It's the SHI Channel_True and is available by clicking on the paperclip in the upper right hand corner of this thread. (dont forget to click hide images
I don't use weekly or monthly pivots. Go back through my charts, what you see is what I use. Of course I'm not dictating, feel free to use any other pivots or indicators you find helpful.
1) When I look for the open,close,high,low for the previous day I get different results depending on where I look. If I go to the daily chart for the previous day and compare it to the (2) 12H candles combined for the previous day and even the (4) 4H candles combined for the previous day, they give different results. For example on Oct 19th the high on the daily chart is 149.137, and the (2) highs on the 12H for the 19th are 148.948 & 148.982 and the (6) highs on the 4H for the 19th are 148.479, 148.484, 148.948, 148.909 & 148.982. Looking at the the High for Oct19th from the daily chart is 149.137 yet from the 12H and the 4H it is 148.982. The same thing applies to open close and low.
So the question I am asking is where is the best source to find the CORRECT open,close,high and low for the previous day?
2) When you weigh the priorities of potential support and resistance, who gets priority. Do Pivot Points have priority over (open, close, high & low) points? Can you generalize, or does it just depend on the situation at that time.
I notice that there can be consolidation at either of these places on any given day. The price can blow through a pivot point and stall at the open or high for the day, or it could do the opposite.
Do you give one (Type) priority in your mind, and if you do, is it based on anything technical, or just from experience?
If you have a minute would you mind giving your opinion of my analysis of how I think you would have traded GJ today?
Pre trade: Daily been in an uptrend but last 3 days consolidating on daily and 4 hour. MACD on daily heading up and starting to turn on 4 hour. Stoch on daily in o/bought but around 50% on 4 hour. No definite trend on longer tfs in past couple of days but more inclined to look for long than short.
1 hour opened above CPP and dropped below but found support at lower BB and 55 EMA. Bullish candle at 12am PDT almost to S1. 2 more bullish candles up to CPP. Stoch heading up and crossed 50%, MACD turning up. 5/8 MAs crossed and starting to turn up on 1 hour, already heading up on 30min with decent gap between them. Price crossed 21/55 MAs on 30 min and 1 hour. 122 pips from CPP to R1. Good momentum and maybe a bit of a trend starting, but in a range. Long at 148.31 after 1 hour candle closed above CPP. Previous high at 149.28 which is target. Conscious that 149 could be a problem as price hit resistance there before.
Entering at the CPP would have been stopped out at breakeven by the 50 pip pullback a couple of hours later. May have entered a bit earlier at a lower price on the 30 min which wouldn't have been stopped out.
Is that how you would have viewed this or am I missing something?
Thoughtful questions. Let's see if I understand them, and can answer them briefly. The previous day's Open, High, Low can be found on the previous daily candle. Forget the other candles you mention.
For me, the pivot point supports and resistances carry the most weight. I think you can see this over and over on my charts. As I've written many times, I am interested in where price/candles are when the new pivots come out, i.e., above or below the CPP (previous day's high, low, open divided by 3, gives average of price for the previous day). I absolutely do not like to trade consolidation or sideways markets because that's where I have losses. My preference is to trade trends only, in fact trending momentum is where my strategy works. So, if the market is or has been trending, and the candles are above the CPP, you bet, I'm very interested in that. Then I look for a 100 pips target (i.e, another pivot). If the candles are above the CPP, and also push above the previous day's high (ceiling/support), I'm doubly interested. Then I look at my stochastics, my MACD(s), and if they look right, I'm in the trade.
Whew, quite a mouthful. See my response to Brian's questions. Again, I don't like to trade ranges or consolidations. Reason: Markets are choppy as traders play tug-of-war until bulls or bears win and price starts to trend up or down following a breakout from the range. For me in a given session, my approach pivots around the pivot points--to state again, and again, in particular where the candles are in relation to the CPP when the new pivots come out, i.e., above or below. Even prior to that, I have to determine whether the market is in a trend or consolidation pattern. If consolidating/ranging, I'm absolutely much better off to mark time until a trend kicks in. Trust me, if you learn to wait for a clear trend, you'll be $miles ahead of the losing crowd before long. Your analysis is good, but I sense a bit of guesswork. We all guess sometimes, to our peril. Rule 1: If uncertain, stay out. Rule 2: If confused about the market, stand aside. Rule 3: Wait for your strategy, wait for a setup. After awhile it should be obvious when a setup shows it's face. This doesn't get at all the many points in your analysis. Hopefully along with the answers to Brian's questions it helps.
I have observed that you are able to limit your losses quite well and that more often than not when a trade goes against you, you get out at break even.
With me, the difference is that when a trade goes against me, I am taking 20 pip losses and these can mount up. Any ideas/thoughts on how you are able to get out of a trade at break even so consistently?
Greg, today the price striked from R2 to S1 within half an hour. When waiting for the H1 candle do close one would miss the whole move. Do you ever enter a trade before the candle closes? I did that and made some pips today. Just I am not quite sure if that was due to my pre trade analysis or just pure luck.
Greg, today the price striked from R2 to S1 within half an hour. When waiting for the H1 candle do close one would miss the whole move. Do you ever enter a trade before the candle closes? I did that and made some pips today. Just I am not quite sure if that was due to my pre trade analysis or just pure luck.
Ignored
if you check his ticket time you will see that he enters a trade at any posible time around the clock, of course he pays attention to news time (the reason you just saw the price move from R2 to S1), and also if you read through the blog he is aware of the clock at all times, and pays some attention to pullbacks which can occur at certain time in the hour clock.
If the setup is right though, i am pretty sure he just enters when the trade is good to go - doesnt' matter if current candle is complete - the previous candles will be painting the picture as well as the other indicators and then of course - momentum.
I have been reading through this thread the last couple of days and I'm having a bit of trouble understanding what's going on. Maybe this has to do with me being a newbie. I basically don't seem to understand how Greg chooses the entries and exits that he does.
I have a few specific questions as well if anyone is willing to answer them for me.
1. What indicators is Greg using?
I see MACD(12, 26, 9), Sto(14, 3, 3) and a confusing assortment of other indicators on the main screen.
I'm assuming Sto(14, 3, 3) is a stocastic indicator. If so, which one (fast, slow, etc)?
2. The clock image shown in the picture, is that PST, EST, GMT? I'm assuming its PST.
I guess most importantly, I'd like to understand how Greg picks his entries.
If you have been reading through this thread, you would have all your questions answered, its been stated too many times, but someone else feel free to mention it.
I have been reading through this thread the last couple of days and I'm having a bit of trouble understanding what's going on....
Ignored
Check out posts 651 to 654
i have tried to summarise Greg's approach. I did this just from watching his trades and trying to recoginise how he goes about it. he seems to agree that i have a good grasp on his method so if you go over these posts it may help a little. Really all i have said here simply reiterates what Greg outlines each and every trade he posts.
I use to encounter the same problems, I don't know if greg does this or not, but what i've been doing is looking to the lower time frames, 5 & 15 minutes. Looking for good launch points ie pattern formations, price action, and most important is the stoch, and macd oversold. A lot of time price action in the lowertime frames will bounce off a pivot before continuing its way.
Don't get me wrong, i'm not a master at this system, i'm still learning, but atleast now im not getting burned for 20-30pips.
I have observed that you are able to limit your losses quite well and that more often than not when a trade goes against you, you get out at break even.
With me, the difference is that when a trade goes against me, I am taking 20 pip losses and these can mount up. Any ideas/thoughts on how you are able to get out of a trade at break even so consistently?
i have tried to summarise Greg's approach. I did this just from watching his trades and trying to recoginise how he goes about it. he seems to agree that i have a good grasp on his method so if you go over these posts it may help a little. Really all i have said here simply reiterates what Greg outlines each and every trade he posts.
