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Williams%R, SAR X-over 15 minute candles

  • #5,061
  • Feb 23, 2024 4:06pm Feb 23, 2024 4:06pm
Quoting Rickvdp
I had 2 trading sessions today. They were quite hectic for me and I lost quite a lot of trades. This was my first session a little under 2 hours: {image} I made a lot of trades during a ranging period, which lost me a lot of trades. I did follow the rules, but I guess it wasn't smart trading in a ranging period, which I could have known. After this, there was a trend which gave me 2 nice profitable trades, but after all, this session was a loss. And this was my second session, which was a little over 1.5 hours: {image} Although I was more careful...
Let me say I think you are showing remarkable discipline and maturity in your approach to learning for someone as young as you are.

I think you should compare your trades today to this template.

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You are too eager to trade, imo. You should desire to trade your plan flawlessly, and that means trade it like Kenny Rogers: "You got to know when to hold 'em, know when to fold 'em; know when to walk away, know when to run."


Every gambler knows

That the secret to survivin'

Is knowin' what to throw away

And knowin' what to keep.

'Cause every hand's a winner,

And every hand's a loser

Life itself is a privilege, but to live life to the fullest is a choice
  • #5,062
  • Feb 23, 2024 5:33pm Feb 23, 2024 5:33pm
Quoting vidvad
{quote} Let me say I think you are showing remarkable discipline and maturity in your approach to learning for someone as young as you are. I think you should compare your trades today to this template. {image} You are too eager to trade, imo. You should desire to trade your plan flawlessly, and that means trade it like Kenny Rogers: "You got to know when to hold 'em, know when to fold 'em; know when to walk away, know when to run." Every gambler knows That the secret to survivin' Is knowin' what to throw away And knowin' what to keep. 'Cause every...
Thank you, that is motivating to hear! It would look me amazing to be able to trade for at least a bit of extra income. I also like to do that, which makes me very motivated. It also helps that I get amazing feedback from you and rocky on my charts.

After taking a longer look at my chart and your chart I noticed some things:
- You trade along with the clear trends. No sideway/ranging markets. With almost all trades where you had 8H-8L-34 for buy or 34-8H-8L with some distance in them with between. Also the bars formed quicker then average, having lower volume when a bar is formed.
- If you trade the trend you trade almost only after a pullback that is 1,2 or 3 bars (Might this be, because it shows there are not a lot of sellers entering the market, so the trend is likely to continue).
- Sometimes you entered quite close to the 34MA , I can't quite see the difference yet why then this would be a good trade, but that will probably come with practice.

I think you are indeed right. I was so focussed on trading with one system that as soon as I saw a setup that validated the rules, I took it, without considering any other factors. I am definitely going to focus more on that next week!

I got one more question left. Sometimes when price is ranging or taking a lot of volume to show a new bar. I tend to get a bit bored. I don't want to look at my phone, because I can get too distracted and miss out on fast moving opening opportunities. How do you handle that?
  • #5,063
  • Feb 23, 2024 5:45pm Feb 23, 2024 5:45pm
Quoting Rickvdp
{quote} Thank you, that is motivating to hear! It would look me amazing to be able to trade for at least a bit of extra income. I also like to do that, which makes me very motivated. It also helps that I get amazing feedback from you and rocky on my charts. After taking a longer look at my chart and your chart I noticed some things: - You trade along with the clear trends. No sideway/ranging markets. With almost all trades where you had 8H-8L-34 for buy or 34-8H-8L with some distance in them with between. Also the bars formed quicker then average,...
I have no idea why you keep talking about volume. Volume has nothing to do with how these candles form as both renko and Heikin-Ashi are based on range, not volume.

Quoting Rickvdp
{quote}I got one more question left. Sometimes when price is ranging or taking a lot of volume to show a new bar. I tend to get a bit bored. I don't want to look at my phone, because I can get too distracted and miss out on fast moving opening opportunities. How do you handle that?
It is taking a lot of time, not volume. It may have a lot of volume during that bar or it may have very little. We are waiting for price to move enough to expand its range causing a new candle to form.

I don't know what you are talking about here. You don't want to look at your phone? Are you trading on your phone? Or on a desktop/laptop?

I mean this is serious money you can make here. You have to learn to be disciplined and focused. Like I said to tanyam ealier today: You have to watch you charts as though you are watching a exciting or interesting and engrossing movie.

When I'm trading, I am never bored. I love the market! I love watching price action on my charts! I wish the market was open every day!

Bored? Man, if you're bored then maybe this isn't for you?
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,064
  • Feb 23, 2024 6:02pm Feb 23, 2024 6:02pm
Quoting vidvad
{quote} I have no idea why you keep talking about volume. Volume has nothing to do with how these candles form as both renko and Heikin-Ashi are based on range, not volume. {quote} It is taking a lot of time, not volume. It may have a lot of volume during that bar or it may have very little. We are waiting for price to move enough to expand its range causing a new candle to form. I don't know what you are talking about here. You don't want to look at your phone? Are you trading on your phone? Or on a desktop/laptop? I mean this is serious money...
I'm sorry, I had a wrong idea about volume. I am trading on a laptop, but I have a hard time focussing, so I want to improve that.

Well I mean when a new bar is getting formed I love to take a look seeing if there is a possible entry thinking about whether it are good markets conditions to enter and also the excitement of being in a trade and thinking about whether it was a good trade. However sometimes it takes really long for a bar to form. At a point like that I am not sure at what to look for and then it's getting less interested, however as soon as I know what to look for I am really enjoying it.
  • #5,065
  • Feb 23, 2024 6:16pm Feb 23, 2024 6:16pm
Quoting Rickvdp
{quote} I'm sorry, I had a wrong idea about volume. I am trading on a laptop, but I have a hard time focussing, so I want to improve that. Well I mean when a new bar is getting formed I love to take a look seeing if there is a possible entry thinking about whether it are good markets conditions to enter and also the excitement of being in a trade and thinking about whether it was a good trade. However sometimes it takes really long for a bar to form. At a point like that I am not sure at what to look for and then it's getting less interested, however...
Study that chart I made up for you.

There should never be a question of what you're going to do. "If price does X, I'm getting long."

Use the bar status tool as a guide to help you set buy stops or sell stops.

And finally, just as I suggested to Tanyam, maybe you need to stop trying to trade for a few days and just teach yourself to focus on watching price.

You shouldn't get excited to be in a trade. You shouldn't be thinking of trades as good or not good. If a trade is truly in accordance with the rules you have set for yourself, then the trade simply is. Whether it wins or loses matters not.

Finally, if you have to ask if the market conditions are right for a trade, they probably are not. It really should be very clear what is going on and in what direction you should be ready to enter, and at what price you will trigger an entry.
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,066
  • Feb 23, 2024 6:29pm Feb 23, 2024 6:29pm
Quoting vidvad
{quote} Study that chart I made up for you. There should never be a question of what you're going to do. "If price does X, I'm getting long." Use the bar status tool as a guide to help you set buy stops or sell stops. And finally, just as I suggested to Tanyam, maybe you need to stop trying to trade for a few days and just teach yourself to focus on watching price. You shouldn't get excited to be in a trade. You shouldn't be thinking of trades as good or not good. If a trade is truly in accordance with the rules you have set for yourself, then the...
I read your feedback and taking the trades of the last few days into account, I am thinking too much in a trade I believe. I am going to take the rest of the weekend to study the chart you sent. After that I will take your tip and teach myself to focus on watching price. Thanks for the feedback!
  • #5,067
  • Feb 24, 2024 8:39am Feb 24, 2024 8:39am
Quoting vidvad
{quote} rocky's set up uses renko, but then we add a Heiken-Ashi indicator to the renko bars. You can download the indi here and add it to ninjatrader: Heiken Ashi 8 - NinjaTrader Ecosystem Instructions for adding a 3rd party indi https://youtu.be/Q4ntaVF9mKI It took me some time to get used to the renko/Heiken-Ashi ... highs aren't the highs, and lows aren't the lows ... the open isn't the open, and the close isn't the close lol. The more you watch them,...
I have web Ninja on my iMac only. Do not want to add virtual thingy to allow daesk top version. But found this in community section and cannibalised it for Renko on 1m setting ? (Should 5 setting or whatever) - interesting chart though
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every Saint has a past. Every Sinner has a Future
  • #5,068
  • Feb 24, 2024 9:16am Feb 24, 2024 9:16am
Quoting turnip15
{quote} I have web Ninja on my iMac only. Do not want to add virtual thingy to allow daesk top version. But found this in community section and cannibalised it for Renko on 1m setting ? (Should 5 setting or whatever) - interesting chart though {image} {image}
Yes it is an interesting chart. I'd have to get used to watching a straight renko chart before I'd be able to trade it. I've been watching either regular time based candlesticks OR renko Heiken-Ashi only. renko smooths the trend, and Heiken-Ashi smooths it one step further.

rocky has also used range bars.
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,069
  • Feb 24, 2024 11:30am Feb 24, 2024 11:30am
Quoting turnip15
{quote} I have web Ninja on my iMac only. Do not want to add virtual thingy to allow daesk top version. But found this in community section and cannibalised it for Renko on 1m setting ? (Should 5 setting or whatever) - interesting chart though {image} {image}
Then found this "Range 5" setting under " Interval" and then "Range" heading
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every Saint has a past. Every Sinner has a Future
  • #5,070
  • Edited 12:14pm Feb 24, 2024 12:02pm | Edited 12:14pm
Quoting turnip15
{quote} Then found this "Range 5" setting under " Interval" and then "Range" heading {image}
Nice little system there if you trade in direction of MACD cross, buying/shorting pullbacks to the tunnel ema's once the tunnel crosses the longer ema.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,071
  • Feb 24, 2024 1:15pm Feb 24, 2024 1:15pm
Quoting vidvad
{quote} Study that chart I made up for you. There should never be a question of what you're going to do. "If price does X, I'm getting long." Use the bar status tool as a guide to help you set buy stops or sell stops. And finally, just as I suggested to Tanyam, maybe you need to stop trying to trade for a few days and just teach yourself to focus on watching price. You shouldn't get excited to be in a trade. You shouldn't be thinking of trades as good or not good. If a trade is truly in accordance with the rules you have set for yourself, then the...
Hey vidvad, today I have spent quite some time studying the chart. I was still left with some questions. I put the questions in the chart to make them as clear as possible:
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Looking back also to my own trades, my conclusion is I opened too much trades, not respecting what price was doing. First I am going to focus on watching price and then next exercise for me is going to be to make sure I won't open this much trades.
  • #5,072
  • Feb 24, 2024 1:52pm Feb 24, 2024 1:52pm
Quoting Rickvdp
{quote} Hey vidvad, today I have spent quite some time studying the chart. I was still left with some questions. I put the questions in the chart to make them as clear as possible: {image} {image} Looking back also to my own trades, my conclusion is I opened too much trades, not respecting what price was doing. First I am going to focus on watching price and then next exercise for me is going to be to make sure I won't open this much trades.
1) I presume you are asking about why I didn't take a long but did take the short? First, when I say the 8ema high has to be above the 34 ema, I don't mean to say I'd buy on a first cross. I mean that if the 8 ema tunnel is ABOVE the 34 ema and then price pulls back to the ema, the 8 ema high has to remain above the 34 ema. Go and read the beginning of LauraT's roadmap jounral. She might be able to make this more clear than I have. What isn't shown in that chart is the ES sold down about 30 points, and that chart picks up after the first bounce. Context matters. A lot. I trade pullbacks in trends. The trend was down and 34 ema never established an uptrend.

Here is what price action preceded that chart:
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2) Again, context. In the chart you posted from yesterday, price had been in an UPTREND. The entry you point to would be fine, even though it probably hit your stop loss. Why? Because we will have losing trades. However, after price moves in a strong trend, then going against that trend is counter-trend and less likely to go to a profit target UNTIL the trend clearly has changed.

3) Price action price action price action ... price rallied; clear higher low followed by a triple attempt to reverse. Then both ema's stayed at or above the 34 ema while price consolidated. Had price broken down, I'd have taken a short signal. But price didn't give a short signal below the ema's, it kept giving long signals above the ema's.
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I learned a lot from watching Al Brooks videoa. This one on the market cycle might be of interest to you.

Brooks Trading Course Sample: 12A Market Cycle (youtube.com)

Finally, you don't have to trade like rocky. You don't need many trades every day. Take the 1 or 2 or 3 clear with trend trades, and if there is no clear with trend trade, don't trade that day. Your job as a trader isn't to place trades. Your job is to grow your account. You can't do that trading against the short term trend, throwing stuff at the market just because your bored. There is probably at least one day out of every 10 days that I am ready and able to trade and no good set ups appear, so I don't trade. rocky is the same way.




2)
Life itself is a privilege, but to live life to the fullest is a choice
  • #5,073
  • Feb 24, 2024 1:58pm Feb 24, 2024 1:58pm
Quoting Rickvdp
{quote} Hey vidvad, today I have spent quite some time studying the chart. I was still left with some questions. I put the questions in the chart to make them as clear as possible: {image} {image} Looking back also to my own trades, my conclusion is I opened too much trades, not respecting what price was doing. First I am going to focus on watching price and then next exercise for me is going to be to make sure I won't open this much trades.
These look a lot alike except the pullback in the down trend was deeper than the pullback in the up trend. This is why I always repeat that we have to trade price and not the indicators. The indicators are a guide, but only price pays.

In the top chart, price pulled back against the down trend, never gave a clear higher low, and then based at the highs and rolled over back to continue the down trend.

In the bottom chart, price transitioned from a down trend to a new uptrend, clear higher low, and then the pullback based and then rolled up to continue the up trend.

These are the things you pick up on as you watch price action. Takes weeks and months and years. You need to pick up on these things whetehr you are trading the rocky method or any other method.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,074
  • Feb 24, 2024 2:05pm Feb 24, 2024 2:05pm
I noted the buy signal at the level of yesterday's globex open during the day yesterday:

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When price gets near one of those pivotal price levels, I will flip to a 5 minute chart to see how things are looking as well. tThe rocky entry would have probably got you in about 4 ticks sooner/lower than trading off the 5 minute candles. But I find the 5 minute chart can help me slow things down a bit when the renko is moving quickly and lets me catch my breath and my bearings.
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Life itself is a privilege, but to live life to the fullest is a choice
  • #5,075
  • Feb 24, 2024 2:32pm Feb 24, 2024 2:32pm
Has anyone observed when price pulls back to the 34 without breaking the tunnel, how well this works? Use whatever trigger you want but seems to be working excellently
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  • #5,076
  • Feb 24, 2024 3:44pm Feb 24, 2024 3:44pm
Quoting vidvad
{quote} 1) I presume you are asking about why I didn't take a long but did take the short? First, when I say the 8ema high has to be above the 34 ema, I don't mean to say I'd buy on a first cross. I mean that if the 8 ema tunnel is ABOVE the 34 ema and then price pulls back to the ema, the 8 ema high has to remain above the 34 ema. Go and read the beginning of LauraT's roadmap jounral. She might be able to make this more clear than I have. What isn't shown in that chart is the ES sold down about 30 points, and that chart picks up after the first...
Yeah that is indeed what I meant at the first one. Do you know where I can find LauraT roadmap's journal? Thanks for the feedback on the trend explanations!

I do have a question about PA. You said that that is something you get over months and years. Could it be smart to analyse that once in a while or is that a dumb thing to do?

Thanks for the recommendation, I will definitely watch the video tomorrow! However I do want to say something on your comment. I know I opened too much trades, but I would never open a trade out of boredom. These many trades were because everytime the rule accured I opened a trade, because I really wanted to stick to this system. I know that that is also wrong, but I felt like I should mention that difference.

Also thanks for the great tip on checking the 5M timeframe, that seems like something useful. Really thanks for the elaborate explanation.
  • #5,077
  • Feb 24, 2024 4:59pm Feb 24, 2024 4:59pm
hmm
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  • #5,078
  • Feb 25, 2024 7:48am Feb 25, 2024 7:48am
Quoting Rickvdp
{quote} Yeah that is indeed what I meant at the first one. Do you know where I can find LauraT roadmap's journal? Thanks for the feedback on the trend explanations! I do have a question about PA. You said that that is something you get over months and years. Could it be smart to analyse that once in a while or is that a dumb thing to do? Thanks for the recommendation, I will definitely watch the video tomorrow! However I do want to say something on your comment. I know I opened too much trades, but I would never open a trade out of boredom....
Click on " Just a Journal."
https://www.forexfactory.com/search?searchid=50398937
every Saint has a past. Every Sinner has a Future
  • #5,079
  • Feb 25, 2024 8:28am Feb 25, 2024 8:28am
Quoting vidvad
I noted the buy signal at the level of yesterday's globex open during the day yesterday: {image} When price gets near one of those pivotal price levels, I will flip to a 5 minute chart to see how things are looking as well. tThe rocky entry would have probably got you in about 4 ticks sooner/lower than trading off the 5 minute candles. But I find the 5 minute chart can help me slow things down a bit when the renko is moving quickly and lets me catch my breath and my bearings. {image}
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  • #5,080
  • Feb 25, 2024 6:54pm Feb 25, 2024 6:54pm
I do not trade this time of the session. But what a beautiful short set up on the ES. The NQ had the same set up. Retraced back to the 34 ema, then reversed down.
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Life itself is a privilege, but to live life to the fullest is a choice
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