[wasp]

Originally Posted by cowpip »

Thanks, myrtleturtle, but I'm no Wasp (yet).

I took a few silly losses trying to figure out how to stop and reverse. So unfortunately, I didn't get a 4-digit return like Wasp did, but I am close enough!

Been there, done that, got the t-shirt. That's what it takes and I have just been there before is all. You have to go through all these issues, iron out the creases and keep on trucking until they have all gone. It takes time but once you have done it, you'll be glad you did!

Patience is a virtue.

[wasp]

Originally Posted by Bearbull »

No problems, just curious to learn more about the market that I want to get into. Presume you also don't pay attention to any forthcoming news releases which in index futures could be lethal.

Fair enough but I really have no idea why, say, GBPJPY, or USDNOK move more than USDNZD, but it really isn't that important either IMO.

''all you need is a chart''. News makes no odds to me at all. On another forum, there were many 'amateurs' not trading because of the 700bn deal and NFP Friday, whom, after the event, posted how they kicked themselves for not trading.

Regardless of all that happened, it was just another day, and look at my EOW anaylsis in my blog and you will see, that S and R and TL's did the saem thing and gave the same results as any other day of the week.

News has no baring on my trading as S/R and TL's will always prevail.

[Bearbull]

Appreciate your response Wasp,
You are right, nothing beats experience, have been around the block myself with all the indicators, patterns, fib clusters,pitchfork etc.
Wyckoff placed the same emphasis, support/resistance, demand/supply, trendlines, price/vol. There is nothing esoteric or labyrinthine about the methodology.

Look forward to your trades on GBPJPY, am sure they will be highly educational.