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MW's trading journal

  • #1,801
  • Aug 12, 2010 1:11pm Aug 12, 2010 1:11pm
Quoting mike w
What's happenin Ghous?! I hope everything's good for ya man, it's been a while.

Yeah, that would have been A+ IMO if it had closes as it was, but now I wouldn't touch it if I had to. Are you still running the 4 hour TF?
yeah, check out my journal for the stuff.



g.
I believe . . .
  • #1,802
  • Aug 12, 2010 1:14pm Aug 12, 2010 1:14pm
Quoting ghous
yeah, check out my journal for the stuff.



g.
I honestly didn't even know you had made that journal! Awesome!!! Well, I know what I'm going ot be reading through tonight for sure. Thanks my man!
I dream, therefore I become.
  • #1,803
  • Aug 12, 2010 3:13pm Aug 12, 2010 3:13pm
Quoting ghous
yeah, check out my journal for the stuff.



g.
O geeze! Another must read for K.I.S.S. LOL!! Ghous I didn't know you had one either but I'll be visiting as well. Thanks for the heads up bro! I only visit Mike W's but now I have one more thing to subscribe to. Praying for all of your countrymen during this time my friend. Best regards.

K.I.S.S.
  • #1,804
  • Aug 12, 2010 3:15pm Aug 12, 2010 3:15pm
Yea, that u/c pin thingy did not close with sufficient bullish conviction, unfortunately. Oh well. Next one is just around the corner.

Just had a look at the aussie M5. Man, you were right. It sure gave some nice TC and CT+div trades today.

Hope you raked it in, bro.

http://www.yorkblog.com/biz/img/vacuum.jpg
It's not about how much you make, it's about how much you don't lose.
  • #1,805
  • Aug 12, 2010 7:03pm Aug 12, 2010 7:03pm
Quoting KissFan
O geeze! Another must read for K.I.S.S. LOL!! Ghous I didn't know you had one either but I'll be visiting as well. Thanks for the heads up bro! I only visit Mike W's but now I have one more thing to subscribe to. Praying for all of your countrymen during this time my friend. Best regards.

K.I.S.S.
Thanks a tonne guys, K.I.S.S we need good souls like you praying for us - we're in a bad shape as a country.

g.
I believe . . .
  • #1,806
  • Aug 13, 2010 12:05pm Aug 13, 2010 12:05pm
This one is looking pretty good to me.
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I dream, therefore I become.
  • #1,807
  • Aug 13, 2010 12:08pm Aug 13, 2010 12:08pm
Quoting mike w
This one is looking pretty good to me.
Willing to see it through any potential gaps or early Monday dearth of volatility?
I believe . . .
  • #1,808
  • Aug 13, 2010 12:22pm Aug 13, 2010 12:22pm
Quoting ghous
Willing to see it through any potential gaps or early Monday dearth of volatility?
Yes sir, I've already placed my orders. It's a valid setup and with that, I have to trade my plan always. That, plus the fact that I'm already in from 1.0525. lol Gotta love those 5 minute setups after a solid 4 hour setup (Last 4 hour bar closed as a pin on one of my feeds so I've been on the hunt since then).

I'll be entering as per the 4 hour bar as well though. In reality, those are two completely different trades and they need to be treated as such.
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I dream, therefore I become.
  • #1,809
  • Aug 13, 2010 12:24pm Aug 13, 2010 12:24pm
See how different the chart looks with just one hour's differential? That's why I always keep a few different feeds with differing close points.
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I dream, therefore I become.
  • #1,810
  • Aug 13, 2010 12:37pm Aug 13, 2010 12:37pm
Interesting. :nerd:
I believe . . .
  • #1,811
  • Aug 13, 2010 12:39pm Aug 13, 2010 12:39pm
Mike,
Quick question for you.When you enter on a retrace of a price action bar.Do you only enter on a retrace if price has allready broke the high or low of the bar?Or will you enter before it has broken the high or low?Thanks!Have a great weekend!!..Josh
  • #1,812
  • Aug 13, 2010 2:11pm Aug 13, 2010 2:11pm
Well, other than reading the big news that Jacko apparently is a big scammer, today for me has been quite boring. Typical friday for that matter. Nothing on M5 worth trading.

I did take two shorts on H4 earlier today. One aussie, the other eurotunnel. Was a bit late with the aussie trade though.

Both trades based on the same principle: trend + retrace to mid BB + PA. Stop in both cases already to cost. That's it for me for this week. Worst that can happen is two BE trades due to some gap opening on monday.

I found me a work around to watch the PGA Championship via PGA.com, which is supposed to be restricted to USA based viewers only, so I'm gonna watch that now.

You guys have a good weekend!

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It's not about how much you make, it's about how much you don't lose.
  • #1,813
  • Edited 3:45pm Aug 13, 2010 3:21pm | Edited 3:45pm
Quoting Dhb
Well, other than reading the big news that Jacko apparently is a big scammer, today for me has been quite boring. Typical friday for that matter. Nothing on M5 worth trading.

I did take two shorts on H4 earlier today. One aussie, the other eurotunnel. Was a bit late with the aussie trade though.

Both trades based on the same principle: trend + retrace to mid BB + PA. Stop in both cases already to cost. That's it for me for this week. Worst that can happen is two BE trades due to some gap opening on monday.

I found me a work around to watch...
Dude, right?! lol I've actually talked to that guy before and he seemed like a decent guy, but then again anybody who wants cash would seem like a decent guy. I think you have to be kind of dumb to assume that you can buy success in this business. The only thing that I would ever pay for in this business are 1) Books for entertainment nowadays and 2) James16 subscription. Those are the only two things that are worthwhile IMO. I'd pay for knowledge, but to think you can pay to get somebody to tell you how to trade just goes against everything that this business is about.

I know plenty of guys that have made it in the business, and I'm 100% sure that none of us would just give it to someone else without them earning it. It can't be done that way. I'll gladly teach someone how to fish, but I'll never do it for them.

Yeah, the 5 minute charts today were complete junk. I did see those 4 hour setups, although I was too late to the party for them. Nice work my man!

Thanks and you have a good one too brother! Enjoy the PGA
I dream, therefore I become.
  • #1,814
  • Aug 14, 2010 5:04am Aug 14, 2010 5:04am
Quoting mike w
Dude, right?! lol I've actually talked to that guy before and he seemed like a decent guy, but then again anybody who wants cash would seem like a decent guy. I think you have to be kind of dumb to assume that you can buy success in this business. The only thing that I would ever pay for in this business are 1) Books for entertainment nowadays and 2) James16 subscription. Those are the only two things that are worthwhile IMO....
It's sad to see these things unfold before our eyes, but c'mon: guaranteed returns?? Contact address blahblahblah@[b]gmail.com[/b]?? No financial records, no website??? Wtf, how gullible are you? It's a shame to see people fall for empty promises time and again, but then again, it's economic Darwinism in action.

There's only one person I'll allow to blow away my savings, and that's me. I'm perfectly capable of doing that myself, lol.

While some books are worth buying and a J16 subscription is probably worth the money as well, even those expenses are optional. There's vast amounts of free education available on forums. You just need to be willing to put in some work yourself and be willing to take the time to separate the wheat from the chaff. Just start reading the J16 thread, and after a couple of thousand pages things should start to click just by the constant exposure to the subject matter.

To be continued....
It's not about how much you make, it's about how much you don't lose.
  • #1,815
  • Aug 16, 2010 9:25am Aug 16, 2010 9:25am
Working and closing for 150 pips. Did I ever say I love mondays?! lol
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I dream, therefore I become.
  • #1,816
  • Aug 16, 2010 9:33am Aug 16, 2010 9:33am
Just popped in a little late of an entry at 1.0430. Right in line with the daily as well.
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I dream, therefore I become.
  • #1,817
  • Aug 16, 2010 9:57am Aug 16, 2010 9:57am
Mike, how do these parallel lines on your H4 charts help you? What do you use them for? Trend indication? Are they potential S/R levels of some kind? What are they btw? Vertically shifted moving averages?

Sorry for all these Q's all at once.
It's not about how much you make, it's about how much you don't lose.
  • #1,818
  • Aug 16, 2010 10:11am Aug 16, 2010 10:11am
Quoting Dhb
Mike, how do these parallel lines on your H4 charts help you? What do you use them for? Trend indication? Are they potential S/R levels of some kind? What are they btw? Vertically shifted moving averages?

Sorry for all these Q's all at once.

haha What's happenin brother?

The lines are plotted out based on fibs at points of 89, 144, and 233 on an overlay of the 28 ema (for the most part- sometimes there will be a 377 on there). These are typically areas of support/resistance. You'll notice that the usd/chf went straight to the second one, 144, and then came back. These were part of the Vegas template to place Take Profit points although I typically only use the first one or two, 89 and 144, especially in choppy markets.

Vegas may have ended up as a scammer, but he was a genius. I don't give a damn who he scammed because they were dumb to give money out anyway; as a by-product of his work, he transformed my life. That 150 pips I made today wouldn't have been made if I didn't learn from Vegas. That's enough cash to buy a (cheap) car so I'm thankful to him.

They are extensions on the 28 ema on my charts btw. I plot up the three on an overlay of the 28 and they serve as the dynamic S/R.
I dream, therefore I become.
  • #1,819
  • Aug 16, 2010 11:11am Aug 16, 2010 11:11am
Mike, beautiful trade on the USDCHF. I woke up and saw how strongly it moved down and I thought "WTF?". I can see it went to the bottom of the tight range this pair has been in surrounding 1.05 since the end of June.

What was your trigger to go short? I can see why it went, where it went, I just don't see a trigger to get into the trade.

Thank you,

T.J.
  • #1,820
  • Aug 16, 2010 11:21am Aug 16, 2010 11:21am
Quoting mike w
haha What's happenin brother?

The lines are plotted out based on fibs at points of 89, 144, and 233 on an overlay of the 28 ema (for the most part- sometimes there will be a 377 on there). These are typically areas of support/resistance. You'll notice that the usd/chf went straight to the second one, 144, and then came back. These were part of the Vegas template to place Take Profit points although I typically only use the first one or two, 89 and 144, especially in choppy markets.

Vegas may have ended up as a scammer, but he was a genius....
I do remember reading about the name Vegas somewhere before, though I forgot where. Anyway, these Vegas lines look like they're interesting. Hell, if they can make you a small car a day, they are interesting, whether the author is a scammer or not. Btw, I look forward to one day take small car sized trades along with you bro, although I guess when I'll reach that stage, you'll probably be trading Veyron size, lol.
It's not about how much you make, it's about how much you don't lose.
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