Off, Yet on Topic

[firewalker 10]

I noticed hence the question.

 

I will never use volume so seems little need. Besides, us real pro's can see what's happening in price alone thanks.

 

:hmpf:

 

To be honest, I'm beginning to rely less on volume, except for patterns, like hinges/triangles.

[wasp 10]

The only reason I could feasibly see volume as useful is for measuring strength in a move but even then, not sure it would be that helpful.

[wasp 10]

Hmmm, been one of those days. Should have been trading EJ and not GJ after all!

[wasp 10]

In regards to your comment (i thought you made here?) about, ''would you exit and reverse if already in a position.......''

 

I think it is a very good way of analysing your decision. I am a greedy sod and if I am not in a position I am doing something wrong or too drunk too trade!

 

It was actually something db said in my journal once about how if, it is a good reason to exit, why not entry? After much deliberation, I am now in 99% of the time as if I think its time to exit, its time to re-enter, never before or after.

 

When I am flat, that is one part of how I determine my re-entry.

 

Of course this is much easier for me as FX is 24/5 and I am flat at weekends.

[firewalker 10]

In regards to your comment (i thought you made here?) about, ''would you exit and reverse if already in a position.......''

 

I think it is a very good way of analysing your decision. I am a greedy sod and if I am not in a position I am doing something wrong or too drunk too trade!

 

It was actually something db said in my journal once about how if, it is a good reason to exit, why not entry? After much deliberation, I am now in 99% of the time as if I think its time to exit, its time to re-enter, never before or after.

 

When I am flat, that is one part of how I determine my re-entry.

 

Of course this is much easier for me as FX is 24/5 and I am flat at weekends.

 

You are in 99% of the time? :shocked:

Strange, I figured you were drunk a lot more than 1% of the time :o

 

Remarkable. Have contemplated these things too, but when in whipsaw these things can cause a lot of pain...

 

For me an exit doesn't constitute an entry. Besides, I prefer to quit after one or two trades nowadays... but each to their own. Interesting though.

[wasp 10]

You are in 99% of the time? :shocked:

Strange, I figured you were drunk a lot more than 1% of the time :o

 

Remarkable. Have contemplated these things too, but when in whipsaw these things can cause a lot of pain...

 

For me an exit doesn't constitute an entry. Besides, I prefer to quit after one or two trades nowadays... but each to their own. Interesting though.

 

I have/am saving for a new apartment overlooking Brighton seafront so got another month of solid 24/5 work then I will be changing my style a lot.

 

For a start I will be taking the rest of the year off and when I come back, I will be trading for 200 pips a week and stop. Anyhow, thats beside the point.

 

The point being...

 

When you exit a position, do you not expect/attempt that to be as close as possibly to the high/low? Thus, a good point of reversal.

 

Obviously whipsaws kill but have an idea how to tackle any condition and this should be irrelevant.

 

This may all be very different and not possible for an indices trader though.

 

 

Take a look at the chart att - every blue triangle being an exit and entry. There were 2 points were a better exit could have been attained BUT, overall, its 400 pips a piece by Thursday evening and, you have no problems of waiting, waiting........

Edited May 15, 2008 by wasp

[firewalker 10]

When you exit a position, do you not expect/attempt that to be as close as possibly to the high/low? Thus, a good point of reversal.

 

 

Because I hardly ever exit my position all at once, no...

 

I scale out for example at next support level, than later if the trendline breaks or if price fails to make a lower low in a downtrend or a higher high in an uptrend. But when I take some off at the next support level, I don't expect price to reverse. Sometimes, it pauses, continues to plunge. Other times, it pauses and does nothing. Yes sometimes, it pauses and reverses, on which I might think of taking a trade in the other direction, but that depends on how much time is left.

 

Often I'm in a trade for several hours, which - being an intraday trader - kind of leaves not much opportunity to exit and reverse...

[wasp 10]

 

Often I'm in a trade for several hours, which - being an intraday trader - kind of leaves not much opportunity to exit and reverse...

 

I think that's an important difference between indices and forex. I class myself as an intraday trader but can be in for one minute or a day, the market tells me and being open 24/5, that becomes easier for trends etc so fewer gaps to contend with.

[firewalker 10]

For a start I will be taking the rest of the year off and when I come back, I will be trading for 200 pips a week and stop. Anyhow, thats beside the point.

 

You within a month you'll stop posting? :shocked:

[wasp 10]

You within a month you'll stop posting? :shocked:

 

Can't wait can you!!

[firewalker 10]

Can't wait can you!!

 

I'll make sure the fanfare is coming!

 

Seriously, who will I talk dirty to then? :o

[wasp 10]

The summer will be in full force, there are rock faces to climb, planes to jump out of and countries to travel. Besides, I am in this for the freedom as much as the money and challenge!

 

You have my email address, don't fret! :did I say that?:

[wasp 10]

looking to go long shortly as both GJ and EJ on support after a painfully slow ride down.

[firewalker 10]

The summer will be in full force, there are rock faces to climb, planes to jump out of and countries to travel. Besides, I am in this for the freedom as much as the money and challenge!

 

You have my email address, don't fret! :did I say that?:

 

:shrug:

there are no real traders anymore. who do it for the love of the studying the chart!

[firewalker 10]

Closed GJ at 203.72 for 41 - reason > bored!

 

That's not a reason to close or enter a trade! :crap:

[wasp 10]

That's not a reason to close or enter a trade! :crap:

 

It is in my book...... With me, anything goes! I have taken up 'gut' trading.

 

The only rules are, there are no rules!

[wasp 10]

:shrug:

there are no real traders anymore. who do it for the love of the studying the chart!

 

I have spent so much time studying charts that I know so much, we swapped and now they study me

[Kiwi 16]

VSA is an extremists view of price and volume. They try to take a lot more meaning from each bar and its volume. Specific bars have special names indicative of what they're telling one.

 

Wyckoff is much more generalist in its approach and can really be applied without volume if its not there. To me volume is something that can help by confirming what price is telling me or putting up a red flag to make me question the judgment and be more cautious but it isn't essential. Interestingly since I started looking more seriously at volume 6-8 months ago I have been taking less trades because of the red flags.

 

Do you guys realize that we've doubled the posting rate on traderslab?

[firewalker 10]

Do you guys realize that we've doubled the posting rate on traderslab?

 

We have?

Correction: I have? :o

[torero 10]

I have spent so much time studying charts that I know so much, we swapped and now they study me

 

:haha: Good one! It's nice to have a lively discussion. I feel the same about trading to finance my freedom. I used to study a lot but it doesn't require so much anymore but you still need to sit in front of the screen to make sure you're there at the right (if you're already at the right place... in front of your computer, pda, etc).

 

All the GBP and JPY pairs have been very whippy this week. I'm bleeding slowly here but healthy bleeding I believe.

[torero 10]

I'm a trend trader and this week hasn't been spectacular. I'm been snipering in with small positions but they don't pan out so I'm waiting for these small positions to grow into big positions to let me know the trend is back. Bored this week is best I can describe it.

[gilligullu 10]

Besides, I am in this for the freedom as much as the money and challenge!

:

 

I wish I can have the freedom as well...... Maybe in two years time...... I can only load webtrader at work, and it gets stuck all the time......:bang head:

[wasp 10]

Chaps, lots to post but busy today and internet connection playing up... back later!

[wasp 10]

Long GJ @ 203.95 stop @ 203.65

 

Well my reversal happened at 5am so got out for 5 and broke even when I shorted and flat atm due to my unreliable internet today. Just about awake to place trades, let alone post the trades, sorry!

 

I'm a trend trader and this week hasn't been spectacular. I'm been snipering in with small positions but they don't pan out so I'm waiting for these small positions to grow into big positions to let me know the trend is back. Bored this week is best I can describe it.

 

Hi Torero, I too am a trend follower mostly but can't be that easy and simple all the time. After we changed direction on Tuesday, the breaks have been good, just needed to be careful with the shorts as the resistance became support and that support caused sharp rebounds. Still a few 100 pip runs if in in a timely fashion. Must sayI prefer the smooth long runs but still a few hundred to be had this week.

 

Hopefully it'll get some nice direction next week and provide some nice runs.

[wasp 10]

We have?

Correction: I have? :o

 

That ego again.

 

:haha: Good one! It's nice to have a lively discussion. I feel the same about trading to finance my freedom. I used to study a lot but it doesn't require so much anymore but you still need to sit in front of the screen to make sure you're there at the right (if you're already at the right place... in front of your computer, pda, etc).

 

All the GBP and JPY pairs have been very whippy this week. I'm bleeding slowly here but healthy bleeding I believe.

 

Get some alarms and alerts setup, that helps me.

 

Not so whippy IMO with some nice +100 pip runs. The problem has been the strong bounces off support but each trader has their own preferred behaviour and you just ride out the crap till your's comes along IMO.

 

I wish I can have the freedom as well...... Maybe in two years time...... I can only load webtrader at work, and it gets stuck all the time......:bang head:

 

Work?! Work?! what's that?!!! But seriously, patience is a virtue and all good things come to those who........................wait. Plus lots of hard work and study in the process too of course!