cowpip

You beat me to it. Thanks. That's a good part of my problem.

Never mind, Wasp. I need to stick with the hourly. Answered my own question. I'm taking too many whip-losses from the 30-min, as you noted. The hourly is much clearer. I should have been using it today.

So the hourly chart should be the mainstay of the trend-charts? The only reason I use the 30-min is because it seemed to me to provide an earlier signal. I also thought you used the 30-min to draw the trends, although I know you specifically said last week that the hourly is the confirmer (and nothing lower). Do you suggest I stick only with the hourly for the trends? Lol.. thanks for spotting the case where I bought at R. I didn't even realize it until you mentioned it. I have to closely watch those 240 min S/R levels. I would preferentially like to buy/sell as close to those areas as I can to afford my stop greater protection.

Here's my view from the 30 min... It's been horribly unreliable today. These are not the trades I took, but in hindsight, the trades that I would have taken. I haven't labelled a chart as I've taken trades. I'm recording my trades, but not on a chart. I'll have to start doing that. The trades I took were similar, but I ended up taking profit too early on the bigger runners. Why did I close them early? Because I'm a dufus and still need more confidence in this strat.

Alright! I think all these bank traders who have come back from holiday are about as floozy as they come! Prices are all over the board, whipping me silly! Stopped for -49. Short @ 189.38 PS: I'll reply to your question about my view of this week soon.

Wasp, you're a Godsend! Thank you!

I do hope that sometime, Wasp will pop his head in and chastise me for the silly mistakes I make. A slap on the back and a pint (or ten) of beer await you (even if only figuratively) if you decide to return, Wasp. I hesitated for a while after reading of Wasp's decision, whether I should continue posting live here as well. But I don't believe that posting live here is having a personal impact on my own trading performance. It's embarrassing as beat-all to show the world my stupid mistakes and losses and how good or bad I'm doing, but aside from that, I don't think it is influencing my trading decisions. I take them as I see them. So, I will likely continue to post my trades live, as I take them (if Wasp and Firewalker will keep this thread open). I'm determined to learn this strat of Wasp's better. Maybe these posts will be of some benefit to others who are silently struggling to implement Wasp's great ideas. I don't know. But it doesn't hurt to keep the thread alive. One thing I *DO* hope is that Wasp (and others) will occasionally look at my SR charts and tell me if he sees gaping discrepancies between his and mine (even if only through a PM). I'm still struggling in that area a bit, but it's slowly crystalizing in my thick head. So... I guess it's "on with the B-rated show"... Long GJ @ 189.86 (sorry this is delayed a bit). I took it at 15:30 GMT, suffered an almost intolerable retrace back to within pips of my stop, and have seen it luckily return to profit since.

Oh, come now. That's a little harsh. There is no absolute "right" or "wrong" here. Your method, Erie, may be perfectly sound - but WILL still fail at times. Firewalker's view may also be perfectly sound, but WILL also fail at times. Attaching a requirement that firewalker needs to learn something from your example is irrelevant here, since there are undoubtably numerous examples where he could say the same thing of you. Everyone sees things differently. Let's all respect that.

Wasp, I can't begin to tell you how much I appreciate your help. It's been a good thing for me to learn aspects of your strat. You simply have one of the coolest strats I've run into. Simple, and elegant. This thread is a boon to those investigating full-time (100% in) trading and you have proven that it is not only possible, but it is logical and profitable. I must say I am a bit disappointed that you won't be contributing here much anymore, but if it's affecting your performance, then by all means I would fully expect you to exit stage-right. You do what you must to maintain profitability. It's been a pleasure, bud.

Same way as wasp. Using candle bodies on the 4-hour and daily charts.

Closed for +92.

Long GJ @ 188.65 EDIT: Sleeping... I'll respond later. Yes, I do use price alerts.

Closed for +137. Don't want this to bounce here. I'll await the next setup.

Reversed short @ 190.08

ARGH! Out again.

Try again... Long GJ @ 190.51

Nicely done, pipmonster. Yep... If I had my head screwed on right, this would have been a better day. Couple of mistakes cost me my earnings. Time to reload and smarten up.

Ouch... out for -74. Looks like a one-way day, now that I've given back almost all of my profits. Sigh...

I'm an idiot. I just now realized that this is no where near support. TL break PLUS proximity to SR zone is required. DUH!!! I'm going to get toasted on this, I bet. Stupid mistake.

Still too bloody early on this! Hmmm...

Long GJ @ 190.61

I'm going to hold fire. If we would have been playing this solely off of the hourly, none of this would have happened. I'm going to wait and see where this hourly candle ends, rather than trying to guess when the trend-line is going to break. I want to see the sucker break before I enter.

Well, that filled the gap. Now I suppose they'll throw it higher.

Grrrr!!! Out for -45. Bloody players aren't playing nice.

I'm not impressed with this PA!!! Make up yer mind, already, you stupid GJ!