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This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; [QUOTE=trader_dante;512334] i) Keep an eye on the path of least resistance. [QUOTE] Hi TD, I've never quite understood this phrase. ...

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Old Sep 23, 2008, 6:14pm   #71
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[QUOTE=trader_dante;512334]
i) Keep an eye on the path of least resistance.
[QUOTE]

Hi TD,

I've never quite understood this phrase. Read it many a time in 'Reminisces..' but if you could enlighten me that would be great.
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Old Sep 23, 2008, 6:28pm   #72
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Surely it means he looks to follow the trend
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Old Sep 23, 2008, 8:31pm   #73
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Not necessarily...
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Old Sep 23, 2008, 9:06pm   #74
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Is that a pin bar on the beans
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Old Sep 23, 2008, 9:42pm   #75
 
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trader_dante started this thread What is with everyone's obsession with Beans?!
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Last edited by trader_dante; Sep 24, 2008 at 8:55am.
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Old Sep 24, 2008, 12:08am   #76
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Great effort, you ledgeboss!!
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Old Sep 24, 2008, 9:33am   #77
 
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Quote:
Originally Posted by porph View Post

Hi TD,

I've never quite understood this phrase. Read it many a time in 'Reminisces..' but if you could enlighten me that would be great.
Porph,

A good description of the path of least resistance can be found in Bill Williams' "New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds, and Commodities.

Williams quotes Robert Fritz's book "The Path of Least Resistance" in the excerpt below:

1. Everything in the universe follows the path of least resistance. The markets are like a river. As they move through each minute, they take the path of least resistance...While a river is running downstream, the path of least resistance determines its behaviour. Gravity is energizing it as it flows around rocks and along curves in the riverbed.

2. The path of least resistance is determined by an always underlying and usually unseen structure. The behaviour of a river, whether it is calmly flowing downhill or creating rapids, depends on the underlying structure of the riverbed. If the riverbed is deep and wide, the river will flow calmly downhill. If the riverbed is shallow and narrow, the riverbed will create rapids. The behaviour of the river can be accurately predicted by examining the underlying riverbed.
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Thanks! The following members like this post: elitejets
Old Sep 24, 2008, 10:40am   #78
 
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trader_dante started this thread Yesterday marked the end of my third week trading this account.

I went short £2 of Usd/Jpy at point 1 on the hourly TF after the S/R pivot was rejected and a pin bar formed.

First target (support) was hit but I decided to hold the full position and add more on a possible breakout rather than get some out...and it came right back and stopped me out for breakeven.

It's examples like this that people always point to when they say "take some profit off the table" and I have been doing that at times but a trader has to make a judgement call each time, based not on the desire to secure profit but rather by weighing the probabilities of a continuation against that of a reversal. I can't count the number of times I've reduced my position or even lost it altogether, just before a huge move.

In this case I got it wrong.

So, another scratch (these are close to making up the majority of my outcomes).

In the three weeks so far, I have made 20 trades in total:

10 Wins
2 Loss
8 Scratches

The intial £40.60 is now at £1,593.50.

I am currently holding an open position in the equity cash market but I will document the outcome of that when I close it. You can see the interest rate charges in the statement below.
Attached Thumbnails
usd_jpy_hourly.gif   account_summary.jpg  
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Old Sep 24, 2008, 2:58pm   #79
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A question for Trader Dante if I may...

Could you (or have you already, if so, where?) provide a list of the price signals that you use with a brief description of how you would trade each one? This thread is fascinating and I'd like to do something similar. I stopped trading (spread betting) a while back because my head was all over the place and I had become paralysed with confusion and fear of losses. I want to get back into it but I want to do so with a very clear idea of what I'm going to do, and how, so I don't lose the plot again.
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Old Sep 24, 2008, 3:31pm   #80
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http://www.trade2win.com/boards/firs...y-trading.html
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