{quote} Easy to hindsight trade but in the moment not so easy.{image}
- #921
- Jul 17, 2021 3:05am Jul 17, 2021 3:05am
- Joined Jan 2016 | Status: I am not a trader | 1,238 Posts
- #922
- Edited 8:50am Jul 17, 2021 7:52am | Edited 8:50am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts
{quote} Please could you clarify a bit? How are you measuring momentum and strength and at what point are your criteria met to pull the trigger?
To have my #watchlist #Scanner #Screener ready.....I do/watch the followings:
1. Price Action Channel:
a.) I want to see the channel sloping and facing 2:00pm (long)/4:00pm (short) clock face.....this serves as my Strength meter.
b.) I want to see the channel become narrow......this serves as my Momentum meter.
2. Daylight:
a.) I takes only -50 levels cross.....this serves as my Strength meter.
b.) At the point of the cross I want to see a deep degree of separation between the blue line and the red line.....the wider the space the better for the momentum.....this serves as my Momentum meter.
c.) After the above have been met.......I pull the trigger.
Note:
I.) I am selective in my set-ups
ii.) I trade only H1.
iii.) I am one-timeframe trader.
Happy weekend
Time always comes before price
- #925
- Jul 17, 2021 10:03am Jul 17, 2021 10:03am
- Joined Aug 2018 | Status: Trader | 1,458 Posts
{quote} Hi Zimbinga..... To have my #watchlist #Scanner #Screener ready.....I do/watch the followings: 1. Price Action Channel: a.) I want to see the channel sloping and facing 2:00pm (long)/4:00pm (short) clock face.....this serves as my Strength meter. b.) I want to see the channel become narrow......this serves as my Momentum meter. 2. Daylight: a.) I takes only -50 levels cross.....this serves as my Strength meter. b.) At the point of the cross I want to see a deep degree of separation between the blue line and the red line.....the wider the...
Step by step criteria is good for each tool being assigned on the platform.Notes 1,2 & 3 are powerful.So much from multi-timeframe analysis,I understand you. On my end,I frame any instrument on a naked chart with my key levels,then drop it into daylight template and then watch the magic unfold. Keep up your great work.Stay safe in your country.
- #927
- Jul 17, 2021 11:19am Jul 17, 2021 11:19am
- Joined Aug 2018 | Status: Trader | 1,458 Posts
FXRABBI and Others ----
When the trend is down but price has retraced to an area of resistance and we are looking for signs that the upward movement (pullback) has ended and the bearish trend will continue.Overall trend on the trading time frame is down:
The short-term trend on the trading time frame is up (has formed a pullback/retracement)
During the retracement, price retests a former area of price structure
Ideally, you’ll want for this pattern to form near the highs of the price structure.
Price may retest this area ''multiple times'' allowing for additional trading opportunities.
When price repeatedly retests a price structure (resistance) during a downtrend, it’s an indication that market makers are selling heavy volume in that area.
This allows for an ideal time to sell high (enter trade) along with the market makers and buy low (take profits).
Within Daylight system we can see the cross explains many ideas of what you should do and where you should stay out.
My chart posted,you all can see how the above occurred......if you look to the left,the action started before the area highlighted,the big picture is the idea of things. 
When the trend is down but price has retraced to an area of resistance and we are looking for signs that the upward movement (pullback) has ended and the bearish trend will continue.Overall trend on the trading time frame is down:
The short-term trend on the trading time frame is up (has formed a pullback/retracement)
During the retracement, price retests a former area of price structure
Ideally, you’ll want for this pattern to form near the highs of the price structure.
Price may retest this area ''multiple times'' allowing for additional trading opportunities.
When price repeatedly retests a price structure (resistance) during a downtrend, it’s an indication that market makers are selling heavy volume in that area.
This allows for an ideal time to sell high (enter trade) along with the market makers and buy low (take profits).
Within Daylight system we can see the cross explains many ideas of what you should do and where you should stay out.
My chart posted,you all can see how the above occurred......if you look to the left,the action started before the area highlighted,the big picture is the idea of things.
- #928
- Jul 17, 2021 11:20am Jul 17, 2021 11:20am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts
{quote} FXRABBI you're like a class batsman in cricket,we don't count 50's only 100's lol
My problem with multi-timeframe analysis.......is that I usually get lost in-between those timeframes.
As a trend trader..... just show me the trend added with volatility (strength + momentum)........I'm good to go.
As for S&R levels........I don't normally go far with that......All I do is ask myself these following questions:
I.) Are I'm in or close to a consolidation area.
ii.) How close I'm I to the previous high or low.
iii.) Are I'm getting close to a recent support or resistance levels....I look left.
Note: I do all the above in one timeframe....and I'm good to go.
I'm not surprised about you..... because I know where you're coming from......keep moving higher.
Many thanks
Time always comes before price
UC M15: buying USD with MA trend. Not happy with first entry, I wanted to get in at the bottom of that consolidation so I closed at breakeven then price shot up 15pips (always the way). Took another trade after the stop hunt then closed at NY open for retail sales news.
AU M15: buying USD with MA trend. Took trade after LO then closed at NY open. Positive retail figures would have suggested another sell but I stop trading for the week.
I have been reading The Little book of Market Wizards by Jack Schwager, suggested in Laura's Journal and have found it really helpful.
AU M15: buying USD with MA trend. Took trade after LO then closed at NY open. Positive retail figures would have suggested another sell but I stop trading for the week.
I have been reading The Little book of Market Wizards by Jack Schwager, suggested in Laura's Journal and have found it really helpful.
- #931
- Jul 19, 2021 1:19am Jul 19, 2021 1:19am
Hi, Laura
This is Gold m5, Is the circled area a good entry point?
I didnt get in this because I have seen a support area on the left side.
I think the circled area is a breakout, am I right?
thank you
This is Gold m5, Is the circled area a good entry point?
I didnt get in this because I have seen a support area on the left side.
I think the circled area is a breakout, am I right?
thank you
- #932
- Jul 19, 2021 2:22am Jul 19, 2021 2:22am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
Hi, Laura This is Gold m5, Is the circled area a good entry point? I didnt get in this because I have seen a support area on the left side. I think the circled area is a breakout, am I right? thank you
It is a breakout but I'd be looking to be in before that point, when both pairs of moving averages agreed.
- #934
- Edited 5:40am Jul 19, 2021 4:57am | Edited 5:40am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts
CADJPY SHORT..............
Bonus trade...........bonus trade......because it wasn't the usually -50 levels cross.
Reasons for taken the trade:
1. The big breakout candle from the channel.
2. The narrowness of the channel.
3. The steep slope of the channel.
4. The wide Daylight.
Happy trading
Bonus trade...........bonus trade......because it wasn't the usually -50 levels cross.
Reasons for taken the trade:
1. The big breakout candle from the channel.
2. The narrowness of the channel.
3. The steep slope of the channel.
4. The wide Daylight.
Happy trading
Time always comes before price
- #935
- Edited 7:13am Jul 19, 2021 6:54am | Edited 7:13am
CADJPY SHORT.............. Bonus trade...........bonus trade......because it wasn't the usually -50 levels cross. Reasons for taken the trade: 1. The big breakout candle from the channel. 2. The narrowness of the channel. 3. The steep slope of the channel. 4. The wide Daylight. Happy trading
- #936
- Jul 19, 2021 7:29am Jul 19, 2021 7:29am
- Joined Oct 2007 | Status: Thanking GOD for today | 1,108 Posts
Couple of trades...several still running
Plan, Prepare, Execute, Repeat
- #937
- Jul 19, 2021 7:38am Jul 19, 2021 7:38am
- Joined Oct 2007 | Status: Thanking GOD for today | 1,108 Posts
Just closed
Plan, Prepare, Execute, Repeat
CADJPY SHORT.............. Bonus trade...........bonus trade......because it wasn't the usually -50 levels cross. Reasons for taken the trade: 1. The big breakout candle from the channel. 2. The narrowness of the channel. 3. The steep slope of the channel. 4. The wide Daylight. Happy trading
My questions:
Do you not wait for retracement before taking any trade? I know it worked fine in this case, but lot of times I see price goes back into the channel.
Where do you usually put your stop loss? I am assuming somewhere far that it doesn't hit easily.
How do you decide on your exit? Is there a reason you closed trades at that particular point or do you have fixed profit target.
Again - Thanks a lot for your time and ideas.
- #939
- Jul 19, 2021 7:55am Jul 19, 2021 7:55am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts
{quote} Thanks for your clarification. One question. I see a contradiction. Narrow channel and wide daylight at the same time? Is the channel narrow here? After all, the channel widened on the big breakout candle. Or I don’t understand something. Explain, please.
When you look back prior to the big candle.....the channel was narrow...... that's the type of trend l like to see.... but the big candle made it look a bit bigger.....but don't be worry.......And it the big candle for me.
The Daylight is still wide enough to provide the necessary momentum for the trade.
Have this in mind.....this is not my normal trade/set-up...... that's why I called it bonus trade.
Happy trading
Time always comes before price
- #940
- Jul 19, 2021 7:56am Jul 19, 2021 7:56am
- Joined Aug 2018 | Status: Trader | 1,458 Posts
XAUUSD
I should nail full 200 pips move on this trade,refer to my post #927 ref. on AUDUSD trade,the same thing happened.With experience you realise just a fraction of that move is fine,consistency is the word.I always refer to cricket ,an in-form batsman is keep hitting those 1s,2s and knocking around boundaries until that massive 6 like yesterday at Headingley,Leeds.......flying over the new football stand, Liam Livingstone did batting for England.
This is the shot we all want in forex trading the big one,but remember during your career the small shots add up over period of time and that matters the most.
I should nail full 200 pips move on this trade,refer to my post #927 ref. on AUDUSD trade,the same thing happened.With experience you realise just a fraction of that move is fine,consistency is the word.I always refer to cricket ,an in-form batsman is keep hitting those 1s,2s and knocking around boundaries until that massive 6 like yesterday at Headingley,Leeds.......flying over the new football stand, Liam Livingstone did batting for England.
This is the shot we all want in forex trading
the big one,but remember during your career the small shots add up over period of time and that matters the most.