A fresh start! Doji's Trading Journal

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MightyOne
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Postby MightyOne » Tue Jul 02, 2013 12:36 pm


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MightyOne
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Postby MightyOne » Tue Jul 02, 2013 2:02 pm

Dan wrote:AUS/USD really gave me a hard time last week so thought i'd try a jpy pair.
I notice that zline's are respected more? Got out shortly after this trade.


I was going to respond earlier but K-lik wouldn't load.

With small charts, I would wait for price to spike with a significantly larger range than that found in the recent price history:

Image


If you condense your chart then you will see a long uptrend, recently broken, with a double top to trap short sellers.
When you believe that traders are likely to be trapped then it is a good idea to both trade a little larger and wait a bit longer than you normally would.

On 5 minute and smaller charts, you can almost always afford to wait for a candle to close and liquidate at the highest price.
There is only one highest high or lowest low so use that to your advantage when closing orders.

dchappy
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Postby dchappy » Tue Jul 02, 2013 6:24 pm

newscalper wrote:
dojirock wrote:... Keep it simple...
Trading is easy...
Use the Macd blue line as a bias......
use any entry method you see fit.
I would use the cross, then there will be a pullback....123 setup
DC has been making money with this for years....


Yeah - I see what you mean, it's not as clear cut with MACD as you've drawn it - if you stick an alert on there there's more crosses than you think especially in that chop but it's a good illustration


A Range or Renko chart will filter out half of the bad signals ....

Just Sayin ............... :wink:

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Postby MightyOne » Tue Jul 02, 2013 7:00 pm

Result of the Bullish Catapult:

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Dan
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Postby Dan » Wed Jul 03, 2013 10:16 am

MightyOne wrote:
Dan wrote:AUS/USD really gave me a hard time last week so thought i'd try a jpy pair.
I notice that zline's are respected more? Got out shortly after this trade.


I was going to respond earlier but K-lik wouldn't load.

With small charts, I would wait for price to spike with a significantly larger range than that found in the recent price history:

Image


If you condense your chart then you will see a long uptrend, recently broken, with a double top to trap short sellers.
When you believe that traders are likely to be trapped then it is a good idea to both trade a little larger and wait a bit longer than you normally would.

On 5 minute and smaller charts, you can almost always afford to wait for a candle to close and liquidate at the highest price.
There is only one highest high or lowest low so use that to your advantage when closing orders.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

Dan
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Postby Dan » Wed Jul 03, 2013 10:17 am

MightyOne wrote:
Dan wrote:AUS/USD really gave me a hard time last week so thought i'd try a jpy pair.
I notice that zline's are respected more? Got out shortly after this trade.


I was going to respond earlier but K-lik wouldn't load.

With small charts, I would wait for price to spike with a significantly larger range than that found in the recent price history:

Image


If you condense your chart then you will see a long uptrend, recently broken, with a double top to trap short sellers.
When you believe that traders are likely to be trapped then it is a good idea to both trade a little larger and wait a bit longer than you normally would.

On 5 minute and smaller charts, you can almost always afford to wait for a candle to close and liquidate at the highest price.
There is only one highest high or lowest low so use that to your advantage when closing orders.


Thanks for your advice, just to be clear though, re my trade: are you saying to staying in would be the best option because it's making new highs?

Reason I took profit there was because I only have 3-4 hours to trade every night and i'm thinking if I can get 20-40 pips a night with reasonably safe stops I can lot them up and actually make some money.
That's the plan anyway.

Thanks again.

seacap
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Postby seacap » Wed Jul 03, 2013 9:54 pm

MightyOne wrote: The extreme at which your stop is placed is the period that you are trading.

You don't need pips more than you need a good position and larger lot size; position is your measure of safety and size is what makes money.

When you trade short term charts, you should trade about 50% larger and aim to take profits quickly.
When you have good position then you should focus on accumulation where your position naturally trails the extremes as you add to your lot size.

Don't worry about risk reward ratios as maxing out your lot size takes care of that automatically.


Ok, the question is: how to choose a good(right) position?

seacap
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Postby seacap » Wed Jul 03, 2013 10:04 pm

How about this?
Attachments
eurusdh1.png
eurusdh1.png (21.86 KiB) Viewed 623 times
eurusdm15.png
eurusdm15.png (20.91 KiB) Viewed 623 times

forexjpn
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Postby forexjpn » Thu Jul 04, 2013 4:20 am

Seacap,

I'm sure you'd rather hear from the pros here, but 2 things I would say about the entries above...........
1. I believe according to Seiden, price should not stay at the level for too long to be considered a 'good' level
2. Wide range bars that come after a long run often signal 'the end'.
VSA(Volume Spread Analysis) helped me a lot in identifying these, although I don't use volume anymore........ it 'trained' me to see them

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MightyOne
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Postby MightyOne » Thu Jul 04, 2013 10:15 pm

Dan wrote:
MightyOne wrote:
Dan wrote:AUS/USD really gave me a hard time last week so thought i'd try a jpy pair.
I notice that zline's are respected more? Got out shortly after this trade.


I was going to respond earlier but K-lik wouldn't load.

With small charts, I would wait for price to spike with a significantly larger range than that found in the recent price history:

Image


If you condense your chart then you will see a long uptrend, recently broken, with a double top to trap short sellers.
When you believe that traders are likely to be trapped then it is a good idea to both trade a little larger and wait a bit longer than you normally would.

On 5 minute and smaller charts, you can almost always afford to wait for a candle to close and liquidate at the highest price.
There is only one highest high or lowest low so use that to your advantage when closing orders.


Thanks for your advice, just to be clear though, re my trade: are you saying to staying in would be the best option because it's making new highs?

Reason I took profit there was because I only have 3-4 hours to trade every night and i'm thinking if I can get 20-40 pips a night with reasonably safe stops I can lot them up and actually make some money.
That's the plan anyway.

Thanks again.


A good reason to stay in would be the bear trap that was sprung (broken uptrend + double top).

A significantly larger range or nearly vertical trend is a good reason to exit & you can nearly always liquidate at the highest price on a small chart.

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