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Simple & profitable: 00 horizontal line trading

  • #101
  • Jun 30, 2014 9:55am Jun 30, 2014 9:55am
Quoting pannet1
{quote} BTW: I made a .50 line in my chart and traded just before Frankfurt session and still got my profit. I understand and agree to your view not be canned and think outside the box when it requires. When you propose a system for others its important to have rules (and supplementary ones to break the rules). Your system can be used only by you because it encompasses your knowledge before pulling the trigger. If its difficult for you to put some rules, just try to explain the trades you take and the conversation you are having with yourself before...
Not so, pannet1. The simple rules are stated in post 1. Following those rules should be profitable.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #102
  • Jul 2, 2014 9:30am Jul 2, 2014 9:30am
Hi TooSlow

Thanks for your thread. It has given me a few things to think about.

I use statistics to inform my trading but draw lines near recent swing high or lows. Do you think it matters where one draws the horizontals? Could one draw a line at random on a chart &, as long as other conditions (D1 H1 direction, ADR etc) were met once price got to the line, trade from there? I'm beginning to think that.

Do you ever consider the japanese style candle patterns, 123s, wedges etc? Or is deja vu / it happened before it'll happen again your main principle?

Best wishes

Zee
  • #103
  • Jul 2, 2014 10:07am Jul 2, 2014 10:07am
Quoting zhdeef
Hi TooSlow Thanks for your thread. It has given me a few things to think about. I use statistics to inform my trading but draw lines near recent swing high or lows. Do you think it matters where one draws the horizontals? Could one draw a line at random on a chart &, as long as other conditions (D1 H1 direction, ADR etc) were met once price got to the line, trade from there? I'm beginning to think that. Do you ever consider the japanese style candle patterns, 123s, wedges etc? Or is deja vu / it happened before it'll happen again your main principle?...
"Could one draw a line at random on a chart" The answer is yes. Many years ago it was shown live in a chat room and on other forums.

"Do you ever consider the japanese style candle " The answer is no. I use Deja vu to indicate "have seen this before."
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #104
  • Jul 2, 2014 10:54am Jul 2, 2014 10:54am
Quoting TooSlow
{quote} "Could one draw a line at random on a chart" The answer is yes. Many years ago it was shown live in a chat room and on other forums. "Do you ever consider the japanese style candle " The answer is no. I use Deja vu to indicate "have seen this before."
I think it is a like a kind of level you tell to yourself when you draw a random line. Today, I saw BRNs act as S/R and used it to my advantage

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 21 KB


I held on with my Sell on EU since yesterday. The big test came at the day's high coupled with the news. It made a U turn exactly at the BRN. If i did not know about RNs, my SL would have been hit. But yesterday was different, i pushed the SL few points above the BRN and I got huge pips now. Thanks to you TooSlow and our friend Udine.
  • #105
  • Jul 3, 2014 11:08am Jul 3, 2014 11:08am
Quoting pannet1
{quote} I think it is a like a kind of level you tell to yourself when you draw a random line. Today, I saw BRNs act as S/R and used it to my advantage {image} I held on with my Sell on EU since yesterday. The big test came at the day's high coupled with the news. It made a U turn exactly at the BRN. If i did not know about RNs, my SL would have been hit. But yesterday was different, i pushed the SL few points above the BRN and I got huge pips now. Thanks to you TooSlow and our friend Udine.
What are BRNs?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #106
  • Jul 3, 2014 11:51am Jul 3, 2014 11:51am
Quoting TooSlow
{quote} What are BRNs?
BRN = Big Round Number :-)
  • #107
  • Jul 3, 2014 12:58pm Jul 3, 2014 12:58pm
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 39 KB


Profitable trades when trading at the line and with candle colors matching. Thanks for the response pannet1.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #108
  • Jul 3, 2014 2:08pm Jul 3, 2014 2:08pm
Quoting TooSlow
{image} Profitable trades when trading at the line and with candle colors matching. Thanks for the response pannet1.
You are welcome TooSlow. Can you elaborate. I got chicken brain here. Sorry.

NB: I love your choice of indicators. You must be a perfectionist in real life. Believe charts can also tell about personality :-)
  • #109
  • Jul 3, 2014 4:26pm Jul 3, 2014 4:26pm
Quoting pannet1
{quote} You are welcome TooSlow. Can you elaborate. I got chicken brain here. Sorry. NB: I love your choice of indicators. You must be a perfectionist in real life. Believe charts can also tell about personality :-)
Green candles above the daily open show profit when entered at the first line they encounter. Striving for perfection when appropriate. Charts are for demonstration purposes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #110
  • Jul 3, 2014 11:47pm Jul 3, 2014 11:47pm
Quoting TooSlow
{quote} Green candles above the daily open show profit when entered at the first line they encounter. Striving for perfection when appropriate. Charts are for demonstration purposes.
Yes. I see now. Thank you very much for your patience with me.
  • #111
  • Jul 4, 2014 12:37pm Jul 4, 2014 12:37pm
If we're just looking at horizontal lines do we really need candles? How would it be to trade looking at just price, a series of lines & whether price is above or below some datum points (eg open of day or last hour)? Perhaps this is more like trading before digitisation.

After staring at charts for an hour or two I find that the zig zag of candles looks like some inconclusive polygraph test and quite a distraction! I'd love to get rid of them & still be able to trade successfully.

In this method I can't see much point in having candle charts.

I'm really taken with the idea (but not yet convinced), & would like to hear other opinions.

Zee
  • #112
  • Jul 6, 2014 6:13pm Jul 6, 2014 6:13pm
Quoting zhdeef
If we're just looking at horizontal lines do we really need candles? How would it be to trade looking at just price, a series of lines & whether price is above or below some datum points (eg open of day or last hour)? Perhaps this is more like trading before digitisation. After staring at charts for an hour or two I find that the zig zag of candles looks like some inconclusive polygraph test and quite a distraction! I'd love to get rid of them & still be able to trade successfully. In this method I can't see much point in having candle charts. I'm...
The answer is no candles are not needed. Candles show where price started, where it traveled and where is stopped for the chart period. This method states trading when the H1 and D1 candle colors are the same is profitable.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #113
  • Jul 7, 2014 9:46am Jul 7, 2014 9:46am
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 41 KB


Watched a YouTube video called Price Turn Revisited. Lesson applied today.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #114
  • Jul 7, 2014 10:05am Jul 7, 2014 10:05am
Quoting TooSlow
{image} Watched a YouTube video called Price Turn Revisited. Lesson applied today.
Can you please explain because I have bandwidth constraint.
  • #115
  • Jul 7, 2014 11:34am Jul 7, 2014 11:34am
Quoting TooSlow
{image} Watched a YouTube video called Price Turn Revisited. Lesson applied today.
Hi TooSlow,
It's always good to know where Supply and Demand is on the chart. They have more good videos about trading.
Thanks.
Alec
Look for reasons not to take a trade.
  • #116
  • Jul 7, 2014 11:40am Jul 7, 2014 11:40am
Quoting pannet1
{quote} Can you please explain because I have bandwidth constraint.
A red candle followed by a green indicates price has reversed direction aka "price turn". Ditto for green candle followed by a red. Every reversal starts with a price turn. The chart period is irrelevant. The chart below show price turning after a new daily low.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 40 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #117
  • Jul 7, 2014 11:41am Jul 7, 2014 11:41am
Quoting overseaz
{quote} Hi TooSlow, It's always good to know where Supply and Demand is on the chart. They have more good videos about trading. Thanks. Alec
Can you explain what you are talking about? Who has more good videos, Alec?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #118
  • Jul 7, 2014 12:37pm Jul 7, 2014 12:37pm
Quoting TooSlow
{quote} Can you explain what you are talking about? Who has more good videos, Alec?
I just searched Price Turn Revisited on YouTube. Found good videos on the same YouTube channel.
Look for reasons not to take a trade.
  • #119
  • Jul 8, 2014 2:48am Jul 8, 2014 2:48am
Quoting TooSlow
{quote} A red candle followed by a green indicates price has reversed direction aka "price turn". Ditto for green candle followed by a red. Every reversal starts with a price turn. The chart period is irrelevant. The chart below show price turning after a new daily low. {image}
I just watched the vid & some others - very interesting if eccentric (that's not a criticism).

I can understand that every price turn must start with candle going in the opposite direction, that's a tautology. But not every candle in the opposite direction is a price turn! There must be other factors in play besides a daily low/high or else this is something like gambling. Are there some statistics to support this strategy?
  • #120
  • Jul 8, 2014 6:32am Jul 8, 2014 6:32am
I just found this Thread
Good Job Too Slow (A real Teacher/Mentor)
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