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Plan the Trade

  • #5,401
  • Mar 20, 2018 8:32pm Mar 20, 2018 8:32pm
Quoting Divergence
here was what I was talking about before jason {image}
Gotcha. Thanks for the explanation H
  • #5,402
  • Mar 21, 2018 4:09am Mar 21, 2018 4:09am
Quoting erasmus66
went down hill after 1st trade: {image}
Ras, I decided to post this. I'm well aware that everyone listens to H as he proves daily how to bag points consistently, whereas, i am still improving and have some way to go, however... this is just what i see from your chart;

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There are incredibly fine lines between success and failure as we all know;

Be greedier with the pullback aiming closer to the start of the thrust bar.

When PA goes beyond your entry by more than a few ticks, the end result is often a +1 anyway, as our auto stoploss kicks in and leaves your entry far more susceptible to a retest.

The second one is an awkward one, easy in hindsight, but i've marked -8 as i would want out once it went beyond the start of the prior thrust bar - in the absence of a HH, we effectively now have trend down.

The 3rd one, i would leave alone. Different if it connected at the first attempt, but once it pulls back it gives more room for lower, even disregarding my EW comment... the tension is removed from PA - indeed, it even formed a nice flag for further downside.

I'm not pretending to trade perfectly myself, just sharing a few thoughts which might help keep out of a few losing trades.

GL
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  • #5,403
  • Mar 21, 2018 4:29am Mar 21, 2018 4:29am
I've long suggested that it is impossible to mechanicalise any method regarding trading. There is discretion in each and every trade. Learning which trades to leave alone is as important as learning which one's to take.

The absolute best trades are when there is absolutely no doubting the trend and there is 'blue sky' to the left. You get a pullback, thrust away and immediate pullback - the buy/sell order is still 'hot'. These work the best.

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  • #5,404
  • Edited 6:03am Mar 21, 2018 5:02am | Edited 6:03am
Another take on the chart....
Over analyzing, maybe!
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  • #5,405
  • Mar 21, 2018 5:15am Mar 21, 2018 5:15am
Quoting The Cableguy
{quote} Ras, I decided to post this. I'm well aware that everyone listens to H as he proves daily how to bag points consistently, whereas, i am still improving and have some way to go, however... this is just what i see from your chart; {image} There are incredibly fine lines between success and failure as we all know; Be greedier with the pullback aiming closer to the start of the thrust bar. When PA goes beyond your entry by more than a few ticks, the end result is often a +1 anyway, as our auto stoploss kicks in and leaves your entry far more...

thanks for this cg very helpful
Become the casino
  • #5,406
  • Mar 21, 2018 8:34am Mar 21, 2018 8:34am
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Become the casino
  • #5,407
  • Mar 21, 2018 8:52am Mar 21, 2018 8:52am
Wasn't there a long at 84 later on
  • #5,408
  • Mar 21, 2018 8:54am Mar 21, 2018 8:54am
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Become the casino
  • #5,409
  • Mar 21, 2018 8:57am Mar 21, 2018 8:57am
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  • #5,410
  • Mar 21, 2018 8:57am Mar 21, 2018 8:57am
The 123 that followed that
  • #5,411
  • Mar 21, 2018 9:00am Mar 21, 2018 9:00am
Quoting bapakjason
{image}
You killed it today Jason wow
  • #5,412
  • Mar 21, 2018 9:18am Mar 21, 2018 9:18am
almost carbon copy of yesterday:

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Become the casino
  • #5,413
  • Mar 21, 2018 9:20am Mar 21, 2018 9:20am
Quoting Divergence
{quote} You killed it today Jason wow
Hit the right spots . . Lets see how tomorrow goes.
Thanks guys for patiently showing the same set ups again and again and speaking to the logic behind why these thrust bars may show supply/demand. It takes awhile to sink in, lol. Cant see it illustrated too many times.
  • #5,414
  • Mar 22, 2018 8:41am Mar 22, 2018 8:41am
that was quick
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  • #5,415
  • Mar 22, 2018 8:41am Mar 22, 2018 8:41am
Quoting bapakjason
{quote} Hit the right spots . . Lets see how tomorrow goes. Thanks guys for patiently showing the same set ups again and again and speaking to the logic behind why these thrust bars may show supply/demand. It takes awhile to sink in, lol. Cant see it illustrated too many times.
Good start. Using Spreadbets so we are talking points here and not ticks. No comm's - values given are including spreads;

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Couldn't take the retest of the 123 marked as it was just before open and spread is 3 points out of hours.

Was pretty sure that the 2B was good to go for second retest - shame it's not 48 ticks)
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  • #5,416
  • Mar 22, 2018 8:52am Mar 22, 2018 8:52am
2 good +20's today.
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  • #5,417
  • Mar 22, 2018 8:54am Mar 22, 2018 8:54am
couldn't resist 1 more
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  • #5,418
  • Mar 22, 2018 8:56am Mar 22, 2018 8:56am
Quoting The Cableguy
{quote} Good start. Using Spreadbets so we are talking points here and not ticks. No comm's - values given are including spreads; {image} Couldn't take the retest of the 123 marked as it was just before open and spread is 3 points out of hours. Was pretty sure that the 2B was good to go for second retest - shame it's not 48 ticks)
CG do you notice when price forms a 123 at a high or low that it seems to be supply and demand later
  • #5,419
  • Mar 22, 2018 8:59am Mar 22, 2018 8:59am
Quoting Divergence
{quote} CG do you notice when price forms a 123 at a high or low that it seems to be supply and demand later
Yes absolutely -
For me i always explained it in the past with EW, you have the small subwave 1&2 which is the 123, this becomes a 5w count and then the main ABC retrace comes back down to retest the original subwave 1;

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two bites of the cherry.

Being as you say, at a low or high, there is more indecision and thus the pullback is often deeper
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  • #5,420
  • Mar 22, 2018 9:01am Mar 22, 2018 9:01am
Quoting Divergence
couldn't resist 1 more {image}
I so nearly took that one, but hesitated and then instantly regretted
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