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How To Trade With a Naked Chart

  • #81
  • Oct 30, 2015 11:23am Oct 30, 2015 11:23am
gbp/jpy daily closed half and break even

My trade plan is not quite as thorough as yours ...this trade I spotted on the H4 charts and had a quick look at the daily monthly just to check for any potential road blocks.
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  • #82
  • Oct 30, 2015 1:03pm Oct 30, 2015 1:03pm
the problem with limit orders is your bad trades always get filled ...and half your potential good trades don't get filled .
  • #83
  • Oct 30, 2015 1:10pm Oct 30, 2015 1:10pm
Lets see if I read this correct ...
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  • #84
  • Oct 30, 2015 1:45pm Oct 30, 2015 1:45pm
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  • #85
  • Oct 30, 2015 2:05pm Oct 30, 2015 2:05pm
Quoting PrymeTyme
{quote} manually closed out @10670 +38pips {image} cheerz yall. enjoy the weekend
Nice analysis PrymeTyme,
I've been observing your chart. Nice
Trade what you SEE, don't trade what you FEEL. Be Smart! - (Webadoi)
  • #86
  • Oct 30, 2015 2:17pm Oct 30, 2015 2:17pm
Already made 3:1 if the trade was taken at the first break ...no time to hesitate on 2minute charts .

Good weekend everyone !
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  • #87
  • Oct 30, 2015 2:25pm Oct 30, 2015 2:25pm
Quoting price777999
{image}
both is ok , but usually one should take the first retracement after the breakout, enter with a sellstop below the candle ....

a question for you ,

do you know what you want to trade ? ie. do you lookout for reversals ? breakouts ? or retracements ?

i would encourage you that you pick one and focus on that till you have developed a plan on how to takle one of the above on a consistant basis

but then again you have to start at the very beginning and learn how to draw in "key levels" where you are going to lookout for either a breakout , reversal or
retracement and then watch how price behaves at those levels and determine ,based on your observations which "setups" you consider worth taking

usually you want to take "setups" which move soonest , fastest and furthest

this takes time

your above example on NQ is quite good ,

your drawn scenarios represents a breakout + retracement so you wait till this happens , and as the breakout occured you shouldve been ready
to wait for the first retracement and enter with a sellstop below the bar , as price continued higher you can trail your entry along ...

a retracement can come in many forms , it can happen in one single bar or on multiple bars , as price is in a continoues flow
thats something you should consider and adapt to your "setups" of choice ,

its all about testing till you are comfortable with a certain setup or setups.. remember the markets arent black and white


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  • #88
  • Oct 30, 2015 2:51pm Oct 30, 2015 2:51pm
Cheers PrymeTyme ..good stuff
  • #89
  • Nov 1, 2015 6:03am Nov 1, 2015 6:03am
Quoting price777999
Already made 3:1 if the trade was taken at the first break

Very nice example, there.


Quoting price777999
...no time to hesitate on 2minute charts

True ... but worth looking at volume bars, to trade NQ, surely? Volume is the real gauge of how much momentum there is and how fast NQ is moving. Even a tick-chart, without volume, can't tell you this.
  • #90
  • Nov 1, 2015 6:55am Nov 1, 2015 6:55am
I've heard volume is not reliable as the big players are able to hide their volume ?
  • #91
  • Nov 1, 2015 10:15am Nov 1, 2015 10:15am
Quoting price777999
I've heard volume is not reliable as the big players are able to hide their volume ?

They're able to hide the fact that it's all related volume (i.e. they can conceal the magnitude of a trade by dividing it into variable-size chunks, but not - as far as I know - to conceal the volume altogether, on a centralised exchange from which volume figures are available to subscribers).

The beauty of volume-charts, as opposed to tick-charts, is that with (for example) a 512-tick chart, a bar will be printed after 512 single-lot transactions, and the same bar will be printed after 512 100-lot transactions, so the tick-chart doesn't tell you what's going on in the market, in the same way. And a time-chart, of course, tells you even less than a tick-chart.
  • #92
  • Nov 1, 2015 3:36pm Nov 1, 2015 3:36pm
Quoting PrymeTyme
{quote} ucad update... {image}
Awesome stuff PrymeTyme, very interesting and informative. What are those coloured rectanges, how do they work?
  • #93
  • Nov 2, 2015 2:47am Nov 2, 2015 2:47am
Quoting fiberman
{quote} Awesome stuff PrymeTyme, very interesting and informative. What are those coloured rectanges, how do they work?
Hi ,

thank you

these rectangles are a visual representation of potential stop levels , manually drawn

cheerz
  • #94
  • Nov 2, 2015 2:57am Nov 2, 2015 2:57am
Quoting Xela
{quote} They're able to hide the fact that it's all related volume (i.e. they can conceal the magnitude of a trade by dividing it into variable-size chunks, but not - as far as I know - to conceal the volume altogether, on a centralised exchange from which volume figures are available to subscribers). The beauty of volume-charts, as opposed to tick-charts, is that with (for example) a 512-tick chart, a bar will be printed after 512 single-lot transactions, and the same bar will be printed after 512 100-lot transactions, so the tick-chart doesn't...
They say if you put everything to one side then the market will necessarily go in the opposite direction.
Hide the volume of trade is possible and I think that even needed. This increases the interest in trade. Also, this strategy helps to make the right choice, it's your choice. You do not look at the transaction and other traders do not follow them. So do not repeat their mistakes.
  • #95
  • Nov 4, 2015 3:29pm Nov 4, 2015 3:29pm
Quoting alphaomega
Candlesticks, bars, line, renko, range bars, tick bars .......all ARE indicators and derivatives of raw prices/ticks! They all serve the same purpose- to sort and organize the raw data and to convert into a readable format. There is no such thing as "pure price acton" trader. Everyone is using some type of indicator. Unless you are looking at raw strings of numbers like Neo from the Matrix .. You need some reference points to know where the price is going. It may be just a single horizontal line, or even specific price level(like 00 round number)...
I agree.There is no pure price action trader..so far I do not met yet
Indicators are tools to help take trading decision easier.Too much indies cloud judgement.so we need to find the optimum.There are right indies for different types of traders and there are hundreds of useless indies also.Discard most of them,select a few that looks promising ,understand them,knows when generally it gives false signals and finally you have a template that works for you which reduces much eyeballing time
-CKB
  • #96
  • Edited 3:45am Nov 5, 2015 3:27am | Edited 3:45am
Hello,

Thanks for this intersting thread.

What is the difference between PA patterns and this indicator? :

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Yellow line is enter and exit of the trade based only with bottom indicator.

Purple line is one interpretation (my interpretation) of PA without any indicator.

I think both here are winning. There is one trade where indicator have a little lost. There is one trade where the enter and exit are exactly the line of PA (one without purple line).

Perhaps some better readers of PA can win more.

You have 100 000 types of indicators and you have 100 000 types of PA patterns, the thing is to find the one who works for you.
Bottomless wonders spring from simple rules, which are repeated without end
  • #97
  • Edited 5:54pm Nov 5, 2015 10:28am | Edited 5:54pm
again ..... will said ... ssslooooeeeewwwwllllyyy ....

s&r .........................................

pattern (not formation dont mixuplogy ) .......

tl .............................................

fiboochionachiiii ........................
  • #98
  • Nov 6, 2015 7:42am Nov 6, 2015 7:42am
Dunno .............
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  • #99
  • Feb 15, 2016 2:07pm Feb 15, 2016 2:07pm
ahh.. long time no see in this thread.. how are u guys?
i got new improve skill..
  • #100
  • Feb 15, 2016 2:39pm Feb 15, 2016 2:39pm
Quoting Xela
{quote} I don't use what I call "indicators", at all, but I do draw horizontal lines representing my impression of recent support and resistance, and I wouldn't want to trade without them. They're "indicative of my perception of recent support and resistance", though, so I suppose some people might call them "indicators"? I don't know what you mean by "tools", though. Perhaps you'd like to clarify that? The chart itself is a "tool", isn't it? Maybe you're thinking of things like pivot points or Fibonacci levels, when you say "tools", to differentiate...
You know something, it's like you are speaking to me with this post. I solely depend on indicators to read the charts, I haven't looked at it from the light discussed here, I'll definitely look into it because it sound promising. I believe I have read somewhere about this horizontal lines...Thank you so much!
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