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Plan the Trade

  • #961
  • Jun 19, 2017 12:02pm Jun 19, 2017 12:02pm
Quoting Divergence
{quote} MC way to many trades my friend. Try this as a money management tool when up 6 have stop automatically moved to -5 when up 9 automatically move to +1 then when up 16 lock in 10
Yes, i will give these money management options a try. I am overtrading and need to learn to sit on my hands more. Most trades I take at the levels with good price action result in good trades or worse case +1. The chop trades are what get me.
  • #962
  • Jun 19, 2017 12:17pm Jun 19, 2017 12:17pm
Quoting marinecorps
{quote} Yes, i will give these money management options a try. I am overtrading and need to learn to sit on my hands more. Most trades I take at the levels with good price action result in good trades or worse case +1. The chop trades are what get me.

You're getting your profiles right and pullback levels seem spot on too. Just keep doing what you are doing and gain experience. Switching live will change the over-trading, but you need to retain fluidity.

Chop vs trend is the million $ question as stops will work with one and not with the other, grabbing vs running a position... don't forget a profit is a profit. Look for breakouts of corrective moves as the next cycle gets underway. When this combines with a break above a profile line, it means buyers (or sellers if short) have returned and are active in the market - there has to be pauses along the way and thus our lines are born!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #963
  • Jun 19, 2017 12:31pm Jun 19, 2017 12:31pm
Quoting Divergence
nice day {image}
Hi Divergence, I've been following your work since "Trading the Flag", I'm I rly admire your way of trading. Perhaps you could answer a few questions I have, rly sorry if already answered.
With this approach using MP do you limit your entries following current trend or do you take CTs? If so is there any filter?
Do you enter when price is touching the level or use any candlestick pattern?
Do you enter only the first test of the level?

best regards
thinking outside the box
  • #964
  • Jun 19, 2017 12:36pm Jun 19, 2017 12:36pm
Quoting Mercennary
{quote} Hi Divergence, I've been following your work since "Trading the Flag", I'm I rly admire your way of trading. Perhaps you could answer a few questions I have, rly sorry if already answered. With this approach using MP do you limit your entries following current trend or do you take CTs? If so is there any filter? Do you enter when price is touching the level or use any candlestick pattern? Do you enter only the first test of the level? best regards
that's a lot of questions lol. let me say I watch the price action first and if we get a 123 or 2b at these levels I will use a stop to enter. if it is coming down to a level I will use a limit to enter. The mindset I now have is this these are support and resistance levels so if I am wrong then I can be right on second trade with pullback there really is no filters I seem to win more than I lose I don't know if that answers the questions . I am now a s and r s and d pullback trader aound these levels
  • #965
  • Jun 19, 2017 12:47pm Jun 19, 2017 12:47pm
Quoting Divergence
{quote} that's a lot of questions lol. let me say I watch the price action first and if we get a 123 or 2b at these levels I will use a stop to enter. if it is coming down to a level I will use a limit to enter. The mindset I now have is this these are support and resistance levels so if I am wrong then I can be right on second trade with pullback there really is no filters I seem to win more than I lose I don't know if that answers the questions . I am now a s and r s and d pullback trader aound these levels
Thanks mate, do you only take the first test?
thinking outside the box
  • #966
  • Jun 19, 2017 1:36pm Jun 19, 2017 1:36pm
Usually but like today we double topped just above level taking short just below up candle was the play
  • #967
  • Jun 19, 2017 1:42pm Jun 19, 2017 1:42pm
Quoting Divergence
Usually but like today we double topped just above level taking short just below up candle was the play
Thx mate, rly helpful
thinking outside the box
  • #968
  • Jun 20, 2017 6:40am Jun 20, 2017 6:40am
here's my levels atm:

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Become the casino
  • #969
  • Jun 20, 2017 7:20am Jun 20, 2017 7:20am
Yep, expecting an inside day and singles to be revisited, but we shall see;

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and on screen 2;

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Bit of a large gap on profile 65/85 area. Have a spike of volume @ 75.50, but not enough to suggest it will mean anything, so will leave it as is and see what comes...
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  • #970
  • Jun 20, 2017 7:55am Jun 20, 2017 7:55am
volume a little less than other days though it will pick up also no a big range yet here are my few levels
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  • #971
  • Jun 20, 2017 8:02am Jun 20, 2017 8:02am
I wont bother with a chart, but despite being before open, i thought i would try a long off of TPOC @ 66.50, (despite my short bias). It resulted in -10, so i then put short limit on the line for retest, which filled and i took +15.

It's like a 'get out of jail free' card!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #972
  • Jun 20, 2017 8:22am Jun 20, 2017 8:22am
Quoting Divergence
volume a little less than other days though it will pick up also no a big range yet here are my few levels {image}
What does it mean the Green areas Sir?
thinking outside the box
  • #973
  • Jun 20, 2017 8:25am Jun 20, 2017 8:25am
Quoting Divergence
volume a little less than other days though it will pick up also no a big range yet here are my few levels {image}
Do you ever use a Stoch RSI to find divergence reversals? I've found they hold well on 1m and 3m charts.
So many in the Commercial section want to make me rich! :o
  • #974
  • Jun 20, 2017 9:40am Jun 20, 2017 9:40am
terrible day it stayed in fair value and I was in wrong side all morning then did stupid thing by increasing lots rookie mistake gave back the 93 I made yesterday plus 33 so down 33 this week. Live and learn
  • #975
  • Jun 20, 2017 9:57am Jun 20, 2017 9:57am
Refreshing honesty from the best trader i've seen on FF.
  • #976
  • Jun 20, 2017 12:49pm Jun 20, 2017 12:49pm
today was tough. If you happened to get the right side of the trade, it was a great day to grab small profits. I ended up with a down day myself.
  • #977
  • Jun 20, 2017 1:04pm Jun 20, 2017 1:04pm
Possible sell setup here or just continuation higher.
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  • #978
  • Jun 20, 2017 1:27pm Jun 20, 2017 1:27pm
Not the best time of day to be trading volume wise, but the price action played out great. It tested the top where the previous sellers came in right at the low volume level and then broke out at the bottom TL, touched the other low volume level, retested the breakout zone, and continue selling lower.
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  • #979
  • Jun 20, 2017 9:11pm Jun 20, 2017 9:11pm
My big picture idea. It may not really go with the morning trading session, but price looks to be in a channel sideways area of 5640 to 5780. Price has touched twice at the 5640 level and has touched 3 times at the 5780 level. Price is back in the middle now. Looking for buyers to come in at 5700 and go back for a breakout of 5780 or for price to sell through 5700 and go back to find orders at 5640 level. Thoughts?
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  • #980
  • Jun 21, 2017 7:56am Jun 21, 2017 7:56am
lots of levels in the mix today:

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