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  • #121
  • Aug 29, 2017 10:48pm Aug 29, 2017 10:48pm
Quoting maverick2017
predicting and testing theory. {image}
close it, you got no idea on what you're doing

Quoting maverick2017
Need understanding on the difference between retrace and consolidation.
The difference are only in the structure imo, but the results are just the same

Quoting maverick2017
Testing whether results with long wick candles are same as theory. {image}
It's a clear breakout
  • #122
  • Aug 29, 2017 11:14pm Aug 29, 2017 11:14pm
Quoting IPMan
{quote} close it, you got no idea on what you're doing {quote} The difference are only in the structure imo, but the results are just the same {quote} It's a clear breakout
"close it, you got no idea on what you're doing "
First thing is I'm trying to keep a position as long as I can.
Then look at the wicks before, there is some selling pressure there + only bids candle (It is a part of theory I'm testing).

"The difference are only in the structure imo, but the results are just the same "
What is structure?

"It's a clear breakout"
Yes, I was not sure about the direction. Breakout happened in the direction of the candle at the start of blue rectangle.


But you are right, I have only a vague idea of what I'm doing. Need to look for the "why".
A trade should be based on an assumption based on facts
  • #123
  • Aug 29, 2017 11:17pm Aug 29, 2017 11:17pm
Quoting gyanpapi
i blow up 9 demo accounts with this candle stick pattern + supply demand zone trading .and still believe its worth a try . and i think something is missing .which i not able to discover .. subscribing your journal .. wish lots of profit for you ...
My demo account is also showing a big loss but I hope to recover them.
Thanks. You can also post and contribute here. It is like reading a story but the story should make logical sense to you.
A trade should be based on an assumption based on facts
  • #124
  • Aug 29, 2017 11:24pm Aug 29, 2017 11:24pm
Quoting maverick2017
{quote} "close it, you got no idea on what you're doing " First thing is I'm trying to keep a position as long as I can. Then look at the wicks before, there is some selling pressure there + only bids candle (It is a part of theory I'm testing). "The difference are only in the structure imo, but the results are just the same " What is structure? "It's a clear breakout" Yes, I was not sure about the direction. Breakout happened in the direction of the candle at the start of blue rectangle. But you are right, I have only a vague idea of what I'm doing....
1. You got no plan for your trades, you let the market take out all your money.
2. Retracement => at least one direction moving against the main trend, relatively small compared to the main trend.
Consolidation=> moving in range a.k.a nowhere
3. Find some other references rather than considering candle by yourself.
4. You don't need to find out "why" because you don't need to always "right".
  • #125
  • Aug 29, 2017 11:36pm Aug 29, 2017 11:36pm
Quoting IPMan
{quote} 1. You got no plan for your trades, you let the market take out all your money. 2. Retracement => at least one direction moving against the main trend, relatively small compared to the main trend. Consolidation=> moving in range a.k.a nowhere 3. Find some other references rather than considering candle by yourself. 4. You don't need to find out "why" because you don't need to always "right".
Correct on not having a plan for the trade. I will keep this in mind when I enter a trade next time.

What do you mean by "(at least one direction) moving against the main trend".
Need to know why (wrong or right) to enter a trade.
A trade should be based on an assumption based on facts
  • #126
  • Aug 29, 2017 11:51pm Aug 29, 2017 11:51pm
I took a short trade at 61.55 in this.
Reason - the previous day price went down when volume on bid and offer side were equal. Saw the same setup today and entered a trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2017-08-30-10-19-19-428_com.netdania.png Size: 84 KB
A trade should be based on an assumption based on facts
  • #127
  • Aug 30, 2017 12:01am Aug 30, 2017 12:01am
Quoting maverick2017
{quote} Correct on not having a plan for the trade. I will keep this in mind when I enter a trade next time. What do you mean by "(at least one direction) moving against the main trend". Need to know why (wrong or right) to enter a trade.
Because sometimes retracement moves so fast that we can't see the structure, only the direction.
I've told that you don't need to be right or wrong, because it's not the same as being profitable. You need to make money not to analyze, so think of it.
  • #128
  • Aug 30, 2017 12:05am Aug 30, 2017 12:05am
Quoting IPMan
{quote} Because sometimes retracement moves so fast that we can't see the structure, only the direction. I've told that you don't need to be right or wrong, because it's not the same as being profitable. You need to make money not to analyze, so think of it.
"Because sometimes retracement moves so fast that we can't see the structure, only the direction"
Can you provide an example.

"I've told that you don't need to be right or wrong, because it's not the same as being profitable. You need to make money not to analyze, so think of it"
Is this what you meant when you said to "plan the trade"?
A trade should be based on an assumption based on facts
  • #129
  • Aug 30, 2017 12:11am Aug 30, 2017 12:11am
Quoting maverick2017
{quote} "Because sometimes retracement moves so fast that we can't see the structure, only the direction" Can you provide an example.
example from GBPJPY
Attached Image (click to enlarge)
Click to Enlarge Name: example.JPG Size: 134 KB


Quote
"I've told that you don't need to be right or wrong, because it's not the same as being profitable. You need to make money not to analyze, so think of it" Is this what you meant when you said to "plan the trade"
yes
  • #130
  • Aug 30, 2017 12:15am Aug 30, 2017 12:15am
Quoting IPMan
{quote} example from GBPJPY {image} {quote} yes
how do you know it is a retracement and not a reversal?
A trade should be based on an assumption based on facts
  • #131
  • Aug 30, 2017 12:24am Aug 30, 2017 12:24am
Quoting maverick2017
{quote} how do you know it is a retracement and not a reversal?
The start point of the uptrend wasn't touched.
  • #132
  • Aug 30, 2017 12:31am Aug 30, 2017 12:31am
Quoting IPMan
{quote} The start point of the uptrend wasn't touched.
But the price has pierced through most of the smaller HH HL made in the trend. So, this is a significant retrace.
A trade should be based on an assumption based on facts
  • #133
  • Aug 30, 2017 1:00am Aug 30, 2017 1:00am
Quoting maverick2017
{quote} But the price has pierced through most of the smaller HH HL made in the trend. So, this is a significant retrace.
Let me make this clear
Attached Image (click to enlarge)
Click to Enlarge Name: example.JPG Size: 139 KB


Nothing to do with the smaller tf, the main trend is up. The point is retracements are not touch the start point (blue circle) of the main trend. It's just pausing the main trend.
  • #134
  • Aug 30, 2017 1:03am Aug 30, 2017 1:03am
Quoting IPMan
{quote} Let me make this clear {image} Nothing to do with the smaller tf, the main trend is up. The point is retracements are not touch the start point (blue circle) of the main trend. It's just pausing the main trend.
Ok.
How would you trade/analyse this if this is happening live starting from the candle before the long-wick candle.
A trade should be based on an assumption based on facts
  • #135
  • Aug 30, 2017 1:11am Aug 30, 2017 1:11am
Quoting maverick2017
{quote} Ok. How would you trade/analyse this if this is happening live starting from the candle before the long-wick candle.
Practically I don't like small doji, I prefer a bigger pin bar, then I'm not taking any position. I start taking position from three consecutive green AO bars (buy stop, breakout trade) 1% of my balance, SL at the start of the trend and reverse(sell stop) 1+(2/3)% of current balance. So I still can profit even if I'm wrong.

But currently I skip GBPJPY because I'm focusing on gold.
  • #136
  • Aug 30, 2017 1:24am Aug 30, 2017 1:24am
Quoting IPMan
{quote} Practically I don't like small doji, I prefer a bigger pin bar, then I'm not taking any position. I start taking position from three consecutive green AO bars (buy stop, breakout trade) 1% of my balance, SL at the start of the trend and reverse(sell stop) 1+(2/3)% of current balance. So I still can profit even if I'm wrong. But currently I skip GBPJPY because I'm focusing on gold.
sounds alright but what is "SL at the start of the trend and reverse(sell stop) 1+(2/3)% of current balance".
Why skip GBP/JPY for gold?
A trade should be based on an assumption based on facts
  • #137
  • Aug 30, 2017 1:29am Aug 30, 2017 1:29am
Quoting maverick2017
{quote} sounds alright but what is "SL at the start of the trend and reverse(sell stop) 1+(2/3)% of current balance". Why skip GBP/JPY for gold?
that means when my SL are getting hit, I reverse my long to short, when price moves to 1:1 ratio I got my money back + profit (because I added 2/3 from 1% long).

Go check it out, NK missile doubles my account in one night.
  • #138
  • Aug 30, 2017 1:33am Aug 30, 2017 1:33am
Quoting IPMan
{quote} that means when my SL are getting hit, I reverse my long to short, when price moves to 1:1 ratio I got my money back + profit (because I added 2/3 from 1% long). Go check it out, NK missile doubles my account in one night.
good strategy but I still do not understand the 1:1 ratio part.

NK missiles is real or rumour?
A trade should be based on an assumption based on facts
  • #139
  • Aug 30, 2017 1:38am Aug 30, 2017 1:38am
Quoting maverick2017
{quote} good strategy but I still do not understand the 1:1 ratio part. NK missiles is real or rumour?
1:1 ratio are the range between entry and the SL.
It's real, check the news.
  • #140
  • Aug 30, 2017 1:47am Aug 30, 2017 1:47am
Quoting IPMan
{quote} 1:1 ratio are the range between entry and the SL. It's real, check the news.
so if your position goes wrong, you reverse position with price difference between new position and stop loss being 1:1 and add some more if new position goes in your position
A trade should be based on an assumption based on facts
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