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  • #3,581
  • Nov 17, 2010 8:12pm Nov 17, 2010 8:12pm
  •  acim
  • | Joined Jan 2010 | Status: I'd rather be stacking :-P | 46 Posts
Quoting pipEASY

I understand a lot of traders, scale out of their positions. Its all relative. I focus on exponentially growing profits by the years and there are other traders who prefer capturing short/medium term growth.


http://img228.imageshack.us/img228/9056/eurusd2a.png

Sincerely,

Graeme

Hi Graeme, GREAT to have you back. AWE+SOME thread, I am on a second reading :-). Let me take an opportunity to thank you again for all the hours you put into it trying to impart your great methodology/mindset on us.

On the monthly Euro chart above you mentioned the benefits of holding for years at the time, but on the same chart it's obvious anybody holding buys from 2 years ago (Nov '08) or almost 5 years ago (beginning of '06) would be stopped @ B/E. I am well aware of the fact that you would diversify and closed some legs at the time, but I am still a bit puzzled. Would you leave e.g. some "buys" from March '09 go to 2500 pips in profit and let them be taken out more than a year later @ B/E ? If a trader decides to close all of the legs, the question becomes when to close remaining buy legs (left after closing some during diversification), if not waiting for B/E ?

You are quite right on your last post :"The reason is that the market moves slower than most traders anticipation vs time." I have a hard time letting go of 20 pips going to B/E..... lol, not to mention 2000 pips .... that's stratosphere for me.


I would greatly appreciate your comments whenever you find time.

Thank you
  • #3,582
  • Edited 3:31am Nov 18, 2010 1:44am | Edited 3:31am
Just a quick note.... (it's worth posting)

Graeme mentioned looking at the wicks. I have been doing this and I am quite amazed at how consistently accurate this is in showing potential support/resistance levels or stall areas, and where the price is likely head for the next bar(s), or maybe many bars.

I cannot believe I have never heard anyone talk about this before (I am sure there has been discussion, I cannot read everything and not the sharpest tool in the shed).

LONG wicks, especially when there are two or more, especially if alignment with the current longer term trend, especially around previous support/resistance levels or 50/100/500 levels and especially when combined with simple PA do NOT get breached all that often. It really is like the market is placing signs in front of you saying "Pay Attention: Price Going This Way, Ignore At Your Own Risk!".

Also look at the long wick direction, as Graeme talks about.

Placing a stop above/below these wicks can provide short term traders/scalpers/stackers looking for long term postions with quite an edge. That combined with knowing that many candles are restraced by 33% or 50% (looking for an entry points with small stops) DOES place the odds in your favour to quite a degree, what ever your trading style.

If you have not taken the time to look at this, I warmly encourage you to keep this in your focus each day and over time, it starts to jump out at you. I am quite in awe of this discovery.

Just this one golden tip has made this entire thread worth reading for me.

Now, another point on wicks. In the CHOROS system, they do talk about wicks a bit and they mentiod the "PORCUPINE". What a kool name... Imagine what that would look like... Long wicks both up AND down. When you see the porcupine, stay out. No trading. Picking up a porcupine full of sharp prongs is hard and may hurt you! The same with picking trades in the porcupine. Another tip worth passing on...

Take care everyone.

Regards,
Darren.
  • #3,583
  • Nov 18, 2010 5:00am Nov 18, 2010 5:00am
Regards,
Darren
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  • #3,584
  • Edited 2:28pm Nov 18, 2010 5:23am | Edited 2:28pm
This is in alignment with Graemes teachings.... (he encouraged us to study the the wicks (and hence the bodies - you cannot have one without the other) as they can help show where the market is going - I was only trying to show some examlpes of what Graeme alluded to - I thought it may actually help some people)

First Chart Shows Trend
Second Chart Zooms In (top line should say resistance)
*Edit: Third chart added to show movement a few hours later

Regards,
Darren.
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  • #3,585
  • Nov 18, 2010 6:19am Nov 18, 2010 6:19am
Dazz,

Can you please ease up on the charts and very long posts ? If there is a purpose for you posting them, I don't see it: thread becomes bigger, and not all the info posted by others than Graeme is correct, or with the right flow confusing the new people trying to read and understand the thread.

Please don't take this the wrong way: if you know things, or have a revelation that is great, apply it to your trading.

Kindest Regards,

Cam
  • #3,586
  • Nov 18, 2010 6:41am Nov 18, 2010 6:41am
My apologies. No problem at all. All the best. Over and Out.
  • #3,587
  • Nov 18, 2010 7:07am Nov 18, 2010 7:07am
Quoting deepblue44
Just curious as to what the consensus is on the start of the Asian session as far as GMT time. I'm partial to 00.00gmt but have heard and read anywhere from 2300 to 0100. Also any thoughts on other opens GMT are welcome.
11:00 Australian Eastern Time, is normall good for a bounce giving opportunity for locking in a BE trade quickly..
  • #3,588
  • Nov 18, 2010 9:48am Nov 18, 2010 9:48am
Hi Graeme,

It was only a week ago that this thread caught my eye and what a gem it is. I arrived late but as you said, it is never too late in forex.

Anyway, I am beginning to start my little legs. I like the analogy of sending advance scout to test waters and after securing ground, sending the main force forward.

Thank you for your guidance. This thread has given me hope to finally succeed in forex.

Ben

P.S. I learnt that like ants, even though tiny, many small positions can be a force to be reckoned with, in huge numbers!
  • #3,589
  • Nov 18, 2010 1:30pm Nov 18, 2010 1:30pm
Quoting cameron1st
Dazz,

Can you please ease up on the charts and very long posts ? If there is a purpose for you posting them, I don't see it: thread becomes bigger, and not all the info posted by others than Graeme is correct, or with the right flow confusing the new people trying to read and understand the thread.

Please don't take this the wrong way: if you know things, or have a revelation that is great, apply it to your trading.

Kindest Regards,

Cam
Hey Cam,
Think you need to ease up a bit mate! Every time I look at this forum you are reprimanding someone! Please dont take this the wrong way. I understand your intentions, but at the end of the day we don't want to scare people off. I have found Daz's posts really interesting and I'm sure I'm not alone. Please dont reply as I dont want to get into an online argument. At the end of the day this is Graeme's thread, Im sure if he thought someone was posting too much he would let them know via p.m. We are all here to learn so I dont see the harm in people posting there views/charts within reason.
Regards,
Ben
  • #3,590
  • Edited 3:37pm Nov 18, 2010 3:18pm | Edited 3:37pm
Quoting leggo
Hey Cam,
Think you need to ease up a bit mate! Every time I look at this forum you are reprimanding someone! Please dont take this the wrong way. I understand your intentions, but at the end of the day we don't want to scare people off. I have found Daz's posts really interesting and I'm sure I'm not alone. Please dont reply as I dont want to get into an online argument. At the end of the day this is Graeme's thread, Im sure if he thought someone was posting too much he would let them know via p.m. We are all here to learn so I dont see the harm...
Hi guys,

My sincere apologies for those who tried to reach me these past couple of weeks. I was down with a viral infection for a week and then issues at work got the best of me. I promise I will respond to your emails/PMs by this weekend.

I have yet to read all the recent posts but browsed through a few and thought of saying this...

to Daz's posts... meaningful and thought provoking discussions should be encouraged by our readers. If we all look back, some of the great wisdom shared by Graeme were in response to meaningful dialogue from readers (including his most recent post). This thread has changed a lot of hearts, minds and bad habits and surely brought some big time traders to the forefront. I have had the previledge to run into some super smart individuals on this thread so let's not chase them away by limiting their freedom to share ideas :-

Having said the above, we should curb random trading ideas, trade logs while trying to practice Graeme's teachings/methods and Cam and others has played a important role in maintaining the integrity of this thread.

p.s. Forum member Eklavya has done a great service to all by putting a "Graeme's post only" file in pdf format. It will save so much time during my numerous re-reads. I hope he continues to provide this 'service' to us.

- Vee
Staying in my lane...
  • #3,591
  • Nov 18, 2010 3:26pm Nov 18, 2010 3:26pm
Quoting leggo
Hey Cam,
Think you need to ease up a bit mate! Every time I look at this forum you are reprimanding someone! Please dont take this the wrong way. I understand your intentions, but at the end of the day we don't want to scare people off. I have found Daz's posts really interesting and I'm sure I'm not alone. Please dont reply as I dont want to get into an online argument. At the end of the day this is Graeme's thread, Im sure if he thought someone was posting too much he would let them know via p.m. We are all here to learn so I dont see the harm...
Hi Ben,

You are absolutly right. We are all here to learn and share (with or without posting charts).

-maaj-
-happyTrading, maaj-
  • #3,592
  • Nov 18, 2010 3:44pm Nov 18, 2010 3:44pm
Quoting VEEFX
Hi guys,

to Daz's posts... meaningful and thought provoking discussions should be encouraged by our readers. If we all look back, some of the great wisdom shared by Graeme were in response to meaningful dialogue from readers (including his most recent post).

Having said the above, we should curb random trading ideas.

- Vee
Bingo. Well said V.
  • #3,593
  • Nov 18, 2010 9:01pm Nov 18, 2010 9:01pm
Quoting dazzdude
My apologies. No problem at all. All the best. Over and Out.
Would be a shame to lose your input. Perhaps you could continue here without offending anyone:

http://www.forexfactory.com/showthread.php?t=255481

I find wicks of special interest when grouped (as you say in the one direction) or a single longer wick after a memo bar.
Good Trading
  • #3,594
  • Nov 19, 2010 4:57am Nov 19, 2010 4:57am
Thanks leggo, VEEFX, maaj, deepblue44 and aud. Cams post was well intended. Due to some positive replies today, I will stick around, but will minimise posts to not de-rail Graemes thread. My intentions were mearly to help. If Graeme/others do not want the input, tell me. I will not be offended.

Graeme encouraged us to practise on 5min chart to get some legs going? Encourage us learn low risk, low cost entries? Graeme emphasize's "wicks" (at right location)? The chart below is in aligment with Graemes thesis and may help anyone looking for entry ideas to get a leg going. These happen often enough. (I will not post any more examples, you get the idea).
Attached Image (click to enlarge)
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  • #3,595
  • Edited 5:34am Nov 19, 2010 5:13am | Edited 5:34am
Quoting leggo
Hey Cam,
Think you need to ease up a bit mate! Every time I look at this forum you are reprimanding someone! Please dont take this the wrong way. I understand your intentions, but at the end of the day we don't want to scare people off. I have found Daz's posts really interesting and I'm sure I'm not alone. Please dont reply as I dont want to get into an online argument. At the end of the day this is Graeme's thread, Im sure if he thought someone was posting too much he would let them know via p.m. We are all here to learn so I dont see the harm...


I think. this cameron1st guy doesn't seem to understand what other people says. If you look at the thread..he appears in this thread for two reasons:

1. When he sees post from Graeme (No issue with that, everyone appreciates Graeme's effort in this thread and it is our responsibility to pay respect and appreciate)
2. To chase other contributors away from this tread.

Other than above, have anyone seen any contribution from him????

If others are contributing, why you need to chase them? If others are asking genuine questions, why you need to kick them out?

Veefx, Leggo, ozziedave, Someone, Stevegee58, damosdmf, nomask, dazzdude and many others have contributed or asked genuine questions. Many readers learnt from them too. We need to encourage these contributors.
  • #3,596
  • Nov 19, 2010 5:57am Nov 19, 2010 5:57am
Hello zamzen,

What you call "contribution" is posting charts and your views on what Graeme presented, but in some cases the posts were not even related to the method taught in this thread. See at times there were over 100 folks watching the thread so I'm thinking: what if all those 100 people would post charts and their interpretations ? Would the thread be readable anymore ? If the thread reaches 1000 pages, would it be easy for a new reader to find the relevant information ? These are the main reasons I prefer not to clutter the thread with my views. If you read Graeme's posts, sometimes he does mention concerns for the growing thread. The secondary reason is the fact that I'm actually busy applying the teaching to my trading, talking about them doesn't bring in profits you know...

That said, if it's going to make you good folks stop this whole "Cam is the bad guy" campaign, I won't post anything other than acknowledgments when Graeme is posting. I'm doing this not because I'm affected by the negative publicity (lol), but because out of respect for Graeme we should not divert the purpose of this thread to something else than trading.

Kindest Regards,

Cam
  • #3,597
  • Nov 19, 2010 6:58am Nov 19, 2010 6:58am
Quoting dazzdude
Thanks leggo, VEEFX, maaj, deepblue44 and aud. Cams post was well intended. Due to some positive replies today, I will stick around, but will minimise posts to not de-rail Graemes thread. My intentions were mearly to help. If Graeme/others do not want the input, tell me. I will not be offended.

Graeme encouraged us to practise on 5min chart to get some legs going? Encourage us learn low risk, low cost entries? Graeme emphasize's "wicks" (at right location)? The chart below is in aligment with...

----

I am struggling adopting the low risk entries especially on the long term strategies due to randomness which normally going from 30-70 pips. Tight SL by not allowing entries a room to breath/mature is inviting as baet being hit. One solution could be to send your scout at low leverage and increase it when you are certain that the trend is in your side.

Thanks,

Edd
  • #3,598
  • Nov 19, 2010 7:50am Nov 19, 2010 7:50am
Hi all,

I've been an anonymous reader on forexfactory for some years now, but had to register to say congratulations to a great thread!

I am "still" on page 117, but I already have a good grasp of the methodology/mindset being shared here by Graeme.

I've been trading forex live for 2 years with modest success and I am sure pipeasy teachings will help me improve my results.

I have one question that has been on my head for a while now: What do you mean by a 50% fib of the previous candle? Is it the midpoint of the range of previous candle?, or is it something else? I'm sure it is a very simple concept, ujst not totaly clear for me.

Thanks!

Kind Regards
  • #3,599
  • Edited 8:37am Nov 19, 2010 8:23am | Edited 8:37am
I shall forever remain greatfull and humble whenever I post here or come in contact with other humans because there are some humans out there that seek to do geat and selfless things just for doing GOOD.

You are correct 50% Fib is the midpoint of the previous daily, hourly, 4H candle depending on the TF you are using.

Now, just continue to read and read again ( the first 23 or so pages), and let the enlightment come to you. You dont want to take any shortcuts for the real stuff later.

After, sit and watch any 5min chart and you can see the same candles forming, like Graeme said somethings in the forex market repeats it's self, you will see repeating patterns that you can apply to larger TF( it's only slower). So the only difference is scale..
  • #3,600
  • Nov 19, 2010 11:41am Nov 19, 2010 11:41am
Quoting cameron1st
Hello zamzen,

What you call "contribution" is posting charts and your views on what Graeme presented, but in some cases the posts were not even related to the method taught in this thread. See at times there were over 100 folks watching the thread so I'm thinking: what if all those 100 people would post charts and their interpretations ? Would the thread be readable anymore ? If the thread reaches 1000 pages, would it be easy for a new reader to find the relevant information ? These are the main reasons I prefer not to clutter the thread with...
no offense but these type of advice should be coming from the thread owner...everyone else here in this thread is just a follower and only appreciates Graeme's effort like any other...besides i believe no need to be worried about a mess because of ppl's contribution as long as some readers keep making pdf files off of Graeme's posts..telling people not to post is same as telling Graeme to post shorter..
good luck and best to all...
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