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Williams%R, SAR X-over 15 minute candles

  • #5,001
  • Feb 22, 2024 9:55am Feb 22, 2024 9:55am
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  • #5,002
  • Feb 22, 2024 10:03am Feb 22, 2024 10:03am
Quoting vidvad
{quote} That's fine, but I wouldn't practice for too long without these levels. They are extremely important. May I tell you why? Because the market doesn't care what color our renko HA candle is or where our 8 ema tunnel is relative to the 34 ema or the ADX or the MACD or whatever. But the ENTIRE world of professional market participants KNOW for CERTAIN where these levels are and they are alwasy adjusting their positions and expectations based on where price is realtive to one of these levels and how the market behaves when price is AT one of...
Well said!! Traders take heed to Vidvad's words.... The larger TF traders...the so called "big" money they work off,,, they drive off these levels... Rocky and Vid have an excellent method of taking their slice
.. it is helpful to understand the bigger picture and the levels Vid points out are highly important..imo as well...

You know I think if I was a newer trader or struggling trader looking for a method.... I would really look at Rocky's thread here and what these 2 fellas are doing... Good stuff..

Cheers fellas and how about Crude today !
Cheers
Master your Mind,,,Master the Market
  • #5,003
  • Feb 22, 2024 10:11am Feb 22, 2024 10:11am
Quoting turnip15
{quote} Haha - I remember, and still do dumb trades. I have caught myself taking trades within a pre marked range, having marked a losing long and losing short and drawing lines forward to await a break. Instead of sitting out the range I started tinkering - Patience ! Well the market soon slapped me for that. Another dumb action was trading against a trend indicated to me by a channel similar to Rockies - why i do that- goodness knows. Waiting is good. I keep a journal of trades from printoffs and my slips of discipline jump out at me. I never...
A lot of similarities between LauraT's roadmap method and rocky's. For me, rocky's is sort of trend following turbo charged because of the added visual enhancemnt of the ranko charts with heikin ashi applied to the renko bars. It took some getting used to for me.

Both methods are very sound so long as you follow the rules, right turnip?

When I started trading the rocky method, a lot of my losing trades were taking counter trend trades expecting price to "come back to the 34 ema" lol ... it is easy to convince yourself that the market gives a rat's a$$ about your ma's and ema's. The ema's are for us, not the market. If the ema's are telling me the market wants to go up, then I try real hard to make sure I only get long. If the ema's tell me the market is most likely heading lower, I only want to be short.

Those counter trend temptations are strong at times and whenever I give in to them I almost always lose. I'm probably 80% losses and 20% wins on counter trend trades, and that is if I am lucky.
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,004
  • Feb 22, 2024 10:26am Feb 22, 2024 10:26am
Likely last trade of the day for me. All in all a good day.
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  • #5,005
  • Feb 22, 2024 1:35pm Feb 22, 2024 1:35pm
Had another trading session tonight. First trade it broke a swing high which took +25 pips. Next trade was lost with -20 pips. Until this it was fine.

I am quite dissapointed in myself with this, but at trade 3 and 4 I suddenly started to doubt whether I had to enter on the open on the next candle or on the second next candle. I saw a doji with a very small bit of green after which I opened on the second next candle instead of immediately after the doji, which is wrong. I got both of them with +2 ticks, however trade 4 would have been a profit of +25 ticks if I would have done it correctly. I am not sure why I didn't check it while trading, buy it was definitely a big mistake. Let this be a learning lesson for me.

After trade 4 I did check, so trade 5 was correct. I closed trade 5 with a +2 tick profit.

The trades can be seen in this chart:
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  • #5,006
  • Feb 22, 2024 1:52pm Feb 22, 2024 1:52pm
Quoting Rickvdp
Had another trading session tonight. First trade it broke a swing high which took +25 pips. Next trade was lost with -20 pips. Until this it was fine. I am quite dissapointed in myself with this, but at trade 3 and 4 I suddenly started to doubt whether I had to enter on the open on the next candle or on the second next candle. I saw a doji with a very small bit of green after which I opened on the second next candle instead of immediately after the doji, which is wrong. I got both of them with +2 ticks, however trade 4 would have been a profit of...

I see now where we have a bit of a miscommunication issue, and I apologize for goofing this up and not explaining clearly and then not catching it sooner.

You are entering on what I call the signal candle. You should be waiting for THAT candle to close and then enter at market on the open of the next candle.

Or, you can go to ninza.co and download their bar status indicator. That will tell you what the high and low of the current candle will be, so you can set a buy stop one tick above and automatically be taken into the trade.
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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,007
  • Feb 22, 2024 2:22pm Feb 22, 2024 2:22pm
Quoting vidvad
{quote} I see now where we have a bit of a miscommunication issue, and I apologize for goofing this up and not explaining clearly and then not catching it sooner. You are entering on what I call the signal candle. You should be waiting for THAT candle to close and then enter at market on the open of the next candle. Or, you can go to ninza.co and download their bar status indicator. That will tell you what the high and low of the current candle will be, so you can set a buy stop one tick above and automatically be taken into the trade. {image}
Okay thanks for your clear explanation, I understand it very clear now! I could have also inspected your earlier charts more and spotted the right entry rule, I apologize for that.

I saw that you didn't have a green arrow at the 2 green bars at around 14:43 on your chart. Was there a specific reason why you wouldn't open a trade their or did you just miss it drawing the arrows?
  • #5,008
  • Feb 22, 2024 2:22pm Feb 22, 2024 2:22pm
This is the ninza bar status tool. In the case shown, price can trade as high as 5095.75 and as low as 5092.50 without causing a new renko HA canlde to open. If, for example, you were looking for a short signal here, you could place a sell stop at 5092.25 and automatically get stopped into a short position if the current candle closes red and the next candle opens red. Keep in mind that a candle can open red and close as a doji or close green, and vice versa.

[Free] Numbers Bars on NT8 (Minute, Tick, Volume) - ninZa.co
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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,009
  • Feb 22, 2024 2:38pm Feb 22, 2024 2:38pm
Quoting vidvad
This is the ninza bar status tool. In the case shown, price can trade as high as 5095.75 and as low as 5092.50 without causing a new renko HA canlde to open. If, for example, you were looking for a short signal here, you could place a sell stop at 5092.25 and automatically get stopped into a short position if the current candle closes red and the next candle opens red. Keep in mind that a candle can open red and close as a doji or close green, and vice versa. [Free] Numbers Bars on NT8 (Minute, Tick, Volume)...
It seems like a nice indicator, I added it to my chart template. Can you trade this strategy on Friday?

I also saw that you didn’t trade the 2 green candles around 14:43 your chart time, was there a specific reason for that?
  • #5,010
  • Feb 22, 2024 2:40pm Feb 22, 2024 2:40pm
Quoting Rickvdp
{quote} I saw that you didn't have a green arrow at the 2 green bars at around 14:43 on your chart. Was there a specific reason why you wouldn't open a trade their or did you just miss it drawing the arrows?
One limitiation of these sort of candles is that we really can't tell in hindsight whther a candle that closed red had opened or even ever closed green. Did it open as a green trend candle, and then pulled back into a red doji? Or did it open as a doji? You might know because you were watching at that time. I was not watching, and I don't know.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,011
  • Feb 22, 2024 2:46pm Feb 22, 2024 2:46pm
Quoting Rickvdp
{quote} Can you trade this strategy on Friday?
I trade everyday that I am available to trade, Monday through Friday.

Quoting Rickvdp
{quote} I also saw that you didn’t trade the 2 green candles around 14:43 your chart time, was there a specific reason for that?
I did answer this. I don't know if the entry candle would have opened green. Looking at the M5 chart at that time, it does not look like price would have traded to a high enough tick to open the entry candle as a green trend candle. It looks as though it would have opend down. But it really isn't possible to tell in hindsight.

Also, to be clear, those entries in the chart I drew were examples. I did not trade any of those I believe. I was done trading this morning before 10 AM I believe.

M5 chart and the circled candles correspond I believe to the area of price action about which you are asking.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,012
  • Feb 22, 2024 2:55pm Feb 22, 2024 2:55pm
Quoting vidvad
{quote} I trade everyday that I am available to trade, Monday through Friday. {quote} I did answer this. I don't know if the entry candle would have opened green. Looking at the M5 chart at that time, it does not look like price would have traded to a high enough tick to open the entry candle as a green trend candle. It looks as though it would have opend down. But it really isn't possible to tell in hindsight. Also, to be clear, those entries in the chart I drew were examples. I did not trade any of those I believe. I was done trading this morning...
I am not sure wether I understand it yet. What do you exactly mean with open in green? After the first green I saw the second green was forming and I placed a buy stop at which that second candle would close. But then I would have already entered on the open of the next candle right? Then it shouldn’t matter how it opened as I already entered or am I wrong here?

I think my thinking is wrong here, but I don’t really see my mistake.
  • #5,013
  • Feb 22, 2024 3:37pm Feb 22, 2024 3:37pm
Quoting Rickvdp
{quote} I am not sure wether I understand it yet. What do you exactly mean with open in green? After the first green I saw the second green was forming and I placed a buy stop at which that second candle would close. But then I would have already entered on the open of the next candle right? Then it shouldn’t matter how it opened as I already entered or am I wrong here? I think my thinking is wrong here, but I don’t really see my mistake.

Hi Rick,
From Vidvad chart my understanding, around 14:43 PM, is that the price was above EMA 34, if so, we take BUY only trades.
Also, my understanding that trades should be opened when there is a clear separation between EMA8 channel and EMA 34.
Cheers,
  • #5,014
  • Feb 22, 2024 3:42pm Feb 22, 2024 3:42pm
Quoting tanyam
{quote} Hi Rick, From Vidvad chart my understanding, around 14:43 PM, is that the price was above EMA 34, if so, we take BUY only trades. Cheers,
Thanks for thinking with me. However I put a buy trade after the second green bar, not a sell trade.
  • #5,015
  • Feb 22, 2024 3:54pm Feb 22, 2024 3:54pm
Quoting Rickvdp
{quote} Thanks for thinking with me. However I put a buy trade after the second green bar, not a sell trade.

Hi Rick,
I'm not sure, but I would probably add EMA or SMA 200 to see where the trend is going ... overall trend I mean.
.. One more thing, it would be safe to take trades in the direction of the trend, may be need to check higher TF like 25 Renko? but Vidvad and Rocky don't use it, so I'm not sure. They may want to comment on my observation.

... I just looked again at 14:43 trade, I think it was losing trade because EMA 8 and EMA 34 pointed in a different directions.
I think for buy trades we need EMA8 channel point UP and be in sync with EMA 34 pointing UP and see a clear 8 and 34 are separated.

Cheers
  • #5,016
  • Feb 22, 2024 4:11pm Feb 22, 2024 4:11pm
Quoting tanyam
{quote} Hi Rick, I'm not sure, but I would probably add EMA or SMA 200 to see where the trend is going ... overall trend I mean. .. One more thing, it would be safe to take trades in the direction of the trend, may be need to check higher TF like 25 Renko? but Vidvad and Rocky don't use it, so I'm not sure. They may want to comment on my observation. ... I just looked again at 14:43 trade, I think it was losing trade because EMA 8 and EMA 34 pointed in a different directions. I think for buy trades we need EMA8 channel point UP and be in sync with...
Hey tanyam, I am not going to add indicators; I want to stick to a certain system and because of that I am not going to add or remove any indicators.

I don't think that's it. That was not an entry rule; I am going to take another look at it tomorrow.

However yesterday you asked me to if I used market orders or pending orders. I did some more research into ninja trader and how it works and I sometimes now also use pending orders.
  • #5,017
  • Feb 22, 2024 4:39pm Feb 22, 2024 4:39pm
Quoting Rickvdp
{quote}What do you exactly mean with open in green? After the first green I saw the second green was forming and I placed a buy stop at which that second candle would close.
I'm just saying I can't call that a signal in hindsight - some are easy to see in hindsight, others, because of the nature of the Heikin Ashi formula, are impossible to judge. From you have said, it was a signal, and if so, no harm, no foul. Again, some trades will go to stop loss, others to the profit target.

You're doing fine. Don't overthink things.

You have a lot of practice ahead of you. You might come to a point someday where you wouldn't take that trade for a discretionary reason. Maybe it will always be a long for you.

Just keep going. The more screen time you put in the more you start to see how these bars form, how they change over their life from open to close, etc.
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,018
  • Feb 22, 2024 6:03pm Feb 22, 2024 6:03pm
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I love the first 82 pages of this story about Navinder Sarao, the trader blamed for the "Flash Crash." FWIW, I don't believe for a second that he was the cause of the flash crash. I don't even think he was a contributing factor. He was scapegoated by the US Gov't.

But his story of how he became a trader is a good read, imo.
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,019
  • Feb 22, 2024 6:21pm Feb 22, 2024 6:21pm
Quoting vidvad
This is the ninza bar status tool. In the case shown, price can trade as high as 5095.75 and as low as 5092.50 without causing a new renko HA canlde to open. If, for example, you were looking for a short signal here, you could place a sell stop at 5092.25 and automatically get stopped into a short position if the current candle closes red and the next candle opens red. Keep in mind that a candle can open red and close as a doji or close green, and vice versa. [Free] Numbers Bars on NT8 (Minute, Tick, Volume)...
That signal candle for long trade did not close above channel MA, I suggest to only take a trade on the open of the entry candle, if signal candle closed above MA.
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  • #5,020
  • Feb 22, 2024 11:10pm Feb 22, 2024 11:10pm
Quoting rockypoint
Likely last trade of the day for me. All in all a good day. {image}
sir would u be kind enuf to show me where the new strategy using renko started? the thread was about psar from what i see.. i cannot find the beginning of renko here.. would be grateful
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