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TheRumpledOne
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Postby TheRumpledOne » Thu May 28, 2009 7:22 pm

" One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal. "

I just say DO NOT REVERSE ON A BREAKOUT CANDLE. Wait for that candle to close.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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razorboy
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Postby razorboy » Thu May 28, 2009 7:33 pm

although getting tagged out by a pip or two when you do a limit entry off the extreme high after a huge price run up and no good retrace is annoying...........

the biggest challenge I have found with this method is that there is always a reversal range and the only way I can really figure out how to deal with it is using multiple entries across, when price is going against me with my goal being a big pop the other way - I am waiting on a good retrace on the EJ at the moment, but I will be damned if I can pick the exact spot for the reversal with any accuracy. I am trying to reconcile this idea with NOT averaging into a losing position - this is the biggest psych issue for me at the moment

I missed that big move off the bottom was waiting for more of a retrace........FC#K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (can i say that here)

MightyOne wrote:All of which are vital to success as a longer term trader...

For me it is the inability to justify liquidating for 23 pips profit off of daily lows when price moves a hundred to hundreds of pips from the extremes every 24 hours.

I don't know if it will happen this time, but I know that it happens every day and so I stay fixated on the goal & mitigate my risk in the mean time.

One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal.

Pips happen if you just let them happen ;)





TheRumpledOne wrote:
MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

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razorboy
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Postby razorboy » Thu May 28, 2009 9:26 pm

Just think I figured this out for myself - I'm sure MO's thoughts have permiated my skull.......

three limit entries across the "zone" where I want to enter (bottom - middle and end) with the stop loss 20 pips beyond my final entry. My first entry has my main TP - say 100 pips. The second and third position have a TP = to the entry price of the first. The goal is to get the ball (the first position) into the endzone.

Biggest risk is obviously a full stop, fully loaded


razorboy wrote:although getting tagged out by a pip or two when you do a limit entry off the extreme high after a huge price run up and no good retrace is annoying...........

the biggest challenge I have found with this method is that there is always a reversal range and the only way I can really figure out how to deal with it is using multiple entries across, when price is going against me with my goal being a big pop the other way - I am waiting on a good retrace on the EJ at the moment, but I will be damned if I can pick the exact spot for the reversal with any accuracy. I am trying to reconcile this idea with NOT averaging into a losing position - this is the biggest psych issue for me at the moment

I missed that big move off the bottom was waiting for more of a retrace........FC#K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (can i say that here)

MightyOne wrote:All of which are vital to success as a longer term trader...

For me it is the inability to justify liquidating for 23 pips profit off of daily lows when price moves a hundred to hundreds of pips from the extremes every 24 hours.

I don't know if it will happen this time, but I know that it happens every day and so I stay fixated on the goal & mitigate my risk in the mean time.

One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal.

Pips happen if you just let them happen ;)





TheRumpledOne wrote:
MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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Postby Humble » Fri May 29, 2009 1:07 am

MightyOne wrote:~~
One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal. Pips happen if you just let them happen ;)


I love it when you talk abstemiousness.:)

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razorboy
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Price flip

Postby razorboy » Fri May 29, 2009 1:17 am

as we are looking for the greatest advance that doesn't return to its low to signify an upturn/trend in the market or an advance that doesnt reach it's previous high, followed by a lower low, i thought this picture demonstrated it pretty well.

The question is, where do you enter and how do you gauge your risk........in other words, when is the trade not going your way.

I've been short since 135.09 - price made a lower high.....- looking for 133.50......


thoughts?
Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



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MightyOne
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Re: Price flip

Postby MightyOne » Fri May 29, 2009 1:58 am

Actually it is the greatest advance THAT RETURNS to the low that we are looking for.

If price rises further than the largest rise that returned to the low then chances are that price will not return to the low.

razorboy wrote:as we are looking for the greatest advance that doesn't return to its low to signify an upturn/trend in the market or an advance that doesnt reach it's previous high, followed by a lower low, i thought this picture demonstrated it pretty well.

The question is, where do you enter and how do you gauge your risk........in other words, when is the trade not going your way.

I've been short since 135.09 - price made a lower high.....- looking for 133.50......


thoughts?
Image

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razorboy
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Re: Price flip

Postby razorboy » Fri May 29, 2009 12:05 pm

MO,

you are a harmonics guy arent you.............


MightyOne wrote:Actually it is the greatest advance THAT RETURNS to the low that we are looking for.

If price rises further than the largest rise that returned to the low then chances are that price will not return to the low.

razorboy wrote:as we are looking for the greatest advance that doesn't return to its low to signify an upturn/trend in the market or an advance that doesnt reach it's previous high, followed by a lower low, i thought this picture demonstrated it pretty well.

The question is, where do you enter and how do you gauge your risk........in other words, when is the trade not going your way.

I've been short since 135.09 - price made a lower high.....- looking for 133.50......


thoughts?
Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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MightyOne
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Postby MightyOne » Sat May 30, 2009 5:05 am

Enter up to 3 times as TRO suggests.
[s]
I should add that the best time to use this is right after a larger correction is made.

Remember that a larger correction is only made after price returns to the prev. high/low.
[/s]

Image

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Postby MightyOne » Sat May 30, 2009 5:29 am

Image

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Postby MightyOne » Sat May 30, 2009 5:44 am

This is the "my mind went numb reading Mastering Elliott Wave by Glenn Neely so I took some of the concepts and developed my own" count :lol:

Image

If you don't understand then don't worry about it because you don't need to know.
I took an axe to Elliott/Neo Waves with the question "how can I arrive at the same answer w/ out being overly technical ;)

One day I may bother to use it the right way...

Image

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