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Plan the Trade

  • #14,201
  • Nov 17, 2021 2:54pm Nov 17, 2021 2:54pm
Quoting Divergence
{quote} thanks the answer is no price made a Lower low and Lower high and everything is inside that swing
Understood. Its like inside bars. Thank you
  • #14,202
  • Nov 18, 2021 9:34am Nov 18, 2021 9:34am
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Become the casino
  • #14,203
  • Nov 18, 2021 10:11am Nov 18, 2021 10:11am
technically the hat which is what i call it is a head and shoulder pattern or M or W pattern. Heres what i discovered about using the M or W when they form a W or M we look for the W the right side extends higher short the last pullback area opposite for the M. Remember M you go long W you go short heres a chart Also the line must be straight to fill us any pullback forming a 123 is a cancel
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  • #14,204
  • Nov 18, 2021 3:48pm Nov 18, 2021 3:48pm
Quoting Divergence
technically the hat which is what i call it is a head and shoulder pattern or M or W pattern. Heres what i discovered about using the M or W when they form a W or M we look for the W the right side extends higher short the last pullback area opposite for the M. Remember M you go long W you go short heres a chart Also the line must be straight to fill us any pullback forming a 123 is a cancel {image}
thanks for this Harold very helpful .. here's the M's and W's today:

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Become the casino
  • #14,205
  • Nov 18, 2021 9:45pm Nov 18, 2021 9:45pm
Quoting erasmus66
{quote} thanks for this Harold very helpful .. here's the M's and W's today: {image}
ras there need to 4 line moves to form the M or W also there needs to be extension so on you first trade BE the m extension shows up for the win. the trade at the top it looks like a W but no extension so dont know where there is a trade. to see whether you have a M or W see where extension and count back 4 line moves beginning with the extension line and you will see the W or M your last trade was perfect
  • #14,206
  • Edited 7:46am Nov 19, 2021 7:20am | Edited 7:46am
With 2B's I'm not using range bars here because I like to count down the bars with the timer (tried various options on the settings, but there is a lag)

Mnq. Is the thinking correct here? Admittedly, easy to draw after the fact. But the beauty is that there are no distractions on the chart. 2B or not 2B, if you'll pardon the pun. It is, or it isn't.

I acknowledge post 14203 which I saw after writing this.

Please feel free to critique.
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'in less than half an hour he made over 100 ticks'
  • #14,207
  • Nov 19, 2021 9:42am Nov 19, 2021 9:42am
made a mess of session .. more study time required

good w/e all
Become the casino
  • #14,208
  • Nov 19, 2021 10:20am Nov 19, 2021 10:20am
2b followed by 123 and a W to get back in downtrend
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  • #14,209
  • Nov 19, 2021 10:20am Nov 19, 2021 10:20am
Quoting erasmus66
made a mess of session .. more study time required good w/e all
it's been a messy market, don't feel bad.
is the band getting back together? been trading the ES on the 5 and 1minute charts, usual stuff 2bs', pull backs and 123s. this mornings madness below.
line charts just do't work for me on this time frame, seem better on the NQ as the volatility works in your favor.
regards
goma
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  • #14,210
  • Nov 19, 2021 10:37am Nov 19, 2021 10:37am
Here is my take on NQ in Sim.

It is clear to me that the reversals are the ones to wait for. If there is congestion on the left, I'm personally not interested in gambling whether price will break through 'this time'.

Managed to get + 9 today on YM with my own methods with a retest off a BRN. YM is a poor show compared to NQ, there you go I said it.

I really like this method, I'll be testing it moving forward. Thanks for posting Harold.
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'in less than half an hour he made over 100 ticks'
  • #14,211
  • Nov 19, 2021 12:06pm Nov 19, 2021 12:06pm
Quoting Divergence
2b followed by 123 and a W to get back in downtrend {image}
are these also trades please Harold:

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Become the casino
  • #14,212
  • Nov 19, 2021 12:28pm Nov 19, 2021 12:28pm
the loss was a M not a W
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  • #14,213
  • Nov 20, 2021 12:20pm Nov 20, 2021 12:20pm
Quoting Divergence
the loss was a M not a W {image}
Harold, have you quit using the 800 tick chart? If so, why did you leave it? Just curious. You are very good at adapting to an everchanging market and this is something you haven't talked much about. I, for one, would benefit from some of your 15+ years of insight on staying nimble in this career.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #14,214
  • Nov 20, 2021 3:03pm Nov 20, 2021 3:03pm
Quoting capstone
{quote} Harold, have you quit using the 800 tick chart? If so, why did you leave it? Just curious. You are very good at adapting to an everchanging market and this is something you haven't talked much about. I, for one, would benefit from some of your 15+ years of insight on staying nimble in this career.
i was testing them but the usual problem my candles and your candles are never the same. This is the first time i looked at a line chart using a range bar as the time frame. This extra setup with the M and W with an extension is a powerful add on that i now look for 2 wins a day. and if you look at a chart you will see it is all W and M. uptrend will be slated and they usually end with a M
  • #14,215
  • Nov 20, 2021 3:34pm Nov 20, 2021 3:34pm
Quoting Divergence
the loss was a M not a W {image}
Harold.
That last pattern on the right labelled 'W' - is that really an 'M' ?
Thanks.
every Saint has a past. Every Sinner has a Future
  • #14,216
  • Nov 20, 2021 8:04pm Nov 20, 2021 8:04pm
Quoting turnip15
{quote} Harold. That last pattern on the right labelled 'W' - is that really an 'M' ? Thanks.
Where 1st extension happens we count back 4 lines to see which letter it is
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  • #14,217
  • Nov 20, 2021 8:06pm Nov 20, 2021 8:06pm
A LITTLE EXPLANATION ON THE W AND M EXTENSIONS
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  • #14,218
  • Nov 21, 2021 1:52pm Nov 21, 2021 1:52pm
Quoting Divergence
{quote} This is the first time i looked at a line chart using a range bar as the time frame. This extra setup with the M and W with an extension is a powerful add on that i now look for 2 wins a day. and if you look at a chart you will see it is all W and M. uptrend will be slated and they usually end with a M
Thank you Divergence. I saw you used to use line charts and then you didn't. I like line charts too but hesitated to put in much work with them. You have inspired me! Thank you much.

Very happy to see this journal active.

Do you recall the old tv show "Cheers?" Sometimes you want to go where everybody knows your name. This trading is a tough nut to crack. It is nicer trying to crack it with friendly fellow price action crackers than it is alone.

QUESTION: Are you done most days by 10:30 AM?

That would suit me very fine if I could develop a strategy to be done by then each morning, more or less.
  • #14,219
  • Nov 21, 2021 7:11pm Nov 21, 2021 7:11pm
yes i used to use line charts based on time or ticks but never looked at a range bar chart based on the closes which is a line chart. using time as a line chart was inconsistent.i still trade from the open at 930 and stop 1 hour later unless i get 2 wins in a row. Ive been at trading for 20 years and am constantly coming up with ways to capitalize on a certain pattern. 123 and 2b . This might shock some but this the BEST one yet that instead of looking for 1 win and get out with a lot of backtesting i feel extremelly confident about going for 2. If you look at a line chart its W s and M s
  • #14,220
  • Nov 22, 2021 7:48am Nov 22, 2021 7:48am
On both ES and NQ I have been finding the prior day's high & Low, and also the prior day's close to be good indicators for possible support & resistance. I draw trendlines at other swing points that develop intraday as exampled by the blue lines. I am going to do some work on this range line chart idea Divergence. Thanks for reminding us about it.

Red dotted line is Friday's close. Maroon dotted line is Friday's high. This is a 24 hour chart, so the lines might be different ona regular hours chart.

Here is NQ 30 tick range line chart from overnight.

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