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
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!"

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
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!"

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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