torero

I looked like it built a good base around the 9400 area since Friday so we'll see if NY can take notice of it and stay above it.

Looks like the confirmation of the double-bottom breakout is finally finished. Going long here. Target 9500.

I see a broadening pattern at play from a short-term perspective And this is my inter-day perspective. A double-bottom formation in play, not confirmed 797 level is taken out. But lots of resistance in this area.

In this case, your focus should be on discipline in conjunction with strategy building. Create a business/trading plan and detail the actions (how many trades per day, max. stop loss, max. drawdown you're willing to accept the fact that the strategy failed etc). From your post, you're already trading live while not having discipline as well as not having a final trading plan and strategy intact. Should move to paper until you know all the performance results, nuances of your new strategy. Once you find that it's overall profitable, then start with 1 contract to get the confidence as well as gain discipline. No amount of chart analysis will help without get a grip on the psychological side in order. Good luck!

Great charts, cowpip, and nice to see you back. It´s one thing I´ve learned over and over from past mistakes is I used to get in early (yes, your average eager beaver), end up paying for the risk higher, thus lowering my R-R ratio. So, better to see the pullback form instead of guessing where my stop order should be. I´ll be watching closely on Sunday night for this setup to work.

Ah, tell him I say hi and that I'll be joining the dingy flop houses again soon LOL! Been getting rusty and trying to get back in slowly. Hi Bramble, FX is tricky when it comes to breakouts. S/R are reliable but those announcement bursts can ignore these levels so easily that sometimes we have to be careful. Never know where this thrust will stop and start. I always want to make sure there is a higher high forming before taking that long to have smart money behind me instead of in front of me. I'll review your method diligently to see how it works. Thanks.

keymoo, if you program DBs, this is a cake walk for you. If I can do it, you can do 10x better than I. Looking forward to your super-duper pivot indicator!

I prefer to wait for the pullback back to the peak if possible to confirm the breakout is real. It's possible it might be over for other pairs but never know... I have to follow what I see, the entry and the target. Possible the pullback might not happen until early next week. We'll see.

Well, wish her the best from me. Finally a nice double-bottom breakout. Will be watching for a pullback here for a long entry.

No one likes James Bond's car? DB-8 from Aston Martin? Just dreamy!!

I thought that might be affected but had to ask. I'm still learning trying to learn VSA little by little. I think I have a pretty good idea but need more real time observation to get things rolling. Very excited to see how this fits into what I have already learned and use!

Wish her lots of luck from me if she ever take a break or move her eyes from the screen. I should move over to GBPJPY until GBPUSD gets out of this consolidation. Let's see what I can pick up tomorrow at London open.

Pivot, thanks for contributing to this thread, I find this method extremely useful and fascinating. I've been trying to learn the relationship between the price and volume in groups but never seen a bar by bar analysis until now. One question about your analysis from the previous chart, I noticed that there was a stopping volume brown bar before the true bottom. Can you tell me why this was a false bottom or at least explain action between the previous pivot low to the bottom bar. I wanted to ask you if using tick charts work in VSA or not. Thanks.

I see 99$/month, are you sure we're seeing the same thing?

I missed it the chat room, it's empty now. I just came back from running some errands. I see tex is still lurking about although she's been silent for past week or so. Serious business to attend to.

Yes, been watching GBPJPY and it's trending quite nicely. Unfortunately, I'm a one-woman, oops, one-currency man (LOL) so I can watch but can't touch it HA HA.

It just opened up so no one knows about it yet. I haven't gone there myself until there is someone else I can chat with (I can chat with myself in the comfortable of my chair without the chat room thank you LOL). Yes, the action has been very messy lately, no direction. I saw a bear flag but it turns out there are lots of resistance sitting just below the flag. I take it was a consolidation/reversal working. I'll be looking for buys now.

Good question, but I'm not the right guy to answer that. Maybe Buk or Texxas might be better experienced in giving this type of strategies. I'm just a straight arrow GBPUSD trader, not looking at crosses and correlations, etc. They are interesting but these strategies require a higher degree of accuracy and of course computer-aided software to calculate the differences. Just my perspective though. I recently read an article on the Yen and Japenese economy blaming hedge funds and other institutions for using large amounts of CARRY TRADE, basically borrowing/buying the target currency of that country in order to profit higher interest rate of that country. Sounds valid but it's causing some unwanted volatility.

I didn;t realize we were already at 50% retrace on daily. Wow, getting rusty from vacation. Being on vacation sure takes the routine out of doing the right thing.

Wow, I didn't expect the big push up. Out 9272.

Finally a setup appeared after waiting so long from vacation! Taking a short here at the break of the bear flag. Looking for 9140 as possible target. 8933 is measured target for this bear flag.

TS has its own feed, I read from the TS forum with people having a hard time using third party feed. TS2000 was the package for purchase but I don't think they update them with new features like the subscription package (TS 8.2).

Unfortunately, TS has only recently introduced Eurex and Liffe instruments so I don't see them offering other smaller exchanges in the near future. I hear IB is quite good in data feed many exchanges throughout the world. I'm not IB user so I can't comment too much on this. Maybe someone here has some input. Good luck.

I have several simple automated strategies that have been doing well so far. One over a year and the other 2 over 6 months. I know these can and will fail at any time so I have cut off points where my Uncle Point is. This is after 2 years of being on TS, learning the code and nuances of the code in describing the strategy into code and the detailed intricacies, factor in as many real life simulations as possible (slippage commission, limit order fill problems etc) but they are simple in the end, just like a discretionary trader should be with this strategy. If the system is too rigid (codes on end with too many filters), it won't survive different market conditions. So the less rigid it is the better chances with surviving through time, but it may take stupid trades but hey, have to take the good with the bad. This is one thing i've learned: the simpler the strategy, the longer the shelf life but the less profits they are. The other is high profits but it can fail at anytime. So some system traders choose one while others choose the other, personal preferences and also understanding the rules of system trading. It's a trade-off. The biggest problem is knowing when the system has failed and your cut off point is. This is the last anyone learns but it has to be taught first I believe. This is the first plan when trading it for real. Finding a profitable system takes time just like learning to discretionary trading and it gets better and quicker in finding new ones, just like discretionary trading. Good luck.

Hola Walter, I think we all go there from time to time feeling invincible and start to look for new stuff to add in what is already successful. Even if the new method is successful, integrating it into your own arsenal takes time because your mind has to adjust to 2 methods now instead of one. If the mind is not ready, it'll get confused and start seeing wrong signals with wrong expectations and outcomes. Dangerous. It's like finding the first method again.