thalestrader

Rallied to within a few ticks of the upper boundary of the target - this is as good a place as any for the EURUSD at least to put in some rest ... Best Wishes, Thales

EURUSD rally has been a very easy trade to ride since it broke out ... impulse ... pause ... impulse ... pause ... Best Wishes, Thales

I agree. Intuition seems t be the least plausible understanding or characterization of his success with the "Turtle" system. Covel's Trend following book was hands down the biggest waste of time I have ever lost to reading a "book." He'd have to pay me at least a year's trading profits (my profits, not his, as I doubt he has ever made one penny trading) for me to spend anymore time reading anything he manages to get published. My currency trading friend once left a rather negative, but very substantive review of Covel's book on Amazon. Covel successfully lobbied Amazon to have the review removed. From Covel's comments made to my friend's review prior to the review's removal, it seemed he thought my friend was actually Curtis Faith. That was entertainment! Best Wishes, Thales

Up ... Up ... and Away ... (well, up any way, and tapping on minimum resistance target ... Best Wishes, Thales

I am an old Trading Blox customer from the Curtis Faith days, and I've learned a great deal from Curtis. I have not read this book however. Given your description, I would defer to Kiwi (if he has read it), as he is also an old familiar with respect to Curtis, and Kiwi has a much greater affinity for taking a more contemporary view of psychology than I. When it comes to ψυχή, I begin with Plato and follow through to Heidegger and end with Aristotle. Best Wishes, Thales

Technicals Vs. Fundamentals I am primarily a technical trader. When I swing trade stocks, I do happen to focus primarily on the stocks of companies that rate highly with respect to sales growth, earnings growth, and return on equity. After all, it is these stocks which tend to attract institutional interest, and like it or not, institutions, not individuals, have the buying power to drive demand over supply and thus power price higher. In other words, "momentum stocks" tend to be those which either have or are perceived to have good fundamentals or the prospect of soon to be rapidly improving fundamentals. So, while I am primarily a technical trader, I respect fundamentals as well. I say this to preface the following comment: I just read Winner Take All by William Gallacher. What a piece of garbage this book is. Gallacher professes to be a "top trader." May be he is, maybe he isn't. I do not really care. Gallacher eschews technical and relies entirely on fundamentals. No problem. I have no doubt that it can be done, and I am always all ears to hear how someone gathers information which enables him or her to profit. However, here is the problem with Gallacher's book - he emphatically ridicules all manner of technical trading and analysis. He claims to point out the "glaring inconsistencies" in such analysis. But he himself has obviously never taken the time to learn that which he wishes to refute. One thing I learned back in graduate school was this - if you wish to persuade another that his position is wrong, you must know his position better than he himself does. Gallacher does not have a clue when it comes to technical analysis. It is therefore no wonder that he finds it useless. The most offensive part of his refutation of technical analysis concerns his critique of John Murphy's use of trend lines. Gallacher purports to "show" how Murphy's trend line analysis was wrong by redrawing Murphy's trend lines. Murphy drew his trend lines across price peaks in such a manner that the trend line does not cross through any price bars until price itself breaks above the trendline. Gallacher redraws what he calls (get this) the "real trend lines." Gallacher says the "real trend line" shows a false break. Well, Gallacher's trend line cuts through two, perhaps three price bars. This is the novices error. I see it here at TL and every other trading forum I have ever visited. I see it in Technical Analysis of Stocks and Commodities Magazine, I see it in books and internet articles and so on. My point is this: Trend lines are useless if drawn incorrectly. You must draw them according to your chart, and not according to what you would like to see. Review Trader Vic on how to draw trend lines so as to avoid imposing your wil and whim on your analysis. And do not spend money on Gallacher's book. If you feel compelled to read it, get it from your library. If your library does not have it, get it through interlibrary loan. Spend the $25 on something that you won't have to regret having purchased. Best Wishes, Thales

Euro is still up ... Best Wishes, Thales

Chart ... Best Wishes, Thales

EURUSD weekly chart ... Low ... High ... Higher Low ... Higher High? ... ZOOM IN Best Wishes, Thales

"Whilst"? Have you moved to London as well? That's good to hear - There are some real useful contributions here in this thread from many TL members. Best Wishes, Thales

Nice series of posts with charts, Forrest. I hope to see more. So are you focusing on the EURUSD during London AM these days? Best Wishes, Thales

No, I haven't. I think that it could be a good contest, but I think any contest would be better attended and maintained if it were administered by MMS and the TL management. My time has once again come under significant pressure, and I feel bad about having to withdraw from the original race, especially after its "reason for being," i.e. sicktrader's promise of sharing money management miracles, disappeared into the electronic haze of the internet. Best Wishes, Thales

The benefits from actually putting your plan on paper (or in an internet forum post) is not to be underestimated. Best Wishes, Thales

Hi Kiwi, I wonder whether or not Vic would view the trend line break you noted here as significant enough for him in terms of looking for a 123. Best Wishes, Thales

Euro is UP ... Best Wishes, Thales

I agree. Attila, my hat is off to Attila. Quite the contrary ... though the individual who initially prompted this thread has long ceased to be a part of TL, I think Attila's efforts jouranled here have been an honest, real-world, real-time demonstration of just how difficult it is to do what nearly every person drawn to the markets somehow thinks he or she is going to do - take a small grub stake and somehow (and quickly) make a killing, or at least make a living off the markets. Watching Attila's efforts here over the several months, I was frequently reminded of Gary Smith's book, How I Trade for a Living. He makes several salient points. First, following Rick Pittino, he argues that too many use the dream as a goal. The dream, e.g. making a million dollars, trading for a living, is where we want to be. We must establish goals that will allow us to arrive at the dream. Second, if we do not work hard to establish discipline in both our lives and our chosen activity, in our case, trading, then "all of our dreams will be pipe dreams, little flights of fancy." And finally, trading is a profession (I prefer this view to the "trading is a business" mantra - though Smith, a former vendor, does himself echo the "TIB," though faintly). While I do believe the mechanics can be quickly and easily communicated to the open minded, it can and usually does take years for the adult human being to learn to trade with consistent profitability. So, while you may think that the "spirit of the race to the million" has long been absent, I would suggest that the initial spirit was false and misguided, and that Attila has quite effectively laid bare the true spirit behind the dream. ST represents that dreamland where nearly everyone of us started and how easily the dream can be abandoned. Attila represents the self-examination and dilligence, as well as the difficulties in establishing the discipline required to achieve success in this venue. I hope the both of you continue this thread as a journal. It is a real testament to the long, hard, and sometimes (seemingly) impossibly difficult road that is "trading for a living." Best Wishes, Thales

Still strong ... Best Wishes, Thales

EUR coming on strong against the Yen as well ... Best Wishes, Thales

current view of the EURUSD ... low - high - higher low - higher high ... Best Wishes, Thales

Yes. For a long time I kept tabs on a 10 period daily ATR. Now I just "see" or "sense" these changes, but I would bet that what I "see" and what a 10 day ATR "shows" is basically the same thing. Best Wishes, Thales

Excellent share, Attila - a printable post if ever the was one. Was that the result of discipline, or insufficient margin? Best Wishes, Thales

Dow: 11514.38 SPX: 1274.81 CompX: 2680.28 "Well, this is a bull market, you know!" - Mr. Partridge Best Wishes, Thales

que depende do que você deseja negociar, mas Interactivebrokers pode ser um bom corretor para começar Best Wishes, Thales

... waiting for Godot ... Best Wishes, Thales

You believe that "its different this time." It's not. Trade on. Best Wishes, Thales