[myrtleturtle]

Originally Posted by wasp »

How was your week myrtle?

only got back to trading with real money recently after a few bad weeks, which dented my belief in my rules.
frustrated, as I would have done fairly well what with the volatility.
still using indicators, so dont know if my calls are valid compared to you SR junkies.
might post a few indicator-derived calls for comparison. (queue disastrous week).
thankfully, ended up in the black, but could have done much better.

[wasp]

Originally Posted by myrtleturtle »

only got back to trading with real money recently after a few bad weeks, which dented my belief in my rules.
frustrated, as I would have done fairly well what with the volatility.
still using indicators, so dont know if my calls are valid compared to you SR junkies.
might post a few indicator-derived calls for comparison. (queue disastrous week).
thankfully, ended up in the black, but could have done much better.

Post away, more views the better and IMO, this private group is to help each other out so you cream every pip out you can.

[Phil Mibbutz]

Originally Posted by wasp »

How do you condense 15 years of experience into one post................ hmmm

Here are some essentials that I have picked up along the way for you. Some through experience, trial and error. Some through sweat and tears, through, just nuggets in posts on BB's and other random bits from I don't know where!

4 essentials when watching a chart:

• Support and Resistance
• Trends (trendlines derived from HrH's and HrL's or vica versa)
• Fibs
• News

The news moves the markets. The chart tells that story better.
Trends are paramount in FX especially.
S/R and fibs then finish it off.

When I view a chart, I have all this in mind. Why....?

Dave, a market stall owner sold fruit. He sold a lot of oranges. When he first started trading, he sold them for 5p each. They sold better than whisky at an alcoholics anonymous meeting. He put them up to 10p, still sold... 20p, 30p... Obviously good oranges.

At 30p the sales started slowing down, he dropped them to 25p and they were selling again. Dave, being a greedy bugger went to 35p and business was okay. Jumped up to 45p and only a few went here and there. Things started to peak. He dropped back down to 40p, then 35p... business was still slow... He went back down to 30p, things picked up and he saw all his old customers come back. He kept them there for a little while, then as things stayed constant, he started to push prices up again. The same thing happened at 45p as they were again, too expensive.

This time, a stall opened next to him with even juicier oranges. Dave had to drop prices to 30p again but still no good, he had a bit of interest.. but he had to go back to 25p...

Economists and bloomberg analysts said after the event that it was the new stall, the fact it started raining oranges and something else to do with America probably, technical analysts looked at the stats in a chart, saw key levels sat at 25p, 30p, an 45p.

Supply, demand, support, resistance. Call it what you will and view it through FA or TA, but at the end of the day, TA always works.

That, is essentially, it.

Other little things that have helped shape me along the way are posts by other traders. I won't say who as they aren't even on this board but things that have always stuck in my mind;

I picked a bank traders mind for a while - he told me that EVERYONE he knows, looks at S/R and fibs. Nothing smaller than 1hr, normally 4hour / dailies.

Another person said 'think of S/R as more of a zone'.

I'll add more to these but 2 that stand out. With all this in mind, the ideal thing, for me anyhow, is KISS, and 2 of the 4 essentials. S/R and trends on 4hr and 1hr charts.

Another thing that helped me was a journal on T2W. It helped from a psych POV originally but also, as things progressed, the HMA's (Hull Moving Averages) I used with the S/R, it taught me that, that is simply how it moves.

Price won't rise and rise, then drop in one and vica versa (making MA's pretty useless, it did show that price trends via HrH's and HrL's) so, with the right timeframe for the right pair, the combination of S/R and trends on the charts, works beautifully.

The old saying... If I have to explain it, you won't get it' is quite true I think as this probably hasn't helped as much as I'd like (not great at explaining it - its just ingrained in my think head!) but if there was on thing I could tell any new, eager traders, it would be....

Watch the charts till you can truly say you are in tune and can understand what the 2 biggest players are doing (IB's and HF's)... I could explain nearly every candle and what is happening (and likely to next) on that chart and could do so in RT, once you can do that, then its like riding a bike, you'll never forget.


Any questions?!



That'll be $5000 thanks!

Agree with most of that, Wasp, but I think Fibs and longer-term EMAs can be useful. The more lines coinciding, the more important the level, I reckon.

Having said that, I gave up on FX a while ago, so my theories/delusions only apply to index trading.

[cowpip]

Originally Posted by wasp »

Sweet, nice one. I try not to pay attention to news and factor it in so took the loss, SAR'd on the next candle lower and ran it till the next long signal (187.25) and been long ever since.

As important as the news was, it means a loss but half the time it is of no consequence and hell, I ain't perfect and its still an absolutely blinding week again! Got to take a loss here and there!

You said you SAR'd on the next candle lower? You waited for the next candle to completely form before you SAR'd?

Yeah, and when you don't pay enough attention (as I did this morning), you end up taking crappy entries.

Ah well. I'm still up +170 for the day, despite this last loss.

[cowpip]

Here's how I saw the last trade, Wasp. Did you see it that way as well? And if not, why?

[cowpip]

Originally Posted by cowpip »

You said you SAR'd on the next candle lower? You waited for the next candle to completely form before you SAR'd?

Never mind this question, Wasp. I figured it out from your chart.

[wasp]

Originally Posted by cowpip »

You said you SAR'd on the next candle lower? You waited for the next candle to completely form before you SAR'd?

Definately. Partly for a better idea of where next, and partly I try to only trade on the hour to reduce screen time / overtrading.

Originally Posted by cowpip »

Here's how I saw the last trade, Wasp. Did you see it that way as well? And if not, why?

Nope, I had my S/R slightly differently.... I was still long and only just SAR'd on the last candle and watched 150 retrace to +1

[wasp]

Originally Posted by cowpip »

Decided to close for -7. I'm not seeing a good signal anymore. In fact, I can't see a signal at all now. Decided to take the risk off the table until I can see something more solid.

Wasp, what are you seeing?

Mostly old classic Boris Johnson on HIGNFY on youtube but also still short. Either a higher low will print or I will reverse over the high. Same old, same old. I tend not to think about it all too much. The beauty of a cunning plan. Losses are inevitable but the plan is paramount.