JT1

Hi wasp with the H4 chart you are discretionarily trading with, how long (mins/hours) per h4 candle are you finding you are screen-watching for? Also, with your continuous horizontal lines, its difficult-impossible to see where they start from. Have you thought of marking the start point in some way, every time you add a new one? Cheers.

Do you have any lines of interest drawn that are not visible within this charts horizons? Cheers.

I don't think it seems that way. I find your "live" posts useful to follow. However, i by no means expect you or anyone to make public or justify your personal trade decisions. So while they are helpful, i''d say - don't feel obliged to post anything. If posting your live trades is affecting your trading performance for the worse, by being a distraction etc. as could easily be the case, for your own sake i would advise you to stop the posts, and concentrate solely on the "business" of making pips.

Just to clarify, exactly - What needs to happen for you to ADD a new solid S/R line to your chart? What needs to happen for you to DELETE an existing solid (right across the chart/screen) S/R line from your chart? Cheers.

Yes, "indicator" is a dirty word for me :missy::helloooo: Tis better to go down fighting, and believing you know what is happening, and having a reason for doing what you did, rather than placing this responsibility into the hands of some visual representation of a mathematical formula.

BTW wasp i just ran a quick 6 month back-test of my HMA EA on H4 for the majors, a few other pairs, plus most yen pairs. Its been a few months since i have done this, and usually these backtest results have been very pleasing. However, the past 6 months has returned across the board really poor test results, which must mean that the H4 trends have been generally choppy over the last 6 months.

This scenario more or less captures the very essence of any dilemna about trading, a trading paln etc. that i have ever had. When R & R equal themselves out, you at least need a comfortable majority of winners to make the plan satisfactory. Then playing about with stop sizes etc. to find the optimal overall performance. Its often swings and rounabouts Reducing the SL, in my experience of testing this type of idea, often makes little difference, for better or worse. Other times it can make a big difference for better or worse. If only we knew what was going to happen next. That would solve the problems totally. We need an insider......

I played about with custom size tick candles a year or more ago, but didn't really find them to have an edge over time interval candles. I prefer time increment candles due to the fixed period of time between each candles open/close. You know where you stand, whereas with tick candles, new candle opens are dependent on price activity. A time interval chart easily and clearly shows the price action within hours X - Z. A tick candle chart, for me, is more difficult to quickly interpret what has happened in the same period of time.

What is a typical SL size (in pips) for you on 240m? Cheers.

Although I haven't done this, i was intimidated slightly by the idea of having to monitor multiple positions 6 times per day, 5 days per week off H4, in the middle of the night. Now though, after a reality check i think it would be fairly easy really. As i see it, i get up maybe twice a night for a sl*** anway, so what big a differnce does it really make having to switch the PC on. Also, I've got more used to sleeping 4 hours here and there, and so think it is something a motivated person could quickly adjust to an altered sleep pattern with a bit of chart reading thrown in!

Good luck Firewalker. See you whenever.

I dont see an option to not automatically subscribe to threads in the user control panel.

http://www.bobharris.com/content/view/1406/1/ "Tony Soprano didn’t just get whacked; he practically got a funeral"

http://www.bobharris.com/content/view/1406/1/

Now that i'm getting used to TL & the professional nature of the content that we all seem to be hoping to contribute, when i now look at the T2W list of new posts - much of it just looks like spam and i dont know where, if anywhere to start looking. TL content is much more focused and streamlined, and theres a MUCH higher chance that any new TL posts will be more useful than T2W new posts IMO.

Yes, the summer mood is making me question what I'd rather be doing right now! I've come to a conclusion that Its a shame i cant implement my intraday (M30) strat on twice as many pairs as what i can handle, as that would lead to double the profits more or less....unfortunately i cannot divide my attention to the required extrent for that. Still, half the pairs (2 pairs) should still do well.

I like TL and have no probs with how things are. I am not very active on the net as i have not been trading all the time. I have been fairly busy summarising a few final test results etc. as to the best way to move forward with my trading, timeframe, strategy finer details etc.

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Really. The main reason i ask about wasps is that i think he sees S/R levels that have always been broken up or down from the past, but still mark significant turns or price action levels on the chart, as relevant to what is happening in the present. I'm just wondering on what basis, he would view a former S/R level that has now been broken as still relevant to the present, as opposed to a former/now broken S/R level as being irrelevant to what is happening now? Cheers.

Hi Wasp if possible, please can you give a little more insight into how & on what basis you draw-continue-discontinue your Support & Resistance lines? Thanks a lot.

Yes. for me, it seems the smaller the TF, the less it seems possible to let these trades run until an opposing signal, and that one needs to be happy/able to use profit targets to bag profit while its there, rather than be able to let the trade run until a reversal opportunity appears.

Interestingly though, i have found that this type of approach will work on dailies, but then starts to work less well on a TF smaller than dailies. I suppose that this is due to the chop of intraday charts caused by news etc. Take a 30 min chart for example. Try mapping out trade entries & exits based on combined S/R & TL line breakouts, and it rarely works, as the times it works are outnumbered by choppyness & spikes. To me, it seems like you have to be happy to grab some level of profits if/when they present themselves. What do you think about this phenomenon? Cheers.

I'd go along with this. A breakout beyond the S/R, and a breakout beyond the trendline combined, provide 1-2 valid reasons to trade in the hope/expectation of a reversal/move in the opposite direction, as did happen in the examples shown by wasp.

Pychological levels - 25 & 75 do often act as S/R, and to a larger extent 50 & 100 levels. I used to trade breakouts beyond 00 & 50, and get what i could. As with any trade, the problem is the level may trigger a continutation or reversal, leaving you on the right or wrong side of it. Now. if i am looking for a breakout beyond an S/R level, and price hits the 00/50 level, and that price is beyond an S/R breakout line for example, i may enter on that level, in the hope of getting in early (before the candle closes) to what will hopefully become a decent breakout beyond the 00/50 level.

I wasn't aware that the "Traders Log" section of TL was a private forum. Is membership upon invitation? Cheers.