TL bpc
5m
ej
5m
ej
nescentia necat
- #5,641
- Edited 12:29am Feb 29, 2016 12:08am | Edited 12:29am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
- #5,642
- Feb 29, 2016 1:03am Feb 29, 2016 1:03am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
nescentia necat
- #5,643
- Feb 29, 2016 4:37am Feb 29, 2016 4:37am
{quote} hihihihi {image}
Quick question regarding how you have drawn your fibs on your DAX 5min chart? You have drawn your fib from point 2 to point 3 of a 123 ( I have marked what I think is the HTF 123 points on the chart below). Normally I thought fib expansions were drawn from point 1 to 2 not point 2 to 3. Did you use point 2 to 3 because that was the high/low of Friday? Just trying to understand.
BTW still following this thread with great interest!! Still mostly observing or just some practice trades on demo.
Thanks
Had a frustrating few weeks. Computer slowed to a verrrrry slow crawl at busy times of LO, NYO and news. Turned to iPad to see prices at busy times. Problem is - no Renko on iPad. Finally found a useful combination (for me) using Ichimoku, Stoch and MACD on M1! Tried using HTF but indicators too slow to react. Consequently, I am in-out more often than I like but so far - minimal to zero losing trades and in profit. Renko on desktop (when it catches up) keeps me sane.
Can't wait for new computer to arrive....
Can't wait for new computer to arrive....
- #5,645
- Feb 29, 2016 5:56am Feb 29, 2016 5:56am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
{quote} Hi Friska, Quick question regarding how you have drawn your fibs on your DAX 5min chart? You have drawn your fib from point 2 to point 3 of a 123 ( I have marked what I think is the HTF 123 points on the chart below). Normally I thought fib expansions were drawn from point 1 to 2 not point 2 to 3. Did you use point 2 to 3 because that was the high/low of Friday? Just trying to understand. BTW still following this thread with great interest!! Still mostly observing or just some practice trades on demo. Thanks {image}
correct way
I was having to flush out the connection points..
nescentia necat
- #5,646
- Feb 29, 2016 6:00am Feb 29, 2016 6:00am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
nescentia necat
- #5,647
- Feb 29, 2016 6:14am Feb 29, 2016 6:14am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
GER30. Evidence of an Idiot. Observe the circled area, this is what it looks like if you try to impose Your will on the market, the worst of it was I knew what I was doing but I did not stop and wait for the market to show me the way
WHY!! I lost discipline and let emotions get the better of me, I got frustrated and instead of stepping away I jumped in with both feet. Instinct and experience stopped me from causing any harm.
WHY!! I lost discipline and let emotions get the better of me, I got frustrated and instead of stepping away I jumped in with both feet. Instinct and experience stopped me from causing any harm.
Cut your Losers short and let your Winners run.
- #5,649
- Feb 29, 2016 6:20am Feb 29, 2016 6:20am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
{quote} Yes MT4 app with Stoch (5,3,3) and MACD at default (12,26,9) plus Ichimoku (default). I prefer to rely on renko and price charts (on desktop) when it is working and just use the iPad for busy times when my machine stalls. Nothing new really - MACD for bias, stoch for cycle. Ichimoku for retracement, bias, cycle and congestion zone. I'll try and upload a picture from my iPad once I'm out of my current trade.
nescentia necat
- #5,650
- Feb 29, 2016 6:23am Feb 29, 2016 6:23am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
GER30. Evidence of an Idiot. Observe the circled area, this is what it looks like if you try to impose Your will on the market, the worst of it was I knew what I was doing but I did not stop and wait for the market to show me the way
you've still controlled the situation without loss.
This is all!
nescentia necat
- #5,653
- Edited 8:22am Feb 29, 2016 8:11am | Edited 8:22am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
{quote} Many thanks Friska! I know little about Harmonics so don't use them. Is that a bullish pattern with the insect drawn that way up?
that's why when I find an interesting configuration I try to study it ..
imho was gartley pattern (
)
out ej i'm fine
c u all
nescentia necat
- #5,654
- Feb 29, 2016 8:18am Feb 29, 2016 8:18am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
DAX30 +31 +14 +11 ...and done for today. First trade - TL and 61,8% Fibo bounce and opened on penetrate and bounce of BRN, next 2 trades 61,8% Fibo and BRN. {image} {image}
absolutely a clean work.
very nice bud
nescentia necat
- #5,655
- Feb 29, 2016 8:31am Feb 29, 2016 8:31am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,732 Posts
Let it turn and find your entry.
- #5,656
- Feb 29, 2016 8:40am Feb 29, 2016 8:40am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #5,657
- Feb 29, 2016 8:46am Feb 29, 2016 8:46am
This was a very clean way to call me idiot as well. Hahaha.
I would have taken some of those trades in the circle as well as follows:
1- short: it was at a resistance, price battled a bit to break it, and had the MACD and stochs in our favor.
2 and 3. both long trades, I may not have taken them due the previous reason. I would have waited for a real break out and then a retrace.
4 I probably have thaken this short as well, as price came back after that small break of resistance and divergence in MACD. I would have gotten stopped out.
5 I would have taken this, as price respected previous swing low of the upward movement (the small break of resistance) and indicators in our favor.
It will be great to hear your story behind Dee, as they not seem to stupid trades to me, and what you say may be a great valuable so I stop being an idiot when making trading decisions.
Cheers
I would have taken some of those trades in the circle as well as follows:
1- short: it was at a resistance, price battled a bit to break it, and had the MACD and stochs in our favor.
2 and 3. both long trades, I may not have taken them due the previous reason. I would have waited for a real break out and then a retrace.
4 I probably have thaken this short as well, as price came back after that small break of resistance and divergence in MACD. I would have gotten stopped out.
5 I would have taken this, as price respected previous swing low of the upward movement (the small break of resistance) and indicators in our favor.
It will be great to hear your story behind Dee, as they not seem to stupid trades to me, and what you say may be a great valuable so I stop being an idiot when making trading decisions.
Cheers
GER30. Evidence of an Idiot. Observe the circled area, this is what it looks like if you try to impose Your will on the market, the worst of it was I knew what I was doing but I did not stop and wait for the market to show me the way
- #5,659
- Feb 29, 2016 11:41am Feb 29, 2016 11:41am
{quote} Yes MT4 app with Stoch (5,3,3) and MACD at default (12,26,9) plus Ichimoku (default). I prefer to rely on renko and price charts (on desktop) when it is working and just use the iPad for busy times when my machine stalls. Nothing new really - MACD for bias, stoch for cycle. Ichimoku for retracement, bias, cycle and congestion zone. I'll try and upload a picture from my iPad once I'm out of my current trade.
I hadn't realised how difficult it is to explain one's thought process until I tried to answer your query. This is the best I can do -
First, basic Ichimoku (as I understand it)
a) Price in cloud -> consolidation
b) Price above cloud - long bias; Price below cloud - short bias BUT
c) Red line below Blue (can't remember their proper names) -> short bias, vice-versa
d) Also, grey line (also can't remember name!) is a MA shifted back 26 bars - if above price -> long bias and vice-versa
With the above information, and depending on the bias/trend/wave shown on my renko charts before my machine freezes, I'll enter a trade and move to B/E as soon as possible. Today I made 16(x2) trades of which 3 pairs were B/E, many were for small pips and only 1 pair lost for a total of 6 pips. Total profit 276 pips.
The following relates to some sample trades taken off the M1
1st trade for +21 was a simple momentum play following news. I watched price go through the cloud and close above it. The next bar, price retraced a little before moving past the high of the previous bar. I was not expecting to capture a lot of pips - just riding the news momentum, so closed as soon as price retraced. MACD
2nd trade for +3.5: Saw stoch turn up so thought price might go further but it ran out of steam so quickly closed trade
3rd trade for +10.5. Althugh bias according to Ichimoku is still long, price looks like it might retrace. When it does, sometimes price retraces to the blue line or into the cloud. Either way, it looked like I had enough room to at least get to B/E. In this instance, price failed to make a new low, so I exited.
4th trade for +42. Similar situation to Trade #3/ As price failed to make a new high, MACD histo declining below the red signal line I entered as soon as price went below the previous candle. The red line now crosses below the blue giving a short bias. Then price went below the cloud confirming the short bias. It became a case of managing the SL and deciding when to exit.
5th trade for +52. Not exactly the best entry as stoch was OB and red line still below blue but I held on and was ready to exit if price went too far from my entry. My entry although premature was based on rising MACD and risk assessment - there was sufficient room for price to get to cloud so I can get to BE.
If you compare the 3pip renko and the M1 chart - you can see quite a bit of correlation. Sometimes it is clearer on one chart and other times, it's clearer on the second chart.
I find the M1 useful to get in early but unfortunately it can also cause me to get out too early too!
