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Technical Analysis Fallacy

  • #10,621
  • Sep 19, 2009 7:52pm Sep 19, 2009 7:52pm
hI Pax,

I sent your PM have you read it?

have a good weekend
  • #10,622
  • Edited 9:06pm Sep 19, 2009 8:21pm | Edited 9:06pm
J-pax,

Please don’t invoke my name, there’s only one who teaches this thread his name is FTI, look at what he has said and interpret for yourself, as it must reside in you to be effective. I just try to throw out some personal insights when I think they will help.

I think you both are looking at the same answer from different perspectives.

There’s an old adage “It takes two to tango.”

One says MM dictates the dance, the other says We dance and our actions dictate the MM

.I quote FTI
http://www.forexfactory.com/showpost...ostcount=10153

Quoting fti
the dance and the MM is inreality the stretegic difference of flowing with the dance. Howerver in the background of the battle , the MM is the controller of the dance.
regards
In my own personal thoughts to paraphrase;
The market has a pulse, a rhythm of going up, down and sideways, you can call this music if it helps. The “dance” is how I move with the market and all that entails. This takes in both interpretation of the chart (market movement/ price action my entries) and the size in which I position myself (MM). The markets has to move and I have to engage the market for the two of us to “Tango”

When the market moves, I enter, the market does something else, I add, the market suddenly reverses, now I ???? Do I cut and run? Reduce skew? Wait for rescue?

Each entry or subtraction, in relation of how I interpret the chart (hear the music) has a direct bearing of how I will respond to the next move the market makes. Here is the cause and effect. When I’m in tune with the markets, the MM is easy I flow with it, in and out making money. When I’m out of tune, I’m rescuing trying not to lose money. Attacking or rescuing the skews are different and in essence controlling the size of my dance steps, where I choose to step is up to me and will affect the next step.

Does MM dictate the dance, ( Yes the skew dictates the size of the next step and in essence what I'm looking for to take that next step) Do our actions dictate the MM (Yes, my past entries and their relative position to current PA dictate the spiral of the skew) They both are part of the Dance

regards,

Inserted Video
  • #10,623
  • Sep 20, 2009 8:55am Sep 20, 2009 8:55am
Greetings to fti, all traders, Senior traders and Master traders.

This is my first post on FF. I am hoping one day myself be able to reach your skill level and achieve financial independence through forex trading.

Right now, have a happy weekend !!
~*~*~*~*~*~*~*~*~*~ Yesterday's pips once more
  • #10,624
  • Sep 20, 2009 3:57pm Sep 20, 2009 3:57pm
Quoting fti
A Lesson about important things in Life.
Courtesy of a certain t-genius I knew.
--------------------------------------------
by Robert Pearson

She was six years old when I first met her on the beach near where I live.
I drive to this beach, a distance of three or four miles,
whenever the world begins to close in on me.
She was building a sandcastle or something and looked up, her eyes as blue as the sea.

"Hello," she said.
I answered with a nod, not really in the mood to bother with a small child.
"I'm building," she said.
"I see that....
One of our lessons reminders comes to mind as my wifes father died this week.
"Live each day as it were our last".
As far as trading goes, Im part of the walking wounded, I cut the rescue as she dropped below the 170 pip mark loosing 25% of account.
I believe I have to have a tighter exit strategy which with the g/u I usually anticipate 140-160 pip swing for rescues.
Where are others drawing the line for cut and run for g/u?

My bias is still up for the e/u, she just doesnt seem like shes determined to head south, we will see where she takes us.
  • #10,625
  • Sep 20, 2009 5:08pm Sep 20, 2009 5:08pm
Quoting lilpip
One of our lessons reminders comes to mind as my wifes father died this week.
"Live each day as it were our last".
As far as trading goes, Im part of the walking wounded, I cut the rescue as she dropped below the 170 pip mark loosing 25% of account.
I believe I have to have a tighter exit strategy which with the g/u I usually anticipate 140-160 pip swing for rescues.
Where are others drawing the line for cut and run for g/u?

My bias is still up for the e/u, she just doesnt seem like shes determined to head south, we will see where she takes...
thank you for reminding us to this post. i don't like to read it, but the lesson is good for me, part of life and valuable.

i am realy sorry to hear about the loss in your family.

about your bias: i see some topping pattern on 1 and 4 hr.tf. (cup and handle) it is still forming, or fallimg apart.

all the best, pax
even with my eyes open i cannot see everything
  • #10,626
  • Sep 20, 2009 5:19pm Sep 20, 2009 5:19pm
Quoting lilpip
One of our lessons reminders comes to mind as my wifes father died this week.
"Live each day as it were our last".
As far as trading goes, Im part of the walking wounded, I cut the rescue as she dropped below the 170 pip mark loosing 25% of account.
I believe I have to have a tighter exit strategy which with the g/u I usually anticipate 140-160 pip swing for rescues.
Where are others drawing the line for cut and run for g/u?

My bias is still up for the e/u, she just doesnt seem like shes determined to head south, we will see where she takes...
Sorry about your loss, may God bless your family.

As for the GBP/$, I tend to give it more room for drawbacks than other currencies, but compensate for the extra room with an adjusted lot size, keeping my potential loss at between 3-5%. If it's going to move 175 pips against one of my trades, I'd rather cut my loss and take the run.
  • #10,627
  • Sep 20, 2009 6:14pm Sep 20, 2009 6:14pm
Quoting lilpip
One of our lessons reminders comes to mind as my wifes father died this week.
Sorry about your loss...
may God bless your family.
Empty as water and soft as a facing wind mountain
  • #10,628
  • Sep 20, 2009 6:23pm Sep 20, 2009 6:23pm
Folks,
I just arrive afterd a 3 days interview job...
and the answer?
I got it...Yes...I great job with an excellent salary.
So I will relocate to Greensboro, North Carolina
and start working 2 weeks from now...
So any dancer that comes around that part of the country
is already invited to some coffe or tea.

How will this affect my trading?
I believe not much as long as I could have my own personal computer at work...(that is something that I need to look into)
so...probably I would be even more relaxed and calm in my trading...I am even inclined after a while to increase my skew size.

I am taking a break tonight and I will resume tomorrow.
I am happy that the chief is around...I was beginning to worry about his health.
Welcome home fti.

Cheers to all.
Empty as water and soft as a facing wind mountain
  • #10,629
  • Sep 20, 2009 7:17pm Sep 20, 2009 7:17pm
Quoting luSan
Folks,
I just arrive afterd a 3 days interview job...
and the answer?
I got it...Yes...I great job with an excellent salary.
So I will relocate to Greensboro, North Carolina
and start working 2 weeks from now...
So any dancer that comes around that part of the country
is already invited to some coffe or tea.


Cheers to all.
Thanks for the invite, next time through Raliegh-Durham, Greensboro area I just might look ya up.
I usually like to run through the smokey mountains every couple years and sometimes Im in that tri city area.
  • #10,630
  • Sep 20, 2009 7:35pm Sep 20, 2009 7:35pm
@Hi lilpip,

Sorry for your loss in your family, take care it's a part of our live.


@Congratulation Lusan for your new job & your new big salary.

best regards,

pete.
  • #10,631
  • Sep 20, 2009 7:35pm Sep 20, 2009 7:35pm
Quoting luSan
How will this affect my trading?
I believe not much as long as I could have my own personal computer at work...(that is something that I need to look into)
so...probably I would be even more relaxed and calm in my trading...I am even inclined after a while to increase my skew size.

Cheers to all.
Congrats luSan! In my experience, having a full time job and trading is not so simple. I hope it works out for you.
  • #10,632
  • Sep 20, 2009 7:56pm Sep 20, 2009 7:56pm
Quoting luSan
Folks,
I just arrive afterd a 3 days interview job...
and the answer?
I got it...Yes...I great job with an excellent salary.
So I will relocate to Greensboro, North Carolina
and start working 2 weeks from now...
So any dancer that comes around that part of the country
is already invited to some coffe or tea.

How will this affect my trading?
I believe not much as long as I could have my own personal computer at work...(that is something that I need to look into)
so...probably I would be even more relaxed and calm in my trading...I am even inclined...
Congrats luSan, and best wishes to you and your family. Safe travels to NC. Are taxes less in NC vs. NY?
  • #10,633
  • Sep 20, 2009 8:02pm Sep 20, 2009 8:02pm
Lilpip,

My sincere condolences on your families loss.
  • #10,634
  • Sep 20, 2009 8:07pm Sep 20, 2009 8:07pm
Quoting GEfx
Congrats luSan, and best wishes to you and your family. Safe travels to NC. Are taxes less in NC vs. NY?
Sure...
cost of living is about 20 % less than NY and they have fewer liberal wackos...trying to tax you and steal your money.
Empty as water and soft as a facing wind mountain
  • #10,635
  • Sep 20, 2009 8:39pm Sep 20, 2009 8:39pm
Quoting luSan
Sure...
cost of living is about 20 % less than NY and they have fewer liberal wackos...trying to tax you and steal your money.
Lusan,

Move out to the Midwest, it's about 40% cheaper than either cost, and there's very few liberals (they are in the closet), it's the right-wing militia you have to watch out for.
  • #10,636
  • Sep 21, 2009 1:51am Sep 21, 2009 1:51am
Quoting luSan
Folks,
I just arrive afterd a 3 days interview job...
and the answer?
I got it...Yes...I great job with an excellent salary.
So I will relocate to Greensboro, North Carolina
and start working 2 weeks from now...
So any dancer that comes around that part of the country
is already invited to some coffe or tea.

How will this affect my trading?
I believe not much as long as I could have my own personal computer at work...(that is something that I need to look into)
so...probably I would be even more relaxed and calm in my trading...I am even inclined...

Congrats LuSan!
Glad to here that things went well for you!!!

All the best with your new job!

Regards,
MaMood
  • #10,637
  • Sep 21, 2009 2:06am Sep 21, 2009 2:06am
Lilpip,
Sorry to for the loss in your family. Peace and live life to the fullest. Ray
  • #10,638
  • Sep 21, 2009 7:30am Sep 21, 2009 7:30am
Good morning everyone,
I just finished my first happy bull run of the day.
Squared and waiting until the Tokyo session.
Happy trading to all.
Empty as water and soft as a facing wind mountain
  • #10,639
  • Sep 21, 2009 9:35am Sep 21, 2009 9:35am
Quoting luSan
Good morning everyone,
I just finished my first happy bull run of the day.
Squared and waiting until the Tokyo session.
Happy trading to all.
Congratulations LuSan on your new job. Hope you can keep up the good work with your trading. Ray
  • #10,640
  • Edited 10:38am Sep 21, 2009 9:51am | Edited 10:38am
Happy trading day to everyone. Hope you are all trading well. I have been taking long positions after pull backs on the $/CAD since before London open, and I think it may be running out of gas, so starting to focus more on the other pairs in anticipation of one of them breaking out (I hope in this lifetime - LOL). Might consider a short position on the GBP/$ soon. Anyway, trade well my friends. Hey luSan, glad to hear about the lack of liberals in NC. Best wishes.

Edit: Took a long position on the GBP/$ on the breakout rather than the short. Good trading everyone.
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