Off, Yet on Topic

[wasp 10]

Why, do you think they hold less importance?

 

 

Yes, on the larger TF's at least. Supply and demand alone are plenty to decipher the dailies with a high statistical rate adn tell enough and actually see TL's as a hindrance and waste of good moves.

[firewalker 10]

Yes, on the larger TF's at least. Supply and demand alone are plenty to decipher the dailies with a high statistical rate adn tell enough and actually see TL's as a hindrance and waste of good moves.

 

:shocked:

 

A lot of the time trend can be seen by the naked eye though, but trendlines are a nice way of following momentum.

 

I definitely wouldn't call them a hindrance though, unless you use them for something which they are not intended for?

[wasp 10]

:shocked:

 

A lot of the time trend can be seen by the naked eye though, but trendlines are a nice way of following momentum.

 

I definitely wouldn't call them a hindrance though, unless you use them for something which they are not intended for?

 

Later I will post a couple of examples where a few examples of missing out near 800 points in a week as waiting for the trend to finish rather than taking rejections of supply/demand levels.

 

Here is an example of the last 24hrs where S/R on large then small enables adding and getting the best price based on supply and demand alone.

[wasp 10]

:shocked:

 

A lot of the time trend can be seen by the naked eye though, but trendlines are a nice way of following momentum.

 

I definitely wouldn't call them a hindrance though, unless you use them for something which they are not intended for?

 

 

Here is the chart I posted during the week.

 

With the trendlines in orange (1st 3 candle = TL basis) you would have had no losses (!) since December 2007 but would have missed, and had to accept, some would retrace BIG and that would take some big kahunas!

 

Mind you, with those TL's, not a single loss all year........... hmmmmm... :hmmmm:

 

Maybe I have the holy grail!

[wasp 10]

the importance of supply and demand.

 

hit it perfectly!

[JT1 10]

Later I will post a couple of examples where a few examples of missing out near 800 points in a week as waiting for the trend to finish rather than taking rejections of supply/demand levels.

 

Here is an example of the last 24hrs where S/R on large then small enables adding and getting the best price based on supply and demand alone.

 

On this chart, are the light grey lines H1 S/R, & the dark grey lines H4 S/R?

 

On the daily chart, are those lines H4 or daily S/R levels?

 

Thanks again.

[wasp 10]

On the first chart (showing trendline vs S/R) they are all daily S/R.

 

On the next one, the back chart (daily) is daily S/R and the smaller (front) chart are 1 hour S/R.

[firewalker 10]

Here is the chart I posted during the week.

 

With the trendlines in orange (1st 3 candle = TL basis) you would have had no losses (!) since December 2007 but would have missed, and had to accept, some would retrace BIG and that would take some big kahunas!

 

Mind you, with those TL's, not a single loss all year........... hmmmmm... :hmmmm:

 

Maybe I have the holy grail!

 

Depends on where you have the entry ...

Your way of drawing lines is interesting as they aren't really "trend"-lines... I mean you reverse direction on each and every swing. Take for example blue dot = entry, purple = exit. That's breakeven or a small loss...

 

How do you draw a line? You need at least two points to draw a line. But by then some of the candles are already formed, no?

 

The way you draw those lines is probably something you manage to do intuitively. But you could for example also see it this way:

 

[wasp 10]

 

The way you draw those lines is probably something you manage to do intuitively. But you could for example also see it this way:

 

I think thats what makes a big difference. I work with what works statistically best and fit myself around the market in question and as I have never read a trading book in my life, I probably couldn't give you a text book definition.

 

I se why you have drawn the lines and entry and exits you have and they do differ greatly from mine.

 

Its all about perception really and how you, or wycoff (sic.), or anyone else percieve charts.

[JT1 10]

..................

[wasp 10]

...and a bloody god job too!

 

I knew that 206.25 was going to be a thorn in my side and could not decide if it would screw me again or hold. It held. I was one step ahead. Up yours GBPJPY! :evil tongue:

[wasp 10]

How much do you factor it in.

 

Thankfully as I got called away from the screen yesterday, I took profit at the highs but, I would rather know I can fish than to catch one occasionally and the fact that had I stayed, one key level which I did not include as it was more of a burden in the past, meant I would have given back all yesterdays, missed todays drop and alot more if it breaks the current level.

 

Like Firewalkers call but non traded short yesterday, it doesn't matter how perfect a plan can be and obvious things are, sods law has such a cunning little way!

 

Now I'm back I can re-enter into this short if it breaks (albeit now 200 pips late and the R:R is off the wall) but its 200 to the next key area, or not. Obviously, the opposite to what I do will happen!

 

All down to one line that would have caused me 5 losses prior meant I missed a possible 400 now!

 

I'm going down the pub, sod this. :doh:

[firewalker 10]

I'm going down the pub, sod this. :doh:

 

Perhaps that's a better way of handling the frustration than what I do (banging my head against the wall). Although both actions have a similar outcome: a great headache

[wasp 10]

Perhaps that's a better way of handling the frustration than what I do (banging my head against the wall). Although both actions have a similar outcome: a great headache

 

It is just so frustating ay! 1 little thing can mean the difference between a few grand.

[firewalker 10]

It is just so frustating ay! 1 little thing can mean the difference between a few grand.

 

You don't need to tell me! Because I moved my stop to breakeven +1 instead of breakeven I missed out on a huge fall :doh:

 

Shared misery...

[wasp 10]

I blame GammaJammer and his mates down the bank myself. Makes me feel better!

[wasp 10]

well, well, that doesn't happen very often! It actually bounced of the support and I don't feel so bad now.

 

That said, it throws up the key level issues still which is like snapping my fishing rod! (analogies again)!

 

Thanks GammaJammer!

 

Oh and btw GJ, which bank are you at again...?!

[wasp 10]

Also GJ, Trendie, I mean myrtle asked how much attention I paid to 00 levels as key levels and before I didn't really till now and notice how they are close to my levels.

 

Anyhow, spill some insights on how you bank boys play it..........!!

[GammaJammer 10]

Also GJ, Trendie, I mean myrtle asked how much attention I paid to 00 levels as key levels and before I didn't really till now and notice how they are close to my levels.

 

Anyhow, spill some insights on how you bank boys play it..........!!

 

In theory 00 levels (and 25, 50 etc) are psychological levels only (if you're a pure chartist) but the fact is that the market (well, FX at least) is dominated by humans, not robots still, and as such it still has a part to play (Corps etc will on occasion hang their hats on these levels) but to be honest I think the influence of 00 is diminishing over time.

 

One thing to consider however is that barrier options talked about in the market are still predominantly found at '00 and '50

[JT1 10]

You don't need to tell me! Because I moved my stop to breakeven +1 instead of breakeven I missed out on a huge fall :doh:

 

Shared misery...

 

That is SODS LAW!

 

Minor details like this will make all the difference from time to time. This shows us that some aspects of trading come down to the luck of the draw and our beyond our control. Therefore, there's no point banging your head against a wall. Just take a few deep breaths!

[firewalker 10]

That is SODS LAW!

 

Minor details like this will make all the difference from time to time. This shows us that some aspects of trading come down to the luck of the draw and our beyond our control. Therefore, there's no point banging your head against a wall. Just take a few deep breaths!

 

I wouldn't say "beyond our control", because it was my decision to move my stop to there... in all fairness I think I should slap myself even harder, because the plan was to move the stop to breakeven. Not +1. :crap:

 

Taking deep breaths only increases the suffering! Doctor told me not to do so because I have some bruised ribs :boxing: (don't ask how I got them!)

[wasp 10]

.......... because I have some bruised ribs..........

 

You shouldn't let the missus wear the trousers :haha:

[wasp 10]

In theory 00 levels (and 25, 50 etc) are psychological levels only (if you're a pure chartist) but the fact is that the market (well, FX at least) is dominated by humans, not robots still, and as such it still has a part to play (Corps etc will on occasion hang their hats on these levels) but to be honest I think the influence of 00 is diminishing over time.

 

One thing to consider however is that barrier options talked about in the market are still predominantly found at '00 and '50

 

I think thats the same with fibs too. Both 00's and fibs are coincidential too the key areas of S/R but S/R always comes first imo.

[wasp 10]

A quick trip to T2W see's the heard eyeing a pin bar and H&S on dantes new thread gives me extra confidence in the long :rofl:

[JT1 10]

Pychological levels -

25 & 75 do often act as S/R, and to a larger extent 50 & 100 levels.

 

I used to trade breakouts beyond 00 & 50, and get what i could.

 

As with any trade, the problem is the level may trigger a continutation or reversal, leaving you on the right or wrong side of it.

 

Now. if i am looking for a breakout beyond an S/R level, and price hits the 00/50 level, and that price is beyond an S/R breakout line for example, i may enter on that level, in the hope of getting in early (before the candle closes) to what will hopefully become a decent breakout beyond the 00/50 level.