More simple is impossible

nice 100 pips moved in dax chart.. hope it will helps to learn how to trade adx with renko charts..

Thought I will post a chart again.
On election day I coud not trade the big moves, but made 15 pips in the evening.
Yesterday only 6 pips.
Today 24 pips, altough I made a mistake at the first trade, used the new fast click tool.... for me its new and clicked sell instead of buy..... unbelievabe, luckily closed with +2 pips, but so I got the long trade to late. The week is positive, stopped for today...... have to protect my earnings.
Dax +24 pips.

First two trades were based on a renco5..... second chart.

Great minds think alike.......

Great, thanks for the confirmation. It is good to see that I see more and more trades like you. I learn from the master!

10,650 is proving to be stubborn...

Great to see you're doing well.

Meeee???? I thought I was in the correct path, but shit happens, I am missing something I don't know where I left it, but my account was close to blow this week.

Daaaaaaaaaaammmmn. I felt so close to be in the profit side.

Do not be afraid to share with us your lose trades, too. I think there are at least few traders who are able to comment it, help you see the fails and show you the correct way

hi

frds i like to share with u how renko alien system worked with before election day in usa.. there is lot of easy pips..

here is 80 pips entry..




here is 155 pips entry..



stay green pips ...

best regards!!!

election night dowjones

Today morning DAX Renko 5.
HH-LH. I think a bit late for risky and a bit earlier for save.

Pips are pips!

Dax 30......+9 +12 +13 +6 -5 +13

Hi PhiliPineFX,

great consistent trading once again, if its not too much trouble could you comment on your trading decisions, I can see from the chart that most of your trades were slight pull backs against the trend however I am wondering why you did not take any trades on pull backs around the 10:24 time, would be great to get your experience as to why you never took any trades at this time

Thanks for any help

Cheers...Des

Great trades, there is a lot to learn from your trades!
Made +20 pips, but also some mistakes today.

Nice trading.

What I've been consistant with is at failing to trade breakouts. It looks like you do a lot of them, and as of today, I am really scared about them. What's your take on this?

Again, I failed my breakout longs badly today, didn't close my loses, and am holding drawdowns expecting price to go the other side of the range, in DAX and DOW. Besides this it was a good week, with, +120 pips that are troubled now.

Most my Trades yesterday were momentum plays.......wait for a pullback and anticipate when price will rejoin that momentum. Here`s my last trade of the day. I guess you could call it a counter-trend trade but take a look at the renco 10 chart. Price has been fading from 10,800 so it could be argued that momentum was still down.
Regardless I was looking at the renco 3 charts forming a nice divergence but as we all know that can not be the only reason to take the trade. Watching 3 pip bricks its had to tell what is going on. That`s where dropping down to the renco 1 is so important. Take a look and you can see divergence as well as a failure to reach the high. I went short on the fade and set my stop just above the high. It was certainly worth risking 6 pips at the end of a good weeks trading to find out. When price reached +8 I lowered the stop to +2. Closed for +9 but in hind site should have put more faith in the Renco 3 divergence. After consolidating for 25 minutes price dove down another 35 pips. The +2 SL was never really threatened.
To answer your question about breakouts I treat them just like the example above. If a breakout is looming I drop to the renco 1 chart and watch the PA under a microscope. After the breakout wait for a pullback, get in on a continuation fade and set the stop tight. The stop may be hit but the probability of success ie the trade turning into a bit of a runner is worth being stopped out a couple times.

Sorry i messed up posting the 3 charts....they are there now

Watch any and all videos with Mark Douglas in it....they are gold

Here is another great post by Cat...

 

1. Post 695
2. Cleanup
3. Quote
4. Nov 19, 1:48am (8 hr ago) | Edited Nov 19, 2:00am

1. http://assets.forexfactory.net/nfs/c...r159527_27.gif cat
2. Joined Oct 2010 | Status: member | 3,145 Posts

Why do so many traders persist in entering positions trying to capture the top or bottom of a move, against the run of the market and neglect those that go with it?

It is a question I have addressed above, but I do so again because every single trader that ever there was has been or still is guilty of it.

The logic, I think, goes like this :

The market falls heavily, and let's say that because it was off the London open, it was a very fast move and so difficult to catch. It falls because almost always, except for occasions when market moving news has been released, there is a clear technical reason why the money is flowing into the short side and not the other way round, although the London open is a notoriously dangerous time to trade, but often very profitable if you get it right.

Then support is found shortly after the initial down move ( there is usually a reason why this support has held, be it a moving average on one of the time frames, fib retracement, pivot level, or combination of these.) the price rises, and some traders, recognizing the support level, may have already bought. Then a level of resistance is reached, and the price stops rising. Those already in on the long side hold on in the hope that the price will continue to rise. Those not yet in either way think about going short as the price begins to roll over but don't because they fear that they will be selling into a market that has already turned, or rather, psychologically they see the price as neither at the top or bottom so they do nothing, feeling that the place to sell was above, and place to buy was below. They are caught by indecision and doubt. In fact, this is the very place a trader should be selling, after a pullback, with momentum on their side. But most don't do this, because it is a much easier decision to make when the price is what is considered to be at its low or at its high. If you're right, the price can go a long way, so in a trader's own mind the risk/reward is so much better than if he/she enters on a pullback when, because the price has already moved well away from its low or high, it somehow seems less attractive.

Then there is the stubbornness of a trader, that inner voice that says " I've missed the move, so no point risking money now by trying to jump in...better wait until it finds the bottom and go long "

This mentality is fatal for trading. The price always pulls back. Wait until it does, use your TA to determine whether it is likely to resume the directional move, and at or close to the point of rollover, trade with the overall momentum. Do not make the mistake of thinking you are mistakenly selling what is a rally pull back, because if momentum is on your side, it won't be, it will be a resumption of the initial move.

Remember, the markets love to fuck with our minds. They feint long when they are about to plummet south...reverse direction only to do so again, and generally make it extremely difficult to know where to get into a trade and even more difficult to know when to get out of one. No wonder so few succeed.

But there is a way. Learn all these tricks, and learn them on only one or at the most two forex pairs or indecis, because any trader who really knows how to trade will harvest more than enough pips in any one day off of just one pair.

Picking tops and bottoms can be done, more easily so if you are very good with your S&R levels and your SL is wide enough for the adverse moves that typify areas of directional change. But these areas offer the greatest risk, and they are where most traders get killed. Far better to trade pullbacks aggressively in the direction of the initial move, using a counter-trend line of you can get one in.

Hope that's not too much waffle...I know that trying to explain technical detail without the use of charts can be futile, but I have also tried to explain why so many traders fail to trade the pullbacks and opt for directional change instead, so hopefully, I have made at least a slither of sense.

Oh, and one last thing. Don't be afraid to use time frames smaller than 1 minute, though one minute can be small enough. This is because the finer detail you need to see to recognize when the price is about to resume the trend or momentum, can only be seen on the smaller time frames, and by smaller I mean anything down to 10 seconds, and anyone who says that it is impossible to trade such small time frames, and there are many, has either never done so, or simply doesn't know how to. If you have a small account, then you have no choice but to trade them, unless you want to blow your account in a handful of losing trades because your leverage was too high.
Be bold, but first be wise.

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Study price action....