Racz trade: 50/61.8% fibs with PPZ, works so often that is scary Play the touch or take smaller TF's pins at that level.
(Its more risky than the daily/weely but with practice it can be awesome)
is dis ok, or i think looking for pa around 50/61.8 is the way forward
heres a chart
You can play the touch (riskier) or wait for PA (more conservative), just depends on your style and risk managment. There is no rigth or wrong as long as u know what u are doing.
Just make sure u feel confortable and you test and practice a LOT before doing it with a live account.
Congratulation to all of us that made this thread our home for the past 4 years, some ppl posting a lot, some just lurking, but everybody added their share to make it the best place on the FF (and the whole freaking web for me....lol)
Im really thankful to a lot of you guys and i can't name u all but i would like to name just a few that i feel touched me the most personally:
To: James, Mike, Mark (Racz), Seeking, HipsterPipster, Jarro, PeterFm, Clockwork71, Rustyjeff, Bundyraider, Swami, Habbeb.
I choose 'trading in the zone' and a novel paperback...
I honestly prefer books on paper... I spend way too much time around IT equipment already and prefer a good old book!!! (jez.. just an old fashioned guy I guess..)
Book in one hand, glass of vino in the other.... cannae wait!!
cheers all!!!!
Fat Tom
Must read imo:
"Reminiscences of a stock operator"
"Trade Your Way To Financial Freedom" Van Tharp
"Trading in the zone" Mark Douglas
"The disciplined trader" Mark Douglas
I'm glad that StoragePro & Matiasfx are online & posting more often.
Hopefully other pro's/old lurkers find themselves posting more actively too.
Now, there is more & more reasons for newer traders (after those two) to post more & participate.
Appreciate it a lotStoragePro & Matiasfx .
PS. I seem to be having problems loading FF pages, pictures, etc. is it FF or just my lousy internet? Thanks.
i dont consider myself to be yet at the level of the senior guys in here, but if i can post some good things and help a little, im glad
If found "Reminiscences of a stock operator" to be a very sad tale. Yeah, he gets accolades for being a great trader, but as a businessman, he could run GM into the ground as good as anyone else. I like to look at that book as a excellent read into what not to do. That is just my personal take. The man had some severe personal Demons and an impossible problem with greed.
Tharp's and Douglas's Zone book are excellent. Did not read "The Disciplined Trader" or Booker's.
Yup, i agree about "Reminiscences of a stock operator" in some aspects and about his personality, the greed and demons issue, but i found some of his advices about trading really good gems.
Anyway, no matter what u take out of it, i think its a classic and it worths the reading
Really interesting article, thanks for posting and yes, i totally agree about that in that sence, what u put into your head its what u get back. So if someone read that book please just try to emulate some of the trading skills and not the rest...lol
Thats why i quit watching the news long ago
Quote:
Originally Posted by StoragePro
BS and nonsense. Dude is WITCH!
lol
Matty
PS: btw, a good book i recently read that relates to the article its "Evolve your brain" by Joe Dispensa. Really interesting.
I see you have swallowed your pride and become a James16 chick.
or maybe he just got tired of printing money all day, but sitting in front of screens. And now he is trading in a more relaxed way to enjoy all the money
(the fibs are not the best since i like clean impulses and the pin its kind of small but let see)
Cheers
Mat
PS: Aaron, i hope this pin helps your daily one
Well, i think it end up working just fine....lool
I cancel my pending after it didn't trigger the next bars. But i always like to see it working out
Canceling the order was the wrong decition after looking at what happend?? Nope, because i know in the long run, that more often than not, that will help me avoiding setups lacking on momentum.......
Next!!!
Matty
PS: Look how the 1.8 round number strongly rejected price so far. (Thanks Mikey for teaching me the importance of round numbers )
Yes, please guys i would kindly suggest to take this to PM's becuase it has the potential to take this thread to a place we dont want and we always tried to avoid.
Just my opinion
Have a good weekend all.
Matty
Edit: I mean 9/11 its a controversial, complicate and really emotional subject in order to talk about it in a thread like this in my opinion.
My sister is getting married in October and I can't wait. All of her single gorgeous friends will be there and they love me for some odd reason?! lol.
.
Lucky bastard!!!
Can u bring a friend? it's Mike plus one the invitation?? LOL
This thread is about shattering forex BS. It is a challenge to get good at forex. Not everyone who tries even their hardest for years is guaranteed ANYTHING. Period. Can someone balloon a small trading account into riches. ...............
Mike
Fantastic Post Mike
I agree 110% with everything u said, smaller tf's are great and they can be traded for sure.
But if u can't handle driving a regular car, what makes you think u can drive a Formula 1.
So Bob, keep posting and better open an own thread, i will read it for sure since i enjoyed your posts and i appreacite them. (And in here you dont need to be so defensive and distrustful, this place is different than most forums).
Damn Aaron, i wish i could express my self in words like you do.. Those last few post are fantastic. Thanks man.
Jim, i agree, two things make great the FF:
1- The people like you, Mike and all the seniors that really want to help because u care about the new traders.
2- The moderation that provides a nice and clean enviroment for the people in point 1 to help and share.
Have a nice weekend all and a happy 4 of july to the people on the US.
I'm not a fast learner and I had to take more effort than anyone else to succeed at something, I have known that for awhile
Quote:
Originally Posted by marcelnyo
I'm slow
Marcel i would first of all change those beliefs about your self, the stongest force in the human personality its the need to remain consistent with how we define ourselves, if you think you are slow, you will act upon that belief subconsciously, wheater you like it or not and your reality will be exactly that.
That's just a belief u need to change, that u have probably picked up at some point in your life and its not helping you, maybe there are some ppl that can do it faster that you but anyway that belief all that does its to slow u down.
Work on that and remember "As you think, so shall you be" and "Whether You Think You Can or Can't, You're Right".
Sounds like Mark Douglas' stuff, have you got any good readings for the topic above? so far I've been trying to force myself into proactivity for 30 days, training... (7 habits of highly effective people), I've read the book for teens years ago and finally decide to re-read the original book from steven covey, I'm gonna have to review the first part.
Thanks a lot Matty.
Marcel.
There are many ways to work on beliefs, self talk/image and changing habits and it will depend on yourself which approach will be best for you.
I'm personaly a self development junkie and it has helped me enourmously over the last few years to work on my self and how my mind works. (It will also depend in if you like a spiritual or non spiritual approach for the material to resonate better with you).
I will PM you some suggestions but i would say just be aware of this, and work on kowing youself and your mind.
Just to confirm, Do you use the RSI indicator with the default value?
Thanks
ok i will help u with this one, but please go back and read all Ryan's posts (go to his profile and click there for a list of all of his posting history). I did it , its not that hard.
I think you're quite right in saying that many traders do not trade around NFP's; indeed many also avoid FOMC's and BOE's etc. This, to me, is the sensible approach. However, there are some, of shall we say a slightly more 'dogmatic' outlook, who say that you can basically just ignore ALL news and blithely trade on as though it wasn't happening in the first place.
Which in all honesty I think is just errant nonsense.
Actually i disagree with you. If im trading weekly or daily or even 4h, i don't look at the news at all, because all the past data i have backtested had the "news moves" into them.
Unless you have search for the old calendars with the dates of the old news and skip them also on the backtests, How can you be so sure that some of the best trades you took while backtesting where not caused when for example a PA formation was formed before a news release?? I think u can't.
If while backtesting i traded them and made money i will trade them also live.
Anyway, just my point of view about news.
Cheers
Mat
PS: I mean i check the calendar and i know when a news releases will happen, but just to know. It does not affect my trading plan at all.
Matiasfx,
if i understood well what u've just said...
I agree that u disagree. lol
believe or not, accept it or not, whether aware of it or not, news does affect price movements. & some of the best trades happen before or during news releases, or post-news releases.
It is very possible that all of us have traded at least 1 PA formation before, during, or after a news release, whether we are aware of it or not.
We are in a 24-hr world, & news come out almost at any time of the day.
We cannot deny the fact that there are people, funds, companies,...
Yes, Sp, all that u said and i also mean most of all the big ones, like NFP; BOE; FOMC etc.
While u were backtesting for example a nice pin bar and then price went strongly and directly to your TP..
Did u went back to see if that day we had some big release, and then proceed to delete that trade from the backtest results because when trading live, you know you are not going to trade news?
Most people don't do that, and if you traded news on backtest and you don't do it when trading live, you are just trading a different system that the one you backtested (maybe it wont make a big difference but it is different in my opinion, because you are using different rules each time)
hey Matty, you make a good point here. I did once try to map out the news on some charts but it wasnt really benificial as i remember. I dont think the suprises come that often to worry too much and even then in a bear market, unexpected good news doenst seem to make much difference to the market sentiment(unless of course its somwthing major or an intervention) where as if you are already short bad news can make you a killing!
I know there are many traders who ignore most of the news and the ones i have spoken to believe the market is usually...
Yes, i agree, if u try to always understand the news you "can" go nuts...
Just to clarify, im not saying that following news its not important, it depends on the trader, for example i know Mark (racz) follows some news and it works great for him!!! Its another tool he has, and after some time he understand them and know how they affect the markets sometimes, so he uses that to his advantage. (just for what i read, not trying to speak for Mark here)
I was making my point about avoiding them, with no other reason that they can shake the market and sometimes take u out.
-If u understand the news and works for you, trade them!!
-If you tested without skiping trading days(like me) and you know it works and makes money, trade them!!
-If u tested and u know they hurt your trading, avoid them!!
Just be sure if you are doing something, you are doing it for a good reason (that at least you know its true for you).
Just because some traders skip news days, doesn't mean i'm going to do it too if it makes no sense to me and the work i did.
james16 Chart Thread
Thanks.
, you crack me up!! 
