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  • #41
  • Jun 22, 2011 10:57am Jun 22, 2011 10:57am
Quoting Waforex
Any thoughts on crucial points statement about 95% of the time price closing above or below its open. I've not worked that out yet LOL.
Like he said in his trading journal, Pull up a daily chart and see for yourself. 95% of the time, price will close above/below its opening price.

If you understand this, then you will begin to ask how to "know" of "position" yourself in that direction.

I hope this helps.
  • #42
  • Jun 22, 2011 11:10am Jun 22, 2011 11:10am
Quoting hefhem911
If you understand this, then you will begin to ask how to "know" of "position" yourself in that direction.

I hope this helps.


Question:

Wouldnt focusing on the open be arbitrary and dependant on the brokers feed?
  • #43
  • Jun 22, 2011 11:15am Jun 22, 2011 11:15am
Quoting Pipalicious


Question:

Wouldnt focusing on the open be arbitrary and dependant on the brokers feed?
just as arbitrary as someone closing their accumulated and large position in the afternoon before heading to spain for a 6 month vacation.
Congratulations ScalaFX for coming out of the closet!
  • #44
  • Jun 22, 2011 11:17am Jun 22, 2011 11:17am
Originally Posted by CrucialPoint
You cannot create a solid method without tearing down your limiting beliefs

This I believe is the foundation to greatness, as there is only one way to view things from a different angle and that is by being open minded enough to allow new and unconventional paradigm shifts in once beliefs.

Beliefs dictate actions.

Actions dictate Results.

Good beliefs = good actions = Good Results
  • #45
  • Jun 22, 2011 11:21am Jun 22, 2011 11:21am
Quoting Pipalicious


Question:

Wouldnt focusing on the open be arbitrary and dependant on the brokers feed?
It might all be arbitrary.. isent they high and low of the day arbitrary... every candle is based on when all zeros align in one level or another

as far as CP post goes.. its about going with the trend.. he doesnt promote strictly using the opening.. this is just one example (and I think his reference point).. but it could also be a moving average, etc etc..
  • #46
  • Jun 22, 2011 11:47am Jun 22, 2011 11:47am
[quote=newyear498;4716594(and I think his reference point).. but it could also be a moving average, etc etc..[/QUOTE]

keyword: "Reference Point".

Pretty much everything is one way or another arbitrary, as you said.

As much as I think, I always come back to the same conclusion:

Everyone, no matter how simple or complex their approach is, no matter if its pure tecnical or fundamental, everyone places a trade from a reference point.

So my thoughts...are Some "reference points" better than others?
  • #47
  • Jun 22, 2011 11:55am Jun 22, 2011 11:55am
Quoting Pipalicious
keyword: "Reference Point".

Pretty much everything is one way or another arbitrary, as you said.

As much as I think, I always come back to the same conclusion:

Everyone, no matter how simple or complex their approach is, no matter if its pure tecnical or fundamental, everyone places a trade from a reference point.

So my thoughts...are Some "reference points" better than others?
yeah but not many put there stop losses where there reference points



"95% of the time price will close above or below the open"

not many use time as a take profit level

  • #48
  • Jun 22, 2011 1:15pm Jun 22, 2011 1:15pm
Quoting newyear498
yeah but not many put there stop losses where there reference points



"95% of the time price will close above or below the open"

not many use time as a take profit level

You sir, has made me think.
  • #49
  • Jun 22, 2011 2:03pm Jun 22, 2011 2:03pm
Whatever you think you are going to trade, just do the opposite.
  • #50
  • Jun 22, 2011 3:22pm Jun 22, 2011 3:22pm
Quoting Pipalicious
You sir, has made me think.


your initial question about if there are better reference points than others is exactly what the losing trader seeks.. see trading systems section
  • #51
  • Jun 23, 2011 3:34am Jun 23, 2011 3:34am
Quoting newyear498


your initial question about if there are better reference points than others is exactly what the losing trader seeks.. see trading systems section
So is only an ma crossover used as a reference point, and nothing else, good enough to make me profitable? Is this what you are implying?
  • #52
  • Jun 23, 2011 5:54am Jun 23, 2011 5:54am
Quoting CrucialPoint
Here is my analogy between Professional traders versus Amateur traders.

An amateur can only see limited things. Just like an Amateur painter when painting a vase. They can only see limited colors, and this is reflected through their work. The Amateur canvas would look like this picture below:

[center]Attachment

[left]Now a Professional trader can see what the amateur cannot see. Just like a Professional painter can see millions of shadings and colors. They can see millions of colors, and this is reflected through their work....
Man ; its like i can only become a pro trader if i can point that shark out!!
  • #53
  • Edited 6:58am Jun 23, 2011 6:28am | Edited 6:58am
Quoting Pipalicious
So is only an ma crossover used as a reference point, and nothing else, good enough to make me profitable? Is this what you are implying?
I didn't say this remember... CrucialPoint did.. don't give me the credit

its not about using a moving average as an entry point.. which is the fallacy of a million trader (see system thread)

its about using it as your market condition.. for example

above MA = you only buy

below MA = you only sell

in the MA = its a range your not trading or you trade it as range



similar to the opening price as reference point...


CP would use thus reference points as his indication which direction to trade.. then enter on pullbacks

unfortunately he never went into detail


what is to take away from it is.. identify the market conditions.. follow the trend







so using a MA in this way is good enough to keep you on the profitable side possibly...?

personally the opening price makes more sense.. statistics would state the further away from the mean the higher probability price will return in low volatility and higher probability or moving away from mean in high volatility..

so use a moving average as conditions.. i feel like now you'd need to factor statistics in.. idk.. opens the topic to a few questions I suppose...
  • #54
  • Jun 23, 2011 6:45am Jun 23, 2011 6:45am
Quoting newyear498
I didn't say this remember... CrucialPoint did.. don't give me the credit

its not about using a moving average as an entry point.. which is the fallacy of a million trader (see system thread)

its about using it as your market condition.. for example

above MA = you only buy

below MA = you only sell

in the MA = its a range your not trading or you trade it as range



similar to the opening price as reference point...


CP would use thus reference points as his indication which direction to trade.. then enter on pullbacks

unfortunately he...
not so sure dude. memory serving at one point he explicitly said that he doesn't use MA's as buy/sell boundaries. it doesn't really matter. you pick a reference point and stick with it.

instead of looking at MA's as boundaries, why not look at them like they are the speedometer in your car. just sayin'.
Congratulations ScalaFX for coming out of the closet!
  • #55
  • Jun 23, 2011 6:49am Jun 23, 2011 6:49am
Quoting nubcake
not so sure dude. memory serving at one point he explicitly said that he doesn't use MA's as buy/sell boundaries. it doesn't really matter. you pick a reference point and stick with it.

instead of looking at MA's as boundaries, why not look at them like they are the speedometer in your car. just sayin'.
"The charts are governed by 2 Hemispheres; BUY hemisphere and SELL hemisphere. You ONLY BUY in the BUY Hemisphere. You ONLY SELL in the SELL Hemisphere. You can establish the boundaries wherever you like. You can use whatever tool you want to establish a boundary. The Crucial Point is that a boundary must be established."

http://www.forexfactory.com/showthre...29#post3713829


(one of his attachments is a moving average as an example)



id rather not open this thread to a solving all CP's riddles tho.. so if anyones interested just read his thread and solve yourself
  • #56
  • Jun 23, 2011 6:56am Jun 23, 2011 6:56am
Quoting newyear498
You can use whatever tool you want to establish a boundary. The Crucial Point is that a boundary must be established."
exactly. and then somewhere else i'm sure he says he doesn't personally use ma's as his boundary. a != b.

Quote
id rather not open this thread to a solving all CP's riddles tho.. so if anyones interested just read his thread and solve yourself

yep, i was going to say the same thing...
Congratulations ScalaFX for coming out of the closet!
  • #57
  • Jun 23, 2011 7:14am Jun 23, 2011 7:14am
This is the current GBP/USD chart (live hourly chart, right this minute)...

I just created a ridiculous boundary.... being creative, I chose a star based on thin air.... this is future trading you have been waiting to see.... Live call....

You will see where it will profit....

No analysis what-so-ever and just follow the boundary rules. Enjoy

Attached Image (click to enlarge)
Click to Enlarge Name: gbp.png Size: 56 KB

  • #58
  • Jun 23, 2011 7:17am Jun 23, 2011 7:17am
Quoting nubcake
exactly. and then somewhere else i'm sure he says he doesn't personally use ma's as his boundary. a != b.
The point is to use boundaries whatever they may be.

As for ma's they are best used to gauge strengh/weakness in momentum.

(Not arguing it just adding to what you mentioned above)

As for riddles, I think I saw a mermaid in that blue picture... Dont look at it when pissed.
  • #59
  • Jun 23, 2011 7:17am Jun 23, 2011 7:17am
Quoting CrucialPoint
This is the current GBP/USD chart (live hourly chart, right this minute)...

I just created a ridiculous boundary.... being creative, I chose a star based on thin air.... this is future trading you have been waiting to see.... Live call....

You will see where it will profit....

No analysis what-so-ever and just follow the boundary rules. Enjoy

Attachment

lol. now if only you had done this back in your journal it would all be clear
Congratulations ScalaFX for coming out of the closet!
  • #60
  • Jun 23, 2011 7:25am Jun 23, 2011 7:25am
Quoting Pipalicious
The point is to use boundaries whatever they may be.

As for ma's they are best used to gauge strengh/weakness in momentum.

(Not arguing it just adding to what you mentioned above)

As for riddles, I think I saw a mermaid in that blue picture... Dont look at it when pissed.
yeah you are reiterating what i was saying. the market has to move, so you take a bias and stick with it else you just get churned up with switching directions while no movement has even occurred and you've paid move spread than there exists chart movement over x period.

and no there is no mermaid. you are just a fish loving sicko
Congratulations ScalaFX for coming out of the closet!
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