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Sledge
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Everything posted by Sledge
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OAC- Thanks for that Link. I knew of "vibration zones" but was unaware that their was an actual theory behind such things by Gann. THANK YOU! Off to read and research! Aaron
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Cowpip: Very nicely put.. as usual! Thank you! Aaron
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That is one kickass quote! I like it!
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Db- Excellent reply, mucho thanks for this. That description helps quite a bit in my quest for clarity. I thank you! Let me ask your opinion on this with the info provided. Am I correct in looking at Swing Highs and Lows as possibly a few different ways- Let's say we are in an uptrend for simplicity sake. We get a swing high and a correction forming. Is it fair to say that the correction is caused by: 1. Temporary inability for higher prices (as you had mentioned) (i.e. no demand temporarily) 2. Profit Taking 3. A Re-Load to build momentum for further upward movement 4. Some of the Above 5. Potentially All of the above? Any way to distinguish which is which utilizing the price action as a guide in determining which is taking place? It may be a moot point.. it may be something to the effect of "we don't care, because we know that one or more of these circumstances are taking shape and we are looking to find a low point to add to our existing long position" Aaron
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Db- I have been going back over all the material I had printed a while back that you have put together about S/R. One thing I am still pretty fuzzy on is this: How does one determine the difference between a Support Line or Resistance line and a Swing High or Low? Is a Support Line and/or Resistance Line a "Major" and multiple tested area of the left of the chart vs a Swing High or Low that is, in a sense, a "Minor" S/R level to propel us further into the current trend? Thanks Aaron
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Thank you sir.
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What is "LSL?"
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Blowfish- I'm working to determine the best chart to use to determine my S/R. My personal trading method is: 1. I look at the Daily and the 4 Hour Charts. 2. I trade off a 4 hr Chart (with 1 hr charts for entry) I'm working to possibly look at Weekly charts to plot S/R but I have a fear this is TOO far out. A Weekly chart seems to have some merit to plot S/R, but I'm not looking to get someplace 500 pips away any time soon. Any thoughts?
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I guess it is hard for me to say, my ultimate goal has been to get to a longer term trade, right now I don't have the ability to trade intra-day. Ideally, I would like to see a trend end, get confirmation of the turn and ride that trend until it starts to peter out (On a Daily Chart.) Right now I am honing my 4 Hr and Daily Chart "edge." I really enjoy these timeframes and my arse has eased into them like a comfy chair. Apparently, the summer months or whatever jittery bucket of nerves are playing out in the markets currently are not allowing for that to take place. GBP/USD had a nice top form about a week ago, got the confirmation and took the short, only for it to drift down a tiny amount of pips and return north to take another stab northward. I banked the money, but it seemed pretty odd to have that little fall in it. Same with AUD/USD and EUR/GBP. So instead of the nice 4 or 5 days of trend, we get quick stabs and smaller profits. But alas, this is all part of the learning curve. Still trying to get my bearings of why sometimes the market gives nice moves, and other times, it is like a 2 year olds tantrum :o I have actually moved a bit away from VSA, I believe it was a solid trading foundation teaching me to look at the bars and the horizon, but I find myself doing much better at seeing a hammer, as an example, and knowing that is one type of trigger bar (if placed appropriately in the chart.) The volume associated with it is semi-irrelevant at the moment. Where the volume comes in for me on it is that with that massive volume that takes place with a nicely formed hammer, 9 times out of 10, we know it will return to that area to re-test supply at some point in the near future, so I'm less surprised by that. That makes sense, in your office, you may have 10 employees, all with their own style and strategy, as long as it makes the money, I'm sure the person signing the paycheck could care less about strategy.. unless it fails to make the appropriate returns the employee is obligated to provide. Thanks Anna! Aaron
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So would it be fair to say that Frankfurt open until NY at Noon (on busy days) gives you a clear enough picture to be able to feel confident in your plays until the Frankfurt open again? I know this may sound "prying" in a way, but I'm working to filter the bars I look at.. Seperate the wheat from the chaff and eliminate some noise from my radar. Andre had pointed out to me a while back that Tokyo and Aussie sessions are pretty slow and weak, and they can be filtered out. But I'm working to find which sessions and parts of sessions to really focus on.. figure I have a great group to ask the question of. Much Thanks! Aaron
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Tess- Very nice. Thanks so much for the in-depth reply. Another question for you: Any chance the reasoning for the lack of mid to long range view is related to the summer months and less liquidity and action going on? I sincerely appreciate your views and insight! I also wanted to ask about the Tokyo session. It is always pretty slow and lean as you said. So can I ask- what is your cut-off for your daily picture? Is it London Open to NY Close? You gauge decisions on future direction by what happens on that timeframe? Or something else? Thanks Aaron
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I have a question for any/all of the UK Crew: Say you are sitting on 500 lots Long of XYZ/ABC currency. Your nightly shift change comes in and notices that between the NY Close and the London Open you see a slew of Distribution going on. When your eyes land on said set-ups do you folks say: A. "Shit, looks like the 500 lots are going to take a dent in profit tonight?" B. "Oh good, another opportunity to get in Long on a pullback?" C. Take a few lots of position SHORT to hedge? D. Something else? I just thought of this question over the weekend. Since you folks have so much to offload and can't just punt all the lots you have in an instant- I guess I was curious as to what your normal response to seeing that you may have a rough night ahead in your currency pairing you have open? Aaron
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Football Around the Corner (NFL That Is)
Sledge replied to brownsfan019's topic in General Discussion
Peyton Manning better pull another Superbowl out of his ass since the taxpayers of Indianapolis and surrounding counties have been paying taxes out de arse to build him "Peyton's Palace" No pressure Peyton.. no pressure at all! -
I agree with you 100%, tis why nothing is open on my trade table I was just curious as to why the market is napping pretty hard. I mean post 12:00 Noon on the NY session on a Friday is a given, always pretty slow and lame. But even London last night seemed to be putzing around and not making too much waves out there. Saw it as odd.. but your explination sounds logical and rational! Aaron
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Alright Forex Traders: Today the market is very flat.. need someone with more trading experience than my own to give me a hint (no trades in, nothing met set-up) Just curious. Some wonderous news on Monday coming? Some holiday today that I'm not getting a paid day off for hmm hmm hmm? Aaron
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I think it would be a great thread to discuss not only order types and their uses, but couple that with strategies for entry and exit. I think it would provide a lively discussion and provide different perspectives on different sects of traders and how they utilize the order types and where.
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Kvn- Maybe since you are a seasoned S/R trader you could expound to the masses about how bars/candles etc (whatever you happen to use to chart) act around these S/R lines. I think a good healthy discussion on the topic with various viewpoints is in order. Maybe we can spark a discussion about what you, myself, or other traders "see" when we get to a S/R line and go from there. As an example: I happen to utilize tick volume (hold off the flames fellow gents) that when a trend is approaching the resistance line, if volume is declining the chances of it breaking that line are slim. And on and on. We could also discuss price action as a whole around these areas, tricks of the trend etc. One of my favorite is the drop down, rocket up, locking in the early longs.. only to see it return to the same area of Support to re-test.. frustrating the bejeezus out of the uninformed. :crap: Thoughts?! Aaron
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I found this post on "I Look Back Now and Wonder" interesting and have nominated it accordingly for "Topic Of The Month July, 2008"
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I'll give you an oar brother- and we can row the boat together! Aaron P.S. Ed- Passion is an understatement! ;-)
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When I saw the thread title, this topic was the very first one I thought of as well: "I Look Back Now and Wonder" There is something to be said about someone laying it out on the line, throwing out their mistakes in front of total strangers- in an effort to help others learn, that is honest and refreshing!
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Sent you a PM
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Winnie- THAT is a very smart idea to implement! VSA with S/R is an outstanding combo.. kudos for that (see you are getting there, and making nice progress too) As far as S/R: Finding them: Look at a longer timeframe and Zoom your chart out- look at the horizon, the dips and peaks should stick out to you like a sore thumb. Ask yourself these questions: 1. If at Support or coming up upon it- what is the market doing? How it it acting around that level? Is it approaching the Support line like a freight train? Or a theme park kiddie train? 2. If approaching a Resistance area- did it close above it? Did it close above it CONVINCINGLY? Will this price hold, or was it rejected? Hope this helps. Aaron
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Bf- It is something that does take some getting used to. Every trade you open, you are immediately in the hole, but once you get past B/E, you have already paid your broker.. I am looking to switch to futures because most of them charge a commission when you open and when you close- but at say $7.50 per "end" that is $15 You open a 3 pip pair like the GBP/USD on a 2.00 lot- you "pay the broker" $30.. futures is darn near a no brainer as far as costs are concerned- especially if you are a scalper. Longer-term, ehh it is something you get used to and tend to forget about it. I see it as my admission fee to the diamond mine, I get to pull out all I can and they only charge me $30 bucks for access to the mine :o
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It will be a long road and a lot of studying and applying of concepts- but it will be very worth it! If you are one who wants an "easy road" this is not it- but put in the blood, sweat and tears- and it will reward you! All I can say is YES to both of your questions. I utilize VSA on a daily basis to trade and YES it has opened my eyes to the world of trading. With it- you see the chart and they begin to "speak to you." I'll give you a perfect example, many times I am looking for a long set-up, you see the bars drifting down and you see this little upthrust form. I like to call that bar "the early birds blowing their load too soon" bar as it drifts further down. Now when I see said bar forming, I wait for close to see if it is a true rise or an early jump on the bandwagon. I chuckle now as I am rarely fooled by the bars and the tricks the market likes to dish out. I owe the vast majority of my education acceleration to the teachings VSA brought me! Sledge
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Ha. What about a trader who hates his day job and is working his/her ass off to get out of said day-job to trade full time for a living?