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Easy Eyes (No Indicators) Simple Day Trading

  • #81
  • Nov 29, 2010 4:04pm Nov 29, 2010 4:04pm
This one took off so I took 10 pips.. felt like I was only in for a few seconds before profit..

I was waiting a while.. took two trades that were confusing so I was in and out took 2 pips loss and finally got this 10 piper..

I like having the historical trade on chart, no more worrying about getting the pic quickly..

Thanks!


Really the only important thing about this pic is seeing the 30M is up.. the 5M is going up had a small moment where it was neutral so it was ether going up or going down in a few minutes.. looking at the 1M we can see it break out and I jumped in as it headed up
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  • #82
  • Nov 29, 2010 5:05pm Nov 29, 2010 5:05pm
Quoting newyear498
Could you explain how you evaluated momentum? Sounded like a very different approach to finding momentum then I am used to?
Rate of change (in price) is probably more accurate. I don't use a ROC indy, just pick it up from observing price...prior to that particular trade, EU and EJ were pulling away short quite strongly and GU was 'lagging', but the GU 30min HA was showing bear strength so the odds were in favour of an eventual capitulation.
  • #83
  • Nov 29, 2010 5:09pm Nov 29, 2010 5:09pm
Quoting newyear498
I decided to buy in at some consolidation before the next move..

You can see on the 30M we are just in a pull back most likely.. so some small scalping is all I wanted.. bought at 1M consolidation.. and when momentum got weak I decided to lock in pips for a 1 pip profit.. obviously I wanted more but you can only take what it wants to give right!?!

so a small 1 pip and I am probably going short soon... since like I said the 30M appears like it might continue down
where is the pullback ? and why did you decide to exit how do you decide if momentum is weak or not ?
  • #84
  • Nov 29, 2010 5:32pm Nov 29, 2010 5:32pm
Quoting whatfx
where is the pullback ? and why did you decide to exit how do you decide if momentum is weak or not ?
I'm not sure what pull back you mean... but the 30M is on a pull back and most likely it will head down in the long run so I was looking for small scalp of pip up..

the 1M had a small pullback/consolidation period so thats when I jumped in the 5M which was going upward.. I didn't think the 5M was gonna pull back yet so I was using the 1M as a way to get in the 5M trend for maybe 5-10 pips..

but it backfired because the 5M did pull back.. and I did what I could to adjust

This trade was not really a text book example of what I showed in post #1.. waiting for a 5M pull back would have been a less risky play.. but the 5M looked strong at first glance I thought I could sneak into the party but I got kicked out after 1 pip
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  • #85
  • Nov 29, 2010 5:37pm Nov 29, 2010 5:37pm
I read somewhere online how to see momentum in price action.. and it said that momentum in price action is just looking at price and time to see how fast the highs and lows are forming over time..

and a better judgement is looking at the prevous swing highs and swing lows to see how far apart in time they happen.. if when lows in an uptrend are far apart momentum is taking off.. if in an uptrend the swing lows are getting closer then momentum is dying and so is the trend.

thats what I read and i use it.. it seems to work pretty good.. and I have no other way of judging momentum in PA so thats how i figure it..

I don't see any reason you could'nt throw a MACD or Stochastic on your chart to see momentum as well.. it might lag a little but so what.. it will help you trade better overall if watching the highes and lows is not favored
  • #86
  • Nov 29, 2010 7:12pm Nov 29, 2010 7:12pm
Well I took three 3 pip losses today. I think I'll cut my losses.
Attached Image
  • #87
  • Nov 29, 2010 7:23pm Nov 29, 2010 7:23pm
Quoting jmag
Well I took three 3 pip losses today. I think I'll cut my losses.
It is nice to see that your biggest loss was -4 and biggest gain is 11.. if I am seeing correctly.

I would certainly suggest looking back at your trades and seeing what could be done different to improve entries and exits.

I know you mentioned before you wanted to test a method out for a while before making drastic changes so I'll have to respect that discipline
  • #88
  • Nov 29, 2010 9:17pm Nov 29, 2010 9:17pm
Remember everyone that the HA needs to be viewed different than regular candle sticks

in an uptrend.. long wicks on top and no wicks on bottom is the strongest bars.. the weak HA are ones in an uptrend with lower wicks and little top wicks.. wicks of equal values is weak (those look like doji)
  • #89
  • Nov 30, 2010 7:28am Nov 30, 2010 7:28am
Great little method you have there.

Even thow I have my own profitable method I do like to keep an open mind and see what others are doing in the markets.
  • #90
  • Nov 30, 2010 10:43am Nov 30, 2010 10:43am
I think using this as a scalping method, the way I have been using it, although there are some good setups, I am finding often to be in the move too late. Maybe trying to go off the 30m bar for scalps this way is too lagging. It really depends on what the market is doing. There is also the problem of trading a dead market like a lot of yesterday. It does have some aspects of keeping out of the market, but there needs to be more discretion.
  • #91
  • Nov 30, 2010 11:50am Nov 30, 2010 11:50am
I like it, and have been snooping for awhile.

I've had more success when placing my limit order 2 pips (my spread on GU) below/above the low/high of the 5M candle, NOT the 1M.

Just a thought.
  • #92
  • Nov 30, 2010 5:35pm Nov 30, 2010 5:35pm
NIKKEI WAINTING TO CLOSE SHORT POSITION


http://img5.pixa.us/848/19134316_th.jpg
  • #93
  • Nov 30, 2010 7:44pm Nov 30, 2010 7:44pm
Quoting pilotui
I like it, and have been snooping for awhile.

I've had more success when placing my limit order 2 pips (my spread on GU) below/above the low/high of the 5M candle, NOT the 1M.

Just a thought.
Great, thank you for the information.. 5M is probably better to avoid the whipsaws.. Thank you for the update!
  • #94
  • Nov 30, 2010 11:01pm Nov 30, 2010 11:01pm
I have not really be trading this like the initial approach I showed.. but still I use it to reference the trends..

I could share some other ways to see things but it would be less about HA and more price action driven.. I mean its so Fing hard to find price action stuff online it took me forever to figure out what it really ment so maybe some would be interested..

but I have been reluctant to post anything other then HA..


anyways with my other thread on developing a system.. which is mostly for fun and going to be a hell of an experiment I might be mostly in there..

but overall this thread seems successful as I see several commits indicate liking this method..

Heres a random shot from my trading tonight.. I got 7 pips so far.. been scalping the 1M / 10sec... but based on price action only.. no indicators.. but yeah thats where i've been tonight

Not really showing anything special.. but yeah with all those historical marks I don't know how you would know what the hecks going on haha!
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  • #95
  • Dec 1, 2010 3:16am Dec 1, 2010 3:16am
...Paulus' 123 price action thread is another good reference, for naked trading, apart from using the fib qualifier!
  • #96
  • Dec 1, 2010 9:50am Dec 1, 2010 9:50am
Ok, I've had a bunch of emails asking me to detail my version of this system:

here you go

http://www.forexfactory.com/showthre...91#post4213391
  • #97
  • Dec 1, 2010 2:20pm Dec 1, 2010 2:20pm
Not sure if anyone wants me showing pure price action or if thats for another thread.. but heres a chart..


my prediction.. based on current price action its going to go up.. thats right.. up.. lets see if I'm right.... hmmm
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  • #98
  • Dec 1, 2010 2:45pm Dec 1, 2010 2:45pm
Good call Ny. Keep it up. Scalp signals by Ny.
  • #99
  • Dec 1, 2010 2:48pm Dec 1, 2010 2:48pm
Now here is the update.. I took half my position off when price reached my target.. a target area I usually find price will reach 80-80% of the time

and then I let the other now set to BE and let that half ride the tide of every new swin low that forms until I get stoped out... which will indicate a market reversal to me and I will look to go the other way




PS: oh and just because I predicted price going up doesnt mean I didn't play it safe and wait for it to confirm

PSS: just as I'm posting this.. price reversed and hit my BE and but thats ok.. still 4 pips of profit and the other half broke even I'll evaluate shorts now
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  • #100
  • Dec 1, 2010 2:51pm Dec 1, 2010 2:51pm
Quoting jmag
Good call Ny. Keep it up. Scalp signals by Ny.
Hah yeah.. but don't go long now.. scalping things can change fast..now things are looking down but I'm still confirming.. plus Newyork is closing soon so I quit for day now or soon

If you want I will post why I made those decisions and share with you some PA stuff but idk if its ok to move off the topic of HA.. but ha.. I could just change posting title a little :-p
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