recommend you guys check out
http://www.livestream.com/tradeitdontdateit

who does a free live stream of his futures trading. He trades between 75 and 250 contracts on S+P. He trades probably 12 hours a day mon-fri and he's pretty much in the market the entire time.

pretty much exactly my experience, and it seems the trend on many trading forums is away from the indicators you mentioned and towards 'price action', support/resistance, volume, market profile. yet, the answers to 'why' are still grossly lacking. which is why i've concluded that most have no clue what they are talking about and are just flipping coins while thinking they have a workable strategy.

then, when they lose, its not the TA strategy's fault, but its their discipline/psycology/mental/emotional issues that need to be resolved, when the fact is, the most disciplined player in the world is gonna lose playing 100% vpip full ring limit holdem

i'm still trying to figure out where the edges come in trading. if anyone has ideas please feel free..

TA and trading are pretty much just a numbers game. TA gives you an idea of the probability of what may happen the near future. It doesn't forecast or predict.

Anything can and will happen. TA just gives you some tools to narrow down the probabilty of what that may be. The object of trading isn't to make money on every trade as that is simply impossible. The object of trading is to get into trades that have a positive risk/reward ratio. People get too concerned with predicting what will happen and being correct in their predictions and this is simply the wrong way to think about it. The very best traders aren't concerned with predictions. They simply know what situations are good and which are bad and throw as much as they can at the good situations. It won't all work no matter how good the situation or setup but that's all just part of the numbers game that it is.

This in addition to the earlier posts about sums up TA for me.

If we want to have a general TA discussion, let's get another thread started or bump an older one as to not digress further in this thread. These are great discussions to have just not here.

I'll be posting setups later this weekend. Cheers guys.

**mrbaseball - I've been reading your recently bumped thread...very good read, thanks for posting.

What I'm watching going into the week...

Sam,

Can you please do a chart analysis for USD/INR? 1 hour, 8 hour and 1 day.
.. I was going to say why, but would like an unbiased opinion first.


Thanks.

Daily & 4hr below...I think with this pair, 4hr sums up the 1hr & 8hr nicely.

Certainly not a pair I would day trade but I assume that's not why you're looking at it.

Obvious up trend, nothing I would short.





What are you doing with this pair?

I love your thread What's the winning % you have on gap trades?

I don't have hard figures are this. I would estimate 75 to 80%. But with my risk/reward on gaps, those 25% losers will bring me back down to earth quickly. I can't remember the last time I lost on a gap though...probably >6months.

Yesterday was absolutely sick for gaps. My biggest single day gains ever & a great way to start off the week after taking a beat down last week.

I'll update with screen shots later tonight.

The euro was a really nice trade. I exited with a TP at 1.2530 but seems its going even lower.

Yeah, was definitely insane...especially how the gaps backed right into the highs/resistance...you can't really ask for more.

I'm usually unable to put size on my gap trades because of the need to have wide stops/wait times on closing. This was obviously not the case last night.

Stars-aligned setups like these are rare though...I don't remember the last time we saw such a locked in Sunday gap setup, not to mention quick close (<12 hours).

Yea i agree, was a nice and rare way to start off week. I usually scale back my positions 50% on gap trades for the same reason as well. And could you post the chart of where u entered on this trade as well. Just want to compare to my entry. I entered at 1.2628 around 3.5 hours after the open on sunday on the retrace after it broke where the gap opened.

Sure thing, I'll take a screenshot from my Oanda platform later tonight.

The EU TP was set just above the gap close but I left AU on for a bit longer (hit a couple of hrs ago).

Nice work. Now back to the tough trades.

The gaps I traded last night...as posted earlier, I'll put up screenshots of my entries later today.

My two gap trades, entry & exit marked w/red circle.