Firewalker's Journey: A path of discovery in search for enlightenment

This is a discussion on Firewalker's Journey: A path of discovery in search for enlightenment within the Trading Journals forums, part of the Reception category; I'll try to put this in perspective: Ok, so 3 trades that easily made it to target profits. But in ...

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Old Aug 4, 2006, 12:27pm   #85
 
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firewalker99 started this thread I'll try to put this in perspective:

Ok, so 3 trades that easily made it to target profits. But in this case signals were quite clear and a clean trend move. Furthermore, I think I got lucky because of those spikes that just touched my S/R line, in many cases they just hover above without me entering and missing on a profitable trade. On other occasions all S/R are all mixed up. Apart from that, suppose you'd just had to buy on the retest from S in uptrend, or sell from R in downtrend after retest than determining your entry would be piece of cake for everybody, not?

Also I have to note that my basic rule of entering after three bars has been violated through the use of a limit order. In this case it just happened to work out, but if I'd were to follow my plan in detail that would only leave entry 1.

I tried a little experiment: removed all red lines from my chart and looked where I'd draw S/R starting today without reference points. Then looked where I'd enter based on the plan. Check out the difference: would have missed 1st entry, lost out on 2nd and been stopped out on 3rd.
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Last edited by firewalker99; Aug 4, 2006 at 12:45pm.
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Old Aug 4, 2006, 1:56pm   #86
 
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Quote:
Originally Posted by firewalker99
Well, as I'm in quite a different time zone as you are, I'm not able to post it at the evening because that would mean the middle of the night here in Belgium

By "evening", I meant after your market closes. If you wait until just before your market opens to post anything, you may not get much response.

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Old Aug 4, 2006, 9:14pm   #87
 
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Applying principle 1 (S/R) on ER2

firewalker99 started this thread no entries here
but one big uptrend, one big downtrend
so strategy 1 means nothing in a trending day

attached: 1 month chart,
intraday 3 chart of yesterday and today
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20060803-er2.jpg   20060804-er2.jpg   er2july.jpg  

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Old Aug 4, 2006, 9:18pm   #88
 
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Quote:
Originally Posted by dbphoenix
By "evening", I meant after your market closes. If you wait until just before your market opens to post anything, you may not get much response.

Db
Do you have any other charts with annotations like the red dots that you made?
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Old Aug 4, 2006, 9:28pm   #89
 
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Quote:
Originally Posted by firewalker99
I think I got lucky because of those spikes that just touched my S/R line, in many cases they just hover above without me entering and missing on a profitable trade. On other occasions all S/R are all mixed up.
And in all other such occasions, did you follow exactly the same protocol?

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Old Aug 4, 2006, 9:47pm   #90
 
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Quote:
Originally Posted by dbphoenix
And in all other such occasions, did you follow exactly the same protocol?

Db
It's the first time I've used charts from the day/week/month before to draw S/R lines, in all those other occasions S/R lines where drawn throughout the day itself.
What is your impression now that you've seen my "plan"? You may be honest, I'd rather know where I'd stand than beat around the bush.
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Old Aug 4, 2006, 10:25pm   #91
 
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Quote:
Originally Posted by firewalker99
It's the first time I've used charts from the day/week/month before to draw S/R lines, in all those other occasions S/R lines where drawn throughout the day itself.

What is your impression now that you've seen my "plan"? You may be honest, I'd rather know where I'd stand than beat around the bush.
If this is the first time you employed this particular approach, then, yes, you were lucky, even though plotting longer-term S/R may have given you a slight edge, which would make it prepared lucky, which is a higher-class variety. However, if you continue to suspend your trading and apply this approach to, say, 20 days' charts (one trading month), you'll have some indication of the probability of your success, which will give you something more solid to rely on than luck, even prepared luck.

As to your plan itself, I can't say much about it since it incorporated volume and you didn't plot volume on any of your charts or mention it in the account of your trades, so I really don't know if you did what you planned to do or not. Can you clarify this?

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