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NITRO Scalping for serious traders

  • #141
  • Aug 27, 2009 3:12pm Aug 27, 2009 3:12pm
Definitely!
I'm beginning to get the feeling that the 'sixth element' is that sense of the PA 'in the body' where all of a sudden you see it and start riding the wave...

Crazy eh?
And pretty elusive for a system!!
I wonder if I will ever be able to keep that recognition and use it on a daily basis...

It's funny how my charts are beginning to have less and less indicators.

Quoting 4xStar
I think the 'filter' you are looking for is just your own recognition of price action and that will come only with a lot of practice .. it is what we all had to go through. Took me about 3 weeks of constant trading and I am still not as good as some others in here, although consistently in profit.

You just have to decide on your primer, trigger (see post above by bali) and take the trade .. and do it again & again. At a certain point you will begin to 'see' the PA and that will be the filter you are looking for.

At least that's the way...
  • #142
  • Aug 27, 2009 3:17pm Aug 27, 2009 3:17pm
Quoting bali2002
Definitely!
I'm beginning to get the feeling that the 'sixth element' is that sense of the PA 'in the body' where all of a sudden you see it and start riding the wave...

Crazy eh?
And pretty elusive for a system!!
I wonder if I will ever be able to keep that recognition and use it on a daily basis...
Yes and this is why it is so difficult for people to accept .. we have been conditioned to look for indicators, backtests, statistics and 'proof'. With this, it is all right in front of our noses .. just takes the time (and faith) to learn how to recognize it.

asdf posted a cool chart on the other thread, I asked him to post it here as well .. great visual of PA in action...
******************* I'd rather make money than be right.
  • #143
  • Aug 27, 2009 3:18pm Aug 27, 2009 3:18pm
Quoting bali2002
Definitely!
I wonder if I will ever be able to keep that recognition and use it on a daily basis...
Actually .. I think you will .. but that is discussion for a metaphysical forum
******************* I'd rather make money than be right.
  • #144
  • Aug 27, 2009 3:36pm Aug 27, 2009 3:36pm
This is one of the live trades I took today.

Visual backtests look very promising, I examined the last 20-25 eligible trades with each of the 4 pairs I use and the ratio of winners to losers was typically 20:1 or 25:2 give or take... I am eager to see what the forward testing reveals.
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  • #145
  • Aug 27, 2009 4:19pm Aug 27, 2009 4:19pm
Quoting 4xStar
asdf posted a cool chart on the other thread, I asked him to post it here as well .. great visual of PA in action...
As requested, with the accompanying post. Hope it helps.

"Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action."
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  • #146
  • Aug 27, 2009 5:45pm Aug 27, 2009 5:45pm
Quoting asdf
As requested, with the accompanying post. Hope it helps.

"Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action."
Thanks .. I had no idea we could look for patterns like H&S on renko .. but of course it would be logical to do so.
******************* I'd rather make money than be right.
  • #147
  • Aug 27, 2009 7:16pm Aug 27, 2009 7:16pm
Quoting asdf
As requested, with the accompanying post. Hope it helps.

"Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action."
Buddy, nice Idea I love it........ but a inverse head and shoulders stands for a bullish price move normally. and the price came off after it confirmed.

you're on the right track.. I hope you did think long when you saw that forming.
  • #148
  • Aug 27, 2009 7:27pm Aug 27, 2009 7:27pm
Quoting 4xStar
Beautiful charts .. lookis like something out of Arabian Nights but maybe a bit too complicated for here .. we are trying to keep this very very very simple.... naked PA .. ok, maybe a bikini strap, but nothing more!
Sorry to say but I’m not able to trade with PA only … I was attacked when I dared to post charts with indicators and so I’m insecure what to do and … last bnot least … how to do.

Is the future of this thread trading only PA without indis? Or are only certain indis allowed to be discussed? And if it is so – do you decide to explain your way of trading and allow questions of people who are not able to have the ‘sixth sense’? I’m quite confused.

This thread has become very strong regulated … if you don’t like persons posting here that have problems to follow at once your thoughts … it’s o.k. for me … than I will lurk from the sideline … perhaps some day my brain bulb will be enlightened.


Quoting asdf
As requested, with the accompanying post. Hope it helps.

"Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action."

You may think I’m absolutely inexperienced, ignorant or stupid. I have seen that you are strictly banning every indicator. But this is a little cryptic and mystic to me. Yes sir, I’ve heard of H&S and IH&S while trading stocks but – please – how would you forecast where to PA will move?

In your charts you ask questions … I’m looking and thinking about answers .. I can’t find any. Can you solve that riddle ... would you please give the answers to your questions?

Highest Regards

If there are pips you can collect - just do it!
  • #149
  • Aug 27, 2009 7:40pm Aug 27, 2009 7:40pm
Studbiol:

There's some answers in the other thread:
http://www.forexfactory.com/showthre...=1#post3000206

(I think we should consolidate both threads into one).


I don't think there's a problem with your indis, everybody should be free to use whatever they want if it helps their trading...
  • #150
  • Aug 27, 2009 7:45pm Aug 27, 2009 7:45pm
I wish we could consolidate, but people need to understand there is space on one thread for people who want 10 indis, people who want 3 indis and people who want no indis and all of us can learn from each other along the way... you never know where the right key for you will come!

remember you can ignore anyone who is posting about things you are not interested in
if need be!

Brian

Quoting bali2002
Studbiol:

There's some answers in the other thread:
http://www.forexfactory.com/showthre...=1#post3000206

(I think we should consolidate both threads into one).


I don't think there's a problem with your indis, everybody should be free to use whatever they want if it helps their trading...
  • #151
  • Aug 27, 2009 8:35pm Aug 27, 2009 8:35pm
Quoting bali2002
Studbiol:

There's some answers in the other ... everybody should be free to use whatever they want if it helps their trading...
Thanks Bali2002 and Brian for your positive words ... just looking and learning.

If there are pips you can collect - just do it!
  • #152
  • Aug 27, 2009 8:45pm Aug 27, 2009 8:45pm
Spot on time
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  • #153
  • Aug 27, 2009 9:00pm Aug 27, 2009 9:00pm
Enter upon creation of C-Bar in conjunction with change in HMA color, take profit ten pips later.
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  • #154
  • Aug 27, 2009 9:09pm Aug 27, 2009 9:09pm
Quoting studbiol
Thanks Bali2002 and Brian for your positive words ... just looking and learning.

Yes, there is another thread called NITRO Variations for Open Minded Traders and there you can post new indicators, new ideas etc. We are all friends and many post to both threads.
We are just trying to keep this one focused on 'pure' PA .. which I know to some may sound a bit like some sort of 'magic'.
However nearly every day we have new people discovering how to 'see' the PA without need of indicators, so we may be on the right track, at least for some. Maybe others will always need indicators and maybe down the road someone in the other thread will find the perfect indi combo to scalp-trade the renko bars.

For the moment, please just post pure PA commentary here. If you have fancy charts or new indicators, or want to go for more pips .. please use the other thread.
******************* I'd rather make money than be right.
  • #155
  • Aug 27, 2009 9:16pm Aug 27, 2009 9:16pm
Quoting DaveW
Spot on time
Nice Dave... and I think you could remove one or more of the bottom indis and still do as well. Renko bar formation + correlation tells the story.
******************* I'd rather make money than be right.
  • #156
  • Aug 27, 2009 9:23pm Aug 27, 2009 9:23pm
So as I'm looking over asdf's charts examining Renko price action along with the commentary (thank you by the way, they are most helpful) I was thinking about a couple of patterns and why they are relevant to future price action.

Here is something you might think about if you have not already. Since renko is not time sensitive like other methods of charting then head and shoulder patterns really have a different significance. Or possibly the same significance but for different reasons.

It is likely that speculative traders who use renko are in the minority. Therefore most traders do not see the same renko patterns and because of this, do not make trading decisions based off of said patterns.

Imagine this example: Using a 10 tic brick, one head and shoulders pattern could take 5 hours to form using renko. That same pattern could then repeat itself in 1 hour... or 30 minutes... The point is that realtime price action might not resemble a head and two shoulders at all. What IS significant is that despite the time it takes to form the renko pattern, support and resistance levels form. Historical S/R levels are not affected by time passing, but rather by recency bias. That is, the impact a particular price point, level, zone (whatever you want to call it) has on the collective trader's psyche.

My point is that unless renko traders start to become very common, it might be better to attribute a winning expectancy using a renko pattern to S/R rather than the pattern itself.

What do you all think?
  • #157
  • Aug 27, 2009 9:48pm Aug 27, 2009 9:48pm
Quoting DarkDays
...

My point is that unless renko traders start to become very common, it might be better to attribute a winning expectancy using a renko pattern to S/R rather than the pattern itself.

What do you all think?
Agree ... this is an area that merits further study. Since patterns on renko are not formed 'in time' but only by price movement .. their S/R impact may, in theory, be greater. Learning how to correctly determine S/R levels in renko may become one of our most valuable trading tools.
******************* I'd rather make money than be right.
  • #158
  • Aug 28, 2009 2:03am Aug 28, 2009 2:03am
A quick 10 pips, 40 minutes after Frankfurt open.

Not difficult is it. The key is to wait for the correlation to kick in on at least 3 pairs.
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  • #159
  • Aug 28, 2009 2:22am Aug 28, 2009 2:22am
Quoting SlushFund
A quick 10 pips, 40 minutes after Frankfurt open.

Not difficult is it. The key is to wait for the correlation to kick in on at least 3 pairs.
That's it!!!

same happens all the time @ Tokyo open, London open, NY open. This is at least 3-4 trades (15 - 40 pips). More than enough for one day.

Take care,

GrZack
  • #160
  • Aug 28, 2009 4:25am Aug 28, 2009 4:25am
Quoting GrZack
That's it!!!

same happens all the time @ Tokyo open, London open, NY open. This is at least 3-4 trades (15 - 40 pips). More than enough for one day.

Take care,

GrZack
aka .. less = more
Consistency is the key to long term success.
As Edge would say: rinse & repeat...
******************* I'd rather make money than be right.
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