I kept out of it. I am not sure in these cases whether to take the bounce or look for the break out. As such my trades are mostly on the pullbacks at the moment.
Gravity goes both ways in forex...
Simple trading: levels and price action (mainly on DAX)
- #44
- Jan 26, 2016 7:20am Jan 26, 2016 7:20am
- | Commercial User | Joined Jul 2014 | 1,317 Posts
{quote} Hi Billy how you determine daily high. thanks regards
Don't look to first trade... I took it from 3 renko after TL bounce.. The next two trades are important. )
My bias was long.. from many reasons, ascending TL bounce, 9700 bounce, 50 FIB, HDIV on 5renko etc... so the only option was to go long.. I wanted to give your style chance so I had to go to 1p renko to pinpoint. I also wanted to close it earlier but momentum was strong. So I decided to close it on 9750level.
Anyway I'm glad you have your own thread even though in commercial section.
)My bias was long.. from many reasons, ascending TL bounce, 9700 bounce, 50 FIB, HDIV on 5renko etc... so the only option was to go long.. I wanted to give your style chance so I had to go to 1p renko to pinpoint. I also wanted to close it earlier but momentum was strong. So I decided to close it on 9750level.
Anyway I'm glad you have your own thread even though in commercial section.
- #54
- Jan 26, 2016 1:12pm Jan 26, 2016 1:12pm
- | Commercial User | Joined Jul 2014 | 1,317 Posts
Don't look to first trade... I took it from 3 renko after TL bounce.. The next two trades are important.
- #55
- Edited 2:36pm Jan 26, 2016 1:32pm | Edited 2:36pm
- | Commercial User | Joined Jul 2014 | 1,317 Posts
Hi! I have followed your threads and you are incredible. Even tho i have read all post i still dont understand how you use your bais or change bais for that matter. I thought if price is over a pink line then your bais is long if the 30min chart shows a bullish trend(HH HL). But why did you change your bais at a local white line like the chart you posted. Why didnt you change bais again at the red circle. It was a breakout to the upside. Whats the difference?. {image}
Too bad, there are no absolute exact criteria which work always at the same way. This is the reason why can not be this method automatized.In this picture you can see the M1 situation. There was a huge upward movement (~240 pips).
When I opened the buy, was very careful, because:
1. there used to be correction after such a great movement.
2. there was a lower low (12 sec picture) before I entered
So I expected that price may turn downward. And it did. When the price went lower than the previous lower low > REPLACE UP.
From that time my STRONG bias was downtrend. When I have strong bias, used to keep positions longer, don't close so soon. But, ONLY in STRONG bias!
On M1 picture you can see that it was just a "normal" pullback. I felt this without M1 chart. This is the experience/screen time.
Anyway, this is my advice, until you get enough experience: stick to the levels severely.
- #56
- Jan 26, 2016 3:17pm Jan 26, 2016 3:17pm
I must admit I'm still closing trades way before they get to the purple line. When I check the charts later it is quite amazing how many times the closed trade goes on to hit the line. I know I am not maximising my profits but I guess this will improve with time. It is starting to work though!
Gravity goes both ways in forex...
- #57
- Jan 26, 2016 4:28pm Jan 26, 2016 4:28pm
- | Commercial User | Joined Jul 2014 | 1,317 Posts
I must admit I'm still closing trades way before they get to the purple line. When I check the charts later it is quite amazing how many times the closed trade goes on to hit the line. I know I am not maximising my profits but I guess this will improve with time. It is starting to work though!
Go for it!
- #59
- Jan 27, 2016 2:49am Jan 27, 2016 2:49am
I've had the same charts running on a vps for a few weeks now and that means that I now have way too many pink lines. I think I need to delete them all and start again
Gravity goes both ways in forex...