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  #53147  
Old Jan 28, 2010 7:37am
Charts + PA > *
 
Member Since Jul 2006
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I really want to post something again, but looking over my recent trades and considering them under the criteria of "preferably simple, picky and ideal, without overcomplication" I am kind of coming up mostly empty

Almost everything now seems to have a "considering market x, I was expecting y to do this, and it did just that, so in turn.." component
(I like using "cross market confluence" if it's available)


//trailing off into a small rant here//
And those that don't aren't picture perfect "wonderful, clean setup" trades. Or maybe I'm just putting them under too close scrutiny.
But I feel there is a LOT of gung-ho mentality "out there" and showing too much so-so stuff just encourages that, and I really don't want to do that.
Trading isn't about carousing, "going for the pips, harrrr" or "stuffing your pockets full of money" and bragging rights.

It's about a xxxxload of hard work, dedication, concentration/focus, discipline and near infinite amounts of patience. It's quite literally a professional endeavor.

The impression that forums encourage that it's all good as long as you can make funny posts about your wins and losses just covers up that most people get absolutely raped by the false advertisements and the market subsequently.
It literally breaks my heart and accordingly sours things when I see too much of that attitude.

Of course, I should add a caveat: this is applicable mostly to those in the not-there-yet stage. I don't mind people goofing off once they've gone over the hump. They know what they're doing by then and it's not done as compensation.

But I think a lot of people who got lured into this stuff need a "bucket of cold water / slap in the face" moment to sober up to the reality that the fine print that litters every brokers page isn't a joke. You can and likely will lose ALL of your money if you think this is a joke or about being funny.

Not trying to be an ass, but rather a huge red warning sign.
It's never a bad time to remind of the dangers imo.
The possible upside is definitely not underrepresented.

//end of rant//

Well, I could post the DAX, but I missed making a pre-trigger snapshot, so it's not as pristine as I'd like it.
I could add EURNZD, just to illustrate some watchzone/expectations/flagging stuff.

I also have a really detailed EURUSD chronology from 1.45 down to 1.4, but even that when I look at it feels like it's missing a lot more highlights, commentary and pointy things

Maybe the folks that have seen the EURUSD in my journal can tell me whether they think it would be of any help to post here, just to illustrate how I try and think ahead(i.e. I try to come up with an ideal pre-plotted course for action) during a trade sequence.

Just trying to give off a sign of life

Edit / disclosure: I did not take the DAX setup(proper sizing wasn't doable), at least not with actual money, however I realize that I have been doing a lot of "pseudo demo trading" with a lot of charts again lately, i.e. just watching things happen and charting out targets and likely stations.
I found that that helps a lot to maintain an overall big picture on the corresponding market.
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Last edited by SeekingLight, Jan 28, 2010 7:47am
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  #53206  
Old Jan 28, 2010 1:38pm
Charts + PA > *
 
Member Since Jul 2006
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Quote:
Originally Posted by benji533 View Post
gbpchf somebody?
See, this is what's wrong with this thread.

Everybody already knows what/where the good stuff is.
And then post it faster than anyone else could, too!

How a senile, errr, senior member like me is supposed to come up with anything new beyond that, I just don't know!


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  #53211  
Old Jan 28, 2010 1:53pm
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Member Since Jul 2006
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For my friend benssol.

He loves continuation IBs, this was a nice one.
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  #53231  
Old Jan 28, 2010 5:01pm
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Member Since Jul 2006
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Quote:
Originally Posted by marcelnyo View Post
Wow I've just noticed seekinglight's charts are much-much more easier for me to read now...
Thanks!
Although I do hope I've already posted some charts at least as clean as these recent ones over time.

They still have a bit of clutter, but I don't have a "presentation version" of every chart I save / chart out, so sometimes there's only a "as I use it" edition, and that can get a bit overdone compared to the clean edit

I do try hard to minimize clutter and to leave out as much unecessary info as I can..if you are trying to visually convey information, anything not pertinent to the situation / setup at hand just adds confusion / distraction.
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  #53316  
Old Jan 29, 2010 6:36am
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Member Since Jul 2006
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Quote:
Originally Posted by TiaForex View Post
on the daily timeframe, any single bar high or low can stop my trade.

Any. Single. Bar. High.

once I am in, any daily bar high or low is a trouble area

if there is one bar high and one bar low at any given level, well that's a pivot zone.
If I may add my own (still limited compared to decades+ real seniors) perspective:
While this certainly is true in a "potentially" way, if I really took this notion seriously, the only way I'd end up is being 100% completely paralyzed as I'd look at the chart and think "every nook and cranny may just contain that my-trade-destroying-counter-reaction".

While it's true that if you try and kick things off from the muck-middle of things any bump can derail you, to me the whole point of being ultra-picky to begin with has been to eliminate the constant worry about my trade dying 10 pips after a trigger.

In my mind, if a trade immediately blows up in my face, it's either because I've chosen a bad setup/situation to begin with, or, simply, because sometimes you can plan your darndest, but the market has it's own plan and there's just nothing to do but take the loss and move on.

If I burdened my mind and trades too much with every miniscule flip, I'd go totally bonkers.
I know this, because I've been there.
I came to realize that there are places wherefrom certain targets are basically a must(as in a trading "must", i.e. decent % chance, not a has-to must), as long as the basic premise under which I am viewing the current setup hold.
However this might be a bit due to trying to find swingpoints rather than more of a "scalp".

-

Obviously awareness of just how close the next trouble spot is is crucial; but imo not in the sense of panicking about it or something like that, but rather in it simply meaning being just that much more picky and NOT bothering with something ugly to begin with.
If I KNOW and can see there's trouble 30 pips ahead of me on a 200 pip setup and a 5 pip spread, I'm not going to be taking it. Not because it's impossible to get at those 20 pips, but simply because I don't like the odds.
It's of course just my choice.

IMO if there is a clean run and a big setup bar(or, in the case of IBs, a very small one), it's a different thing than looking at a fuzzy sprout in the middle of a lot of bar-jam.
I much prefer the focus on the "where from" than the "just to how little where to can I reduce things", but in a 60% / 40% sense, not a 90% / 10% sense.

-

I just think the risk of being over-aware is "trading constipation", overanxiety before and during, and killing potentially good trades due to normal bumps and reactions too early on, before they can make you the return you need.

Obviously there's a middle ground that's found with time and experience; I just wouldn't panic about every which high and low mini-flip unless it really stands out to you.
I'm writing this because I suspect you've been psychologically lashed out at by your recent experience and are now accordingly showing a counter-reaction. And that in turn carries risk of shooting past the target of being aware to being over-aware, which may just cause you more problems from the other end of the spectrum again with the above mentioned risks("enemies of the state, errr, trade, everywhere!").
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  #53515  
Old Jan 31, 2010 7:05pm
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Member Since Jul 2006
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Quote:
Originally Posted by TGpop View Post
I agree with you with everything, except for "you don't have to know whats happening with economy, what they are saying on tv and wallstreetjournal
No, of course not. If you are in any way inclined to distract yourself from proper trading and wish to add an additional factor of psychological burden and uncertainty, there is NOTHING, I repeat, NOTHING better than the clueless bleating of the sheeps that is commonly referred to as fundamentals.
Unlike a s/r level, you can't verify for yourself whether someone's opinion may or may not be correct about not just what has already happend, but for what will eventually happen. What could be more ideal to put your trust and beliefs in...


Quote:
Why on earth would you ignore such vital information , which will effect the chart you look at?
That's odd, and here I thought levels and bars shaped and catapulted price around...man, where HAVE I been with my mind and eyes the last 4 years..

Quote:
In my honest opinion, J16 has good setups, but it's best for daytrading, i can't see how people can swing trade the dailies without understanding the capital flows flushing in and out of economies!
Yea man. Totally agree.

I wouldn't know how anyone could get more than 1-200 pips racked up, especially on carry trades, without reading daily fundamental news.

I can only recommend to everyone: unless you want to suffer humiliating results like the attached ones, which are the only thing you can expect if you completely ignore fundamentals, you best get to reading up right now!

And this is just a glimpse of the terrible daytrading fate you will suffer.
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Last edited by SeekingLight, Jan 31, 2010 7:18pm Reason: spelling, it was terrible
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