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  • #1,061
  • Feb 18, 2015 11:17am Feb 18, 2015 11:17am
Quoting friska
Today good day scalping eu. two short entry with renko, the first I lost a gain of 10p and I ended BE, second -5 and closed manually. overall though the day ended positively. Now cook the popcorn for the FOMC ... dee, you will try to trade the news?
No not this time. I had a GBPNZD trade today which gave me more than enough pips, I have not posted it as it has nothing to do with this method.
Cut your Losers short and let your Winners run.
  • #1,062
  • Feb 18, 2015 2:50pm Feb 18, 2015 2:50pm
Quoting dee50
To answer a question on my SL distance. I use a 10 -12 pip sl, which is largely completely irrelevant because I usually move to B/E +2 @ 5-7 pips, also I do not hesitate with my entry so I am in early enough so that if the market has an abrupt change of mind I am normally already at B/E, hence you see very very few losing trades but many B/E +2, much like today. It can be frustrating to be taken out of what turns into a good move but the other side of it is that you never have to recoup a loss so that when you catch the runners they are pure profit....
Thanks dee. I see that it is important to spot momentum when it happenes and trigger trade immediately the rest is management. Time to do it few hundred times on simulator as hesitation is a problem.
Use axe Luke...
  • #1,063
  • Feb 19, 2015 4:17am Feb 19, 2015 4:17am
EU B/E +30 ongoing. So near and yet so far. Double Top with divergence. What is the difference between this Dbl Top and the prior one, if you had been paying attention you would know!! If you are going "UHH!! which one?" the swing point lower down would have been seen as a Dbl Top, would you have taken it as a reversal or a continuation. What is the difference between that one and the Dbl Top I entered on.?
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #1,064
  • Feb 19, 2015 4:24am Feb 19, 2015 4:24am
hi all!
good movement on eu after FOMC party time...
first entry after breaking fibo and in accordance with the system,
second entrance on a dbl top, divergence and PA more aggressive, closed on 50 fibo.
+16 +32..
it is a pullback and go,
or
he will resume his main running short?
Attached Image(s) (click to enlarge)
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nescentia necat
  • #1,065
  • Feb 19, 2015 4:31am Feb 19, 2015 4:31am
Quoting dee50
EU B/E +30 ongoing. So near and yet so far. Double Top with divergence. What is the difference between this Dbl Top and the prior one, if you had been paying attention you would know!! If you are going "UHH!! which one?" the swing point lower down would have been seen as a Dbl Top, would you have taken it as a reversal or a continuation. What is the difference between that one and the Dbl Top I entered on.? {image}
sorry dee, not had loaded your post,
mmmmh.. the structure looks very similar,
the second one is on a BRN...(?)
nescentia necat
  • #1,066
  • Feb 19, 2015 4:41am Feb 19, 2015 4:41am
Quoting friska
{quote} sorry dee, not had loaded your post, mmmmh.. the structure looks very similar, the second one is on a BRN?
Don't apologise for providing good quality analysis and information.

How did I know that you would answer and get it right.
Yes the second one has a reason for reversing. BRN and a major S&R level and divergence the first one is in no mans land and although it also had divergence there was no other reason for it to reverse so you would have waited for it to prove it's intentions.
Cut your Losers short and let your Winners run.
  • #1,067
  • Feb 19, 2015 4:43am Feb 19, 2015 4:43am
Quoting dee50
EU B/E +30 ongoing. So near and yet so far. Double Top with divergence. What is the difference between this Dbl Top and the prior one, if you had been paying attention you would know!! If you are going "UHH!! which one?" the swing point lower down would have been seen as a Dbl Top, would you have taken it as a reversal or a continuation. What is the difference between that one and the Dbl Top I entered on.? {image}
Strong supply level on top!
And there is a divergence present in Stochastic; but then again a divergence was present in the previous one so the most important reason must be the supply; just my 2 cents
  • #1,068
  • Feb 19, 2015 4:50am Feb 19, 2015 4:50am
Quoting dee50
{quote} Don't apologise for providing good quality analysis and information. How did I know that you would answer and get it right. Yes the second one has a reason for reversing. BRN and a major S&R level and divergence the first one is in no mans land and although it also had divergence there was no other reason for it to reverse so you would have waited for it to prove it's intentions.

hehehe
cheers!!
nescentia necat
  • #1,069
  • Feb 19, 2015 4:52am Feb 19, 2015 4:52am
Quoting MisterC
{quote} Strong supply level on top! And there is a divergence present in Stochastic; but then again a divergence was present in the previous one so the most important reason must be the supply; just my 2 cents
That answer was worth more than 2 cents, absolutely correct.

We all know ourselves as "Traders" but in reality we are PDs, "Price Detectives". It is our job to solve the mystery and one of the first things we have to do is find the "Motive".
Cut your Losers short and let your Winners run.
  • #1,070
  • Feb 19, 2015 4:57am Feb 19, 2015 4:57am
Quoting dee50
{quote} That answer was worth more than 2 cents, absolutely correct. We all know ourselves as "Traders" but in reality we are PDs, "Price Detectives". It is our job to solve the mystery and one of the first things we have to do is find the "Motive".
and we love this game!
nescentia necat
  • #1,071
  • Feb 19, 2015 5:38am Feb 19, 2015 5:38am
EU +53. I left 5 pips on the table as a tip. All momentum has gone for now so I closed. I do not like to give back 20 pips just to see if I can get 5 more, extremely poor economics.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #1,072
  • Feb 19, 2015 5:52am Feb 19, 2015 5:52am
hello, i have a little question regarding renko bar charts, sometimes in my chart (5 pip renko) there are long wicks around 20pips . what is the reason for long wicks , instead for a new bar ?

i can see right numbers of bars after loading the chart again
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gEt BusY LiVinG oR Get bUsy dyIng
  • #1,073
  • Feb 19, 2015 6:43am Feb 19, 2015 6:43am
trade on EU:
Attached Image
patience is a virtue
  • #1,074
  • Feb 19, 2015 6:46am Feb 19, 2015 6:46am
Quoting asithaya
hello, i have a little question regarding renko bar charts, sometimes in my chart (5 pip renko) there are long wicks around 20pips . what is the reason for long wicks , instead for a new bar ? i can see right numbers of bars after loading the chart again {image}
hi, aya
if you use M1 chart to generate Renko, the spike will be much less
patience is a virtue
  • #1,075
  • Feb 19, 2015 10:25am Feb 19, 2015 10:25am
Is anyone any good with modifying the renko indicator code or could write a script as follows please let me know.

All I want is to modify the renko script or to have an additional script that would highlight or indicate with arrows any renko block that took less than, say one minute, to form.

Thanks
  • #1,076
  • Edited 11:27am Feb 19, 2015 10:53am | Edited 11:27am
Hello Dee50!

In the early pages of this thread you mentioned that you did not evaluate trend but you rather read price action and identify the point of a direction change!

From what I've seen in your evaluation of turning points you use: the 123 pattern, divergences, positions of swings relative to one another (JJRVAT's pdf), and basic breakouts from consolidation (triangle, wedges, etc) + support and resistance levels and BRNs.

Am I right?? If not could you please tell me what other criteria / knowledge do you use in your evaluation of PA?

Thank you! Hope you have a pleasant evening!
  • #1,077
  • Feb 19, 2015 11:35am Feb 19, 2015 11:35am
Quoting MisterC
Hello Dee50! In the early pager of this thread you mentioned that you did not evaluate trend but you rather read price action and identify the point of a direction change! From what I've seen in your evaluation of turning points you use: the 123 pattern, divergences, positions of swings relative to one another (JJRVAT's pdf), and basic breakouts from consolidation (triangle, wedges, etc) + support and resistance levels and BRNs. Am I right?? If not could you please tell me what other criteria / knowledge do you use in your evaluation of PA? Thank...
You seem to have ticked all the right boxes. The only thing I can add to your assessment is that I want to see a combination of the things you mention, I rarely take a trade based on only one of the criteria there has to be at least 2 reasons preferably 3. eg. Divergence on it's own is no good it has to be at a significant level, BRN, S&R, Fib level. 123 reversal, same criteria. 123 continuation, be aware of how many legs have already completed and so forth.
Cut your Losers short and let your Winners run.
  • #1,078
  • Feb 19, 2015 11:40am Feb 19, 2015 11:40am
Quoting dee50
{quote} You seem to have ticked all the right boxes. The only thing I can add to your assessment is that I want to see a combination of the things you mention, I rarely take a trade based on only one of the criteria there has to be at least 2 reasons preferably 3. eg. Divergence on it's own is no good it has to be at a significant level, BRN, S&R, Fib level. 123 reversal, same criteria. 123 continuation, be aware of how many legs have already completed and so forth.
Great, thanks again!
  • #1,079
  • Feb 19, 2015 11:50am Feb 19, 2015 11:50am
closed a fast short +10 eu, out on 61.8%
(?) the Greek situation seems to have a strong influence
Danske Danske ... aaaa
nescentia necat
  • #1,080
  • Feb 19, 2015 12:25pm Feb 19, 2015 12:25pm
Quoting friska
Danske Danske ... aaaa
Cheeky sod!!

Here is the link.
http://www-2.danskebank.com/danskeresearch

Click on "FX & Commodities" on the next page far right under "Daily Updates" is the Technical Update amongst other things.
Cut your Losers short and let your Winners run.
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