Disliked{quote} My bad, I quick read the post. Good work then and I hope you can grow it steadily. As for the lot error...it happens, but its unlikely you will repeat the mistake.Ignored
- #7,283
- Jun 5, 2016 10:06am Jun 5, 2016 10:06am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,729 Posts
Let it turn and find your entry.
- #7,284
- Jun 5, 2016 11:21am Jun 5, 2016 11:21am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,729 Posts
Let it turn and find your entry.
Howdy all. Have been spending the majority of my time going over Dee's old charts, marking up entries on my charts. Paying attention to 4pip & 8pip median Renko charts. Watching the JRSX and Stoch indicators. Drawing S&R and Fibs. HH HL LH LL Price action.
I'll take the occasional trade here and there, but for the most part still watching price and the indicators. Getting more comfortable day by day.
Figured I'll share a good fib tool I've been using. Starts at the begging of the day and draws as price progresses. I like it because it shows previous levels.
I'll take the occasional trade here and there, but for the most part still watching price and the indicators. Getting more comfortable day by day.
Figured I'll share a good fib tool I've been using. Starts at the begging of the day and draws as price progresses. I like it because it shows previous levels.
Considering most of you have voiced you opinions here about Dee, I feel inclined to do the same, so we can move on. Does he trade without loss? I can't prove he does, and I can't disprove it with certainty. Dee never claimed 100% successful trade rate, but has stated that he takes losses, but they are few and rare. Has he posted all of them?The fact is that the guy doesn't owe anyone anything. He shared his time here teaching about SR, FIBS, Patterns, PA, etc and thats what I am grateful for. It is possible with enough knowledge of PA, and a lot...
Very apt!!PM1
- #7,291
- Jun 7, 2016 5:30am Jun 7, 2016 5:30am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,729 Posts
{quote} Hey IKeithStone, So you went for 8 and 4? Whichever oscillator one uses, the key is to trully master it. Stoch gives out a great deal of information, and has so many patterns that lead to repetitive results - but one must spot them, and timely act on them. :nerd: Best, Josh
I moved up to 10 and 5 Renko and removed the MAs as I've summed up I'm basically following the Renko 10 MACD direction, I'm using the DT Oscillator as it is a smoother Stoch, merged with RSI, I've asked for arrows and sound alerts to be added to it So I don't miss a thing (on the HTF) like today, I've just been so morose.
The dotted line on the Renko 5 is the Doda Donchian channel 6.
Let it turn and find your entry.
- #7,292
- Jun 7, 2016 6:01am Jun 7, 2016 6:01am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,729 Posts
Let it turn and find your entry.
- #7,293
- Jun 7, 2016 6:14am Jun 7, 2016 6:14am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,729 Posts
Let it turn and find your entry.
{quote} Spotting them timely is the prayer and quest now.
With bigger brick size, the reliability of signals improves greatly. Happy hunting.Best, Josh
- #7,295
- Jun 7, 2016 7:20am Jun 7, 2016 7:20am
- | Joined Nov 2014 | Status: Trader | 1,189 Posts
hi all!
justo a greeting to all 'old friends' .. the best traders to all mates!!
cheers!
justo a greeting to all 'old friends' .. the best traders to all mates!!
cheers!
nescentia necat
{quote} Hey IKeithStone, So you went for 8 and 4? I was debating that the other day and decided that 7, for some reason shows divergences better, so decided 7 and 3.5. Hey, if you are having trouble with the Daily Open Line, take a look at this thread. Its the only tool i found that works with mean renko. http://www.forexfactory.com/showthread.php?t=588764 Also great thread worth the read. I am essentially doing the same thing as you. Whichever oscillator one uses, the key is to trully master it. Stoch gives out a great deal of information,...
I've settled on the JRSX and Stoch indicator's. The JRSX really helps me gauge strength and spot divergences better than the mac-d (if it's above or below the 0.5 level the swing has more strength, and if it's within the 0.5 levels it's weak.) I like to see weak pullbacks and hop on for the ride. I agree that the stoch can give repetitive clues as to what price is doing.
I did remove the Daily Open because it wasn't correct. I will check out that thread. Are you using pivots? And are you still using the trade manager to move you to BE +2 after 5 pips? Thanks!
I recently ran across a post by Nial Fuller talking about "Gut Feel". I thought it was a good read. I think this is very important and only comes with LOTS of screen time.
**Wall of text incoming**
Trusting Your Gut Feel in Trading
By Nial Fuller
The best traders have a finely tuned ability to sense or feel the market and what it might do next. This is often referred to as gut feel, and its something that I rely on heavily in my own trading. In my opinion, every trader must develop their gut feel in trading, and its something that comes from proper training followed by experience / screen time with the charts. Gut trading feel is something that will continue to develop within you as you gain more and more experience trading the market.
Gut feel may be better understood by beginning traders if we call it trading intuition and anticipation. It is simply subconscious intuition and anticipation of an event that may be about to occur.
Essentially, repetitive process and patterns in the market lead to intuitive feelings and can give rise to Dj-vu types of experiences. A trader will experience these premonitions that come to the forefront of their mind and trigger what we call the traders gut feel. If you see something often enough, your mind will give you a projected hypothesis of sorts, of whats about to happen. This is obviously a very powerful and important tool that you will need to develop to finally move up into the top 10% of successful traders.
Practice helps build gut feel
A professional sports player has put in a large amount of practice, and as a result, theyve become good enough to go pro. Theyve played all opponents of all types and styles and this has given them a gut feel as to what their opponents next move is likely to beanticipating their next move intuitively.
For example, if you play tennis enough times against the same opponent, youll get to learn their game and eventually you wont even think; it will become gut feel and youll just anticipate or feel their next shot in your gut before it occurs.
When it comes to a traders gut feel, after youve mastered your trading strategy and put in enough screen time, youll begin to develop that gut trading feel as a result. Then, as you analyse the market, it will become a combination of a subconscious yes or no? mechanism to take a trade or not, and a gut feeling about what the market might do next. This is similar to a tennis player who decides to hit a deep volley on the next shot because he can feel what his opponent might do next. There are many other examples of gut-feel in sports as well as other fields, but in all cases, it develops only after enough practice and experience. Raw talent does help, but I believe that with training and enough screen time, anyone can develop a good gut trading feel.
Gut feel and price action trading
The various price action strategies that we implement to trade, will eventually become second nature to the experienced trader, and as time progresses, the traders gut feel will help in determining if this is a trade worthy of taking or not? Sometimes, the trader may not even understand why they are leaning towards one side of the market or the other, but that is their subconscious anticipation mechanism influencing their decision making. This mechanism only starts to truly sprout after enough time / screen time in the market.
You may not even understand whats happening when you begin to feel this gut trading feel kick in, but the more and more you expose yourself to the charts and the price action, the clearer this subconscious trigger will become. It wont happen overnight, it will take training first, and then time and experience in the market, but eventually you will develop this gut feel when looking at the price action on your charts, and it will become part of your overall trading strategy.
There are always two perspectives
You may have a gut feel about the market or a particular trade and not even know why; your subconscious mind is sometimes smarter than your conscious mind. So, whilst we may want to go long and see a long signal, the gut feel is saying maybe this isnt rightthe gut feel is seeing something we cant seeits a subconscious message, and in this way, our subconscious is often times more objective than our conscious.
For example, theres always two views or perspectives on the market. One trader sees a chart and thinks it looks bullish and another sees the same chart and sees it as bearish. Thus, if you look at a chart from the other side, as if someone is on the other side of your trade, this is objectively viewing it. However, most of us cannot do this very easily just from our own conscious thought. Like it or not, we all get overly-attached to a certain view of the market from time to time, even if theres a stronger case for it to move the other way. Its at these times when our subconscious gut-feel can really assist us. It can alert us with a gut feeling that something is wrong, and you can use this feeling to look for reasons why your trade may be a bad idea. For example, if you have a bias to go long and youre only looking to go longhow is someone else reading the same chart and wanting to go short? Your gut-feel will alert you to take a closer look.
When a chart looks long, but you have a gut feel that says it looks wrong, we cant see it but our subconscious mind is being objectiveits having a look at it from the opponents side and is alerting you to that view. We may not have seen it originally, but our subconscious feel came over us with a flashing red light. Thus, our subconscious can be objective without us even knowing it because it sees the other perspective on a trade, based on our previous experiences and screen time.
Of course, to even begin developing your gut trading feel, you will need to first understand how to read the price movement on the charts. It all starts with learning to read the ever-changing price action of the market. Once you do this, screen time will build up your subconscious trading sense and you will begin to intuitively feel the chart. You wont always be right with your gut feel, but its something that will help you out a lot and that you need to develop if you want to become a successful trader.
hi all! justo a greeting to all 'old friends' .. the best traders to all mates!! cheers!
{quote} Hey Joshua! Yes, I started using 8 & 4 instead of 5 & 10 mean renko's. I feel like 4 & 8 give me the best risk/reward without giving to many false signals. I haven't experimented with 3.5 & 7. I will test out those settings. I feel like the smaller you can make your renko's without getting to many false signals the better entries you will have. It's all about what feels most comfortable for you.
Thanks for the text. I removed the Daily open because it didn't work at all with mean renko, but i found a version that works in that thread. Also, that thread has a mighty fine pivot indicator worth looking into. Davit's is a good trader and has a very good tactics with TDI and pivots. I am testing it with Ger30 and so far the levels have "weight". Also, I think pivots are important and Dee uses them too, but he marks them manually. I agree on the renko size. I have made some comparisons between 10/5,12/6,14/7,16/8. The 10/5 had too many false signals. I was debating between 16/8 and 14/7 and found that in many cases, 14/7 shows divergences better. ( 14 pip divergences)
I am still using the TA, but I have decided to widen the move to BE+2 after 7 pips. Dee would narrow or expand that based on the feel of the PA, what i do is if i get spooked, or change my opinion on a trade, i will move to BE before 7.
Best, Josh