My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
Making sense?
Or are you still looking for "the edge", "the system", "the secret" or any of that obviously unproven hogwash?
I mean why would 1.000.000 people be looking for "the system", asuming there is one other then the obvious?
Why would they start out thinking such a thing even exists?
Or are you still looking for "the edge", "the system", "the secret" or any of that obviously unproven hogwash?
I mean why would 1.000.000 people be looking for "the system", asuming there is one other then the obvious?
Why would they start out thinking such a thing even exists?
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
So dont be a looser.
Dont fall for the greed and stupid OVERSOLD/OVERBOUGHT nonsense.
Price will show you.
No need to guess at peaks and valleys.
Could you benefit from a 5 pip SL?
The answer
Everything is right there.
You just got to do the numbers.
And pull the fucking trigger, win or loss.
Someone daytrading E/U effectively this year will have roughly this type of statement...
65% wins between +1 and +4 pip
5 % losses between -1 and -4 pip
10% losses between -5 and -9 pip
10% wins between +5 and +9 pip
8% wins between +10 and +20 pip
2% wins between +21 and +35 pip
Ventures/strategies/people aiming to daytrade at other closed positions will not be effective
Ouf of humans trading it, roughly 1% can have that type of statement.
Roughly 80% of active accounts will balance lower on a 365 day cycle.
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
{quote} To confirm or deny or modify those zones you still look at M1, correct? Meaning the zones you marked are kind of places that you dont want to forget about once we get there again, correct? And so would it not be apt, in fact quite accurate to say that the price action of M1 is of most importance, correct? Would it not be quite accurate to say that market bias can change on a minute to minute basis especially at when we get some news, correct? Im not trying to persuade you or dissuade you. The questions is ment for me to understand your thinking...
These type of levels are quite old.
They can be seen on many of my old charts.
Its simply where price have seem to react in the past.
Often i forget why i placed them, and thats OK, they often give me a heads up anyway.
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
A basic reading of PA
Many years ago i deviced a way of reading price action.
It might have been 2018 or something like that and its in one of those threads.
And i still read it the same way.
But it might be time to present it once more.
So what do i mean?
Well its a most basic way of telling if price is going up or down at the moment.
It is ment to be able to be used on all time frames.
But since i mostly care about M1, thats where my focus is.
In natural language it looks like this:
If the current candles high is higher then the previous candles high then price is going up.
It the current candles low is lower then the previous candles low then price is going down.
So if this is applied to M1, what we are doing in practice is looking at the highs and lows of the tick scale, although we simplify it and make it into M1 candles.
And this might seem obvious to you.
But im cutting away something important.
I DONT CARE ABOUT THE END OF THE CURRENT CANDLE.
So this is not ment to be used on closed candles, its ment to be used on the current candles as they are.
Maybe i attribute some little significance to the closing of candles, but i found it it has very little significance, and it works to think like that.
Like all my charts i keep em fresh, preferably live.
So here is what this means in a chart.
Candle number 1 is still up.
At candle number 2 it starts going down.
And even at candle number 3 its still down, since its high is not higher then the one before.
But at candle 4, being the current candle, the high goes higher then the previous one so its up.
Simple, yes?
Many years ago i deviced a way of reading price action.
It might have been 2018 or something like that and its in one of those threads.
And i still read it the same way.
But it might be time to present it once more.
So what do i mean?
Well its a most basic way of telling if price is going up or down at the moment.
It is ment to be able to be used on all time frames.
But since i mostly care about M1, thats where my focus is.
In natural language it looks like this:
If the current candles high is higher then the previous candles high then price is going up.
It the current candles low is lower then the previous candles low then price is going down.
So if this is applied to M1, what we are doing in practice is looking at the highs and lows of the tick scale, although we simplify it and make it into M1 candles.
And this might seem obvious to you.
But im cutting away something important.
I DONT CARE ABOUT THE END OF THE CURRENT CANDLE.
So this is not ment to be used on closed candles, its ment to be used on the current candles as they are.
Maybe i attribute some little significance to the closing of candles, but i found it it has very little significance, and it works to think like that.
Like all my charts i keep em fresh, preferably live.
So here is what this means in a chart.
Candle number 1 is still up.
At candle number 2 it starts going down.
And even at candle number 3 its still down, since its high is not higher then the one before.
But at candle 4, being the current candle, the high goes higher then the previous one so its up.
Simple, yes?
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
A basic reading of PA Many years ago i deviced a way of reading price action. It might have been 2018 or something like that and its in one of those threads. And i still read it the same way. But it might be time to present it once more. So what do i mean? Well its a most basic way of telling if price if going up or down at the moment. It is ment to be able to be used on all time frames. But since i mostly care about M1, thats where my focus is. In natural language it looks like this: If the current candles high is higher then the previous candles...
So, thats not everything of course.
And sometimes when i get to hung up on that interpretation, things go bad, real bad.
So lets go on with the same chart, only now there is some more candles...
I sold at candle 1.
At candle 2, i still kept it, which as it turns out, was not that smart...
At candle 3 things starts to go bad, at price goes up again but i keep my sell.
However candle 3 goes just a few pipettes up and it stops.
At candle 4 we get maybe a pipette or two higher then candle 3, and still i keep my sell.
As we see candle 5, we get into trouble. I close my sell right after.
Thats the general PA read.
Now lets have a look at the SR type of thinking that might tell you something about why i entered a sell in the first place and maybe something more about why i closed it.
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
The SR and the HH, HL, LH and LL
So remember, the words we use is not in themselves important, its how we act that makes the difference.
So you got to keep all this in mind and train it enough to make it sublime.
There is no REAL difference between SR, PA, and the highs and lows.
Its all one and the same thing.
We use these concepts only for the mind.
They have no meaning in and of themselves.
You can substitute every word for other words if it makes more sense for you.
So with that said...
I sold at high number 2, since we bumped twice up there.
And besides E/U has been in a REALLY old trend of selling.
Just look at H4...
Thats almost 3 months of rather favouring selling.
So i sold at the second high.
However, as we saw place i termed the "Old low" came into play and price got a little snagged there.
So i closed it there.
However, as we can see now, had i held unto it i would have been better off.
But im not saying im perfect, im pretty cool with being profitable most days, and being a little wrong.
So remember, the words we use is not in themselves important, its how we act that makes the difference.
So you got to keep all this in mind and train it enough to make it sublime.
There is no REAL difference between SR, PA, and the highs and lows.
Its all one and the same thing.
We use these concepts only for the mind.
They have no meaning in and of themselves.
You can substitute every word for other words if it makes more sense for you.
So with that said...
I sold at high number 2, since we bumped twice up there.
And besides E/U has been in a REALLY old trend of selling.
Just look at H4...
Thats almost 3 months of rather favouring selling.
So i sold at the second high.
However, as we saw place i termed the "Old low" came into play and price got a little snagged there.
So i closed it there.
However, as we can see now, had i held unto it i would have been better off.
But im not saying im perfect, im pretty cool with being profitable most days, and being a little wrong.
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
Lets bring in some probability and risk management into it...
So lets think about probility and risk.
Which tend to be important when relating a probable take profit to its unavoidable stop loss.
Far too many times i have opened a trade seeing only how i can make money if it continues.
And far too many times i have found out that if i did a simple probability or risk calculation, i would not have entered the trade.
If i keep all these things i mentioned in mind and i am cool and calculated and carefull i can be profitable for months...
I digress...
Probability for TP and SL...
If i sell at 1.05516 which might seem like a good obvious choice, i need first consider that my general take profit is not much more then 3.2 pips, since price already bounced there twice.
If it bounces there again would not be so strange.
And it would not be so strange if it bounced at around 1.0547 again and started going up real powerfull from there for a bit.
So if i DID sell at around 1.05516 my SL needs to be REAL tight and a TP of more then 3.2 would be rather speculative...
So lets think about probility and risk.
Which tend to be important when relating a probable take profit to its unavoidable stop loss.
Far too many times i have opened a trade seeing only how i can make money if it continues.
And far too many times i have found out that if i did a simple probability or risk calculation, i would not have entered the trade.
If i keep all these things i mentioned in mind and i am cool and calculated and carefull i can be profitable for months...
I digress...
Probability for TP and SL...
If i sell at 1.05516 which might seem like a good obvious choice, i need first consider that my general take profit is not much more then 3.2 pips, since price already bounced there twice.
If it bounces there again would not be so strange.
And it would not be so strange if it bounced at around 1.0547 again and started going up real powerfull from there for a bit.
So if i DID sell at around 1.05516 my SL needs to be REAL tight and a TP of more then 3.2 would be rather speculative...
My signature is: "Classified".
- Joined Jul 2010 | Status: Determined | 5,240 Posts
So it DID break a little higher, but the buying was not dramatic.
One thing that i havent touched on today is that today is a monday.
So i dont expect much drama.
Although last monday the 23rd there was PLENTY of action a truly a good day for trading.
I dont speculate the funny mentals of why there was a lot of drama last monday, i just look at the numbers and do my thing.
My signature is: "Classified".