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Market Wizard
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About wasp

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  1. I don't want to profitable in certain market conditions and not others. EVERY condition offers profit, there is no such thing as noise and a good trader should be succesful in any condition not just one. Reading the markets and knowing how it reacts and making sure you are all good for any condition is vital IMO. As shown though in the thread yesterday... patience is the key and 9/10, S does make it back to R, I just lost faith.....
  2. When it comes to the markets, I am a firm believer of 3 things. 1: Support and resistance 2: Trends 3: Each moment is unique and should be treated as such The problem is, I cannot practise what I preach. Up until a month ago, I used S/R on the 240m charts and it worked well... It worked well for some time and thus, I really felt confident in my view of the market and fullfilled my 3 rules. On the huge drop, I misdrew the important levels and took a beating and thus, I went to the drawing board as one does, and looked at filtering my reversals with trends. Great it looked. Buying S and selling R as is on its own is not enough and this was the perfect filter. It met all 3 of my rules nicely and stopped me catching falling knives. Over the last 2 weeks, what would have been perfect in my old ways has been ruined with my trend filter......... Arghhhhhhhhhhhhh! So my dilemma continues..... On the one hand, I go back to S/R alone which, looking over the last 4 months, would ave done me proud and utilizing my 3 rules well (although 2 would just be - not drawn in)... On the other, I continue using a filter in order to not catch the knives... Both do act per Rule 3, but the first can be slightly misdrawn and the latter, useless in fast turning markets...... Hmmmmm :missy: Am I fulfilling rule 3 properly? Am I really watching and analysing or am I no better than any other system trader? IS my plan too rigid or is it just? Should my chart be blank each AM and I guage each candle with current S/R (or further back if in no mans land) or should I stick with what I have? Should I just go down the pub and come back next week fresh and ready and stick to the normal plan?!!! Decisions.......... I think partly what has really pissed me off is that S has become R so perfectly and I expect it to break...... damn experience ruining confidence.
  3. The former, although not quite semi-retirment, just minimum exposure! or 'blame' me even! My sentiments exactly!
  4. EVERYTHING in any market happens for a reason. Don't ask what others do, learn the players of your market of choice and through trial and error, find what is the highest returning combination of stops and trails which produce the highest return with minimal risk. Once you understand how the main market movers move your market, determining stops and when to exit will become obvious, simple and easy to read. Knowledge is king.
  5. Pretty narrow requirements these days! 200 pips and I am done for the week and more than happy!
  6. BTW, with the issues atm and the fact my trading is now over with usually by Monday, you won't see me on forums very much... I'll pop in and laugh, I mean help if I can but 2009 is work to live, not live to work!
  7. I am about mate and never made it to the US at all in the end. After a brief trip o/s I have had some family issues to sort out which are still dragging and so you'll get your visit later this year instead! Not visited FW either... There really ARE better things in the world to see!!!!!! Hope you had a good Christmas and new year and your trading is coming along nicely?
  8. I found this post on "Re: All You Need... is a Chart" interesting and have nominated it accordingly for "Topic Of The Month January, 2009"
  9. Not sure what you guys are up to but not trading GJ personally atm and actually flipped over onto NOK instead till it levels off a bit. Until it stops being a one way road I am standing aside......
  10. 'shooting for' and 'getting' are 2 very different things! 7/8 weeks yet........... :missy: I'll just be happy with a really solid, consistent year of the plan. Teach a man to fish and all that..........
  11. It actually means in this instance that by the time confirmed, it was too late as it opened above S/R. Thus waiting for the next rejection to make it resistance. I try my hardest to only take on the hour and I may wait a few minutes to see how it opens but otherwise its on the hour.... Its sometimes not the best thing to do but, need restraints to stop overtrading. My main reason for only trading at the open is to minimize overtrading but, I do think the banks pay attention to the open and close of each hour or 4hr. I know many will say the candle is representation over an ever flowing market but, those that move this with big money do have similar things on their computer screens and to dismiss the open as unimportant is unwise imo. Also, the trend will change uncannily well 80% of the time at the open as shown in my blog week on week... I don't question why though and just try to maximize. Now, excuse me but must google Merv Kings address so I can torch his house. The git!
  12. You and me both... What should have been a great 24/36 hours have been terrible here too... I was having an absolutely blinding week with 900+ pips already!
  13. In fact, if it wasn't for the Mervyn incident, this would have been one of the best intraday = swing moves ever!
  14. Yep, always err on the side of caution and wait for a pullback... Sods law occasionally it will go and go without you but what you gonna do! Can't have your cake and eat it too!
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