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Quoting RobinHood
{quote} Personally, the way I handle non-trending markets is to just not trade them...
Agreed on all points.

That said, that weekly Amazon chart, as ugly as it is, contains trends within those weeks that were either rising or falling. I also prefer longer time frames for my long term portfolio. But for daily cash and fun, a 4HR or even a 1HR chart provides the necessary entertainment and profits. Now when those get ugly... time to go for a ride, a sail, or just goof off.

I'm really enjoying this thread. It's nice to be conversing with other, serious traders. As a former professional CTA, I managed my business and clients and didn't have time for anything else.

BTW, do you share the MT4 .ex4 files for your latest set-up? It's really fascinating work and I'd like to try it in TV Pine Script.
Quoting WickedDaddy
{quote} Agreed on all points. That said, that weekly Amazon chart, as ugly as it is, contains trends within those weeks that were either rising or falling. I also prefer longer time frames for my long term portfolio. But for daily cash and fun, a 4HR or even a 1HR chart provides the necessary entertainment and profits.

I agree, I do the same thing in different markets, I call it "cheap entertainment"

Now when those get ugly... time to go for a ride, a sail, or just goof off. I'm really enjoying this thread. It's nice to be conversing...
I will share anything regarding the Forex, specifically, which files or templates do you want?
Always a Student, Never a Master - Emulate What Works
Quoting RobinHood
{quote} I will share anything regarding the Forex, specifically, which files or templates do you want?
Hi RH,
I sent you a PM. can you check them out.

Like the discussions here and will join if it does not disrupt the main thread.
Ben
Quoting WickedDaddy
{quote} Trending markets are easy to trade and pretty much any method that obeys trend following rules will be successful. I have found that the best lessons and likewise, the ability to fine tune a method is during a non-trending market. Also, and more importantly, your discipline needs to be razor sharp and your patience needs to be that of a spider. A non-trending market will test both. So I believe a well developed method with very simple and straight forward rules, executed on a chart that is easy to read, will allow its user to make money...
Do you use any other than RH's methods to trigger a trade if you like the trend?
[quote=stiffdogg06;13864833]{quote} I've learned the hard way.

G,day stiffdogg06, it's bedtime here but did you get those extra few pips you wanted. (AUDUSD)

It's hard mentally I know, but as I was once told, don't be a ?ick for a tick, hope you got the target OK. As a matter of interest what time frame/(FRAMES) were you assessing during the critical moment as to whether to pull the plug or HANG IN???

Kind regards
Ben
[quote=btrfx1;13866127]
Quoting stiffdogg06
{quote} I've learned the hard way. G,day stiffdogg06, it's bedtime here but did you get those extra few pips you wanted. (AUDUSD) It's hard mentally I know, but as I was once told, don't be a ?ick for a tick, hope you got the target OK. As a matter of interest what time frame/(FRAMES) were you assessing during the critical moment as to whether to pull the plug or HANG IN??? Kind regards Ben
I typically trade the 4HR charts but I have the DAILY RSI on my 4HR chart to give me the trend on the next higher TF. So, I only look at the 4HR Chart and may glance at the DAILY to see if there are any major resistance/support areas to be aware of.

Like Robinhood sort of said, support and resistance are wrong 50% of the time, so why let it dictate your trades?

I have been slowly trying to convert to trading the Daily Charts. But I fight this anxiety that I find it hard to wait an entire day to enter a trade.

I pulled the plug on the trades because they were just a few pips away from my 1:5:1 TP level. I am learning to hold trades longer to either let it hit my TP level or be okay with giving some profit back and let the indicators tell me when to exit but that is a lot easier said than done.


Robinhood: Since the market "closes" at 5 PM EST, do you wait until 6 PM EST to enter any trades since the spreads during the 1st hour are pretty crazy? Or if you feel good about the trade, do you open it prior to market close when spreads are also small?
Remember, the market never lies. It is only we who lie to ourselves.
The witches are playing, so goodnite fellas.
Ben
Quoting stiffdogg06
Quoting btrfx1
{quote} I typically trade the 4HR charts but I have the DAILY RSI on my 4HR chart to give me the trend on the next higher TF. So, I only look at the 4HR Chart and may glance at the DAILY to see if there are any major resistance/support areas to be aware of. Like Robinhood sort of said, support and resistance are wrong 50% of the time, so why let it dictate your trades? I have been slowly trying to convert to trading the Daily Charts. But I fight this anxiety that I find it hard to wait an entire day to enter a trade. I pulled
...
Robinhood: Since the market "closes" at 5 PM EST, do you wait until 6 PM EST to enter any trades since the spreads during the 1st hour are pretty crazy? Or if you feel good about the trade, do you open it prior to market close when spreads are also small?

I tend to enter my Forex trades and my stock trades 5 minutes before the close.

The Forex because of the wide spreads that start at 5 PM EST, and the stock market because they will often gap (up or down) on the Open the next day. If they gap up, then I made some easy money and if they gap down, I will often buy more so that I can lower my average cost per share.
Always a Student, Never a Master - Emulate What Works
Quoting oohoo
{quote} Do you use any other than RH's methods to trigger a trade if you like the trend?
To be clear, I have developed my own method and plan for trading. In my "master" account, my plan is the only one I use. I'm not going to show it/discuss it in this thread because it's RH's thread and I don't want to highjack it with my, different process. I will probably start a thread dedicated to my method.

I do, however, enjoying analyzing the market using the unique methods of others. It provides a level of education and information about how others trade, which is valuable. Remember, the only way money arrives in your bank is by taking it from someone else. The market is moved by the majority of traders moving in the same direction - from institutional to retail. You want to trade with that majority. I like having a feel for those inflection points that drive the behavior.

So when I find something interesting (like RH's method) I live trade it on a test account because I don't believe in automated back testing. I take the trades as prescribed by the rules and see what happens. In this case, I am following RH's rules in the first post to the letter. But I did notice a repetitive cycle regarding that doji and I'm testing that now as well, with good results. So I shared it here as a point of interest within RH's methodology.
Quoting WickedDaddy
{quote} To be clear, I have developed my own method and plan for trading. In my "master" account, my plan is the only one I use. I'm not going to show it/discuss it in this thread because it's RH's thread and I don't want to highjack it with my, different process. I will probably start a thread dedicated to my method. I do, however, enjoying analyzing the market using the unique methods of others. It provides a level of education and information about how others trade, which is valuable. Remember, the only way money arrives in your bank is by taking...
Thank you! To be clear, I'm trying to set up a continuation system after retrace to EMA50 in a clear and strong trend. And of course one can't just enter a trade at the touch of the MA, whichever it is. There needs to be a trigger - PA or indicators or whatever one finds suitable. So I'm looking for that proper trigger.
I hope these discussions are not distracting from the core topic of this thread.
Quoting WickedDaddy
{quote} Yes, I set it up exactly as the TMSr instructions state in the first post of this thread. BUT... It's in Trading View, not MT4. The doji needs to close in the channel and the 3 oscillators need to be either above or below the mid-line, depending on the direction of your impending trade. The more extreme, the better. Example: Long Trade Conditions: Downward cycle of red HA candles with good channel (5 EMA and 12 HMA) separation Green doji closes inside the narrowing channel - signals a bottom and reversal All 3 oscillators below the midline,...
Thank you WickedDaddy for the detailed process on you do trade the dojis. I backtest this and see if it worth to add. But just from a losely observation I can see why that sometimes make sense. Especially on 4 hour or Daily Charts the moves following the Doji tend to be quite big.
Quoting WickedDaddy
{quote} To be clear, I have developed my own method and plan for trading. In my "master" account, my plan is the only one I use. I'm not going to show it/discuss it in this thread because it's RH's thread and I don't want to highjack it with my, different process. I will probably start a thread dedicated to my method. I do, however, enjoying analyzing the market using the unique methods of others. It provides a level of education and information about how others trade, which is valuable. Remember, the only way money arrives in your bank is by taking...
I also became profitable with Robin Hoods Method and trading quite large amounts of money for different prop firms while building up my privat account. People have to follow the rules of RH, ONLY when they master this and become PROFITABLE with the basic strategy,they should start to add stuff which might filter trades better or building their own system around that. Otherwise it becomes a clusterfuck and they switch to another strategy in hopes that it will go better then this.
Quoting stiffdogg06
Quoting btrfx1
{quote} I typically trade the 4HR charts but I have the DAILY RSI on my 4HR chart to give me the trend on the next higher TF. So, I only look at the 4HR Chart and may glance at the DAILY to see if there are any major resistance/support areas to be aware of. Like Robinhood sort of said, support and resistance are wrong 50% of the time, so why let it dictate your trades? I have been slowly trying to convert to trading the Daily Charts. But I fight this anxiety that I find it hard to wait an entire day to enter a trade. I pulled
...
Hey stiffdogg,

thanks a lot for the GREAT Idea of adding the HTF RSI. I can tell that this is a really great thing, is basically a MUCH safer way for traders to get into the trades.
I have been watching Bitcoin trade today (Saturday) because most other markets are closed for me right now...and because it's TANKING.

Below is a daily Bitcoin chart. I look at the Bitcoin price everyday, but have I never traded it because I have "my" reasons. Such as: how long do you think gov'ts around the world are going let these things keep being traded before they start regulating them?? What about collecting taxes on the profits traders make??

PLUS, they have NO INTRINSIC VALUE. They ONLY move up and down based on the "Greater Fool Theory". It's explained here: https://www.investopedia.com/terms/g...fooltheory.asp

There are so many people out their "HODLing" this crypto as well as many others. HODL means "Hold On For Dear Life".

For example, my niece (who is VERY smart, 40 yrs. old, college educated with a degree in finance, and employed as a professional financial consultant) is one of those people. I show her these charts and all she says is "I am NOT letting anybody get my cryptos!!".

Based on my chart below, a 5 year old child can see that Bitcoin has been "Sell" since it was about $60,000 per coin. Now it's down to 34k and change. The highest high was just over $69,000 per coin. That's not to say that it will never go back up, but as of now, it has fallen over 50% from its high, and many traders/investors just keep holding on. Many of these people are probably otherwise mostly smart people.

It's no wonder that so many of these of crypto traders have lost their A$$es trading cryptos. But what's WAAAAY more mind-boggling than that is that you have numerous big time publicly traded stocks (ie. AARK, TSLA, and MSTR) that own a LOT of Bitcoin and they are obviously just as dumb.

Attached Image (click to enlarge)
Click to Enlarge Name: Bitcoin Daily.PNG Size: 151 KB
Always a Student, Never a Master - Emulate What Works
Quoting RobinHood
I have been watching Bitcoin trade today (Saturday) because most other markets are closed for me right now...and because it's TANKING. Below is a daily Bitcoin chart. I look at the Bitcoin price everyday, but have I never traded it because I have "my" reasons. Such as: how long do you think gov'ts around the world are going let these things keep being traded before they start regulating them?? What about collecting taxes on the profits traders make?? PLUS, they have NO INTRINSIC VALUE. They ONLY move up and down based on the "Greater Fool Theory"....
Just because I hate crypto, I hope it goes to $0.
Remember, the market never lies. It is only we who lie to ourselves.
Quoting stiffdogg06
{quote} Just because I hate crypto, I hope it goes to $0.
Ditto, with you both on that one, enjoy your weekend,
Quoting RobinHood
I have been watching Bitcoin trade today (Saturday) because most other markets are closed for me right now...and because it's TANKING. Below is a daily Bitcoin chart. I look at the Bitcoin price everyday, but have I never traded it because I have "my" reasons. Such as: how long do you think gov'ts around the world are going let these things keep being traded before they start regulating them?? What about collecting taxes on the profits traders make?? PLUS, they have NO INTRINSIC VALUE. They ONLY move up and down based on the "Greater Fool Theory"....
I love what you write, very parallel to my own thoughts about where the market is headed and how, I have a 36 year old daughter employed by a major bank, Canary Wharf , London. one favor the pandemic has done for us, we are unable to discuss markets and trading at the diner table, much easier to bite ones tough via emails. over xmas some family ( who concede today that its not what it was like ) teenagers tried to sell crypto mining to me, so I took a look and the more I did, the more I went negative, I said to myself what are Elon Musk and Bill Gates really promoting here when I came across one of the software options offered today, enough for now, need to get away from this screen and enjoy another sunny summer day down under,
Bump to the top for Monday!

"Give up trying to be right. Give up trying to be the best trader. Just focus on making money. "
Remember, the market never lies. It is only we who lie to ourselves.
Quoting RobinHood
I have been watching Bitcoin trade today (Saturday) because most other markets are closed for me right now...and because it's TANKING. Below is a daily Bitcoin chart. I look at the Bitcoin price everyday, but have I never traded it because I have "my" reasons. Such as: how long do you think gov'ts around the world are going let these things keep being traded before they start regulating them?? What about collecting taxes on the profits traders make?? PLUS, they have NO INTRINSIC VALUE. They ONLY move up and down based on the "Greater Fool Theory"....
Hey RobinHood, are the indicators you´re using in Tradingview paid indicators? Any chance for telling us how to find them?

Have a nice day!
Quoting andreyt
{quote} Hey RobinHood, are the indicators you´re using in Tradingview paid indicators? Any chance for telling us how to find them? Have a nice day!
All the indicators are free on TradingView (TV). The only one that isn't on TV is the Synergy ABP Candles which help get into continuation trades, so I don't use TV.

They are just your basic RSI, Stochs, and Heiken Ashi Candles.

The SwingMan TMMS Oscillator is MT4 only but that isn't a requirement to follow this method.
Remember, the market never lies. It is only we who lie to ourselves.
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