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The real Basics - how to start and how avoid the traps

  • #121
  • Jan 3, 2020 12:37am Jan 3, 2020 12:37am
Quoting MichaelSch
... we start also here with a new example in the new year. Have fun. {image}

Hi, this is my view. After the trendline break, look only for sell.

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  • #122
  • Jan 3, 2020 7:02am Jan 3, 2020 7:02am
Quoting needtolearn
{quote} Hi, this is my view. After the trendline break, look only for sell. {image}
I basically count my support resistant levels according to the daily chart! Not counting every single level at all.
  • #123
  • Jan 3, 2020 7:45am Jan 3, 2020 7:45am
Blue Circle: Buy
Green Circle: Sell
Red Circle: Close

1 Buy Loss, 2 Sell Win
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  • #124
  • Jan 3, 2020 8:10am Jan 3, 2020 8:10am
Quoting PipTracy
Blue Circle: Buy Green Circle: Sell Red Circle: Close 1 Buy Loss, 2 Sell Win {image}
What’s your trading time frame buddy? By the way, nice chart!
  • #125
  • Jan 3, 2020 8:16am Jan 3, 2020 8:16am
Quoting GeorgeBaile
{quote} What’s your trading time frame buddy? By the way, nice chart!
Read the thread
  • #126
  • Jan 3, 2020 8:18am Jan 3, 2020 8:18am
Quoting GeorgeBaile
{quote} What’s your trading time frame buddy? By the way, nice chart!
Guy you can not read, or? I post this example first and the member pick it up. I do not put informations about time and pair in it, bcause it makes no sense here. I said it now many times, choose the timeframe what can you trade and not put your life in the timeframe you want to trade. You will next time go to ignore and for all other i do not warn here anymore!
BE WARNED!
Perfection is the enemy of good enough!
  • #127
  • Jan 3, 2020 10:12am Jan 3, 2020 10:12am
123 ... always works, so i draw it in the example to have another view.

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Perfection is the enemy of good enough!
  • #128
  • Jan 3, 2020 12:07pm Jan 3, 2020 12:07pm
Quoting MichaelSch
{quote} Whatever the timeframe will be, i mixed in the examples many timeframes. Do you need this information? Sure? Take the timeframe what can you trade (beside work, family or else) and build your entry model around. I do not get why so many want to know which timeframe is in use. This is total not important, as you can see same things in every avaible timeframe, because market is fractal. Here i will never give the timeframe for my pictures, so if you want to know, you must search it. Sorry about this.
Well; because I see the support/resistant levels of H1 is more stable than the M5.
  • #129
  • Jan 3, 2020 12:15pm Jan 3, 2020 12:15pm
Quoting ZikriIrfan
{quote} Well; because I see the support/resistant levels of H1 is more stable than the M5.
Sorry you have no clue, have you? I give you a last chance to think about and hope you will edit your post after you have take one weekend of thinking. If you further put nonsense here i cut you out.
Perfection is the enemy of good enough!
  • #130
  • Jan 3, 2020 12:42pm Jan 3, 2020 12:42pm
Quoting MichaelSch
... we start also here with a new example in the new year. Have fun. {image}
Not all wins of course, but the idea is: win small, lose small, win small, lose small, win BIG, win small, lose small, win BIG... etc. Stay consistent, allow for outliers to occur.
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Small disciplines repeated with consistency lead to great achievements.
  • #131
  • Jan 3, 2020 12:52pm Jan 3, 2020 12:52pm
PipTracy, jmflukeiii

i like your simple view of the chart and as we see, you both not asked for the timeframe and big candles. We see you both are ready to trade such a naked chart. This is the core about this thread, to show that is possible to go back to basic informations and build the entry model.

Big help here!

Thanks and have a good weekend.

Greets

Michael
Perfection is the enemy of good enough!
  • #132
  • Jan 3, 2020 1:04pm Jan 3, 2020 1:04pm
Quoting jmflukeiii
{quote} Not all wins of course, but the idea is: win small, lose small, win small, lose small, win BIG, win small, lose small, win BIG... etc. Stay consistent, allow for outliers to occur. {image}
The arrow are your entry, right? where do you close your trades? (just to understand).
  • #133
  • Jan 3, 2020 2:17pm Jan 3, 2020 2:17pm
Quoting PipTracy
{quote} The arrow are your entry, right? where do you close your trades? (just to understand).
Yes, arrows are the entry, and good question. There is SO MUCH focus on how to enter - just look at the trading systems section, must be 1,000s of entry systems, but SO LITTLE focus on how to exit.

I have included an updated chart here (red dot is the exit). I was going to include, but thought it would get a bit crowded. Basically, I trail prior swing lows for a long or prior swing highs for a short. Sometimes I will take a fixed target based on some higher time frame levels (daily/weekly high/low/close in specific) or very significant S/R.

I have criteria in the markets I trade (primarily NQ on a tick chart) as to how to define what is a "swing high" or "swing low" - basically any pullback that creates a bar that has a higher high and high lower than the prior bar can create a "swing high" in a downtrend, and vice versa. Sometimes I get shaken out when I shouldn't, but my goal is to be consistent with the approach.

My favorite trade is the First Pullback. In a downtrend, after the last swing high breaks, I enter on a pullback long, or vice versa for short. I find these offer the best potential reward. While I do use specific candle patterns to enter during the pullback, you can also just enter a stop order a tick or two above the high of the last bar (or low) during the pullback. The specific candle patterns to me are relatively meaningless without understanding the structure which is what drawing the lines is all about.
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Small disciplines repeated with consistency lead to great achievements.
  • #134
  • Jan 4, 2020 5:12am Jan 4, 2020 5:12am
As we got here some really good posting, we have here also posts with crap. Things what are false and around in all threads. For rookie it is heavy to sort the things and focus on the basics.
Now i post four pictures without timeframe and other misleading carbage. Two picture are from the pair, with different timeframe. I post it not in the exact row, so it is more difficult to see it. Do you think higher timeframe are more better to trade? Do you think it would good to trade in a really short timeframe?
Have a look!

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And something that can you reflect a weekend long, be sure it is the best advice you will get, if you able to extract it right.

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Perfection is the enemy of good enough!
  • #135
  • Jan 5, 2020 11:28pm Jan 5, 2020 11:28pm
Quoting MichaelSch
As we got here some really good posting, we have here also posts with crap. Things what are false and around in all threads. For rookie it is heavy to sort the things and focus on the basics. Now i post four pictures without timeframe and other misleading carbage. Two picture are from the pair, with different timeframe. I post it not in the exact row, so it is more difficult to see it. Do you think higher timeframe are more better to trade? Do you think it would good to trade in a really short timeframe? Have a look! {image} {image} {image} {image}...
sorry for the delay, here are 1 and 2. I have to go out so could only finish these 2.

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  • #136
  • Jan 8, 2020 6:45pm Jan 8, 2020 6:45pm
Some really valuable information here. I will try to sketch few ideas too when I am free. For now I am just reading with pleasure. Good man there. Cheers!
  • #137
  • Jan 15, 2020 6:48pm Jan 15, 2020 6:48pm
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  • #138
  • Jan 15, 2020 8:38pm Jan 15, 2020 8:38pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting MichaelSch
... for those who want to restart, the really early days and must not become a showcase of your indicator list. Here we will not give a secret trading system, here will never find a complete system. If you go against my rules, you will find you on my ignore list very fast..
Honestly, I've only read the first post, but I have a (I hope valid) question. I fall into the "restart group." I have been reading some threads the past few days and have found some terminology frustrating -- probably normal jargon. It sounds like terms regarding trends, targets, etc.

Now the question: is there a resource somewhere (book, forum, website, etc) that provides terms and explanations, and other info that would help with *just understanding* terms, concepts, strategies (conceptually speaking), etc.? Something to help with understanding the "conversation" so the 'pieces can start falling into place.'

I honesty felt a little anxiety when i read your "no price, indicators, lines.....print...manualy draw... " comment. Hense my question; feels like I'm missing some basic grounding information.

If this is inappropriate to your terms, I apologize. Only reaching out based upon my interpretation of the premise od your initial post.
School of hard knocks
dmj120 Return This Year: na
  • #139
  • Jan 15, 2020 9:17pm Jan 15, 2020 9:17pm
Quoting dmj120
{quote} Honestly, I've only read the first post, but I have a (I hope valid) question. I fall into the "restart group." I have been reading some threads the past few days and have found some terminology frustrating -- probably normal jargon. It sounds like terms regarding trends, targets, etc. Now the question: is there a resource somewhere (book, forum, website, etc) that provides terms and explanations, and other info that would help with *just understanding* terms, concepts, strategies (conceptually speaking), etc.? Something to help with understanding...
I am can give you not that name of the book, that cover all needs. Most what i have read yet is in some points good information, but left some blank spaces. At one time i cut out all indicators and watched only naked chart. I was sure to find some clue only watching it. If you ask several human on the same chart, you will get several results. Must these results bad? Think about why many systems seems to work in some period and other period what work not. The key for being overall in profit is not by big part how you choose your entry.
In other words. If you have no clue how build the money management, you will have really fast trouble. But that is a next step. First you must have a clue how to enter the market and make a structure for it. That is this thread about. Finding these entry in a naked chart. Yes, you can use hundreds of indicators and it will also work, but it is something that often result in a manny years search.

Another point i will pick here is, that you will find many myths, that are holding strong. The chart ignore most things that are around and build a own story. If a MA is infont of the price, that means not that the price can not go behind. Was the MA setting false? Hope you wil got what i will say you here.
Perfection is the enemy of good enough!
  • #140
  • Jan 15, 2020 9:34pm Jan 15, 2020 9:34pm
Quoting dmj120
{quote} Honestly, I've only read the first post, but I have a (I hope valid) question. I fall into the "restart group." I have been reading some threads the past few days and have found some terminology frustrating -- probably normal jargon. It sounds like terms regarding trends, targets, etc. Now the question: is there a resource somewhere (book, forum, website, etc) that provides terms and explanations, and other info that would help with *just understanding* terms, concepts, strategies (conceptually speaking), etc.? Something to help with understanding...
Michaels response hit the nail on the head; just watch the chart without the pressure of making a decision (meaning don’t try to trade, just watch). Mark a place where price seemed to turn; see what happens when it gets back there: does it break, and by how much, and with what force, and what happens after that? Does it hold, and if so, how much did the line break before it held, and how quickly did it reverse? My first mentor said you need nothing more than the price and manually drawn lines; it took a long time to figure out, but he was right. Where to draw the lines is the question, and what to do with the price around those lines is the next.
Small disciplines repeated with consistency lead to great achievements.
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