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Market Structure Only- keep your charts clean

  • #681
  • Jun 30, 2021 4:59am Jun 30, 2021 4:59am
Attached Image
offering my system to copy trade. check my link
  • #682
  • Jun 30, 2021 5:02am Jun 30, 2021 5:02am
Quoting snail69
When all good (properly set SL level), these trades yield about 4-6 x RR. {image}
took the same trade as u and tp around the same price after London open. thanks for being selfless for teaching how to trade!
  • #683
  • Jul 1, 2021 11:16am Jul 1, 2021 11:16am
Quoting nikosk0
{quote} excelent work non the less. way to go! keep it up
Thank you! I have an excellent teacher. (meaning you) I really appreciate what your doing here!
  • #684
  • Jul 1, 2021 12:03pm Jul 1, 2021 12:03pm
Quoting snail69
When all good (properly set SL level), these trades yield about 4-6 x RR. {image}
That is why this works so well because with these kinds of R.R. you could probably lose 60 % of your trades and still make some money if you stick with proper money management. The truth is I have not lost a trade in about 3 weeks but I am not taking to many trades and just trying to cherry pick the best one's I can find. It's a great way to trade because you can literally hunt the levels you want to trade at before price even gets there. You can plan your entry stop loss and take profit ahead of time and use the trade management EA to calculate your position size and R.R. . It's almost like being a range trader in the middle of the chaos and you don't have to rely on fibo extensions for profit
  • #685
  • Jul 2, 2021 12:55am Jul 2, 2021 12:55am
Quoting henn9
{quote} That is why this works so well because with these kinds of R.R. you could probably lose 60 % of your trades and still make some money if you stick with proper money management. The truth is I have not lost a trade in about 3 weeks but I am not taking to many trades and just trying to cherry pick the best one's I can find. It's a great way to trade because you can literally hunt the levels you want to trade at before price even gets there. You can plan your entry stop loss and take profit ahead of time and use the trade management EA to calculate...
if you dont get cocky (all of us do trust me) and keep doing what youre doing, it is a traders cheat code.

be ware of cockiness (once i hadnt lost a trade in 3 months when i was trading for ftmo, i passed 2 challenges in a row and merged an account, then i went funded and made 18% in a month,last week of the month was my worst week during the time and i was break even, all my account metrix were straight lines up, 5 of them. next month i got cocky and lost the account)
offering my system to copy trade. check my link
  • #686
  • Jul 2, 2021 6:01am Jul 2, 2021 6:01am
Happy to manage a decent trade before NY.

Marked a possible structures. Took an orange one.
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  • #687
  • Jul 2, 2021 8:32am Jul 2, 2021 8:32am
Firtst loss in a while because of news. Eu long near the bottom, 7 pip stop took me out for 2 pips then went up 50. Was from mobile couldnt do a thing. Shit happens
offering my system to copy trade. check my link
  • #688
  • Jul 6, 2021 5:04am Jul 6, 2021 5:04am
Hi guys,

I question that I have about market structure,

Do you consider the structure to be broken when the price closes above previous structure or just when the wicks go higher or lower is valid, please see attached picture for clarfication.

Im asking this because many times a see wicks rejection and the price continuo with the original trend and other times I see wick rejection the price pulling back and then continuo with the breakout like on the attached picture

Thanks
Kind regards
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  • #689
  • Edited 5:21am Jul 6, 2021 5:08am | Edited 5:21am
Quoting Frag8383
Hi guys, I question that I have about market structure, Do you consider the structure to be broken when the price closes above previous structure or just when the wicks go higher or lower is valid, please see attached picture for clarfication. Im asking this because many times a see wicks rejection and the price continuo with the original trend and other times I see wick rejection the price pulling back and then continuo with the breakout like on the attached picture Thanks Kind regards {image}
On your picture, there is no market structure above, because prices come from below.

Therefore, the market structure, where you have the highs, on your picture, can only be broken to the downside. A move above would be a continuation instead, not a market break.

And answering your question, for me, any level is broken just when prices reach it. No matter if the candles will close or not beyond it.

Because the timeframes are completely arbitrary. Closing when? I would ask to myself. On the 1min tf, on the 15m tf, on the 15m 30sec and 25ms tf? All the timeframes are arbitrary. So what counts is not exactly if within a certain time block prices close here or there, but what is price doing across the different levels of your chart in my opinion.

See this two market structure breaks as I understand them.

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  • #690
  • Jul 6, 2021 5:30am Jul 6, 2021 5:30am
Quoting Frag8383
Hi guys, I question that I have about market structure, Do you consider the structure to be broken when the price closes above previous structure or just when the wicks go higher or lower is valid, please see attached picture for clarfication. Im asking this because many times a see wicks rejection and the price continuo with the original trend and other times I see wick rejection the price pulling back and then continuo with the breakout like on the attached picture Thanks Kind regards {image}
And a few more using the D1 tf.

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  • #691
  • Jul 6, 2021 5:50am Jul 6, 2021 5:50am
Quoting scherzi
{quote} On your picture, there is no market structure above, because prices come from below. Therefore, the market structure, where you have the highs, on your picture, can only be broken to the downside. A move above would be a continuation instead, not a market break. And answering your question, for me, any level is broken just when prices reach it. No matter if the candles will close or not beyond it. Because the timeframes are completely arbitrary. Closing when? I would ask to myself. On the 1min tf, on the 15m tf, on the 15m 30sec and 25ms...
Yes you are correct move to the upside would be continuation and to the downside break of structure, just for the example is clear on the top.

I tought the same because just going under even if is just the wicks is showing weaknees, the price is not been able to be supported above or below a certain level and yes many times we are going to have wick rejections but that is trading
  • #692
  • Jul 6, 2021 6:38am Jul 6, 2021 6:38am
Quoting Frag8383
{quote} Yes you are correct move to the upside would be continuation and to the downside break of structure, just for the example is clear on the top. I tought the same because just going under even if is just the wicks is showing weaknees, the price is not been able to be supported above or below a certain level and yes many times we are going to have wick rejections but that is trading

when structure shifts you can get a wick rejection. say daily is down and 30m is up, if daily wants to change you will see a 30m big down move
example below

schertzi said the rest u need to know
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offering my system to copy trade. check my link
  • #693
  • Jul 6, 2021 7:33am Jul 6, 2021 7:33am
anyone trading DAX here please? or dont mind to make a comment on its 'market structure' please?

Been shorting it and want to swing it, it just returned immediately....

it is on H1 timeframe, never seen stock market playing like this before...

https://www.tradingview.com/x/biGP7Piq/
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  • #694
  • Jul 6, 2021 7:39am Jul 6, 2021 7:39am
Quoting luckyvictor
anyone trading DAX here please? or dont mind to make a comment on its 'market structure' please? Been shorting it and want to swing it, it just returned immediately.... it is on H1 timeframe, never seen stock market playing like this before... https://www.tradingview.com/x/biGP7Piq/ {image}
waiting for the DOW to open in 1 hour, after the long weekend, something will move with OIL at new highs

It takes a lot for me to IGNORE you, but you can try.
  • #695
  • Jul 6, 2021 9:33am Jul 6, 2021 9:33am
Quoting Erebus
{quote} waiting for the DOW to open in 1 hour, after the long weekend, something will move with OIL at new highs
Finally see the index goes down and hold at low!! Should have posted this earlier to trigger it lol

Anyway joke aside, how do u link it with the new oil high?
  • #696
  • Edited 8:13pm Jul 6, 2021 9:58am | Edited 8:13pm
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another good move today!
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UPDATE !
TOOK SOME PROFIT ON THE FIRST TRADE AND I THINK i'LL CLOSE THE SECOND ONE SOON.
  • #697
  • Edited 12:31pm Jul 6, 2021 12:16pm | Edited 12:31pm
Guys perfect example of what i was talking about,

I use 2 timeframes, higher timeframe 5 min actual chart and entries on the lower timeframe 1 min chart. I dont like to look at more than 2 timframes beacuse if I look at more I never take a trade 1 up the other down then another up and I dont know what to do.

So for me trend direction the next higher timeframe up or the next next higher, I never go more than 2 timeframes above the entry one because then is disconnected to the entry chart.

Anyway on the attached picture you can perfectly see what I was mentoning, you have a clear uptrend, then a break of structure of the low (circle area) but only the wicks and then it keeps going up.

By what you guys have been saying that wicks making a lower low should be enought to change the trend correct?
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  • #698
  • Jul 6, 2021 12:57pm Jul 6, 2021 12:57pm
Quoting nikosk0
{quote} if you dont get cocky (all of us do trust me) and keep doing what youre doing, it is a traders cheat code. be ware of cockiness (once i hadnt lost a trade in 3 months when i was trading for ftmo, i passed 2 challenges in a row and merged an account, then i went funded and made 18% in a month,last week of the month was my worst week during the time and i was break even, all my account metrix were straight lines up, 5 of them. next month i got cocky and lost the account)
Thanks for the advice!
Have to stayed disciplined!
  • #699
  • Edited Jul 7, 2021 6:11am Jul 6, 2021 9:10pm | Edited Jul 7, 2021 6:11am
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COUNTER TREND TRADE!
Lowered the risk because I'm not as confident but need to get better at counter trend trades.
Any Thoughts on the trade would be appreciated!

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update, pending order didn't trigger probably due to spread as price seems to touch the line.
  • #700
  • Jul 7, 2021 1:45am Jul 7, 2021 1:45am
Quoting Frag8383
{quote} Yes you are correct move to the upside would be continuation and to the downside break of structure, just for the example is clear on the top. I tought the same because just going under even if is just the wicks is showing weaknees, the price is not been able to be supported above or below a certain level and yes many times we are going to have wick rejections but that is trading
It is a myth that prices are "supported" by something.

The wicks just imply that most of the trading took place at another level that, at a certain moment, run out of orders and that caused a momentary shift in prices (the wick) that were finally allocated within the original body of the candle.

So, when prices will return back to that wick area, you will mostly see a lack of interest there and prices moving either back to the prior body area or to a new area beyond that wick.

Mainstream charting theory states that wicks represent support and resistance areas and that is absolutely false. Most of the negotiation takes place within consolidation or ranging areas and these are the chart structures acting as S/R levels if you want to call them like that.

Besides, prices do not move because either buyers or sellers are stronger, but because exchanges find a certain order book configuration and the program that controls price launches a specific repricing template to fill all these orders. And nothing guarantees nor requires that the program that controls price will set new prices following the preexisting market depth. Otherwise, making money would be exceptionally easy just by knowing the pending orders and pursuing the existing volume.

For this reason I answered your prior question, because market structure is really important while wicks are not except to know when and where market structure may have changed or being completed.
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