This a excelent thread to study for anyone… Lots of good information there… They show lots of price action in reference to S/R areas… The thread is by a group of extremelly expert traders… There information is good for all time frames but, As most pro traders they are usually using this informtaion to maintain long term positions…Adding too and taking away at S/R levels to gather as much $$ as they can… But it is all relavant in any trading. Because once you REALLY learn what makes the price action move is when you go from confused to that moment of enlightment… ( The Bulb Comes On) and you can then base your trading of your own thoughts and veiws…
couple of things trading is a business… u need to keep good records if u r attempting these strategies i would advise that you make a journal of your trades go buy a nice journal the size of a composition tablet make sure u have refills of printer ink and print the charts where you make trades… also save them to two places … to your computer picture file and a usb drive… the usb drive make sure it stays with your journal… and make comments on the trades that are saved on the usb and picture file about what you did wrong or what happened say whether is was a good setup or you rushed into it because u felt it would turn before it confirmed… etc. then set the picture file as your screen saver and have it rotate pictures take the printed pictures staple them into your journal and write about it the date the entrance and what you thought and what u did wrong etc. and what happened… this way u will know after a while your success rates your average risk to reward ratio … you will also start to see trends in the things you do improperly and trends in the things you do correctly… this can help you progress as a trader… and should not be avoided… as for stops i hope ken doesnt mind me saying but stops should not be “arbitrary” it shouldnt be based on your lot sizing either… your lot sizing should be based on your stop distance to maintain control and evenness. using this system its a good bet that if the 50% retrace occurs at the trendline the stop should be 23.8% of the distance of the length of the previous wave… this will internally adjust during higher volatility and will create consistency…
Nice to see someone from Lousiana and will admit it…LOL I lived in a small town called Saline …In the middle of no where… Glad you find the information usefull… Here is a link for when you finish this one. Some of the best trading ideas I have found and now I am re writing it…
I accept the majority of posters here are new entrants & the content is maybe a little more lightweight than elsewhere, but it doesn’t detract from the fact their material still stands head & shoulders above most other stuff out there.
It’s not difficult to spot the real deal when it makes an appearance.
I like your attitude. I feel the same way in a lot of respects. I have read about traders who don’t use a lot of mambo jumbo in there trading, so why can’t someone else. I am trying to learn as much as I can. because quite frankly I still don’t understand Forex as much as I would like. I am trying to work up to an idea then try some stuff out, but I got a long way to go. I am in Elliot Wave Theory right now.
