Have you ventured to the dark side yet?

[TheBramble]

JO - I also feel I've come full circle in this. A previously dedicated indicator-only man (using volume only where needed as a parameter for an indicator) I also investigated the P&V only scene - and it was most illuminating. I learnt a great deal that I now use.

I'm sure there are many who successfully trade P&V only. Some may well have converted to that and made a successful transition from the stuff on these boards. That's great.

What I found was that I still prefer to include some indicators in some of my setups. Support & Resistance and trends being key factors in some of my setups.

The key point being that I don't have a view on if P&V only is better/worse than Indicators. It's like the entire spectrum of trading tools available to you as a trader and you choose, at any point in time, what seems most useful to you. There are some who use only LII to trade. Might make a good thread. Some might convert - successfully. Some would simply incorporate.

Use whatever works.

But I do agree, that getting 'back to basics' with P&V only does clear the decks and allow you to see many things more clearly, and to appreciate those indicators which serve your purposes best.

 

[chump]

"What I found was that I still prefer to include some indicators in some of my setups. Support & Resistance and trends being key factors in some of my setups".....well Tony we seem to have arrived at the same point and in addition I like these within the context of 'round' numbers

 

[TheBramble]

Which is even more interesting and (not quite) spooky as I've just finished reading about the "Overshoots and Backfills" at round numbers and this was triggered by research another t2w member is engaged on at present.

I dunno' - will we ever come up for air?

 

[chump]

As someone once said although not in this context "it's about clusters of information"...the more reliable filters creating that info then the more you stack the odds in your favour by enhancing your trade selectivity and trade management ....LOL this isn't a sanction to become 'Indicator Man' ... I think you know what I mean

 

[china white]

".......in addition I like these within the context of 'round' numbers

matey i'd be careful with round numbers tho.

i can give u striking examples when round numbers spectacularly worked:

- LOG.L back in 2001 came a whisker beloy 10 quid, reversed south and never looked back

- same Bookham in 2000 at 50 quid

- same Autonomy in 2000 at 100 euros

etc.... etc......

however u can argue, e,g, that when 1 ARG was pegged to 1 USD 100 ARG were a round number before the crisis, but 3 months after 100 USD wud become 320 ARG, so for the same company say Telefonica or Repsol traded on MERVAL in pesos the whole concept of round numbers wud be blown away just because of the change in exchange rates..... Extreme case I agree but u c the caveats of round numbers?

 

[chump]

Thanks China.....I am only talking 'round' numbers has an anticipation that I should be looking particularly closely at what the other info (price action form / volume / indicators ) are saying / might be saying in the vicinity of 'round' numbers..I certainly wouldn't use them alone , or in 'blind' expectation that they magically act as support/resistance capable of overcoming all the aforementioned info.....caveats accepted

You abandoned Sth America for the Mid east then ? or is it just too dangerous to go back so soon

 

[TheBramble]

You abandoned Sth America for the Mid east then ? or is it just too dangerous to go back so soon

In Mexico, they still have "Wanted" posters up for the infamous "Tequila Trader"...aka you know who...

 

[china white]

LOL

yes mate right next to Pancho Villa's posters

but to be entirely honest u right geezer.....

my mother is relieved I am out of Saudi, she's a bit concerned with this Saudi girl coming to London for Xmas shopping all she said - if u have to convert to Islam to marry her, just keep a cross in your pocket....

my father was a bit more adamant - he said he won't leave me a penny if he sees me in Saudi dress

my ex-g/f told me i am way too tanned for December in London but still she thinks I am a compulsive liar.....

my ex-guv from kleinworts who is actually married to someone we met on our antics in Cafe de Paris said that knowing me he could start believing this, but srill it is a bit from Koo-Koo Land

what can I do..... "La aventura se continua....."

 

[TheBramble]

all she said - if u have to convert to Islam to marry her, just keep a cross in your pocket.

"Is that a cross in your pocket or are you just happy to see me?". Famous Saudi saying.

 

[wannagetstacked]

Sorry for not posting for a while.

Here is something new, this is an example of a different trade that I may take. The previous trades have covered the basics of entering from a hook, this shows a breakout entry with stop,entry , and profit taking levels noted.
I have also added volume for a change in attempt to gradually step fully into the dark side,please note however the volume displayed is for forex.

Let me know if anyone finds this useful.

Nathan

 

[JumpOff]

Nathan,
What kind of charting program are you using? Does it automatically show the price in a red box when you draw in a horizontal line? (looks handy).
JO

 

[wannagetstacked]

This is the free forex program metatrader, it shows the prices of the lines you draw in the red boxes.

Nathan

 

[wannagetstacked]

2.40 am and i'm still awake,

Just a note about the chart, the 4 horizontal red lines are my S/R levels, the second red line up however should be ignored as it was to do with a different setup.

Nathan

 

[wannagetstacked]

New example for today, eur/chf 5 mins.
Tried to stay real time, trade taken about 20 mins ago, will post new chart when trade finishes.

Nathan

 

[wannagetstacked]

Prices now consolidating, moved stop for remainder of open position to break even(inc pip commision)
Second profit taking level at 1.5394
Current price 1.5386, looks like prices are pulling back shortly

 

[wannagetstacked]

Current 1 min chart showing short term consolidation after the breakout.

 

[wannagetstacked]

Update on current 5 min chart

 

[wannagetstacked]

Quick chart here showing how the resistance found on the 5 minute chart was confirmed further by several tests of that resistance price at the same time on the 1 minute chart.

Nathan

 

[wannagetstacked]

Update using 5 min chart

 

[wannagetstacked]

Sorry for the short descriptions but i'm having trouble monitoring the trade and making documents to post,thank god for multiple screens.
Ok, the above 5 min chart was an update at 17.18
Prices came within 1 pip of my second exit target and then retraced for quite a while creating a support level and triangle formation(shown in above doc)