torero

How many inches is your monitor? Must be a Mac monitor huh? Typical Mac User!! LOL May I suggest using this: http://www.faststone.org/DN/FSResizerSetup24.exe Way cool tool for resizing your images. Love it. Can't blog my work without it.

TG, can't you make the chart bigger, I can hardly see your chart with details are sooooo small LOL :p This is the composite of how many days? Looks good, just need it a tiny bit bigger, big buddy :-)

So there are no more limit-up and downs?

And I thought GBPUSD was volatile, GBPJPY moves like a wild bull, all over the place! NICE! I'm a bit confused and new to how the pips are calculated. In EURUSD, 1 pip is $10 (for standard lot). How much is 1 pip in USDJPY or USDCHF, does it depend on the 2nd currency? If I have a US$ account, is it calculated to the exact spot rate? I'm very curious. This morning's trade was the $1 to 1 pip gains, so I'm not really sure how it works.

Well, it's a fact that the higher the frame, the more reliable the prices pattern, S/R and other levels, including indicators. The smaller the frames, the more noise you get so your trades will get whipped around.

Good scalp! Tex mentioned that fib and pivots work best in 240min or higher, I use this rule also. I only use lower frames for watching only price action, not other indicator, to exact my entries. hope this helps.

Here's USDCHF confirming a symmetrical triangle breakdown. Shorting at the apex was the ideal entry but I'm looking for a rally to short here. This is amazing, I never knew how many opportunities there are in forex! If there are that many, I may never have to trade futures after this.

Does this book come with exercises to work on these rules?

Since you're more seasoned grain trader than most of us here, how does one deal with limit-up and limit-down days? Is there another options to prevent from being locked out? I've read about it and i imagine if you're caught on the wrong side, must not be comfortable going home with your position locked in. Nice if you're in the right direction.

It's become a cliché but I like it, not because everyone else likes it. But the wisdom is universal and time-tested over and over again. No book has advice and wisdom that can last market after market through time. Worth every penny and more.

hok, what are the red dotted lines going through the chart? standard deviations or regression lines? Not sure if you're using too much, but pivots and fibs would be a good start and london high-low and tokyo high-low would be good start. More might clutter the charts and you'll be more confused than before. Here's what I do: I start with monthly charts, drawing the horizontal of highs and low of bars that are nearest to current price. Mark those on 240min-charts. Then do the same with weekly chart and marke them onto 240min. By this time, there are already lots of lines to keep your chart busy. I then turn the pivots and fibs on and off (to see confluence as buk, tex and others like to say. Us futures folks call them clusters). So now, the trick is wait for the prices to get there (notice I say trick because it's difficult for traders to be patience enough to get there, they trade their account away and by the time it got there, their balance is exhausted or their psyche is already fatigued already, they're afraid to take action there). Once you see price react to these areas, then you have a choice, buy or sell. I would watch for higher high/low or lower high/low for cues to determine where it wants to go and go with it. That's pretty much my trading strategy. Now you know my secret.

Exit here, stopped from trailing stops. I'm starting to like using trailing stops alot in forex, much much more useful than for stocks and futures! I may have found my exit strategy! I'm actually surprised that this trade worked out, to be honest. I don't think I'll do this often.

I normally don't counter-trade but seeing this is a monthly support, decided to take it with a small stop loss. 5min chart showing a low failure. I think this trade might fail on grounds that it was too early for a reversal and i rely heavily on this support to work, but gotta play once i'm in.

wsam, great post and thanks for sharing. Was there anything specific that you learned that turned your trading around? What were your trading or psychological weaknesses that you had to overcome?

Do you develop your own strategies for personal use by any chance? Any advance on using optimization? I'm not a true programmer but I get around ok and try to keep my system simple. The most difficult I find is using the tools to find the sweet spots to keep from curve-fitting.

Ah, I can't help you there. btw, what programming language do your clients use (or you use)?

I wouldn't worry about it if I can connect via my 3G wireless data connect. If I still have trouble connect, then I would set a stop. As for the trailing stop, it depends on how the market is, if it's running away like some forex pairs we've seen this morning, makes perfect sense. I can't use it for eminis, might as well be flat.

Excellent reference wsam! Now I have to look up the book and see what it says. What is your understanding of the token from the book or in your own words, if you don't mind me asking. Thanks for the lead.

I program system for my own personal use, not for sale or for others. Why?

78.6 huh? I'll have to start scanning for these more often. I've applied 50% in futures with success but if looks like I'll have to check this one out. Excellent post training on the intuitive and instinctive training. I'll get there someday. Thanks, buk for the help. About the 35 and 50, are these also fib right? If yes, have you found 21.4 or 38 to work?

Got stopped out here from trailing stop.

50% is the most important IMO. I used to use other areas, but it's not as reliable as this lelve. I assume you know how to draw the top and bottom to make the levels. Go back and look, you'll be surprised how often it's stopped there. If it fails, then the trend is over and time to reverse positions.

I don't think I'm in the same timeframe play as one of your guys, mine seems a smaller target but just below 38.50 is about right (this morning pop low). Although I'd like to hold it longer but I don't have the same quantity of ammunition ($$) to hold such a large stop loss... yet. But at least I'm in the same map as your chart, just different side for now. Thanks for confirming! I'm starting to notice that my entries are better than my exits. I need to start fixing this problem. Thank goodness at least one side is giving a chance to profit but the other side is not doing enough to squeeze the rest of the juice out LOL. I need develop a better exit plan.

Not sure if anyone trades or watches this pair but I'm seeing 5 pip spread on this thing. Is volume so small??? Anyway, I shorted this a while ago. Major resistance going back to 1998. The drop down this morning was a possible cue to sellers or short sellers to move in? I see lower high, here we go.

Here's what I see, looking like the failure is coming around the corner, reaching just to the bottom of the rising trendline. I plan on taking a short a bit lower from here.