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'Vegas Wealth Builder Part II'

  • #241
  • Feb 10, 2006 12:34am Feb 10, 2006 12:34am
Quoting vegas
bluemeasure,

I think he asked if it closes above 1.7460 for the day or possibly goes higher would we have an engulfing pattern? From the looks of it, it wouldn't be textbook [because the low isn't low enough] but it's close enoguh for me.

But like I said, even if it was textbook, it doesn't mean anything to me. Just another tech that might work or might not.
Right, thanks for clearing that up. I've noticed previously that at times you don't stick to the candlestick patterns strickly speaking. Momentum with a seemingly bullish (in this case) candle formation seems to be more critical, is it? Besides you might miss out on a reversal if you wait for a candlestick pattern to fully form before getting into a trade (I think you've said something to this effect somewhere).
  • #242
  • Feb 10, 2006 12:45am Feb 10, 2006 12:45am
Quoting bluemeasure
Right, thanks for clearing that up. I've noticed previously that at times you don't stick to the candlestick patterns strickly speaking. Momentum with a seemingly bullish (in this case) candle formation seems to be more critical, is it? Besides you might miss out on a reversal if you wait for a candlestick pattern to fully form before getting into a trade (I think you've said something to this effect somewhere).
bluemeasure,

Sometimes you have no choice but to wait for the close and then go with it. This happens most often with spinning tops. In my opinion, this is the toughest reversal to trade.

Other reversals are "cleaner" in terms of momentum and what the daily looks like. In these situations, you have everybody in the whole world looking at it and then saying [in a bullish reversal], "Gee, I think I'll buy the next break". Only problem is, next break is 500 pips higher.
vegas
  • #243
  • Feb 10, 2006 12:45am Feb 10, 2006 12:45am
Did anyone get the SMS from C2, I did but i couldnt make out what they were saying.

Should i ask for HTML format and compact SMS format when i do my C2 settings/
thanks
  • #244
  • Feb 10, 2006 1:08am Feb 10, 2006 1:08am
I am In I have already pulled my first lot out at the fib line for 14 pips and raised my stop to even.
free trade like VEGAS says I'm in a win/win trade now if it keeps going yahoo.
If it reverses I'll wait for the third fib(patience) and enter again.
I love this system,because it works!!!!!
Thanks again for the insite VEGAS!!!!!
  • #245
  • Feb 10, 2006 1:18am Feb 10, 2006 1:18am
Quoting zenophyte
I am In I have already pulled my first lot out at the fib line for 14 pips and raised my stop to even.
free trade like VEGAS says I'm in a win/win trade now if it keeps going yahoo.
If it reverses I'll wait for the third fib(patience) and enter again.
I love this system,because it works!!!!!
Thanks again for the insite VEGAS!!!!!
Z,

It's the only way to play.

Haven't seen this kind of market action in a while. Market opens goes to high, then goes and makes a low, then goes and makes another high, and now breaks 50% retracement [1.7452].
vegas
  • #246
  • Feb 10, 2006 1:28am Feb 10, 2006 1:28am
Quoting vegas
Z,

It's the only way to play.

Haven't seen this kind of market action in a while. Market opens goes to high, then goes and makes a low, then goes and makes another high, and now breaks 50% retracement [1.7452].
Major fib resistance above the EUR might be a reason. The longer this consolidation lasts (3 days now), the more likely a good breakout will follow (or so the theory says )
  • #247
  • Feb 10, 2006 1:53am Feb 10, 2006 1:53am
Are stops still being placed at the lowest low or have they been moved to BE.
Can someone clarify
  • #248
  • Feb 10, 2006 2:38am Feb 10, 2006 2:38am
I will explain what I think I seen but,if I am wrong like eveyone else I am just trying to learn and I would love any constuctive feed back.
2100 GMT on GBP hourly I seen a spike down from 1.7419 to 1.7391.The high of the day from Asian open was at 1.7463 and low at 1.7374.using the fib tool on MT4 50% retrace for those hi/low was at 1.7419.
At 21:00 GMT I seen an upward trend with a sharp spike at 00:00 GMT .There was an open over the 50% retace number and I entered at 1.7450.
i shoukd have entered earlier but, I had important monster truck building commitments with my 5 year old which took me away from the charts.
As I have stated before I take 1 mini for each fib crossed so I opened 3 minis and I close one as it cosses the fib and tighten my stop to the fib.
I have since been reversed and stopped out but,I am up 14 pips on the first close and 3 pips on the 2 I got stopped out on.
Waiting for the third fib again or the USDJPY to reverse!!
  • #249
  • Feb 10, 2006 5:58am Feb 10, 2006 5:58am
Everyone stopped out at +1 pip?
  • #250
  • Feb 10, 2006 7:00am Feb 10, 2006 7:00am
Hi Vegas
To while away the hours whilst the cable is going sideways, I build a tunnel type chart based on 15 min timeframe... see attached. Have you ever been tempted to daytrade using the same principles as VWB-2.
Its just turned midnight here in Melbourne Australia and I guess I am bored !!
rjb
Attached Image
  • #251
  • Feb 10, 2006 8:04am Feb 10, 2006 8:04am
My cable entry last night is up near the tunnel.. Just booked half profits and moved the rest to breakeven for stop.. This is sweet.
  • #252
  • Feb 10, 2006 8:06am Feb 10, 2006 8:06am
Quoting xspowerx
My cable entry last night is up near the tunnel.. Just booked half profits and moved the rest to breakeven for stop.. This is sweet.
How come you didnt get stopped out at breakeven? did you not follow Vegas' second instruction? or did I mess up somehow?
  • #253
  • Feb 10, 2006 8:11am Feb 10, 2006 8:11am
Quoting xspowerx
My cable entry last night is up near the tunnel.. Just booked half profits and moved the rest to breakeven for stop.. This is sweet.
My tunnel is at 1.7605, did you book half prior to reaching the tunnel?
  • #254
  • Feb 10, 2006 8:35am Feb 10, 2006 8:35am
Quoting vegas
Everyone,

I see 2 things in the news tonight that are interesting.

1) CME will start electronic trading in SNOWFALL FUTRES! Yes, it's true. Snowfall at Boston's Logan Airport is where it's measured, and contracts are traded OCT. through APRIL. Maybe I can do VWB on it and make a fortune.
So now SnowPlough Drivers will be able to hedge their seasons production just like Farmers.

Same as Heating Oil suppliers hedge the weather futures.
  • #255
  • Feb 10, 2006 8:45am Feb 10, 2006 8:45am
Quoting zenophyte
i shoukd have entered earlier but, I had important monster truck building commitments with my 5 year old which took me away from the charts.
Thanks for the info,
Good to see you've got your priorities in the right order Zeno.
Take photos. Lots and lots of photos. He'll be 25 before you turn around.
  • #256
  • Feb 10, 2006 9:03am Feb 10, 2006 9:03am
Everyone,

Sometimes when you play the marble game you pick the wrong marble. Doesn't mean the probabilities are wrong, it just happens. Last nights action in Cable was very strange.

Oh well, on to the next trade.
vegas
  • #257
  • Feb 10, 2006 9:12am Feb 10, 2006 9:12am
Hi,

At what point do you move you stops to BE?

Thanks,

Scott
Still haven't found what I'm looking for...
  • #258
  • Feb 10, 2006 9:20am Feb 10, 2006 9:20am
[quote=Scooter]Hi,

At what point do you move you stops to BE?

Thanks,

Scott[/QUOTE

Scott,
Usually when the market starts making a new high on the day past the 60 pip range [assuming I'm long].
vegas
  • #259
  • Feb 10, 2006 9:22am Feb 10, 2006 9:22am
Quoting Scooter
Hi,

At what point do you move you stops to BE?

Thanks,

Scott
Vegas,

I would appreciate hearing your thoughts and experience on moving stops to breakeven. Do you always do it at 30 pips?

I am asking all this, not to question the veracity of your method, but to gain from you your professional understanding of your method.

Have you found that moving stops to breakeven quickly, the way you did on GBP, results in more profits, fewer losses or both, over a long series of trades?

Is it worth the pain of getting stopped out, only to see it move in your direction afterwards.

How did you determine that moving stops to breakeven quickly was better in the long run than, say, trailing a stop further behind.

How did you determine that 30 pips on the daily (if that's what you are using) was the optimal place? Why not 40 or 50? I ask because 30 pips seems awfully small for the daily charts.

Thank you kind Sir for your generousity in help those like myself who want a better life for their families.

cici
  • #260
  • Feb 10, 2006 9:57am Feb 10, 2006 9:57am
Quoting cici
Vegas,

I would appreciate hearing your thoughts and experience on moving stops to breakeven. Do you always do it at 30 pips?

I am asking all this, not to question the veracity of your method, but to gain from you your professional understanding of your method.

Have you found that moving stops to breakeven quickly, the way you did on GBP, results in more profits, fewer losses or both, over a long series of trades?

Is it worth the pain of getting stopped out, only to see it move in your direction afterwards.

How did you determine that moving stops to breakeven quickly was better in the long run than, say, trailing a stop further behind.

How did you determine that 30 pips on the daily (if that's what you are using) was the optimal place? Why not 40 or 50? I ask because 30 pips seems awfully small for the daily charts.

Thank you kind Sir for your generousity in help those like myself who want a better life for their families.

cici
cici,
First some general comments on some of the issues you raise.

I never question why the market does what it does. I do not try and "figure out" the market. I concentrate 100% of my energies on implementing my method. If I do that, then I have nothing to complain about, win or lose.

In my files, you will notice an undercurrent that runs in ALL, viz., I trade from strength. What does this mean? It means that winners never become losers, and losers are gotten rid of relatively quickly.

There isn't a set number of pips for stops. Usually it involves the 50% retracement level. If it gets taken out, and then turns around and screams [like today] you just have to accept the fact that your playing a probability game and that these things happen. Just because somebody wins a hand at blackjack, here in Las Vegas, doesn't mean the casino shuts down to figure out what happened.

As far as profits go, my method tells me that in the long-run, my profits are much higher dealing from strength. Do I get bummed when I miss a move? No, it doesn't bother me. Like i said, I only concentrate on my method.

The specific thing I want to address from your comments is that all the points you raise have been dealt with from years of thinking about my method away from market action. Every market scenario you can dream of has been analyzed and thought about by me and others in my group. I don't think there is anything we haven't been exposed to or simulated when we put the method together.

Your comments and insights are good ones, but if you take it to the next level, in your evolution as a trader, I hope you can see that I don't worry about the market.
vegas
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