I see 6 pips everywhere I go, everywhere I go!
Make Money Everyday - A Guide to Short-Term Trading
Indeed!
- #1,183
- Sep 21, 2012 12:08pm Sep 21, 2012 12:08pm
ok. i have recently started following PA after a nice hiatus. with a fresh attitude and unbiased view of the market I have noticed something I have never noticed before. Using a few indicators (that probably can be omitted) I have noticed that after a higher high, when price breaks below a 21 period MA - you almost always get at least a 12 pip drop. Have a look:
- #1,190
- Sep 21, 2012 11:51pm Sep 21, 2012 11:51pm
Glad to see you are back from your break. I have 2 thoughts....
1. A 21 MA can mean nothing or it can mean something. Depends on the chart you are using - how many ticks/time frame, etc. I'm sure you traders know this, but just in case there is some FNG reading this and sees '21 MA is the $hit!!' - Not necessarily.
2. I will not knock you for using indicators. Don't knock yourself.
Volatility has returned. Price Action in August sucked - I won't lie. Manage yourself, protect your inventory and Make $$ EVERYDAY!!
Mongolian
On the talk of MAs; I'm running with MAs now, mainly just as a guide and still using PA and levels as my main tools.I didn't find August that bad to be honest but I'm (dare I say it) partly off the QTRs and using the tens in combination with recent S/R levels for entries and exits.
Plotting my levels on the 15M in the afternoon and then running with 70ticks and 200ticks as my main charts for entries.
I still look at the QTRs but mainly in use with confluence of recent S/R, fibs, usual PA clues, and then the ten or QTR nearby.
Also using divergence on 200tick for catching swings as has proven to be helpful.
- #1,191
- Sep 22, 2012 12:14am Sep 22, 2012 12:14am
Here is the PA for past week. Couple things..
I feel like there are 5 basic trades or positions I can be in.
a. If trade is long and the trend is long - Long, Long
b. If trade is short, yet trend is long - Short, Long
c. If trade is short and the trend is short - Short, Short
d. If trade is long, yet trend is short - Long, Short
e. Flat
I want to spend most of my time in either a or c personally. But there are times where I know that the trend is long for example, yet I have textbook short setting up - I would then be in example...
This does bring up the point.. What is the trend? Direction of 15M? 1H? Daily? 10tick? 70tick?
I watch the HTFs for reaction levels and to give me some context, and trade based on a combination of the bigger (1H/4H) trend and the recent swing or 'smaller trend' which I watch on the 200tick and 70 tick.
What I see is that there's always a pull back to be utilised - from the 1H to the little tick charts
Also love those figure bounces; did you read that doc I posted?
Good to be chatting again boys!
- #1,192
- Sep 24, 2012 5:29pm Sep 24, 2012 5:29pm
Very nice mate. I think we are doing the same thing here just slightly different approaches.
This does bring up the point.. What is the trend? Direction of 15M? 1H? Daily? 10tick? 70tick?
I watch the HTFs for reaction levels and to give me some context, and trade based on a combination of the bigger (1H/4H) trend and the recent swing or 'smaller trend' which I watch on the 200tick and 70 tick.
What I see is that there's always a pull back to be utilised - from the 1H to the little tick charts
Also love those figure bounces; did you read...
I think I got this from the Turtle Trader book, but one guy said - if he can print out a copy of his chart and look at it from across the room and tell what the trend is - then there is a trend, if not.... not so much.
Whatever you as a trader decide to use, use it and own it and own the results for using it also. Hope you like my non-answer answer.
Mongolian
- #1,193
- Sep 24, 2012 9:06pm Sep 24, 2012 9:06pm
What is the trend....
I think I got this from the Turtle Trader book, but one guy said - if he can print out a copy of his chart and look at it from across the room and tell what the trend is - then there is a trend, if not.... not so much.
Whatever you as a trader decide to use, use it and own it and own the results for using it also. Hope you like my non-answer answer.
Mongolian
It was more a rhetorical question anyway
Meanwhile I was ready to smash my computer last night, freakin' platform locked up on me twice when about to place trades. I was not nice to the help desk staff :/
