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Sledge
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Everything posted by Sledge
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Well and of course between 12:00 noon and EOD it spiked to 2.0444 :doh: DAMN!
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Well that badboy (GBP/CHF) has been whipping around like a dog. Decided to close out one position at +37 pips and closed out the other this afternoon at an 8 pip profit. Didn't hit target of 2.0393 So I'll wait for EOD and re-assess.
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Even with a US holiday looming GBP/CHF is affording me an opportunity to go long tonight. Market gapped open high tonight. Waited for the gap to close and went Long @ 2.0286 No target on this one. I'm going to work on my ability to ride out the run and only exit when it appears to be at an end. Pretty safe trade to do so with the bottom of the barrel being scraped not so long ago. Aaron
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Firewalker- Any chance you can walk me through how to install these into the platform? I have not a clue how to put these into the platform. Thanks! Aaron
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Nic- Any chance you know how to integrate an MP into a MT4 Platform? That is stellar! Sledge
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"The difference between Livermore and a real sucker, however, was that Livermore mostly admitted his mistakes and learned from them." "It was only after going broke twice and then making much less profit in a raging bull market than he would have expected to that Livermore realized he was trading like a sucker. He was losing his profit because he was trading every day for the sake of trading. This, he realized, made him a "Wall Street Fool". "Whenever I read the tape by the light of experience I made money, but when I made a plain fool play I had to lose. There was the huge quotation board staring me in the face, and the ticker going on and people trading and watching their tickets turn into cash or into waste paper. Of course I let the craving for excitement get the better of my judgment." After he had learned to trade less, Jesse Livermore's profits soared.
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Livermore is the man! I really need to get a copy of his book. I have looked at a few places reading up on him in the past- but after a string of blunt quotes like that- I have to read more about what he has to say! I love the folks who have no time for bullshit, no time to write a 500 page book trying to double talk and overspeak so you think they are smart and thus will follow their wisdom as if it were gospel. Thanks for the string of quotes Bf! Aaron
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Any chance you may shed some light on this- I would like to see the entire "gig" :o Thanks in advance Andre! Aaron
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Firewalker- I think this comes with time and maturity as a trader to be honest. Once you realize that your trade went wrong because of "TRADER ERROR" and not "The market is out to get me!" you are leaps and bounds ahead. Same thing with "revenge trades" People when new think "Crap- well I'll get it all back with this trade" Doesn't happen. To all reading: You have to wait for the "Grade A" set-ups. If they aren't there- don't pull the trigger. When they do occur- you are ready. There is a lot of "down time" in this business. Patience is key! stanlyd- You are wise in your idea to walk away for a day- the money will be there tomorrow. I was on chat with a fellow trader a few days ago while he was looking for a set-up trading the E-mini, after looking at it when he woke, watching for a couple hours he said "I can't trade this shit" and took the rest of the day off! Smart man I said! Sledge
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Thank you for the clarification Tess, most appreciated. Thank you again- yes this helps as well. If you are in the UK you must be up REALLY late or REALLY Early! Aaron
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Andre- What are possies? Since it is the "key" I'll man up and ask what it is, as I'm scratching me head :\ Thanks! Aaron
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Tess- Thanks so much for your charts. May I ask this: Can you explain the "Supply/Demand Zones" in more detail. I understand that their are Zones of stalling- how does one determine if that is a supply zone or a demand zone? Is the Supply Zone always at the Top and a Demand Zone always on the bottom? OR Is it Trend Dependant? I.E. Downward trend = Supply Zone on Top edge of chart? Upward Trend =Supply Zone on Bottom edge of chart? Thanks Aaron
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Winnie- Ok Here we be: The Bar PRIOR to Bar "0" Shows indecision and the stopping Volume Bar 0: You see a test of supply (Note its volume to compare vs. bar 5) Bar 1: You see a positive reaction to the test of supply of Bar 0 Bar 5: This is the bar I was discussing- Notice that it is indeed a test but the Volume is MUCH higher than Bar 0. As I do not trade this mkt, I have no idea how it turned out- looking at this from a blind perspective and applying just the VSA method to the chart: For me personally, I would not have taken a long position on this particular bar (Bar 5) because its volume was so high compared to the last test of the same general area. But my trading style may differ tremendously vs. your own. Aaron
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Milliard- Oh I know for sure you folks aren't posting your charts for bragging rights. You all are posting to assist all of us- and what a world of difference that assistance has made (to me personally.) I thank all of you for it! I think it is all really starting to click with me. On the onset, I thought- "Ok, how often does it bounce and return, how often does it do X, Y, or Z" and you always stated "trading simplicity" to us. And it is true, I can only assume that is where the thousands of hours of screen time and repetition comes from. You folks don't fear a market- you see it, look at it, and say- "Ok baby, ready to move in X direction" Let's get in on this. Or you say "That GBP/USD is a nasty POS, lets leave it alone until it wants to behave again." I think I'm really beginning to see what it all means. I have copied and printed this thread and update my document daily. I look back on when I got into this thread and said "Man the lingo, the understanding they have- I think this is going to take a while to comprehend" And I feel that I am now finally "getting it." That GBP/CHF set-up last night was picture perfect. I hesitated on my initial target and dropped it- but for me, at this point, is ok. Another block to overcome for me- learn to really let the big winners ride. My main concern of letting it ride longer was that major marked line at 2.03** My target was over it and I thought- well, lets play it safe- tis a new pup for me. Seems to be another tweak I just need to overcome. But coming from being a 2 pip scalper to a long term trader in about 10 months, I'm pleased with my personal progress thus far. Thanks for the encouragement and growth! Aaron
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Winnie- My ONLY hesitation to take that trade is that was that the second test bar was of HIGHER volume than the previous test. If that second Test bar was LOWER in volume, I think you would have had a good ride upward. *Remember that if a market is testing you want to see LOWER AND LOWER test bars. This shows they are removing the supply and testing said supply. With a HIGH volume test like that- it WILL have to Re-test that area again before it can make a northward move.* Be VERY Hesitant of taking a trade on a test-bar with higher volume than the last test bar. I personally don't see that as "Stopping volume" To me stopping volume would come more likely at the FIRST test. Stopping volume shows the brakes on the downward move are being applied by the pro's, and being applied HARD, you then expect to see after the stopping volume: re-testing. And as I said- you want to see testing with lower volume than: A. The Stopping Volume bar B. A first test It may be tested 2 or 3 or 4 times. Before the supply has been removed. Aaron
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Dude you kick so much ass! Thanks for the kick in the pants to get me out of my tunnel vision of saying "No, I trade GBP/USD- I'm comfortable here- I shall not cheat on my GBP/USD gal" Figure whatever pays me = my "favorite" pair! :o Aaron
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Kiwi- GBP/CHF: Here I was sitting at my platform at about 7:00 PM EST last night and this thing was actually MOVING, with my rut of trading GBP/USD it does virtually NOTHING from 4:00 PM until I hit the sack at about 11:30 PM EST. I went Long at 2.0218- T/P at 2.0268--I actually had a higher target of 2.0363 which was SMASHED this AM, but I figured- "damn this is your first crack at this pair- don't be trying to hit a home run on your first step up to the GBP/USD plate." 50 pips on the first try- I'm pretty tickled with that! I'd like to see if I can pick your brains on the pair's "personality" This obviously is much more heavily traded in the Asian Session than the GBP/USD. Why? Aaron
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Well I did it, I want to thank a few folks (Esp. Andre) I decided to venture out of my normal GBP/USD vein and take a trade in GBP/CHF First attempt last night. Garnished a nice 50 pip Long. Whoo! Aaron
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Gawd, the US Dollar is already the laughing stock of the world currency. Banks here in the US aren't passing any of their "cheap money" they are borrowing from the fed onto the consumers either. You know- they are in the red now, so they need to get back to profitable before they try and help the customers :o I'm going to move to Canada before long!
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I took a browse around Brett Steenbarger's site last night- wow is their a lot of stuff there- would take months to read and digest it all.
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I have dabbled with P&F charts and although every site I went to said "These are so simple to use" I know there is plenty more than that. I welcome a nice in-depth discussion of these charts as I am as green as grass with them. Hoping we can get some seasoned P&F chart users to give this thread a go! Sledge
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Nice snag fs! I had yet to get home to DL, I may pass on it now.
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I'm in Short now on this pair for a quick retrace @ 1.9691 and 1.9703
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Excellent- so it did help you to see the bigger picture then? If so- EXCELLENT! Sometimes we get so close to the action we can't see the huge wall of resistance straight ahead. Glad this helped! Aaron
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I can only assume that there are enough punters to feed off that lose, that this is the candy to attract them (psst they'll make plenty of dough ) Sort of like the Casinos in Vegas who LINED UP to sponsor the recent Movie "21" you know the one about the kids who learn to count cards- Casinos know that you have to be a seasoned pro to ever do that for real (takes YEARS of training-if you could even ever master it) but they knew a slew of idiots would see the flick- think "I can do that" and the Casinos clean the starry eyed wannabe out of his money. :rofl: Thanks for the link, I'll have to give it a DL!
