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- #2,303
- Mar 18, 2025 8:28am Mar 18, 2025 8:28am
- Joined Jan 2015 | Status: Trader | 1,005 Posts
{quote} Hi Reamasesa, I figured I was going end up with either around 40-50 pips or 15 depending on whether the 00 line/zone offered support. I take it your last chart was a loss, what is the channel made up from - moving averages? I have used something similar in the past and got conflicting information with Renko. Cheers, Dave
No, I got 1 pip from it (there's a trade somewhere in the down trend that closed and the trend continued without me, I should have circled it, will note that for future posts)
It's just a high/low 50 EMA, nothing much, helps me with looking at fractals, mostly. I tried using pivots and 00 lines but got nowhere with it so eventually I drifted back to my beloved Fractals
- #2,304
- Mar 18, 2025 8:43am Mar 18, 2025 8:43am
{quote} Thanks for replying No, I got 1 pip from it (there's a trade somewhere in the down trend that closed and the trend continued without me, I should have circled it, will note that for future posts) It's just a high/low 50 EMA, nothing much, helps me with looking at fractals, mostly. I tried using pivots and 00 lines but got nowhere with it so eventually I drifted back to my beloved Fractals
Everything should be made as simple as possible, but no simpler - Einstein
- #2,305
- Mar 18, 2025 10:01am Mar 18, 2025 10:01am
- Joined Jan 2015 | Status: Trader | 1,005 Posts
{quote} I've used a similar ma set up in the past based upon a paper by Jeffrey Kennedy of Elliott Wave Int. It was interesting at first but I decided I could live without it. Kennedy recommends 20 +20 sma (high and low), 10 sma and 5 sma. It was obviouly developed for OHLC charts but it works with Renko. The chart below is from my demo account marked up with these sma's - I still play around with it from time to time. {image}
All that being said, I still haven't figured out how to stay out of the market or how to walk away from my screen and let the trades mature
Here's how a typical setup looks like, ideally, I would have stayed for the long ride, identified the false channel break outs and didn't move any of my stop loss levels higher/lower than they were initially set up
Oh, and not set up a break even level, as well
Marked with an "x" are all the trades that I would have taken for sure and had failed, the rest "good" ones, I would have probably exited so soon they wouldn't have made any profit
- #2,306
- Mar 19, 2025 2:43am Mar 19, 2025 2:43am
{quote} For myself, I don't like using more than 2 MAs, the spaghetti is causing me to jump the gun like crazy, tell myself imaginary stories about where and when the MA angles will change and such likes, fractals, on the other hand, when I get them right, are killers, at least for me All that being said, I still haven't figured out how to stay out of the market or how to walk away from my screen and let the trades mature Here's how a typical setup looks like, ideally, I would have stayed for the long ride, identified the false channel break outs...
Of course there are no guarantees with any indicator combination - the alternative is to take all the indicators off and see what happens! It will feel a bit exposed at first!
Everything should be made as simple as possible, but no simpler - Einstein
- #2,307
- Mar 19, 2025 4:19am Mar 19, 2025 4:19am
- Joined Jan 2015 | Status: Trader | 1,005 Posts
{quote} I agree with you about making the charts very cluttered with multiple MAs, I don't like it either - now I rely entirely on the "shape" of the market to find entries. From Kennedy's paper the idea of using lower value MAs (5&10 sma)is to reduce the number of false entries, by only trading when the two lower value MAs are outside the channel. Looking at your chart the low value MAs would almost certainly be inside the channel in some of the places you suggest trading - which might help you to sit on our hands a bit longer
It would seem that way but no, that's why I like the 50 so much, none of the 5 and 10 would have made a difference in any of my marked areas of interest
There is one place that maybe the faster MAs would have helped but price never broke the fractal's high and by that time they would have pointed me in the "right" direction
- #2,313
- Mar 20, 2025 5:10am Mar 20, 2025 5:10am
- Joined Jan 2015 | Status: Trader | 1,005 Posts
{quote} It's been difficult, I couldn't get any traction yesterday or the day before, there is a lot of uncertainty - it can't be easy trading and a job unless you are day trading. I started off with a day trading strategy a long time ago! Sometimes you just have to walk away from it - take the dog for a walk!
I don't think I'll be one of those who keeps positions for months at a time so for me, I'm still thinking there might be a way to keep my day job and trade, at least until I am proficient enough with switching over to full time trading (mentally speaking, I'd like to have a life, too
)
- #2,317
- Mar 20, 2025 5:26am Mar 20, 2025 5:26am
{quote} That's a wonderful structure, my friend
400 pips later....
Everything should be made as simple as possible, but no simpler - Einstein
- #2,319
- Mar 20, 2025 5:59am Mar 20, 2025 5:59am
- Joined Jan 2015 | Status: Trader | 1,005 Posts
{quote} Thank you! Unfortunately I completely missed the set up signals after two days sleeping at the wheel! 35 pips is OK, but I could have done much better if I had been awake to what was happening
Sleep is for the weak!