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  • #3,081
  • Aug 25, 2015 5:50am Aug 25, 2015 5:50am
Bringing the subject matter back to Renko trading. Is today another 660 pip day, same as yesterday but a complete reversal?? At the moment we have a Bullish engulfing on the daily but the 4hr is looking OB and we are at an S&R level 10087.
Better use some Windowlene to clean up your Crystal Balls, although I am certain the analysts amongst you can add many many more lines and shapes to say the exact opposite!
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Cut your Losers short and let your Winners run.
  • #3,082
  • Aug 25, 2015 6:10am Aug 25, 2015 6:10am
Quoting dee50
Bringing the subject matter back to Renko trading. Is today another 660 pip day, same as yesterday but a complete reversal?? At the moment we have a Bullish engulfing on the daily but the 4hr is looking OB and we are at an S&R level 10087. Better use some Windowlene to clean up your Crystal Balls, although I am certain the analysts amongst you can add many many more lines and shapes to say the exact opposite! {image} {image}
Buyers clearly entered...future price will confirm if these buyers are active (actually buying) or if it's strong profit taking. I would like to see how a move lower will behave on a M15 or range bar chart...because if there are strong buyers on the lows the move lower will be weak. On the other hand a selling opportunity may occur because there may be residual selling from the strong move down. Also the move down seems inefficient, too strong leaving liquidity gaps so a PB to fill those gaps (or at least part of them) is not out of this world.

Every member of this thread could hypothesize...but in the end price will tell you what's what. If you are quick to adapt and you are not "married" to your hypothesis...aka you have a big picture, you'll handle what the market throws at you.
  • #3,083
  • Edited 7:27am Aug 25, 2015 6:23am | Edited 7:27am
Took a break from reading and took another 15 pips on EJ. This is range bar chart / 4 pip bar.

Things are pretty straight forward. Price losing momentum near the lower limit of the channel, a small triangle is formed and a strong upward break occurs. The PB was pretty strong as well but price reacted in the right zone. Because the PB was strong I managed this trade conservatively; SL at BE after about 6 pips. Price did return a bit and almost hit my SL but the buyers were apparently strong enough and price went higher. Manually closed at upper limit of large channel.

Attached Image (click to enlarge)
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P.S. The indicator, the white lines, calculates how many seconds it took a range bar from Open to Close. Interesting thing is that if I plot tick volumes there is a very obvious correlation between the time and tick volume of a range bar. Anyway, if you want to know how I use it, plot a vertical line from the highest values of the indicator to the corresponding price and see how it behaves . When price sits at a level / in a range for a longer time it means it is consolidating. And consolidations are where accumulation and distribution happens...but of course this is on a micro level. I am still testing the indicator out and it is only a guideline for things that might happen. Also, bit of knowledge on VSA, Wyckoff's Accumulation / Distribution is needed...but if you want to have fun with the indi...I'll attach it below .

Attached File(s)
File Type: mq4 renkotimev2.mq4   2 KB | 314 downloads
  • #3,084
  • Edited 8:15am Aug 25, 2015 6:26am | Edited 8:15am
Quoting MisterC
{quote} Buyers clearly entered...future price will confirm if these buyers are active (actually buying) or if it's strong profit taking. I would like to see how a move lower will behave on a M15 or range bar chart...because if there are strong buyers on the lows the move lower will be weak. On the other hand a selling opportunity may occur because there may be residual selling from the strong move down. Also the move down seems inefficient, too strong leaving liquidity gaps so a PB to fill those gaps (or at least part of them) is not out of this...
Thank you very much for the vids and few words. ) I thought about it all night. I realized it's gonna be Long-distance run. And I know it won't be easy same as today trading. Dax so far -37 (-48-33-20-19-18-12-10;4+5+5+8+12+20+28+37..and few BEs). I know I'll make it at least to +100 today... But right now It's so demotivating. Coz the losses and coz I missed a lot of opportunities.
  • #3,085
  • Edited 7:25am Aug 25, 2015 6:45am | Edited 7:25am
Quoting nuckern
{quote} Thank you very much for the vids and few words. ) I thought about it all night. I realized it's not gonna be Long-distance run. And I know it won't be easy same as today trading. Dax so far -37 (-48-33-20-19-18-12-10;4+5+5+8+12+20+28+37..and few BEs). I know I'll make it at least to +100 today... But right now It's so demotivating. Coz the losses and coz I missed a lot of opportunities.
Hope it helps! Post some charts with those pluses and minuses. That way people can offer opinions.... It looks like you took a lot of trades.

If you complain about losses and allow them to demotivate you, you sort of victimize yourself. Things are simple: losses exist because you must improve certain areas of your trading. You can learn price, look at your losses and see what are you doing wrong...OR you can say..."I lost again, why don't things go my way...." and go out there and do the same mistakes tomorrow. Losses are there for a reason, to learn from them...

Of course they can get to you, bring you down once in a while...but as long as you learn from them, you make some progress, you get something more than de-motivation out of them...you'll make PROGRESS! Switching to this mind set will help you get up much more easier...

That's my view of it
  • #3,086
  • Aug 25, 2015 7:27am Aug 25, 2015 7:27am
GER30 +64. One more for the pot. 5pip chart shows the entry in more detail. 1st swing was HTF divergence, why did I not enter there? How did I know that price would come back and form a Dbl Btm, simple, I didn't, how could I! What had happened with one of my entries before, DRAWDOWN, do we like drawdown? NO!!! so what was I doing??
MisterC let some one else answer.
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Cut your Losers short and let your Winners run.
  • #3,087
  • Aug 25, 2015 7:31am Aug 25, 2015 7:31am
Quoting dee50
MisterC let some one else answer. {image}
I actually started laughing out loud when I read that
  • #3,088
  • Edited 9:19am Aug 25, 2015 9:08am | Edited 9:19am
Quoting dee50
GER30 +64. One more for the pot. 5pip chart shows the entry in more detail. 1st swing was HTF divergence, why did I not enter there? How did I know that price would come back and form a Dbl Btm, simple, I didn't, how could I! What had happened with one of my entries before, DRAWDOWN, do we like drawdown? NO!!! so what was I doing?? MisterC let some one else answer. {image}
Entered on 5pip renko div. :'))

Quoting MisterC
{quote} Hope it helps! Post some charts with those pluses and minuses. That way people can offer opinions.... It looks like you took a lot of trades. If you complain about losses and allow them to demotivate you, you sort of victimize yourself. Things are simple: losses exist because you must improve certain areas of your trading. You can learn price, look at your losses and see what are you doing wrong...OR you can say..."I lost again, why don't things go my way...." and go out there and do the same mistakes tomorrow. Losses are there for a reason,...
Ok last 5 trades 1 Win, 1 BE, 3 Loses ( 4th was BE but price spiked so Loss )

I'd rather not to say anything about these trades... Feel so embarrased... And upset...
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  • #3,089
  • Aug 25, 2015 9:39am Aug 25, 2015 9:39am
Quoting nuckern
{quote} Entered on 5pip renko div. :')) {quote} Ok last 5 trades 1 Win, 1 BE, 3 Loses I'd rather not to say anything about these trades... Feel so embarrased... And upset... {image}

mmmh interesting...
you design things well ... but you do not listen to yourself

Oh, mind you, I am no one to tell you what to do, but maybe I can point out a few things to get you some food for thought ...

the TL you drew are perfect. why you went to open positions in the 'zone of no'?
bought up, away from the TL
or not sold on break, and sold away from any reference.
There were several good div before the break of your TL, in the next episodes, tries to use them in your favor...

-my thoughts.-
we were used to seeing Dee here, score a great amount of pip with very high revenue sequences . It is human (and often also to me) try to emulate.
but in truth, I am not able to do it and I realized immediately.
so I prefer to focus on fewer actions but trying to have the majority of conditions on my side, raising precentage of success.
doing so I more likely to succeed and therefore more action brought to success and self-esteem through the roof.
a process that may one day lead me to conquer the positive series of Dee.
but until then, we say 'a few but (as possible) good!'
p.s. sorry for the design, I hope you will understand something...
my 2 cent
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nescentia necat
  • #3,090
  • Aug 25, 2015 10:18am Aug 25, 2015 10:18am
serious problems with mt4

3 renko instances and my mt4 goes slower than my grandmother...
almost impossible to operate.
nescentia necat
  • #3,091
  • Aug 25, 2015 10:25am Aug 25, 2015 10:25am
GER30+88. This is the last for today. I tried a couple of shorts before this one, with really tight stops, just in case. Price didn't break lower so I entered long and got sucked into the vortex, this has been going on for what feels like a life time but eventually the "Time to go Home" traders made their last effort for pips and here we are again.
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Cut your Losers short and let your Winners run.
  • #3,092
  • Edited 11:01am Aug 25, 2015 10:45am | Edited 11:01am
dax short out +50+37
out there coz my mt4 slowing sharply and I closed before it gets blocked...
bothersome!

edit: min60 pips leave on the table!!
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nescentia necat
  • #3,093
  • Aug 25, 2015 10:46am Aug 25, 2015 10:46am
Just 30 ish pips short of the 660 pip reversal we looked at earlier. I did not use windowlene to clean my crystal ball, I used Fairy Liquid, it makes a difference.

CU all 2morro.
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Cut your Losers short and let your Winners run.
  • #3,094
  • Aug 25, 2015 10:48am Aug 25, 2015 10:48am
Quoting friska
dax short out +50+37 out there coz my mt4 slowing sharply and I closed before it gets blocked... bothersome! {image}
You do the shorts, I'll do the longs that way we get all the pips between us.

Nice one again
Cut your Losers short and let your Winners run.
  • #3,095
  • Aug 25, 2015 10:57am Aug 25, 2015 10:57am
Quoting dee50
{quote} You do the shorts, I'll do the longs that way we get all the pips between us.
hahaha
i like this!
nescentia necat
  • #3,096
  • Aug 25, 2015 11:04am Aug 25, 2015 11:04am
Quoting friska
dax short out +50+37 out there coz my mt4 slowing sharply and I closed before it gets blocked... bothersome! {image}
It is quite possibly the TMA indi causing that. I read some where that it performs a lot of calculations and as more ticks come in it overloads the processor. Have a look with Task Managers performance module see if your processor is hitting 100% frequently.
Cut your Losers short and let your Winners run.
  • #3,097
  • Edited 12:18pm Aug 25, 2015 11:47am | Edited 12:18pm
Quoting friska
{quote} hahaha i like this!
And I'm the one who's screw.n up! ://

To hold or not to hold. That is the question. (161 fib at 10000, but very unpleasant div in the way...)

And my answer was... Since last time I sc.. ewd up +50 pips to zero at least 4 times.. I run away with 40 :x

Anyway thank you for the echo about the trades... I'm kind of scared to trade breakouts but yea I'll try at least with good div.

I'm -7 right now... So I hope I scalp at least 10pips to be BE today. Coz I'm dissapointed. I fuck..d up trades worth about 260 pips... I have a lot of things to think about.

And I'd say Dees right. TMAs are very heavy on PC. :nerd:

EDIT: Quick scalped for 19pips
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  • #3,098
  • Edited 12:48pm Aug 25, 2015 11:52am | Edited 12:48pm
Quoting dee50
GER30 +64. One more for the pot. 5pip chart shows the entry in more detail. 1st swing was HTF divergence, why did I not enter there? How did I know that price would come back and form a Dbl Btm, simple, I didn't, how could I! What had happened with one of my entries before, DRAWDOWN, do we like drawdown? NO!!! so what was I doing?? MisterC let some one else answer. {image}
OK, OK, I'm not going to clearly give the answer; or at least what I believe to be the answer...

I spy, with my eye...something that has to do with the slope of a certain something....
  • #3,099
  • Edited 1:01pm Aug 25, 2015 12:28pm | Edited 1:01pm
Quoting nuckern
{quote} Ok last 5 trades 1 Win, 1 BE, 3 Loses ( 4th was BE but price spiked so Loss ) I'd rather not to say anything about these trades... Feel so embarrased... And upset... {image}
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Sources for price action learning:

1. JJRVAT PDF from this thread
2. Lange Beggs Books from http://yourtradingcoach.com and this video:
Inserted Video

3. Everything Al Brooks ever wrote or made. 1 video course and a couple of books (start with the course). His teachings are IMO great. You'll hear people saying that it's a hard read, or they don't understand, or bla bla blaaa...trolls.
4. https://www.youtube.com/user/petefaders The truth behind price movemet series are very good. I suggest watching all his videos.
5. Wyckoff. This is a very large subject but by reading / watching vids on the subject you'll get the basics of accumulation / distribution, tests, springs, climaxes, etc ... I believe many are covered in the Petefaders channel as well but, in this case a bit more knowledge won't hurt
6. http://theinnercircletrader.com/Tutorials.htm <- every tutorial from here; this hands down one of the best and free resources for learning I have ever had the fortune to find. Only this itself gives you a way to analyse and trade
7. Every trade that Dee ever posted!

One thing that I would add myself is...a challenge for me was to know when to trade, still is someitmes. Sometimes I would get signal from PA but I was in the middle of nowhere so trade at SRs. Other times price can offer opportunities in the middle of nowhere as patterns. You must read the context and the PA that happens now. Be a detective and take everything into account, or, I should say everything that matters......but first, learn to identify what matters.

How much will it take go go through the resources...well, that's up to you. If you are really determined you could get them done in 1 month, but you'll have to really put in the work.

I've been through them and of course I don't use everything from them...but the market started making more sense after going through there materials and things sort of started to fall in place with chart time! Go through them and see what works for you, what fits you best!

I recommend going through the resources in the order I wrote them; you should find them on the internet!! The knowledge is applicable to altered charts: renko, range, tick.

This is turning into another long-ass post so...I will end with this: It takes a while to be successful in this business (myself I just started understanding the market better and being consistent and comfortable with trading)...it is a career just like any other; surgeons don't get to cut people right away...it is a tedious process of learning and perfecting. But if you really want it...you can succeed.

P.S. The materials I posted worked for me...I can not guarantee they will work the same for you but I can tell you that you will learn price action
  • #3,100
  • Aug 25, 2015 12:35pm Aug 25, 2015 12:35pm
EU moves up when indexes moves down ...why ? carry trade ...they borrow EUR and exchange for other currency or Cu or Oil etc. ...
when indexes and minerals goes down ...they have to close their positions and buy back EUR.
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