Year: 2015
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A big thumbs up for FormationSeeker!!
FormationSeeker is a revolutionary resource for all traders. Scott Carney, the renown brain behind discovery and development of some harmonic patterns has been a driving force at FormationSeeker. FormationSeeker runs web-based software that picks out harmonic patterns consistently, matching much of the knowledge, skill and experience of Scott. I first logged in for free on…
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Separating missions, strategies, methods and goals.
In trading circles many new and seasoned traders use the words (or similar): strategy, method, targets, goals. But what do they actually mean? How do they all fit together? How are they organised? (see mindmap below). In this post I take the concepts apart and put them back into some sense of organisation. Some have…
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Mindsets
Today I was chatting online with another trader and attempting to show an alternative way of taking a chunk out of the markets. You might think that there would be great interest in that. However, this trader said to me words to the effect that a new strategy meant a new mindset – and in…
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Synthesis
What do I mean by ‘synthesis’? It’s about putting things together. Jeeeez – is that such a big word? So the pic below represents the result of synthesis. Synthesis of what? The method of binary options and harmonic trading principles. Huh? With Binary Options you only need price to stay away from your entry point to make…
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Weapons hot
The following chart is pretty busy – but don’t go crazy with all the lines. Just follow the numbers. What’s happening here is that I’m looking back in order to look forward. The indicators have been used to better see what happened and how I may approach similar setups in the future. I’ve basically combined…
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What people want – and why they won’t get it.
The more I study the true experts at financial trading the more I discover some common themes: 1.They struggled initially. 2.They failed repeatedly. 3.They never gave up. 4. They learned from painful mistakes. 5. They put in crazy hours over many years training their brains. 6. In summary they shared some ‘core psychological characteristics’. Warning…
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Skill acquisition and training
It has been on my mind for some time, how new traders develop in their acquisition of skill. There are several different models out there on the net, not specific to traders but quite applicable. In the diagram below I present the Dreyfus Model of Skill Acquisition (adapted from Wikipedia) I think this is important…
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Harmonic trade – practical aspects
The trade in the annotated chart below shows how a Cypher pattern was spotted and trade taken to successful completion. Full credit is given to Alexander Nikitin from Tradingview. Big thanks is given to Alexander for his fine and generous work. This trade was live earlier in the day. I had questioned whether the D…
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Harmonic Pattern Sifting
Harmonic patterns are often referred to as ‘advance patterns’. This article does not go into the historical basis or evidence for the foundations of their use. There have been numerous statistical analyses of how these patterns can predict price action. No evidence is supplied for the latter. It is for traders to direct themselves to…