Great line from a great post. I guess we merry men are in this together then. I just have some major catching up to do!!!
make haste thenā¦make haste and catch up-it is a guaranteed enlightening 
Hear Hear! And with this post I reach my first feeble goal. 10 posts!!! And nothing to offer in any of them <shaking head sadly> I guess I will have to be a parasitic leech for awhile until I learn something!!!
Edit: Oops 11 postsā¦is being able to count to 10 accurately a skill one must possess in this woolly world of trading?
when you are taking a firm hold and developing your own system, do keep the below few quoted lines in mind-I used to lose about 30-40% of times. The reasons-my tight stops will be hit too soon. The workaround-set no sl or if you are nervous then set them wide.
as MP notes below whn you use these cool channesl they give you some idea if the price is coming back or not. If I had a 100K account, or similar large one, I will go on record that the way I understand forex, I will never ever put a stop loss. But because I am just trading with 5000, may be I will ākillā the trade once it goes out of bound of a sooner return back to the open price.
see this is crucial- I can put this in a 1000 pages or a few lines- when I started demoing the EUR/USD was at about 1.4500. In less than 6 months it has touched 1.2000 gone back to 1.4600 and then now again it is trading at 1.3000. If I was long at 1.3000 in november 2008, it will be stupid if I got "scared"when the pair touched 1.2500 and I caused myself 5000 dollar damage when I know the earth completes 1 rev around sun in exactly 365 days. But that is whole different story-may be when you have made that fortune off forex, bought that yacht, sent your daughter off to college, may be and may be you can stop putting stops. untill then concentarte on the channels, and try to use the higher time frame charts.
I know there are men and women here who have made a fortune scalping 1 min and 5 min charts but I am too slow to trade that fast- I first chew my data well before I am ready to swallow and even late in excreting oops. ā¦
1tex
[B]
COMING TOMORROW [/B]
HURRY, HURRY, HURRY ā STEP RIGHT UP and be in the front lines for this most amazing discourse about MY TAKE on one of the most maligned little chart overlays that ever touched boot to ground, so hated that NO songs or fables have ever been attributed to its miserable little hide !
BUT, like all things in this world, there is more than just ONE way of looking at this āgolomā type of critter !
see you tomorrow with all the charts and tough love i can bring to rescue this wretched creature from its hopeless mire and restore it to its once proudly held position !
until then
enjoy and trade well
mp
Now that is a teaser written in your imitable style. I feel a bit sorry for this poor little chart, I guess tomorrow is its day to shine!
Thanks 1tex,
I have survived the energetic barrage of my 2 year old girl who is now in bed and so I can get back to concentrating. I cant wait for Monday to start demoing this. I have been spending the last hour reading mp backposts from when he first started dispensing wisdom over here on BP. He definitely is the MOTU as well as the keyholder to the time space continuam.
I also want to spend some time reading your 1tex method of trading. I breezed through it earlier but I need to slow down and absorb. It has taken me awhile to get all my indicators figured out and turned on. (Iām not sure if I have been drawing the LRC correctly or not) but I got barry s and r up as well as mr. shi channel true. Iām just playing with and trying to figure out the mt4 platform. Of course getting the indicators to magically appear on my screen is the easy part, now to learn to read them. Hopefully that AHA Light turns on quickly, although Iām in no real hurry as Iām a realist enough to realize that with my average intelligence, full time business, and family responsibilities this whole process is going to take awhile.
If Iāve learned anything in my short life it is that there is real power in repetition. You do something over and over and over day after day and what begins as difficult becomes easy which allows you to take the next step. Almost anything can be accomplished with a goal and persistance. (Faux Zen? but true)
I shall be there to witness the inauguration or coming out of age of this critter
I would have said that it is good for you that you have stumbled upon here-Well when I started in last sep/oct I did not do my homework well-did not use any technicals at all-now if I was like many newbies I will have abandoned trading all together, but then I came across the forums on this site in around December, and rest was never the same.
Before you start trading (even demoing) do go though the school of pipsolgy from grade 1 thru last grade. It is fine if you want to trade sideways on the demo and learn concurrently-It is ok to blow the demo initially. Also open a demo in the same range as you plan to go real so if the real amount is 5k do not open a demo with 50k.
Lat but not the least-why wait until Monday, you can trade on Sundays too, markets open at around 2 PM est-so for various time use this calendar below (i use it all the times to make help in trading decisions)-
Good luck!
MP I hate to admit it but im enjoying your thread But if you tell anyone I will deny it!!!
Sandpipper I hear what you are saying about babysitting employees and all the paperwork. I am an electrical contractor and i was accually stupid enough to think that working for myself would lighten my workload because I would be making more money. Well Im not making to much more money and I am constantly stuck dealing with employee messups and customers needy ways and a lousy economyā¦ I could go on coz it isnt a bowl of cherries here in the world of construction but instead I will count my blessings (yes I said blessings) I have a 7 week old boy who is happy and healthy and im glad hes a boy, i only have 1 penis to worry about while the people with daughters have to worry about all the rest There is freedom in forex when one learns to be profitable.
To be honest MP this endo fo year cost me alot of money because the markets are changing sometimes I donāt even recongnize them anymore. I was using a āsystemā that looked for overdone conditions and then over corrections using a 60sma. It was working real well but as of lately it has cost me alot of money 
I have decided to revist the shi channel coz ive been listening to what youve said about fibs being out the window and s/r being the only reliable thing right now. So im game im going to try and revamp my style for 09 and I appreciate your time and effort and also btw your inspirational life story.
My approach (i think) will be to use the shi channel true on a low timeframe prob. 5min and using ha candles. I will be looking to trade from the edge to center. I could use a little advice to refine my approach. MP do you think that I should include something for volatilty for example bollinger squeeze or something so I can gauge sentiment or do you think that is useless?
Any feedback would be great
Thanks, John
I was just wondering if we might revisit my last question before Sandpipper writes another novel and itās forgot forever in the annals of time. (Sandpipper, I kid, I kid!)
Donāt bother-if your question is worth answering it will find its audience even if it is hidden beneath the congressional library
Well, as to your question- the channels are constructed around currency price and not the other way around.
are there currencies that are more prone to being range bound? That is one question I will like MP to shine some light on too? Do some currencies chose to not follow the āset standard behaviorsā around shi and LRC???
1tex
its more than obvious that sandpiper and i work for the ny times and are paid PER word ā its getting hard for me to even keep up with his prodigious volumizing !
i thought i had answered your question but even if i had ----
Im sad to say that Im a creature of habit and become easily confused when watching a number of currencies at the same time, so i essentially trade ONE that is of interest to me at the time. I am NOT a ālets run over here because GJ is moving so much todayā kind of person, but rather just stick with whatever ive been trading lately (unless of course i open my charts and find GU lying there, on its back, holding the union jack in its mouth with its paws straight up in the air, colored a horrible shade of blue and not breathing at all ā THEN i might consider another currency for the day !)
so i dont have a ready answer, but simply looking at your charts and picking a few currencies will show you the ones that BREAK the LRC midpoint easily and those that do not ---- usually if a pair is subject to HIGH momentum trading, it āshouldā break the midpoint more easily than some dullards, but ONLY investigation on your part will show us that ā AND, when you find the answer, PLEASE share ! (you might start with EURUSD which is supposedly the highest traded currency pair)
i trade by assuming (unless āsomethingā tells me SOLIDLY otherwise) that the price will ONLY go to the midpoint, and then i take it from that point, perhaps seeking another currency that wont be in consolidation, or perhaps just playing the ārangeā of the consolidating pair ā its really based on how perky or lazy i feel that day. if the currency is ārangingā i simply increase my lot size to make up for a lack of strong momentum driven trend and continue trading whatever it is !
Now, āSOLIDLY OTHERWISEā is āusuallyā a currency that has SO much momentum behind it that it DOESNT reverse at noon, est ā if that currency is also approaching the midpoint of the LRC on the higher timeframes (H4 is a BIG clue !) then i will āassumeā the midpoint will be broken.
Please understand that i āusuallyā have a danged good idea of where support and resistance lies, just that i cannot easily tell WHEN the price will get there, which of course leads to those danged drawdowns along the way !
When my āgolomā crusade occurs later today, im hoping to assist with some of those questions but in my inevitable style, the explanation will probably muddy the waters even more !
we shall see !
mp
Lol. Me too. I will go poke my nose somewhere else only if my E/U or J/U is lying dead in some Atlantic ditch Bring on the Golom crusade now sooner than later-I am all tantalized waitinggggā¦
Iām glad to hear that you usually trade just one pair at a time. Iām most comfortable with that as well, but I thought trading many pairs was a prerequisite to becoming a master of the universe. What a relief! Iāve already got fiery flying chariots on order and I woulda looked sooo dumb without my āMaster of the Universeā license!
Glad you found a resolution to the birth pangs of the great new āMaster of the Universeā though frankly I am just content if I can have a license like āMaster of DFW Metroplexā or even āMaster of the Tarrant Countyā Lol.
If you can master even one or two of the majors you are on to the big times
Lol, thats a first, I have never been accused (i know, i know) of writing a novel and working for the NY times before. If truth were told I have written more in the last 2 days than the previous 3 years combined. Sorry I canāt answer your question that will have to be left to those in the know.
the sandpipper
[B]DRUM ROLL . . . . . . . . [/B]
Golom is having her picture taken by the press, but is waiting in the wings to come forth.
a few more pictures and its SHOWTIME !
mp
ye ye bring in the golom (thud, thud, loud round of applause, anxious faces, and millions of throbbing hearts)
ā¦