The £10K Gamble - [The Journey]

The_Baller · May 1, 2019, 11:03pm

I’ve been in the Forex game for over a decade now, and I believe 99% of indicators are BS. If you want to make money you can do it with a clean chart and some support and resistance lines.

Aside from that, there is 1 indicator I would throw into the mix.

Many are doubters. They believe you can consistently make money day trading or scalping - I believe that is for amateurs.

As a true baller I decided amongst my fellow traders, an experiment was due.

I would risk £10K, the queens finest, sterling, GBP.

I’ll use nothing but support and resistance (with the exception of 1 special baller indicator), and trade off the weekly chart.

The experiment has started.

Right now you’re thinking, pictures or it didn’t happen.

It happened.

How many believe it is possible to set a defined risk, cut losses quick, and bank big clips.

The_Baller · May 2, 2019, 12:19pm

This week so far.

The_Baller · May 2, 2019, 11:29pm

Bedtime. How things currently stand. No BS Elliot Wave theories on this thread.

Leebax · May 3, 2019, 3:35am

Awesome dude. may i ask what indicator you are using? it looks like the base price line from the Ichi Cloud, is that correct? ho wdo you determine entries, crosses from the base previous price? interested in following, i also dont like indicators, plain charts rule

The_Baller · May 3, 2019, 8:25am

Of course. I believe it is called the Chikou Span aka the lagging line.

Leebax · May 3, 2019, 8:39am

yes thats correct. i couldnt remember the technical name at time of writing. so how do you use it when trading on a bare chart? as its usually used when its above or below previous candles etc etc

The_Baller · May 3, 2019, 9:07am

Simply use it to show recent support and resistance points. The rest is all down to the actual candles and price action.

Ignis_Draco · May 3, 2019, 9:18am

Hi The_Baller

I saw in your previous screen shot that you have AutoChartist running…

From my experience, with AutoChartist I can even trade without Support/Resistance on a shiny clean chart.

If you state that technical indicators are totally useless, then you need to inform them that it is due to the fact that you are using an automated chart pattern analyzer…And then yes, technical indicators are irrelevant in that construct.

Happy Tradings!

The_Baller · May 3, 2019, 9:41am

Thanks - but you are misinformed.

I have never used Autochartist in my life. It is part of the cTrader offering from my broker. It’s available for anyone to use, if they wish to do so.

jessoprules · May 3, 2019, 9:50am

Following…………

Ignis_Draco · May 3, 2019, 9:55am

Hey jessoprules

I’m dropping this one after planting the seed of why technical indicators are “BS”.

I get too many spankings from the admins.

Cheers

The_Baller · May 3, 2019, 5:46pm

How things stand towards the close of this week. Will be picking off a few open trades by tonight.

The_Baller · May 3, 2019, 9:21pm

Open Positions

Left these 2 open. Bearing in mind its a 3 day weekend due to a Bank Holiday on Monday.

The_Baller · May 3, 2019, 9:22pm

Closed Positions

Made around £1209.90 this week, approx. 12.099% gain.

I say this week, I traded 30th May to 3rd April, 4 days. Tuesday to Friday.

1 hour invested scouting trades.

A lot of trades didn’t get going this week so I didn’t manage to bank some big clips as planned.

Diabolo888 · May 4, 2019, 6:00am

Interesting first week. Could you let us know how you are selecting the trades?

thank you

The_Baller · May 4, 2019, 8:30am

It’s very simple. Follow the big players.

Steps

Wait for weekend.
Order pizza(s), with sides and drinks.
Pull up monthly charts and determine if its an uptrend or down trend (forget range bound).
Draw support and resistance.
Drill down to weekly chart.
Draw support and resistance.
You’ll find an entry in there somewhere.
Set your stop loss well away and out of the noise of the amateurs.

The last time my stop loss got pinged was over 8+ months ago and it don’t get pinged very often.

With this account, who knows.

Diabolo888 · May 4, 2019, 9:39am

Hey Baller, thank you.

monimate · May 4, 2019, 10:04am

I fancy your point #8
We got killed due to strict ATR following, while amateurs numbers are so large, this has made the risk zone even larger.

monimate · May 4, 2019, 11:37am

Agree, but it’s up to the traders to use this tool. I use Autochartist as a signal, and so far it works well notifying potential trades really saves my time.

20 pips potential profits it’s said. $100 bucks with half standard lot from totally free signal, why not.

The_Baller · May 4, 2019, 11:48am

If you understand that support and resistance isn’t just a line, its a zone, then you will increase your win rate ten fold.

Many traders set their stop loss at the most obvious level, most of the time, a few pips away.

What are the chances the price will always respect that level down to the exact pip and reverse.

Many times price likes to prod the level and sometimes breakthrough it to have a look before reversing - that’s the difference between staying in the trade or getting stopped out.