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More simple is impossible

  • #4,781
  • Edited 4:55am Jan 12, 2016 4:37am | Edited 4:55am
GER30 +2 +186. My initial TP was at the 200% of the 123, but, i drew S&D levels for a reason so I decided to trail my sl to lock in profits and hold on for the H4 S&D level, this was of course supported by the stochs & MACD on the 10 pip Renko which stayed up above the 50 level confirming upward momentum, slow but upwards.

Don,t enter a trade without knowing where you are going to exit and why, you can change your mind once you are at BE or have locked in profits but if you do not know where you are going to exit you have NOT Planned your Trade so you should not be in a trade!! if price moves past your TP for another 100 pips, so what! You traded your plan and if your plan is to make a profit, you made a profit.
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Cut your Losers short and let your Winners run.
  • #4,782
  • Jan 12, 2016 4:43am Jan 12, 2016 4:43am
Quoting drammen
{quote} If you love to draw SR or SD then hear this: You never know when price respects those SD and SR. Then hear this: It's hard to draw trendlines objectively. Ask 2 trendline traders to draw them, it will end up differently. Now, what if I told you to that draw those SR or SD in conjunction with trendlines. Draw as many trendlines that makes sense and find reasons to trade when price is AT SR or SD AND near a trendline. This way you will be able to filter out all the SR, SD and trendlines that isn't working. One last golden nugget, exit and...
Nice work master. That's what I call planning a trade
Cut your Losers short and let your Winners run.
  • #4,783
  • Jan 12, 2016 4:54am Jan 12, 2016 4:54am
Quoting dee50
{quote} Nice work master. That's what I call planning a trade
Coming from the grand master itself! I'm not worthy of being called a master. It's because of you that I am able to read the market! If anything, it's you that deserve all the credits
Energy, frequency and vibration.
  • #4,784
  • Jan 12, 2016 5:19am Jan 12, 2016 5:19am
DAX (BE, -13, -15, +1)

Crappy morning I had. I am still struggling to hold a position if it goes negative that's why the premature closes. I closed my last position because I realized that we were at a major S/R and did not wanted to gamble the BE. It's ridiculous to see how right I usually am on the direction, I just don't believe that price would actually continue it's direction. That is something I have to work on. Anyway, I am preparing for the US session, wish me luck!
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Invincibility lies in the defence; the possibility of victory in the attack
  • #4,785
  • Jan 12, 2016 5:25am Jan 12, 2016 5:25am
Quoting superjolt
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 ?
No! I watched that for a while and came to the conclusion that it did not help, obviously when it is all Red/Green then yes, but the moment you get a mix it seems to have no relation to what is happening on the charts.
The DAX is a Weighted Index to prevent any one constituent having an undue influence, even the floor traders actions are Weighted, according to the data sheets from the exchange, so what you see on the DAX Constituents is not necessarily representative of what is happening on the charts.

Hope it helps.
Cut your Losers short and let your Winners run.
  • #4,786
  • Jan 12, 2016 5:35am Jan 12, 2016 5:35am
Quoting dee50
{quote} No! I watched that for a while and came to the conclusion that it did not help, obviously when it is all Red/Green then yes, but the moment you get a mix it seems to have no relation to what is happening on the charts. The DAX is a Weighted Index to prevent any one constituent having an undue influence, even the floor traders actions are Weighted, according to the data sheets from the exchange, so what you see on the DAX Constituents is not necessarily representative of what is happening on the charts. Hope it helps.
Thanks for confirming that Dee, it was becoming a habit to keep referencing it trying to find correlations!
  • #4,787
  • Jan 12, 2016 5:44am Jan 12, 2016 5:44am
Quoting BBalazs
DAX (BE, -13, -15, +1) Crappy morning I had. I am still struggling to hold a position if it goes negative that's why the premature closes. I closed my last position because I realized that we were at a major S/R and did not wanted to gamble the BE. It's ridiculous to see how right I usually am on the direction, I just don't believe that price would actually continue it's direction. That is something I have to work on. Anyway, I am preparing for the US session, wish me luck! {image}
1st and 2nd trades you were clearly jumping the gun and traded against the MACD, 3rd and 4th trades were good entries, but you were spooked because of 1 & 2.

Try Jaquemates Trend Line break entries or put the 3EMA shift +2 on the chart and enter on a close above/below the MA.
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Cut your Losers short and let your Winners run.
  • #4,788
  • Jan 12, 2016 6:02am Jan 12, 2016 6:02am
Quoting dee50
{quote} 1st and 2nd trades you were clearly jumping the gun and traded against the MACD, 3rd and 4th trades were good entries, but you were spooked because of 1 & 2. Try Jaquemates Trend Line break entries or put the 3EMA shift +2 on the chart and enter on a close above/below the MA. {image}
Thank you for your help dee! I was in a dilemma the other day whether I should use Stochastic as my entry signal or the MACD's color. Stochastic gave earlier signals (sometimes way too early), but MACD gave the signal usually 1, even 2 bars later. That late entry could be the difference between a BE and a loser. The trendline method could be the solution, thanks for the suggestion. It seems to filter out most false Stochastic signals while giving earlier entry than MACD.
Invincibility lies in the defence; the possibility of victory in the attack
  • #4,789
  • Jan 12, 2016 6:28am Jan 12, 2016 6:28am
how you all doing this renko live chart indicator. when i attach this to chart it says to open offline chart. then when opens it opens at h4 time frame and plain bar chart is opening how you are all getting like this chart setting and confirm trades please i wanna guidance for chart settings from all of you
Success is a Journey Not a Destination....... kind regards ramzam
  • #4,790
  • Edited 6:35pm Jan 12, 2016 6:43am | Edited 6:35pm
Regarding your SD indicator:

It has to be "swept" or refreshed periodically then you'll like it much better.

Think this might be helpful but if you already know it this sorry.

Right click any object and hit "delete all arrows"
Then go to charts-objects-object list.
Go down the line and delete all rectangles so that your screen is clear of SD boxes.
Go back to chart and switch to any other time frame then go back to your preferred time frame and you will have only the relevant SD boxes.
Hope it helps.
Scarlett
  • #4,791
  • Jan 12, 2016 8:40am Jan 12, 2016 8:40am
Quoting ramzam
how you all doing this renko live chart indicator. when i attach this to chart it says to open offline chart. then when opens it opens at h4 time frame and plain bar chart is opening how you are all getting like this chart setting and confirm trades please i wanna guidance for chart settings from all of you
If you had used the search function at the top left of this page you would have found references to this post.

http://www.forexfactory.com/showthre...58#post8358758
Cut your Losers short and let your Winners run.
  • #4,792
  • Jan 12, 2016 8:40am Jan 12, 2016 8:40am
Quoting Scarlett
Regarding your SD indicator: It has to be "swept" or refreshed periodically then you'll like it much better. Think this might be helpful but if you already know it this sorry. Right click any object and hit "delete all arrows" Then go to charts-objects-object list. Go down the line and delete all rectangles so that your screen is clear of SD boxes. Go back to chart and switch to any other time frame then go back to your preferred time frame andcyouvwill have only the relevant SD boxes. Hope it helps.
thanks.
Cut your Losers short and let your Winners run.
  • #4,793
  • Jan 12, 2016 9:22am Jan 12, 2016 9:22am
GER30+stupid+stupid+45+22.
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Cut your Losers short and let your Winners run.
  • #4,794
  • Jan 12, 2016 10:00am Jan 12, 2016 10:00am
Hi all, just like to say great thread.

Please can someone tell me what indicator is being used on Dee's 5 pip Renko charts, looks like a version of fib bands or bollinger bands. I have been to the 2336 post and looked through other posts but cannot find any reference to it

Many thanks
Mike
  • #4,795
  • Jan 12, 2016 10:00am Jan 12, 2016 10:00am
DAX (BE, BE, +40)

I was doing better in the US session, although the first BE trade was stupid. Interestingly enough, I had 2 trades similar to dee's. I feel pretty good about it. Dee, if I may ask, why did you went short when you made 45 points? I was thinking about it too, but did not have the balls to go for it. Was it the divergence on the 10 pips renko?
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Invincibility lies in the defence; the possibility of victory in the attack
  • #4,796
  • Jan 12, 2016 10:01am Jan 12, 2016 10:01am
Quoting Trader4567
Hi all, just like to say great thread. Please can someone tell me what indicator is being used on Dee's 5 pip Renko charts, looks like a version of fib bands or bollinger bands. I have been to the 2336 post and looked through other posts but cannot find any reference to it Many thanks Mike
It's called TMA bands.
Invincibility lies in the defence; the possibility of victory in the attack
  • #4,797
  • Jan 12, 2016 10:15am Jan 12, 2016 10:15am
Quoting BBalazs
{quote} It's called TMA bands.
many thanks, will see if I can find it...
  • #4,798
  • Jan 12, 2016 10:22am Jan 12, 2016 10:22am
Quoting dee50
GER30+stupid+stupid+45+22. {image}
What do you use as initial stop?
And when do you set the stop to BE (or do you trail?)?

Because your 3rd trade was good in profit but you let the trade go to minus again - and got rewarded with way more profit
  • #4,799
  • Jan 12, 2016 10:45am Jan 12, 2016 10:45am
Quoting drammen
{quote} If you love to draw SR or SD then hear this: You never know when price respects those SD and SR. Then hear this: It's hard to draw trendlines objectively. Ask 2 trendline traders to draw them, it will end up differently. Now, what if I told you to that draw those SR or SD in conjunction with trendlines. Draw as many trendlines that makes sense and find reasons to trade when price is AT SR or SD AND near a trendline. This way you will be able to filter out all the SR, SD and trendlines that isn't working. One last golden nugget, exit and...


looking for exit/ entry,
movement exhausted / consolidation / distribution
200 + resistance,
good Rdiv indicators --> good entry chance. tp1 on 618 rebound, near the brn
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nescentia necat
  • #4,800
  • Edited 11:07am Jan 12, 2016 10:48am | Edited 11:07am
Quoting BBalazs
Was it the divergence on the 10 pips renko? {image}
Yes. @ the 10080 psych level, which you do not have marked on your chart??
Cut your Losers short and let your Winners run.
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