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SunTrader
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Everything posted by SunTrader
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Most traders I know just ignore the overnight chop.
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talk price action and add an indicator anyway.
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Thread title is what happens if Greece defaults? :doh: I didn't come up with it. Start another if you are not happy.
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Don't take this the wrong way if it works for you continue doing it but .... what the market does and what it should do are two completely different things. Human emotions get in the way mostly. It is so common to see posts saying but it should be going higher. "They" manipulate the markets. The news, the fundamentals, the weather, the the the ... say X should happen.
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It is only a matter of time before the default happens. Since Greece has no way to devalue the price of what little exports they do have, or tourism the main industry, they are screwed. Cutting government waste, corruption and collecting more tax revenue won't do it without growth in the economy. And it is doubtful they will be successful at any of these steps anyway. But without a way to devalue there will be no growth. Tick, tock. :cinema:
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I'm with you and Josh. The trend is the trend. No need to pick reversals for a new trend when you can get the majority of the current one. And then once there is confirmation a new trend has started jump aboard that one.
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in your post, you mean.
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Maybe they should do like Zimbabwe when their currency blew up. They now use: U S Dollar, Euro, Pound, South African Rand and the ultra stable currency of choice Botswana Pula
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Disagree. Market hits support multiple times then rebounds and moves higher. Was there an imbalance? To me obviously not. The bears weren't strong enough to break support. Next instance market hits support multiple but then finally breaks, Was there an imbalance? To me anyway obviously yes. The bulls weren't strong enough to hold back the bears to maintain support and rally price. The trick is to know beforehand, which I can do only part of the time. But which way price moves out of a rangebound period says who was stronger, in the backround, before moving it the other direction. My for what its worth.
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Range-bound zones most times are caused by an imbalance as well. One side holding the other back. Once the weaker side folds price moves out of the range.
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Thanks. Could further reply to this but I don't see the sense. As you say, no worries.
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Forex. .
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If I Hear "price Action" or "setup" ONE More Time...
SunTrader replied to joshdance's topic in General Trading
Just a stopover on the way to "beyond"? -
When I went to school 70 was a passing grade. A high grade didn't start till 80 up into the 90's. 100 naturally was excellent. High probability is not 70. So guess why he uses 50 and 20. He doesn't add them together. :doh: He has a win expextancy of 80% or higher. Is it true? I don't know and I don't care. All I have been doing is explaining, obviously not to your satisfaction, why he trades the way he does. It makes perfect sense to me, even if it is not my style. But you on the other hand won't accept it because it doesn't make sense to you how someone can win, in the end, by risking more. You'll get it, someday.
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If I Hear "price Action" or "setup" ONE More Time...
SunTrader replied to joshdance's topic in General Trading
I'll take the offer as well. But first I need to see a letter of credit or some sort of bank guarantee that the wa ha ha ha $1 billion, err I mean $1 million dollars does actually exist. And not in Harare, Zimbabwe please. Hard to get flights there for my payout. -
If I Hear "price Action" or "setup" ONE More Time...
SunTrader replied to joshdance's topic in General Trading
Roger left the building - when he could no longer come up with believable answers. -
That is not greed. That is fear. You can limit how much you can lose - with stops. The market determines how much you can make by price movement or in your case but not letting your profit run.
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He is willing to risk 50 to make 20 on high probablility trades - only. Do you understand the written word. If you know anything about horse racing where there is a favorite at 2 to 1 and a bunch of long shots at 50 to 1. Which horse would you be more comfortable wagering a greater sum on? Of course the long shots pay off bigger but only on the rare times they actually win. If you have strat A at high probability and strat B with low probability which would you go big on? Simple math: risk 50 / make 20, winning 8 out 10 times equals 160 - 100 = net 60 This is for a scalper type scenario. Something most traders lose at. As I said I don't trade this way but for those who have a short attention span and have a need to have a high win rate it can work if done right. BTW myself I don't use R/R ratios at all. Price doesn't care.
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Maybe you. I let the market tell me. Works for me because I'm not smart enough to know I am wrong. Price is never wrong though. I used to believe that I was but the market proved me wrong soooo many times. And everyone else I know that believed they were smarter.
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Market truism: We learn more from failure than success. Stops tell us when we are wrong. Nothing wrong about that. Once I started to accept my losses, my trading improved.
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Uhh, think you got that backwards. Which was has Gold been going and continues to go, overall, since it hit alltime highs last Sept.
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Look at lows from 5/18/12, 5/21/12 and 5/23/12. Think that zone will be resistance to watch for possible high. Wide area 1287.25 - 1294.00 but R1 is 1292 right in middle. Could be?
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And I believe that too. That is not what B S advocates though. But I'm not here to defend or destroy another trader. R/R ratios are meaningless in the end. And having a price target is not the way to go either. The market does not care where someone's target is or what r/r they are using. Price action only should determine where a trade should be exited and even then it is not perfect.
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I know exactly who you are talking about, Boris Schlossberg. But you left out the part where he is willing to lose 50 to gain 20 .... on high probability trades only. If you win at a high percent you can use a wider stop. Although I don't trade like he does there is merit to it. You just have to understand it and it is clear you do not. Another thing about his name, notice what is in the middle of his last.
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Gold going higher = no conspiracies Gold going lower = many conspiracies. :doh: Few more months and it will be a year after alltime high. All the while the financial world has been falling apart. Not suppose to happen .... but it did.