More simple is impossible

Ohh so there was, thanks D

Got +32 anyhow

Frustrating day to say the least, and lessons learned.

1st trade - I was right on the direction. Got scared and pulled out. +3

2nd trade - Not sure what came over me this morning but for some reason I thought I was a swing trader. I was up 41 pips on this one and let it come back to BE. Nailed my trendline, but I "thought it would push higher"... and that was the mistake. "TRADE WHAT YOU SEE, not what you THINK". I saw lots of rejection off the trend line and I should have taken profit. Price was even generous enough to come back up and give me another shot to get out and I didn't take it.

The positives. I seem to consistently be getting the direction correct. It's a strange feeling when you've been looking at charts 4-6 hours a day for over a year and all of a sudden you can see/feel how price is moving. I can see the patterns in my head before they are happening. Not sure if this is my ah hah moment or not. Still need to learn when to take profit.

GBPJPY
+3 +2

Best advice I can give you. "Cut your winners short and let your losers run" or some thing like that

lookin for another leg down on the DAX
EDIT
looking for a close <10004

I'm a 95%er today Dee!

This should serve you better.

http://www.forexfactory.com/showthre...72#post8858272

Hey guys am back, had a load of problems I'm still solving, but should return to winning ways again, got 81 unread posts to catch up with.

Best to be in the Majority rather than the Minority.

Nala, I do not get well your system. Can you make a thorough explanation of it please?
What is your criteria for the 4 blocks? What exact crossing you look for? Your initial SL and TP, etc... Looks simple as you mentioned.

Thanks

Turned the position looking for the new high

maybe this will clear it up for you, it is just another variation on the measured move.
On this chart you would have taken 10 pips profit and then been taken out for BE.

You are the king !!

Thank you Dee... much better

Trades from today....
Got nailed, not as bad as yesterday. To be honest, once that I draw the lines in the chart were my entries, I can see that I do not respect the "entry rules".
I've been inconsistant lately, and I see also that some of my trades are entered with opposite signals... this happens probably as I may want to catch the very top/bottom of a swing.

What do you use as a filter for trade direction? I may need this help and learn to wait until that happens. I need some aids here !!!!

Damn !!!!!

Guys, I'm trying to build an EA that works in renko chart, that is an "offline" chart, but for a reason it does not work in it. Does any one with programming experience know why? Is there something preventing it or what do I need?

Thanks

Good morning traders...
bettervolume... No I don't trade oil though it should make no difference i.e. a chart is a chart. I rarely trade anything other than the AJ (AUS/JPY) because the lot size is cheap, the spread is good, the price movement is good resulting in a very nice profit every day once you get the method down pat. I don't just have the one method, I have several depending on what the chart is telling me at any time. Generally I would stick to the 5 minute chart only but when we are in a so called 'range' I drop to the 1 minute for some very energetic exercise but trading this is a bit too complex to explain here because it involves hedging practices.

cfabian... A Quartile is simply a number broken into 4 quarters and the Fib is an excellent tool to use for this purpose. Just change the Fib setting to 0, 0.25, 0.5, 0.75 and 1. In the description use %$ and this will pop the price on the lines for you. Before you do... You may want to go back to the original Fib settings so dump a Fib on a monthly chart and save that chart as a separate profile called Fib for want of a better name. This means you can later select this and open, properties and click OK and you have you Fib settings back, you can also have your Quartile settings on the same scratch chart, use a monthly so the tools don't scroll too far away.

There are many ways to trade using this tool so I am not sure what you mean when you say 'What exact crossing to look for' I am not actually looking for the price to cross anything most of the time, what I am trying to determine is where the strengths and weaknesses are which is the sole purpose of a moving average. Crossing the average is not relevant at all, averages can be criss-crossed many times but a trend still may prevail. My 26 period EMA plays a big part in the decision making else I wouldn't have it on my chart at all so does my RSI for other reasons, I don't read the charts like most other people do. Let me just qualify that statement... I have been trading and teaching others for the best part of ten years running an online webinar every single weekday so you can imagine that adds up to a heck of a lot of trading experience. My job is to turn losers into winners and I enjoy doing that very much so.

As I have said before every trade needs a SET...Stop, Entry, Target. I need these pieces of information before I press the trigger so I know exactly how much to trade as in lot size to reach my fiscal objective for the day. This is why I employ the use of the Quartile, it gives me those three pieces of information I want.

So look at the chart I have posted here below... It is the 5 minute AJ and I have put two trade examples on it one long and one short i.e. Black = long, Red = short.

Begin by looking at the 4 Blue dots placed at the average swings this is important. Notice how price tries very hard at these points but fails so the averages form a higher low and at the top a lower high. This is probably the most important thing of consideration no matter what trading system is used. We are looking a picture of strength/weakness, in both these case 'weakness'. Price action itself can best be described as noise as it attempts to break one average price with another average price. This happens over and over all day, all week, all month for years on end and continues to force its will no matter what the prophets predict. This is what we take advantage of when trading, just look at the effort required by price action to break these averages, the more distant the average the more effort is required to break it. Take this paragraph to the bank.

Now we need a plan to extract money from it... Enter stage left... the Quartile.

I can measure the entire swing and see we have weakness (in this case) price average could not break the previous average, the bears are weak so the bulls jump on it and attempt to break the high average. If the bulls are going to attempt this then the price has to climb above the previous high average and so it must pass through our third Quartile to do this, our target! Our long entry is determined by the bulls halting the bear average before it reaches the previous with a significant push back up, this is our moment of glory and we take a punt at the 25% Quartile. We may be wrong so we set our stop at the bottom of the up move. Now we have at least had an hour to determine our risk/reward and place all three pending orders at the same time. From then on it is simply a matter of monitoring the trade as it progresses. Getting our stop to BE and moving our TP higher to make more profit are options we should always make essentials.

Hope this has helped you with understanding my mind and hope you guys make some money, take care and eat well.

Determining the trend is interesting. I use this method on a separate 5 min chart,

Only the 26 EMA is on the chart and I look where the bulls and bears are finding their respective support for their cause. Funny how we call bearish support 'resistance'. Anyway this defines where the trend lines are placed. Looking at the chart from this perspective also makes it very clear to see what is going on for example the bulls are just finding support at the moment.

We can clearly see we have a long term trend here ( red dotted line) and have recently just traversed sideways until we are now at a decision point and should be watching this carefully.

This is why I trade just one pair because I look at it from varying perspectives so I have multiple charts of the same pair and time. I think it is much better to master one pair than it is to be a jack of all pairs. One really gets to know it intimately and the character it forms.

Whoops! I notice in the chart post 6636 I have the long target on the wrong line (red) it should have been on the black just above.

Quite the explanation! It is always good to learn a thing or two, especially from someone who is as experienced as you and Dee From what I see, you have the RSI on your chart to determine which moves you should capitalize on, am I right? If it goes above or below the black line, you are preparing to take a trade if it agrees with your analysis. It is just a guess of course.

Hi BBalazs... Not quite no. It is the mid point of the RSI that is important not the tops and bottoms. Some people refer to it as the overbought or oversold levels but currency can never be either of these so it is misleading to say that. It is important to understand how the RSI works i.e. the higher it climbs the more it cost the Bulls to push it further. If the Bulls and Bears just go at it 50/50 then the price will stay at the same level but the RSI will gravitate back to the waterline because the averages are 50/50 over the 14 periods.

So what I am looking for on the RSI is when the bulls find support by crossing from below. Look carefully at the RSI and you should easily find these support levels where the RSI may fall back below them but the price doesn't.

There are three kinds of support and resistance 1) The notional or natural, what you may call pivots tops and bottoms. 2) The averages support and resistances being the peaks and valleys of the average shown by the EMA. 3) Where either the bulls or the bears find support for the cause, we refer to bearish support as resistance. These are the most important ones as price is always trying to get back to them.

Hope that clears up some stuff.