sorry, will try again here...no, showing an upload error...so will post the link to Dentist007's thread and the post, download it here from post #97: http://www.trade2win.com/boards/general-trading-chat/110410-free-seminar-london-sat-29-jan-2011-a-14.html
I've attached it here as a pdf. I didn't attend the event but I learnt a lot from the document and his threads in general. Btw: I don't think he thinks it is 'grailish' just the basis of his technical approach to the market. The 'grail' doesn't exist - it's a fools errand trying to look for it.
I would move my stop to the entry point (black line) and hold...that is a significant candle on that time frame - it implies more upside to come is the greater likelyhood....even if it is at the point you show it technically overbought (whatever that means) on that and lower time frames from one...
A Zero to Hero trade could be the Uk Q3 Gdp prelim at 0930am Uk time tomorrow...the greater probability favours a strong number = gbpusd goes north. Of course if number disappoints it will be Zero - well, much less.
1. Because trading psychology is counter intuitive to normal human psychology and most never get to grips with it / find a way of managing it
2. Because most are under funded so over leverage exposing themselves to potentially ruinous risk.
3. They think they need to be right to make money - and...
The real deal is that they know that overall a high percentage of retail traders will lose in the end, and a high percentage fund up their accounts for another go or several other goes, and indeed a good percentage of these -much like gamblers that go to a casino - accept the losses as a part of...
In answer;
1. Buyers and sellers don't always 'fight' at fib levels-whatever that level is...as often as not if not more times than not - price ignores them, or at least that is how it seems.
2. Why not the other numbers you mention? - because they are not what the market generally recognises...
Marx (Groucho not Karl - this is T2W after all) said I wouldn't want to be a member of a club that would have the likes of me as a member ! If there was such a body _ I for one would avoid it like the plague - I want to surround myself with winners not losers looking for others to blame - and as...
You are offering to call live entry and exits without explaining why you have called such advice ?
If not seeking payment why then are you offering to do this ?
What point does it serve without explaining your edge or indeed offering a signals service but with a verifiable track record up...
It is far easier to be with the main money flow than against it that is certainly true and what you have read undoubtedly holds a lot of truth...whether it is the only real edge is a different story but for an inexperienced trader it probably holds the better chance of developing a profitable...
From a technical point of view - you just have to trade what you see not what you think - which is useful as very often what I think should happen based on past history and logical reasoning (ie your so called ' text book) doesn't ! ...this can make it hard to take a trade even based on what...
Actually, just over 1 year into your ' €4.1k to €227k in 2 years ' plan I and I am sure many others are genuinely interested to know if you are 'on target' to achieve your stated goal ?- ie what is your a/c balance now ? Do you still think it is achievable ? Thanks.
Thanks for that - I think it is important therefore to build your own empirical evidence about your own edge/potential edge and work out it's performance stats accordingly.