Larry, thanks for the positive feedback. Also, we are more than open to hear adding any recommendations or obvious techniques to add. We would love to hear more about your methods and examples occasionally that you feel have significant value.
Today with the gap opening and the pattern they printed overnite there was only 1 way and it was up until the 743 744 area that was where we had good resistance based on Fibs.
I also knew because of Holiday it would be mostly a trend day so I only took 1 trade long after opening and made enough to call it quit for the day I had other things to do so was not ready to wait until they reach 744 area.
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I figured that it's gonna be very tricky to trade NFT setup during december and I decided to invest some time in different method. I got some hints from Larry also following Deucalion's blog. He's kinda like Horst from NFT. Haha..
I'm still in process trying to figure out right time frames and R/R. I'm using MTP, Larry's stochastics and MACD.
It's gonna take a while like anything else but I wanna give it a try. I took some trades, but they are just for testing. Not a lot of success so far. Haha...
For now I got two time frames from Deucalion's blog. The idea is the same as any other method, get reversal signal on LTF and get in on pull back on STF. Maybe add to position on other pull backs on the way to target.
It's so different from NFT and hard to see everything for now.
When I get some results I'll post it.
This is what I've got on my screen so far:
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Last edited by vovan348; December 1st, 2011 at 08:51 PM.
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Okay, now that you suggest a few things you have read on my blog, let me burst your bubble. And I do it bluntly because IMO there is no other way -
First, lose the word "I think" from your vocabulary. Opinions, thoughts are worth nothing. Neither are appearances, because this implies it affects how you act in trading. There should be no thinking, actions have to be based on some reality like supports, resistances, wedges, flags etc etc. In my trading book, the word "think" is four letter word that will make you lose money to traders like me.
Second, When you look at other people's set-up, understand that it is not your set-up. Use it with extreme prejudice.
Third, the charts you posted with your new set-up are too small. All noise. The easiest way to lose money is to look and trade a small chart. I have a 60M or 4000tick chart spanning back several days to see the big picture. This is the most common way I lost money for 3 years, I thought I could be cute and get away with just quick in and outs. Bad idea!
Fourth, now that you have read something new, use it with extreme caution. Your first instinct should be to disbelieve everything, yet keep an open eye for everything. I am just another anonymous poster with a blog on the net where 99.9% of the content is toxic garbage. I could be just another yahoo with a keyboard.
Fifth, I may have read somewhere on your thread that people want to reduce the uncertainty in price action so they know what to do. This is my biggest pet peeve now - I want uncertainty because the opposite of that is an "obvious" scenario. An "obvious" scenario is visible to everybody. A good trader will always shun the obvious, even if it means missing the trade. I want to trade when everybody is uncertain, because that leads to panic - I am usually on the other side of panic. Those are the highest probability trades. This is difficult concept to learn, some people may never grasp this, ever. If you doubt this, grab Dr Brett Steenbargers's books - they will open your mind as the concept of "Constancy of Uncertainty". Embrace uncertainty, chaos, anarchy and disorder - think how empowering it might be when you can truly say - "I had no clue what happened today but I still made money"
Last, you may believe that Horst was a good trader, but as long as he is selling his system (without broker statements) be very judicious with what you see.
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