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More simple is impossible

  • #4,761
  • Jan 11, 2016 10:08am Jan 11, 2016 10:08am
Quoting MisterC
{quote} http://theinnercircletrader.com/Tutorials.htm ICT's Market Maker Series - Part 4 Advanced Institutional Order Block Analysis. This is a great resource to study SD zones. This guy calls them order blocks....in the end, as you said, SR, SD, OBA...it's about where are the buyers and the sellers. What I like about this presentation is that it takes into consideration stop hunts (the turtle soup pattern) in identifying order blocks. If you got time on your hands...
Thanks, but I will give it a miss, been there done that, not meaning to sound blasé or clever but I did the whole order book thing years ago, I watched the TAPE traded Level 2 etc etc, all of this is available on Futures Platforms. It is not available in Forex due to the fragmented nature of Forex so I can not see the point in getting into it.
I have simplified my trading and eliminated all that erroneous knowledge from my Trading Mind.

Forex Live post Order Blocks on their site, there are some other sites that do a similar thing, they get the information from Mates in the institutions, if you want to see how useless that Fragmented information is, mark up a chart with the levels and see what happens when price gets to them!! I did it for a while and then I binned it.
Cut your Losers short and let your Winners run.
  • #4,762
  • Jan 11, 2016 10:13am Jan 11, 2016 10:13am
hi,
Its look very interesting. I would like to know more about. Hope to get happy trading advice from you guys.
  • #4,763
  • Jan 11, 2016 10:18am Jan 11, 2016 10:18am
Quoting dee50
{quote} ... not meaning to sound blas or clever ...
No worries, you're not sounding like that. After getting myself engulfed in SD trading and order blocks and Wyckoff....I'm just starting to re-discover the simplicity of support and resistance and simple price patterns. I know forexlive shows order blocks...I used to mark them on my charts but I stopped...usually the order blocks are at / around psych levels or strong SR levels. Also, just because there is an order block, it doesn't mean it will have a significant effect on price (but it can be a good reference point). Institutional traders usually go for longer term trends due to the magnitude of their orders; they have to build (accumulate) their positions with multiple order blocks. It could take a while from the moment one order block was triggered until there is an actual change in the direction of the market. On the other side...a order block could be simple profit taking, not position building so...it gets to a point where it's more confusing than helpful...
  • #4,764
  • Jan 11, 2016 10:42am Jan 11, 2016 10:42am
Quoting MisterC
{quote} it gets to a point where it's more confusing than helpful...
Absolutely correct!! I could not agree more. Although, knowing what I do I can not be certain.

Knowledge is Power, but Absolute Knowledge can be Absolutely Confusing!

Did I just make that up? Or was it a Chinese philosopher called Chow Mien who first said it, now I wish I knew!!
Cut your Losers short and let your Winners run.
  • #4,765
  • Jan 11, 2016 10:44am Jan 11, 2016 10:44am
Hey guys!DAX SHORT POSITIONS on TradingView.com
Click on chart to play.
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Energy, frequency and vibration.
  • #4,766
  • Jan 11, 2016 11:02am Jan 11, 2016 11:02am
Closed day at BE. Took two scalps on EU; +13; I only scalped because it's late in the session and I don't see the market moving a lot...just glad to be at BE. However, it took 2 ill managed trades to get to a loss and 3 trades to make the loss back. I need better order management...had I allowed the trade previous to the scalps to run I would have had a small profit. A long from 1.0850 would have yielded a great result, however my bias was short - but there were enough reasons to go long...

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Reasons for scalps: SR, price near upper TMA bands, 123, MACD (MACD line turns red, crosses 20 EMA, 20 EMA begins to slope down) and Stoch signals. Divergence and Stoch cycle down on higher TF.
  • #4,767
  • Jan 11, 2016 12:12pm Jan 11, 2016 12:12pm
Quoting dee50
GER30 +104+135+38. My bias today started off Long, I think I was influenced by the work I had done over the weekend with S&D so I did not take that large pullback to the 200 EMA (on the 10 pip) and I have to admit I could not see price going all the way up to 10100 so I added back the 9980 & 9880 psych levels and that looked more realistic to me. {image}
Curious to know your reasoning for "My bias today started off Long" ? I'm thinking due to the 123 reversal during the night (about 2 am / gmt midnight) @ 9616 - or is there more to it than that?
  • #4,768
  • Jan 11, 2016 12:43pm Jan 11, 2016 12:43pm
Quoting superjolt
{quote} Curious to know your reasoning for "My bias today started off Long" ? I'm thinking due to the 123 reversal during the night (about 2 am / gmt midnight) @ 9616 - or is there more to it than that?
There are a few clues in the words

"My bias today started off Long, I think I was influenced by the work I had done over the weekend with S&D"

http://www.forexfactory.com/showthre...47#post8682947
Cut your Losers short and let your Winners run.
  • #4,769
  • Jan 11, 2016 1:03pm Jan 11, 2016 1:03pm
DAX trades (+40, BE, BE, BE, +40)

I already shared my first trade, I went long three times but got spooked each time for no reason Should have let the Trade Manager do it's thing and not interfere. Anyway, the last trade was after 5 pm (not within my trading session) but I wanted to play the TC, so I went for it regardless.
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Invincibility lies in the defence; the possibility of victory in the attack
  • #4,770
  • Jan 11, 2016 1:06pm Jan 11, 2016 1:06pm
Quoting dee50
{quote} There are a few clues in the words "My bias today started off Long, I think I was influenced by the work I had done over the weekend with S&D" http://www.forexfactory.com/showthre...47#post8682947
doh.. [must pay more attention]
  • #4,771
  • Jan 11, 2016 1:16pm Jan 11, 2016 1:16pm
One last thought for the day. I got this off an article posted today in the FF News section.

here is the link. http://www.forexfactory.com/news.php?do=news&id=573677

Good night. CU 2morrow
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Cut your Losers short and let your Winners run.
  • #4,772
  • Jan 11, 2016 1:31pm Jan 11, 2016 1:31pm
Quoting dee50
One last thought for the day. I got this off an article posted today in the FF News section. here is the link. http://www.forexfactory.com/news.php?do=news&id=573677 Good night. CU 2morrow {image}
Stage 3 for me, thank goodness... long way to go yet however.
  • #4,773
  • Jan 11, 2016 1:33pm Jan 11, 2016 1:33pm
Quoting dee50
One last thought for the day. I got this off an article posted today in the FF News section. here is the link. http://www.forexfactory.com/news.php?do=news&id=573677 Good night. CU 2morrow {image}
Think my Aha was when I decided to simplify things. I was profitable before (barely), but not nearly as profitable as I could be!
Full speed ahead towards 4 and 5.

"Pattern recognition game" - that really hit the nail right on the head!
  • #4,774
  • Jan 11, 2016 3:42pm Jan 11, 2016 3:42pm
Ok guys,
Today was my first day of live trades with renko charts. It was pretty exciting. Itrades DAX and SPX500. I must admit I din't have great trades, nor entered amazingly. You will see I also allowed the trades to go into the negative arena, as I was trading short bias in both pairs, and I intended to do so in SR zones. I would like to have your inputs as to how to have better entries, and also how you handle your SL.

Overall was a good day, rackig around 120 pips or what ever they are called in these instruments.

One other aspect I saw, was that I need to learn to take profit. At some point I had +200 pips, but then few trades closed at BE, and closed trades with far less pips.

Here are my chats. Please critique, as this is the way we learn from each other.

Best
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  • #4,775
  • Jan 11, 2016 4:39pm Jan 11, 2016 4:39pm
Quoting cfabian
Ok guys, Today was my first day of live trades with renko charts. It was pretty exciting. Itrades DAX and SPX500. I must admit I din't have great trades, nor entered amazingly. You will see I also allowed the trades to go into the negative arena, as I was trading short bias in both pairs, and I intended to do so in SR zones. I would like to have your inputs as to how to have better entries, and also how you handle your SL. Overall was a good day, rackig around 120 pips or what ever they are called in these instruments. One other aspect I saw, was...
Mate, it looks like you are trading without any rules... no TPs, no SLs. Switch back to demo and start working on your MM or you will blown up your account soon. I know what I am talking about, I blown 50% of account in 2 weeks, because breaking rules and MM. You must not have fixed RRR like 10 SL 20 TP, (btw it is best option on 5 pip renko as I was bTesting for fixed RRR), but you have to know where exit, same as you have to know where enter.

This is my honest answer and view on your charts. Your entries are pretty good, but with exits you waits for wonder Do not let your position in Gods hands after entry, but manage it, all the time

Btw, great results for today
  • #4,776
  • Jan 12, 2016 1:47am Jan 12, 2016 1:47am
Quoting cfabian
Ok guys, Today was my first day of live trades with renko charts. It was pretty exciting. Itrades DAX and SPX500. I must admit I din't have great trades, nor entered amazingly. You will see I also allowed the trades to go into the negative arena, as I was trading short bias in both pairs, and I intended to do so in SR zones. I would like to have your inputs as to how to have better entries, and also how you handle your SL. Overall was a good day, rackig around 120 pips or what ever they are called in these instruments. One other aspect I saw, was...
Matomi is right. You should be grateful that the market eventually went your way, otherwise you would be in deep sh*t right now. Always have an SL in place, especially if you are starting out with renko and still inexperienced. Determine your worst-case exit point, that should be rule no.1. You can worry about profits later.
Invincibility lies in the defence; the possibility of victory in the attack
  • #4,777
  • Jan 12, 2016 2:10am Jan 12, 2016 2:10am
Dax 30.....+22,15,12
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  • #4,778
  • Jan 12, 2016 2:14am Jan 12, 2016 2:14am
Dax 30....+19
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  • #4,779
  • Jan 12, 2016 3:47am Jan 12, 2016 3:47am
Does anyone pay attention to the dax constituents? http://uk.investing.com/indices/germany-30-components

Can it be used as a reference to the general trend on the 10p / 1 hour ?
  • #4,780
  • Jan 12, 2016 4:30am Jan 12, 2016 4:30am
Forget this question - just refreshed and the images have downloaded....

Thanks Drammen,

always good to see a clear explanation , if only I could be as disciplined in applying it !. If its not too much trouble could you post an example of the Fib on the 10 pip, I know I am being really stupid here but not sure what you mean in terms of setting the fib on the first pullback, would that be a pullback after the high on the 10 pip or prior to the creation of the high , apologies again if this is obvious to everyone

Cheers...Des
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