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  • #501
  • Aug 2, 2010 7:18am Aug 2, 2010 7:18am
Quoting pipEASY
To: pillager, guess 121, wonko, fiftylots, someone, willf, andrew_n, coobin, geoffrey62, mojazz, scalpz, takeEAZY and all others who have pmed me before.

Gentlemen, im sure you are here to learn, and im willing to contribute. There is no way to learn but to get your hands dirty.

May i please request your charts at least on the next coming one?
Well then let's try to contribute. This is the history of my GBPUSD trades that I took since I decided to build up positions just as Graeme encouraged to do.

http://i.imgur.com/YlX9n.jpg

I am trading live because otherwise I feel I wouldn't learn anything at all. Right now I've got 10 positions on 12 pairs and am quite pleased with the result so far. And with result I don't mean monetary outcome, no, that's way to early to decide, though I am 10% up in unrealized profits right now. But the most important lesson for me is how easy things are now. It is quite stress free to see many positions die, as long as you've got others to grow every day. I still have to work on my entries, though, and another lesson to learn will be when to diversify.

Thanks for your encouragement, Graeme!
  • #502
  • Aug 2, 2010 7:34am Aug 2, 2010 7:34am
Quoting pipEASY
Good morning, all

Thank you for the continued interest.

I can see how I have disinterested many readers and messed up the integrity of the thread by adding .00 entry system and my own charts of my own personal focal interpretation.

Can readers please acknowledge me either by pm or post here that they are somewhat following me?

I just have this unfortuante feeling that I have explained just too much for any room for enlightment on the readers par and have turned this thread into another, enter here and exit here type of thing.

I dont...
Graeme,

This is the second weekend since finding this thread of reading / re-reading your insights, experience and examples. I am finding it so instructive! I am not quite at the point of beginning my millipede but, am practicing my own entry skills based on Billy Ray Valentine S/R entries [No Brainer Trades - http://www.forexfactory.com/showthread.php?t=86429].

I do not intend to start using the .00 entry scenario that you are concerned is confusing traders here. I will add the BRV No Brainer eduction to your instructions (as they seem to overlap and agree on many points) using the charts you have so diligently created and I will have the makings of a precision long term machine. I have the patience to press on until I get it right and I think that is one of the emotional hurdles you have spoken of that many of us will need to overcome.

I agree with OzzieDave that all the inputs thus far are of huge benefit and I would be very saddened if they were to be discontinued. I also agree with Minka's statement that this is one of the best FF threads I have seen in a long time. The experience and insights you bring to the table have been fabulous, please keep them coming and know that they are helping me and I am sure others to get out of the forex hype and into a productive and realistic state.

RDWatkins
  • #503
  • Aug 2, 2010 7:42am Aug 2, 2010 7:42am
Quoting pipEASY
Good evening,

Very good question. Yes, it is difficult to express something and there is also another meaning within.

In my personal focal interpretation, I saw a stall in 1.26, I dont understand how traders know that this temporary stall was 'temporary'. How?

2 participants claimed that they were 'expecting' this stall and waiting for downtrend to resume. How do you 'expect' in forex.

Please allow me to give you a dose of reality.

Traders used word 'expect' cause you saw what happened after as this was backtesting. As...

Quote
But if I saw the correction at 1.26, I would at least place a buy position just to respect the market.

Graeme,

If you look to place a trade at every possible correction opportunity then doesn't one (who has limited discretionary trading experience and cannot read the Mrkt with confidence) run the risk of placing too many possible trades which in turn could greatly impact on their overall entry accurancy resulting in additional loss of capital?

For me the bit I'm struggling with is choosing those entry setups which I have confidence in trading (in an attempt to be selective and preserve capital) vs the confidence to take new opportunities such as the one in your example above.

As a side note, I tried to reply to your PM, but I'm not sure whether the message got sent. Could you let me know if you recieved it, otherwise I will have to rewrite again.

Many Thanks & keep up your great posts !!
  • #504
  • Aug 2, 2010 7:47am Aug 2, 2010 7:47am
Quoting willf
What? Now we ggotta do homework?

If you use this indicator it will draw S/R automatically

This indi shows nothing else than fractals not meaningful S/R.
  • #505
  • Aug 2, 2010 9:03am Aug 2, 2010 9:03am
Quoting pipEASY
Thank you for kind remarks

Perhaps for the sake of better learning I should ask questions.

I will show how each traders focal interpretation is different however the result will be same.

Since each traders focal interpretation is different, forum systems do not work to everyone's expectation.

I would like everyone to copy paste below chart and highlight what 'you' think is range and breakouts. And where you would participate. It doesnt matter right or wrong as I will show you in forex there is no right or wrong unless you...
Highlighted in large white lines are the primary support and resistance lines based on prior PA. The smaller white lines represent the likely entry points based on similar prior S/R flips.

The gray background areas are the separate trending vs. ranging areas I see.

Also note that there are key transition points; i.e. the first S/R flip at 1.3400 and the first higher low in near delineating the end of the trending period and finally the broken support near 1.2100. If I were to see the PA come back and reject the 1.2100 S/R line I would assume a new trending period had started.

Thanks for your time in grading my submission,

RDWatkins
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  • #506
  • Aug 2, 2010 9:17am Aug 2, 2010 9:17am
Hello Graeme,

This is my homework. I will trade the breakout at 0.000 and will use the one hour timeframe. I will use the support and resistance for my stop loss and all profits in trade will be moved to breakeven at 50 pips. This is the first time I am trading at this time frame. I am currently practicing your 3X 20 pips at the 5 minute timeframe. Your comments "Sifu".

Sincerely,
chonghm
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  • #507
  • Aug 2, 2010 9:18am Aug 2, 2010 9:18am
Quoting saintmo
My messy attempt follows:

green line s/r
yellow arrows sell
pink arrows buy

I am a little confused by trying to coordinate .00 entries with higher highs-lower lows and s/r.

Thanks for the exercise. Not as intuitive for me as it should be.
Good evening Saintmo

Thank you for your chart.

Why is it not intuitive when your focal interpretation is correctly analysing?

You still made alot of profit/growth at end of chart by trading only with s/r.

However, there is too many ranges in your interpretation. Yes, there are ranges everywhere and you do not need to take every single range that happens. Just space them out and take the ones you only see when you get a chance. This will greatly benefit you.

Below is what happened to me in real trading. It looks like I had more drawdown than some of the participants here. Near the end of chart, Im also in profit but not as big as a trader who only had bias on the downtrend.

http://img835.imageshack.us/img835/337/h1a.png

The above result is close to what I did back then. Can you see that Im not a perfect trader?

Sincerely,

Graeme
  • #508
  • Aug 2, 2010 9:22am Aug 2, 2010 9:22am
Quoting pillager
Hi Graeme,

here is my chart as a part of the exercise. I must confess that I have used Ichimoku to draw my entries. I really don't consider ichimoku to be an indicator but rather a bunch of moving averages. Also you need to interpret a lot and take your own decision when you are using it. Besides, I am comfortable with it. If I am not following this methodology, my subconcious mind would have copied some of the techniques used by other posters.

Again, you are doing an outstanding job and continue to amaze me day after day. I don't post much....
Good.

You have good grasp of price moving out of range.

Good, you have spaced out your entries.

Your chart is closer to what would have really happened in live trading.

Excellent.

Sincerely,

Graeme
  • #509
  • Aug 2, 2010 9:29am Aug 2, 2010 9:29am
Quoting Behr
Hi there,

Here you have my chart, trying to mark trend lines and some S&R (I feel more comfortable with trend lines). My criteria to buy and sell was going through .00 after trendlines breakouts.

Regards,
Behr.
Good.

I also use trendlines but for me personally just .00 is fine at the moment.

Your chart is also closer to what would have happened in live trading.

Nice coverage on both buy and sell and yet spacing them out sensibly.

You have more growth/profit than most participants cause you participate slightly more aggressively. In return your drawdowns will be higher than most others. Its give and take.

Good.

Sincerely,

Graeme
  • #510
  • Aug 2, 2010 9:45am Aug 2, 2010 9:45am
Quoting Wonko
Well then let's try to contribute. This is the history of my GBPUSD trades that I took since I decided to build up positions just as Graeme encouraged to do.

I am trading live because otherwise I feel I wouldn't learn anything at all. Right now I've got 10 positions on 12 pairs and am quite pleased with the result so far. And with result I don't mean monetary outcome, no, that's way to early to decide, though I am 10% up in unrealized profits right now. But the most important lesson for me is how easy things are now. It is quite stress free to...
Hello Wonko

Thank you for your update. I was thinking about your progress today.

Im glad to see that you are using multiple moving averages to see the market sentiment. Im sure you know very well the compression and expansion of ema arrangements.

Im very glad to see you are using .00 and trendline.

I encourage you on. May I ask (once again) are you ready for the upcoming emotional hurdles? Im sure you are battle ready.

May I please encourage trying few sell positions at corrections. You dont need to take every sell position but whatever you come across.

Im glad you are currently in a pair of currency that is trending very strongly. I also was adding into this pair today.

Currently my journal shows 14 positions since end of may. There was few sell positions in the middle june but at the moment I have all 14 buy positions which means without even looking at my charts we are in a clear uptrend. Nothing lasts forever, wonko. The first sign of weakness I will be diversifying this group, closing out smaller half of legs and get it off my mind.

Im sure you have everything under control. Just letting you know my intentions for the above info is for emotional support.

Sincerely,

Graeme
  • #511
  • Aug 2, 2010 9:48am Aug 2, 2010 9:48am
Quoting rdwatkins
Graeme,

This is the second weekend since finding this thread of reading / re-reading your insights, experience and examples. I am finding it so instructive! I am not quite at the point of beginning my millipede but, am practicing my own entry skills based on Billy Ray Valentine S/R entries [No Brainer Trades - http://www.forexfactory.com/showthread.php?t=86429].

I do not intend to start using the .00 entry scenario that you are concerned is confusing traders here. I will add the BRV No Brainer eduction to your instructions (as they...
Good evening, RDWatkins

Thank you for suck warm compliments.

Also I would like to acknowledge all the other compliments that I have received but unfortunately lost in the flow. I ask for your understandings.

All the best to you

Sincerely,

Graeme
  • #512
  • Aug 2, 2010 10:02am Aug 2, 2010 10:02am
Quoting Chorlton
Graeme,

If you look to place a trade at every possible correction opportunity then doesn't one (who has limited discretionary trading experience and cannot read the Mrkt with confidence) run the risk of placing too many possible trades which in turn could greatly impact on their overall entry accurancy resulting in additional loss of capital?

For me the bit I'm struggling with is choosing those entry setups which I have confidence in trading (in an attempt to be selective and preserve capital) vs the confidence to take new opportunities...
Good evening Chorlton

Thank you for great question. The question flows nicely from 'ignoring' the market post I did yesterday.

I completely understand what you are asking. You would like to know for a trader with limited capital/understanding how he/she would choose/analysis to be selective on entries.

I hope my answer doesnt offend you cause im not joking around.

I also dont know...

But what I do know is I do not do multiple entries in one single area but I will try everytime I happen to come across that pair again. See my chart few post before which was my interpretation. You can tell I had few odd mistakes. They look odd cause I didnt know the future.

I will show you this in a chart tonight. The power of randomness. It will be for you

Sincerely,

Graeme
  • #513
  • Aug 2, 2010 10:07am Aug 2, 2010 10:07am
Quoting rdwatkins
Highlighted in large white lines are the primary support and resistance lines based on prior PA. The smaller white lines represent the likely entry points based on similar prior S/R flips.

The gray background areas are the separate trending vs. ranging areas I see.

Also note that there are key transition points; i.e. the first S/R flip at 1.3400 and the first higher low in near delineating the end of the trending period and finally the broken support near 1.2100. If I were to see the PA come back and reject the 1.2100 S/R line I would assume...
Good. Intriguing.

I spent the longest time on your chart. Im glad to see that you only use s/r and the flip of s to r and vice versa.

Im also very glad to see that you have the ability/confidence to forecast the near short future with s/r.

I prefer to use much less s/r lines or any lines. But, I know you are on good path. We go through different doors now but I know I will see you at the final door together.

May I suggest deleting half the lines just for fun? Perhaps it will be worse in your focal interpretation or perhaps it might be acutally better.

Sincerely,

Graeme
  • #514
  • Aug 2, 2010 10:21am Aug 2, 2010 10:21am
Quoting chonghm
Hello Graeme,

This is my homework. I will trade the breakout at 0.000 and will use the one hour timeframe. I will use the support and resistance for my stop loss and all profits in trade will be moved to breakeven at 50 pips. This is the first time I am trading at this time frame. I am currently practicing your 3X 20 pips at the 5 minute timeframe. Your comments "Sifu".

Sincerely,
chonghm
Good evening, chonghm

Thank you for your detailed chart.

I looked at it closely for some time.

Good. You use .00 and mini s/r with the flow of market. Im happy to see you have connected .00 and x20 take profit. I was hoping you would.

It is now so much easier to see the price come down from .00 and then enter sell for take profit 20. Glad you made the connection.

No indicators. Looks beautiful.

chonghm, thank you for continuing the exercise.

When you think you have no improvements look back to 3 months ago and see the difference.

Use your mini s/r focal interpretation on higher timeframe to scout the markets sentiment and find the pair of currency that are trending strongly for the day/week. However, please space out your s/r on the higher timeframe.

Please continue with exercise but now try and practice scouting the higher timeframe. Once you scout easily then you would zoom in on lower chart for a precision hit on the intended move on the intended direction.

By adding scouting + excellent entries, you are now completely grasping the market sentiments.

Sincerely,

Graeme
  • #515
  • Aug 2, 2010 10:24am Aug 2, 2010 10:24am
Hi Graeme,

Sorry I'm so late with my home work chart. I had to go to, I'm going to use that four letter word...WORK...so I've been missing out on all of the fun.

Ok..4hr EU chart. Green are entries short, magenta entries long and orange lines are the ranges I would define in my trading. The trend is definitely down so my basis would be short.

I tried not to look at everyone's charts because I wanted to treat this like my first go. Let me know what you think.
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  • #516
  • Aug 2, 2010 10:28am Aug 2, 2010 10:28am
Quoting pipEASY
Good. Intriguing.

I spent the longest time on your chart. Im glad to see that you only use s/r and the flip of s to r and vice versa.

Im also very glad to see that you have the ability/confidence to forecast the near short future with s/r.

I prefer to use much less s/r lines or any lines. But, I know you are on good path. We go through different doors now but I know I will see you at the final door together.

May I suggest deleting half the lines just for fun? Perhaps it will be worse in your focal interpretation or perhaps it might be...
Graeme,

Thank you for your review of my chart. After reading your past reviews, I too noticed that I had more entry points than many who have been reviewed prior. I will do as you suggest and reduce them.

I also noticed on several occasions you mentioned that you prefer the trend line breaks as S/R lines. I intend to contrast and compare my horizontal S/R (Prior PA based lines) vs. your preferred trend line breaks as S/R lines. It seems to me your breaks would be more frequent drilling down from higher time frames in a trending market and afford a trader more opportunities to add additional legs. I have discovered recently that when a run away trend occurs HL (horizontal lines of prior PA) leave me with fewer and fewer prior levels to base entries on which reduces my confidence and precision when entering trades.

Thanks again for all your feedback; your school rocks!
  • #517
  • Aug 2, 2010 10:39am Aug 2, 2010 10:39am
Quoting ozziedave
Hi Graeme,

Sorry I'm so late with my home work chart. I had to go to, I'm going to use that four letter word...WORK...so I've been missing out on all of the fun.

Ok..4hr EU chart. Green are entries short, magenta entries long and orange lines are the ranges I would define in my trading. The trend is definitely down so my basis would be short.

I tried not to look at everyone's charts because I wanted to treat this like my first go. Let me know what you think.
Good evening Dave

Thank you for your chart.

Good spacing between entries. Nice clean simple interpretation.

You respect range and the flow after. Good

You have also covered possible uptrend. Good

Just roughly working out your stat on that chart

10 entries (not including last 2) - I see only 1 or 2 loss. But zero if you used 2 positions and closing 1 position @ 1:1. That is your choice.

I see only 1 or 2 winners which is still quiet good. I see from 10 potential trades you were able to capture at least 1100+ pips for 3 months. However that golden position at 1.31 which obviously we didnt know would be golden could have been a BE.

If thats the case your story would continue on as the market doesnt stop/end at the end of that chart.

Good interpretation and closer to live trading.

Sincerely,

Graeme
  • #518
  • Aug 2, 2010 10:41am Aug 2, 2010 10:41am
Quoting rdwatkins
Graeme,

Thank you for your review of my chart. After reading your past reviews, I too noticed that I had more entry points than many who have been reviewed prior. I will do as you suggest and reduce them.

I also noticed on several occasions you mentioned that you prefer the trend line breaks as S/R lines. I intend to contrast and compare my horizontal S/R (Prior PA based lines) vs. your preferred trend line breaks as S/R lines. It seems to me your breaks would be more frequent drilling down from higher time frames in a trending market and afford...
Thank you again, rdwatkins.

As long as you do not over expose yourself to market you wont suffer damage to 'range'

Sincerely,

Graeme
  • #519
  • Aug 2, 2010 10:46am Aug 2, 2010 10:46am
Good evening, all

My next exercise will be something different.

Most common question I receive now through thread or pm is:

'Graeme, what do you mean selecting entries? I understand why it would be good at not stacking too much in one area but how do you choose?'

I replied, 'i trade what i see, when i see.'

To show you that:

1. you do not need to watch the same pair of currency everyday
2. you can enter anytime anywhere and still have same result
3. million different variations in participation but still one similar result
4. you do not need to over expose

Lets play a little game.

Please watch for my next chart

Sincerely,

Graeme
  • #520
  • Aug 2, 2010 11:21am Aug 2, 2010 11:21am
Game rules

1. We enter 2 positions at each arrow
2. Both position -100 pips hard stop loss
3. 1 position closed @ 1:1 and the remaining position let it run with SL still at -100
4. All positions closed at 'X'

I have worked out the fate of each 15 positions.

All you need to do is choose 8 random numbers. Must be 'random'

Add the pips together and please post a reply in the thread.

http://img337.imageshack.us/img337/8398/gamei.png

Purpose of this game shows all readers that you do not need to try very hard and enter every possible entry.

You can enter only the ones you see when you see and still have similar results at the end.

Please note you could be unlucky at picking the random numbers and still have a loss at the end. Please consider this as close to real life but the worst case scenario. Almost pure random with completely no control.

This game may show related discoveries

Have fun

Sincerely,

Graeme
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