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More simple is impossible

  • #6,641
  • Apr 14, 2016 2:51am Apr 14, 2016 2:51am
Quoting dee50
GER30+40+24+5+9+5+35+5+16+5+10+5+43. All the +5s are partial TPs, PA got so scrappy that I thought I would at least bag some pips before getting stopped for BE, having made that decision it only happened once, still, at least I now know how to set up the TM for partials. {image}

Dee,

Great Trading once again, could I ask what your thinking was in cutting the trades at 5 pips, I am pretty sure I would have tried to let these run and suffered the BE+2 or loss. What made you decide to cut these, I have looked at the chart but cannot see any obvious loss of momentum, div's or other indications of a reversal, know I am missing something obvious but just cannot see it just now,

cheers for any help

Des
  • #6,642
  • Apr 14, 2016 2:55am Apr 14, 2016 2:55am
Quoting Nala66
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...
It does. You have a unique way to analyze the markets. I never looked at the RSI that way. Since I do my analysis on candlestick charts (that's what the vast majority of traders use), I strive to improve wherever I can. I would welcome some more examples from you if you have the time
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,643
  • Apr 14, 2016 3:00am Apr 14, 2016 3:00am
Quoting Intrepidpips
{quote} 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. {file}
thanks this will save me a lot of time
  • #6,644
  • Apr 14, 2016 4:03am Apr 14, 2016 4:03am
Quoting BBalazs
{quote} It does. You have a unique way to analyze the markets. I never looked at the RSI that way. Since I do my analysis on candlestick charts (that's what the vast majority of traders use), I strive to improve wherever I can. I would welcome some more examples from you if you have the time
Don't I know it BBalazs it takes me weeks to wean people off candles, they are terrible things for blocking your vision and very distracting. Some people claim to see patterns in the types and groups of candles and that may well be the case but it does not give us the SET.

My charts are made up of:
Bars...normally silver on white so I can barely see them.
1 period SMA forming the line chart on top of the bars set to the close.
26 period EMA to give me those average supports and resistances. You don't have to use a 26 but you do need to generate those peaks and valleys, too high a period and it becomes too smooth. It still works but you generate less trades though they may be bigger moves... pips don't matter, it is what you do with them.
14 period RSI

That's all there is to it, other than that I have set my Fib to Quartiles and I have the spread displayed so I can make my calculations for a trade.

It should be a piece of cake to make 10% profit in a short period of time and there is no reason why you cannot do far more when we have good movements.

You may note that my initial stop is set to 5% but I would never let this get taken out, I would bail far earlier. The stop is just a protection device should the market suddenly burst its bubble. (As it did today actually)
  • #6,645
  • Apr 14, 2016 4:18am Apr 14, 2016 4:18am
thanks for your explanations I must say you have a very unique method ...some more explanations would be highly appreciated .If you could start a thread on this method would be even better I think...what is the watermark on the rsi ???the 50 level???
  • #6,646
  • Apr 14, 2016 4:23am Apr 14, 2016 4:23am
dax +4+3+14
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  • #6,647
  • Apr 14, 2016 4:30am Apr 14, 2016 4:30am
Quoting bettervolume
thanks for your explanations I must say you have a very unique method ...some more explanations would be highly appreciated .If you could start a thread on this method would be even better I think...what is the watermark on the rsi ???the 50 level???
Yes BV the 50% level

I really don't have enough time to commit to a thread of my own because I am trading by day and training in the evenings. No one has fronted up to class tonight so I am currently not busy... A good time to ask me questions.
  • #6,648
  • Apr 14, 2016 4:32am Apr 14, 2016 4:32am
Here is my 30 min chart that I look at periodically.
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  • #6,649
  • Apr 14, 2016 4:43am Apr 14, 2016 4:43am
Sorry I forgot to roll up one of the monitors... I use four of them.

On that chart most people see it as divergence all the way up that incline because they don't know how to plot the reversals which are on the underside not on the top. However this is the 30 minute chart and it is far too long winded for my tastes. I'm a wham, bam thank you mam type of trader.

I might as well wait until it hits the target before posting this as it is very close now... it is taking forever, only 12 pips to go.
  • #6,650
  • Apr 14, 2016 4:54am Apr 14, 2016 4:54am
Quoting Nala66
Here is my 30 min chart that I look at periodically. {image}
Took me a while do decipher the chart. I really like the simplicity, AB = CD. How do you determine the trend? It is usually a critical question, each trader with his or her own personal preference. I use H/L structure but if there is a more effective way, please let us know
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,651
  • Apr 14, 2016 4:57am Apr 14, 2016 4:57am
And there we are... A journey of 85 pips taking 55 30min bars.
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  • #6,652
  • Apr 14, 2016 5:12am Apr 14, 2016 5:12am
Quoting BBalazs
{quote} Took me a while do decipher the chart. I really like the simplicity, AB = CD. How do you determine the trend? It is usually a critical question, each trader with his or her own personal preference. I use H/L structure but if there is a more effective way, please let us know
Naw BBlalazs this wasn't an AB = CD both of these are reversals which people wrongly call hidden divergence which is a totally different animal.

I tell you there is so much wrong stuff on the net it takes me ages to get people thinking correctly.

I posted a way to find the trend on post 6636 or 6638 somewhere there... It is a green background chart.

However just because we have a trend it doesn't stop us from trading in either direction, our prime objective is to recognize the strength/weakness via the EMA.

This method of trading doesn't fit with Renko bars though but the Quartile method does
  • #6,653
  • Apr 14, 2016 5:15am Apr 14, 2016 5:15am
I beg your pardon it does fit with Renko bars
  • #6,654
  • Apr 14, 2016 5:18am Apr 14, 2016 5:18am
Quoting Nala66
And there we are... A journey of 85 pips taking 55 30min bars. {image}
nice trading there Nala ....do you take the retracements on the rsi and wait to see if the price went below the quartile .If it stayed above or at the quartile you will go long???
  • #6,655
  • Apr 14, 2016 5:35am Apr 14, 2016 5:35am
MY thinking went like this.
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Invincibility lies in the defence; the possibility of victory in the attack
  • #6,656
  • Apr 14, 2016 5:42am Apr 14, 2016 5:42am
Quoting bettervolume
{quote} nice trading there Nala ....do you take the retracements on the rsi and wait to see if the price went below the quartile .If it stayed above or at the quartile you will go long???
This 30 min chart had nothing at all to do with the Quartile, it just helps (sometimes)to know where price is heading.
  • #6,657
  • Apr 14, 2016 5:45am Apr 14, 2016 5:45am
See here on my 5 min I could tell hours ago we would break long.
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  • #6,658
  • Apr 14, 2016 5:52am Apr 14, 2016 5:52am
Now look how my green screen has progressed from post 6637... There is nothing saying short yet and the EMA has broken all the tops now.
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  • #6,659
  • Apr 14, 2016 6:03am Apr 14, 2016 6:03am
Now if the bears want to take it down look at the effort required to do so. This is why we get the large moves from time to time.
  • #6,660
  • Apr 14, 2016 6:05am Apr 14, 2016 6:05am
Here would be an example of this on my 5 min chart. So lookout if the bears get back below the EMA.
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