Everything should be made as simple as possible, but no simpler - Einstein
- #1,563
- Feb 16, 2021 6:30am Feb 16, 2021 6:30am
- Joined Apr 2010 | Status: Lazy trader on D1 charts | 5,901 Posts
- #1,568
- Feb 16, 2021 2:12pm Feb 16, 2021 2:12pm
{quote} David, Please could you mark your entries clearly if you don't mind? You're not showing live trades from what I can see in the pictures or are you hiding the entries? Thanks for replying, Hercs. PS. I also question the use of M3 and M4 as comparisons. The difference is so small that as Hutch pointed out, there seems to be no value in that. We have tried M3 v M10 (which I favour) and M4 and M6. My friend uses M6 as his preference, having moved from M3. I personally don't think you can be any the wiser whether to take the trade as you mentioned...
Also on the non live chart (post 1565) which I posted sometime after I had closed the trade because I had to do something else, there is an additional reversal brick on the 5 pip chart around the 14100 line. This sometimes happens if the brick formation is close to the limits to form a higher and lower single brick, but when MT4 is restarted it shows it as a reversal brick. It happens occasionally and doesn't affect my live trading. Cheers, dave
Everything should be made as simple as possible, but no simpler - Einstein
- #1,571
- Feb 17, 2021 5:38am Feb 17, 2021 5:38am
- Joined Aug 2014 | Status: Trading | 2,163 Posts
Second attempt long from 13960 {image}
Trading is the hardest way to make easy money...
- #1,577
- Feb 17, 2021 2:06pm Feb 17, 2021 2:06pm
{quote} In this case, you waited for the price to close above the previous SUPP-line, right? Hercs.
Sometimes it can be difficult to record a live trade on the DAX because it moves so quickly, and also dealing in relatively small market movements. Much easier if you are trading on H1 or H4 charts. I took a trade later in the day today when the market was getting more volatile. I wasn't quite sure how it would go so I closed it for +1. I shouldn't have worried, it went short as predicted for +30 before retracing
I wont bother posting the +1 trade!Yes the price revisted the 13940 line and found support, so I opened the trade when the reversal brick on the 10 pip brick chart had completed. Normally I like to see some reversal tests taking place during the formation of the 20 pip reversal brick. In this instance because the 13940 "zone" had been visited earlier in the day from the detail on the 5 pip chart, I was reasonably confident that even though the 5 pip bricks went straight down and straight up again to form the 20 pip reversal brick of interest, I was confident it would go long from there. The 5 pip chart is also useful for identifying "noise" in the market that might be micro S/R points. If my trade is going to start in a previously noisy region of the market I wont take the trade. Also because this trade was moving into an area of noise I closed it for +20. Actually I should have left it because the DAX is often dragged towards "big numbers" (which is why I mark them up on the chart) and it would have made the 14000 level for 30-40 pips. It found resistance at 14000 and retested it later before heading south which is where I took the short trade.
Sorry its a bit lengthy, I hope it helps. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
- #1,578
- Feb 18, 2021 2:33am Feb 18, 2021 2:33am
DAX short +10, so much went wrong with this trade! I was in 5 pips late after the intended 13930 (green line) entry due to distractions and then didn't close at the 13900 line for +25 because I was too busy trying to capture this screen shot! Not easy capturing live trades when the market is moving so fast...
Not easy capturing live trades when the market is moving so fast...
Everything should be made as simple as possible, but no simpler - Einstein
- #1,579
- Edited 3:23am Feb 18, 2021 3:04am | Edited 3:23am
- Joined Aug 2014 | Status: Trading | 2,163 Posts
DAX short +10, so much went wrong with this trade! I was in 5 pips late after the intended 13930 (green line) entry due to distractions and then didn't close at the 13900 line for +25 because I was too busy trying to capture this screen shot!
I can write a script for MT4 that captures screenshots automatically when a trade is open and closed. This way, you won't be distracted from your trading while having access to screenshots for your own reference or for sharing with us here. Would you like to have the script?
/Matt
Trading is the hardest way to make easy money...