A fresh start! Doji's Trading Journal

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Jalarupa
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Postby Jalarupa » Thu Sep 13, 2012 12:08 pm

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Working for me... Andrews Pitchfork...

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PebbleTrader
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Postby PebbleTrader » Thu Sep 13, 2012 2:15 pm

I'm not saying it can't be done at all.

It took me quite awhile to come to the conclusion due to the angled lines working much of the time.

What I determined is that the most RELIABLE S/R is going to come from a time based chart. If that's the case than I should not draw angled lines on a PnF...

I want to always use the best tool I have for the task at hand.
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Postby dojirock » Thu Sep 13, 2012 2:56 pm

PebbleTrader wrote:Why do you have 1 line on some, 2 lines on others and 3 lines on others?

I want to stress again that angles do not mean the same thing on PnF. We can draw angles on time based charts due to the continuity of time, however with PnF or the "time surgery" stuff I had talked about in the past, time is non continuous and angled lines have a different meaning. And that meaning is not one of a support/resistance meanings.

It can be very tempting to want to add angled lines on a PnF chart because it looks like a "chart", resist the temptation!

Another issue with MT4, PnF, is that the boxes are rarely square. You can only see a true square if you use the Excel version.

I mentioned the other ideas because that is a lot easier to code than what you are doing with lines. See if you can find a consistent low number where your reversals occur based on your line studies using the cumulative count from the swing point.


PT, I use one line. I left the old line and drew the new line where I would have slid the other line down or up upon price making a new low or high..so in the white line trade the one line is the angle line, the reversal line is 90 degrees to that line and placed at the open of the cc (since we are short) when the cc make a new low I slide the white line down to the open of the new cc low bar. I continue to do this until price crosses that line in which time the trade would reverse. if this was set and forget..or semi automated...man...possibilities

I guess I look at the angle lines as a following of price and the angle vs flat gives you a sharper reversal point. Does that make since?
a modified trailing ma??? But one could be constantly in the market going from short to long and vice versa... OH MAN the scalping is coming out in me.... My purpose to working on this is to get me a long term option..where it is assisted, if you will, and then I DONT TOUCH IT. Its really hard to break the scalp mentality.

dojirock
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dojirock
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Postby dojirock » Thu Sep 13, 2012 3:00 pm

PT, can you post a excel chart for me to see so, I could mark it up..??

:)
"A small loss is just as satisfying as a large gain" -MO

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Tony Montana
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Postby Tony Montana » Thu Sep 13, 2012 3:23 pm

First trade, if you buy you zero out my profit :[ lol

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While it may be true that 95-99% of Forex traders fail, 100% of Forex traders who never give up will succeed
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Postby PebbleTrader » Thu Sep 13, 2012 3:35 pm

Same area of EUR/USD as yours:

Lines drawn from swings, corner to corner of boxes for 45 degrees

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Postby PebbleTrader » Thu Sep 13, 2012 3:52 pm

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Postby PebbleTrader » Thu Sep 13, 2012 4:03 pm

Alternative to PnF:

It's like taking small insignificant CC's and putting them in a few container CC's...

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Postby PebbleTrader » Thu Sep 13, 2012 4:09 pm

It sounds confusing but that area at the bottom with all the small bodied CC's, that is contained within the area I draw a darker blue box around.

It's the same section of chart, it's just that I turned off seeing small bodied CC's, so it puts them in a slightly larger container CC...thus allowing you to see further back in time...

Plus, are you really that concerned about seeing 1 & 2 pip CC's :)

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Last edited by PebbleTrader on Thu Sep 13, 2012 4:22 pm, edited 3 times in total.
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Postby PebbleTrader » Thu Sep 13, 2012 4:10 pm

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