AHG - Profitable Strategy for Struggling Traders

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I got to hand it to you Anek I love it when you let us take a look at your trading mind. You got a gift for this. Say, would you be interested in formulating an averaging down version of your trading style? Im serious here, if you are anywhere near the West coast or willing send me a PM. Im also a trend follower but I take different precautions to avoid the chop noise and fakes. Looking forward to your response and keep up the good work, some seriously good trading stuff you teach here.

ADK
 
Quote from dinoman:

The only indicator one needs is price. WHY? All others are irrelevant. The sooner traders learn this the faster they will get close to being successful. Secondary indicators other than volume are nothing but distractions and in this market no one needs distractions. Secondary indicators are calculated off of price. Why use second best when you have the best? PRICE! PRICE! PRICE!

JMHO :D
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I love set priced meals, but I must say, so much more choice & enjoyment À la carte :)

For instance:

1. How do you trade a bull flag, always Long?
2. How do you see weakness on daily/weekly/monthly charts when price keeps on advancing through resistance zones? (att chart)
3. Do you ignore divergences that often mark reversals in commodity/index futures markets? (and others)
4. Would you go Long when you see a bull hammer during a sell-off period?

ImE/O Indicators do not make trading happen, what they do is assist if required & one of the most important offerings is best seats in the house, a typical example would be a price action only trader would wait for a W to break a trendline to go long, though seeing a potential W forming a trader using an indicator could be in earlier, by doing so he would then have a better positioning for trailing, as if you go long at break of trendline you leave more room below to be shaken out.

Of course it is a broad broad subject whether to use or not to use. ImO just use what you think works best, end of. If something doesn't work for you, that doesn't mean others can't benefit from it :)

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1641030>
 

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Quote from Anekdoten:

J,

Here is a more dramatic example as this one makes a trend reversal.

Of course, price action also gave it away.

Anek
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TY! There is more on that chart, but I'll leave it as this is a primarily a p/a based thread, I just wanted to point out possibilities during non-trending times :)
 
Hi Anek,
Of course fibonacci Numbers work, all that's required for them to work is that enough people pay attention to and act on them for us to track their trades, in order to anticipate low risk / potentially high reward trades. The very fact that the markets react on or very close to these levels regularly shows that enough people do in fact pay attention to these numbers.

On the other hand, usually T A indicators are tricked up to each individual traders feel for the markets and therefore produce a broad range of outcomes. This implies less direct impact on the markets for most of them, and makes them much harder to follow for intelligence purposes.

Best Regards

Johno
 
Hi Anek,
A quick question if I may, one of your charts appears to have a continuously updated Fib function, is that possible on TWS and Quote Tracker.

Thanks

Johno
 
Anek,

Thanks for the tip on how to use Fib differently. I never thought it would be used that way. Last friday, it must have caught alot of Fib traders by surprised as many of them shorted without a stop around 50-61.8% retracement levels. I was one of them but I did take my loss because I always have a stop. Small loss too and glad I took my stubborn cap off and decided not to keep shorting the market.

thanks

J
 
Quote from Johno:

Hi Anek,
A quick question if I may, one of your charts appears to have a continuously updated Fib function, is that possible on TWS and Quote Tracker.

Thanks

Johno
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No idea, probably.

Anek
 
Quote from JtraderK8:

Anek,

Thanks for the tip on how to use Fib differently. I never thought it would be used that way. Last friday, it must have caught alot of Fib traders by surprised as many of them shorted without a stop around 50-61.8% retracement levels. I was one of them but I did take my loss because I always have a stop. Small loss too and glad I took my stubborn cap off and decided not to keep shorting the market.

thanks

J
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J,

I use it to predict targets not trends, for the trend you got price.

It was quite a surprise to see the 61.8 taken on Friday nevertheless it's clear that it fought many times around that level and at one point it was ready to lose it, even making a lower low (around 1:30PMEST), yet it reversed and off to the next level it went. This is a great example as to why losses must be small when the good stuff does not work we take the small hit and move on to the next trade. Once again, the element of surprise and failure is absolutely critical in exploiting your opponents. Who recovers the fastest and accepts the mistake first will prevail against the rest.

Anek
 
Hi Anek,

Thanks for the fibonacci illustration of NQ. For the the Thursday's illustration , in the "fib.illustration.1.jpg" you posted earlier at "10-13-07 09:43 PM", can you please tell me what the colored lines are. Is it the mid lines thing you mentioned earlier.

Dark Green moving line near the highs -- HOD (updates dynamically as a new high is formed)
Light Green moving line near the lows --- LOD (updates dynamically as a new low is formed)
Pink moving line --- 50% Fib retracement or the mid line between HOD and LOD(updates dynamically )

And the other two, the middle of the midline and HOD and middle of midline and LOD, so its like 25% and 75% fib retracement. You had to code them to plot these lines dynamically or configuring TRO indicator did the purpose.

As you said earlier, you use these dynamic lines only for "target assesment" after you enter a trade and not for entry assesment, is it correct.

I appreciate your time and help.

Thanks
DisciplineTrader
 
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