I have to admit there are similarities, but more important are the differences. To start with, I do use stops (very tight ones too), I have only two or max three lines on my chart and third, I never average down. These are very very important differences because they illustrate that I am willing to admit to the market that I am wrong. A trader who uses no stops of any kind (including mental ones) is basically saying he can outsmart the market. Sooner or later the market will proof him wrong.
firewalker, while what I DO tests my equity, i DO NOT ADVISE NEWBS to even consider the practice and have repeatedly stated such --- how many lines i have on my charts has NO consideration in our discussions, as one can drive a car with NO instruments at all, smelling the air for overheating and judging by the wind in the hair the speed of their progress ! ---- i personally like full instrumentation in the car !
if i should desire to tempt the gods by using no stops, what is that to you if i do not demand that everyone else do the same ?
As you for some reason keep going on about is, I have no other reason than to respond to your posts. Remember, I didn't start posting in your thread (because I never read it), but you started posting in mine.
YOU REMEMBER WELL WHY I POST HERE FIREGUY -- YOU PLAGURIZED MY WORK ! and allow me to point out that YOU POSTED THIS, and im simply anwering YOU --- you continued the discussion, NOT I !
Not exactly, you said there was a reversal signal later in the day and took a short. I said there was none and I said I would hold on till 12870. The market did as I anticipated, while I was out at the local pub. But you shorted, so we didn't exactly do the same now, did we?
absolutely true, we dont trade the same way, and ive stated that constantly --- normally there is a reversal at NOON EDT here in the states, which then reverses again at the 5 PM EDT ROLLOVER --- first day momentum will usually move that time to 1:30PM edt and the SHORT will not be of great value, which appears to be what happend today, as usual. Now if youve ever read my posts on how trades move, you will see that i usually hold that 2.5 days is the "hold" period, but indexes and forex are a bit different as they may obey the "first day rules", but with news shifting things around, theyre always being jockeyed into positions that are advantageous to the "smart money" as per MY AND YOUR ANALYSIS OF HOW THE PRICE MOVES BEFORE NEWS so one has to always look forward to see what and why is happening now, and its a job that most (including myself) cannot deal with untill the momentum slows !
but be that as it may, because i went short based on the time situation and NO REVERSAL SIGN, and while the move was not SENSATIONAL, there was certainly a move and profit to be made ! Please also understand that i hold a LONG position also, i simply took advantage of the SHORT, as it sat there simply waiting to be taken --- in NO WAY did i state that it was something to be held forever, ESPECIALLY as it was only a 30 pip move to the 23% FIB --- additionally, despite the fact that you dislike it, i averaged down on my long, so now expect a decent repayment AND i also have another short sitting there !
Anyhow, tomorrow is Tuesday. I can hardly wait.
judging from the pennant formation that is formed on the H4 chart there should very well be further upside should it break out at the 12897 point which i most certainly could not predict last nite although i did mention it as a resistance point i believe, but should it happen it will be just fine as i will simply move with it, and since i have a short in play also, i will simply average UP when the reversal comes into play --- it SIMPLY WONT MATTER, except that you can crow that i was a day wrong in my forecasting, but to no matter in reality !
NONE of this is of any importance fireguy, except to you it appears --- i presented a hypothetical course of events in answer to your taunts (which is not a very good reason for doing so), on an instrument that i never trade, and so far have done just fine ---- should what i said happen on tuesday as i originally thought, or wed or even thurs mid afternoon, it still is of no great significance, just not doing it on the day i originally thought.
my manhood will not be challenged and i should even be able to manage a smile, even though i will have been dishonored and broken before my peers --- i shall survive, especially as i havent placed trades with my broker, to be honored at the exact turn of the clock -- if it goes up, it goes up and if it goes down, it goes down --- ill catch some part of each move i can bet ! (you take all this much too seriously fireguy !)
