Everything should be made as simple as possible, but no simpler - Einstein
- #1,378
- Jun 14, 2020 2:03pm Jun 14, 2020 2:03pm
{quote} Thanks Dave, excuse my brain fog for the "break even " question. Looking forward to your next scalp of the DAX next week. Your using ATR lines and S & R or am I way off ? Sorry for the questions, my friend , its hard to find a fellow trader who also trades DAX and Renko. Good weekend to you and everyone here.
I only trade the charts as I post them, I don't use ATR or any other inidcators, only S&R levels. This is my Ikea strategy - all Bauhaus and not much Gothic
I have nothing against indicators, there are plenty of people on FF using them successfully. I've just come to the conclusion that with the right Renko format it is possible to trade without them, just a few horzontal lines to mark up certain levels/S&R. I find with the DAX there are frequent, repeatable areas of consolidation and short retracements. When I say short I am using 10 pip bricks (reversal brick is obviously 20 pip) - if you used bricks of this size on some currency pairs you could wait half a day for a retracement brick to complete, but on the DAX it is just a twitch in the market as I am sure you are aware.I've just marked up a screen shot from last Friday showing areas that I look for to trade, I am sure there are other ways of doing it. One thing I have noticed is these patterns repeat frequently on the DAX, its just a case of recognising when to take them. The earlier of the two trade opportunities I didn't take, the second gave me +49 pips.
I think it can be intimidating at first to let go of an indicator "comfort blanket" and trade naked! My personal problem with the variety of indicators I have tried over the years is I end up trading the indicator, not the market. That is just my personal view, at the end of the day trading is a very personal thing, you have to own it.
I hope that is useful for you, cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
- #1,379
- Jun 15, 2020 7:47pm Jun 15, 2020 7:47pm
{quote} Hi BBq, I only trade the charts as I post them, I don't use ATR or any other inidcators, only S&R levels. This is my Ikea strategy - all Bauhaus and not much Gothic
Couldnt agree more with the your take on the market , again with the stark differences between forex and indicies. Your "IKEA" strategy is something I'm also coming to terms with myself - functional aesthetics with clarity, the more I add the more muddy the picture becomes , hence less is more. I see youve also employed trend lines to compliment the Renko. I look at this style of trading and see that the value is tilted more towards you as a trader rather than the indies .
Many thanks for the +49 snapshot , Its useful for everyone here to see how Renko and Dax slot together and how your journey played out.
Im still in comfort blanket mode , however S+R /TL are still relied upon - they never go out of fashion in my opinion.
Owning your style is paramount , as you've pointed out. I was getting suckered into destructive ranging markets so I created a style/plan to avoid such pitfalls, naturally feels like I "own" this now.
Cheers Dave
