PowerX Strategy "PowerZ"

[IgazI]

Let's try this.. Where do I start?

You only have to ask four questions:
- when was price moving up?
- when was price moving down?
- when was price in something?
- when was price out of something?

On the daily+ we only care about the actionable prices:
- where did the day start
- what was the high
- what was the low

On the intraday charts, anything up to 30 minutes, we only care about closing prices.

If you are completely lost then listen to a few audiobooks:
- Reminiscences of a Stock Operator
- How I made $2000000 in the Stock Market

You're not an idiot, I promise you, if you watch the market and listen to your own thoughts then you will grow quickly in understanding.

[prochargedmopar]

I'm just enjoying some old school charting while I wait for ADA to take its rightful place among the stars.

I attached a "Nison" chart below. . .what did you get for all of that extra plotting of the opens, highs, and lows?

A better question is whether or not it is worth paying for live data. . .
15 minute delayed data is perfect

30 minute line chart: horizontal bars are the hourly closes:
ADA_my_darling_2.png
max_data.jpg

This:

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[IgazI]

This:

Meaningless.

Of what benefit was it in actual practice?

[prochargedmopar]

This:

Meaningless.

Of what benefit was it in actual practice?

Every chart, timeframe, instrument is the SAME,
Over and over and over and over and over......
You tell me.

[IgazI]

This:

Meaningless.

Of what benefit was it in actual practice?

Every chart, timeframe, instrument is the SAME,
Over and over and over and over and over......
You tell me.

It seems then that your truth and my truth differ, and so there is nothing for me to tell you.

Pointy places, yes, I see. . .history, would haves, should haves, yes. . .makes great hindsight material.

If you need more information then you take more samples:

30 minute closes not doing it for you? go 15, or 10, or 5, where the difference between the closing price and the extremes are negligible.

There is no need to add complexity where simplicity will suffice.

[Don_xyZ]

If you were plotting your own charts at home, you would be looking at the daily, weekly, and monthly HLC bars, and the intraday would just be used to follow along with the current price action. . .place orders, set stops, whatever.

The daily bar was updated either at the end of the day or the end of the week.

If you needed to know the intraday then you plotted the intraday, but if the chart made a run on the daily then you would just manage it from the daily. . . . unless price started moving sideways and you were bored and you just wanted to take a look-see.


Day trading is sexy, I get it, and even I am allured by their time-tight bodies

but I guarantee you that you will have greater success if your primary focus is the larger charts:

a few people achieve great things on small charts, but most people will fail. . .
if you want to know if you're special then just look at your P&L over the last three quarters.


ADA_2023_31_01.png

What's the difference between the smaller and larger charts?
How or what gives me greater success using the larger charts?

I just have to chime in... you've read the threads in kreslik and one thing that should strike you is everyone is using the bigger tf one way or another to push their profit. The idea is to do convergence trade or divergence trade or both. Meaning, when the trend in small tf is different than what you see in the bigger tf then you either don't trade and wait until they both move into the same direction or you trade according to the direction of the small tf but with the direction of the bigger tf in mind. That's how you make a monstrous profit. Of course, you can also ignore the big tf and use small tf exclusively and make profit here and there.

[nonibadsha]

Let's try this.. Where do I start?

You only have to ask four questions:
- when was price moving up?
- when was price moving down?
- when was price in something?
- when was price out of something?

On the daily+ we only care about the actionable prices:
- where did the day start
- what was the high
- what was the low

On the intraday charts, anything up to 30 minutes, we only care about closing prices.

If you are completely lost then listen to a few audiobooks:
- Reminiscences of a Stock Operator
- How I made $2000000 in the Stock Market

You're not an idiot, I promise you, if you watch the market and listen to your own thoughts then you will grow quickly in understanding.

Hmm.. I don't think I am completely lost BUT I got the first book.. I'm listening too it.

In the meantime attaching the EURUSD Daily and 30 minute charts.

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So on the daily we can clearly see the actionable prices. The current days open, high and low are marked. Previous days also marked.
Yesterday we can see a strong up bias candle closing above the day before.

EURUSDM30.png (54.96 KiB) Viewed 1022 times

Once again open, high and low of the current and previous day marked.
The chart shows a clear strong up day yesterday and a strong down day today so far.

[IgazI]

So on the daily we can clearly see the actionable prices. The current days open, high and low are marked. Previous days also marked.
Yesterday we can see a strong up bias candle closing above the day before.

EURUSDM30.png

Once again open, high and low of the current and previous day marked.
The chart shows a clear strong up day yesterday and a strong down day today so far.

The thing about 'seeing clearly' is that it is hard to do when there is a lot of noise:

you either want to use the OHL or the HLC on the daily+ charts, but not the O and C together;
only have in front of you what you need to see.

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I've posted something similar in Alias' thread:
1) early TP and 'attempt level'
2) take profit level
3) higher 'z' level of take profit
4) honest attempt out of profit taking
This is the guiding light,
intraday charts will help you figure out exactly what you should do when it comes time to utilize this information.

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I know that it's strange, coming from naming everything under the sun, to just think in terms of UP, DN, IN, OT, but that is all that you really need to do; let complexity arise out of simplicity.

[IgazI]

This chart is compressed like an hourly, but is still just a 30 minute line chart:

the essence of the hourly candles has been captured using a just closing prices:

In actual practice you are going to wait for around the close of a candle (just before or the open of the next) to place your orders. . .
or why use a a chart period to begin with? just use a Renko at that point.

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[nonibadsha]

So far chapter 6 is my favourite