The ideas that I trade by:

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Neo88
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Postby Neo88 » Thu Apr 04, 2013 3:12 pm

MightyOne wrote: The Instant Professional:

1) Only trade weekly & monthly charts.

The chart that you are "trading" is chart that you use to consider your stop placement; if you are using a tick/minute/hour chart but stop to consider a weekly stop level then you are trading a weekly chart.

Remember that the chart that you are "using" is not the chart that you are "trading".

Do not get lost in the excitement of short term scraps and miss out on the lion's share (large lot size & hundreds of pips).

Your chance of being a professional trader might be 2%, but your chance of being a professional trader who only looks at small charts is almost 0%.

2) Add complexity to your trading in 8 years to NEVER!

I can only recommend two charting styles to a novice:
a) Heiken-ashi
b) Line chart through price bars

Forget about Japanese Candlesticks and drawing multiple lines on your chart; the only thing that you want to know is if price is going up (above 'something') or going down (below 'something').

When you think that price is going down it is because it is lower than "something"; "something" cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line.

3) Learn how to use a Fibonacci Retracement tool to size your trades (the idea of "Space")

You can do anything so long as you know that it is within your power.

If you do not understand the idea of Space then you do not understand your trades potential & if you do not understand your trades potential then it is surely wasted.

If you can do these three things:

1) Trade large charts
2) Simple charting styles w/ horizontal lines
3) Utilize Space

then you will be an instant professional...
assuming that you have money to make money :lol:


"something cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line." - MO

Could you explain this a little bit I would appreciate it.
A man must believe in himself and his judgment if he expects to make a living at this game. - Jesse Livermore

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MightyOne
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Postby MightyOne » Thu Apr 04, 2013 3:50 pm

This move is nuts!

Image

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dojirock
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Postby dojirock » Thu Apr 04, 2013 3:56 pm

You did this didnt you Mo?
You went long at the bottom and moved the market. Give a heads up next time....

LOL

MightyOne wrote:This move is nuts!

Image
:D
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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MightyOne
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Postby MightyOne » Thu Apr 04, 2013 3:59 pm

Neo88 wrote:"something cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line." - MO

Could you explain this a little bit I would appreciate it.


How can a candle close higher than its high or lower than its low? :shock:

If price never closed over something then it cannot fail by closing under something.

Some people draw lines of resistance in front of their position and imagine an obstacle that is in there way; not knowing that resistance is something that was overcome, not something that blocks the way.

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Postby MightyOne » Thu Apr 04, 2013 4:37 pm

Image

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Neo88
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Postby Neo88 » Thu Apr 04, 2013 5:37 pm

MightyOne wrote:
Neo88 wrote:"something cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line." - MO

Could you explain this a little bit I would appreciate it.


How can a candle close higher than its high or lower than its low? :shock:

If price never closed over something then it cannot fail by closing under something.

Some people draw lines of resistance in front of their position and imagine an obstacle that is in there way; not knowing that resistance is something that was overcome, not something that blocks the way.


Ok, I thought you were talking about a new method of finding IF/THEN lines or the "something"

"If price never closed over something then it cannot fail by closing under something." - MO

Simpler version of the above:

Trade long until price fails by closing below support

Thank you MO :).
A man must believe in himself and his judgment if he expects to make a living at this game. - Jesse Livermore

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MightyOne
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Postby MightyOne » Thu Apr 04, 2013 6:44 pm

WARNING TO THE NOVICE: STICK TO HORIZONTAL LINES! :lol:

This is what I have concluded from studying waves.

a) 0-1-2's + a breakout which leads to larger 0-1-2's (1-2-3's)
b) 3-4's (triangles) + a breakout which leads to larger 3-4's

It is not any more complicated than this:

EVERYTHING IS A (1-2-3)!

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newscalper
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Postby newscalper » Thu Apr 04, 2013 9:16 pm

MightyOne wrote: The Instant Professional:

1) Only trade weekly & monthly charts.

The chart that you are "trading" is chart that you use to consider your stop placement; if you are using a tick/minute/hour chart but stop to consider a weekly stop level then you are trading a weekly chart.

Remember that the chart that you are "using" is not the chart that you are "trading".

Do not get lost in the excitement of short term scraps and miss out on the lion's share (large lot size & hundreds of pips).

Your chance of being a professional trader might be 2%, but your chance of being a professional trader who only looks at small charts is almost 0%.

2) Add complexity to your trading in 8 years to NEVER!

I can only recommend two charting styles to a novice:
a) Heiken-ashi
b) Line chart through price bars

Forget about Japanese Candlesticks and drawing multiple lines on your chart; the only thing that you want to know is if price is going up (above 'something') or going down (below 'something').

When you think that price is going down it is because it is lower than "something"; "something" cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line.

3) Learn how to use a Fibonacci Retracement tool to size your trades (the idea of "Space")

You can do anything so long as you know that it is within your power.

If you do not understand the idea of Space then you do not understand your trades potential & if you do not understand your trades potential then it is surely wasted.

If you can do these three things:

1) Trade large charts
2) Simple charting styles w/ horizontal lines
3) Utilize Space

then you will be an instant professional...
assuming that you have money to make money :lol:


Happy_Smile

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newscalper
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Postby newscalper » Fri Apr 05, 2013 3:08 pm

MO - is this in any way close to what you're saying? (I know fib tool isn't configured, just put it there for illustration)

Image

Image

I guess the pinbar people would have gotten in where I pointed it out, still would have made some coin

Thanks

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MightyOne
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Postby MightyOne » Fri Apr 05, 2013 5:26 pm

newscalper wrote:MO - is this in any way close to what you're saying? (I know fib tool isn't configured, just put it there for illustration)

Image

Image

I guess the pinbar people would have gotten in where I pointed it out, still would have made some coin

Thanks


With large charts we only care about:

a) the initial placement of 00
b) the potential for price to move hundreds of pips from one extreme or the other (or even a full blown long term trend)
c) the movement of 00 (trailing stop of sorts) from increasing our position size.

The entry itself does not matter to us...
all we want to know is if we can afford the 00 (stop) of a large chart.

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