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How my Trading took BIG turn...

  • #41
  • Jan 2, 2010 5:04pm Jan 2, 2010 5:04pm
Quoting hanover
My understanding is this: Markets are the result of belief systems that create orderflow. Phenomena like S/R and trendlines are easily and unambiguously visible on several timeframes, and have consequently become so pervasive in their use, that many orders get placed in those areas.

The market operates on willing buyer/willing seller and (as has been pointed out already) supply and demand. Increase in demand results in buying pressure, and vice versa. Pending (limit) orders create liquidity, while market orders consume it. This analogy is an over-simplification,...
Even though I do not always agree with you, Hanover, I enjoy reading your posts. You discuss and debate the issue and never stoop to name calling or worse. You're a gentleman and a scholar. Tip of the hat to you, sir!.
  • #42
  • Jan 2, 2010 5:50pm Jan 2, 2010 5:50pm
Quoting steveshelby
You may want to post that in the appropriate thread.
Um Ok. I was just making a quick comment about it, not go into detail.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #43
  • Jan 2, 2010 5:53pm Jan 2, 2010 5:53pm
Quoting steveshelby
Pi - the movie

"...When your mind becomes obsessed with anything, you will filter everything else out and find that thing everywhere..."

.
  • #44
  • Jan 2, 2010 6:01pm Jan 2, 2010 6:01pm
Quoting steveshelby

Looking for patterns in the market may seem like the smart thing to do but in the end it is really folly.
What's folly about it? I dont just look for patterns i also look for resistance and support breaks. Like i said before, i just trade in a simple way now and look at what price is doing, Your basic Support becoming Resistance and breaks. Anyway my original point to my thread was that I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #45
  • Jan 2, 2010 6:05pm Jan 2, 2010 6:05pm
Quoting NYWallSt
What's folly about it? I dont just look for patterns i also look for resistance and support breaks. Like i said before, i just trade in a simple way now and look at what price is doing, Your basic Support becoming Resistance and breaks. Anyway my original point to my thread was that I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.
My comment was not intended to be derogatory to you. Let me offer my apology if I offended you.
  • #46
  • Jan 2, 2010 6:19pm Jan 2, 2010 6:19pm
Quoting steveshelby
My comment was not intended to be derogatory to you. Let me offer my apology if I offended you.
No you didn't, It's fine. i was just asking whats folly about this method of trading.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #47
  • Jan 2, 2010 6:30pm Jan 2, 2010 6:30pm
Quoting NYWallSt
No you didn't, It's fine. i was just asking whats folly about this method of trading.
The folly comment is to be taken in context of the movie clip I posted. The folly is in the searching for "a pattern" (in particular). Patterns do exist in the market. An example is price will cross a line ending in 00 and then it will either a) cross the next price ending in 00 or b) price will cross back over the first line ending in 00:

http://i773.photobucket.com/albums/y...550/eurusd.gif


How one trades is a personal matter. It is your money at risk. I have no right to comment on what you do or how you do it.
  • #48
  • Jan 2, 2010 6:42pm Jan 2, 2010 6:42pm
Quoting NYWallSt
I, Like many others, was looking and looking for indicators that would help me become profitable and when i removed them all because of lag, my trading improved.
One point that I have learned is to get rid of the indicators. They are all history and are not predictors.
  • #49
  • Jan 2, 2010 7:54pm Jan 2, 2010 7:54pm
Quoting kenkomo
One point that I have learned is to get rid of the indicators. They are all history and are not predictors.
Do you have a trading journal or thread where I could read the details of how you trade without indicators? I notice you're a Jacko Trader but Jacko uses support and resistance which are "history".
  • #50
  • Jan 2, 2010 8:44pm Jan 2, 2010 8:44pm
Quoting NYWallSt
Hey Swing, Hanover already made some points regarding your post but no, i have never heard of Goodman Swing Count System, Ill take a look a it. Would like to know the dangers of using Support and Resistance. As for me i just trade what the market is showing in price patterns (Rising/Falling Wedges, Triangles, Head and Shoulders, Break of resistance/Support..etc..) These patterns are always happening and i just keep it simple by using the basics of Support becomes resistance and vice versa.
In my previous comments I failed to mention in which context Archer discusses traditional S/R's (My bad). He warn's about setting stops to close to support and resistance levels. "Despite the variety of support and resistance methods, most of them cluster very similar price areas. Professional traders often use those areas to make contrarian trades - they are buying and selling when your stops are being hit". Interestingly enough the Goodman Swing Count System identifies it's own areas of support and resistance. If any body subscribes to these theories I'd be interested in hearing how it has worked for you.
  • #51
  • Jan 3, 2010 12:42am Jan 3, 2010 12:42am
Quoting steveshelby
Do you have a trading journal or thread where I could read the details of how you trade without indicators? I notice you're a Jacko Trader but Jacko uses support and resistance which are "history".
I don't have a journal or thread here. Jackos basic outline is here. (He explains his system much more detailed in his private blog, using trades as his tools for his explanations.) . I don't want to speak for Jacko but i don't think that he sees that support and resistance are necessarily indicators. Jackos basic rule is that support and resistance are so widely used by all the major players that they are self fulfilling targets
  • #52
  • Jan 3, 2010 11:42am Jan 3, 2010 11:42am
Totally agree! keep it KISS..
  • #53
  • Jan 3, 2010 12:04pm Jan 3, 2010 12:04pm
Quoting kenkomo
I don't have a journal or thread here. Jackos basic outline is here. (He explains his system much more detailed in his private blog, using trades as his tools for his explanations.) . I don't want to speak for Jacko but i don't think that he sees that support and resistance are necessarily indicators. Jackos basic rule is that support and resistance are so widely used by all the major players that they are self fulfilling targets
Thanks. Do you follow the basic outline?
  • #54
  • Jan 3, 2010 5:51pm Jan 3, 2010 5:51pm
Quoting steveshelby
Thanks. Do you follow the basic outline?
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.
  • #55
  • Jan 5, 2010 1:48pm Jan 5, 2010 1:48pm
Quoting steveshelby
The folly comment is to be taken in context of the movie clip I posted. The folly is in the searching for "a pattern" (in particular). Patterns do exist in the market. An example is price will cross a line ending in 00 and then it will either a) cross the next price ending in 00 or b) price will cross back over the first line ending in 00:

http://i773.photobucket.com/albums/y...550/eurusd.gif


How one trades is a personal matter. It is your money at risk. I have no right to comment on what you do or how you do it....
Isn't that stating the obvious?
  • #56
  • Jan 5, 2010 2:11pm Jan 5, 2010 2:11pm
Quoting kenkomo
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.
Hi Kenkomo,so are you making the cool dollar with Jacko?
  • #57
  • Jan 5, 2010 3:16pm Jan 5, 2010 3:16pm
Quoting kenkomo
One point that I have learned is to get rid of the indicators. They are all history and are not predictors.
A long time ago i would have strongly disagreed with you but now, I feel like its the true way to trade. I Know everyone has their own style of trading but for me, Trading just price has been a whole new world to me and i will never look back.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #58
  • Jan 5, 2010 6:26pm Jan 5, 2010 6:26pm
Quoting kenkomo
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.
Is the logic a secret?
  • #59
  • Jan 5, 2010 11:38pm Jan 5, 2010 11:38pm
Quote
yes, but i am in jackos private group so i also follow the logic of all his trades. The basic outline is exactly that. It is the BASIC outline. But he is an extraordinary trader. He has been profitable all through his trading which we see before he trades and as he trades. His trading calls are good. There is no smoke and mirrors.

How much fees Jacko charges for inclusion in private group?
  • #60
  • Jan 6, 2010 3:04am Jan 6, 2010 3:04am
Quoting podgy
Hi Kenkomo,so are you making the cool dollar with Jacko?
yes
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