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  • #4,921
  • Aug 12, 2016 11:40am Aug 12, 2016 11:40am
Quoting lemercenaire
{quote} Right - this is where I am finding my own confusion lurking...What is the call if the price breaks yesterday's high but today's high is above that and doesn't break that (today's) high. This is what happened today. To me, a priority is given to today's prices. Yes? No? My brain is beginning to hurt now...
...I have pondered long - well, long-ish - and Post #4903 by TS answers this. I played a breakout of yesterday's high. ​ How long have I been doing this??? Are my banked pips invalid? Have Pippy and I been sharing the wrong end of a short, dirty, stick.

Lol...If I have been winning doing this, should I change? In today's GBPJPY example, I must admit, I would probably have still taken the trade - experience at play? - having looked at the bigger Time-Frames to get a better overview. The fact that price had been above yesterday's high for a good few hours, this wasn't an early break.
I always keep my stops rock-solid and tight, so the chance of a ''bounce'' from that pesky yesterday's high was at worst, contained within manageable tolerances. I already had a buffer of banked pips on the day to ease any pain had it gone wrong.

So, Cbm...sorry if I have contributed to any brain-fog.
  • #4,922
  • Aug 12, 2016 11:42am Aug 12, 2016 11:42am
Quoting lemercenaire
{quote} Right - this is where I am finding my own confusion lurking...What is the call if the price breaks yesterday's high but today's high is above that and doesn't break that (today's) high. This is what happened today. To me, a priority is given to today's prices. Yes? No? My brain is beginning to hurt now...
Break this down ( pun intended )
Yesterday.
Today.
A new daily high can occur above or below yesterday's high.
A new daily high above yesterday's high is dangerous territory.
A new daily low can occur above or below yesterday's low.
A new daily low below yesterday's low is dangerous territory.
Yes, lemercenaire, priority is given to what is happening today at the moment.
We can not trade yesterday's chart.

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Earlier a trader took a loss on gbpusd short.
The price was below yesterday's low.
Easy to see in hindsight.
Market lesson should be to wait for H4 to close.
Or find another pair to trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,923
  • Aug 12, 2016 11:44am Aug 12, 2016 11:44am
Quoting lemercenaire
{quote} ...I have pondered long - well, long-ish - and Post #4903 by TS answers this. I played a breakout of yesterday's high. ​ How long have I been doing this??? Are my banked pips invalid? Have Pippy and I been sharing the wrong end of a short, dirty, stick. Lol...If I have been winning doing this, should I change? In today's GBPJPY example, I must admit, I would probably have still taken the trade - experience at play? - having looked at the bigger Time-Frames to get a better overview. The fact that price had been above...
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Yes, your banked pips are invalid, send me a check.
Yes, your experience is serving you well.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,924
  • Aug 12, 2016 11:45am Aug 12, 2016 11:45am
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  • #4,925
  • Aug 12, 2016 12:02pm Aug 12, 2016 12:02pm
This is what this thread is all about getting you up to speed fast


There's No Speed Limit (The lessons that changed my life)

By Derek Sivers

Whether you’re a student, teacher, or parent, I think you’ll appreciate this story of how one teacher can completely and permanently change someone’s life in only a few lessons.
I met Kimo Williams when I was 17 — the summer after I graduated high school in Chicago, a few months before I was starting Berklee College of Music.
I called an ad in the paper by a recording studio, with a random question about music typesetting.
When the studio owner heard I was going to Berklee, he said, “I graduated from Berklee, and taught there for a few years, too. I’ll bet I can teach you two years’ of theory and arranging in only a few lessons. I suspect you can graduate in two years if you understand there’s no speed limit. Come by my studio at 9:00 tomorrow for your first lesson, if you’re interested. No charge.”
Graduate college in two years? Awesome! I liked his style. That was Kimo Williams.
Excited, I showed up to his studio at 8:40 the next morning, though I waited outside until 8:59 before ringing his bell.
(Recently I heard him tell this same story from his perspective and said, “My doorbell rang at 8:59 one morning and I had no idea why. I run across kids all the time who say they want to be a great musician. I tell them I can help, and tell them to show up at my studio at 9am if they’re serious. Almost nobody ever does. It’s how I weed out the really serious ones from the kids who are just talk. But there he was, ready to go.”)

He opened the door. A tall black man in a Hawaiian shirt and big hat, a square scar on his nose, a laid-back demeanor, and a huge smile, sizing me up, nodding.
After a one-minute welcome, we were sitting at the piano, analyzing the sheet music for a jazz standard. He was quickly explaining the chords based on the diatonic scale. How the dissonance of the tri-tone in the 5-chord with the flat-7 is what makes it want to resolve to the 1. Within a minute, I was already being quizzed, “If the 5-chord with the flat-7 has that tritone, then so does another flat-7 chord. Which one?”
“Uh... the flat-2 chord?”
“Right! So that’s a substitute chord. Any flat-7 chord can always be substituted with the other flat-7 that shares the same tritone. So reharmonize all the chords you can in this chart. Go.”
The pace was intense, and I loved it. Finally, someone was challenging me - keeping me in over my head — encouraging and expecting me to pull myself up, quickly. I was learning so fast, it had the adrenaline of sports or a video game. A two-way game of catch, he tossed every fact back at me and made me prove I got it.
In our three-hour lesson that morning, he taught me a full semester of Berklee’s harmony courses. In our next four lessons, he taught me the next four semesters of harmony and arranging requirements.
When I got to college and took my entrance exams, I tested out of those six semesters of required classes.
Then, as he suggested, I bought the course materials for other required classes and taught myself, doing the homework on my own time, then went to the department head and took the final exam, getting full credit for the course.
Doing this in addition to my full course load, I graduated college in two and a half years — (got my bachelor’s degree when I was 20) — squeezing every bit of education out of that place that I could.
But the permanent effect was this:
Kimo’s high expectations set a new pace for me. He taught me “the standard pace is for chumps” — that the system is designed so anyone can keep up. If you’re more driven than “just anyone” — you can do so much more than anyone expects. And this applies to ALL of life — not just school.
Before I met him, I was just a kid who wanted to be a musician, doing it casually.
Ever since our five lessons, high expectations became my norm, and still are to this day. Whether music, business, or personal - whether I actually achieve my expectations or not — the point is that I owe every great thing that’s happened in my life to Kimo’s raised expectations. That’s all it took. A random meeting and five music lessons to convince me I can do anything more effectively than anyone expects.
(And so can anyone else.)
I wish the same experience for everyone. I have no innate abilities. This article wasn’t meant to be about me as much as the life-changing power of a great teacher and raised expectations.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,926
  • Aug 12, 2016 12:02pm Aug 12, 2016 12:02pm
Fourth trade of my 10 trades challenge. GJ: +15.3 Pips.
Took a couple of hours to finally see TP hit. Lesson learned: Do not trade the range that usually develops after a news related big move.
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  • #4,927
  • Aug 12, 2016 12:03pm Aug 12, 2016 12:03pm
Fear: Stop vs. GO!


“To overcome fear, why does getting excited work better than trying to calm yourself down? Fear is an intense emotion: You can feel your heart pumping and your blood coursing. In that state, trying to relax is like slamming on the brakes when the car is going 80 miles per hour. The vehicle still has momentum. Rather than trying to suppress a strong emotion, it’s easier to convert it into a different emotion—one that’s equally intense, but propels us to step on the gas.

Physiologically, we have a stop system and a go system. ‘Your stop system slows you down and makes you cautious and vigilant,’ explains Quiet author Susan Cain. ‘Your go system revs you up and makes you excited.’ Instead of hitting the stop switch, we can motivate ourselves to act in the face of fear by pressing the go switch. Fear is marked by uncertainty about the future. We’re worried that something bad will happen. But because the event hasn’t occurred yet, there’s also a possibility, however slim, that the outcome will be positive. We can step on the gas by focusing on reasons to move forward—the sliver of excitement that we feel about breaking loose and singing our song.”


– Adam Grant
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,928
  • Aug 12, 2016 12:06pm Aug 12, 2016 12:06pm
Quoting keen246
Fourth trade of my 10 trades challenge. GJ: +15.3 Pips. Took a couple of hours to finally see TP hit. Lesson learned: Do not trade the range that usually develops after a news related big move. {image}
Why did you choose a TP at all, keen246?
How did you choose that level?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,929
  • Aug 12, 2016 12:44pm Aug 12, 2016 12:44pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,930
  • Aug 12, 2016 12:50pm Aug 12, 2016 12:50pm
Quoting lemercenaire
{quote} Hold on...hold on.....​.now you've got me thinking...have I been looking at this wrong as well. I have been - I think - only been looking at today's H or L to establish a breakout...Right, I'm looking at the GBPJPY of today. I have just told a fellow-traveller that it wasn't a breakout - but now, was it??? However, looking at it on H1, it isn't a break of today's High, so no, it isn't!!! Lol...just when you think you know what you're doing...I must ponder awhile... {image}
It's all keen246's fault LOL
Joking of course. After his questions, I started thinking, about the worst thing for me to do in this environment.

To me (sic), it looked like a breakout failure to the long side in favour of the prevailing longer time frame direction short (context). Price was lifted higher during the Asian session, above PDH. "Go long, everyone !" Yeah right.

I also tend to dislike lines all over the place, too many reference points and points to ponder what might go wrong. Not that a previous' day lines are that many (2/3/4), but why stop there ? Why is one line "more important" than another ? I do think I have unconsciously discounted previous' day stuff on several occasions.

To me, it is true what the man says: pick whatever tools help you move forward. And I would like to add: if they don't, change your tools. In the market, in my opinion, there are no truths other than profit and loss. There's your right and wrong.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,931
  • Aug 12, 2016 12:54pm Aug 12, 2016 12:54pm
Quoting PippyTheGrt
o me, it is true what the man says: pick whatever tools help you move forward. And I would like to add: if they don't, change your tools. In the market, in my opinion, there are no truths other than profit and loss. There's your right and wrong.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,932
  • Aug 12, 2016 12:55pm Aug 12, 2016 12:55pm
Quoting TooSlow
Fear: Stop vs. GO! To overcome fear, why does getting excited work better than trying to calm yourself down? Fear is an intense emotion: You can feel your heart pumping and your blood coursing. In that state, trying to relax is like slamming on the brakes when the car is going 80 miles per hour. The vehicle still has momentum. Rather than trying to suppress a strong emotion, its easier to convert it into a different emotionone thats equally intense, but propels us to step on the gas. Physiologically, we have a stop system and a go system. Your stop...
These pieces are exemplary, TS. Great choices. The second hits a particular chord. When I was climbing at my hardest, at the highest technical level, I had a route I coveted. It had only been done once before - by a friend of mine, before we were friends. It was on a small, hidden crag on private property and a very close-guarded secret. Over the space of two or three years, I worked that route on a top-rope (there was no real protection). My ever patient belayer keeping me safe. I could eventually do all the moves (just - and not every time) except the last. Just wouldn't come. Now, to understand, to be able to climb at the level I was, I operated coolly, under complete control, laser focus, heart-rate steady, over hugely technical moves on razor-blade edges on a vertical face...getting excited wasn't an option. Getting excited meant failure. Getting excited meant a ground fall...death...but it just wouldn't come. I eventually began to move on to other routes, began to forget the failure. Then one day, I had an horrific break-up with my girlfriend - as bad as these things get. Needing to get away, I headed up to my secret crag and that damn route. Just to get away and some peace. I sat at the foot of the face for two hours or so - drifting in and out of some kind of head fog - and then got up and started to climb...on my own...no gear - just my shoes and chalk from my day-sack - no belayer, so not even a top-rope...and the moves just flowed. Easy, natural, just one with it all...then I came to the crux...my bete noire...and then it came...the rush...the adrenalin...the fear...no, not fear but sheer, absolute, pure, pumping, terror...except it wasn't terror at all - it was an astonishing excitement, a fire of light and adrenalin and energy - and suddenly I was moving, fingers came off the last holds and I was jumping for the top, dynoing, hands and feet off the rock and leaping, literally, for my life and then I hit it...the top hold...held it...pulled myself up and over to grab the top anchor - a small tree...and it was over. To this day, I never tried that route again, not even on a top-rope and I know without a shadow of a doubt that I would never, ever, have completed the thing if it hadn't been for the fear.
  • #4,933
  • Aug 12, 2016 12:57pm Aug 12, 2016 12:57pm
Quoting lemercenaire
...To this day, I never tried that route again, not even on a top-rope and I know without a shadow of a doubt that I would never, ever, have completed the thing if it hadn't been for the fear.
Great story.
Thank you for sharing your personal experience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,934
  • Aug 12, 2016 12:58pm Aug 12, 2016 12:58pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,935
  • Aug 12, 2016 1:05pm Aug 12, 2016 1:05pm
Quoting lemercenaire
{quote} These pieces are exemplary, TS. Great choices. The second hits a particular chord. When I was climbing at my hardest, at the highest technical level, I had a route I coveted. It had only been done once before - by a friend of mine, before we were friends. It was on a small, hidden crag on private property and a very close-guarded secret. Over the space of two or three years, I worked that route on a top-rope (there was no real protection). My ever patient belayer keeping me safe. I could eventually do all the moves (just - and not every...

Love that story. Thanks.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,936
  • Aug 12, 2016 1:06pm Aug 12, 2016 1:06pm
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Distilled to the essential.
Highest H1 open line.
Lowest H1 open line.
Attached File(s)
File Type: tpl tooslow_holo_post_sm_H1_only.tpl   9 KB | 701 downloads
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,937
  • Aug 12, 2016 1:30pm Aug 12, 2016 1:30pm
Quoting PippyTheGrt
{quote} It's all keen246's fault LOL Joking of course. After his questions, I started thinking, about the worst thing for me to do in this environment. To me (sic), it looked like a breakout failure to the long side in favour of the prevailing longer time frame direction short (context). Price was lifted higher during the Asian session, above PDH. "Go long, everyone !" Yeah right. I also tend to dislike lines all over the place, too many reference points and points to ponder what might go wrong....
Yep, I can get behind that, lol!!! keen246, you're off the Christmas card list!

'Lines all over the place' - well, yeah, that's why I use the earlier version of the indicator in the first place, for sure and came up with the naked chart you adopted/adapted as well.

Thinking about it once more - maybe in the form of a wind-up of sorts - this is what I think/feel ​for me...

​I feel personally - as per my style (here re Highs):
H1 BOs of today's High...NO TRADE.
H1 BOs of yesterday's High - If today's High is above yesterday's High - TRADE WITH CAUTION
H1 BOs of yesterday's High - If today's High is below yesterday's High - and by definition will already have been broken - NO TRADE NO MATTER WHAT.

This is me, only me (and ok, maybe Pippy, lol) - I am not saying to anyone else, certainly not to anyone new to the arena, that they should do this. It can, as TS said, end badly - very badly. I may end up changing my mind later if the market slaps me down often enough. Who knows. TS may take me aside and slap me gently upside my head. Watch this space.

Modern abstract painters break every ''rule'' under the sun when they paint - however they constantly astound the general public when asked to draw a 'proper' portrait and show astonishing technical skill. Study the basics, the rules, till your eyes bleed. Then you can bend them to suit, knowing that the foundations are solid and can be fallen back on if needed.
  • #4,938
  • Aug 12, 2016 1:31pm Aug 12, 2016 1:31pm
Quoting TooSlow
{image} Distilled to the essential. Highest H1 open line. Lowest H1 open line. {file}
Me likey long time...
  • #4,939
  • Aug 12, 2016 1:38pm Aug 12, 2016 1:38pm
Very nearly naked as a jay-bird...

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  • #4,940
  • Aug 12, 2016 1:49pm Aug 12, 2016 1:49pm
Why are you all still here? Don't you have homes to go to!
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