IN THIS THREAD: IronFist learns (the elusive) PRICE ACTION

Quote from jonbig04:

Its likely they just dont understand what S/R mean, but as I pointed out this is the PA thread.
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Iron Fist needs the basics ... but is being given the *All Expenses Paid Trading Extravaganza* version of what trading is all about ...

Ah, who cares?

See ya.
 
Quote from MandelbrotSet:

Anyone who says trend and resistance are an illusion is a fool.

Anyone who believes it is a bigger fool.

Looks like this thread is hitting the atmospheric highs and is about to blast off into the stratosphere.

P.S. Please continue posting your after the fact charts while talking about nothing, nukethewhales; and please continue posting your real-time trade charts showing how you can't hit the side of a barn that you're 10 feet away from Iron Fist.

Between the two of you I don't believe there's been less valuable information ever posted on ET (not counting Jack Hershey, of course).
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thanks for that contribution.

(posting from my phone)
 
Quote from MandelbrotSet:

Iron Fist needs the basics ... but is being given the *All Expenses Paid Trading Extravaganza* version of what trading is all about ...
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so give me the basics.

or at least point me in the right direction :/
 
Quote from IronFist:

so give me the basics.

or at least point me in the right direction :/
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I. Multiple Time Frames

1. Using multiple-timeframes is the optimal way to scalp the e-minis.

2. Every timeframe is a subset of another timeframe.

3. The higher time-frame is stronger than the lower timeframe and is used to determine the market trend, so you allways know which side of the market to be on.

4. The lower time-frame gives you a faster entry/exit, and allows you to take advantage of the momentum provided on the higher timeframe.

***
And that's just getting setup for the entry and exit signals. Next we have;

II. Risk Management

III. Money Management

IV. Psychology

See, the basics. :)
 
IF,

Some have mentioned Suri's book in the beginning of this thread. If you get it EVERYTHING that has been talked about in this thread is in the book. Also things that have not.


I took the advice and purchased the book. If you just use what is on a few pages and understand it you won't need the info in this thread and to sort out what is correct and what is not.

He is a legitimate trader and makes money trading. There is something in the book for everyone.

I don't know him (other then one email conversation) but I have spoken w/people who do and he is the real deal and the book has valuable info.

You mentioned you couldn't spring for the book. IMO it is money well spent. In fact if you can't spring for the book how can you justify spending money on trading? The $50 for the book is a small amount to what you could lose in 30 seconds trading.

Paul
 
you dont need too look at a million different charts, you only need like two charts for a single contract, stock, or pair.

I guess you saw my other chart where I had many different color lines? . Each line represents a s/r level for a different time frame.well those are support and resistance lines from larget time frames. Price is the same no matter what chart, so theres really no reason to see a monthly, weekly, daily, and so on if you can see all that from one chart.

but like i said, i have just two charts, open. A 4hr, and 1hr, and i sometimes look at a daily, but looking at all those charts just clouds judgement.

Some traders dont mind this, but its just my preference.
 

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Quote from cashmoney69:

you dont need too look at a million different charts, you only need like two charts for a single contract, stock, or pair.

I guess you saw my other chart where I had many different color lines? . Each line represents a s/r level for a different time frame.well those are support and resistance lines from larget time frames. Price is the same no matter what chart, so theres really no reason to see a monthly, weekly, daily, and so on if you can see all that from one chart.

but like i said, i have just two charts, open. A 4hr, and 1hr, and i sometimes look at a daily, but looking at all those charts just clouds judgement.

Some traders dont mind this, but its just my preference.
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The point is that he needs to look at mulitiple time frames to get a view of the forest and the trees. Which ones will be up to him. I would be careful claiming that certain things "only cloud judgement" etc. There are lots of successful traders who use many time frames.
 
Quote from cashmoney69:

you dont need too look at a million different charts, you only need like two charts for a single contract, stock, or pair.

I guess you saw my other chart where I had many different color lines? . Each line represents a s/r level for a different time frame.well those are support and resistance lines from larget time frames. Price is the same no matter what chart, so theres really no reason to see a monthly, weekly, daily, and so on if you can see all that from one chart.

but like i said, i have just two charts, open. A 4hr, and 1hr, and i sometimes look at a daily, but looking at all those charts just clouds judgement.

Some traders dont mind this, but its just my preference.
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i take a weekly chart ,draw lines,change it to a daily,(weekly lines are still on it),then an hourly then 30 min,then add 15 on and off thruout the day and erase some of the shorter term timeframes as we move away in price,do that with about 3 other trading instuments that correlate together,set them side by side and you have a system that shows confirmed supp/res,the only thing i do different from yours cash is i use diag lines,looks like you are using horizontal, i dont use different colors but i like that ,i think i'll start
 
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