Never Candle Again

[TheRumpledOne]

I didn't use a computer when I first started trading.

Imagine sitting at your kitchen table and all you have are paper charts, a pen, a ruler, a coffee, and a phone:

the long range charts are only 'moving' after you call the broker and update the charts.

you're sipping your coffee, processing the new information, you look at your watch, it's time to call the broker and see how your trades are doing.

the broker gives you the updates and you call him back and inform him that you want to place a trade; he is on notice that you will be ringing him up like a crazy girlfriend for the rest of the day, days, and possibly week.

Am I making money, am I losing money, should I buy more, or should I get out? that's all you want to know, you're not looking for 'pretty'.

You start a vertical line chart and watch as the price gradually moves in your favor, and then market closes.


Was my trading 'gimped', could I have done better with tick data?

Does the type of chart I am using change how a buy or sell stop is activated?

Is it possible to get a "better" closing price?

Tell me again what you "need" to trade. . .

VLC.png

Neither did I.

[IgazI]

Here is where I part ways to some degree. I am a barely profitable trader. Most of the good that I have learned in trading has come from this forum and particularly my interactions with DojiRock.

SO I am admittedly not arguing from my success, but from my learning. I am interacting with you and pushing back a bit because i am trying to learn. Trading is often said to be simple but not easy.

I think that this is where some of the simple explanations provided can break down when applied to the live market. DojiRock has repeatedly told me --- DO NOT METHODIZE THIS. It's about understanding how price moves. It's about watching a chart and "seeing" what is happening as it unfolds.

Thus, I agree that picking a consistent point of reference can help with this. However, I just think that there are often several versions of the same phenomena occurring on a chart and looking at some things in addition to closes help us see that. Take the phenomenon of momentum, for instance.

A close beyond an opposite close demonstrates momentum --- but so do engulfing candles, zline formations, breaks of structure on pivots/swings, moving average crosses, DojiRocks zones and rock boxes, etc.

In the chart below you have 6 minute highs and lows (pink), 6 minute closing ranges (black), and a 1 minute candle chart;

I'll tell you what I see:
- price was in frame
- price moved out of frame
- there are high swings
- there are low swings
- there are moves to new highs
- there are moves to new lows.

You are "seeing" everything as a 6 minute chart unfolded, no big-brain speculation required;

what is "breaking down"? what are you "seeing" with the help of O, H, L, C, CLR, MA, oscillator, patterns, etc,

that is any different from what is being depicted by closing ranges?

Picking a chart apart, looking for a 2, 3, 5, 8 pip gains with a 3 pip stop loss, is not the same as trying to catch a swing into a larger move.

show_me.png (64.54 KiB) Viewed 6947 times

Redacted.

[IgazI]

Neither did I.

It is nice to have the luxury of a computer plotting all of your charts, but I think where traders have lost their way is in staring at the ticks.

Can you trade the BZ using 15 minute delayed data? Is it different? how is it different?

You're going to have to plan your trade and you are going to have to trade your plan!
when that 15 minute close hits, you are comparing it to the previous data and managing the trade.

When price is bouncing up and down the trader is looking at it like "what does it mean what do I do "

That is why it is important to have a set time when you are going to stop considering new data, look back, and determine what page 2 means in relation to page 1; we'll look at page 3 later, when it's complete.

[IgazI]

GBPUSD_M20_S5.png (102.7 KiB) Viewed 6855 times

What do wicks mean? nothing!
- enter on closes
- exit on closes
- don't uh , be uh

stops_the_wicks.png (71.91 KiB) Viewed 6852 times

[dojirock]

Lovin it Igazi!!!!
-doji

[IgazI]

Lovin it Igazi!!!!
-doji

Thanks Doji!

[TheRumpledOne]

it requires statistics.

How do you read those statistics?

[IgazI]

it requires statistics.

How do you read those statistics?

Redacted.

[IgazI]

Redacted.

[TheRumpledOne]

it requires statistics.

How do you read those statistics?

That page is its chart form, modeled after a Baccarat scoreboard:

I'm going to explain how to trade a market as if playing the game of Baccarat . . .
I fully expect that you will not understand any of this, or will even try to understand;
and that is fine by me, I'm just going to delete this anyway
.

I think I understand!