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Plan the Trade

  • #5,801
  • Apr 19, 2018 12:20pm Apr 19, 2018 12:20pm
Quoting Divergence
{quote} When trading with 133 tick charts you can't take every nook and cranny
exactly how to choose the right corners?
  • #5,802
  • Apr 19, 2018 12:22pm Apr 19, 2018 12:22pm
That's why I look for supply and demand you can be patient there's plenty of opportunities
  • #5,803
  • Apr 19, 2018 12:42pm Apr 19, 2018 12:42pm
Quoting thomi
{image}
Nothing wrong with that, just gets you 'relaxed' about making them. Your mind is then open to focus on making less and less until the profits come.
'in less than half an hour he made over 100 ticks'
  • #5,804
  • Apr 19, 2018 2:34pm Apr 19, 2018 2:34pm
An eg of the type of trade which seems to wipe me out, had 3 like this in a row.
In an obvious downtrend, at A we have a pin par and then a thrust so looks like a good spot to place an entry if new low made, which there is at C.
Enter at B... -15 trade. Any reason to not take this type of setup ?!
Attached Image
  • #5,805
  • Apr 19, 2018 3:04pm Apr 19, 2018 3:04pm
Look at last low it formed a 2b I would be looking for a pullback to go long at candle with the C that's labels with what looks like a fill since it closed up this is a shake move
  • #5,806
  • Apr 19, 2018 5:02pm Apr 19, 2018 5:02pm
Thanks H yes I see what you mean, I'll keep an eye out for this going forward.
  • #5,807
  • Apr 19, 2018 5:23pm Apr 19, 2018 5:23pm
I use 123 and 2b breaks to show me trend change
  • #5,808
  • Apr 20, 2018 3:30am Apr 20, 2018 3:30am
Quoting goose11
An eg of the type of trade which seems to wipe me out, had 3 like this in a row. In an obvious downtrend, at A we have a pin par and then a thrust so looks like a good spot to place an entry if new low made, which there is at C. Enter at B... -15 trade. Any reason to not take this type of setup ?! {image}

I want to add, that anytime i find myself in a wrong trade such as this, i would not be risking 15 ticks. If you are looking for a reaction at the limit line and it doesn't happen, it has to be considered that there is no longer any of the sell order left, or at least buyers have taken control.

I would want to be out of the trade a tick above the last LH, (upon which case trend has likely changed), which appears to be a -5/6 trade (much less damaging psychologically and easier to recover from). Holding on whilst it continues way beyond the previous Supply thrust bar, means the reason for taking the trade has now gone and you're now living on 'hope').

I don't particularly like such trades as not far above there is another possible Supply level and a little above that, another etc. I'm concentrating on the bigger pullbacks and more obvious levels.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #5,809
  • Apr 20, 2018 4:09am Apr 20, 2018 4:09am
Thanks CG that makes a lot of sense, reducing the stop on these type of trades makes a lot of sense and thus reducing living on 'hope'!
So if it's not a "clean" supply/demand level then probably best avoided, part of not taking all nooks & crannies which imo is extremely important for this to be profitable.
On a different note does anyone try to trade currencies with these type of strategies? I've been following the main pairs but there just seems to be so little movement (ATR) in them now it seems next to impossible. The NQ seems to have the best movement of anything going so think I'll just stick to this.
  • #5,810
  • Apr 20, 2018 4:18am Apr 20, 2018 4:18am
Quoting goose11
Thanks CG that makes a lot of sense, reducing the stop on these type of trades makes a lot of sense and thus reducing living on 'hope'! So if it's not a "clean" supply/demand level then probably best avoided, part of not taking all nooks & crannies which imo is extremely important for this to be profitable. On a different note does anyone try to trade currencies with these type of strategies? I've been following the main pairs but there just seems to be so little movement (ATR) in them now it seems next to impossible. The NQ seems to have the best...

You said it exactly! Currencies are far too boring, with so little movement, they need to be traded on larger timescales in general. It's a very different approach to this method.

I used to trade 10/12 hours or more a day, everyday and really wanted to get away from that level of commitment. The whole psychological battle that must be waged with oneself in order to trade, is so much better contained to an hour.

The NQ enables this perfectly. As H says, there are so many set-ups on the 133 tick rate within an hour of trading on the NQ, that you really can afford to pick and choose the best set-ups.

I'm finding that success comes with cutting out mistakes and losers, much moreso than taking enough winners... ie - i've been over-trading.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #5,811
  • Apr 20, 2018 5:06am Apr 20, 2018 5:06am
Currencies "used" to move (around 100 pips/day, about a third to a quarter of that now), I've been living in 'hope' (again!) that they will move as I have a few trend following strats which worked quite well, staring at the screen for hours does not seem to make them move lol.

Time to scale screen time back, ditch currencies, and be trade picky (& smart, the hard part).... change is as good as a rest as they say!
  • #5,812
  • Apr 20, 2018 8:07am Apr 20, 2018 8:07am
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  • #5,813
  • Apr 20, 2018 8:16am Apr 20, 2018 8:16am
great trading goose
  • #5,814
  • Apr 20, 2018 8:28am Apr 20, 2018 8:28am
average true range is 500 ticks a day what could be a better market to trade than this
  • #5,815
  • Apr 20, 2018 8:32am Apr 20, 2018 8:32am
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  • #5,816
  • Apr 20, 2018 8:45am Apr 20, 2018 8:45am
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  • #5,817
  • Apr 20, 2018 8:48am Apr 20, 2018 8:48am
So far a +1 And a -15
  • #5,818
  • Apr 20, 2018 8:48am Apr 20, 2018 8:48am
Took A (fail), B & C would have too.
BE on D
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  • #5,819
  • Apr 20, 2018 8:50am Apr 20, 2018 8:50am
+20 long from 36
  • #5,820
  • Apr 20, 2018 8:52am Apr 20, 2018 8:52am
+5 from 3675
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