dojirock wrote: Jalarupa wrote: newscalper wrote: Humble wrote:
In case it helps
Not really because I can show you hundreds of 5 minute z lines that don't hold as well as do in hindsight - what about the one right above and the run down...going down?? Why not down again at the upper z-line if the one below is good too? It's in the middle of a huge supply zone so why up and not down?
Okay... why not have a simple rule that you will not break no matter what?
Like only trade in the direction of the D1 Candle Colour?
Add in a Bias for the W1 and you got yourself a nice combo...
Trade the H4 / H1 Momo pullbacks and you have this strategy mapped...
Body in direction of Profit / Wick in Direction of loss...
I think one of the reasons MO sizes his positions from the Weekly Extreme is that he knows that price has to cross the daily open to get back to him and that is a big enough task in and of itself...
Thank you for the ideas Jala. Between Mo's and this post I got to thinking... When I got a clear idea, with some structure, I though back to the 100's of post I have read from you, Mo, Dragon, others that have been successful and they see to fit into an idea I just thought of. Not claiming it to be mine, just that it just came to me in a recognizable way in which the post all make sense or seem to have clarity now. Im so stoked... I need to check this out and do some backtesting on paper to confirm.
I will follow up with some post if im on to something or finally understanding what has been said at KR many times!
I'm looking forward to seeing what you are working on! It so awesome how we can all inspire and push each other to succeed. Its a very organic and dynamic process... This is community! This is the spirit of Ubuntu! We are all growing together and sharing, which is fantastic!
Thanks to all who put themselves out there and contribute to keeping this forum alive... I know its not often that I post but I hope to one day soon join in the ranks of Kreslikkers who do this kind of thing full time... I'm really getting pushed/pulled by a powerful invisible force away from my job as each and every day goes by.
My plan for liberation is simple...
I've done the excel calcs and have come to this conclusion... (if you wanna check my math/logic I'd appreciate a second opinion/correction)
$13 000 starting capital
withdraws of $1500 a month for the first year
account growth of 13.5% per month (before income draw downs)
Which equates to 0.7% per day for 19/20 days
If I risk 2% per trade over 100pips space I only need 33 pips to get this
The Average Daily Range 90/100 pips
If I trade in the direction of D1 bias I can/should be able to get at least 30pips a day...
The Average Weekly Range is 322 Pips
If I position myself at these extremes with proper space management I can do 15% in a week and spend more quality time with my wife and our baby girl (I mean I spend more time with my work colleagues than I do with the ones I love and who matter - This system is WRONG!)
If I accumulate space I can take my 2% risk to astronomical proportions
I only need to grow my account by 354.92% before annual deductions and by 50.5% after deductions to keep myself in the game.
And I can give myself a 25% annual salary increase (which itself increases by 25% annually). I mean its really quiet fascinating once you do the numbers...
And thanks to the miracle of compounding gains relative to ever increasing risk adjusted leverage I can be a millionaire in Dollar terms (If I follow this simple account management plan) by year 6 if all goes well... and I will be retired and doing the kind of things that really matters... Feeding starving people, Providing Sustainable living initiatives, Developing traders (for my pirate ship) & most importantly - Focusing on gaining inner peace through deep introspective meditation on the Supreme - Something that the rat race could never allow me to do...
So it is my hope that when I take the plunge you will all still be here to keep pushing me as you have been doing for the past years.
So yeah enough dreaming for now... If this Euro can't close above 1.29 I'm planning on shorting the living daylights out of it...