The ideas that I trade by:

[MightyOne]

I know that you guys want to go all scatterbrain on me at the slightest hint of adversity but lets regroup

1) Is price generally closing higher or lower than something?

If price is generally lower then wait until price is at least 10-12.5 pips higher than the LIS price before considering long trades.

2) From where is my stop (Position) on the weekly+

Your Position is your ENTRY TICKET into the long term trading arena.

You are trading weekly extremes for your share of the weekly range
&, by God, if luck prevails, you'll make 800 pips near max position size on a weekly trend.

Again, anything you do on a small chart is for the sole purpose of bettering your position &/or lot size on a weekly+ chart.

-Your position/stop IS your entry on a weekly+ chart
This is what TEX's entry looked like:

[trueblueTEX]

Hey, the AUD just went UP to about my 12 units fib line!

[TygerKrane]

...
Think about it in terms of who is getting screwed...longs or shorts?

Once their money is taken from them via stops than you are left with your entry.

But isn't that exactly what trueblue actually did?

>>I decided that price had gone up
■■■■ (i.e. Longs got in)
and pulled back
■■■■ (i.e. Longs got screwed via their stops)
and was still going up
■■■■ (i.e. my Long entry must be somewhere nearby)

[MightyOne]

For most people, technical analysis did not change their lives last year so I am taking a different approach with a focus on STOP PLACEMENT.

Anyone can learn to place stops right? Good

Your STOP is your ENTRY (work with me here)

If price is generally closing lower than the LIS in ANY PERIOD & you have good STOP PLACEMENT, on the weekly+, then you can consider placing a trade.

Lastly, if you know differently then do differently. =)
This would apply to people who are already technical wizards.

What does it take to make money?

a) good stop placement
b) large lot size
c) rabbit foot

[trueblueTEX]

I saw what the rabbit did on Monty Python and the Holy Grail

MO, where would you consider placing your LIS and stop on the chart you have? And which direction would you plan to trade?

Thanks for all your advice!!

[PebbleTrader]

"Seriously?
Just one time frame?!?

EDIT:
I'm not trying to say trading one timeframe is impossible. I'm just saying that I thought you (PebbleTrader) were more of a longer term trader, so I figured you preferred more information to make your longer term trading blueprints."

-------------------------------------------------

Yes, seriously 1 time frame and that one time frame being the weekly chart.

That would be for my long term account which I'm considering only doing that, although realistically I think I would get bored with just that. If the majority is always wrong and the majority is using small TF's (are short term minded), multiple TF's, etc, why not do the opposite?...

It's not that I think it is not useful, mainly I am questioning if it's worth the odd work schedule, extra effort/time or do I want to spend more of my time doing non-trading related activities.

It's kind of like 80/20 where 20% of your effort contributes to 80% of your results. If all the short term TA, multiple TF's analysis, odd work hours etc aren't giving me as much impact on results than I'd be better off dropping that stuff and putting my life energy elsewhere.

I'm just trying to meet my financial "goals" while keeping things as simple as possible.

[PebbleTrader]

Like what MO was just saying, with stop placement it will be really far away on a weekly chart.

As time moves forward you can build up the size and adjust the stop if it's too large given what had taken place.

[PebbleTrader]

Maybe we need to start teaching like this:

Trade Mentor

"Nice guy? I don't give a s**t. Good father? *censored - swear word* you! Go home and play with your kids. If you want to work here, close."

[PebbleTrader]

Here is the article that goes along with that video:

Harsh Truths

[trueblueTEX]

PebbleTrader, I obviously am a buck private in this army but my 2 cents is this: I want to trade so I can make money not to give me something to do 24 hours a day.


I forgot that Baldwin was in that movie, haven't seen it since it came out.

btw: the audusd is above the 12 on my fib and it wicked the 16 fib line.

What am I supposed to do now?

edit: