Ramblings of a Forex Junkie

The "lost" documentary about Paul Tudor Jones (PTJ) can be watched online on Vimeo: http://vimeo.com/60623056

It's trying

Try Sam Stone by JP, very moving song.

For everyone:

Looks like that 3030 level is holding it back. Been a major player throughout the week.

Yes the news bar has been pretty good S&R all day. Could still shoot up into the end of the day but there are a lot of sellers there.

The song Cindy was talking about:

A master wordsmith:

Hi SP....have to agree about JP ( bit of a rhyme there..lol)....'hello in there' is one of my favs from him...excellent choice

One of my all time favorite songs.

By the way EU is done moving.

Slowly going over this wonderful thread right now and thank you for the contributions SP. Just out of curiosity, do you think this method work in the forex market only? I read that you have traded futures prior to this and was wondering if you have tested this in the futures market.

High, low, open, and close works in every market. It is support and resistance in its purest form.

SP, a short question: Do you use 3 hours before London session as the day open for all pairs except USDJPY (for which NY close is used)?

Yes, but let me qualify all pairs. I only trade EU, GU, EJ, GJ, and UJ. Occasionally I trade UCAD but I do a different thing with that pair.

Just curious, except for the occasional breaks for lunch and dinner, how many hours in a day do you watch this forum and respond to EVERY post on your thread? How many days in a week are you sitting at your desk responding to this thread? I'm just wondering if this is the kind of life any forex trader aspire to become.

I do lots of other things but as I have said this has become a lot more than I intended. This is the reason I consider something along the lines of a live room so that I can concentrate my efforts and reduce the time commitment. I do enjoy the board and I love to teach so it isn't all work for me. When I am trading, which is many hours during the week, I usually have this forum up on my laptop. This is also my quiet time activity after the children are asleep. I spend many hours each week before I go to sleep testing out new ideas and looking for patterns in price data. I think you will find that any person who excels at their profession spends, what to others, seems like a ridiculous amount of time at their job. For the person in question it is a labor of love and they would be doing it without any pay at all. Most of the very wealthy people I know work at least 100 hours per week and love every minute of it.

And with that I am going to sleep.

Seneca Pilot

i hope that you are having sweet dreams , may be you are flying above an ocean of pips .... yours ....
while you are asleep , the others can't sleep .... they are on their graph with 10000 lines of different colors trying to catch the true spirit of your thread ....
if i say for eurusd i need
1.yesterday High / Low
2.yesterday London close
3.today's open
4.previous week High/ Low
5.Friday NY Close / sunday NY Open
6.Monthly H / L

is it right ? or too much

have a wonderful family week end

Landsat

the above will take approx 10 mins manually unless you have software downloaded on your pc

This would be a problem. Don't get caught up on lines if you can't see through them.

SP has stated you should focus on 3 when you start out, if you aren't familiar with the market use 3 lines. (O/H/L). This is very true to what SP is trying to get across.

Let me say one thing about what you need from my own perspective. Once you understand the market you can trade off of ONE price.

Yes, start with with these in your arsenal. They are true to nearly all markets.

No, you do not NEED LC, but you could use it if you learn how and why it is important.

Yes, depending on how you trade. Assuming you mean GMT 05:00 as today's daily open.

Yes, it's good to use, or at least be aware of it if not traded on.

Yes, Friday NY close. Not Sunday or Monday NY open, but daily open on Monday.

Yes, same as I stated about week h/l.

Probably too much, unless you fully understand the market (see my first response above).


It seems there have been a few people who are trying to grasp what's going on here. Maybe brand new to the thread, or have been lurking , doesn't matter. Don't get caught up in the different levels (opens, closes, highs lows) right away. First thing you need to do if anyone hasn't yet is learn about the market they are in. Read the market structure attachment provided and others that have been mentioned in this thread. Know who the players are, respective role, and their size and pull on the market. After this you will see the levels differently and understand them better.

You really can and probably should start with the least amount of price levels until you feel comfortable and trust them. If you haven't done the exercises that SP discussed previously here you should really do them. This will help build that comfort level you need. Keep data logged moving forward. If you don't understand this concept you will sabotage your trading and at the end of the day see all the correct trades and wonder why you didn't trade properly.

If you are fairly new to trading or looking at the market in it's proper form you need to start simple, otherwise you are most likely limiting your your ability to comprehend the basics of price movement. Too many simple ideas or anything can lead to what seems like complexity and confusion. You honestly can pick 1 price everyday and trade it and be very successful. This assumes you understand the market and it's movement. Which price are you going to choose?

If your starting out with this or are trying to transition to what SP has been trying to teach look at at as a process you build upon. Go from a few levels, and then think about the other's as you move forward. Most people can't have it all (information) right away. Finally, use the information provided here to your advantage and your own philosophy about trading. There have been some really good nuggets of information passed along from others who don't trade strictly the way SP does. SP's philosophy is grounded around true market principles, but that doesn't mean you need to force yourself to follow precisely. It's the concepts that matter most.

One last thing thing I need to say, but unfortunately most will pass the following off as "I know this", without really thinking about it. I have said it before and will say it again. You really need to focus on your ability to maintain discipline when trading. I still have days where I shouldn't even get in front of the computer with my real money account. Why? Because my head isn't in it and I will make mistakes even in the simple trades. It's the sabotaging part. As an example yesterday, I completely blew it because I simply had too much going on upstairs with other external things that had nothing to do with trading, but I allowed them to have everything to with my trading. I have had 5+% negative drawdowns when I was completely out of my head. Yesterday, I allowed what should have been a +6% day on the E/U turn into a -2% day. The actual loss and missed gain is not what bothers me, but it was the lack of proper execution that pi$$ed me off. I used to get really upset at either missed opportunities or losses. While I don't like them, it's really upsetting when I execute very poorly. Why do I feel I need to state this? Sometimes we often overlook this part when we wonder what happened after the trades are done, or seem we don't comprehend a concept. Stay focused on trading and trade to trade well.

EDIT: I know this was directed towards SP, but I couldn't help it...

Hello SP,

I hope you and the other folks are having a nice weekend. I can't wait for Sunday PM.

Several people suggested interesting and good ideas for the live trading room you are considering.

I also want to offer my suggestions.

My rationale for these suggestions is that you have been extremely generous for sharing the strategies that are so profitable for you.
You have shared the underlying concepts and traits that support your success. You have gone beyond the extra mile by commenting and responding to subscribers real time while many had a trade working. The last page or two before your Friday (4/26) lunch are proof positive.

Considering all of the above, I suggest:

1. Allow only paid subscribers to look over your shoulder in real time. Everything anyone needs to know is already posted in your FREE FF thread.
Watching, questioning, and trading with you real time is worth the price of admission. Following one good trade of yours will more than pay for a monthly subscription. Anyone trading $0.10 per pip to learn and grow should pay the subscription to expedite their learning curve beyond $0.10 per pip.
(But NOT if it means depriving loved ones of the essentials a provider is morally obligated to provide. Maybe work two jobs until the boat floats. Many of us did that.)

2. It is clear you are inclined to help people even if they are not paid subscribers to your room. I suggest a web site that is clean and simple and only enumerates exactly what you do and teach. "Everything about forex" is available on more web sites than one can count.
More of that shit is purely redundant and mostly useless. Stating your curriculum in a succinct and clear way (i.e. your thread without the static) is a generous gift in itself. (Did disclosing what you do really require 187 pages? I editorialize therefore I am.)

3. In summary, you paid your dues and found a way to achieve success. Anyone that wants to ride your coattails, rather than do it for themselves, should pay for the real time privilege. They wouldn't be here if they were not capitalists. They should recognize that value begets value.

Thanks again SP. Straight and level as always.

4xz