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  • #146,941
  • Sep 27, 2009 1:07pm Sep 27, 2009 1:07pm
Quoting Alihuzaifa
yeah i know thats the reason i am asking...isnt it so confusing ?
What is not confusing in forex? I am confused.
The Thief of Wall Street
  • #146,942
  • Sep 27, 2009 1:08pm Sep 27, 2009 1:08pm
Quoting Alihuzaifa
yeah i know thats the reason i am asking...isnt it so confusing ?
Like I said, I find EW interesting, but it is too subjective for my tastes. I'm sure that some are quite successful with it. I prefer trading the pure price action. I'll put it this way....I can be taking pips left and right on a 5M chart, just listening to the market, or I can try and use EW to predict where the market will go - sitting on the sidelines until I have confirmation.
  • #146,943
  • Sep 27, 2009 1:16pm Sep 27, 2009 1:16pm
Quoting Chicky
What is not confusing in forex? I am confused.
try simple trend lines it might solve ur 90% confusion
  • #146,944
  • Sep 27, 2009 1:33pm Sep 27, 2009 1:33pm
Quoting Alihuzaifa
try simple trend lines it might solve ur 90% confusion
You are right, but would say 60% to 70%. In fact noticed when you first made this statement several posts ago.

ps. when you adopted your current signature.
The Thief of Wall Street
  • #146,945
  • Sep 27, 2009 1:54pm Sep 27, 2009 1:54pm
I still believe that trendlines and round numbers are the most profitable ways to trade. The longer the TF the trendline becomes stronger and is more likely to hold, therefore you can take more risk on, with very tight stops. Usually price action will break these strong trendlines with large bars or violently. My rule is as follows, if price action fails 3 times at a trendline or round number then I will trade. Price action dictates EVERYTHING, period. All I do is watch movement of price action to tell me who is pushing the price. I generally do not trade any TF shorter than hour bars. The hour chart seems to work best in my strategy.

I also do not use any indicators....i personally believe they are worthless. Show me one that has a higher win % over trading trendlines, S&R, and round numbers and I'll use it. Until then I'm gonna make hay while the sun shines with my strategy.

Just opened and it appears there were buyers over the weekend, price just rocketed up to 1.47
  • #146,946
  • Sep 27, 2009 2:04pm Sep 27, 2009 2:04pm
Quoting pakitrader
Euro is ready to fall i think it might go upto 6750 then it will drop like a stop. and will not see 6750 area again.
*First time poster. Been trading now for ~10 months*

I agree that we'll hit the 4750 (which is what I assume you meant) before heading south. I think on the next test of the 4620 area we'll get through.
  • #146,947
  • Sep 27, 2009 2:05pm Sep 27, 2009 2:05pm
Quoting Chicky
What is not confusing in forex? I am confused.
I used to say the same thing, until I started to go with the flow (ride the trend), afterwhich I started to make money
  • #146,948
  • Sep 27, 2009 2:18pm Sep 27, 2009 2:18pm
Quoting X.Oden
He's trying to show us that he's long and hoping for a miracle...
You know, I thought you were a plonker from the first off when you were baiting Spsantos and bragging about taking his money but you've just confirmed my initial suspicions.

For your information, I'm not long and I'm not a "he" and you are a rather nasty person and full of yourself, if I say so myself.
Nothing worth having is easy.
  • #146,949
  • Sep 27, 2009 2:22pm Sep 27, 2009 2:22pm
Quoting Chicky
You are right, but would say 60% to 70%. In fact noticed when you first made this statement several posts ago.

ps. when you adopted your current signature.
u aalways come back to simplicity when fancy things dont let u make money lol same thing happened with me
  • #146,950
  • Sep 27, 2009 2:22pm Sep 27, 2009 2:22pm
Quoting mfoste1
I still believe that trendlines and round numbers are the most profitable ways to trade. The longer the TF the trendline becomes stronger and is more likely to hold, therefore you can take more risk on, with very tight stops. Usually price action will break these strong trendlines with large bars or violently. My rule is as follows, if price action fails 3 times at a trendline or round number then I will trade. Price action dictates EVERYTHING, period. All I do is watch movement of price action to tell me who is pushing the price. I generally do...
Mfostel, very true. I use trendlines to identify the "location" to enter. Yes, price action never lies, whether we want to believe the PA or not. It sometimes fails, but is always honest in letting us know its intended direction.
The Thief of Wall Street
  • #146,951
  • Sep 27, 2009 2:34pm Sep 27, 2009 2:34pm
EW can be very inaccurate and there are many different scenarios. For example, the fifth wave may look like it's over, but then it may go into an extension and then another extension.
  • #146,952
  • Sep 27, 2009 2:35pm Sep 27, 2009 2:35pm
Quoting Alihuzaifa
u aalways come back to simplicity when fancy things dont let u make money lol same thing happened with me
MY research tells that most tools conclude at similar analysis. And since study of market movement is not precise science, why not to focus just on few simple tools while not forgetting anything can happen.

More reliance on the analysis, more trouble one invites.
The Thief of Wall Street
  • #146,953
  • Sep 27, 2009 2:48pm Sep 27, 2009 2:48pm
Quoting spivvster
EW can be very inaccurate and there are many different scenarios. For example, the fifth wave may look like it's over, but then it may go into an extension and then another extension.
No, EW is very inaccurate and can only be applied afterwards correctly. I never understood why some one invents more and more complicated stuff to describe something which has chaotic nature. It's impossible to predict but exact prediction is just not necessary to get some money out of the markets. Don't make it too complicated, there is just no need for it.
  • #146,954
  • Sep 27, 2009 2:56pm Sep 27, 2009 2:56pm
Quoting Xaron
No, EW is very inaccurate and can only be applied afterwards correctly. I never understood why some one invents more and more complicated stuff to describe something which has chaotic nature. It's impossible to predict but exact prediction is just not necessary to get some money out of the markets. Don't make it too complicated, there is just no need for it.

Well said my friend
  • #146,955
  • Sep 27, 2009 2:58pm Sep 27, 2009 2:58pm
In fact, this is SO simple, you have 50% chance of being right! Not bad huh!?
Traders are smartasses
  • #146,956
  • Sep 27, 2009 3:03pm Sep 27, 2009 3:03pm
Quoting Spsantos
In fact, this is SO simple, you have 50% chance of being right! Not bad huh!?
Gator is looking for you with a stick.
The Thief of Wall Street
  • #146,957
  • Sep 27, 2009 3:08pm Sep 27, 2009 3:08pm
Quoting Xaron
No, EW is very inaccurate and can only be applied afterwards correctly. I never understood why some one invents more and more complicated stuff to describe something which has chaotic nature. It's impossible to predict but exact prediction is just not necessary to get some money out of the markets. Don't make it too complicated, there is just no need for it.

I comletely agree, I just didn't want to come off too negative about EW. Ha
  • #146,958
  • Sep 27, 2009 3:11pm Sep 27, 2009 3:11pm
If this thing fails to break 1.4766 I think this is going to be a bearish week. Does anyone share the same view with me?
  • #146,959
  • Sep 27, 2009 3:12pm Sep 27, 2009 3:12pm
IS anyone else HERE TRADING IN THE FXSOLUTIONS COMPETITIION???????????
  • #146,960
  • Sep 27, 2009 3:16pm Sep 27, 2009 3:16pm
Quoting mfoste1
If this thing fails to break 1.4766 I think this is going to be a bearish week. Does anyone share the same view with me?
I'll be working the price action on the 5M until the H&S on the 4H is confirmed - pips here, pips there. Then I'll be waiting on the break of the neckline.
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