Hi.. My friends call me Dust, and this thread could be a complete flop! But I am going to start it anyway and see where it goes.
Short Background - I have been trading for about 5 years, and I come and go on FF without notice. I traded live the 1M chart using a high risk strategy during time periods when risk was lower and was succcessful. But I realized I hate the 1M chart and have not gone back. Don't let my vouchers fool you.... I know nothing!
FR2 - 4HR Buy Low/Sell High-Tight Target Oriented Zoom Boom Alpha Trendline Trading: What does it mean? For me the most important thing to decided is what kind of trader I am. Not the kind of trader I want to be, but the kind of trader I am! I tried to be a 1M trader, 5M trader, 15M trader, 1Hr trader, Daily trader, but that is not who I am. Actually I left out 4H trader for a reason.... I could never understand how to trade the 4H charts, and hopefully that has now changed. I believe the name of my post is who I am (hopefully), so let's break it down into segments.....
FR2 - (Which is actually read FR"squared") Is an abbreviation for my business name which is Freedom Really Rocks. All my posts and ideas are copyrighted under this name, and have been for many many years. I am sharing my ideas with you because I want to. You in turn are allowed to share my ideas with others as long as the sharing of those ideas does not involve you/others profiting off what we are doing here.
4Hr - Trading the 4H chart works for me from a time standpoint, though in practice it has been the hardest chart for me to comprehend and learn how to trade. I have no more desire to stay awake like a vampire for the 0800 London open. In fact, unless I am not awake for some other reason, I do my best to sleep from 0500 to 1130, or longer, already having things in place at the time many force themselves to stay awake during the busy market hours... and in fact the same time I used to force myself to stay awake for.
Buy Low/Sell High - Reward:Risk is what it is all about. Buying Low and Selling High will give you the best Reward to Risk ratio. I look for close to a minimum of 3:1 Reward to Risk before considering a trade. I deviate a little, but am not interested in anything near 1:1 or less.
Tight Target Oriented - This means that I like to keep my stops as tight as possible and have set targets in mind when making my trades. Tight also refers to money. I am a tight wad, and do not like giving away my money. But I spend it like crazy!
Zoom - This is trendline trading. I have seen many people draw trendlines with about 300 - 1000 bars on their charts. To me this is blurry. I prefer to Zoom in and look at no more than 75 bars to start with when drawing trendlines, and then even Zooming in more once the first set of lines is drawn.
Boom - I want to come to my desk, look at a chart and within a few minutes, adjust lines and decide if I should enter a trade. Boom! On to the next chart!
Alpha - Because I want to be able to trade all currency pairs with the same concept, and I am not afraid of taking risks. I love to utililze the martingale system in a safe and effective way. So, with a 3:1 R:R, don't be surprised if I start out with a 1% risk on the first trade and go to 1.5% risk for the second, and if I lose the 1st and 2nd, then 2% on the third, etc., etc., etc. I like it this way and you are different.. maybe.
Trendline - I have always liked trendlines, but never had any direction about how to draw them. So, I would draw them hilly and nilly wherever and then never saw consistent results. As to why this thread may be a flop..... because I still don't know if I am using them right, but at least I will provide you with instructions about the rules I am using to draw them now.
Trading - I don't really have to break this one down do I?
I have been a live trader for a little over 1 year, but I am starting out here on a demo account again, as this idea for defining how to draw trendlines in a manor that makes sense to me is something that I just came across while studying charts, and as I am a tight wad.. LOL. Well, the rest is still in my pocket
.
That's it! See you on the thread!
Drawing Trendlines According to Dust - First, zoom your chart in until the last zoom and then, zoom out once. This is for an MT4 platform. Very rarely will I zoom out more than this. Once in a while it is necessary, but I see no reason to go back any farther than you have to.
Key Components to my trendlines.....
1. Never go through a candlestick body. If it does, it is time to move it.
2. Start at a fractal.
3. Must go through a minimum of 3 candlestick wicks.
4. One of the candlestick wicks my trendline goes through must be at the exact high/low of a bar.
5. It is okay if my trendline goes through the open/close of the candlestick.
6. You should attempt to go back to the farthest point on your screen when determining what trendline to use, as many times you will have multiple lines going through the same points.
7. My trendlines get updated real time at the end of each bar, and I admit will many times casue me to enter the market much to early. This is okay with me as I don't mind tkaing a few small losses going for a bigger win.
Short Background - I have been trading for about 5 years, and I come and go on FF without notice. I traded live the 1M chart using a high risk strategy during time periods when risk was lower and was succcessful. But I realized I hate the 1M chart and have not gone back. Don't let my vouchers fool you.... I know nothing!
FR2 - 4HR Buy Low/Sell High-Tight Target Oriented Zoom Boom Alpha Trendline Trading: What does it mean? For me the most important thing to decided is what kind of trader I am. Not the kind of trader I want to be, but the kind of trader I am! I tried to be a 1M trader, 5M trader, 15M trader, 1Hr trader, Daily trader, but that is not who I am. Actually I left out 4H trader for a reason.... I could never understand how to trade the 4H charts, and hopefully that has now changed. I believe the name of my post is who I am (hopefully), so let's break it down into segments.....
FR2 - (Which is actually read FR"squared") Is an abbreviation for my business name which is Freedom Really Rocks. All my posts and ideas are copyrighted under this name, and have been for many many years. I am sharing my ideas with you because I want to. You in turn are allowed to share my ideas with others as long as the sharing of those ideas does not involve you/others profiting off what we are doing here.
4Hr - Trading the 4H chart works for me from a time standpoint, though in practice it has been the hardest chart for me to comprehend and learn how to trade. I have no more desire to stay awake like a vampire for the 0800 London open. In fact, unless I am not awake for some other reason, I do my best to sleep from 0500 to 1130, or longer, already having things in place at the time many force themselves to stay awake during the busy market hours... and in fact the same time I used to force myself to stay awake for.
Buy Low/Sell High - Reward:Risk is what it is all about. Buying Low and Selling High will give you the best Reward to Risk ratio. I look for close to a minimum of 3:1 Reward to Risk before considering a trade. I deviate a little, but am not interested in anything near 1:1 or less.
Tight Target Oriented - This means that I like to keep my stops as tight as possible and have set targets in mind when making my trades. Tight also refers to money. I am a tight wad, and do not like giving away my money. But I spend it like crazy!
Zoom - This is trendline trading. I have seen many people draw trendlines with about 300 - 1000 bars on their charts. To me this is blurry. I prefer to Zoom in and look at no more than 75 bars to start with when drawing trendlines, and then even Zooming in more once the first set of lines is drawn.
Boom - I want to come to my desk, look at a chart and within a few minutes, adjust lines and decide if I should enter a trade. Boom! On to the next chart!
Alpha - Because I want to be able to trade all currency pairs with the same concept, and I am not afraid of taking risks. I love to utililze the martingale system in a safe and effective way. So, with a 3:1 R:R, don't be surprised if I start out with a 1% risk on the first trade and go to 1.5% risk for the second, and if I lose the 1st and 2nd, then 2% on the third, etc., etc., etc. I like it this way and you are different.. maybe.
Trendline - I have always liked trendlines, but never had any direction about how to draw them. So, I would draw them hilly and nilly wherever and then never saw consistent results. As to why this thread may be a flop..... because I still don't know if I am using them right, but at least I will provide you with instructions about the rules I am using to draw them now.
Trading - I don't really have to break this one down do I?
I have been a live trader for a little over 1 year, but I am starting out here on a demo account again, as this idea for defining how to draw trendlines in a manor that makes sense to me is something that I just came across while studying charts, and as I am a tight wad.. LOL. Well, the rest is still in my pocket
.That's it! See you on the thread!
Drawing Trendlines According to Dust - First, zoom your chart in until the last zoom and then, zoom out once. This is for an MT4 platform. Very rarely will I zoom out more than this. Once in a while it is necessary, but I see no reason to go back any farther than you have to.
Key Components to my trendlines.....
1. Never go through a candlestick body. If it does, it is time to move it.
2. Start at a fractal.
3. Must go through a minimum of 3 candlestick wicks.
4. One of the candlestick wicks my trendline goes through must be at the exact high/low of a bar.
5. It is okay if my trendline goes through the open/close of the candlestick.
6. You should attempt to go back to the farthest point on your screen when determining what trendline to use, as many times you will have multiple lines going through the same points.
7. My trendlines get updated real time at the end of each bar, and I admit will many times casue me to enter the market much to early. This is okay with me as I don't mind tkaing a few small losses going for a bigger win.
"Keep your eyes on the helpers" - Mr. Rogers
