Disliked{quote} Sure a lot of traders were painters in another live ... {image}Ignored
- #150
- Feb 8, 2016 10:34am Feb 8, 2016 10:34am
RAC - "Green Shorty" Version
Ok I know everyone out there won't have a powerful enough of a computer to be running lots of instances of these indicators and you don't want to have to keep switching TFs to verify this or that. Anyway, I have something that might help you out if this method really interests you.
Though I'm reluctant, I will share this. In my opinion it won't have the same probabilities as a multiple TF setup, but if you're hell-bent on using just one chart, then you might as well lower your risk in the bargain. Plus, I guess it will give additional insights once you become used to it.
What can be done is to run another instance of the RAC. On the indicator, there is a multiplier adjustment. On the attached template the colors are set to green and the multiplier to .382, which matches the green HAC line. It works in exactly the same way as the normal HAC&RAC, only executes sooner. I don't think the PT levels are accurate if calculated from it, so it will have limitations.
But PLEASE watch the main RAC before executing a trade on the shorter version. If it's buried (like in the example below), then use the "shorty" to execute a with-trend trade.
Ok I know everyone out there won't have a powerful enough of a computer to be running lots of instances of these indicators and you don't want to have to keep switching TFs to verify this or that. Anyway, I have something that might help you out if this method really interests you.
Though I'm reluctant, I will share this. In my opinion it won't have the same probabilities as a multiple TF setup, but if you're hell-bent on using just one chart, then you might as well lower your risk in the bargain. Plus, I guess it will give additional insights once you become used to it.
What can be done is to run another instance of the RAC. On the indicator, there is a multiplier adjustment. On the attached template the colors are set to green and the multiplier to .382, which matches the green HAC line. It works in exactly the same way as the normal HAC&RAC, only executes sooner. I don't think the PT levels are accurate if calculated from it, so it will have limitations.
But PLEASE watch the main RAC before executing a trade on the shorter version. If it's buried (like in the example below), then use the "shorty" to execute a with-trend trade.
- #151
- Feb 8, 2016 10:52am Feb 8, 2016 10:52am
{quote} What you said about the wave structures aligning themselves cannot be understated. As when they do align themselves they can be extremely powerful. I often refer to a setup in Tradingview for that very same concept. {image}
I appreciate you posting this. I worked quite a lot with the TDI, actually. I contemplated using it with this method but the goal was to eliminate as many distractions as possible so, sadly, it had to go.
There were also other elements that I wanted a method to address that merely knowing when to execute a trade does not. Risk to reward was one of the biggest concerns. Knowing where the most likely profit target is (and I think this is proving itself pretty well so far), is important in that respect. At least it has a built-in plan.
Thanks for posting!
- #152
- Feb 8, 2016 11:09am Feb 8, 2016 11:09am
- Joined Feb 2015 | Status: Trader | 2,476 Posts
{quote} Hey Crypto! I appreciate you posting this. I worked quite a lot with the TDI, actually. I contemplated using it with this method but the goal was to eliminate as many distractions as possible so, sadly, it had to go.
Yeah i know what you mean about too many distractions. Its a struggle with me as well. Try to simplify as much as possible so a clear decision can be made.
Anyways i have your system loaded and following, pretty decent imo, keep up the good work!
Trade with confidence, trade without fear.
- #154
- Feb 8, 2016 12:30pm Feb 8, 2016 12:30pm
GBPUSD H1 PB & M1-M15 Setup Example
Funny how I used this chart earlier to point out the importance of fewer bars in between TFs, but almost as soon as I posted it, it took a big dump
Anyway, this kind of thing happens pretty often with these late crossings. A PB occurs, sets up and then resumes. But it's the interim that's maddening (at least for me). For instance, if an H1 trade was taken on this pair last Friday, it would've went against you at least 60 pips and wouldn't have shown a profit for 20 hours. I don't like those, but it doesn't mean they can't be traded at all. A different strategy can be employed.
On the H1, notice that there was a PB to the red & green lines. The RAC looked as though it could've crossed right there. In fact, M1-M15 produced a long trade - a trade that I advised taking, even though it was against the longer term. This one was extremely tight between TFs. BUT notice that the M15 component of this did not produce a fresh cross of the RAC; therefore you'd have to use M5 for a target. The 3x on M5 was exactly at the high of that little swing.
Then.... M1-M15 quickly triggered a short within a few periods. The PT target on M15 actually went to 4x this time. 4x targets that get hit generally produce sizable retracements, so it's something to watch for. The market gets a bit overextended for a time.
Funny how I used this chart earlier to point out the importance of fewer bars in between TFs, but almost as soon as I posted it, it took a big dump
Anyway, this kind of thing happens pretty often with these late crossings. A PB occurs, sets up and then resumes. But it's the interim that's maddening (at least for me). For instance, if an H1 trade was taken on this pair last Friday, it would've went against you at least 60 pips and wouldn't have shown a profit for 20 hours. I don't like those, but it doesn't mean they can't be traded at all. A different strategy can be employed.
On the H1, notice that there was a PB to the red & green lines. The RAC looked as though it could've crossed right there. In fact, M1-M15 produced a long trade - a trade that I advised taking, even though it was against the longer term. This one was extremely tight between TFs. BUT notice that the M15 component of this did not produce a fresh cross of the RAC; therefore you'd have to use M5 for a target. The 3x on M5 was exactly at the high of that little swing.
Then.... M1-M15 quickly triggered a short within a few periods. The PT target on M15 actually went to 4x this time. 4x targets that get hit generally produce sizable retracements, so it's something to watch for. The market gets a bit overextended for a time.
- #156
- Edited 9:17pm Feb 8, 2016 9:05pm | Edited 9:17pm
USDJPY - Update Currently there's an M15-M1 long setup in progress right now. It meets all the criteria, except maybe the M5-M15 disparity is a little high (11 bars or so)...but that's not what I wanted to talk about. Observe the H1 chart on the far right. The green HAC is 65 pips from the red HAC on M15, which is a pretty big space between them. I marked this on the chart below. Also, I've marked the 3x target for M15, which happens to correspond with the current location of the H1 HAC line. If it does go there, it will be a labored effort. {image}...
1. The # of bars between M15 & M5 crossings was 14 M5 periods - already a warning that it's going to be rough at best
2. The HAC on H1 was nowhere near to being crossed when M15 triggered - Multi TF cycles are not aligned
3. When a trade becomes invalidated, GET OUT!
- #157
- Feb 8, 2016 9:35pm Feb 8, 2016 9:35pm
GBPAUD Update
The only short trade left to be invalidated is but pips away from being taken out. It hit its 2x level, reversed and then triggered a long trade, then a short trade (which has now been invalidated) and another long.
The W1 chart shows the market on the HAC line with the RAC > 80.
This one has had me in suspense!
Btw, I actually bought this at the last swing low but got nervous because I had to leave and make dinner and didn't think it would do anything.
I think I need to buy a monkey to do my trading for me
The only short trade left to be invalidated is but pips away from being taken out. It hit its 2x level, reversed and then triggered a long trade, then a short trade (which has now been invalidated) and another long.
The W1 chart shows the market on the HAC line with the RAC > 80.
This one has had me in suspense!
Btw, I actually bought this at the last swing low but got nervous because I had to leave and make dinner and didn't think it would do anything.
I think I need to buy a monkey to do my trading for me
- #158
- Edited 3:27am Feb 9, 2016 3:00am | Edited 3:27am
I think I need to buy a monkey to do my trading for me
I was at work and saw GBPAUD shoot back up on the hourly, couldn't do a thing about it. I have netdania on the smartphone just to keep an eye on things during the day
"You know what needs to be addressed , completely completely reverse that".
- #159
- Feb 9, 2016 3:29am Feb 9, 2016 3:29am
{quote} OI, I resemble that remark
Hey I use Netdania too...and for the same reasons.
