

Attached Image (click to enlarge)
Click to Enlarge Name: Gartley usdchf1.jpg Size: 64 KB
  • #308
  • Jul 27, 2009 12:39am Jul 27, 2009 12:39am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi everyone,
its so chillingly quiet here.Hope to see and hear some noise here.

  • #309
  • Jul 27, 2009 9:47am Jul 27, 2009 9:47am
This is my first post here on the system, hope you all will find my approach simple. I'm a student of Damion as well.
I only trade in the direction of the current daily trend. First I draw all my TLs on the daily chart and then i decide what direction i'm going to look for entries. In the chart post my bias is Long, reason is both inner and outer daily TL have been broken so i'm anticipating a bullish run to the long term TL. As soon as the market start retracing I set all the possible levels where I think the retracement could end. These are fibonacci levels and past Support and Resistance levels above the trendline. In the chart posted you will see where the market test the fib. 50 which is also past resistance now acting as support then it spike creating a doji followed by a long bearish candle. These last two candles is telling us that the market is ready to rally.
Once the daily bars signal a reversal at these key levels I then switch to a lower TF say 4H and draw a counter down trendline. I'm now looking for a break and test(preferbly at a fib number) of this counter trendline to pick an entry. See 4H Chart.
If you miss the 4H entry you can then switch to a lower Tf and draw a similar counter TL wait for the break and test then pick your entry. See 1H chart. The entries after the test is confirmed by reversal candle formations.
Hope this helps.
Attached Image(s) (click to enlarge)
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  • #310
  • Jul 27, 2009 4:45pm Jul 27, 2009 4:45pm
Quoting httham
This is my first post here on the system, hope you all will find my approach simple. I'm a student of Damion as well.
I only trade in the direction of the current daily trend. First I draw all my TLs on the daily chart and then i decide what direction i'm going to look for entries. In the chart post my bias is Long, reason is both inner and outer daily TL have been broken so i'm anticipating a bullish run to the long term TL. As soon as the market start retracing I set all the possible levels where I think the retracement could end. These are fibonacci...
Hi httham,

Very well done. The fibs play out really well each time.

I have been playing with the ABDCs near the trendline with fibs and my trades have worked out really well.

Will post soon.
AFTAB Time Will Tell & Price Will Show
  • #311
  • Jul 28, 2009 12:35am Jul 28, 2009 12:35am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting httham
This is my first post here on the system, hope you all will find my approach simple. I'm a student of Damion as well.
I only trade in the direction of the current daily trend. First I draw all my TLs on the daily chart and then i decide what direction i'm going to look for entries. In the chart post my bias is Long, reason is both inner and outer daily TL have been broken so i'm anticipating a bullish run to the long term TL. As soon as the market start retracing I set all the possible levels where I think the retracement could end. These are fibonacci...
Hi httham,

Thanks for the charts and the approach.I find it refreshing.Fantastic stuff.Thanks bro.It feels great when we can learn from one another.
Fabulous stuff going on here.Keep up the good work.
Regards to Damion the Man.
  • #312
  • Jul 28, 2009 11:00am Jul 28, 2009 11:00am
Quote
This is my first post here on the system, hope you all will find my approach simple. I'm a student of Damion as well.
I only trade in the direction of the current daily trend. First I draw all my TLs on the daily chart and then i decide what direction i'm going to look for entries. In the chart post my bias is Long, reason is both inner and outer daily TL have been broken so i'm anticipating a bullish run to the long term TL. As soon as the market start retracing I set all the possible levels where I think the retracement could end. These are fibonacci...

how is damion? hope u r hearing from him?

Good, that's another way to look at it, u could define trend with trendline............... typically how damion does, inner,outer and longterm TL.............. there is more to abcd sincerely, abcd is extremely large and it creates room for several other system

advice is for trader to look for a comfort zone in abcd and trade it.
  • #313
  • Jul 28, 2009 12:54pm Jul 28, 2009 12:54pm
Spotted a number of abcd, waiting for confirmation candles.
Attached Image(s) (click to enlarge)
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  • #314
  • Jul 28, 2009 12:58pm Jul 28, 2009 12:58pm
Quoting httham
This is my first post here on the system, hope you all will find my approach simple. I'm a student of Damion as well.
I only trade in the direction of the current daily trend. First I draw all my TLs on the daily chart and then i decide what direction i'm going to look for entries. In the chart post my bias is Long, reason is both inner and outer daily TL have been broken so i'm anticipating a bullish run to the long term TL. As soon as the market start retracing I set all the possible levels where I think the retracement could end. These are fibonacci...
Great! This is what I like to do too!
  • #315
  • Jul 28, 2009 1:35pm Jul 28, 2009 1:35pm
From the 1 hr chart.
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  • #316
  • Jul 28, 2009 2:16pm Jul 28, 2009 2:16pm
Quoting Naijafx
how is damion? hope u r hearing from him?

Good, that's another way to look at it, u could define trend with trendline............... typically how damion does, inner,outer and longterm TL.............. there is more to abcd sincerely, abcd is extremely large and it creates room for several other system

advice is for trader to look for a comfort zone in abcd and trade it.
I agree, stick with what makes you comfortable. I'm very much comfortable with my approach posted and its very rewarding.
Damion is doing well we talked daily.
  • #317
  • Jul 28, 2009 8:50pm Jul 28, 2009 8:50pm
Very nice setups soya!

I have a very basic/beginner type question.
Do you use the Fib Ext tool like Daz did for the 61.8 target?
  • #318
  • Jul 28, 2009 8:57pm Jul 28, 2009 8:57pm
Dun quite like the way price retraced, closed it for +20 pips.

Leaving AU open and added CJ daily trade.
Attached Image (click to enlarge)
Click to Enlarge Name: cj.gif Size: 26 KB
  • #319
  • Jul 28, 2009 8:59pm Jul 28, 2009 8:59pm
Quoting finswin56
Very nice setups soya!

I have a very basic/beginner type question.
Do you use the Fib Ext tool like Daz did for the 61.8 target?
Hi fins, do you mean the 161.8 target? or 61.8 fib retracement? Anyhow, Yes, it is the fib extension tool.
  • #320
  • Jul 28, 2009 10:28pm Jul 28, 2009 10:28pm
Quoting soyabean
Hi fins, do you mean the 161.8 target? or 61.8 fib retracement? Anyhow, Yes, it is the fib extension tool.
Always easier to use a picture.
Blue = Fib Ext tool
Red = Fib Ret

Where are your targets?
Attached Image
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