Holy Grail found!!!

[dbphoenix]

Tim,

I am familiar with the use of hammers and shooting stars as a means to signify possible reversals and I have even written on here how they can be used with volume spikes to enter trades. However, this is still not the same as predicting a market top or bottom. These techniques can be used to enter a market that is maybe in an uptrend, has then reversed slightly and when a hammer has been observed used to enter a long trade. This could be seen just below an all time high (such as has recently been seen on EUR / USD) as a means to enter a Long trade but it is not the same as buying low and selling high in my view.


Paul

I agree. Trying to pick tops and bottoms is an excellent way to get sucked into trading counter-trend.

 

[theroguetrader]

hey guys,trying to pick tops and bottoms is a sure fire way to go broke -

thats " GREED "...... !! try to take your profit out of the " phase in the middle" ......... !! - coming in a bit late to buy & a bit late to sell (the other way round for selling short) - is no bad thing -

- its usually safer -

 

[laptop1]

"Its never to high to buy, or to low to sell"

 

[DaxDestroyer]

"Its never to high to buy, or to low to sell"

Only at the bend at the end

 

[timsk]

I've not finished reading the entire thread just yet, but it is my impression so far that the method discussed attempts to catch bounces off of confluences of support/resistance levels, which are defined as price levels which have been both intermediate highs and intermediate lows in the relatively recent past. Given this, the technique discussed is generally going to be entering on retracements in longer-term trends, rather than timing the beginning/ending of these trends. Is this incorrect?

Hi jj,
Broadly speaking, your synopsis is my understanding too, although I don't think T_D restricts himself to retracements. Additionally, I don't think he has any particular concerns about trend either. He appears to be quite happy to trade against the prevailing trend, as counter-trend moves can be harder and sharper than with-trend moves. It appears to me that the ability to enter the market long at swing lows and short at swing highs (i.e. top and bottom picking in my book) is more of a by-product of the methodology as opposed to a specific objective of it. However, I should stress that I'm not T_D's spokesman and I'm only putting forward my understanding of his methodology as I see it and I accept fully that the interpretation of others may be very different!
Tim.

 

[FXSCALPER2]

I found the holy grail, at least parts of it :clap:

An ebook, really worth reading! I was impressed!

You make me laugh mate. You say that you have been trading for 25 years, that you are 'up 40 million and down 4 million'. Are you sure?

Trading just knocks me out.

 

[JTrader]

Getting back to the OP

I found the holy grail, at least parts of it :clap:

An ebook, really worth reading! I was impressed!

Yes.
specifically, why do you value this ebook so highly?



Cheers.

 

[TheBramble]

- coming in a bit late to buy & a bit late to sell (the other way round for selling short) - is no bad thing -

- its usually safer -

...or even a bit early to sell...?

 

[trader_dante]

I feel I should briefly interrupt at this point and add that my strategy relies on playing price action. Pin bars are just a part of it but I concentrate on teaching them as they are, in my opinion, one of the easiest types of PA to learn and they can be very profitable.

Pin bars occur at swing highs or lows and I take them both WITH and AGAINST the trend.

I've used them to correctly predict market turns at the tops and bottoms of long trends.

Here are just a few examples below. The first I called in my thread. The second I used as an example in there. It was a long time after the event when I talked about it but I actually traded that at the time myself. The third was called by someone else, in my thread, after learning the principles.

They are all about as counter trend trading as you can get and all were extremely profitable.

I do not think these are examples of cherry picking either. I've been trading this way for the last six months on 1hr and daily TFs and the account is up 2967% since my first trade on the 20th July 2007.

I hear a lot of traders say "trading against the trend is the way to the poorhouse" etc etc and this is true BUT its because most traders can't do it right.

 

[DaxDestroyer]

You make me laugh mate. You say that you have been trading for 25 years, that you are 'up 40 million and down 4 million'. Are you sure?

Trading just knocks me out.

It makes me happy, if you have something to laugh about
Excuse me, discuss these things with people who like to waste time

 

[DaxDestroyer]

Yes.
specifically, why do you value this ebook so highly?



Cheers.

We are here in the Forum FIRST STEPS!!!
I wanted to contribute something for the Newbies here and I think, it is worth reading it as it happens to many people.

I liked the way of writing about it and had a smile. When my kids are a little bit older, that is the kind of books, I hope they will read

I hope, this answers your question.

On the other hand, I should change the title of the post into:

PIN bars, or how to avoid getting killed on contrarian trades

 

[Trader333]

Develbis

Andy,

Your PM and email is turned off so I cannot reply to the message that you sent ?


Paul

 

[DaxDestroyer]

Seemingly the theme of this blog is now "ANDY WANTED" :clap:

 

[DaxDestroyer]

Andy,

Your PM and email is turned off so I cannot reply to the message that you sent ?


Paul

Did you find Andy? :cheesy:

 

[Trader333]

Unfortunately Not


Paul

 

[Lightning McQueen]

Unfortunately Not


Paul

Paul, Andy has left us I'm sorry to say

he may or may not be back in the future

apologies dax ...back to the grail.

damn, I wish i'd named my thread with a grail in the title, we started within minutes of each other and I just can't catch you up :clap: although I see I'm gaining slowly

 

[Trader333]

It is all a bit strange as he sent me a PM requesting information about trading and less than 12 hours later he had gone and that was the only reason I was asking.


Paul

 

[Splitlink]

I think that Andy had a problem. Every time someone came up with a new idea, he had to go and research it out, so he's closed his account while he does some serious concentration on finding The Holy Grail for himself. It's not the first time he's closed his pm box for a short while but I was surprised that he had closed his account this time, as well.

I expect him back, although I can't promise!

Split

 

[new_trader]

[EDIT]
I hear a lot of traders say "trading against the trend is the way to the poorhouse" etc etc and this is true BUT its because most traders can't do it right.

Yes, I've heard a lot of traders say the same thing about using tight stops...Here is an example of my trading the ES contract.

 

[DaxDestroyer]

Yes, I've heard a lot of traders say the same thing about using tight stops...Here is an example of my trading the ES contract.

Tight Stops and trying to reverse positions quickly are the surest way to bankruptcy