The Dance

Oops,,,, you beat me to it.

Cool to know,,,, but without the text, it's not very functional for a trader. Still,,, good to know.

Either re-start MT or change the chart's time frame and then back. That should do it for you.

Here's a quick hack I did to make it work on 5 digit brokers. Hope it helps.

Lux

Cool linuxinterior. Looking forward to your participation in the thread. Good work. Tons of newbies have 5 digit accounts and don't even know the difference and why their indicators aren't working.

Good stuff,,,

That's the second time you've got my name wrong. Good job I'm not a sensitive kinda guy.

Lux

Ooops,,, Meaculpa! Meaculpa! Pass me the whip,,, serioursly though, I apologize. Been really tired this week, not that that is an excuse.

Excellent! Thanks, lux & all.

pipsacker

actually the old 1 by clay works. i just tweaked the settings of grid space to 250 and it gives me lines at 00 n 50.

Interesting opening to the week! Notice how LARGE the potential "fill" areas are on the charts. GOOD PLACE TO BE CAUTIOUS!

BTW Yunie, that indicator was created by someone else, I just modified it a bit for my charts/colors.

God bless,

It will probably drop to cover the "gap" but I may not be awake for it.

Here are the images from the trade.

OK,, so here is the next entry, same level, same SL,, already moved to BE, and I ALSO moved my TP to the area where I expect it to "cover" that gap, but left some to assure that I actually get out.

SO,,, good trade, already "in pips" and it's a free trade, now I'm off to bed to get some rest and either it goes my way, covers that gap, or I'm out +2. One would be great, the other acceptable "by the rules."

'Night all and good trading to you.

P.S. I'll post the exit when I wake up, if it's still moving down. IF I'm out,,, I'll just say I was stopped out +2 and move to the next trade with not a single thought about whether or not I "left pips on the table."

Last trade of this session... even though it will probably drop like a rock now. Got things to do.

Seems I'm looking for 50's and it's handing out 15's.

hi Clay,

been following your trading today... was not so easy for the Dance rules...

So, looks like it finally went your way... just one more try after your last one :-(

I went out +35 on the "porcupine"-looking area, down from 127.00.

P/A and S/R are definitely the key to good trades!
A great thanks for your experience of price moves.

Squalou.

Hi Squalou, I don't thing the rules were the issue today, all my entries were "by the rules" in the manual. The main issue today was trade management. NOT "money management" but true P/A based trade management.

The entries were pretty clear. The EXITS were what I needed to be stronger on.

For example, on the first trade shown, the entry was pretty near "perfect" and the trade went down a total of over 20+ pips (I think the actual was around 24) and I let it go all the way back up to stop me out with precious few pips. I SHOULD have recognized "by the rules" that I had a conflicting exit/entry signal at the "Touch" of the M15 35 which was at a VERY steep angle up. Instead, I was so "biased" to the short, I totally blew that off and let it retrace against me.

If I had locked in +15 instead of wanting to much to let it breathe, I would have gained +15 instead of +2... big, big difference.

On the second trade shown, the issue was EXACTLY the same, only the numbers were different and the exit came around +18 pips or so, which again I "blew off" wanting a larger short.

On trade three, the issue was precisely the same, not getting out early enough to preserve more pips and instead I allowed it to stop me out -12, then I re-entered, gained back my pips and a few more but again got out a bit late.

Just look at the three posts above and you'll see almost immediately what I am talking about here.

The ENTRIES were all nearly perfect "by the rules" and the only real "issue" was when and where to exit. In waiting, I VIOLATED totally one of my other rules... "TAKE YOUR PIPS NOW!"

Being "too cautious" about moving the SL will often choke out a good strong trade or two. NOT moving it quickly enough, or worse, not recognizing the P/A based and "rules based" exits can really cost you. The main issue was I did NOT remain' bias neutral. In my trading today.

Price did indeed go where I KNEW it would go, it just took a bit longer to "get there" than I had anticipated. It often does that. I need to learn to take my "15's" and "20's" and not always swing for the fences. In this area Kostas1 is actually ahead of me in mastering this strategy.

He is willing to take his "30" each day and walk away. I tend to swing literally "for the fences" on every trade. It's a weakness that I AM working on, and one I WILL master in the next little while.

Kostas1, to his credit and applause may well be "ahead" of me sooner than he thinks BECAUSE he is willing to "take the pips!" faster than I am.

I had three trades today that ALL went for at least 15 pips. That "would" have been 45 pips and walk away. BUT NEEEEEEEeeeeoooooooooow,,, I had to let my self get "biased" and swing for the same fence I knew price wanted to hit.

I'll learn,, and in no time at all,,,, I'll have the last part of this mastered as well as I have other parts and I will become not only consistent (I am much more consistent already because of this strat) but I will then become CONSISTENTLY PROFITABLE as well and THAT my friend is the only real battle left.

Hi Clay,

thanks for the always detailed analysis, they are so precious to all of us here!
What "scared" me with these trades was the S/R line that you had found on D1, which was going wayyyyyyyy back to mid december;
and that did not make me feel very confortable with the reliability of the expected move... so i stayed back.
That would have perhaps called for caution with the length of the move.
But i'm not yet ready for this level of confidence.
That's where experience talks so loud, i guess!

I was much more confortable with the bounces on the 127.00 RN -- should we call that a "constrainment" area ? -- which gave good results.

Thanks again!
Sq.

Trading is ALL about confidence in your strategy Squalou. No confidence, don't trade, period. Keep it that simple until the experience kicks in. That way you don't end up "second guessing" yourself, or suffering from the " 'anal isis' of paralysis" problem either.

Keep doing what makes you money and your confidence will grow.


Yep,, it was an area of constrainment, just not by an MA.

In addition, that "wick" so far back,,, if you look at it "critically" it had only really been "challenged" three times. Once at the original wick. Once at what I am starting to see as a "sticky point" of P/A where it "walks the line" so to speak for a bit, and then just a few days back where it also reversed and plunged. The "sticky area" happened about 30 days after that wick and if you look REALLY close, there are 5 bars involved in that area... one that "blew through" it, one that then attempted again to "blow though" but only got past it a small amount, then a very tiny bar (probably a Sunday bar) then two more bars the second of which bounced off the D1 10EMA.

After price finally broke that level, it still was sort of "stuck" to it and retested it a couple of times, but never got closer than about 50 pips until about 8 or 9 days ago where it went above a small amount, left a wick, a really tiny bar (also probably a Sunday bar) then another wick topped bar and a plunge.

All of that is "fancy" 'anal isis' which only explains what the image shows very clearly,,, that area is a STRONG S/R level, with not many challenges to it.

THAT is why I was reasonably confident enough to risk 12 pips on it on the first entry, and the second.

Hope it helps.

God bless,,,

Took this trade during Asia, GBPUSD off the 15 minute chart, touch of confluence of 60 minute 50 EMA and 15 minute 35 SMA, exited just before round number with +22.

Great trade Staghead.

Clay,
C'mon you make me blush.
Joking apart, I am writing this to underscore Clay's comments about taking the quick pips. I would like to post the following observations after exactly one month of following Clay's strategy:
1. This great strategy offers daily several opportunities for scalping at the 10-15 pips level. Most of the trades will give you this amount and most of the times it will be quick. DO TAKE THEM while you can.
2. I have also found that focusing on one currency (GU in my case) tunes your senses to the movement of that currency and you react quicker. It's much easier to follow and comprehend 3 TF's of one currency rather than 12 TF's of four currencies. Human mind is just not good enough in multitasking.
3. I am not sure if this is against the rules but M5 TF is great in fine-tuning entries, also saves pips
4. Screen time helps. Use the simulator if you haven't spent enough time with the markets (I had 3 yrs of loosing experience but still plenty of screen time)
Overall, shooting for 30-40 pips/day is piece of cake and with correct money-management you only need 3-4 trades daily to achieve your target. Not to brag about (and hopefully not jig it) but at this month that I have been using Clay's Dance I had only one breakeven day and all the rest positive 3-8% (mostly close to 3% which is my daily risk and daily target). I have increased my lots to 0.2 now since my account more than doubled. Don't know how the rest of the year will be but I start getting my confidence back in trading. Hope this helps somebody.

Kostas.
P.S. I can't thank enough Clay so I just want to say "you're the man!"