[quote="MightyOne"]One trick to calming your nerves, when trading small charts, is to construct a chart using P4L period converter and delaying the data by 3000ms.
Nothing bad is going to happen in 3 seconds that wouldn't happen in 1.[
/quote]
A few yrs ago you made a statement that helped me greatly as a scalper .
I still have it taped to the top of my screen ....
" The Market isn't moving as fast as you think it is "
...............
A fresh start! Doji's Trading Journal
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- dojirock
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last trade of 3
+200 pips
5 stacks
love u/j
(hated it yesterday)
+200 pips
5 stacks
love u/j
(hated it yesterday)
Last edited by dojirock on Tue Aug 06, 2013 6:12 pm, edited 1 time in total.
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
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Dan wrote:I got stopped out more than once on u/j yesterday in the choppy crap and it's the first time I stacked too..didn't go to well. Daily chart shows price was just stuck between zlines. If you hated it too then I don't feel as bad although I bet you came out better than me.
MO, I don't always understand your advice but what you are saying is a safe place to put your stop is outside daily open. So if current daily is green, better to only trade bullish zline setups and have your stop below daily open?
Don't get a BIAS based off the candle color on two sided markets.
At a minimum, your stop should rest on the extreme of the last 24 hours.
You should only (momentarily) place your stop within the daily range for 2 reasons:
a) you are trading minimum size (3-5 units) with a 10-15 pip stop; not to consume more than 1/3-1/2 of your total risk space.
b) you increased your size and need to normalize risk.
c) you have nunchuck skills =)
I start with position on a long term extreme and trade from 2 minute charts (& yes, I delay my own data by 3 seconds).
From there I might have a ZL setup:
or the strong rally may have brought me to within range of an even higher extreme on a multiday chart...
just start by trading the small chart with a longer term extreme.
If you have a long term extreme then you can turn your short term trades into anything, but if you only have short term extremes then you leave yourself with few options.
You should only (momentarily) place your stop within the daily range for 2 reasons:
a) you are trading minimum size (3-5 units) with a 10-15 pip stop; not to consume more than 1/3-1/2 of your total risk space.
b) you increased your size and need to normalize risk.
c) you have nunchuck skills =)
I start with position on a long term extreme and trade from 2 minute charts (& yes, I delay my own data by 3 seconds).
From there I might have a ZL setup:
or the strong rally may have brought me to within range of an even higher extreme on a multiday chart...
just start by trading the small chart with a longer term extreme.
If you have a long term extreme then you can turn your short term trades into anything, but if you only have short term extremes then you leave yourself with few options.
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- TheRumpledOne
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I'm not sure which lines you are referring to...
The black lines is just the zero line/area and they cannot be drawn too differently than what you see.
Position is always the same (from daily/multi-day extremes) and the fibo lines just tell me how many lots that I can afford (4,6,8,or 12 units) at x price.
I started watching the UJ the day prior when doji started posting pictures on the prev. page.
The black lines is just the zero line/area and they cannot be drawn too differently than what you see.
Position is always the same (from daily/multi-day extremes) and the fibo lines just tell me how many lots that I can afford (4,6,8,or 12 units) at x price.
I started watching the UJ the day prior when doji started posting pictures on the prev. page.
Last edited by MightyOne on Sat Aug 03, 2013 5:12 am, edited 1 time in total.
MightyOne wrote:I'm not sure which lines your are referring to...
The black lines is just the zero line/area and they cannot be drawn too differently than what you see.
Position is always the same (from daily/multi-day extremes) and the fibo lines just tell me how many lots that I can afford (4,6,8,or 12 units) at x price.
I started watching the UJ the day prior when doji started posting pictures on the prev. page.
Hey MO,
What is the indicator you are using to overlay prices on your chart?
Is it a variation of the Heikin-Ashi? Whatever it is, where can I find it?
Thanx for any reply
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Hey Apu,
Here is the link to MIGHTY ONE 2013. Where MO presented and explains the ideas.
http://kreslik.com/forums/viewtopic.php ... 1744f87598
Here is the link to MIGHTY ONE 2013. Where MO presented and explains the ideas.
http://kreslik.com/forums/viewtopic.php ... 1744f87598
Last edited by roctao on Sat Aug 03, 2013 5:12 am, edited 1 time in total.
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