Turtles are the best - page 4
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What made turtles so successful is the money management they used, and the rules to limit the amount of markets and exposure they can have at 1 time. The rest is just your basic trend trading that a simple MA crossover can achieve. Today's market is also not as easy to ride trends, a lot more computers and quants at play in today's environment, and you will see lot of fakes and spikes nowadays. There are probably more false breakouts than actual breakouts. You will often see a spike down before a large clean breakout. In forex, you're not even sure if the broker is playing with a trap by manipulating the spike before reversing the move. At least on a centralized market, you see more takeoffs because everyone is looking to jump on at the same time, so you know those points and moves are what everyone else is seeing. Although, it is even harder to find a trend in the equities market.
Those "fancy squiggles" as you so aptly referred to are nothing more than the values of the price action. So it should make your head hurt.
I don't care if the market is trending moving "sideways" in a bull, bear or consolidating I have levels where I can get in with a stop loss.
I'm definitely not going to do those calculations in my head that's what the computer is for.
Now on the turtle matter if a 20 day break out and 10 day low is not and indicator then I don't know what one is.
Anyway who said anything about trading "The Turtles methods".
They rules where uploaded a few posts back. If that's what you are looking for.
All those fancy squiggles make my head hurt. Turtle trading was based solely upon price action, not indicators. It's clearly defined in concrete rules which are tailor made for programming into a computer. The fundamental concept of turtle trading, though, is to cut losses and maximize profits. The basis of all trend trading is to accept a relatively low win/loss ratio and focus instead on making the wins much larger on average than the losses. Much patience and discipline is required, which is why computerized trend trading is such a successful field.
Remember this trade a bold call.
Get it While it's HOT
A nice free trade for you all should have some nice pips to the downside
Attached Images
Now with indicators on the chart
Hope everyone made some pips on the Euro trade. The dollar and yen are setting up for a continuation of the trend. Now that silly season is coming to an end.
The yen can go even higher we have not even crossed the zero line on most pairs for Twiggs Money Flow.
As I'm type this the talking heads are asking why is the dollar and the yen increasing so much and the pound is getting hammered. The central banks seem to be following Bagehot's principal to the letter.
Remember we want to be selling rallies. Let the dumb money follow the rallies.
Have a good one.
One for the weekend cable is ripe for the taking but wait until Monday to see if more dumb money get caught up in this rally will post some charts over the weekend if I have time. It's at a level where the risk reward ratio is safe for shorting.
As promised here are the charts for the cable trade.
How to enter a trending market, never trade against the major trend and in this case the major trend is down. Wait for a pull back to your recession indicator.
We want to be in this trade around 1.5417 area ideally we would like to be in at 1.6374 but we do not live in an ideal world.
4 hour chart reduced small, hope you see the pattern.
rchapmand, I just discovered this thread, very interesting info you provide here !
May I ask what kind of indicator is displayed in the upper window ( the one with the "x"es in the price chart ) ? I'll asume these are standard deviations.
Keep up your posts !
Regards,
Larry
Got it from a broker, its pure price action over a 480 time period, a complete cycle. It was meant to be used on a 1hr chart but after studying it for more than a year I found out is can be used on any time frame.
rchapmand, I just discovered this thread, very interesting info you provide here !
May I ask what kind of indicator is displayed in the upper window ( the one with the "x"es in the price chart ) ? I'll asume these are standard deviations.
Keep up your posts !
Regards,
LarryGot it from a broker, its pure price action over a 480 time period, a complete cycle. It was meant to be used on a 1hr chart but after studying it for more than a year I found out is can be used on any time frame.
Do you mind sharing it?
I can not. It's not a public domain indicator and I doubt the broker knows what they really have here. If they did they would be forcing it down your throat.
They use it totally different to how I use it. It was not written for metatrader I ported it to this platform. And don't ask me which broker because I won't be saying they make enough money off of me and I won't be doing their advertising for them.