Trading with mp6140

[mp6140]

Mp -- About The "prior Close"

I've been going back to your post 212 and trying to get a grip on it. Yesterday I shorted BARC, a British bank, with success. I'm not sure whether it was because of Bear, Stearns or whether it it was that BARC was, what I considered as, a pullback in a bear stage. Anyway, I drew a horizontal line and used your post as a reason to short.

I'm a little uncertain as to what you consider a signal bar, though.

Split

===================================================
I would imagine it was both, or the prior close would not have indicated a short --- unfortunately, I dont believe I receive a feed concerning the symbol, although Barclays does provide one of my feeds for forex, so i cant analyze what was going on at that moment !

well, ive never called it a signal bar, but i guess thats what it is by golly --- it is simply the prior days closing price which represents strong resistance, obviously --- if the stock, currency or index breaks up at that point, its very strong medicine !

the "normal" run for a stock, forex or any others is 3 days, with the run usually ending about midday of the third day (here in the states its 12 noon, est --- watch the currency reverse, approach the "prior closing price", and one of two things happen --- either we break down thru it, or its left for the next market to break thru)

my exits (more than entries, as i may enter anywhere i see a trend has developed) are based COMPLETELY on support and resistance, with a look at the normal intraday, daily, weekly and monthly pivots, although one can do just fine with the normal chart overlays --- its only when you want to impress others, hit the EXACT tp before a major reversal and announce to the world that you are a master of the time/space continuam, that one needs the more esoteric overlays.

Not written in stone, but way above average situation.

markets move in reasonably predictable manners, because theyre being run by humans (who can be reasonable or not) and humans like their organization. Simply by watching how the charts move, focusing on the PATTERN and not the pips, one can pretty much lock into how it moves.

If one uses the LRC channel (an overlay for MT4 called SHI Real does the same thing), you can plot and predict with amazing accuracy, the movements of the index.

there are only a few things one really needs to know about forex to be reasonably successful, and not a lot of the hogwash I read on these sites deals with it because IT TAKES TIME AND EXPERIENCE before you can see the patterns and trends, and that requires a commitment and not a "get rich quick" mentality.

the same goes for most EA's, although I have found a very few that work on price movement and trends, and therefore are superior to the majority of stuff out there. I dont pay much attention because im a manual trader (otherwise I couldnt claim im a trader at all if some robot does my work for me)and so I had to learn the hard way and make the mistakes that had me on my knees, doing foxhole prayers to G-D to save me just this one time more.

But I learned and survived, and if i can do it anyone can do it cause its just not hard !

sorry for being longwinded, but often i just get tired of the hogwash I continuously read, and after many years of seeing the same old same old, I get a rather unpleasant taste in my mouth !

so trade well, learn much and enjoy all

mp

 

[mp6140]

Yes there is a double edge sword where you can lose big without a stop. So you trade lots with small amounts. They wont all get wiped out. In fact I have never had a day where the market has taken out my position. Must just be lucky. I have had days where it goes to minus profit by a lot and then by the end of the day its back in profit. Or only a little loss. Do I care??? NO!!!!

Did you ever have the nerve to see what that trade would do the next day, or use support and resistance on an H4 chart, set your tp using fibs and those resist points, and just let the sucker run for the roses ???

Its the "experience" part of the equation that prevents you going nuts when the currency drops dangerously --- with experience and knowledge one finds, as you have said, the currency COMES BACK AND GOES INTO PROFIT, which is why i preach no stops as long as youre trading WITH THE TREND. Now trading with the trend is something a lot of newbs dont know or have a clue about finding, but with EXPERIENCE (sorry for that word, over and over but its very necessary, both in trading forex or pleasing your significant other and should never be minimized in the rush of youth !) and using fibs and the support and resistance markers, you will KNOW where your currency is heading --- its just so simple to please that "other" one and reap the rewards of her pleasure !

I started trading with a very small amount of money and I make the minimum effort with my trades. So if one day I lose it all then oh well. It was fun while it lasted but did not break the bank or take up my time. I could make a lot more money sitting watching the screen but I dont want to do that. I want to do nothing but click a few buttons and then go out. Will people say this method sucks??? YES!!! but I think sitting watching a screen all day sucks. When you get your initial investment back take it out and then play the game for free. whatever happens after that is a bonus!!!! You can only break even. As for books they are all the same so writting another one will still make some profit. Do I think big companies take positions against retail traders. No I dont but I do believe they can assess a level of noise to create in order to take out stops and the faint hearted that get scared by a trade going into minus profit.

While your method may be a very relaxed one, it is rare indeed among traders --- what works for you is not what i put forth as a policy as im more interested in seeing that newbs get a chance to get that EXPERIENCE and go on, if they so choose, to make money, staying at home or their office for as many hours as they may wish, short or long, and to reap the rewards of working for themselves, with no ugly and stupid boss to worry about, no office gossip and all the entertainment they can rent !

my day starts at approx 7am, est (later often as i enjoy cooking and love grand breakfasts) and is essentially over at 12 noon, where i will place a reversal trade with a modest tp point. While i may always have the charts up to take advantage of something neat that comes along, the rest of my trades will come home on the H4 and that will happen while i sleep ! From noon on, because Im a NYS registered financial corporation, there is other work to be taken care of but trading itself is actually only a few hours out of my day !

enjoy and trade well

mp

 

[wilkelec]

Im not sure what you are trying to say are you looking for some kind of recognition??? You are preaching what I do to me and I find it funny. I hold positions. Once you get so far ahead you never need to think about a loss again. Your 332 day I got 179 but I was at the hospital all day is that a bad day for doing nothing?? I dont think so. As for small amounts I am not talking £200 or anything like that. You should know trading 332 a day that when your money gets larger by placing it all on a direction and getting it wrong it can set you back by a lot. so you split it into less destructive trades. Just like you dont chose 700:1 leverage its silly. Dont talk about indicators they are stupid they always confirm after the fact what you already see has happened. The only reason they hold any truth is because enough people believe in them and then place the limts and entry orders by them. oh the RSI hit the line I better change position and then it pushes thru the line and goes even higher and you lose cash. Silly BS system. Then elliott wave oh yeah X amount of waves up and X amount down. I dont think so. Some times it holds true but mostly not. Then they go oh but that was not a true wave forget that one LOL its insanity....I figure you can get any pattern to hold true if you pick the charts but its never 100% And fibs yeah great a guy from century's ago that came up with a magic number lol that flowers and trees knew before him. So where do you draw the line and at the time you draw the line is it relevant or does it go higher. then they go oh it broke thru the 100% fib its going to hit this fib and on a great day the devine figure of 1.618 Give me a break. Sounds like the devinchi code to me interesting story but nothing great. WOW I have a conspiracy theory the dollar dropper against pounds sterling on 9/11 but 9th of november and OMG it was followed by the drop in the stock market the great recession. Seriously its true and then on 7/7 it will all happen again the second wave of terror LOL seriously study it will help your trades. ROFL then I go back to the real point its a 50/50 chance and I am gambling as long as lady luck is on my side I win and no matter how much you try to convince me there is a full proof method beyond following the herd then im not buying it so fib and elliot and gan and all the other guys that got rich by selling a theory created by there own insanity can kiss

 

[mp6140]

Im not sure what you are trying to say are you looking for some kind of recognition??? You are preaching what I do to me and I find it funny. I hold positions. Once you get so far ahead you never need to think about a loss again. Your 332 day I got 179 but I was at the hospital all day is that a bad day for doing nothing?? I dont think so. As for small amounts I am not talking £200 or anything like that. You should know trading 332 a day that when your money gets larger by placing it all on a direction and getting it wrong it can set you back by a lot. so you split it into less destructive trades. Just like you dont chose 700:1 leverage its silly. Dont talk about indicators they are stupid they always confirm after the fact what you already see has happened. The only reason they hold any truth is because enough people believe in them and then place the limts and entry orders by them. oh the RSI hit the line I better change position and then it pushes thru the line and goes even higher and you lose cash. Silly BS system. Then elliott wave oh yeah X amount of waves up and X amount down. I dont think so. Some times it holds true but mostly not. Then they go oh but that was not a true wave forget that one LOL its insanity....I figure you can get any pattern to hold true if you pick the charts but its never 100% And fibs yeah great a guy from century's ago that came up with a magic number lol that flowers and trees knew before him. So where do you draw the line and at the time you draw the line is it relevant or does it go higher. then they go oh it broke thru the 100% fib its going to hit this fib and on a great day the devine figure of 1.618 Give me a break. Sounds like the devinchi code to me interesting story but nothing great. WOW I have a conspiracy theory the dollar dropper against pounds sterling on 9/11 but 9th of november and OMG it was followed by the drop in the stock market the great recession. Seriously its true and then on 7/7 it will all happen again the second wave of terror LOL seriously study it will help your trades. ROFL then I go back to the real point its a 50/50 chance and I am gambling as long as lady luck is on my side I win and no matter how much you try to convince me there is a full proof method beyond following the herd then im not buying it so fib and elliot and gan and all the other guys that got rich by selling a theory created by there own insanity can kiss my ass!!!

==============================================================

i dont post because of any need of recognition, but simply TO WARN NEWBS OF PEOPLE LIKE YOU --- those who say nothing but what DOESNT work, but shows nothing that DOES --- youre wasting the time of people who havent a clue as to what they dont know, and some of them listen to your prattlings and believe what you say !

While what you say is very true (the indicators work because people figure they work, and if people figure they work, thats where they trade)it applies equally to restaurants and hookers --- if people say this restaurant or that hooker is great, I may very well try it for myself, and find that everyone was correct !

While Mr. Fibonacci might enjoy your statements concerning his selling his system, unfortunately he died many hundreds of years ago and not being longsighted towards the forex market, didnt patent his ideas, leaving his heirs to profit, BUT since everyone else follows them they become, like indicators, a self fullfilling prophecy, and so the market continues, using these old, outmoded, outdated and (from your point of view anyway) stupid junk, and post reward after reward --- i guess the gods of forex like to smile on those using the wrong methods, as you so grandly suggest !

but while stating the obvious truth, you then attach a negative aspect to it and while I can excuse anything BUT A PERSON WHO ONLY LOOKS AT THE DOWNSIDE, OR SEES THE GLASS AS ALWAYS BEING HALF FULL, is of NO interest to me, and those he fills with his puffery and negativety should be warned ------ and THAT is precisely why i post here, to perhaps bring some TRUE information back to the newbs !


you dont like to trade, which is what youve said --- you dont like most everything is what youve left unsaid BUT very readable in your posts ---- I hope you one day find something you like, but I sincerely doubt it will happen !


mp

 

[mp6140]

Mp --- Simple And It Works !

the BIG secret, revealed for all to see

but please, no negativity !!

see how the prices remain inside the trend, illustrated by the green and yellow lines. Note that prices tend to want to move from the top of the channel to the bottom of the channel, in either the daily, weekly, monthly or 5 min charts.

once you can understand how prices move WITHIN its trend, you can understand why i avoid stoplosses and trade WITH the trend.

ok, ive got a bit of experience, so i take advantage of the downside moves in an upside trend, going short with these counter moves to engender more profits, but I would wait a tad if you dont have the experience as you can get in trouble easily.

the arrows and red and blue dots are the ends of moves and support and resistance respectively --- zigzags tend to redraw, although that is not really a problem once you learn them, but support and resistance is pretty danged well spot on, allowing you to set your tp point to within a pip of the complete move.

Looking at the DAILY chart of EURUSD and specifically at the two smaller run ups and drops, just before the most recent LONG runup, one sees that if they had stops in place they would have had a wonderful opportunity to lose TWICE before the long became true (those particular moves, while not absolutely written in stone and with check in hand, often point to an extended upside run --- consolidation works both ways, and only the INDICATORS can tell you which way the breakout will be ---- of course, since these moves were making higher highs and higher lows, one had a pretty good idea of what was to take place, but my good old combo MACD and MA crossover indicator told well in advance what was to happen !

the indicators i use are the "SHI REAL" channel overlay and most any zig zag with its "pointers" ---- there was more i wished to tell you, but this will be my last post and so there is some that is missing and i dont have the time to give a complete lesson.

GOOD LUCK TO YOU ALL, and try to avoid negativity as anyone using it is already close to dead, as far as their mind and desires are concerned !

I wanted to help, but too much gets in the way, so - - - - - - -


enjoy and trade well

mp

 

[nine]

Trading with MP

This thread was started to provide a forum for a series of posts in "All you need to trade is a horizontal line - TheRumpledOne" that relate to a divergent discussion started by mp6140.

These posts deserve a thread of their own. Please let me know if I've missed anything I should have moved over here.

 

[Splitlink]

===================================================

well, ive never called it a signal bar, but i guess thats what it is by golly --- it is simply the prior days closing price which represents strong resistance, obviously --- if the stock, currency or index breaks up at that point, its very strong medicine !

the "normal" run for a stock, forex or any others is 3 days, with the run usually ending about midday of the third day (here in the states its 12 noon, est --- watch the currency reverse, approach the "prior closing price", and one of two things happen --- either we break down thru it, or its left for the next market to break thru)

my exits (more than entries, as i may enter anywhere i see a trend has developed) are based COMPLETELY on support and resistance, with a look at the normal intraday, daily, weekly and monthly pivots, although one can do just fine with the normal chart overlays --- its only when you want to impress others, hit the EXACT tp before a major reversal and announce to the world that you are a master of the time/space continuam, that one needs the more esoteric overlays.

Not written in stone, but way above average situation.

markets move in reasonably predictable manners, because theyre being run by humans (who can be reasonable or not) and humans like their organization. Simply by watching how the charts move, focusing on the PATTERN and not the pips, one can pretty much lock into how it moves.

there are only a few things one really needs to know about forex to be reasonably successful, and not a lot of the hogwash I read on these sites deals with it because IT TAKES TIME AND EXPERIENCE before you can see the patterns and trends, and that requires a commitment and not a "get rich quick" mentality.

the same goes for most EA's, although I have found a very few that work on price movement and trends, and therefore are superior to the majority of stuff out there. I dont pay much attention because im a manual trader (otherwise I couldnt claim im a trader at all if some robot does my work for me)and so I had to learn the hard way and make the mistakes that had me on my knees, doing foxhole prayers to G-D to save me just this one time more.

But I learned and survived, and if i can do it anyone can do it cause its just not hard !

sorry for being longwinded, but often i just get tired of the hogwash I continuously read, and after many years of seeing the same old same old, I get a rather unpleasant taste in my mouth !

so trade well, learn much and enjoy all

mp

Well, you have a separate thread, which is a step in the right direction. Let's hope that you don't read so much hogwash from now on. I am one who enjoys your posts very much.

Split

 

[Splitlink]

Hi mp,

It does take some nerve to enter trades using hourly or daily peaks as R/S areas. Perhaps, that is why you consider stop losses to be, more or less, useless. You have to use the volatility of your chosen instrument to work out the probabilities of success or failure.

It is similar to using the bell curve or MP, except that MP, from what I understand of it, is based on a continuous trend whereas yours, as I use it, is looking for a reversal , because I am, by nature, a contrarian.

There are quite a lot of people on this site who trade without stops. I hope that they will follow this thread. I, myself, have been a believer in close stops but, honestly, my trading is OK but nothing to shout about, probably because I like reversals. I'm ready to be persuaded, especially after my foray into Barclays!

Thanks for your answer to my post.

Split

 

[bansir]

I've been going back to your post 212 and trying to get a grip on it. Yesterday I shorted BARC, a British bank, with success. I'm not sure whether it was because of Bear, Stearns or whether it it was that BARC was, what I considered as, a pullback in a bear stage. Anyway, I drew a horizontal line and used your post as a reason to short.

I'm a little uncertain as to what you consider a signal bar, though.

Split

Hi Split,
Looks pretty good. Have you placed a protective stop order with this trade ?

Best Regards,
Neil

 

[Splitlink]

Hi Split,
Looks pretty good. Have you placed a protective stop order with this trade ?

Best Regards,
Neil

Yes, I did. At 490! Some wild figure, just in case it went haywire. Those that know my short stop policy will think I've gone nuts!

I hope that that is loose enough for mp's tastes and he realises what his advice is doing.

Split.

 

[Lightning McQueen]

bump

 

[mp6140]

bump

THINK IM GONNA LIKE YOU !

mp

 

[Lightning McQueen]

Ah, well done, you've found your new thread at last :clap:

 

[mp6140]

Mp -- Who And What ?

LONG time trader in equities, 5000 copies of my equities trading method downloaded, changed over to forex a bunch of years ago and never looked back.

7 years teaching newbs how to survive and how the market works from the standpoint of REALITY, and not theory !

Have a wierd idea about stoplosses, and have repeatedly proven that when a newb trades in the trends direction, they will finally make money by getting rid of that silly stoploss ! MANY arguements, but also MANY new traders now making profits instead of losses.

TECHNICAL TRADER, although i recognize where fundamentals fit in. "methods" for want of a better name, consist of support and resistance, zigzags (yeah, i know they repaint -- so what ?), heikin ashi candles and a little indicator i prob stole parts of from who knows and some i put together myself !

MANUAL trader, with a dislike of robots and "get rich quick" schemes ---- Forex is what I do and what my financial corporation does, and I cant claim to be a trader if some robot is doing it for me, cause trading is JUST NOT THAT HARD, once you wrap yourself around it and get some EXPERIENCE !

WARM and CRUSTY --- like fresh baked bread, but Im more a dutch uncle than a soft and fuzzy teddybear (well, depends on your sex to be honest !) and i dont suffer stupidity much, but i figure Ive done well enough over the years that its payback time, so if you want some REAL LIFE experiences, both the good and the bad which make me what I am, then stop by and try to put some of my meanderings together !

a lot of newbs out there are now doing just fine, thank you and possibly I may have helped them to get there !

Site seems like a good place to stop by for a while - - - - - - - - lets see if i have anything of value to send out !

enjoy and trade well

mp

 

[mp6140]

Ah, well done, you've found your new thread at last :clap:

seems that way --- now to attract 3 or 4 million newbs and awaaaaaaaay we go !

LOL

mp

 

[black bear]

weedhopper Ftse Index trader posts a forex chart

hi mp

forex ?

never traded one pip

charts are Eur / USD

if I want to long Eur I would need to confirm my wager was the correct way round first because I have never traded a pair once

put my weedhopper thoughts on hrs chart mp perhaps you could add your words of wisdom and correct way to play pair the way you see it

oh and inform me which way round to long short Eur, I will take a stab at Eur first on the ticket to choose direction of that pair but honest = not dead sure

If new = whats this turn around period I read about but remains un specified like everyones supposed to now it :?:

what time do pairs change direction = high probability if move going to stall out = when :?:

I think pair parabolic so pullback probable but hell I am only a weedhopper trader = what the F..ck do I now

I would wait and hope for pullback to old highs or pass on play, is it to late to buy dips on hours etc etc

thats enough for you to be getting on with if I include Q from last post which was ~

how come I learnt upside down and do ok regards timeframes traded

Learnt small ones 1st or should say learnt large ones in principal first only and traded the small ones thinking smaller timeframe smaller risk and seems to have worked out

Note: the word ok means OK but not not....

Exceptionally OK :clap::smart:

anyway a few pointers in the right direction would be appreciated mp so I do not make a large C..ck up when I put my 50 p a pt down :-0

ye ye I am tighter than Split for sure = no contest

 

[mp6140]

hi mp

forex ?

never traded one pip

charts are Eur / USD

if I want to long Eur I would need to confirm my wager was the correct way round first because I have never traded a pair once

put my weedhopper thoughts on hrs chart mp perhaps you could add your words of wisdom and correct way to play pair the way you see it

Allow me to state that I dont really understand most of what youre saying, and while I

oh and inform me which way round to long short Eur, I will take a stab at Eur first on the ticket to choose direction of that pair but honest = not dead sure

If new = whats this turn around period I read about but remains un specified like everyones supposed to now it :?:

what time do pairs change direction = high probability if move going to stall out = when :?:

I think pair parabolic so pullback probable but hell I am only a weedhopper trader = what the F..ck do I now

I would wait and hope for pullback to old highs or pass on play, is it to late to buy dips on hours etc etc

thats enough for you to be getting on with if I include Q from last post which was ~

how come I learnt upside down and do ok regards timeframes traded

Learnt small ones 1st or should say learnt large ones in principal first only and traded the small ones thinking smaller timeframe smaller risk and seems to have worked out

Note: the word ok means OK but not not....

Exceptionally OK :clap::smart:

anyway a few pointers in the right direction would be appreciated mp so I do not make a large C..ck up when I put my 50 p a pt down :-0

ye ye I am tighter than Split for sure = no contest

SINCEREST APOLOGIES AT THIS MOMENT but trading has started and now is obviously not a time i can spend teaching

I will state that EURUSD has more upside room, to 1.5764 in the shorter daily term, but i have to see what it does at the open as i play short timeframes, and its open now

 

[mp6140]

SINCEREST APOLOGIES AT THIS MOMENT but trading has started and now is obviously not a time i can spend teaching

I will state that EURUSD has more upside room, to 1.5764 in the shorter daily term, but i have to see what it does at the open as i play short timeframes, and its open now

1.5706 probable for shorter term

major reverses at 12 noon and midnite EST
minor reverses at 8, 9:30 which do not alter trend, but allow for shorting

no more time -- sorry

 

[mp6140]

1.5706 probable for shorter term

major reverses at 12 noon and midnite EST
minor reverses at 8, 9:30 which do not alter trend, but allow for shorting

no more time -- sorry

1.5736 next resist target

 

[Splitlink]

Hi mp6140,

Not sure if I did this BARC trade by your book--I think not--but I followed as best as I could, for now.
+52 points since I opened on Friday. I closed this morning, as you suggested.

Thanks a lot.

Split