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wasp

Thread Banter Continuum

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Hi chaps,

 

Been a couple of good runs down and up over the last 24hrs. After the stupidity of my mistakes yesterday though I have decided forums are bad for my wealth and I will not be posting anymore.

 

I shall miss the banter and discussions but in order for me to perform at my best, I cannot have the distractions so best to step away. I wanted to help out any one I could as much as I could and hope I have but for me, this is not proving to be a good thing to do.

 

I'll be about for PM's and abusing firewalker but no more calls or particular trade discussion.

 

Cheers and good trading one and all

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This week is turning out okay now but would have better if not for yesterday. It was all my own fault for doubting my plan but as long as daytime TV is my only distraction, it shouldn't convince me trade against my own plan.

 

Discipline is a bitch at times!

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Cheers Wasp!

 

Thanks for all the information you unselfishly gave out in this thread. I hope you get back on track. Last week was pretty good, eh?

 

As an aside, I am heading over (hopefully) for the triple crown in December... I'll have to look you up for a beer whilst I'm there!

 

http://www.prosurfing.com/asp-2008/billabong-pipelinemasters-contest.html

 

PS: I'll clean up the thread at the weekend!

Edited by wasp
added link

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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.

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Hi chaps,

 

Been a couple of good runs down and up over the last 24hrs. After the stupidity of my mistakes yesterday though I have decided forums are bad for my wealth and I will not be posting anymore.

 

I shall miss the banter and discussions but in order for me to perform at my best, I cannot have the distractions so best to step away. I wanted to help out any one I could as much as I could and hope I have but for me, this is not proving to be a good thing to do.

 

I'll be about for PM's and abusing firewalker but no more calls or particular trade discussion.

 

Cheers and good trading one and all

 

You should only post when you want to; these things can indeed be distracting. I regularly take breaks and I only post or reply to messages when I feel like it (mostly in the mornings because I focus on the markets in the afternoon).

 

For most of us it's different, since we aren't in a position all of the time.

Thanks for all of the contributions and posts.

No worries, I'll keep mentioning your name whenever I feel like making fun of someone :stick out tongue:

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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.

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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.

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Do keep posting and I am lurking. Don't worry, I'll have a go at you occasionally!

 

Posting here with my, and firewalkers input plus others will really help you and I will post my end of week charts for you to look at too.

 

When I had my journal on T2W, the others inputs were vital (except FW!) and this will help you, I just won't be here as much is all.

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Do keep posting and I am lurking. Don't worry, I'll have a go at you occasionally!

 

Posting here with my, and firewalkers input plus others will really help you and I will post my end of week charts for you to look at too.

 

When I had my journal on T2W, the others inputs were vital (except FW!) and this will help you, I just won't be here as much is all.

 

Wasp, you're a Godsend! Thank you!

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Here is the week so far... You know full well just where I ****ed up!

 

I have also been looking at using small 30m S/R to manage my positions but this is the jist of it....

 

I'd be interested to see your week view so far.....

 

 

(added 30m)

week.thumb.gif.37ed7860dc807b2439a84a45fffbca2e.gif

30m.thumb.gif.ef0df9e84904d14bf06daa2f022e1b55.gif

Edited by wasp

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I have also been looking at using small 30m S/R to manage my positions but this is the jist of it....

 

I'd be interested to see your week view so far.....

 

 

(added 30m)

 

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.

SEP0908A.thumb.gif.5e77285de00685bc7583c07a125722a2.gif

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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.

 

See annotations.

 

I think part of your problem is you are drawing the trend on the 30m which will give you far too many signals for this market. Unless you have A -3 pip spread, its a nightmare.

 

Other than that, there was one trade you bought at R but not bad over all!

 

Gold star! :rofl:

SEP0908A.thumb.gif.ace05bb14c80dadbecd4de66cfe93a9a.gif

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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.

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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.

 

240m > major S/R

 

60m > trendlines

 

30m > perfect entries via ST S/R

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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.

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I guess it's not clear enough. I went short at the close of the 240-min candle seeing that it closed below support(187.93).

 

I'm currently under water and very near a stop loss.

 

How did you guys interpret this new candle? what did I miss?

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It doesn't really matter though. It changed the canvas a bit. We have a higher high now on the hourly.

 

...and so it goes on........... boring really ay! :\

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