Bumpo,
What im doing is reading price action on any time frame, renko, range, P&N, Momentum, the same way.
It is discretionary, but if you can see this your reading price and its the same on all lengths of time and range.
Please keep this in mind and dont get hung up on making it a system and you will be rewarded in your trading.
Your chart is close to how I would do it. Wicks are a reflection of direction change, thus I mark them with a letter.
When reading price...charts depict the price action in which time binds them.
Knowing this... I mark a low as 'a'. Any kind of reversal bigger than a pip or two (visible as a wick) I will mark as a 'b' at the start of the pullback. Point 'c' is the continuation turn point (higher low) and must be between 'a' and 'b'. Point 'd' must be higher than 'b' and wont be set until there is a pullback (represented as a wick).
For example if we have our low, 1st candle. and it closes with no upper wick, the next candle has no low wick, price just keeps going up, then point 'b' would be at the high or close of the 2nd candle. If the 2nd candle had a lower wick then point be would be the open of the 2nd candle and the 2nd candle wick low would be 'c'. If you mark it on a time chart then drop a time frame it should make alot more sense.
When I have a trend with the abcd pattern it takes two counter patterns to consider it a reversal. Until I get that, I go with the previous pattern. The 1st counter pattern is the initial run. The 2nd one is the counter setup and will break the previous trend 'a'.
Its this simple. Pattern holds or fails. Trade the direction that shows the way.
A fresh start! Doji's Trading Journal
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- dojirock
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Re: A fresh start! Doji's Trading Journal
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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Re: A fresh start! Doji's Trading Journal
Asiansession trade.
Night!
Night!
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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Re: A fresh start! Doji's Trading Journal
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Last edited by Dan on Mon Aug 16, 2021 9:59 pm, edited 1 time in total.
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Re: A fresh start! Doji's Trading Journal
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Last edited by Dan on Mon Aug 16, 2021 10:00 pm, edited 1 time in total.
- dojirock
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Re: A fresh start! Doji's Trading Journal
Dan wrote:Thanks for the extra tools Doji, very easy to understand and very reliable.
P.s. Still waiting for the project you had in the works, please don't forget me.
I still work on that most of my free time once my manual trading is done.
Trade Station Coding is the problem.... still learning.
doji
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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Re: A fresh start! Doji's Trading Journal
newscalper wrote:
Hi News,
Good to see you around. Drop me a Pm... I would like to chat with you.
doji
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!"
- newscalper
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Re: A fresh start! Doji's Trading Journal
Dan wrote:Bill Williams fractals, Dragon Style, Momos, Mighty Zones, Break outs, Abc's, 123's...
Funny how all these strategies are the same thing at the end of the day.
1-2-3's, Ross Hooks, Triangles, Forks, Channels, Median Lines, Head & Shoulders...
Everything is the same thing viewed in different ways
It is not what you call the price action but how you understand it that is important.
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Re: A fresh start! Doji's Trading Journal
KISS
doji
doji
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!"
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
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