Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[HC]

jjs:

1. On retracement: I try to wait for retracement, but some time run out of patient .  I think I read fti ever mentioned that he don't wait for retracment, but just PA as entry (what if there is no retracement?).  Please note that he is skillfull enough and can babysite longer, before you wish to do the same.

2. Exit should not be fixed at the extension, but look at the PA for clue.  However, if you look at the schematic, the extension below the pivot low looks like 5th wave already and the minor reversal come when the impulsive move down is smaller than before.

Just my view.

[jjs]

Yeah...I thought there were some E-waves involved in that.  I am not sure that I can put in more complexity in my naked chart yet.  Also remember fti's "what if there is no retracement?"  Like you, I need loads of patience 

[HC]

Though previously I had mentioned a systematic rescue protocol, I forgot to stress a point that such protocol should not be so rigid:  Rescue is actually bring the total average price closer to market, making the BE exit of overall position quicker.  IF price action allows, this better average cost of the overall position can be used to pressed on, thus treating the rescue army as some sort of attacking force.

Here is an example (I know the timing is less than perfect, as this is a real trade and I am working on it) of what I meant:

S 1 x 1.2900 - scout
S 2 x 1.2911 - rescue 1
L 2 x 1.2895 - exit rescue 1 to lock in profit
L 1 x 1.2897 - exit scout as I do not wish to let scout turn into red again

Session profit: 35 pips
Open drawdown: 17+- pips max.

[HC]

Here is another angle of fti's method:

http://www.sfomag.com/article.aspx?ID=598&issueID=35

[HC]

Here is a story posted by fti, and I show that in my price chart:

(Don't worry, I am not that old man, and has exit at BE. )

Once upon a time, long long ago in China. ( I made this up, not the story )
There was this old and pious man.

Unfortunately for him, the region he was staying got flooded babdly.
Just like his neigbours, the river was rising into his house.
So He made his way up onto the roof of his house.
The water kept rising until , the only thing visible on the ground was the roof of the houses.
Being the pious man he was, he started to pray.

Dear God, Our father in heaven,
Blessed be your name,
Give me this day my salvation,
Forgive me of my sins, I forgive all who sinned me.
Lead me not into temptations, Deliver me from evil,
esp this waters who's trying to swallow me.
For yours is the power , the glory and the kingdom.
Amen

Then he waited., sitting on his rooftop.
Along came a sampan, the people on the sampan urged for the old man,
to come onboard to be taken to safe grounds.
He replied, its alright, you people go along.
God will save me.
The people hearing that, left for higher grounds, confident that his God will save the old man.
The old man waited.
Then a dingy, came along, and the oldman waved the dingy along,
repeating what he had told the people in the sampan.
So along their way the dingy went.
Then much later, a helicopter came along to ferry the old man to safety.
The old man repeated his actions, and waved it along.
As the water rosed, the old man drowned.

When the old man reached heaven, he asked God.
God, why am I dead? Why didn't you answer my prayer?

God replied.
When I heard your prayer, I was so appalled that you were caught in such a horrible situation
that I sent those chaps in the sampan to go get you to safety. But you waved the away.
Seeing that, that didn't help you, I sent the guys in the dingy to see, if they could help you.
Similarly you waved them away.
I thought maybe if I sent the army, in the helicopter to rescue you, that it shouldn't fail.
But you didn't accept the grace anyway.
So that's why you are dead.

Please note that the hourly chart insert is taken at the moment of short scout entry.