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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #6,321
  • Apr 27, 2010 2:21am Apr 27, 2010 2:21am
Quoting wormboy
Hi guys

okay so I have no open trades but thought I'd share my thought on cable as I see there is a strong possibility of it reversing short term.
There's a possible bearish rising wedge that might come into play.
Look for the breakout for the pattern to be valid. Good luck


Bingo. Hope someone traded the breakout
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  • #6,322
  • Apr 27, 2010 2:35am Apr 27, 2010 2:35am
Quoting wormboy
Hi X .. yep dragon is bullish, tho it seems like a retest of 144 level might just be on the cards imho.
pretty close
hope no one bought yesterday
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  • #6,323
  • Apr 27, 2010 2:42am Apr 27, 2010 2:42am
Quoting wormboy
Bingo. Hope someone traded the breakout
I shorted on yesterday hourly pinbar.. and closed the trade at BE 5 hours after.... funny!
I don't want a job, i want money!
  • #6,324
  • Apr 27, 2010 3:00am Apr 27, 2010 3:00am
Quoting dario1002
I shorted on yesterday hourly pinbar.. and closed the trade at BE 5 hours after.... funny!

That's unlucky.
Next time use the previous high point before the breakout as your stop
Thank You
  • #6,325
  • Apr 27, 2010 3:13am Apr 27, 2010 3:13am
Quoting wormboy
That's unlucky.
Next time use the previous high point before the breakout as your stop
During the whole 5 hours my S/L was 1.5505 .... but after 5 hours of ranging... i manually closed it at B/E and went to sleep. my entry point was 1.5459 and first T/P was at 1.5395 ... but anyway.. that's the past.

Another day ahead wormie-boy (only 89% though)
I don't want a job, i want money!
  • #6,326
  • Apr 27, 2010 3:50am Apr 27, 2010 3:50am
Quoting wormboy
hi dario

yep, like I told you before bro, trading is more self mastery than all this technical mumbo jumbo. Sure ta plays a part in trading, but it'll come to nothing without the proper mindset.
I hope you don't waste much of your time looking for the right "indicator" or technical approach bro. Channel your time & energy on trading psychology
Hi mate!

You gathered quite a following since I last dropped in. But your trading certainly deserves being followed!

Wonder why nobody questioned you on the highly interesting remark quoted. Let's assume I know most of the mumbo jumbo but am still not profitable. Now, what is the "proper mindset"? What is the "trading psychology" necessary to turn the mumbo jumbo into profitable trading.

Thanks for helping me with this imho extremely cruscial issue.
  • #6,327
  • Apr 27, 2010 4:59am Apr 27, 2010 4:59am
Quoting AnonYmos
Hi mate!

You gathered quite a following since I last dropped in. But your trading certainly deserves being followed!

Wonder why nobody questioned you on the highly interesting remark quoted. Let's assume I know most of the mumbo jumbo but am still not profitable. Now, what is the "proper mindset"? What is the "trading psychology" necessary to turn the mumbo jumbo into profitable trading.

Thanks for helping me with this imho extremely cruscial issue.
hey man been a while since we've had you here
hope everything is fine with you.

Okay to answer your question.
Assuming that you know most of the technical mumbo jumbo would really mean that you don't know one well enough to master it & see how effective it works. TA/ indicators are just tools to enhance trading ability imho, but if one keeps jumping from one tool to another without mastering any, shows that the person is not prepared to take the risk. Subconsciously you're looking for the grail, the silver bullet to trading by consistently tweaking & changing the technical approach. People who keeps on doing this, have immense amount of fear of losing. They might not realize it or admit it but it is the absolute truth.
To me, almost all TA/indicators if mastered, yields the same result. I just choose to work with a bunch of trendlines because they are a lot quicker. But I use to work with MA crosses as well, & they work equally fine. But, you'd have to work with this tools rigorously, really test them real time & tailor your risk management together with it to see them work & how profitable you can be. Most people however, do not do these. I can tell, just by reading comments, questions etc especially at the public forums that many would quickly get restless when going thru losing period and start to look for some new fad tool to add when all they should be doing is keep their head down and continue trading.
Now I am not perfect, I have been down that road just like most people have. But, I realized pretty quickly that the most important part in trading is not in technical ability. That is why I sounded this out to Dario, because he is relatively new. If I could just persuade him, I'm pretty sure I'll be helping him in saving a lot of time & a lot of money.

I think Mark Douglas said it best.

"When you've achieved a state of mind where you truly accept
the risk, you won't have the potential to define and interpret market
information in painful ways. When you eliminate the potential to
define market information in painful ways, you also eliminate the
tendency to rationalize, hesitate, jump the gun, hope that the market
will give you money, or hope that the market will save you from your
inability to cut your losses.
As long as you are susceptible to the lands of errors that are the
result of rationalizing, justifying, hesitating, hoping, and jumping the
gun, you will not be able to trust yourself. If you can't trust yourself to
be objective and to always act in your own best interests, achieving
consistent results will be next to impossible. Trying to do something
that looks so simple may well be the most exasperating thing you will
ever attempt to do. The irony is that, when you have the appropriate
attitude, when you have acquired a "trader s mind-set" and can remain
confident in the face of constant uncertainty, trading will be as easy
and simple as you probably thought it was when you first started out.
So, what is the solution? You will need to learn how to adjust
your attitudes and beliefs about trading in such a way that you can
trade without the slightest bit of fear, but at the same time keep a
framework in place that does not allow you to become reckless."
Thank You
  • #6,328
  • Apr 27, 2010 5:24am Apr 27, 2010 5:24am
Quoting wormboy
hey man been a while since we've had you here
hope everything is fine with you.

Okay to answer your question.
Assuming that you know most of the technical mumbo jumbo would really mean that you don't know one well enough to master it & see how effective it works. TA/ indicators are just tools to enhance trading ability imho, but if one keeps jumping from one tool to another without mastering any, shows that the person is not prepared to take the risk. Subconsciously you're looking for the grail, the silver bullet to trading by consistently...
Azim this note is awesome and it's what as been happening to me ..well said bro..stay bless
MY OPINION NOT FINANCIAL ADVISE
  • #6,329
  • Apr 27, 2010 5:31am Apr 27, 2010 5:31am
Quoting wormboy
hey man been a while since we've had you here
hope everything is fine with you.

Okay to answer your question.
Assuming that you know most of the technical mumbo jumbo would really mean that you don't know one well enough to master it & see how effective it works. TA/ indicators are just tools to enhance trading ability imho, but if one keeps jumping from one tool to another without mastering any, shows that the person is not prepared to take the risk. Subconsciously you're looking for the grail, the silver bullet to trading by consistently tweaking...

Hi wormie... sorry if i ask again, but i really want to understand this that u just wrote. If i am not mistaken, u wrote that if u are able to deeply ant truly master some of the tools (doesn't matter which), then the mindset comes along with it?
Since we first spoke about it.. i have been trying to master my weakness, which is not "be afraid of taking a trade", but let the trade develop in my direction (the ones against me works rather good). I tried to review my past trades as well and i realized that i had the greater lostswhen i was in front of pc, while the greatest gains i had when i entered the trade and for some reasons have to leave. Then i come back after a while and voilà, the trade hitted my TP (it doesn't happen often, but it happens.
Now, i do this because i am not sure in myself, and i still didn't master the method i chose (which is kinda EOhater method)?... well that's for sure but, is this the only reason? let's wait and see. In the ordinary life i am rather patient and cold, while here maybe i am still looking for the "quick grail". Well i dunno.
What i know is that i took a short at eurusd @ 3361 (4H pinbar after DHLC) and manually closed again at BE (the 15M 200MA scared me), and then i took another short at 3341 (hourly trendline breakout) and just closed it at 3325 when i saw a small 5 min support resistence... and yet again it scared me. My original TP was @ 3295 (near yesterday's low).

Sorry for writing that much, if u (or anybody else) mind, i will not post such things again
I don't want a job, i want money!
  • #6,330
  • Apr 27, 2010 5:40am Apr 27, 2010 5:40am
Quoting wormboy
hey man been a while since we've had you here
hope everything is fine with you.

Okay to answer your question.
...
I've been doing fine. But distracted by other stuff.

Thanks for the explanation. Confirms some of my suspicions. Whether you use MA's or trendlines or RSI and Stochs and whatever soen't seem to make the difference. It's the combo in which you use them and whether it fits your personal trading style. The other element taken from the Douglas quote is getting fear and greed out of the equation.

What gets to me atm is that I got this feeling as if I got all the elements in my hands but just can't bring them togehter to make them work. Well, I was told that equanimity, perserverance and patience are other elements of success here ...

As you are not trading til 10.05. I wish you a peaceful time till then. Take care, mate!
  • #6,331
  • Apr 27, 2010 6:11am Apr 27, 2010 6:11am
Quoting wormboy
hey man been a while since we've had you here
hope everything is fine with you.

Okay to answer your question.
Assuming that you know most of the technical mumbo jumbo would really mean that you don't know one well enough to master it & see how effective it works. TA/ indicators are just tools to enhance trading ability imho, but if one keeps jumping from one tool to another without mastering any, shows that the person is not prepared to take the risk. Subconsciously you're looking for the grail, the silver bullet to trading by consistently tweaking...
Great post, thank you.
  • #6,332
  • Apr 27, 2010 8:38am Apr 27, 2010 8:38am
Quoting donfriday
Eu price rejection @1.3400 this could be a bearish continuation after broken 1.3450 support with a possible target of 1.3000 in mid term...major support now still remain 1.3250 looking like triple bottom which is yet to confirm from daily chart ..
EU price action show a strong bearish continuation in the triple bottom pattern..looking for the close of todays candle..look like a bearish engulfing candle ..
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MY OPINION NOT FINANCIAL ADVISE
  • #6,333
  • Apr 27, 2010 9:22am Apr 27, 2010 9:22am
Quoting wormboy
Okay to answer your question.
Assuming that you know most of the technical mumbo jumbo would really mean that you don't know one well enough to master it & see how effective it works. TA/ indicators are just tools to enhance trading ability imho, but if one keeps jumping from one tool to another without mastering any, shows that the person is not prepared to take the risk. Subconsciously you're looking for the grail, the silver bullet to trading by consistently tweaking & changing the technical approach. People who keeps on doing this, have immense...
Very well said
thanks for the information
will endeavour to put this into our head
cheers
  • #6,334
  • Apr 27, 2010 10:44am Apr 27, 2010 10:44am
Quoting donfriday
EU price action show a strong bearish continuation in the triple bottom pattern..looking for the close of todays candle..look like a bearish engulfing candle ..
loooks like a drop to 1.3 might be possible
  • #6,335
  • Apr 27, 2010 11:33am Apr 27, 2010 11:33am
Hope so, Im slowly taking partial profits just in case
  • #6,336
  • Apr 27, 2010 5:06pm Apr 27, 2010 5:06pm
Quoting yuan83
loooks like a drop to 1.3 might be possible
daily is on bearish engulfing pattern now...possible retest and drop dead from there...eu Pa continue is bearish bias..a test of 1.3250 is still possible and sell all rally
MY OPINION NOT FINANCIAL ADVISE
  • #6,337
  • Apr 27, 2010 5:34pm Apr 27, 2010 5:34pm
good morning everyone

well all i can say is wow! 300-400 pips drop overnight everywhere I look.
I'll admit, I am kicking myself a bit for not being in any of the trades
Some timing I picked to take my time off ey lol.
Hope everyone had fun yesterday & don't get greedy. Sharp moves like these usually have violent pullbacks. Be careful & good luck
Thank You
  • #6,338
  • Apr 27, 2010 5:37pm Apr 27, 2010 5:37pm
Quoting donfriday
Azim this note is awesome and it's what as been happening to me ..well said bro..stay bless
Happens/happened to all of us at one point bro. Important thing is to realize & admitting our mistakes.
Stay safe & good luck!
Thank You
  • #6,339
  • Apr 27, 2010 5:53pm Apr 27, 2010 5:53pm
Quoting dario1002
Hi wormie... sorry if i ask again, but i really want to understand this that u just wrote. If i am not mistaken, u wrote that if u are able to deeply ant truly master some of the tools (doesn't matter which), then the mindset comes along with it?
Since we first spoke about it.. i have been trying to master my weakness, which is not "be afraid of taking a trade", but let the trade develop in my direction (the ones against me works rather good). I tried to review my past trades as well and i realized that i had the greater lostswhen i was in front...
Hi dario

Yup, I used to do that too. Set the trade & walk away from the pc. I used to have this tennis match inside my head when being in front of the pc. But, this happened mainly at the time when I did not truly believe in my working system. If you're using EO's method than by all means make sure you master it because market condition is dynamic. You gotta learn to manage your risk with his method & accept that losing trades/periods are inevitable so that you'd know what to do when those periods start to kick in.
Regarding the eu trade example you just gave, I really cant comment on the trade because I am not familiar with EO's system. However you should be asking yourself when you closed the trade @3325, was it because of the EO's system triggered it, or was it only because of your fear? If it's EO's system that triggered you to exit, then your fear would be justifiable but if it's only your fear that caused it, then I suggest you lower your risk exposure/pip size further. This is the only way right now I see you being able to combat your fear of losing money.

Good luck
Thank You
  • #6,340
  • Edited 7:37pm Apr 27, 2010 6:02pm | Edited 7:37pm
Quoting AnonYmos
I've been doing fine. But distracted by other...

Quoting skiffx
Great post, thank you.
Quoting A 5
Very well said
thanks for the information
will endeavour to put this into our head
cheers
You're welcome guys. Have a good one

Big thanks to Xtrade & JakeSnake as well for the earlier replies!
Thank You
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