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torero
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Everything posted by torero
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I guessed I missed my cue to short, I stepped out for a bit and saw the move already finished :mad: Oh well, next one. I want to see a rally before seeing a short setup. I'm still watching GBPJPY and seeing we're near the support area (bottom of bull flag?).
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Yep, price action sure shows bullish bias so my short hasn't hit yet. It's at the top of the falling channel so I'm neutral for now until breaks out above this channel.
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I congratulate you both on your success and sharing your experience and opinions. Great to have you both here! Bravo!
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Not sure, but your 78.6 is different from mine. I have it right near 9650. I'm considering a short here, as soon as the lower high is made on 15min.
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Very interesting post, pp. Good nice study that is totally true in this business where failure to be prepared produces high failure rate, simple. All doctors must be prepared before moving to on their profession, in trading, anyone without preparation can trade. True enough. I guess we can say this profession is more or less training on the job except we don't get paid doing it, but get penalized for doing it incorrectly.
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I have to agree with brown, there has to be discipline when trading and making an entry. Believe I've done this and it was nice to continually taking small losses but psychologically it hurts watching your capital shrink and see the fees accumulate, it's a negative sum game and doing that will not break even or win. The market is a very nasty place to play with your head and emotions, teasing you to come in and out... over and over until you plead for mercy. A trading plan with stop loss (not jerk it around) will decide once and for all if the trade works or not.
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How do you propose this be done? Everyone pulling in the dough to buy a seat? Which exchange? How do we share the seat?
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Excellent illustration, walter! This is exactly my method as well. Knowing where the S/R is helpful but remember it's not glass, but rubber band. This is the reason I use the confirmation after a breakout, to find the pivot to set my stop close to it, despite it having violated the S/R level by pushing farther in than expected.
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It's great to quotes great traders and try to emulate their success such as Mark Fisher and others, but you always have to put thing in proper context. First, he trades size in the pits, thus he has low commission costs, he can see everyone's hands better than retailers with the screen in front of us, and he's more concerned about how to get in and out with his large positions. I believe most of us cannot do what he does, we can't afford fees and scrape a profit with so many trades, we cannot see others' hands and those intangible cues like pit traders have (noise level would hint a more activity to come), and our positions are so small we only think about getting in and out at the price we want, not when we have to like he does. All I'm saying is comparison is fine but proper context must be exercised. This is why books cannot conveyed nuances.
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I'll have to say that if you see at that moment the trade seems to go against you, you exit. Then the next moment it does turn your way, you get in. This is the problem is that AT THAT MOMENT, what you see and interpret changes from one setup to another. This is what I consider trading on the fly, unplanned. If I come in with the trade, I have to know beforehand where I will be proven wrong, some resistance or support area, a valid objective level. Seeing the tape doing something I don't like at that moment doesn't give me enough to exit, because the next moment can be favorable. To me this is unplanned trading, intuitive trading. If you have it, great! if you don't, your account won't last long).
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Yes, I'm watching GBPJPY, tex. Although I somehow don't see NY session as risk takers, don't know why. I would rather wait for London or Tokyo to ride it. This is something I noticed about NY, it will continue London's session or reverse it timidly, not too violent. I'm talking mainly about GBPUSD and GBPJPY. Any thoughts on this view? Is this 78.6% retracement (9400) still in play? This looks like a promising area (big 00s).
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I agree, the bear flag just keeps dragging and nothing decisive has been seen. I've been flat since yesterday. Will wait until something breaks.
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Looks like a another 78.6 spot that reversed on GBPJPY (236.7 area), excellent tool for spotting reversals! Now why didn't I think of that?! I'm still watching before using it as I'm still not sure about waiting for confirmation or just take it as it touches the level. A bit uncomfortable with since I don't know where to place the stop (no support to place behind it). Any ideas on this tactic?
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I see there's been alot of hustling this morning. I got up early and watched Tokyo take it up then London opened and took it down. Wasn't around my desk to see any trade taken place. Here's what I saw this morning, a bull flag setting up. I finally added the 78.6 to my levels. Very nice trade indeed for one of your guys, tex. Steve, you're coming just fine I say too.
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That's a very nice approach to focusing. The only problem is during the entire market hours, the trader has to be focused to look for setups, if not, he'd miss the opportunities and timing his entries properly. This is what makes trading difficult is that there is very little time to wander. It's why I stay focus only in the mornings (about 2-3 hrs). Else, I lose focus and start losing.
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From what I understand the process is quite tedious to import from 3rd party vendors. You might want to check out the TS Forum, plenty of threads on this subject.
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Great to have you on board, king. Nice of you to share your experiene with us. Hope you'll be around and share some nice profitable experience for a long time!
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cool, thanks. I'll check it out. This will come in very handy.
