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Trading with Deadly Accuracy

  • #2,001
  • Feb 4, 2012 9:42am Feb 4, 2012 9:42am
Hi Heeby,

You were asking me about JPY...Posts 1961, 1962, 1963, 1964, 1965

This ones for you :-)

d
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  • #2,002
  • Feb 4, 2012 10:22am Feb 4, 2012 10:22am
D,

I would once again like to thank you for the patience and help you have provided me. It is truly admirable. It seems that with the teaching wmd has given you, the student is becoming the master.

Just again, thank you. I sincerely mean it.
  • #2,003
  • Feb 4, 2012 5:38pm Feb 4, 2012 5:38pm
Could you comment on this D?



http://my.jetscreenshot.com/11202/m_...sjy5-141kb.jpg
  • #2,004
  • Feb 5, 2012 2:58am Feb 5, 2012 2:58am
Quoting heebbyjeeby
Could you comment on this D?
Hi Heeby,

It could work, but it is not a high probability setup and not a position I would consider taking.

There are a couple of points to remember. Here is the first. When I get time I will post the next one.

1) To check for danger... "look up".

You are looking at a 4hr chart. If you look at the daily, take note of signifcant trend lines and support / resistance levels, etc.

Chart 1 below shows the daily TLs. A long into those trend lines is a low probability play. In fact, you could look for the lines to hold and take a short (though you still need a technical entry on the lower time frame.)

Chart 2 below shows the major daily S/R level where price have pivoted around. Price could break through, yes... but until proven otherwise it serves as resistance. Taking a long into daily S/R - Pivot zone is a low probability play. In fact, you could look for the level to hold and take a short (though you still need a technical entry on the lower time frame.)

d
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  • #2,005
  • Feb 5, 2012 4:29am Feb 5, 2012 4:29am
Quoting heebbyjeeby
Could you comment on this D?
Hi Heeby,

As promised, here is the next point.

2) Be picky with your trades.

You do not need to make a lot of trades to turn a healthy profit.

Some time back (before wmd4x started as a service), Will was coaching myself and some other students. He wanted to demonstrate some entry techniques. That morning he took 10 trades, 10 winners. He was taking more trades then normal for educational purposes. I asked the question, of those trades how many would you have 'normally' taken? His answer was he would probably have taken the best 1 or 2 only. When I asked Will to define "best", he said the ones with the cleanest price structure and the lowest risk. That was a good lesson in itself.

d
  • #2,006
  • Feb 5, 2012 7:26am Feb 5, 2012 7:26am
Quoting heebbyjeeby
Could you comment on this D?
Hi Heeby,

And finally,

3) Give yourself time.

Trading requires skill. No one can take the theory of a sport such as golf, or playing and instrument such as the piano and master it over night. It takes patience and practice. Such things take months and years to develop, hone, and finally master. Trading is no different. And just like a good game of golf, the better you get... the more enjoyable it is.

d
  • #2,007
  • Edited 7:41am Feb 5, 2012 7:31am | Edited 7:41am
Thanks D. That makes a lot of sense. I remember hearing that to master something, one must rack up 10,000 hours. Long way to go so.

I have a chart here that has some confluence to it, and a well defined risk. What do you think?


http://my.jetscreenshot.com/11202/m_...gobs-140kb.jpg



http://my.jetscreenshot.com/11202/m_...a3dp-140kb.jpg
  • #2,008
  • Feb 5, 2012 7:42am Feb 5, 2012 7:42am
Quoting heebbyjeeby
Could you comment on this D?
Hi Heeby,

Just as an exercise/example, something like this might get me interested in looking for a long AJ. It would change my bias. Then you can go hunting on your lower time frames for an entry where you can define and minimise risk.

I hope that helps.

d
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  • #2,009
  • Feb 5, 2012 7:45am Feb 5, 2012 7:45am
on 4hr too

http://my.jetscreenshot.com/11202/m_...kjko-135kb.jpg
  • #2,010
  • Feb 5, 2012 8:10am Feb 5, 2012 8:10am
Quoting heebbyjeeby
Thanks D. That makes a lot of sense. I remember hearing that to master something, one must rack up 10,000 hours. Long way to go so.

I have a chart here that has some confluence to it, and a well defined risk. What do you think?
Hi Heeby,

There is nothing wrong with your interpretation of the price action. Interestingly, you say you have confluence on the lower time frame charts you have posted, and that may be true. Howerver, there is a more substantial confluence with GBP. Again, I would advise you to look up. Look at the Daily.

Does the confluence of TL and S/R on my charts make sense?

Now, can you see why this thread is called Trading with Deadly Accuracy?

And just think, compared to Will, I am just a beginner finding my feet under his guidance.

If you want to be the best, you learn from the best.

d
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  • #2,011
  • Feb 5, 2012 8:19am Feb 5, 2012 8:19am
Quoting dazzdude
Hi Heeby,

There is nothing wrong with your interpretation of the price action. Interestingly, you say you have confluence on the lower time frame charts you have posted, and that may be true. Howerver, there is a more substantial confluence with GBP. Again, I would advise you to look up. Look at the Daily.

Does the confuence of TL and S/R on my charts make sense?...

Wow. Ha, great great reading Darren. I think you are a lot more than a beginner. So net bias is still very much short. If It retest you upper tl, or the resistance, it would be a viable short. Am I correct. Ok, I shall try on another chart to establish bias and make an entry plan.

Again D, Thank you so much. I literally do learn with every word you post.
  • #2,012
  • Feb 5, 2012 8:46am Feb 5, 2012 8:46am
Quoting heebbyjeeby
.... So net bias is still very much short....
Hi Heeby,

No.

You used a TL and Resistance level to define your bias. That is good. Your choice of TL and Resistance level is good. Therefore, once the TL and Resistance level is broken, you are correct in saying your bias has changed from short to long.

I was reminding you to look at the whole picture and to provide you with an example.

We are looking for entries on lower time frames in line with our bias, that is correct. But we want to understand as clearly as possible the market structure on the higher time frames. This not only helps with entry, it helps with when to scale out, when to close and for the more advanced, when you could reverse (counter trend entry).

d
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  • #2,013
  • Feb 5, 2012 11:13am Feb 5, 2012 11:13am
Join all 9 points using 4 straight lines only.

The lines must be drawn continuously (ie without lifting pen from paper).

The lines may overlap.
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  • #2,014
  • Feb 5, 2012 11:20am Feb 5, 2012 11:20am
Quoting wmd
Join all 9 points using 4 straight lines only.

The lines must be drawn continuously (ie without lifting pen from paper).

The lines may overlap.
Technically three line is possible if one can extend the lines far enough!
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  • #2,015
  • Feb 5, 2012 12:46pm Feb 5, 2012 12:46pm
http://my.jetscreenshot.com/11202/m_...-fu5z-30kb.jpg
  • #2,016
  • Feb 5, 2012 12:49pm Feb 5, 2012 12:49pm
A cowboy rode into town on Friday, spent one night there, and left on Friday. How do you account for this?


Hehe
  • #2,017
  • Feb 5, 2012 12:52pm Feb 5, 2012 12:52pm
If 9 points is a question, then the answer is draw your lines where they belong, not where convention demands they should be. Charting is much the same.
  • #2,018
  • Feb 5, 2012 12:53pm Feb 5, 2012 12:53pm
Quoting heebbyjeeby
http://my.jetscreenshot.com/11202/m_...-fu5z-30kb.jpg
Bravo!
  • #2,019
  • Feb 5, 2012 1:07pm Feb 5, 2012 1:07pm
A boat has a ladder that has six rungs, each rung is one foot apart. The bottom rung is one foot from the water. The tide rises at 12 inches every 15 minutes. High tide peaks in one hour.

When the tide is at its highest, how many rungs are under water?
  • #2,020
  • Feb 5, 2012 1:09pm Feb 5, 2012 1:09pm
9 Points
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