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But seriously,
CashierTan,
As an advanced forex trader, it would be good if you can give us your review of the trading system in
"Street Smart Forex" ... It costs only less than 1 pips to buy it.... 
.
I also love to sell kachang puteh (remember those Indian men with a tray on top of their heads?)... hehehe...
Whatever things or ipunter post got to be $ales linked yah?
For those trading Forex on the news, this is also a very good site to bookmark for daily reference...
Bookmark This Site --> Forex News Site
_______________
"Street Smart Forex" Trading System.
Elfin... :)
Talking about dogs, it's fascinating how different dogs of the same breed can also have different individual characters... I've come across some which have really adorable characters... hehehe...
And wow, you've advanced ahead of me...
I'm still attached to my single pair after my FX1 Academy course (which they specialise in).
But I will be 'tackling' a more volatile GBP pair soon...
Just want to make a correction. I don't mention that I use head&shoulder pattern, double top/bottom, cup and tail, candle stick formation.
I just got email from one forummer to confirm this ..
For someone, who gives me a gift .. I'm really thankful ... I wish you for the best.
hehe, actually, i don't really use elliot wave theory and all that. it's just patterns for me. i don't quite know how to say it. you're right in calling them waves. (mathematically they're sine waves, but that's over thinking).
but yea. each pair behaves differently. that's why it took me up to now to get really familiar with the pairs. only watching three of them. it's like getting to know puppies of different breeds. hehe. all dogs, but different breeds make all the difference: can't use one system on all three.
weeding out the false patterns requires a lot of observation and practice tho. i'll just havta practice more and get better. no hurry for profit at this stage: i wanna master the systems first. since then, can simply scale it up or down to adjust for profit level. (at least, this is my thinking)
thanks! :)
I agree with Techsys...
I have said long ago (when trading stocks) that I don't like indicators at all...
Getting a feel of the market through chart action is more important.
...Since indicators are all lagging because they are derived from yesterdays's happenings
(ie. using yesterday's news today for making important decisions tomorrow)...
Actually I don't think you amateour. I can confirm that you have gotten the first clue.
My secret in forex trading is wave understanding. I don't mention about Elliot Wave yet. Elliot Wave has only 1% of Wave understanding. Pattern is very essential. You can find out that all indicators actually tell you pattern. The problem is which patterns are the correct one. Because of every pair has different behaviour, pattern for every pair will need some adjustment.
yups, i get what you mean.
strictly speaking, i've only been in forex for about 5 weeks. but since a week or two ago, i've been seeing that all the indicators etc may actually unnecessary: since they're all derived from price/vol action anyway: that one can conceivably call it just on candlesticks/'wave pattern' alone. (am i right on this?)
it does however require an intimate 'feel' for your pair. such that if it moves a bit out of the pattern, you know something's going on. ie, you really need to know the pair you're playing very well. The way it peaks, and troughs, and the blip-blip-blip pattern it causes. the patterns, essentially.
pardon if the above sounds very amateurish and all, am just feeling my way around the forex field, plus, i don't quite know the proper terms for it. hehe.
thanks for your help. :)
Dear elfinchilde,
I use candlestick for my charting and like what I have told before I don't use indicator.
I use fibonacci sometime but not necessarily. I can do this, because I understand about market movement. This is the core of all indicators. If you read all the articles that I have posted about indicators, you should have a clue about how market move.
hi techsys,
would i be right in thinking that you use pure charting (candlesticks) and stochs for trading only?
do you draw channels and lines, or use fibo etc to determine the levels?
if you don't mind me asking, that is. thanks. :)
About William Percent Range (W%R), I don't have a lot comment. It is a different view of Stochastic.
We just directly look at the formula.
W%R has n as the number of candle stick we want to consider. The default is 14. The same reason I mentioned at Stochastic's Mindset.
We look at the highest high and the lowest low within the candlestick.
The formula is
(The Highest - Current Close Price) / (The Highest - The Lowest) x (-100)
So if you see W%R -70%, that tells you that current price is 70% away bellow the highest price. Or if market is trending down, -20% means price has been push 20% from the highest price.
W%R was created to help us know how deep price has been pulled/pushed back within a trend/range.
My apology, I want to correct my last paragraph.
So the correct way to play RSI is not by looking at RSI line touch 30 for buy signal, and 70 for sell signal. RSI is used only together by reading the chart.
In RSI, we look at the trend then put positions following the trend.
Since RSI is hard enough to go down 0, a range should be define first.
Here is the request from one forummer.
This is about RSI and William %R.
(Remember I'm not Indicator Trader !!!)
Honestly I don't really like these both indicator and the same to MACD. I share with you about the idea and you can try to decide how to make this indicator work for you.
RSI was create to see momentum in candlestick or bar chart. Some people use it to interprete candlestick pattern. So the idea is to findout the momentum of current formation.
RSI is used when market prize is squeezing. I'm not saying consolidation, because RSI is meant to be a detector market momentum. RSI is more effective to be used with bolingger. But none of them can tell you when to buy or sell.
RSI has parameter n. N is the number of candlestick from current to the back.
1. We do SMA (Simple Moving Average) to Close Price of every Bullish Candle. We call it SMA Bullish
2. We do SMA to close price of every Bearish Candle. We callit SMA Bearish.
We devide SMA Bullish with SMA Bearish then plus 1. We get a divider.
Divider = (SMA Bullish) / (SMA Bearish) + 1
So RSI = 100 - (100 / Divider)
Understanding this formula, we get one understanding:
if in a group of candlestick, there is more bullish candle than bearish candle then price will going up, otherwize market price will be going down.
So the correct way to play RSI is by looking at RSI line touch 30 for buy signal, and 70 for sell signal. RSI is used together by reading the chart itself. We look into RSI, if we can see a trend, then we buy following the trend. But before you look at the trend, you need to find out RSI range. Since RSI is hard enough to go down 0, we need to find out a range.
Elfin... :)
Please don't avoid us, in any thread,... you are welcome... at least to me...
(Your meaty posts, regardless of their length, never fail to lift up my spirits)... hehehe...
Hi I have been blogging on forex for some time, if anyone is interested. check it out at
http://www.profitwithforex.blogspot.com/
heh. i've avoided this thread precisely because i do not like it when people argue needlessly.
c'mon guys, regular life is tough enough. let's live and let live. if we can't agree, then the mature thing to do is to agree to disagree. Those in this thread are all experts in their own right: we all know there are more than one ways of trading to achieve financial success. surely then we should set an example for the newbies on how to behave, and what is the kind of character that will lead to success in trading/investing?
there's greed, ego, pride. but there's also grace of manner and forebearance. An open mind is what allows best learning, and then, the independence and responsibility to carve your own method.
thanks techsys for the informative lessons. the UJ examples were great, esp since that is one of the pairs i focus on.
I second singaporegal .
