LOL, in my journal it's very visual - usually just a few lines per chart. If it needs more it's all in point form. Remember what I said before? I'm Irish and need pictures? Lots of words can be visualised lots of different ways - give me pictures please 1) Didn't watch beyond the first thrust up as I was late for a dinner date and keeping everyone waiting. 2) The PA didn't fall because it went into trend mode. 3) Are you looking at CCI correctly? Can't see it so I don't know what you see nor how you act upon what you see, but you need to combine it with many other factors like TL's. S&R, PA, TF's etc. CCI can be thru the roof 300 in a 1 min and 70 on a 30 min. 4) I discussed settings briefly earlier - 14 standard is fine. As was posted by CF and myself it's how you read an indicator and that, like everyhing else, requires time and experience. The answer is very simple honestly... after a hundred pages of printed journal of CCI + other factors and lots of time with a pen and ruler you will have you very own set of rules that you can then put to the test in real time. The KEY skill I tried to communicate was read CCI in multiple TF's. But CCI on it's own as the magic market indicator?... Nah! And once you are skilled with CCI remember I posted the use of one type of indicator on it's own as a comprehensive tool to read the market is a big mistake. So understanding CCI is Level 1. CCI in multiple TF's is level 2. Adding a second indicator is Level 3. Understanding it in multiple TF's is level 4. Combining the interaction of both indicators is Level 5. Each level done in conjunction with all the PA rules etc. Went to the movies at midnight last night and watched Kung Fu Panda - one funny film. But I liked the main theme - "The answer is in you!"
As we get younger every day one of the problems can be our chemistry doesn't work as well as it used to at bed time and sleep can become an unreliable friend. A Dr. recommended a combination of Vit C, Magnesium and Melatonin half an hour before bed - one of each works a real treat! Re journal: I paste into MS Word so I can blow it up 500% which is necessary for a screenshot across 2 monitors, but I only do that if I have a very inportant reason because when you print it out you'd need a microscope to make sense of it. So I paste 1 chart below the other with a (cont'd) and (see above) note to make sure I relate the set-ups correctly and that way I can use it when I print it out. I post the relationship between TF's, lots of single charts and anything that interests me. Don't need to do much journal work now - perhaps 5 - 10 pages a week and have not captured any of Willl's girls. Also make sure your page numbering is turned on or it becomes a nightmare when you are working with paper.
1) Gann had a rule: no trading when your ill. Also NB: sleep deprivation is dangerous when operating machinery, driving, chatting to females, flying a plane or trading. Tuc tuc CV! 2) Trying to read this journal and compare your trades in two days and make sense of it all is a no - no. If you don't put in the time like anything else - there's no free lunch.
1) Yes and I've spoken to some who use it. 2) People with 3 eyes make me feel uncomfortable. I can't out-stare them. 3) Because with respect JH is better at explaining his method. I know one guy who is stunning in his use of MM, but he says he can't understand Murrey and came up with his own way to use it. I think he won't allow tests or give refunds because his return rate might be 99% for that reason. 4) Money is this simple: your town will be proud of you if you can show them how to make money and a little positive feedback can start a snowball. But if someone thinks they're like the Lord Jesus and that's why they reject him - then his head's well screwed up. People love money. You might be one of the 1% (my estimate) that make it work. If you do please let me know and I'll pick your brains - but I want something that can be read in an instant.
Well, even though i skipped through a bit of those 500 replies,i feel the need to thank you, Yoohoo and Cferret, for a great thread. I have traded ABCD's on the hourly and daily, for a while now,i have been trading for about five years, and have had reasonable success, but there's been something missing. I have known that the aswer is, to trade smaller timeframes, within the broader picture, but have failed to seriously achieve success, perhaps because i did not have any examples of anyone else actually doing it with consistent results, and therefore i was finding it difficult justifing the time spent. It's funny how, when you're shown a way by a successfull trader you tend to think that, because he's achieving results with his strategy, you should be following what he's doing to the letter, not so...something was telling me all along, that what i was trying to do, was not suited to me. I failed to realise that we're all individuals, and we, as individuals many times have got to find a way that suits our characters. Some people are happy to buy a franchised business idea, and follow it to the letter to make money, i know i'm not that kind of person, as many of us are not. I don't think the same can be done with trading (as a general rule), as you have to learn to "feel" the market, and then use that "feel" as a set of rules in the form of technical analysis. Now what i'm trying to state is probably not obvious, or maybe it doesn't make any sense, i'm not the best at putting my point across in the form of words I have read countless theories, threads, and stories, and yes, i have spend money (not a lot) on some "systems", but when i started reading this thread i knew straight away, this is the missing piece to my puzzle, it's not the expected well guarded secret of the "few", but it's something you can use in any market "mood". I have picked market direction correctly countless times and with my fib ABCD's i have had quite a few good trades, and have also been stopped out countless times, but that's not enough. Cferret has said many times: [technical analysis has predicted many a fundamental release], i have expirienced the same most times, some with pin point accuracy... I will thank you once more, and dare to say success is only a matter of time to a determined person......
Nice to know we can help you make the breakthrough Baron and thanks for the encouraging words. I got a flat head from beating it against the wall for years until I was able to discover how to get a better fit for the puzzel, and now if I can help redirect some other traders pain into a more productive endeavour, well that just seems like a decent thing to do
Great posts ...everyone.... and Thanks for those great wise words CVDS , youre right on. these last posts should be printed out and pasted above the computer for everyone who trades and studies. beginner and expert. Your words are right on target for me CVDS, thanks again.
About analyzing the CCI data..... I was planning (my next exercise) to gather the data .....looking back at all the recent big moves ,going back lets say a week or two ,or more.... examining the CCI levels.... to see if there is any pattern that looks like a fair predictor.... has anyone done that ? i.e. to see if for example..... you have moments where all the time frames show a certain high read in all the CCI frames..... and then the PA plunges..... or visa versa (low bottom) on CCI ....and the PA jumps big..... has anyone looked at this.... to see if there is any predictable pattern....something to use as a guideline....? I'll still do the research, but if someone's done it ...could save me a few hours. a little busy today....
I just saw this news item.... even as a beginner, I know that the price of oil influences the euro/usd..... but within the complex political world framework....what influences the price of oil.... wont that have an importance to consider as forex traders? what would happen to euro/usd if Israel attacks Iran....?? euro...blast off to 162 ?....higher? ...sudden broker shut down for safety? ... any thoughts? heres the news article I saw. http://disc.yourwebapps.com/discussion.cgi?disc=149495;article=119173;title=APFN
I think we could be seeing this right now on the macro level. Look at the daily charts. Horns 22 and 27 May. Then it was taken down and ran up fast to a lower high in the last 2 days. Fluid run-up? Check. Traders expecting a test of the highs or a breakout? Check. So we have a potential flying knife here on the daily waiting for a significant bearish move. I know this thread concentrates on faster timeframes, but just thought I'd put this out there.