The View Down River

Good post T-bone. Hope to get to know you here in cyberland also. I like the part about "pass on the wealth to heirs".

Shows good character and integrity.

DRT


Quote from mephistoII:

Hi DRT - you'll have to excuse the delay in my responding to the summary of your trading journey. I have only recently registered here at ET, and using a hotmail address didn't survive the background check (my account was suspended - lol). So, I had to wait until the office reopened today to get things ironed out.

I read your account with much interest, and found many similarities to my own experiences, as did, I'm sure, many other readers. I have a good friend who is my trading partner, although we have never met personally (we live in different countries). We met online in Joe DiNapoli's students' forum, and have stayed in constant communication via computer and cell ever since. Just a few days ago we were having a serious discussion about how trading is indeed one of the hardest endeavors a person could possibly choose in life. And, also, although we both intend to support our families through our trading profits one day, how there is so much more to it than simply making money; i.e, we both strive for the attainment of realizing our goals to be the primary payoff, and for a chance to pass on "the family business" to our heirs. Although, at present, they can't understand why we continue to waste inordinate amounts of time at the computer, to which you alluded ;>) Additionally, I found myself nodding in agreement to your statement about having a passion for trading, although in my case I'm afraid its more akin to an obsessive compulsion - heheh.

I enjoy the "personal" side of trading as much as the numbers, but I'm gonna shut up now for fear of steering your thread to places unintended. But I must say that you have piqued my curiosity concerning the "why" of price movement - something tells me you are talking about more than just the underlying fundamentals. If you ever care to elaborate on that subject, I can assure you of my attention.

Please keep up your fine journal, DRT, and continued success w/ your trading ... regards, tbone
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Thanks Steve. Sounds like you modeled your methodology around some of Elder's teachings. I did read a couple of his books some time ago. I think I have the EL code for the force index somewhere. I do not use any indicators anymore in my trading. I used to rely heavily on them. Now I just try to watch price action.

Actually, I do have a couple monthly charts set up with Stochastics and MACD, but I only look at them occasionally. So I guess I am not completely "indicatorless". I just do not use them for any trading decisions.


Quote from spersky:

DRT,

I use old school Support and Resistance. I do not calculate the Pivot points per se. I also use ATR price channels to set price targets. They are very simlar to Keltner channels, but modifed the channels to use the EMA. I use 2 - 3 timeframes, and I usually use MACD divergences. Also, I use a indicator from Dr Alexander Elder called force index. It is a very interesting way to look at volume.

If you use tradestation I can give you the easy language code for it.

Regards
Steve
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METHODOLOGY THOUGHTS



Let's start some discussion on methodology. A couple folks have asked me about this. I will try to post on-going thoughts on this in blue so we can find them a little easier.

My goal here is to help those that need a little guidance, not try to change what anyone else is doing. Some of the things I say will be laughed at by the "more eduated gurus" who may visit here. I suspect some things will not even seem technically relevant or accurate. I am okay with this, as long as they don't call me names.

My goal is to help you think. Not give any suggestions or answers or make any revelations.

You can play along if you like, if not just ignore post in blue.

DRT

 
The forex market exists to facilitate international trade, to hedge a companies contractual obligations that are subject to the risk of adverse currency fluctuations. It also permits the sale and purchase of currency to settle international trade deals.

It is no coincidence that the growth in the fx market has been in lockstep with the rise in international trade.
 
To facilitate the exchange of currencies between nations, institutons, corporations, and TRADERS :-)

Correct if I am mistaken, but I'm thinking the Forex evolved from the Bretton Woods Accord, which gave birth to the International Monetary Fund. It was the IMF that mandated the free-floating of currencies, so that a currency can be traded by anybody, and that its value be a function of the current supply and demand forces in the market.
 
2-21 6:05 AM Price at 1.1928

Good morning everyone. I just entered short at 1.1934 a few minutes ago.

The picture is not totally clear for me this morning. I still think we have to probe downward. I am fairly focused on the 1.1928 area. If this gives way, I am looking for a move down to the 1.1900 area where I see strong support.

To the topside, any break above 1.1948 and I will cover.

If price does move down, I will look to reverse my position and get long ideally around 1.1896, but there is solid support at 1.902 also. So I won't be stubborn but look for an exit of the short and a long entry in this area.

This is a key area. I do see some signs of this not holding. I suspect there will be a decent run up out of here, but I still have the real support down around 1.1826 and I would not be surprised if we get there somehow.

Good trading and I will try to update if I change my position.

DRT


Also, keep your eye on the USDJPY. If it moves into 118.96 this should produce a move down and a counter move up in EC. Ideally, we would reach the 1.896-1.1902 level around the same time the JPY is slamming into 1.1896. Likewise, if the USDJPY moves strongly thru this area, then we may continue on down in the EUR.
 
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