This is the holy grail!!!

[MickMason]

Originally Posted by golhuntsleep

Study Fibonacci theroy and it's effect on Human nature enmass once you can convince yourself that currency movement is mathematical, not random, you will be on your way......

I agree, currency values (intrinsic or otherwise) mean very little, just go with the flow and try not to complicate a very simple concept.

[TRADE]

Originally Posted by MickMason

I agree, currency values (intrinsic or otherwise) mean very little, just go with the flow and try not to complicate a very simple concept.

nothing complicated just keep it simple....a simple way to determine whether you should be long, short, in or out.

whether we like it or not, values and price have everything to do with it and mean a great deal as this is what motivates us to buy or sell in the first place. we are all using one or another derivative method to determine our market stance.

if this is fibonnacci retracements, MACD crosses or simple S&R levels then that is what determines your reality, but others have a different reality thus making this whole trading game possible.

so to say it has little to do with it is an understatement as we or our methods are not always correct in the first place, and there is not only one approach to tackle the problem......

[MickMason]

Originally Posted by TRADE

nothing complicated just keep it simple....a simple way to determine whether you should be long, short, in or out.

whether we like it or not, values and price have everything to do with it and mean a great deal as this is what motivates us to buy or sell in the first place. we are all using one or another derivative method to determine our market stance.

if this is fibonnacci retracements, MACD crosses or simple S&R levels then that is what determines your reality, but others have a different reality thus making this whole trading game possible.

so to say it has little to do with it is an understatement as we or our methods are not always correct in the first place, and there is not only one approach to tackle the problem......

How many intraday traders trade on price, "euro looks cheap, I think I'll buy some". Price is just a refererence point to determine what number to enter in the stop/limit box of an order ticket. Unless you're an economist then how can you say whether a currency is cheap/expensive/fair value? Looking at price alone can be a bad practice, there are many who didn't want to buy eur/usd at 1.30 simple because of price whereas technical traders were happy to buy high and sell higher.

Looking at price may work for you and that's great, but it's not the usual entry/exit strategy used by most traders.

[TRADE]

Looking at price may work for you and that's great, but it's not the usual entry/exit strategy used by most traders.

I very much agree mick, as traders we are not too concerned about the price as such given that when we are long from whatever value, we are primarily concerned with that it increments up and vice versa when we are short.

we can buy higher and sell even higher but trading by price gives the sort of reference points not limited by bounds to a larger extent as many indicators are.....eg. rsi and stochastics

whether most believe it or not we are in fact trading price through some derivative or another.....when you draw your fibs you are not limited by bounds as you can find them were ever your imagination and creativity tends to look for them....from this i bet you are also gauging magnitude and the potential intensity of the proposed move. other indicators give a limited view and their is no distinction from one cross from the other in most cases as they do not offer this sort of insight.

and this is my point we are trading price so there is no need to blind ourselves with these bland indicators that create disillusioned comfort and i do not need to remind us how the majority of traders perform!!!!

[MickMason]

Originally Posted by TRADE

and i do not need to remind us how the majority of traders perform!!!!

Now there you have a point. I agree with you, most indicators just provide disillusioned comfort, a kind of traders crutch to help him through the next trade or give him reason to trade at all.

So are you basing your trading decisions on price alone? I'm assuming you use fundamentals quite a bit to gauge value? Do you look at interest rates and such? You may not want to go into detail, a generalization would do.

I'm always interested in what profitable traders do because if they're making money that is all that counts.

[TRADE]

there is not much i disagree with you mick, by and large the view or the way of thinking must be correct to make money, with this view we must consistently apply it as tho there is no other view, if it makes up our reality from experience.

I have read your thread, 'can it get any easier' but even after countless attempts to make fibs work for me, i have failed, this is not to say they do not work because I have found them to be accurate in hinde sight, it is just in the hear and now which I have found difficulty applying them and the level of discretion needed to spot them has confussed me, but needless to say anything where you are taking direct reference from price is in my opinion the most effective way to trade....

you are participating on a thread:
http://www.moneytec.com/forums/f78/m...odollar-22396/

which i am giving my insight and way of think to approach the markets...i will not discuss the tactics i employ as my edge is hidden within however the way i view the market has merit and has many parallels to general trading even outside of the forex market.

the principles to trade anything in my opinion are one in the same, buy cheap sell for a profit....I just find amazement how this very simple concept to make money is completely disregarded in the area of financial markets..that very few actually sit down to think about how they would determine if something was cheap to make them want to buy it or expensive to make them want to sell it..and this is where the majority of my research and thinking has stemed from...

best wishes.

[SoarAndEnvision]

Originally Posted by Dr. Zogg

....

You can trade random and make money. in fact, that's a very good idea. Try to make it work and you'll learn all the lessons you need to, to make this work.

I keep hearing this and i'm trying to figure out what it means :

[golhuntsleep]

God I wish they stayed that age!! without the hypodermic needles for teeth!
but alas it won't...first chewing everything you own to shreads, then the "teenager" stage. after that, if he/she is still alive...the good times start again.......