Simple as 1-2-3

forex live trades, setups, charts

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dchappy
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Postby dchappy » Fri Feb 14, 2014 7:23 pm

Hi Guy's,

I've received a few PM's asking how I trade the YM ..so here goes ..

I am a short term scalper

My chart is a 10 tick range bar chart


When I pull up the chart in the morning , I have 3 questions :

1. What is the direction

2. What is the entry

3. What is the exit

I have used every indy in the book to determine direction (bias )

but I have always come back to the MACD , and it has served well

for 5+ years .

So.. looking only at the macd histo , I can tell if I am looking for a

Long or a Short immediately . i.e. if the macd is above the

zero-line , I am waiting for a Long ..and visa-versa for a Short .
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dchappy
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Postby dchappy » Fri Feb 14, 2014 7:34 pm

OK , now that I have the direction answered , I need to know where to

enter . Again I use the MACD ..but in a little different way .

I am going to enter as the macd lines cross . Very similar to a

"hopper trade " . However I am going to put the cross on the price

chart , rather than below the chart . This makes it easier for me to

set the entry . I am using a 26 simple MA as the trigger line .

I will enter when price hits that line .
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dchappy
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Postby dchappy » Fri Feb 14, 2014 7:56 pm

OK , Direction has been determined ,

I have entered when price crossed the trigger line ...

Now , where to exit ?? This is the easy part , as I have have entered

with a pre-set bracket ..10 tick SL and 10 tick TP .

Nothing to do now except manage the trade and wait for price to give

the result .

For management I move my stop aggressively . At +5 I take off 1/2

risk , and trail to BE as price goes in favor .

If/When the 10 tick target is hit . I usually just wait for a new cross,

or , if there is a strong move I may enter on the next hook .

My daily goal is 20 ticks , so I don,t need to go after every trade .

Of course I will leave a lot on the table ( YM is moving 100-200

points lately ). But I have learned to take the $ and walk away . :)


P.S. I also try to notice any 1-2-3 's in the picture .........

Hope this helps ...energy is coming back into the markets ...

It should be a GOOD YEAR !!!!!!!!!!!!!!

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dojirock
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Postby dojirock » Fri Feb 14, 2014 7:59 pm

Great to see you posting DC,

I just got Trade Station. Dont have a clue to how to use it yet...lol
Can you share your workspace template? PM me if you can....

Thanks
"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!"

dchappy
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Postby dchappy » Fri Feb 14, 2014 8:09 pm

Hi Doji ,

How's the snow up there ?

I'm not on Tradestation anymore , I'm using ZenTrader.

But my chart is simple :

10 range with a 26 simple ma

macd histo on the bottom .

I would probably be using a renko chart if I had it ..but we can't

have everything ...right ?

:smt023

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dojirock
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Postby dojirock » Fri Feb 14, 2014 8:14 pm

Thanks DC....stay warm....

doji
"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!"

dchappy
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Postby dchappy » Fri Feb 14, 2014 8:25 pm

btw ..I've learned a lot about management from this guy ....

http://www.youtube.com/watch?v=gG3XtUX3JjI

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RicG
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Postby RicG » Fri Feb 14, 2014 8:31 pm

Great to see you're posting again dchappy, and keepin it simple - always the best, IMO. Keep it up!
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

dchappy
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Postby dchappy » Wed Feb 19, 2014 2:52 pm

Thanks Guys..........

Todays trades :

9:30 entered @ 9:31 as macd was up and price hit the trigger ,

out @ 10 ticks.

2nd trade was a 1-2-3 continuation ,

out @ 10 and quit for the day
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dchappy
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Postby dchappy » Thu Feb 20, 2014 2:56 pm

Todays trade :

Took the break @ the open held for 14 ticks ..

Didn't fill on the next trigger , so decided to call it a day ..

Take Care ..................
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