How to use Support and Resistance Effectively - page 56
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Hi Minime,
Whilst i never go to anyones thread and critize them its seems that others take it upon themeselves to play forex god . . . . . . . .
WHEW -- at least we got that part right, although I would appreciate your dropping the word "play", as its my full time activity !
and critize any one else that has an opinion different to thiers ---------
Although you seem to take any negative words very much to heart, were talking about forex here and not the size of your - - - - - sorry, family show here so have to keep it clean !
NO ONE insulted YOU, just mentioned originally that you fell far short of the total you could have had if your system didnt enter so late --- I could offer to fix it for you, but i imagine your response to that offer !
,some even seem to be making a career out of it, as far as im concerned any one who wishes to zig their zag, play join the dots , play with robots , have fun putting lots of arrrows and make their charts look pretty can keep doing what they are doing.
As i said before its the bottom line that counts for me.
My bottom line was fully established 30 some odd years years ago --- now I like the newbs to KNOW how to trade so they can throw chicken bones if need be and NOT be locked into ONE method which has shown only fair results !
It would be impossible to explain to a rookie how I trade 4 timeframes at once, but I can give them some real life experiences that can at least help them understand what trading is about and when to enter and when to exit while trying to stay away from systems that provide large drawdowns that can kick them out because of stops, or scare them out because of those same drawdowns !
But one overpowering message you should take to heart is that NO ONE INSULTED YOU ---- you became angry because of negative ratings and ya gotta get used to it if you want to make it in show biz !
============================================
QUOTE]
enjoy and trade well
mp
Hi Minime,
Whilst i never go to anyones thread and critize them its seems that others take it upon themeselves to play forex god . . . . . . . .
WHEW -- at least we got that part right, although I would appreciate your dropping the word "play", as its my full time activity !
and critize any one else that has an opinion different to thiers ---------
Although you seem to take any negative words very much to heart, were talking about forex here and not the size of your - - - - - sorry, family show here so have to keep it clean !
NO ONE insulted YOU, just mentioned originally that you fell far short of the total you could have had if your system didnt enter so late --- I could offer to fix it for you, but i imagine your response to that offer !
,some even seem to be making a career out of it, as far as im concerned any one who wishes to zig their zag, play join the dots , play with robots , have fun putting lots of arrrows and make their charts look pretty can keep doing what they are doing.
As i said before its the bottom line that counts for me.
My bottom line was fully established 30 some odd years years ago --- now I like the newbs to KNOW how to trade so they can throw chicken bones if need be and NOT be locked into ONE method which has shown only fair results !
It would be impossible to explain to a rookie how I trade 4 timeframes at once, but I can give them some real life experiences that can at least help them understand what trading is about and when to enter and when to exit while trying to stay away from systems that provide large drawdowns that can kick them out because of stops, or scare them out because of those same drawdowns !
But one overpowering message you should take to heart is that NO ONE INSULTED YOU ---- you became angry because of negative ratings and ya gotta get used to it if you want to make it in show biz !
============================================
QUOTE]
enjoy and trade well
mpI cant help you here, the words "PLAY" stand as they were not directed at anyone in particular .
I am not interested or concerned about your comments to the trades that i posted , whilst we are on the subject of trading i think you are misleading a lot of people on this forum , i have met and am proud to call friends a lot of highly educated and successfull traders from some of the worlds leading institutions and the template you trade with is not very convincing as one that a hedge fund manager would use.
From my conversations with you thus far you do seem to have a very big ego to feed and some rather fowl language to use which i would suggest you tone down a bit with less of the sarcasm and inuendos.
After all we are proffesionals.
Im not quite sure which method you are referring to that has shown only fair
results ,maybe you could enlighten us all with your 30 years of experience of these methods.
have you started on bubble now? give it a rest yeah.
Hi Minime,
Whilst i never go to anyones thread and critize them its seems that others take it upon themeselves to play forex god . . . . . . . .
WHEW -- at least we got that part right, although I would appreciate your dropping the word "play", as its my full time activity !
and critize any one else that has an opinion different to thiers ---------
Although you seem to take any negative words very much to heart, were talking about forex here and not the size of your - - - - - sorry, family show here so have to keep it clean !
NO ONE insulted YOU, just mentioned originally that you fell far short of the total you could have had if your system didnt enter so late --- I could offer to fix it for you, but i imagine your response to that offer !
,some even seem to be making a career out of it, as far as im concerned any one who wishes to zig their zag, play join the dots , play with robots , have fun putting lots of arrrows and make their charts look pretty can keep doing what they are doing.
As i said before its the bottom line that counts for me.
My bottom line was fully established 30 some odd years years ago --- now I like the newbs to KNOW how to trade so they can throw chicken bones if need be and NOT be locked into ONE method which has shown only fair results !
It would be impossible to explain to a rookie how I trade 4 timeframes at once, but I can give them some real life experiences that can at least help them understand what trading is about and when to enter and when to exit while trying to stay away from systems that provide large drawdowns that can kick them out because of stops, or scare them out because of those same drawdowns !
But one overpowering message you should take to heart is that NO ONE INSULTED YOU ---- you became angry because of negative ratings and ya gotta get used to it if you want to make it in show biz !
============================================
QUOTE]
enjoy and trade well
mpMP,
Not taking sides here, but in all fairness you did call him a Putz.
These are your words, not mine and could reasonably be interpreted as an insult.
In the meantime I wish the best to and have great admiration for all the traders in this forum who spend their time analyzing charts, developing systems and sharing with the rest of us --whether or not I end up applying those systems. I always learn something.
MP,
Not taking sides here, but in all fairness you did call him a Putz.
LOL -- in truth, one could argue convincingly that I never "called" him that but simply wrote the words, as i did not ever state "HEY -- you are a PUTZ !) AND additionally I did apologize !
These are your words, not mine and could reasonably be interpreted as an insult.
In the meantime I wish the best to and have great admiration for all the traders in this forum who spend their time analyzing charts, developing systems and sharing with the rest of us --whether or not I end up applying those systems. I always learn something.So, often, do I !
enjoy and trade well
mp
Hello MP,
in one of your posts, you mentioned the use of so called LRC bands as part of your trading strategy...is this something proprietary ? I have searched for LRC bands but without any results or further explanations.
Regards,
Larry
Hello MP,
in one of your posts, you mentioned the use of so called LRC bands as part of your trading strategy...is this something proprietary ? I have searched for LRC bands but without any results or further explanations.
Regards,
Larry================================================
gosh no Larry, theyre considered as a major player in the trading world and are certainly NOT proprietary.
first, they are "channels" and not bands, so that may have given you some halts in your searches.
there is a decent substitute that has been coded, called SHI channels and the DeMarker trend lines are also right on, but the LRC channels are SO right on visually, showing top resistance and bottom support, that its hard not to love them.
BUT, you can hand draw the LRC lines by using the LRC tool contained in MT4, which is actually THE BEST way to do them.
the enclosed chart shows BOTH the hand drawn LRC channel (WHITE) and the custom indicator (GREEN) called "SHI_Channel_true" working together.
Note the three white arrows pointing to the intersection of the two channels ?
when trading, one watches and waits to see if the upward movement of the currency shown by the WHITE channel CONTINUES PAST THE GREEN lines ! If the price fails to break out, you now have a trend change and if you were watching, the first DOWNSIDE MOVE, shown by the small red downpointing arrow, the multitude of red dots and the purple line (which would have been screaming EXIT HERE) would have given you an excellent return.
Now notice that the GREEN channel is DOWNWARDS, which is now the NEW trend for the currency, and notice how the price moves UP and DOWN in that channel --- you are seeing, in lovely detail, JUST HOW FOREX WORKS !
Ive gone into the UPS and DOWNS of the price movement within the channel in a post over at "join the dots" --- please understand there is little or any random movements in forex --- what you are seeing is a currency that has topped for a short time, and then the sellers stepped in, followed by the SHORT SELLERS, who take advantage of the decreasing prices. the up and down movement within the downside channel is caused partially by shorts covering at support points and short term LONGS stepping in, which then drives the price up to resistance, where the LONGS take profit and the shorts step in again to bring the price down.
this process continues till we reach a solid support point, where everyone jumps out --- you will see the currency go sideways at that point as the shorts take their profits, but the LONGS have not yet stepped in, waiting to see if we have hit THE bottom or not !
Sooner or later, and it usually happens in the Euro market when many of us cant see it happening, ANOTHER LRC forms, or the currency simply cannot bounce DOWN again, and lo and behold, we start the UPTREND BACK TO WHERE IT ALL STARTED, and dollars to doughnuts, the ORIGINAL UPTREND is continued !!
NOW, looking at this, one could have entered a single short at the point everything went south and rode it down, BUT at each and every support point you would then suffer those frightening drawdowns that so easily hit a stoploss or a trailing stop and wipe out a lot of profit --- Once you become familiar with HOW and WHY the market moves as it does, you would be able to BUY at support and SELL and SHORT at support !
While it takes some experience and the ability to see and comprehend whats happening, IT IS A LEARNED ABILITY and not beyond the reach of any normal human ---- and the use of the ziggys, s+r and the channels will give you the clearest understanding of whats happening.
I see a lot of questions as to why ziggys repaint, why silverlining and super signals repaint and why things dont always seem to move as easily as they "should", but the questions are usually based on YOU wanting something to happen the way YOU want, and not that the currency will get to its expected point when IT decides to, not YOU !
The ziggys work, although they work on information that is constantly being altered (repainted) in the real market, and so they can be early but they are never late ---- when you work with ANY system, you must give it and you time to understand each other, without using real money because the system may well be working perfectly, but youre not understanding it and you bail in fear.
What i show on my charts is of course hindsite, BUT I work every day using foresight and a dollup of experience to understand what will later become hindsite, and it works for me ONLY because i give each new thing i do a whole lot of time for me to understand and i can understand most simply because I have the EXPERIENCE to understand it !
Im put off by people who think they can jump right in, grab an EA and make a fortune today and forever, without ONCE ever given thought to the HOWS and WHYS of forex culture --- I can understand the desire to make money by simply hitting a button (or lazier still, have a robot do it for you !) BUT it just aint that simple, and often I am split between trying to help everyone (a really really hard job as there are new ones of you every single hour) or going with the very real thoughts of the pros --- "I had to learn, and i suffered --- now let them go thru the same thing !"
Its hard people, very hard to keep repeating the same things over and over, day after day and one gets tired as i was not born with a teachers ability to continuously teach the same things.
Now having gone thru that cleansing, If there is an easier way to tell what a currency is doing, or is expected to do then by using the channels and their "assistants" Im open to the facts and would use it, but after many many years, I cant find another way !
once you use them, your eyes will be opened wide, you will now SEE what is happening in forex instead of thinking its just a mumble of junk and will now have enother tool in the toolbox.
oh yeah, while i cannot ever be rid of "spaghetti" on my charts, if you move back and squint a bit, all the little stuff goes away and you can then see the work the channels do !
enjoy and trade well
mp
Results Count
Hi All,
I haven't posted much in this forum but I must say that many of you could learn alot from Bubble. He actually started this thread many months ago. From Bubbe's original post I was able to start to understand what Support and Resistance meant and how to apply it to my trading.
Yes..there are many ways to trade forex but it's hard to argue with a trader who is as successful as Bubble. So rather than being rude to him you might want to be quite and study the lessons he has to offer to you.
Dave
Hi Dave,
well said buddy.
I truly cannot believe how much I have learned from Bubble.
Bubble Rocks!!