Never Lose Again

[TheRumpledOne]

gbpusdh1.png (85.97 KiB) Viewed 2792 times

EURUSD only pair that has not filled weekly gap.

[TheRumpledOne]

gbpusdweekly.png (45.29 KiB) Viewed 2774 times

I happened to notice something when I changed my chart from daily to weekly....

When price crosses the previous midpoint, there is usually money to be made...

Notice the frequency distribution!!

[TheRumpledOne]

gbpusdh1.png (86.04 KiB) Viewed 2742 times

Nice reversals off the weekly highs/lows... this pattern repeats.

[TheRumpledOne]

gbpusdweekly.png (45.47 KiB) Viewed 2742 times

Blue dots are current midpoint.

Pink dots are previous midpoint.

[TheRumpledOne]

gbpusdh1.png (87.01 KiB) Viewed 2722 times

Notice the Daily Wick Zone gauge indicates price is out of all of the zones except one. That means those trades are/were profitable!!

[TheRumpledOne]

gbpusdweekly.png (46.09 KiB) Viewed 2722 times

A trader can use price's relation to the previous week's midpoint coupled with candle color as a trading "bias".

If above midpoint and green - long bias.

If below midpoint and red = short bias.

If neither... exercise caution.

Sounds like a new multimeter to me...LOL!

[TheRumpledOne]

gbpusdmonthly.png (42.33 KiB) Viewed 2719 times

TRO_Multi_Meter_PrevMid had been coded already...

Adding the Bias was simple!

Notice the difference.

TRO_Multi_Meter_PrevMid and TRO_Multi_Meter_PrevMidBias attached...

Go forth and be profitable!!

[TheRumpledOne]

gbpusdweekly.png (45.13 KiB) Viewed 3065 times

Notice the change of colors of the multimeters for the lower chart periods.

[TheRumpledOne]

Relevant Thought Processes

Rationality

When Charlie Munger was asked the secret to his success, he responded “I’m rational.” But what does it mean to be rational?

In investing as in life, there is perhaps nothing more useful than developing thought processes that help determine what is true and what is best to do, and that lead to rational action and belief.

In order to take actions that fulfill our goals, we must base those actions on beliefs that are properly calibrated to the world. We all want our beliefs to align with the way the world actually works and we also want to maximize the chances of achieving our goals, based on the resources at our disposal.

http://www.farnamstreetblog.com/2014/12 ... decisions/

[TheRumpledOne]

"If you have a good process and a good outcome that’s deserved success. If, however, you have a good process and a bad outcome, that’s what I call a bad break. If, on the other hand, you have a bad process and a good outcome, that’s just dumb luck. And finally a bad process with a bad outcome is really just poetic justice."


For trading it becomes:

If you have a good SYSTEM and a PROFITABLE outcome that’s deserved success. If, however, you have a good SYSTEM and an UNPROFITABLE outcome, that’s what I call a bad break. If, on the other hand, you have a bad SYSTEM and a PROFITABLE outcome, that’s just dumb luck. And finally a bad SYSTEM with an UNPROFITABLE outcome is really just poetic justice.