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NITRO Variations for Open-minded Traders

  • #81
  • Aug 28, 2009 8:59am Aug 28, 2009 8:59am
And finally...

1 more with C4 +6
2 Nitro +6 +5

I've been lucky with Nitro...was watching PA but didn't know of the news of 9:55 (15:55 in Italy)...i was on the right direction

I've made my day...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #82
  • Aug 28, 2009 9:02am Aug 28, 2009 9:02am
With some small changes, I get 15% in the last three days. Overal 55% THIS week... amazing. Just small changes were made on the setup. It's time to open a new account.

BTW: there were some losses of course, so the winning % is not 90%... however I changed the lot size almost every time. --> very dangerous approach, I know. Next week I have to work on the MM.

I have a strict rule before go live, I need to make +8000$ from a starting balance: 2000$

Hope the best.

Take care,

GrZack
  • #83
  • Aug 28, 2009 9:06am Aug 28, 2009 9:06am
Quoting asdf
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 for your explanation

The attached chart shows a trade I took ... too late? ... Not waiting for crossing the red trendline?

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Any good ideas to evaluate? ... I'm still looking ... thinking ... looking ...

I hope I wil learn the PA-mystic

Attached Image


Thanks again for this thread and your friendly help.

If there are pips you can collect - just do it!
  • #84
  • Aug 28, 2009 9:21am Aug 28, 2009 9:21am
Hi, for those who trade specifically at the open of the Tokyo, London/Frankfurt, and New York markets. It isn't gauranteed that a tradeable move will happen at these times, so how long do you watch the charts until you go away and wait for the next open. For example, when trading the New York open (9:30am EST) do you watch charts from 0930-1000, or 0915-0945 etc? I've been looking for trading oppertunities for 30mins after the open, but I'm just wondering what other people are doing?

Regards,
Matthew
  • #85
  • Aug 28, 2009 9:25am Aug 28, 2009 9:25am
studbiol,

would you mind posting your most recent chart without any indicators, and with all the bricks a single color, whether it be green, red, white, etc., so that up bricks are the same color as down bricks. In other words, make the chart as simple as possible.
  • #86
  • Edited 2:20pm Aug 28, 2009 9:27am | Edited 2:20pm
Quoting johny pip
Hi Chris,
This is what I am trying. I attach a chart (not MT4) that shows HA candles 'inside' Renko. The thick black lines show where the Renko bricks would be. They are calculated using the Renko 'rules' for 10 pip bricks.

Maybe someone could code this for MT4 - I find it very interesting.

I like your comment on indicators for Renko. I came to the same conclusion some time ago - no one listened
Hi Johny pip,
You may want to try this. I'm not a professional coder, still managed to produce such a thing somehow... It's an indicator, not a script.

Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 Renko_v1.ex4   4 KB | 670 downloads
Wherever you look, there's something to be seen
  • #87
  • Aug 28, 2009 9:29am Aug 28, 2009 9:29am
ASDF:

So WHY did those longs/shorts in your chart failed?

I've just missed a similar trade!!

Quoting asdf
Kristjan,

The HMA may or may not have filtered some of the losers. But price action DEFINITELY would have filtered some of the losers. Let me know if you have any questions. (EDIT: DB = double bottom, LL = lower low, LH = lower high, HL = higher low, HH = higher high)

(SECOND EDIT: noticed a label didn't stay on the chart, added the corrected chart)
  • #88
  • Aug 28, 2009 9:29am Aug 28, 2009 9:29am
Quoting bali2002
Mmmhh...I don't know

I guess if you enter on the breakout you're at the beginning of the trend and have less oportunities of missing it...

...but if you wait for a retrace you are more certain of the trend since its more established?

I'm shure there's much more about it i'm missing!!
You got most of them. Entering on the breakout ensures not missing the potential big move. What is the con? Waiting for a retrace and turning resistance into support ensures an uptrend, with the con being you may miss the move. There is however one other major pro in waiting for the retrace. Project it onto your chart and see if you can figure it out. (Hint: once you figured out it is an uptrend, what do uptrends do?)
  • #89
  • Aug 28, 2009 9:40am Aug 28, 2009 9:40am
OK
Entering on the breakout has the potencial risk of a retrace and being stopped out (happened to me a minute ago)

The pro of waiting for a retrace is probably riding the trend with more certainty (since I want to scalp only 5 pips I prefer to be +shure)?

But what happens if there's no retracement? You just happily miss a long ride?

Quoting asdf
You got most of them. Entering on the breakout ensures not missing the potential big move. What is the con? Waiting for a retrace and turning resistance into support ensures an uptrend, with the con being you may miss the move. There is however one other major pro in waiting for the retrace. Project it onto your chart and see if you can figure it out. (Hint: once you figured out it is an uptrend, what do uptrends do?)
  • #90
  • Aug 28, 2009 9:42am Aug 28, 2009 9:42am
Quoting parky87
Hi, for those who trade specifically at the open of the Tokyo, London/Frankfurt, and New York markets. It isn't gauranteed that a tradeable move will happen at these times, so how long do you watch the charts until you go away and wait for the next open. For example, when trading the New York open (9:30am EST) do you watch charts from 0930-1000, or 0915-0945 etc? I've been looking for trading oppertunities for 30mins after the open, but I'm just wondering what other people are doing?

Regards,
Matthew
Hi Matthew,

personally, I'm in front of the monitor all day. 4-16 hours/day
but I have a fortune, as in my country London open happens 10:00 local time, Frankfurt is in the same timezone. NY open happens around 14:00. RED news give us great opportunity to enter a trade. Just catch the direction.

Regards,

GrZack


ps.: Tokyo opens @ 00:00 local time. Around 2:00 AM, several bricks are forming till 3:00 AM.
  • #91
  • Aug 28, 2009 9:44am Aug 28, 2009 9:44am
Man this seems like such a crazy day. PA gone wild and I have enjoyed playing in it like a kid with a new digger in a sandbox.

Ok, yes it looks like I am not following the signals or the rules. Friday two weeks ago was the same way - totally undisciplined. However, the difference today was seeing the price action and not just letting it sit there until the next "signal". Those pips were begging to be picked up off the table.

Realistically, I got impatient on some trades and closed them early. One big loser but keep in mind it was a 5 lot as well. The drop today was well correlated between the pairs as well as with the Dow.

9 day in a row profitable. Who says PA is too hard to follow. Today it was like neon signs in Vegas pointing the way. Lose the fear and the rigidity of the rules and flow with it! Mark Douglas calls that Trading in the Zone. I agree.
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4XTrader2
  • #92
  • Aug 28, 2009 9:52am Aug 28, 2009 9:52am
Quoting bali2002
OK
Entering on the breakout has the potencial risk of a retrace and being stopped out (happened to me a minute ago)

The pro of waiting for a retrace is probably riding the trend with more certainty (since I want to scalp only 5 pips I prefer to be +shure)?

But what happens if there's no retracement? You just happily miss a long ride?
Waiting for a retrace gives you a new higher high to use as a target after the you see resistance become support. Remember uptrends make higher highs, downtrends make lower lows. If you know you're in an uptrend, why set your target for anything less than the previous higher high?
  • #93
  • Aug 28, 2009 9:52am Aug 28, 2009 9:52am
Quoting asdf
studbiol,

would you mind posting your most recent chart without any indicators, and with all the bricks a single color, whether it be green, red, white, etc., so that up bricks are the same color as down bricks. In other words, make the chart as simple as possible.

Do you think like this?

Attached Image (click to enlarge)
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If there are pips you can collect - just do it!
  • #94
  • Aug 28, 2009 9:57am Aug 28, 2009 9:57am
Just a couple of live trades, hope it helps someone.
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  • #95
  • Aug 28, 2009 10:05am Aug 28, 2009 10:05am
Right... thanks!

Quoting asdf
Waiting for a retrace gives you a new higher high to use as a target after the you see resistance become support. Remember uptrends make higher highs, downtrends make lower lows. If you know you're in an uptrend, why set your target for anything less than the previous higher high?
  • #96
  • Aug 28, 2009 10:12am Aug 28, 2009 10:12am
So finally momentum went down, created a triple top and after a retacement there were some pips to be made!

It's a freaking patience game

Quoting bali2002
Resistance level touched for the 3rd time... price is long in all other pairs and momentum is high...
...if PA goes beyond the resistance line it's buying time

....or
momentum may go down and become a triple top, PA then falls below the support line and it's selling time!!

Am I ok?
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  • #97
  • Aug 28, 2009 10:23am Aug 28, 2009 10:23am
Quoting DarkDays
Just a couple of live trades, hope it helps someone.
With all due respect, that first trade was against a major uptrend, meaning the probabilities were not in your favor. Unless you were certain there was major resistance on the other side of that highest block, or unless the other pairs were making major moves to the downside, that was a less than 50/50 trade. The fact price hit your target is more luck than anything--not that luck is bad, you just can't rely upon it when determining probabilities. You said your trade criteria was met. I would add one more rule to that criteria, probably the most important rule of all: never trade against the trend. One thing you did quite well, that others should learn from, is that you were patient in your entry. Nice.

On the other hand, that second chart and trade...brilliant!
  • #98
  • Aug 28, 2009 10:34am Aug 28, 2009 10:34am
Quoting bali2002
So finally momentum went down, created a triple top and after a retacement there were some pips to be made!

IT'S A FREAKING PATIENCE GAME
Repeat that to yourself 50 times before you start your trading. The three most important characteristics of a good trader, in my opinion, are consistency, discipline, and patience.

Some food for thought. How strong was that triple top and how quickly was an attempted breach of resistance shot down? And more importantly, what might that say about the following move down?
  • #99
  • Aug 28, 2009 10:43am Aug 28, 2009 10:43am
You mean momentum?
Like the market was gaining speed to change the direction of the trend?

Quoting asdf
Some food for thought. How strong was that triple top and how quickly was an attempted breach of resistance shot down? And more importantly, what might that say about the following move down?
  • #100
  • Aug 28, 2009 10:48am Aug 28, 2009 10:48am
Yes it's possible I was 'fooled by randomness' on the first trade . Just getting a feel for basic Nitro, I will certainly add more rules as I refine it. I'm a little trigger happy for sure.

Quoting asdf
With all due respect, that first trade was against a major uptrend, meaning the probabilities were not in your favor. Unless you were certain there was major resistance on the other side of that highest block, or unless the other pairs were making major moves to the downside, that was a less than 50/50 trade. The fact price hit your target is more luck than anything--not that luck is bad, you just can't rely upon it when determining probabilities. You said your trade criteria was met. I would add one more rule to that criteria, probably the most...
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