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Technical Analysis Fallacy

  • #14,501
  • Edited 5:56pm Apr 21, 2010 1:27pm | Edited 5:56pm
"So I'll stand with arm high and heart abandoned in awe of the One who gave it all."

Good trading everyone!
  • #14,502
  • Apr 21, 2010 3:43pm Apr 21, 2010 3:43pm
Quoting aiyahmarklah
my own difficulty is time constrain (despite being able to sit in front of the screen whole day). Especially when the expansion and contraction of prices spill over to several sessions. I belief many will have problem when they are stuck and the battle spills over to hourly charts. That is why you can see some of them (probably more) modifying their MO to adapt to their limitations.
Yes. Agreed.

There are times when my focus (limited area of overall market structure) is confined due to time constraints ect... that I will find myself with my back against the wall so to speak, position could be rescued or profit let to ride, but forced to square, because the risk was too great to let ride, at this point your forced to draw a line and plant a hard stop and target and roll the dice or take your lot whatever it be at the moment.

If I find myself entering with the possibility of limited time, I have to be very honest and not let myself in a position where I'm trapped PA wise in the rears running out of time to manage, so knowing that going in, helps keep you from getting there and sometimes makes entry selective.

When time is a non-factor then the only battle is with yourself and patience, always on guard for the runaway market" but the ability to recover is so much easier. Rescues "if needed" can be done in portions if PA doesn't comply with a full retrace to BE. My problem then is making sure when on the right side that I don't get too smart for my own good and lose my base exiting and being out of the market too soon while it finishes the exhaustion death blow. I think price is done, but it will continue in the direction with out any type of good retrace not allowing reentry, then your caught chasing.

fwiw,

good trading all,

FTI, good to see you back.
  • #14,503
  • Apr 21, 2010 4:06pm Apr 21, 2010 4:06pm
Quoting Dl17
Understood. Furthermore, I have found a legitimate copy on the web and will buy it.

Regards
i do not support wasting money.
The WD gann library was sold by his wife to Lambert, when Gann died, and since being resold and resold. So in fact the people who are bleeding the moneys for the works are businessmen. No estate or kin of Gann gets anything from the sale of ganns works. So you decide if you want to support sharks that leech on others works. to me its something else to deprive hard working thinkers of their deserving payment in gratitude of their efforts. Its something else when leeches bleed by greed rights given by unfair laws. Its a free world, you decide.

regards
  • #14,504
  • Apr 21, 2010 4:12pm Apr 21, 2010 4:12pm
Quoting Cyrus
I've actually read In The Zone a few times. Didn't really like it.
I found that it too restrictive. A whole set of do this dont do that, etc etc.
Saying things like, "be nimble" was like saying, "grow taller" to me.
But HOW does one "be nimble/patient" etc etc?
It was the psychology behind it that is more important.
Reflecting on WHY some constant mistakes are made.... why are some...

After a long time some great message.....

V
  • #14,505
  • Apr 21, 2010 4:17pm Apr 21, 2010 4:17pm
Quoting aiyahmarklah
my own difficulty is time constrain (despite being able to sit in front of the screen whole day). Especially when the expansion and contraction of prices spill over to several sessions. I belief many will have problem when they are stuck and the battle spills over to hourly charts. That is why you can see some of them (probably more) modifying their MO to adapt to their limitations.
mark.

in life, there is an english word, "resolve".
in life, some situations requires that commitment.

you can go to a phone and try make a call with 9 cents.
you can most certainly try.

If every time a task is to be achieved , and we accept lame "loser's limp" excuses. How far do you think the incumbents can go? Sure , one day a handicapped person can fly an aircraft, but sorry that day is not today.

regards
  • #14,506
  • Apr 21, 2010 4:28pm Apr 21, 2010 4:28pm
Quoting GEfx
"So I'll stand with arm high and heart abandoned in awe of the one who gave it all."

Good trading everyone!

Ah yes, GEfx.
"And I bow low in humility , in awe of the one who reaches out and understands."

regards
  • #14,507
  • Apr 21, 2010 5:16pm Apr 21, 2010 5:16pm
[quote=MaMood;3652820]Hi and good morning Friends!


Not sure if I should be sad or happy with my findings.

Analysing my trading has shown without any doubt, that follwing fti's teachings has made me a profitable trader. Since I have internalized his teachings (or let's say my understanding of his teachings) I can feel the market. I can see the mood of the markets out off its PA. I can feel/see exhaustings moves, accellerating impulses, high probability rescue areas and so on. At days with a healthy and strong mindset I can dance with her all night long, perfectly in sync gathering good profits.

But the difficulty is to indentify the "weak mindset days" in advance.
And that is the sad part of my findings.

Hi MaMood

As per identifying "weak mindset days" a suggestion by Mark Douglas in 'The Disciplined Trader' might be helpful. He said that when a trader charts his equity on a day to day or month to month/ year to year basis with the chart looking like the typical bar or point and figure charts of the markets themselves with support, resistance, consolidation and rallies it reflects the trader's state of mind. Based on the chart formations, a trader would be able to identify or predict when he is most likely to take a big hit because of the psychological forces building up inside him.

I have not actually done it but what I have done is to note when my losses occur the most and what leads to it and exercise more caution at such times.
  • #14,508
  • Apr 21, 2010 5:54pm Apr 21, 2010 5:54pm
Quoting fti

Ah yes, GEfx.
"And I bow low in humility , in awe of the one who reaches out and understands."

regards
fti, bowing in humility to Him helps put it all into perspective and puts us in our place. Open hearts and open minds. Good post!
  • #14,509
  • Apr 21, 2010 7:28pm Apr 21, 2010 7:28pm
Quoting fti
Hi all,
I had been thinking for some time now,whether i should point the direction.
When I presented the MM skews.
I said fibo is minimum stable skew.
I gave you chaps hands held by that skew example.
Seems many of you didn't put your thinking cap on.
Because there is no evidence of what i expected to see, it sure isn't any where in this thread.
i say again, think.
With some hands on practise already, it should be alot easier now.
Another hint
Spiral within spiral. If you not get hint, then read "The tunnel thru the air" again. Its in there, the...
Hi all
It is the same as this picture.Funny no one find fault ... for me fatal error.Maybe it's not important ... for someone.

"I love God but no love religion"

Regards
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  • #14,510
  • Edited 9:22pm Apr 21, 2010 8:39pm | Edited 9:22pm
[quote=GEfx;3647189]

I was reading the posts from this past week and aside from the problems with brokers, it seems like some of our newer trading friends are having predictable problems with discipline, understanding the forex market, and chart analysis. I suggest re-reading fti's wise words, especially related to market movements. Keep working and it will come to you eventually.

@Thanks GEfx,
One of them must be me. I was experiment one of the system(scalping).
next few months I'm going to take long holiday so I will reread the thread again. So it won't be a holiday would it? Just kidding I'm trading seriously.


[quote=jest1081;3657165]actually the only limitation in the master's method is our own liquidity. this is where our rigidity lies. this is where i would guess most of you hit a brick wall as well

if you trade too small, you wont make the penny collected worth hours vested. so like the boss said, make sure you bring enough money, if you want to do battle lol!

Thanks Jest,
I always know you are one of the senior in this thread and must be a great trader too and ofcos most seniors in here are great traders. Glad to see you back
As your comment that why I'm working very hard saving money for my capital to make sure I bring enough money. No point in the rush cos market still there it won't run away so I'm saving while learning.
BTW if you don't mind may I ask you how many hours per day you do your trading? I have to prepare myself. Cos I'd like to know most successful traders spending time on their trading on day to day basic.
[quote=MyTbo;3645649]

Do criticise me, I won't get offended by no means and what's more criticism will help me learn valuable lessons. I'm open to criticism guys, that's why I post my failed trades I'm not here to attack or offend anyone, I hope I haven't done it. If I have I'm most sorry. I'm here to improve my trading and your criticism is most welcome.

Thanks Mytbo for your comment & count on me too.

Hi every one please do criticise me I'm very happy & love to hear your comments, criticise & etc.....Cos it will help to improve my trading
Thanks,

Sorry a bit late reply I was busy working.

Best regards,
  • #14,511
  • Apr 21, 2010 8:46pm Apr 21, 2010 8:46pm
Quoting Dl17
Hi Cyrus

The list is not a drill. The point of the list is to act as a reminder of what I typically do or don't do in a trade.. All I want it to be successful in my trading. Yes if you have been trading successfully for many years, it (trading) comes as second nature to you then I guess you would not need such a list. And you would have reflexes such as catching a thrown ball. I'm afraid I do not yet fall into that category.

Most books/systems teach you to be rigid and I agree the Zone book was a bit boring but the gist of it is akin to FTI's...
Heya matie. Nothing personal intended hey. I'm glad it's speaking to you. Speaks to one of my trading mates too. I'm just saying that it didn't speak to me, despite going through the book 3 times. Different brain wiring perhaps. Mark Douglas has good points. I agree with them. But I couldn't relate to them. So psychologically, there were not useful to me. If it helps you find your freedom, good on ya. =)

On the other hand the 1 book that has helped me more than I can even put to words is ROASO. Every single time I read that book, I get something new out of it. Still works. I'm on my 6th read. It's awesome. (but again, this is just what has helped me. =P) I read select interviews from Mkt Wizards from time to time, Ed Seykota being amongst my most read.

Fana // Jest:
Haha. Organic chem. omg.
But yeah, a huge part is just testing testing testing testing testing until we find the method that sits well with our psychology.

I had a HUGE battle with myself cause I'm aggressive, but I also hate losing money. So my solution was to t/p 1/2 @ 1st S/R or 1:1, then I no longer have any risk of losing $. Wash rinse repeat frequently caters to the aggressive part. Easy to say. Took me SOOOO looonnng to figure that out. LOL.
One Mind, Any Market
  • #14,512
  • Apr 21, 2010 10:38pm Apr 21, 2010 10:38pm
Quote
I always know you are one of the senior in this thread and must be a great trader too and ofcos most seniors in here are great traders. Glad to see you back
As your comment that why I'm working very hard saving money for my capital to make sure I bring enough money. No point in the rush cos market still there it won't run away so I'm saving while learning.
BTW if you don't mind may I ask you how many hours per day you do your trading? I have to prepare myself. Cos I'd like to know most successful traders spending time on their trading on day to...

please i am not senior but just a student like you. And in many ways, i do find myself straying from the teachings, knowinly or unknowingly, to fit my ideals. MM is a sticky matter and i felt that i may have erred, thus i apologise to all esp fti. Like mark and aux, i do find that time is of a factor, im a working adult and use trading as an added income to supplement my living, and i felt blessed that the place i work in has enabled me to watch the prices running most of the time.

So like you, im finding myself getting back to the basics, re-reading what is taught, and re-capturing the true essense of the message delivered in tunnel. I wish you well in your journey!
  • #14,513
  • Apr 22, 2010 2:36am Apr 22, 2010 2:36am
Quoting fti
i do not support wasting money.
The WD gann library was sold by his wife to Lambert, when Gann died, and since being resold and resold. So in fact the people who are bleeding the moneys for the works are businessmen. No estate or kin of Gann gets anything from the sale of ganns works. So you decide if you want to support sharks that leech on others works. to me its something else to deprive hard working thinkers of their deserving payment in gratitude of their efforts. Its something else when leeches bleed by greed rights given by unfair laws. Its...
I did not know that about Gann's work. and I do not condone illicit trading either. If you read further, a free copy was kindly pointed out to me which I am now reading.

Heya matie. Nothing personal intended hey. I'm glad it's speaking to you. Speaks to one of my trading mates too. I'm just saying that it didn't speak to me, despite going through the book 3 times. Different brain wiring perhaps. Mark Douglas has good points. I agree with them. But I couldn't relate to them. So psychologically, there were not useful to me. If it helps you find your freedom, good on ya. =)

No worries Cyrus. I think the intention of my post has been lost due to my babbling and replying to posts too fast when I should be trading! I was not promoting the Douglas books at all, but merely stating where the first 3 quotes came from so as not to take credit. What I was trying to do was share my "motivational" poster that is sitting between my screens in hope that it can help others who unknowingly fall at the same hurdles.... Like a mental health check before trading. The Wizard books are great indeed.

Anyway, good trading to all.
  • #14,514
  • Apr 22, 2010 4:41am Apr 22, 2010 4:41am
http://en.wikipedia.org/wiki/Mihaly_Csikszentmihalyi

everything about trading is summed up in that small chart ,
beauty ...
To Live is the rarest thing in the world , Most people exist , that is all
  • #14,515
  • Edited 7:27am Apr 22, 2010 6:27am | Edited 7:27am
Quoting fti
Hi all,
I had been thinking for some time now,whether i should point the direction.
When I presented the MM skews.
I said fibo is minimum stable skew.
I gave you chaps hands held by that skew example.
Seems many of you didn't put your thinking cap on.
Because there is no evidence of what i expected to see, it sure isn't any where in this thread.
i say again, think.
With some hands on practise already, it should be alot easier now.
Another hint
Spiral within spiral. If you not get hint, then read "The tunnel thru the air" again. Its in there, the...
I missed the reccomendation of the book tunnel through air, will have to look it up.
As far as "spiral whithin spiral" my understanding is as the market is ever changing and as time moves forward we get our spirals whithin spirals.

we start with the 5 min. looking at our 3 bars and see the range of the 3 and watch for direction. and the same with the 15 min.

and we move to the hrly. and 4 hr. and so on. Considering the different time frames help me to recognize the spirals within spirals.

thats why in my rescues I back out to my next higher time frame so I can catch hopefully the top of the next time frames spiral and take it back inwards for my rescue.
At least thats the students comprehension of it.

btw this e/u 3330 - 40 area sure has my attention this ny open.

fana, this was an example of backing our time frames out and the e/u 3335 area is an example of backing out all the way to the daily.
  • #14,516
  • Apr 22, 2010 6:41am Apr 22, 2010 6:41am
Help. i am caught in terrible DD with big snowball EUR long. Kill it?

Now minus 4,5%, but 20.000unit in battle (1,500account...)
  • #14,517
  • Apr 22, 2010 6:46am Apr 22, 2010 6:46am
Quoting Fana
Help. i am caught in terrible DD with big snowball EUR long. Kill it?

Now minus 4,5%, but 20.000unit in battle (1,500account...)
rescue at 3335 area is what I would have done.
area of xtra nterest for e/u thur.
3540
3437
with an eye on 3402
3335-40
  • #14,518
  • Apr 22, 2010 6:48am Apr 22, 2010 6:48am
Quoting lilpip
rescue at 3330-40
Rescue it by another long from 1,3330? This would be extra big ball... Thank you...

Omg, i see bearish flag on M5... Now i reduced it, closed 3000u...
  • #14,519
  • Apr 22, 2010 6:51am Apr 22, 2010 6:51am
Quoting Fana
Help. i am caught in terrible DD with big snowball EUR long. Kill it?

Now minus 4,5%, but 20.000unit in battle (1,500account...)
I'd give it to 3300/3280 below that look to 3100 or lower but who knows Fana, price is going south why do you try to go long?

Your coming into the first big US news for the week, so be prepared, there's some possible support just below but there's no way to know if it will hold, Euro has a negative bias atm --- so buying euros is going against the grain. Will the News be negative US.... let me look into by crystal ball.......


Fana you ain't dancing the way this thread teaches.
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  • #14,520
  • Apr 22, 2010 6:54am Apr 22, 2010 6:54am
Quoting auxesis
I'd give it to 3300/3280 below that look to 3100 or lower but who knows Fana, price is going south why do you try to go long?
Hi Auxesis. I was temptated by "oversold of eur". Now i am oversold myself...
So upload 1,3300 long? Or there change direction or kill? Thank you.
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