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Market Structure Only- keep your charts clean

  • #81
  • Mar 22, 2021 2:37am Mar 22, 2021 2:37am
Quoting MichaelSch
It is subjective to mark all these ll hh without a clear rule every can reproduce it the same way. That way you will alot discuss what are the points you mean and other watch out for. Seems you must clear it in the first post.
i do not have some rule for it. i could suggest a line chart for HTF but its still not clear., it does not include the wicks. i have learned to visual analyze it from experience and that is why i suggest to everyone to go replay mode in tradingview. that is what helped me the most

btw i checked your thread "story of making things far too complex". nice work you;ve done there
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  • #82
  • Mar 22, 2021 3:15am Mar 22, 2021 3:15am
Quoting nikosk0
{quote} i do not have some rule for it. i could suggest a line chart for HTF but its still not clear., it does not include the wicks. i have learned to visual analyze it from experience and that is why i suggest to everyone to go replay mode in tradingview. that is what helped me the most btw i checked your thread "story of making things far too complex". nice work you;ve done there
Thanks. Seems this will be a better place for new trader. Hope you make thoughts on how you can transport you markings. The problem will be new trader count subsequent levels as well.
Perfection is the enemy of good enough!
  • #83
  • Mar 22, 2021 4:11am Mar 22, 2021 4:11am
tips and tricks for beginner traders:
1. switch from a candle stick chart to a bar chart, it helps you see the market structure better
2. i wouldn't suggest a lower timeframe if you have a day job, start from swing trading, it is wayyy easier i guarantee you.
3. you can either buy low sell high or buy high sell higher. (note: jesse livermore, richard dennis used the latter, me just follow them - buy high sell higher)
4. on tp and sl - sl i use swing high's candle and sl on its low (for buy) and on its high (for sells) , for tp i dont use tp i exit on candle stick patterns (i.e. pinbar)
Steps to profitability: Collect data, money management, stay bored
  • #84
  • Mar 22, 2021 4:42am Mar 22, 2021 4:42am
NEVER RISK MORE THAN YOU ARE WILLING TO LOOSE
not every trade is perfect and not every trade is a winner.
i feel really uncomfortable sortin EU now but the structure is down, i took the trade to show to you.
risk must aat all time remain below 1%

if you have an acount smaller than 1k, risk no more than 10$ and try to make 15

my tp it doesnt really matter, i might exit sooner or later, i set my tp at my next structure point for a possible long setup. (how i determine the next structure is another subject)

in any case, that is bassically all you need. learn to recognise it, and just follow it untill it changes
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  • #85
  • Mar 22, 2021 5:08am Mar 22, 2021 5:08am
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Sorry meant to be short idea no longer valid.. Typo.
on a postive roll...
  • #86
  • Mar 22, 2021 5:16am Mar 22, 2021 5:16am
Quoting nikosk0
NEVER RISK MORE THAN YOU ARE WILLING TO LOOSE not every trade is perfect and not every trade is a winner. i feel really uncomfortable sortin EU now but the structure is down, i took the trade to show to you. risk must aat all time remain below 1% if you have an acount smaller than 1k, risk no more than 10$ and try to make 15 my tp it doesnt really matter, i might exit sooner or later, i set my tp at my next structure point for a possible long setup. (how i determine the next structure is another subject) in any case, that is bassically all you need....
The last swing where your sl is diidnt produce a ll...from this point of view maybe its not so strong level and price want to retest the origin of the move......
  • #87
  • Mar 22, 2021 5:19am Mar 22, 2021 5:19am
Quoting Notredam
{quote} The last swing where your sl is diidnt produce a ll...from this point of view maybe its not so strong level and price want to retest the origin of the move......
Quoting Notredam
{quote} The last swing where your sl is diidnt produce a ll...from this point of view maybe its not so strong level and price want to retest the origin of the move......

i do agree with both of you
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  • #88
  • Mar 22, 2021 5:36am Mar 22, 2021 5:36am
ok so, i maybe misread the chart and the trade goes against me.
can i somehow take advantage of it?
sure.
we use hard stops here and we dont risk our whole account in to a signle trade. small risks remember?

what i personally do, is to add one more position of the same size and the same stop loss at the are i name as "the last stand area"
so if i risked 1% in the original move for 1.5r, i practically increase my risk by 0.2-0.35% to 1.35% max
and my reward to 4-5r. so instead of getting back +1.5%
i get 1.5%(of the original)+1.5% of the newlly added trade + 1% of the better entry for a total of +4.5%.
so what i do is increase my total rrr from 1.5 to 3 (if i am correct) with just a little more risk.
or i can take profits earlier than my tp and reduce the risk to 0

this doesnt work everytime, and it doesnt need to. it only need to work 40-50% of the time to bank big profits
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  • #89
  • Mar 22, 2021 5:45am Mar 22, 2021 5:45am
and there u go. 1st position out for -0.1%
2nd position running with risk of 0.3%
rr ratio just increased to 2.5% (gains to tp for 1.5rr)/0.4% (losses if it hits stop loss)=6.25

ps. i may have done some calculations wrong, if i did , please correct me (since my original tp was more than 1.5rr)

that is trade management and its more important than any strategy of entries and exits. there are other ways to manage a trade. but the most important thing in trading is to reduce your drawdown. taking big risks and a serries of losses you just blow up the account. if you can manage a trade, maybe even 10 losses in a row wont affect you. you get 2-3 wins and you are back up
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  • #90
  • Mar 22, 2021 5:58am Mar 22, 2021 5:58am
Quoting nikosk0
and there u go. 1st position out for -0.1% 2nd position running with risk of 0.3% rr ratio just increased to 2.5% (gains to tp for 1.5rr)/0.4% (losses if it hits stop loss)=6.25 ps. i may have done some calculations wrong, if i did , please correct me (since my original tp was more than 1.5rr) that is trade management and its more important than any strategy of entries and exits. there are other ways to manage a trade. but the most important thing in trading is to reduce your drawdown. taking big risks and a serries of losses you just blow up the...
Do you ever move SL to B.E? if yes, how soon? after price reaches 0.5+R?
  • #91
  • Mar 22, 2021 6:05am Mar 22, 2021 6:05am
Quoting Koop
{quote} Do you ever move SL to B.E? if yes, how soon? after price reaches 0.5+R?
i do if price goes to my direction with high volatily, if it is just ranging price action no i dont.

stop was hit, no harm done -0.4%
no you can see why the strategy is not so important.
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  • #92
  • Mar 22, 2021 8:47am Mar 22, 2021 8:47am
sometimes you just have to trust the system and not your opinion.
took a small loss not exactly based on the system and didnt take the good setup based on the system.

i make profits but i make mistakes as well, everybody does.

this is why replay mode is crusial, there is when you learn the system and where you learn to trust it as well
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  • #93
  • Mar 22, 2021 10:17am Mar 22, 2021 10:17am
today only one trade but good.if you dont like look market structure on 4H
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  • #94
  • Mar 22, 2021 10:24am Mar 22, 2021 10:24am
also I am in short Aud from 18 march
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  • #95
  • Mar 22, 2021 1:29pm Mar 22, 2021 1:29pm
today was a mess, there were some setups but not in the pairs i was looking at so i gave up at some point and went to sleep since london was about to close (its safer not to trade outside london session when scalping 5m)

htf was rubish for me so i never looked at it

tommorow is another day

be patient, wait for them and dont overtrade, dont take a trade just to be in a trade
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  • #96
  • Edited 2:51am Mar 23, 2021 2:24am | Edited 2:51am
usdcad. not the best entry in the world
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but if you look at it this way.....
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trade management plans (every trade requires different management, you did see how i managed a looser yesterday). scale ins, outs, trailing stops, whatever fits you.
i give you the basic idea, work with it and develop your own system. it needs time, 3-6 months at least
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edit. took a little profit at 1.5r rest closed break even
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  • #97
  • Mar 23, 2021 2:32am Mar 23, 2021 2:32am
gbpjpy m30
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  • #98
  • Mar 23, 2021 3:11am Mar 23, 2021 3:11am
A pre-London action... UJ, UCh, Eu, Gu; TP 1.5x SL + 1 pip
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  • #99
  • Mar 23, 2021 4:03am Mar 23, 2021 4:03am
Hello Nikos,

I just came across this thread and couldnt see the response from you that I would have thought would be the very first set of questions to you.
But I guess this is why the vast majority of people lose, at trading, and in life. Just blindily follow anyone who puts up a set of rules (often extremely undefined and vague) and then HOPE. Pretty much the way people get sucked into religions. People are lost souls, desperate for meaning. And will follow anyone who offers them HOPE, no matter how little evidence of it usefulness is provided. Rather sad really..what the hell is wrong with people??

Anyway, I'd appreciate if you could reply to these few questions:
1. You make various ABSOLUTE statements. I assume these are based on many years of front line real experience?
2. How long have you been applying your method as described?
3. What % of winners does it generate (on how many trades), and how many years of 'Annual Return/MaxDD' > 1.0 have you achieved?
4. Why 1% max risk? Evereyone says that, and most people are wrong at trading, so why should 1% be correct? For most traders, risking 1% will NEVER allow them financial freedom. None of your numbers take into consideration TAX, and any numbe rof other issues. So the compounding is completely unrealsitic.

Isn't it amazing that not a single reply to you has even established if your method works, how well it works, and how long it has worked for you.
For all we know, you could have made up the rules in 5 minutes and then made your post. Why not post your quity curve with your equity blanked out??
  • #100
  • Mar 23, 2021 12:51pm Mar 23, 2021 12:51pm
Quoting ajp61
Hello Nikos, I just came across this thread and couldnt see the response from you that I would have thought would be the very first set of questions to you. But I guess this is why the vast majority of people lose, at trading, and in life. Just blindily follow anyone who puts up a set of rules (often extremely undefined and vague) and then HOPE. Pretty much the way people get sucked into religions. People are lost souls, desperate for meaning. And will follow anyone who offers them HOPE, no matter how little evidence of it usefulness is provided....
hi
1. months not years. i think i;ve answered that question somewhere in the thread i believe.
2. 8 months
3. above 70% for me personally. but i dont trade that method alone, this is the only one i am willing to share.
4. risk more if you like, that is up to you. more risk for me personally makes me take empotional decisions. tax is 15% if you withdraw not while you compound. i already gave a realistic answer somewhere in here, if you dont have the capital, get funded. various firms out there with various rules and targets.

i am funded trader ( yes i didnt have the capital) and below you will see my balance curve as well as my last 1 week of taking a new challenge for a second prop firm that i have posted in another thread. (post 6320 if you do the search you will find the thread, i do not want to advertise anyone in here)

https://www.forexfactory.com/attachm...8&d=1616180162

you can find more clues for my journey in that other thread.

its fine to be cautious, i hope you are now satisfied.
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