Feel the Fear and do it anyway!!!
Trading is as simple as ABCD
- #2,543
- Dec 2, 2014 3:31am Dec 2, 2014 3:31am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #2,544
- Dec 2, 2014 3:39am Dec 2, 2014 3:39am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Took another 20 out of that move to last high as we're at the end of a long run so can't expect miracles its got to turnover soon so just orphan grabbing in the meantime. Too late for buy and hold thats got to be done at the start of the trend. had an entry earlier at 1.8460 which if I had held would of been 110 pips up but ifs and buts don't make any money but next time I will hold half until 100lwma turns back down...
Useful little morning 51.8 pips profit around about 50% of account , even though I missed all those earlier entries too busy posting and talking to Mr V on skype but hey ho we know for next time...
This could of been a very very profitable morning....
Useful little morning 51.8 pips profit around about 50% of account , even though I missed all those earlier entries too busy posting and talking to Mr V on skype but hey ho we know for next time...
This could of been a very very profitable morning....
Feel the Fear and do it anyway!!!
- #2,545
- Dec 2, 2014 3:44am Dec 2, 2014 3:44am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Clive Great posts with the renko barsAre you watching the daily or hourly direction to take a trade? Are you using the heiken ashi smoothed or the normal heiken ashi with the renko bars?
I dont look at any timeframe above 1 minute I'm afraid that and my TTindy plus the Renkos are all you need really as all we want is to trade price action and thats exactly what they are price action charts with no timescales to drive me mad....
My advice forget about time driven charts just watch Renko charts for signals then maybe drop down to 1 minute for a tight entry I got to BE on the last trade within the minute candle that kicked my buystop in...
TTindy tells you what pair to trade renko tells you when....
Feel the Fear and do it anyway!!!
- #2,546
- Dec 2, 2014 3:56am Dec 2, 2014 3:56am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #2,547
- Dec 2, 2014 4:19am Dec 2, 2014 4:19am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #2,548
- Dec 2, 2014 4:20am Dec 2, 2014 4:20am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #2,550
- Dec 2, 2014 4:33am Dec 2, 2014 4:33am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Finaly somebody that is thinking like me. I am a big renko charts fan and in addition with your cci indy it's very profitable I think. Are you using a heiken ashi smoothed or a normal heiken ashi in additino to the renko bars??
I use normal HA candles, in addition to Renko set to 3 on a 1 min chart. I'm quite keen to look for ABCD moves on Renkos with a bit of market structure thrown in for giudance as to which turns to take, also keen to enter just after a strong reversal move as the ealier we get in the trend the better...
Cheers
Feel the Fear and do it anyway!!!
- #2,551
- Dec 2, 2014 4:36am Dec 2, 2014 4:36am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
- #2,553
- Dec 2, 2014 10:21am Dec 2, 2014 10:21am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Clive, I really like your way of trading i was trading almost same method but with sell stop / buy stop at HH/LL breakouts but now i am able to take early entries with your approach.. Here is gbpusd short trade on your TTindy gbpusd m5 was on top in red {image}
Hi Aamirgpi
Nice trade
I'm not a keen breakout trader as you probably read in my earlier posts, apart from what I said earlier about the dangers of selling wave bottoms and buying wave tops on top of that the amount of profit increases enormously on pullback entries plus sometimes trade falters at the B point (the breakout point) so at least you get something on a pullback entry and if the trade goes onto breakout point B, then you not only will have twice the profit of a breakout entry but also a protective level, point B, between your BE stop and price. Quite often price will come back and retest the breakout, point B and go again so you can add on an extra trade...whilst the breakout trader will get knocked off at BE on the retest 7 times out of ten...
All in all pullback entries are so much better, safer and more profitable, remember they should be pulling back to a key support or resistance level to qualify. Oh and with Renkos very easy to spot too...
Heres some more entry ideas with our Renko colour changes entries..
Firstly sell LH's buy HL's in any strong trender, double tops worth a go but get to BE asap, any strong S&R levels, 100lwma break and retests, any 100lwma touch. Any +/-100 CCI signals enter on next colour change after CCI signals, thats a very safe entry if you're a cautious trader.
Basically trade the price action just clearer to see with Renkos, take half off when candle changes colour trail stop above/below colour change candle, move other half to break even and leave to run until 100lwma colour changes back.
Remember the best entries are the first couple after the 100lwma changes colour...
Good luck, happy trading...
Feel the Fear and do it anyway!!!
- #2,555
- Dec 2, 2014 1:11pm Dec 2, 2014 1:11pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
I'm trying this amazing way of trading... I'm a noobie and i've lost too much money.... Hope to fnd the right and simple way.... For today in demo mode two entries at tp and one in sl Not many pips but it's first day... Many thanks Regards
Hi Cescof
Well I'll say a couple of things as you are a self confessed "noobie" who has lost too much money already.
Firstly this is a simple way to trade as the renko charts highlight some brilliant price action entries like my ABCD system, double tops, support and resistance etc etc but you might still find it tricky as even though its simple its not easy... You will have losers gauranteed no matter what strategy you use as losing is all part of trading. The secret, however, of a successful trader is to make your winners far bigger than your losers.. You will need time to learn all the different entry types and when to take them and when to leave well alone so you need to practice, practice, practice and then practice a little bit more....
But the very very best advice I can give to you and any other "Noobie" learning to trade is use a demo account. Wait until you master a demo account and you can make money practically everyday then and only then should you use your own real money which will bring with it a whole new load of lessons and disciplines to learn . But first master the strategy and price action trading on a demo!!!! Really really can't over emphasize that enough...
I still trade demo so theres no shame in it just pure stupidity to trade real money until you've mastered the strategy on demo...
Feel the Fear and do it anyway!!!
{quote} Hi Aamirgpi Nice trade
Did you explain use of your strength indicator?
- #2,559
- Dec 2, 2014 2:42pm Dec 2, 2014 2:42pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} thnx alot clive for your detailed reply i really appreciate it. Did you explain use of your strength indicator?
Good question about my strength meter and to be honest its almost redundant nowadays with my TTindy and these renko charts but I use to just scalp with it trading only the top 2 red currencies against the bottom 2 blue currencies. I've just noticed the indicator in the post above is an old version of mine the newer version is attached below and only highlights the top and bottom two currencies so giving you 4 pairs to trade. The strongest against the weakest.
The way I use it now is in the way of confirmation which pair I should trade if a couple are setting up together. If I have say a couple of GBP pairs setting up well then I might look to my CSM to decide which one to take eg the pair that is in the top 2 and bottom 2. For instance looking at this GBPCAD chart I would expect to see GBP in top 3 and CAD in bottom 3 as they are in particular its really good that CAD is firmly at the bottom.
Like all indicators though just be careful that the pair looks good and its price action ties in with the CSM reading. You can make it a little less sensitive by adjusting the maperiod the bigger the ma the less sensitive it is...I run it at 100 but try 200 see how it goes...
OK whilst I'm here I might as well just look at another way to use these Renko charts.. Heres a chart of GBPCAD from yesterdays NYO , notice how these trends quite often setup after the actual market opens?? Thats because we're watching the money come to the table and you can clearly see where its going yesterday from GBP to CAD. Thats what I have designed this whole strategy around, trying to identify where the money is flowing around market opens so don't trade this system any other times, its best when theres money about and of course the NYO is when we have 3 of the biggest markets in full flow, FO,LO and NYO so excellent time to trade..
Just look how well the CCI signals work that go over the 100 levels, what I call qualifying CCI signals. Notice several things....
- How well they work, I think of the 10 I marked only 1 would of lost, the 9th signal,2nd to last. Now that alone tells us maybe its best to only take the early ones in the move and leave the later ones alone.
- The CCI gives us a warning that a possible reversal is about to happen. Look at the third signal in from the left it signals a sell about 6 minutes before we get our first red candle. The first red candle is our signal candle place a sell stop 1 pip below it.
- Once you get your CCI signal wait for the next candle change then place a pending order 1 pip above for buys or 1 pip below it for sells.
- Notice the first CCI signal is not under the 100lwma but still works fine however its a HH so I wouldn't be tempted to sell it unless it was a double top(failed drive up). Notice also on that very first signal how the first couple of red candles(signal candles) wouldn't of been hit until the third time the CCI signals then it all goes fine.
- Also look to only take CCI signals at key levels, I've marked some previous support and resistance levels with yellow horizontal lines, look how well they work...
- Look at the CCI signals around the 100lwma they are some of our best signals.
- Notice how well the CCI signals work under the strong moving 100lwma, the stronger its sloping the better your chance of success. All price action works better in strong trending pairs, can't over emphasise that enough,only trade strong trending pairs.(100lwma sloping nicely)
- Very, last point. The best signals are LH's proceeded by a strong move lower clearly taking out the previous low. That to me is key. It signifies the trend you are trading is still strong and the sellers are in control, soon as you get failed drives be wary, proceed cautiously. In fact don't trade and look to close out any trades you have open on next drive down if it fails again, but if you feel the uncontrollable urge to enter,then get to BE very quickly.
Well thats about it from me, must get to bed got a nice early start tomoz see if I can carry on with my winning streak...
see you all tomoz...
Feel the Fear and do it anyway!!!