myrtleturtle

this thread seems to have died a death after wasp stopped postimg.

agree. lots of business-related threads which isnt why I come to TradersLab! needs compartmentalising.

I got one from kfgjkar on Sunday; who has now been banned. Same probs over at T2W. My suggestion there was to introduce those swirly difficult to read letters and numbers you have to enter to confirm membership to a site. would that reduce the spam-botty infestation?

wasp, et al, good trading, and especially for sticking with it in these trying times. I was just wondering, that your, in fact anybodys, rules, can only work well when the market is behaving itself and moving in an orderly manner. The disorderly and manic moves are too emotional, and maybe thats why the SupRes levels weren't respected as much. have a lie down in a darkened room for 48 hours.

am deeply envious of that trade. thats about 400 pips so far. guess you get a 4-fig week? good stuff.

wasnt trading today, so had a chance to have a look things from different perspective. saw yesterdays GY low at 184.70. then, noticed the low of 184.50-ish on Sep-16th. so, any of you S/R geniuses went long GY at 184.70-ish? EDIT: however........ notice that GU, EU and EJ DID NOT have a previous major low to bounce off, but still they bounced upwards. explain that while you're at it. why would GJ have a sup/res entry, but not the others? how is this different to trading indicators?

only got back to trading with real money recently after a few bad weeks, which dented my belief in my rules. frustrated, as I would have done fairly well what with the volatility. still using indicators, so dont know if my calls are valid compared to you SR junkies. might post a few indicator-derived calls for comparison. (queue disastrous week). thankfully, ended up in the black, but could have done much better.

guess you guys were right about the longs after all!

excellent posts guys. wish I could understand your reasoning for them. i can guess some of the mechanisms. however, i am interested in the long-bias that cowpip seems to have. on 4-hr and 1-hr, i have short-bias. just cant see the long, except the support at 187.50 (easier to see on 4-hrs). and the res at 194-ish from march this year which was clearly rejected on sep-8th. clearly i am not in same league as wasp, but there appears to be a down-channel, so would be biased towards looking for shorts. all in hindsight, of course. (please forgive the RSI indicator!)

credit to wasp for posting trades and analysis. I completely understand your standpoint. Apparent consensus from others can cause you (me) to not take trades I would otherwise have taken, and consequently lose out. good luck.

either thats a misprint or you got one hell of a deal there, wasp. whos your broker?

cowpip: I notice your stop-losses on GJ seem to be around the 60-pip mark. how do you decide the size of stop-loss? is it derived from ATR? or swing-high/lows? thanks PS: good stuff posting your trades, esp as you seem to be trading around the clock, judging by tour late-night and very early morning posts.

dont think thats quite the same thing. essentially, whatever ForexFactory uses, is good! I know thats vague, but I suspect it trawls through a thread, and lists any actual attachments (, .ELD, .mq4, .doc) as opposed to links.

Is there a facility to show all the attachments associated with a thread? When the thread (for example, walterws threads) have many attachments, remembering where they are is a pain. Having an option to show such a list of attachments would help locate files quickly. Forexfactory has such a function.

very good luck with this one, wasp. from the perspective of a S/R wannabee, the issue is always going to be defining whether the Sup or Res will hold or break. deciding in hindsight that Support "held" at a Sup-point 3 weeks ago, but broke 2 other Sup-lines before getting there is analogous to saying "61.8% retrace held", and ignoring that 38% and 50% failed. so far, I have conceptualised the "losing trades" into statistics and money management ( as soon as I get my trading nerve back). the one advantage I can see is price congesting at Sup/Res, and forming small ranges, which may be the basis for low-risk breakouts into whatever direction it chooses. here I wouldnt care if Sup/Res held or not, as I would be playing the low-risk (ie, the "other side" of the small range is my exit point), probabilities. all this is eyeballing the charts, and have no data to back this up. once again, good luck.

assuming this isnt a joke, you are showing all the same signs of frustration that I am experiencing. however, if you blow your account, you dont get to play again for a very long time. I would have thought that backing off and assessing oneself was the correct move. good luck with your gamble.

its probably no consolation whatsoever, but even us indicator-freaks are getting nowhere fast. I am actually switching to paper-trading until next week. (the very day GBPUSD sells off mega) dont take it personally, but its a peculiar form of satisfaction that even you SupRes guys dont have it easy.

yes I understand the need to perhaps discard terms, and to understand what they represent. I have begun to appreciate narrow ranges as indecision, or breathing, and have learnt to ignore MAs in those circumstances. But I havent gained the confidence to actually trade them as breakouts. I am beginning to see retraces and let them happen, and only make potential trades when they start to go sideways, in the same way that when you throw a ball upwards, it will rise in first second, rise less in second second, rise even less in third second, seem to stop, then start to fall. I can see how in a downtrend, a retrace that reaches this zenith may be best entry for shorting, just as it starts to fall again in direction of higher direction. key thing here, is my lack of confidence, and reliance on indicators to trigger a trade. the interesting thing is that I dont have targets, so perhaps give back too much as I fail to realise the trend is over, and a reversal has happened rather than a retrace. FW has a thread about this somewhere. good luck for this coming week, and keep posting your trades.

good going wasp, with your 400+ pips this week on GJ. I have been browsing babypips, and re-read the James thread on inside and outside bars. interestingly, I found that Tess and Jocelyn seem to be quite complimentary about it. I think its because they are primarily price-action players, and think the IB/OB are a good starting point for newbies. Also, they seem to be very confident and capable traders here on TL on the "Busy Tomorrow" thread that interested me to value of their views. If James can make 40-100 per day on GU, wouldnt translate to a lot more on GJ? and, into the bargain, only work between 7am-4pm? Based on Tess and Jocelyns remarks, I might give James a shot. (I can understand the inside-bars, since they are essenstially pin-bars across 2-bars, but he uses Fib retraces!!) (oh, by the way, I have dumped Hulls)

you are essentially always in the market. your rules are Stop and Reverse? are there any conditions under which you are actually out of the market?

HMAs!!?? naughty, naughty! I am by no means a no-indicator bod, but the narrow ranges are more obvious on the 4-hrs, giving rise to potential breakout modes, as are pin-bar type events. but still I dont trade them.

wasp, are you trading just the GY, or splitting your resources across multiple pairs? I am finding the spikey action equally frustrating, as it takes out my stops, only to resume the trend. good luck with it, and also cowpip, quite a fascinating thread what with no indicators and all.

stopped out for -11. (seems to be gaining strength)

Short FTSE 5376. (trendline down hit, reached upper part of yesterdays US session top, and stalling on 5-mins)

what IS your weekly average? I appreciate it is a function of volatility. and is this per chart, or overall across all trades? I would have thought that your pip-count of 400 would have been the norm, not above-average. (having re-read this thread, and that you trade off 4-hrs, I remmeber JT asking about setting alarms for waking up every 4-hrs over on the T2W thread.)