Disliked{quote} Exactly. For example, I have no idea what cableguy is doing exactly, but it doesn't matter if I understand his trading plan. All that matters is that he himself understands his own trading plan. Come up with a trading plan that lets you achieve your goals while being able to stay firmly and comfortably in the zone.Ignored
Don't worry DD, most of the time i don't have any idea what i am doing either! haha!
As you rightly say, it is entirely about finding out what works for each individual, be it trading style or timeframe etc
I am with H here in that i don't like to be waiting for my chips, (hence the 15sec and 1min charts!), if i can keep grabbing pippage whilst it is on a plate, it seems to suit.
I am basically combining a few methods so that they come together to increase the likely outcome.
For years i tried to do this on longer timescales, hourly candles mostly. I tried going down the timescales, but it all got a bit too muddy and i always ended up running for cover, now though, i guess it simply took experience to realise that everything is relatively the same except quicker! I find that means it much more likely to combine three factors for a single trade and also find plenty of them during the trading session.
The first ingredient for a likely set-up is Divergence (no i don't mean Harold!), i mean either Hidden Div for trend continuance (my fave) or neg/posi, for reversals. I find with the latter it needs to be quite extreme.
Here is a simple example of a typical set-up on the PXI (French market);
With the break of prev LH (and thus fresh HH), i am looking for a confirmed HL next to continue cycle, so we look for evidence. HD forms, so PA is stronger than underlying MACD and thus gives another clue that it would rather go higher than lower at that stage. Unfortunately we do not get a 123 to trade, but a simple Flag has formed. A break of this and importantly, the MACD recrossing in positive territory is good enough excuse to buy.
I prefer a 123 to occur, but i do have one or two other methods (excuses) to take a trade after i see HD form. For me, i am watching multiple charts looking mostly for gentle trends to trade...
I didn't trade the above, was merely for example!
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