Three Charts

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jrtrading
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Re: Three Charts

Postby jrtrading » Sat Jan 02, 2016 6:38 pm

MightyOne wrote:
As someone wrote earlier, the successful traders see something that others do not see, and I wonder what that is.


They trade what they see, what is plain to all, & manage their money well. :lol:


Yes, let's rub it in :D
I hope you have had a nice holiday season MightyOne, Happy new year!

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jrtrading
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Re: Three Charts

Postby jrtrading » Sat Jan 02, 2016 6:40 pm

TheRumpledOne wrote:"As someone wrote earlier, the successful traders see something that others do not see, and I wonder what that is."

You assume that is a correct statement.

Before online trading, what could a trader see? The ticker. Time and sales.

How were traders successful before the internet?

Could a blind person be a successful trader?

How about this statement:


"The successful traders do something that others do not do."


Thank you for the post, TheRumpledOne.
I will need to think about your statement.
But yes, a blind person can trade I have no doubt about that.
Happy new year!

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Re: Three Charts

Postby jrtrading » Sun Jan 03, 2016 4:18 am

Just some thoughts on GBP/USD

The problem is to know what is significant for price to break.
Earlier I have been eager to consider breaking something small (e.g. on M5)
which probably has been a mistake for such long term extremes as below.

GBPUSD.png
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MightyOne
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Re: Three Charts

Postby MightyOne » Sun Jan 03, 2016 5:29 am

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jrtrading
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Re: Three Charts

Postby jrtrading » Sun Jan 03, 2016 6:51 am

Thanks for posting the chart, MightyOne.

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MightyOne
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Re: Three Charts

Postby MightyOne » Sun Jan 03, 2016 6:26 pm

jrtrading wrote:Thanks for posting the chart, MightyOne.


You could think of it as a stochastic, where the cone is the 80/20 & the BO is the "overbought/oversold" area; it is a million times more accurate, but you get the idea.

Should you go long the daily BO or short the RAT-ZONE or take that buy signal at the "50"?

Look at the picture, I can't tell you what to see, you just have to absorb it for yourself.

I know that it looks impossible to grasp, but there are just a few simple rules:
1) search for the cone first
2) cut through the "fast moves"
3) use an angle between 13 & 18 degrees
4) search for the median, if you cannot find the median then cut through a fast move,
as if to draw a pennant, to find the high or low. Project the other end and look at the median
then adjust the median, if necessary, and then adjust the high/low of channel accordingly.
5) draw your quarter points. cones may shift and lower prices may become breakouts; as seen
in the picture where the { SHORT } area is a BO from dotted cone...you can tell because the
PA around the dotted line is "spikey" rather than congestion.

Trust that it is easy, drop lines on the chart, you'll get it eventually.

GBPUSDecnM5.png
GBPUSDecnM5.png (56.44 KiB) Viewed 765 times

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Re: Three Charts

Postby TheRumpledOne » Sun Jan 03, 2016 10:21 pm

CrucialPoint's Simple Exit Method: The "GTFO exit method"


Trading Roller Coaster Emotions.JPG
Trading Roller Coaster Emotions.JPG (18.27 KiB) Viewed 721 times


I'm sure you are aware by now of the emotional roller-coaster traders goes through.
Look at the above picture and think about how long have you known this diagram? (since you started trading? 1, 5, 10 or 15 years?)

A lot of people have seen this diagram.
And it's been staring at your face and you haven't solved it because of the following:
You didn't grasp and understood the principle
You haven't mastered the basic
Your cognitive biases blinded you

Let me take the blindfold off and now look at the diagram below.


Trading Roller Coaster Emotions GTFO.jpg
Trading Roller Coaster Emotions GTFO.jpg (14.78 KiB) Viewed 721 times



It's called CrucialPoint's Simple Exit Method: The GTFO exit method (Get The *censored - swear word* Out)

The principle and philosophy of this method is simple and solid:
1. The moment you feel a certain level of anxiety >>> GTFO!!!
That's it.


Let's analyze this deeper:
The moment you reach a certain level of anxiety, most of your logical reasoning and critical thinking goes out the window. You're as good as someone they call "drunk trading"... so GTFO!!!
If you are going to stay in the trade while anxious, you might as well open and finish a bottle of wine while you're at it. At least you will feel deludedly happy due to the alcohol as it will ease up the burden and depression. You can worry about it later when the alcohol wares-out. At this point, you are not in shape to trade. You are not in the proper mindset to manage the trade... so GTFO!!!
When you're anxious, you will make stupid mistakes and stupid decisions, so you are best to GTFO!!!
Professional traders knows there will be another opportunity, so they GTFO!!!
When you're anxious, you have no reason to be in the market even if it goes to the moon. I don't care even if all the planets are aligned. You should be out of the market or GTFO!!!
The continued bout of psychological trauma 24/7/365 is very detrimental to your performance and personal well being... so GTFO!!!
If you continue to trade with uncontrolled mixed emotions, you teach your subconscious (learned behavior) that "it is OK to make stupid decisions and stupid actions... repeatedly... unconsciously." If you find yourself going through the first diagram of the emotional roller-coaster, more likely you've already learned the bad behavior and learned a bad trading habit... one of the most deadly trading sins.... Take a deep breathe and exhale slowly... And think about that it is time to correct this behavior.
... and GTFO!!!


Peace,
CrucialPoint

Original found here: http://www.forexfactory.com/showthread. ... ost8609059
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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MightyOne
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Re: Three Charts

Postby MightyOne » Mon Jan 04, 2016 3:07 am

... you might as well open and finish a bottle of wine while you're at it. At least you will feel deludedly happy due to the alcohol as it will ease up the burden and depression. You can worry about it later when the alcohol wares-out...


Ok, you talked me into it :lol:

bulletProof.png
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MightyOne
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Re: Three Charts

Postby MightyOne » Mon Jan 04, 2016 6:37 pm

Chart is scale-fixed to keep the angles.

I have posted similar moves before...
it is common for price to return to the cone.

GBPUSDecnM5.png
GBPUSDecnM5.png (39.73 KiB) Viewed 625 times


You always have to link your posts together because people do not like
to scroll up or turn pages.
:lol:

jrtrading
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Re: Three Charts

Postby jrtrading » Mon Jan 04, 2016 9:44 pm

Who can blame them? :D
Just wanted say thanks for posting MightyOne and also your post TheRumpledOne about the simple exit method.
Currently thinking about the ideas, will take some time on my part to figure "something" out and I will repost.

Not a lot of contents to this post but that was what I wanted to say.

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