Cwn6161's Trading Log

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cwn6161
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Postby cwn6161 » Sat Oct 30, 2010 4:26 am

Sorry?

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cwn6161
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Postby cwn6161 » Mon Nov 01, 2010 4:27 pm

Bodies show the way, wicks show the way not...

Why do wicks show the direction of loss? Because it's where price tested, but the market refused that level.

So many methods look for breakouts. What if there was a method that traded off of wicks?

I'm looking at one that trades off of a set of wicks which all share a certain price area. If wicks are the direction of loss, then trading in the opposite direction should net some profit. If I see some examples of this on the EU, I'll post pics.

aliassmith
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Postby aliassmith » Tue Nov 02, 2010 4:18 am

cwn6161 wrote:Bodies show the way, wicks show the way not...

Why do wicks show the direction of loss? Because it's where price tested, but the market refused that level.

So many methods look for breakouts. What if there was a method that traded off of wicks?

I'm looking at one that trades off of a set of wicks which all share a certain price area. If wicks are the direction of loss, then trading in the opposite direction should net some profit. If I see some examples of this on the EU, I'll post pics.


Maybe I am misunderstanding your question/point, but zlines are a trading
method based on wicks and not breakouts. Zlines are about fading an
areas based on the small body and large body giving a clue about where
stop orders might be.
Trade Your Way as Long as It Makes Money!

cwn6161
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Postby cwn6161 » Tue Nov 02, 2010 1:01 pm

Sorry it wasn't a question, more of a statement. I've noticed lately that 3 or so large wicks that share the same price area often offer a good entry point to scalp 1:1 trades.

Using GU and a 25 pip SL, here's a quick example. The idea would be to set your SL just beyond the longest wick that was involved in the area. Notice the blue areas where the wicks share the price area.

Image

aliassmith
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Postby aliassmith » Tue Nov 02, 2010 1:22 pm

cwn6161 wrote:Sorry it wasn't a question, more of a statement. I've noticed lately that 3 or so large wicks that share the same price area often offer a good entry point to scalp 1:1 trades.

Using GU and a 25 pip SL, here's a quick example. The idea would be to set your SL just beyond the longest wick that was involved in the area. Notice the blue areas where the wicks share the price area.

Image


Interesting enough that your example is a zline.
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cwn6161
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Postby cwn6161 » Tue Nov 02, 2010 1:26 pm

I'll keep posting more examples as I see them. That would be funny if every one was a zline, because I struggled learning to see them quickly, I but I can pick up on the wicks very fast.

cwn6161
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Postby cwn6161 » Wed Nov 03, 2010 7:05 pm

Wasn't expecting to post this so fast. Entered at the red arrow where I saw the third wick form. Out at the top of the fib line for 4:1 return :D

Image

cwn6161
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Postby cwn6161 » Thu Nov 04, 2010 8:22 pm

Was too quick to pull the trigger today. Thought I saw a good spot to buy, but was quickly stopped out.

No biggie though, as I'm playing with the money I took yesterday. This is a free chance to learn.

I think from now on, I'll look to see wick formations that are ascending if I'm going to buy, descending if I'm shorting. If wicks are making lower lows, it's probably not the best time to buy. This isn't a strict rule - I may just look for the furthest left wick I'm using to be more extreme than the others.

Image

cwn6161
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Postby cwn6161 » Thu Nov 04, 2010 10:01 pm

Not in this trade, just watching. I thought the initial wick was too small, but I like how the wicks are moving upwards.

Image

cwn6161
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Postby cwn6161 » Tue Nov 09, 2010 4:38 pm

Entered in with a fairly fast stop out. Back to phase one size. I'm going to move out to the H4 time frame, in order to get a better view of the trend.

Image

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