how did i know if it was free you would be all over it like maple syrup on IHOP pancakes ??
years ago i was all agog over the rsi, but now its just a small part of a larger indicator and serves as a guide.
years ago we used the rsi at a level of 2 to find stock bottoms with a good chance of moving up — think TRO had something to do with that – maybe i did ---- dont remember, but it worked well !
mp
DUMB NEWBS WHO OPEN 50K DEMOS !
unless your sister is going to share her money with you, i bet you gonna open a 500 - 1000 USD account.
so you open a 50K demo, and because that demo gives you a HUGE CUSHION to play with, and you can trade 10 lots at a time, you suddenly find youre the greatest trader on the planet, “this aint hard” and go out and order the new Maserati (I prefer Aston or Jaguar myself — love that “british coddling”, although the Italians do a wonderful job of creating rolling art !).
then you start trading your $1000 account and in a week you watch it drive away in your new car, NEVER looking back !
OPEN YOUR DEMO WITH THE SAME AMOUNT OF MONEY YOU INTEND TO OPEN THE REAL ONE WITH !
brokers LOVE for you to do well on a large account, cause they know that you be opening a small one and will die dead and they will now own the money — [B]why on earth do you think they supply the large demo’s to begin with ![/B]
so do it the right way — do it honestly and see if you make money ---- bet it wont be anywhere near like the 50K account !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !! [/I][/B]
Good (Sunday) morning,
I’ve got to thank you for those links ‘oh great one’.
The ‘Futures & Options Trader’ is ‘right up my alley’!!!
One thing that I found interesting is their proposed implementation of RSI which differs from the ‘norm’ in the sense that you’re not waiting for RSI above or below a certain level i.e. all you’re looking for is divergence on a daily basis between the price of the underlying instrument and RSI. Interesting. (Of course: they show the RSI equation but no mention is made of Wilder’s ‘smoothing’ technique but hey: that’s just to give people like us / me ‘an edge’ right. Jolly nice of them)!!!
If you have not already looked at this magazine: there is also a very nice little ‘strategy’ called ‘Trading the pit’s last trend’ (which ‘fits’ with your posts about price changing direction at certain times during the trading day). Nice.
Unfortuanately (for me) these are all very short terms trades (which is not my ‘style’ as you know) but the subject matter is, nevertheless, very interesting and informative (and gives me something NEW to do instead of sitting staring blankly at the charts from 00h00 to 0h00)!!!
Regards,
Dale. (forexbrokersonline.net).
Edit:
Hmmm. You really ARE giving some of your secrets away!!! VERY nice information in ‘Currency Trader’ about the VERY STRONG correlations between the USD and EUR (to name two) and the S&P500, Dow, and Oil.
Good stuff this!!!
Thanks.
although your father stole diamonds at knife point, he at least imparted some intelligence into his ill begotten offspring !
I wangle, I fight, I attempt — but to no avail with those “we dont need no stinkin indicators” people who wish to trade naked in a vain hope that the young woman across the hall will notice their manly physiques !
DIVERGENCE — one has to love it ! I personally use a little combination MACD, RSI, CCI and accumulation/distribution indicator i created a few years back for a quick look as to whats happening in the FUTURE, and it works danged good, as does ANY DIVERSION between an indicator and the current price movement.
when one sees that divergence building, kinda simple to figure what the price is getting READY to do !
anyway, glad you enjoyed the link and i hope to be able to throw good stuff out there till they have to take my pen from my dead hand !
what i do wish is for more newbs to comment — considering how many are reading this silly thread, very few peeps say anything !
glad your father had a son before they hung him !
LOL
mp
[QUOTE=dpaterso;79537]Good (Sunday) morning,
I’ve got to thank you for those links ‘oh great one’.
The ‘Futures & Options Trader’ is ‘right up my alley’!!!
One thing that I found interesting is their proposed implementation of RSI which differs from the ‘norm’ in the sense that you’re not waiting for RSI above or below a certain level i.e. all you’re looking for is divergence on a daily basis between the price of the underlying instrument and RSI. Interesting.
LOL!!!
I know I’ve probably noted this before but I always have a good chuckle when I read books DEDICATED to ‘naked trading’ i.e. ‘indicators are rubbish’. Invariably the book starts OUT like that and at LEAST the first half of the book is dedicated to telling you WHY indicators are rubbish but then, most times, the second half of the book has ‘trading systems’ being detailed that almost ALWAYS include at LEAST one of Wilder’s indicators and then of course the other ‘common’ indicators like MACD and Stochastics!!! I mean: if ANY book is BASED on the subject of ‘naked trading’ it’s Steve Nison’s ‘Japanese Candlestick Charting Techniques’. Well here’s the thing: at the back of the book just about every chart has one or the other indicator on it including but not limited to Wilder’s RSI, Stochastics, MACD, etc. etc. etc. OK: I DO realise that the way he uses indicators are as ‘secondary’ to his main trading technique of course but hey: they must have SOME use!!!
Regards,
Dale. (forexbrokersonline.net).
ive been reading currency trader for some time and I must say my favorite writer is definatly barbara rockafeller. I subscribed to her daily futures forcast for a month for free and it was excellent, just a little to technical for me at the time. I also read one of her books. She is one of the few people that I saw forcasting the crash of oil when it was $146.
Anyway in defense of the naked trader. I know Im relativly new compared to you two but it is just my mind can see clearer the direction of price without the indicators. I tried the shi channel and honestly it cost me money 
I know it must be that I am using it wrong i don’t know but my attitude is why retrain my mind if im in profit.
Having said that I know you guys are going to take turns kicking my arse. Its ok I can take it lol!!!
I am interested in divergence and I know it is a good indication coz Ive looked at stochs divergence when I was in james 40-100 group and it worked well. Even now I use stochs sometimes to guage overbought/sold conditions.
MP can you show me your divergence setup?
So??? One of my Wilder trading systems got you in short on Oil at $135.99 (it opened at $146.62 the same day this signal was given) and has kept you in the trade right up until Friday’s close at $41.94!!! LOL!!! (‘Tongue-in-cheek’ with ‘flexing of muscles’ and ‘testosterone a-pumping’)!!!
I’ll tell you this: you’re ‘one up’ on me because you can see where price is going just by looking at the price bars. I’ve tried that on several ‘majestic’ occasions and I’ve always ‘come a cropper’!!!
And as far as divergence is concerned: by the time I recognize the divergence the move is LONG over!!!
They look like great publications though (although it’s easy to see why they’re ‘free’ i.e. there are a ‘sh*tpile’ of brokers advertising there. I was shocked to see just how many)!!!
Anyway: I’ll give you my ‘Oil prediction’ just as SOON AS I CAN!!!
Regards,
Dale. (forexbrokersonline.net).
Dale if nothing else check out barbara rockafeller’s articles long before there was any bearish signs on oil she called it. she talked about what a big bubble oil was similar to the dotcoms and it was inevitable that it would pop. I am certain she uses wilders indicators too coz if you subscribe to her analysis you will see all the indicators she uses + she uses fundamentals and listens to all the squak boxes. If you are having a real hard time try reading her technical analysis for dummies 
a reference for the rest of us lol!!!
it really is good but far simpler than wilder im sure
Anyway gents I hope this week is extremly profitable to you and If your in a hole like me from last week then I hope you get a nice shovel (to dig out not to be buried more)
Ill show you mine if you show me yours !
gimme time to settle in to trading and ill get the specs off to you, but heres a pic to whet your appetite !
the purple line is the actual macd line, the blue line is the 50ema and is showing the trend to be presently long, although there should be a 20 in there also and the third arrow is pointing at the macd showing increased upside even though we have reached resistance on the currency at this point.
mp
Hey MP,
Question on your charts, I remember reading something about Barry’s support and resistance today. Is that what you are using for the red/blue dots? Also, I do not know much about this “indicator”, but it looks to line up with my Fibs, have you found that to be the case?
Anyway, I got killed this week on the demo and my old system, so I am trying to learn more of the price action game. I think in the end, I like the patterns that PA will present, where trading on indicators and some SHi/LRC has failed me even when I could clearly see the market direction.
One last thing, I am using the h1. It seems the 382 fib is best suited for support?
I have attached my current chart where I endered just above the 382, s/l just below the 500, and a TP at the 0…Please let me know if this is way off base.
Thanks for your help,
BTW, I know that I should not trade at 2200est, but my main point here is to try to get the patterns down. Once that happens, I will start re-reading the time frames stuff in the first few posts.
-Dale
So the trade method I used above worked out, almost got stopped on the GBPUSD, only 5 pips away. Anway, saw a rapid ascent as the price was coming back in line, so put in an additional “snipe” for 10pip. End up with 31pips + 10.
Had a EURUSD using the same logic that pulled 50pips. (no snipes though)
Also still open is a USDJPY (Short) that is +125 pips with a 25 trailing stop
Finally usdchf short that closed with +46pips.
So not a bad night, pulled in 41+50+46+100(or more) for a total of 237 pips. Because of MM and not risking more than 4%, some were full lots, others were .5’s on a 10k account.
So now my question is, do you think what I did was sound trading or was I lucky? At this point, until I repeat many times I feel it was luck, but wanted to know if I am in the right direction.
apologies, but was involved in that magnificent move before midnite and now setting up for overnites
no time to look at other charts but owe a few peeps some communications and will do tomorrow am as soon as i can.
ejnoy
congrats
mp
Congrats mp
I haven’t been trading recently due to that nasty 4 letter word (work), but I did notice several coulda/shoulda/woulda opportunities that stood out over the last few days. These would have been quite juicy:
Thanks again for showing us your use of the LRC…It truly is a beautiful thing.
OK, now I just need to quit my damned job so I have some spare time to trade. :rolleyes:
appears we using pretty much the same setup with s+r and lrc, but youre “buy and sell” arrows are larger than mine and your s+r areas are lines, with mine being dots.
since no secrets here, as we do the same, what s+r indicator are you using and i use super signals for the arrows, and yours are nicely larger – which version you using ?
as far as “jobs” are considered, this is a family channel and i dont want to report obscenities !
But once youre truly good enough to honestly make a decent income in forex, its certainly far from the worst thing you can do with your time and you have NO dumb boss to report to, can work right on your yacht or a mexican beach and work as much or as little as you wish !
mp
ps – nice chart btw
Thanks dobro, I appreciate your kind words.
I will be getting back into some trading after the Xmas break and if time permits, I will get around to starting a thread to share some of the things I have learned. Hope to see you there.
Happy trading
Enough people have seen that I have two brokers that I dislike tremendously — Crown and Interbank, both Swiss (and i have know changed my ideas concerning the whole swiss banking system, but still like their chocolates)
Interbank NEVER pays the proper amount because they never allow their BID to go to the high price, only their ASK and Crown fools around with their spread WHILE YOUR TRADE IS HAPPENING, to keep you from reaching your take profit point by a pip or so, leaving you high and dry as the price reverses, so with interest I read this article concerning Crown - - - - - - -
Big, Swiss, and Safe? - Forex Peace Army Forum
while the nonesence with crown may only be temporary, their and Interbanks actions and activities to us, the retail trader, is dispicable and shows the TRUE light of the swiss banking industry who dont care WHERE the money comes from, as long as it comes to them !
enjoy and trade well
mp
Shane, laddie !
years ago there was a tv campaign using as its plot line “its not nice to fool mother nature !”
While certainly not a “mother” anything (hmmmm – well actually i cant truly say that !", i am more a dutch uncle, and you will find that many a dutch uncle maintains a database of hundreds of indicators and chart overlays - - - -
its not nice to try to fool uncle mikey !
LOL
mp
a response i posted last night to a question concerning penny stocks vs. forex !
how stocks and forex MOVES is what im trying to show you peeps ---- most markets move pretty much the same way !
ah – i could indeed write a book !
as a transplanted penny stock trader, moderator, teacher and manager of others portfolios gather up close and listen !
penny stocks offer a TREMENDOUS income prospect, IF you comprehend that the pennies are the MOST MANIPULATED trading vehicle in the world. IF YOU LEARN THE RULES OF THE GAME and follow them completely, its very simple to get into the game and succeed !
they work this way — a deep pockets trader (or group, including many many of the penny stock sites) will slowly start buying a stock that appears to be bottomed, ever so slowly stoping the downside move. They will do this slowly, over a matter of a few days, and then ANNOUNCE to all the sites that this stock is READY to run. (REMEMBER – they are already HEAVILY in at the lowest price possible !)
between their now HEAVY BUYING and the influx of newly interested traders, the stock moves up, and the deep pocket traders help by buying at points of resistance which moves it up faster and faster as more and more people see and want to partake of the action !
on the first day, the stock will most likely close at its high, opening the second day with more gains UNTIL the NOON reversal area where it takes its FIRST retrace, but will also close at a new high during the afternoon session after the 2pm reversal !
Now we come to day 3, and lo and behold our little amazing head turner GAPS UP at the open, and this is where all hell breaks loose !
Now that it gapped, it waits till about 10 and the deep pockets GET OUT FOREVER, and then the stock wavers and DROPS like the proverbial, and the market makers MAKE BACK all the money they lost by SHORTING the downside, as people panic and sell their shares for anything the market makers will offer !
to understand the rest, one has to understand how the mms make money on the short side, which is another story in and of itself !
If you follow the rules, ride it to either the second day close or at least get out really fast on the gap day, you can make out very nicely, but WOE be to the ones who HOLD past that gap, for they shall spend the rest of their lives looking at a worthless holding, whose price has dropped beyond any worth.
all during the previous activity, scores of people are on the internet “pumping” these stocks, and as people see the sudden movement, they hop on the train, adding their money and more momentum to the news ---- of course, comes the appropriate times when “deep pockets” SELLS, the world ends for those not smart enough to understand the game (which happens in forex also, btw) — this becomes the DUMP portion of the program, and hence the expression “pump and dump” !
NOW comes the dangerous part, because SOME pennies can be played for a week or more, although the end game is always the same ! But as a pretty simple rule, if one gets out on the third day and NEVER looks back, even if the stock continues to rise, you will always be ahead — like any other trading, its greed that will ruin you in the end, so avoid that greed, take profit when youve got a decent amount, and leave the weeping and knashing of teeth to the others, not so fortunate to be “in the know !”
its a game thats played (like forex, btw) at specific times of the day and in a very orchestrated manner for those who have studied it, and can produce VERY large amounts of profit for very small amounts of input, BUT it does NOT have the trending abilities of forex, which can be plotted over a short OR long time period and is the very reason Ive been a forex trader after successfully trading pennies, for a number of years now.
[B]In my mind, forex is simpler and easier and allows you to play both short and long, which cannot be done with pennies in the USA legally by other than market makers !
It tends to be more honest in that we KNOW the banks will move the price from one side of the LRC to the other, although we dont always know WHEN, which is why taking profit at the midline of the LRC, as was suggested way back there, is a truly good way to make profit ![/B]
enjoy and trade well
From reading your posts I would venture to say that only a fool would try to fool uncle mikey…and although I am a fool (or at least that’s what my fool buddies tell me) - It is as I stated in my last post, they were drawn manually.
An explanation:
I see price peak and reverse. I plot a dashed line at that peak.
I see price come back up and break through the dashed line - eventually reaching a second higher peak. I plot another dashed line at the higher peak.
I see the price drop back toward the first dashed line. If I were trading, I would look at the LRC and if the price was near the bottom of the channel I would place a small long trade at the dashed line.
With this first trade in place I would then drop to a quicker TF and enter the rest of the trade after the bottom had formed and price had begun to move back up. If the bottom occurrs within a few pips of my line (which it frequently does), I make the line solid and plot an arrow to show roughly the area where my trades would have been placed.
Inititially this chart was done up to send in an email to my good ole Dad to demonstrate the power of support & resistance and one way to trade it. That is why I added in the shaded ellipses - purely just to highlight the peaks and bottoms.
This is pretty much the meat and potatoes of the trading system I am constructing. I am still brewing the gravy (deciding on stops and profit levels), but when I have it ‘ready to serve’ I will inevitably make my own custom indicator to do all of the plotting automatically.
When this happens, I will dish it up for you to taste test if you like. (You aren’t a vegetarian are you?). 
happy trading
