The ideas that I trade by:

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xXx
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Postby xXx » Wed Jun 27, 2012 7:05 am

Guys I still have some problems and I need your help again...
I took about two months off work and I was sitting and trading.
Everything what I was reading here on Kreslik about MOMO candles, 3CC's and Sam Seiden's S&D mixed well and makes sense.


My problem is that I am trying to predict the turning point according to S&D.
Sometimes I do it well but... I am saying to myself that now price has to go higher.
Because I do not want to miss a key turning point I jump in to early.


I do not know how to add to a position. I have done it couple of times and I got stopped out.

Can you show a chart with precise entries when you have successfully added to a winning position?

When you add to a position when to you place a IF/THEN line or a SL?
How to avoid jumping to early and how to recognize that the move in one direction is over?

In a chart below I present a position when I have jumped in to early and if you could say what should I do to avoid it next time?

Take care
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MightyOne
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Postby MightyOne » Wed Jun 27, 2012 5:28 pm

THE MAIN IDEA:

All that you do is move your Position down behind pivots...

http://i49.tinypic.com/2whhx5u.gif

& then move to a smaller period so that you can use shorter TF pivots as partial stops.

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You can also think about additions as short term trades that morph into long term trades if you make another purchase instead of taking profit.
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xXx
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Postby xXx » Wed Jun 27, 2012 5:34 pm

Thanks MO.

How to avoid jumping to early and how to recognize that the move in one direction is over?

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Postby MightyOne » Thu Jun 28, 2012 4:38 pm

There is no "early" or "late", there is only Position at an extreme; if you get a price close to the extreme then you get more lots and if you get a price further away then you get fewer lots.
Don't think of your trades as an immediate success or failure but as a problem of too little or too much space.

Bodies close in the direction of profit & wicks point to the path of loss.
Is price closing higher or lower than something?
If you KNOW differently then DO differently :D

You may have this idea or that idea but always consider that price DOES MOVE a hundred or hundreds of pips and the number of times you can fidget with your lots before the continuation of the long term move.

The secret is not in predicting the future but in increasing the size of your wins (lot size not dist.) and using the same block of risk for multiple trades.

Some golden rules:

DO NOT move your stop esp to break even.

If you feel that you need to raise your stop then it is time to take partial profits or liquidate.

If your next partial stops brings your position to less than half of what it was then you might as well liquidate and see what you can do on a smaller chart.

Measure on charts larger than your trade chart:

50 & 80% rets are great areas to take profit; moves beyond 100% (breakouts) are long term trades.

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xXx
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Postby xXx » Mon Jul 02, 2012 2:10 pm

Thanks MO.

Last thing that I would like to ask you about your observations at levels 00, 25, 50 and 75.
Do you have any? ;-)

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Postby MightyOne » Mon Jul 02, 2012 2:33 pm

I'd use 00 & 50 levels for trailing a position but I would not place a trade because price is bouncing around a certain level.

To travel vast distances across a chart one has to always have support/resistance in his rear view.

Short term trading is a bit different, you can do whatever you want in one hour ;)
Usually you have around 4 bars, including the breakout bar, to take profit.

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TheRumpledOne
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Postby TheRumpledOne » Tue Jul 03, 2012 4:49 pm

"Price is the same on all time frames" - The Rumpled One (bothered the $#!@ out of me until I finally accepted it)

What about that bothered you, MO?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Tue Jul 03, 2012 4:50 pm

PebbleTrader wrote:^---Forgot to mention that I believe in collaboration versus if I just worked on trading by myself. A group as a whole can move more intellectually further than can a single entity.


Have you ever heard of GROUP THINK?

ALL IDEAS ORIGINATE IN A SINGLE MIND!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Tue Jul 03, 2012 5:21 pm

Jalarupa wrote:All I can say is that I am very grateful for the knowledge passed down by one master to the next... I believe this is the way in which all knowledge has been distributed since time immemorial... In sanskrit this is called Parampara... or Disciplic Succession... However this knowledge comes with great sacrifice on behalf of the student and the master and as such payment is required...

This payment is called Dhaksin and helps to facilitate in maintaining the master... Who himself is not even in need of such maintainence as wealth and prosperity generally follow them wherever they go...

I am still at a loss because I feel like I could never repay the masters who have given so much and requested so little...

I hope to one day soon be in a position to pay it forward in my own unique way... and perhaps change a few lives for the better as they most certainly have...

This is what motivates me to trade... Its the desire to become a student of life and of death eventually...

*deep*

Biggest trading lesson...

All you need is a straight line... and I am seeing this every freaking day! its like clockwork... :)


Did you mean, "ALL YOU NEED TO TRADE IS A HORIZONTAL LINE"? :)
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Tue Jul 03, 2012 5:46 pm

MightyOne wrote:I covered this exact situation on Babypips with this IMG:

http://i42.tinypic.com/2q3p28p.gif


They haven't banned you?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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