Trade Outside the Box (TOTB) 543 replies
Thinking Outside the Box!?! 658 replies
Think Outside the Box 26 replies
DislikedWorking back and forth between your thread and Bo's thread. I posted my 1 hr Geppy chart below. Just wanted clarification on high/low closing in trends.
I have a bull pin bar candle indicated with an arrow. What's your interpretation of that candle alone? This signals a reverse move from the downtrend? If it were a bearish candle this would indicate another cycle down?
Not sure if you're familiar with James16 PA thread, but I also marked what I think is a formation he uses. Might be a Double Low with Lower Close, or did I make that up? Is that even a PA formation?
Mmmm...need to brush up over there some more. But I digress, what's your thoughts on that pin bar candle?
Personally, I would favor a short to Swing T1 and T2, but there's news coming out later so I'm staying away.Ignored
DislikedWhen your two candles are picked out, the first step is to draw a line from the high of the first candle to the low of the second candle, and from the low of the first candle to the high of the second.Ignored
DislikedThank you Scotty for setting off the trigger in my mind to trying out something new and different. I'm working on something right now.Ignored
DislikedHey afresh! Good to hear from you. How is trading going? Yes I agree the new concept is discretional in the sense that discretion is one of the critical ingredients of making it successful. Discretion is involved when keeping the price to time ratio low, meaning the line that we draw and it's angle. I would not say however that this technique is subjective, and I know thats not what you said but the human mind is good in the area of implication. The test of usefulness starts with observation. I noticed that when these lines are drawn on the chart (they existed before we drew them by the way) and price can close past one of our objective lines (buy/sell) it ussually goes on to hit one of the target lines. Even when price doesn't hit a target line and reverses, in the majority of cases it will still come back and hit the original target line it made an obligation to. To me this information is extremely useful, and these lines will be used by the market independent of me anyways.
When you draw a line from a low of the first candle you pick out to the high of the second candle you are in essence measuring the price's velocity.
X amount of pips per X amount of time or what a physicist would call a vector. One of the mistakes we make is thinking that price moves up and down only, but because of time it will always move at an angle. This technique takes the time and price into account. I have said before and will say again that time is the road on which price walks.
Some trivia real quick and then I'll shut up...If you start plotting out all the target lines for a given candle by pulling them off of many previous candles, you will notice interesting things happening at the point where these lines 'gather.'Ignored
DislikedLooks like now would be a good time to try the Japanese Fan method out in real time on this 15min USD/JPY chart. Whatcha think?
The white lines are the warning lines.Ignored
DislikedScotty, what are the chances of you posting the chart you used to determine going short g/j to 204.30. In some ways I find japanese fans to be quite simple, yet my mind wants to make it complicated... As always, thanks MikeIgnored
I like your new system. Very nice...
Do you use SL?
And if you would be so kind to look at my chart of the GBPJPY M30, would the chosen candles be far enough from each other, or would you have taken other ones?
Would you have taken long and short trades on this one?