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  • #81
  • Nov 29, 2012 1:58am Nov 29, 2012 1:58am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Thank you Handy - but not really needed

Quoting handy148
9er

From memory I think is was the KorHarmonics 6.7.13 version that drew ABCD - don't have the indi any more but sure you can find it on google.
  • #82
  • Nov 29, 2012 2:40am Nov 29, 2012 2:40am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Well good to see the EU continuing to go up, bummed it took out my stop before doing so. RSI is now at 70.

On the RSI I have received questions concerning exactly how to use it. Basically I use it to determine over bought over sold (obviously). The real trick and test of one's real mental fortitude is using it to stay in a trade.

I've marked up a chart for you. I took this trade (for 217 pips by the way) starting on the 21st of Nov. Price hit the 200 and bounced, RSI confirmed end of trend. I entered at 1.27602. I locked in 20 pips after about 6 hours, then the RSI crossed the 50 (bonus!). Now I began moving my stop in segments. The RSI would hit 70 and small retrace would ensue, but no divergent candles.

I kept my eye on the RSI and watched for any bearish divergent candle. Despite hitting 70 repeatedly, no divergent candles. I kept moving it up because the RSI stayed ABOVE 50.

When I finally decided to move my stop was at the top most pinbar, the RSI was at 65, but the AO screamed divergence (as it had been for about the last 18 hours. This can only go on so long - it was time to move it up.

The very next candle, I was stopped and my subsequent sell stop was triggered at 1.29764, which again I rode down though the 50 on the RSI and waited for the next divergent candle at 1.28870 for 90 more pips.

I missed the subsequent candle as I was sleeping at this point. But the bottom line is, that RSI can and will keep you in the trade. Just look for divergent candles in conjunction with the RSI stabbing 70 or 30
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  • #83
  • Nov 29, 2012 2:46am Nov 29, 2012 2:46am
Quoting 9er
Really don't track it too much, but if I had to average it - it would be 2 trades a day. Remember we don't live in the past, we think forward and never worrie about such things! Your most important trade is your next one
Thanks for answer. Yea sometimes only 1 trade is equally worth what 40 previous
Good luck
  • #84
  • Nov 29, 2012 2:56am Nov 29, 2012 2:56am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
10 more pips to a triple top on the daily. Which corresponds to every lower TF and the 1.3000 psycho level
  • #85
  • Nov 29, 2012 3:08am Nov 29, 2012 3:08am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Still a pretty sterling looking ABCD to me. 1.30 is key
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  • #86
  • Nov 29, 2012 3:35am Nov 29, 2012 3:35am
Quoting 9er
For your reference
Keep up the good work.

Thanx for showing the A B C on the chart .
  • #87
  • Nov 29, 2012 4:04am Nov 29, 2012 4:04am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Third consecutive hour over 70 on RSI. Last candle closed inverted bearish (albight quite small). I'm settling in for a drop, sell stop at 1.29774
Quite a bit of news coming in the next hour and half
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  • #88
  • Nov 29, 2012 4:37am Nov 29, 2012 4:37am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
While I appreciate a consistant 90 plus viewers to the thread, I have to admit I am growing more and more tired of talking to myself. Folks I am sorry but not sure how much longer I'll keep this post alive.

I am no expert and would LOVE some company
  • #89
  • Nov 29, 2012 4:42am Nov 29, 2012 4:42am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Three sisters? Cancelled sell stop
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  • #90
  • Nov 29, 2012 4:50am Nov 29, 2012 4:50am
Watching your thread with a great deal of interest. I thought it best if I sit back and evaluate before making too many comments. I am off to bed now ( from Aussie) and will log in again tomorrow and hopefully have some imput then. keep up the good work.
gregben
  • #91
  • Nov 29, 2012 4:51am Nov 29, 2012 4:51am
Whilst you are hoping for more input from followers of this thread I suspect that many (as am I) are trying to get their head around the way that you trade. It is certainly not straightforward and, for me at least, not that easy to pick up. It was only yesterday that you started the thread ... give us a chance before you lose patience!

And I believe that you said we should read the book 10 times before starting .... I have only got to the first 30 pages the first time :-(

Anyway, GL, I hope that you continue.

M.
If you think I'm mad, I must be mad
  • #92
  • Nov 29, 2012 5:07am Nov 29, 2012 5:07am
I've ordered the book and will devour it shortly but I'm interested to know your thinking on trend vs countertrend trades.

You're able to stay in trends like last week but also ready to stop and reverse also. Can you elaborate?
Enter Signature
  • #93
  • Nov 29, 2012 5:08am Nov 29, 2012 5:08am
Quoting 9er
Three sisters? Cancelled sell stop
Can you please explain in more detail why you cancelled the sell stop?

By the way - I am learning a lot. Keep it coming...
  • #94
  • Nov 29, 2012 5:12am Nov 29, 2012 5:12am
Hey 9er,

I hope you keep this alive and haven't posted because I'm absorbing your style which is indeed an art. I don't use indicators and trade off of Ninja Trader which doesn't have most of the indicators you use. I am studing how your selected indicators help you confirm your premise and I'm intrigued. I've always found fib ratios and confluence areas to be my price action confirmation. I have found that due to the lagging nature of the indicators their confirmation puts traders into a trade at a retail price. I try to engage the market at a wholesale price if you get what I mean. I believe you are using the indicators as they were ment to be used. Price action is king and using price action to confirm what the indicators are hinting to is the proper way to read the charts. Too many traders get caught up in the indicator hype and wait for all red dots for sell and all green to buy and don't understand that by the time all that lined up they are often one to two thirds of a way into a swing and bam game over. This is why 90% fail and the reason for all those systems out there with big promises and little to no diliverance. I will not post any charts as I am unable to match your charts at present time. I am a full time trader and not familiar with MT4 so I would have to take time figure it out. If I can contibute in any way I will do so.

Cheers,
Mr. Pip
If you fail to plan, you plan to fail.
  • #95
  • Nov 29, 2012 5:16am Nov 29, 2012 5:16am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Cancelled it the same reason I would still be riding this wave up. The last candle closed pretty bullish and the RSI is still sitting at 70. It may want to push through 1.30 - still regretting getting stopped out at +5 pips as this move is now at +30 pips from the first up fractal out of the mouth

Quoting ed1705
Can you please explain in more detail why you cancelled the sell stop?

By the way - I am learning a lot. Keep it coming...
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  • #96
  • Nov 29, 2012 5:18am Nov 29, 2012 5:18am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
You are right about that. However I am seeing an aweful lot of "Vouched" members, some of them at 8 to 10 vouches. Kind of feeling a bit squirmy being the only one talking - that's all. Was anticipating some feedback at this point.

I'll keep going

Quoting futurespec
Whilst you are hoping for more input from followers of this thread I suspect that many (as am I) are trying to get their head around the way that you trade. It is certainly not straightforward and, for me at least, not that easy to pick up. It was only yesterday that you started the thread ... give us a chance before you lose patience!

And I believe that you said we should read the book 10 times before starting .... I have only got to the first 30 pages the first time :-(

Anyway, GL, I hope that you continue.

M.
  • #97
  • Nov 29, 2012 5:20am Nov 29, 2012 5:20am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Now this is what I am talking about. Good feedback, I appreciate it! Thank you

Quoting Mr. Pip
Hey 9er,

I hope you keep this alive and haven't posted because I'm absorbing your style which is indeed an art. I don't use indicators and trade off of Ninja Trader which doesn't have most of the indicators you use. I am studing how your selected indicators help you confirm your premise and I'm intrigued. I've always found fib ratios and confluence areas to be my price action confirmation. I have found that due to the lagging nature of the indicators their confirmation puts traders into a trade at a retail price. I try to engage the market at...
  • #98
  • Nov 29, 2012 5:24am Nov 29, 2012 5:24am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Did anyone pick up on the fact that my proposed sell stop was missed by 1.4 pips? The formula for entry has saved my ass so many times, as had it triggered, I would be looking at a pretty substantial loss right now, as it just tipped what would have been my stop loss.

Spread + 1 pip for Buy orders
Spread - 1 pip for sell orders
  • #99
  • Nov 29, 2012 5:28am Nov 29, 2012 5:28am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Does anyone know what a "Hanging Man is?"
  • #100
  • Nov 29, 2012 5:34am Nov 29, 2012 5:34am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
The hanging man, sellers pushed prices down during this session before bulls recovered, driving price higher. A flag has been thrown, which indicates a near supply/demand balance at the end of the period and a possible reversal. Further price confirmation is required to call this a bear reversal, such as a long filled candle down or gap down.

Increased volume on the reversal confirmation candle is also needed. High volume is also important on the hanging man day - meaning that traders who bought that day will be stuck with losing trades if the signal is confirmed the next day. Although the body can be hollow or filled, a filled body brings slightly more bearish implications

Attached a few essential documents for you - use them religously!

Look at the state of the current hourly - what would you do if it closed like this?
Attached File(s)
File Type: docx Charts Expounded.docx   242 KB | 1,428 downloads
File Type: docx Top 10 Common Candlestick patterns.docx   39 KB | 847 downloads
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