Aliassmith Beats a "Dead Horse"

[nonibadsha]

Personally, I wouldn't go higher than 30 minutes for an intraday chart; and that's only if you're using a daily+ chart as a point of reference.

Most people here should probably by using a 15 minute as their largest intraday chart.

GBPUSD.jpg

The truth is I have not used the daily+ chart/s for reference. At least not consciously. You have mentioned this to me before alongside Don, but when I look at the daily+ I feel lost. But that's mainly because I still don't know. Do you feel like taking the comment about me not being an idot back?

What are the disadvantages of using a H1 chart and the advantages of using 30 and lower?

OPEN PRICE: trade away from open price.

EXTREME: at extreme? trade away from extreme price.

Is price closing higher or lower than 'something'?

Is price in something? what would be price coming out of something?

ASK SIMPLE QUESTIONS => GET SIMPLE ANSWERS

What can be interpreted in no other way? that's what we want to base our analysis on!

why_so_serious.jpg

OPEN PRICE: trade away from open price. Todays open price. That I understand

EXTREME: at extreme? trade away from extreme price. Todays extreme? i.e todays high or low?

Is price closing higher or lower than 'something'? What is 'something'? Is 'something' todays open, todays high and/or low?

Is price in something? what would be price coming out of something? Same as above?

[nonibadsha]

Personally, I wouldn't go higher than 30 minutes for an intraday chart; and that's only if you're using a daily+ chart as a point of reference.

Most people here should probably by using a 15 minute as their largest intraday chart.

GBPUSD.jpg

The truth is I have not used the daily+ chart/s for reference. At least not consciously. You have mentioned this to me before alongside Don, but when I look at the daily+ I feel lost. But that's mainly because I still don't know. Do you feel like taking the comment about me not being an idot back?

What are the disadvantages of using a H1 chart and the advantages of using 30 and lower?

Don't wanna write long coz I'm using phone...

Let's simplify it this way...

Whatever you want to do on the bigger tf, can also be done on the smaller tf. That's the very basic premise.

Now, the advantages:
No long wait for entries, exits.
Small SL could lead to big profit if you drag it onto your big tf target.
No miss opportunities because you operate within a fixed window of time.
Abundant trading opportunities.
And so on...

Disadvantages:
Too fast for some people.
Requires you to sit through the session.
No time to hesitate.
Bigger fees ($0.7 round turn plus 0.2 pips spread are big if you consider a mere 3 pips SL as oppose to 15 pips or 20 pips SL).
Slippage could cause big damage for entries and exits (sl and tp).
edit: Requires a lot of mental stamina (it drains a lot). If you do big tf then the effect of losing streak is diluted over a period of several days (or weeks in case of a very big tf) but a losing streak in 1 trading session is simply too much for the mass. Imagine losing 3x or 5x consecutively during a period of let's say 3 to 4 hours (also depends on the type of trading tactic). This is by far the biggest NO NO for many people.
And more...

I already mentioned that I'm a very aggressive trader and I gaze upon the advantages and bulldozed the disadvantages with my WIL. You could choose to stay in the middle or be concerned more about either the advantage (like me) or about the disadvantages (like the conservatives). If your situation does not allow you to dive into the small tf then you could:

1. Wait until you have time to do it seriously while doing the big tf.
2. Do it only after your day job's done. 1 to 3 hours is more than enough if you're just aiming for anything between 1 to 5R. edit: Do this until you can prove yourself that you can take it to the next level and start doing this full time.

Thanks for the explanation Don... Much appreciated.
I am dedicating a fair bit of time to seriously learn. I'm at the charts from London open until at least NY open, most days. This is the best time for me since the Mrs is at work and kids at school. My work flexibility allows me to choose my hours. The downside being, less time with family, but I'm hoping the dedication will pay off.

I'm not sure why, but I feel comfortable on the H1.. Yes the stops are big and it does hurt when they are hit. Unless I close the trades if and when they don't feel right. I seem to mess up more often on the smaller charts. I know you guys do well on them, so something is still not clicking with me.

Ill get there, because Igazi said I'm not an idiot and he promised .
Joking aside, I really do appreciate the help from all of you.

P.S Where has Mr Smith disappeared to?

[Don_xyZ]

The truth is I have not used the daily+ chart/s for reference. At least not consciously. You have mentioned this to me before alongside Don, but when I look at the daily+ I feel lost. But that's mainly because I still don't know. Do you feel like taking the comment about me not being an idot back?

What are the disadvantages of using a H1 chart and the advantages of using 30 and lower?

Don't wanna write long coz I'm using phone...

Let's simplify it this way...

Whatever you want to do on the bigger tf, can also be done on the smaller tf. That's the very basic premise.

Now, the advantages:
No long wait for entries, exits.
Small SL could lead to big profit if you drag it onto your big tf target.
No miss opportunities because you operate within a fixed window of time.
Abundant trading opportunities.
And so on...

Disadvantages:
Too fast for some people.
Requires you to sit through the session.
No time to hesitate.
Bigger fees ($0.7 round turn plus 0.2 pips spread are big if you consider a mere 3 pips SL as oppose to 15 pips or 20 pips SL).
Slippage could cause big damage for entries and exits (sl and tp).
edit: Requires a lot of mental stamina (it drains a lot). If you do big tf then the effect of losing streak is diluted over a period of several days (or weeks in case of a very big tf) but a losing streak in 1 trading session is simply too much for the mass. Imagine losing 3x or 5x consecutively during a period of let's say 3 to 4 hours (also depends on the type of trading tactic). This is by far the biggest NO NO for many people.
And more...

I already mentioned that I'm a very aggressive trader and I gaze upon the advantages and bulldozed the disadvantages with my WIL. You could choose to stay in the middle or be concerned more about either the advantage (like me) or about the disadvantages (like the conservatives). If your situation does not allow you to dive into the small tf then you could:

1. Wait until you have time to do it seriously while doing the big tf.
2. Do it only after your day job's done. 1 to 3 hours is more than enough if you're just aiming for anything between 1 to 5R. edit: Do this until you can prove yourself that you can take it to the next level and start doing this full time.

Thanks for the explanation Don... Much appreciated.
I am dedicating a fair bit of time to seriously learn. I'm at the charts from London open until at least NY open, most days. This is the best time for me since the Mrs is at work and kids at school. My work flexibility allows me to choose my hours. The downside being, less time with family, but I'm hoping the dedication will pay off.

I'm not sure why, but I feel comfortable on the H1.. Yes the stops are big and it does hurt when they are hit. Unless I close the trades if and when they don't feel right. I seem to mess up more often on the smaller charts. I know you guys do well on them, so something is still not clicking with me.

Ill get there, because Igazi said I'm not an idiot and he promised .
Joking aside, I really do appreciate the help from all of you.

P.S Where has Mr Smith disappeared to?

I think his rich uncles paid for his extended vacation. Nice, isn't it?

[nonibadsha]

Don't wanna write long coz I'm using phone...

Let's simplify it this way...

Whatever you want to do on the bigger tf, can also be done on the smaller tf. That's the very basic premise.

Now, the advantages:
No long wait for entries, exits.
Small SL could lead to big profit if you drag it onto your big tf target.
No miss opportunities because you operate within a fixed window of time.
Abundant trading opportunities.
And so on...

Disadvantages:
Too fast for some people.
Requires you to sit through the session.
No time to hesitate.
Bigger fees ($0.7 round turn plus 0.2 pips spread are big if you consider a mere 3 pips SL as oppose to 15 pips or 20 pips SL).
Slippage could cause big damage for entries and exits (sl and tp).
edit: Requires a lot of mental stamina (it drains a lot). If you do big tf then the effect of losing streak is diluted over a period of several days (or weeks in case of a very big tf) but a losing streak in 1 trading session is simply too much for the mass. Imagine losing 3x or 5x consecutively during a period of let's say 3 to 4 hours (also depends on the type of trading tactic). This is by far the biggest NO NO for many people.
And more...

I already mentioned that I'm a very aggressive trader and I gaze upon the advantages and bulldozed the disadvantages with my WIL. You could choose to stay in the middle or be concerned more about either the advantage (like me) or about the disadvantages (like the conservatives). If your situation does not allow you to dive into the small tf then you could:

1. Wait until you have time to do it seriously while doing the big tf.
2. Do it only after your day job's done. 1 to 3 hours is more than enough if you're just aiming for anything between 1 to 5R. edit: Do this until you can prove yourself that you can take it to the next level and start doing this full time.

Thanks for the explanation Don... Much appreciated.
I am dedicating a fair bit of time to seriously learn. I'm at the charts from London open until at least NY open, most days. This is the best time for me since the Mrs is at work and kids at school. My work flexibility allows me to choose my hours. The downside being, less time with family, but I'm hoping the dedication will pay off.

I'm not sure why, but I feel comfortable on the H1.. Yes the stops are big and it does hurt when they are hit. Unless I close the trades if and when they don't feel right. I seem to mess up more often on the smaller charts. I know you guys do well on them, so something is still not clicking with me.

Ill get there, because Igazi said I'm not an idiot and he promised .
Joking aside, I really do appreciate the help from all of you.

P.S Where has Mr Smith disappeared to?

I think his rich uncles paid for his extended vacation. Nice, isn't it?

I certainly wouldn't complain

[nonibadsha]

Managed this one on M15. GBPUSD
1R. 17 pips. 0.7%

[nonibadsha]

GBPUSD M15 again.
1R. 13 pips. 0.5%

[nonibadsha]

GBPUSD M15
Good for 31 pips, 1.3%
Just under 1.5R

GBPUSDM15.png (52.37 KiB) Viewed 1204 times

[TheRumpledOne]

Not as clean as recent previous trades.. Had to sit through some floating DD. Eventually hit target. In hindsight a better trade was 4 bars later from my actual entry.
Good for 1R, 16 pips, 0.6%

GBPUSDM5.png

Are you trading HOLO?

[nonibadsha]

Not as clean as recent previous trades.. Had to sit through some floating DD. Eventually hit target. In hindsight a better trade was 4 bars later from my actual entry.
Good for 1R, 16 pips, 0.6%

GBPUSDM5.png

Are you trading HOLO?

No.
I started trading HOLO a while back. That thread if FF lead me to Kreslik. I'm not sure exactly what I am trading. Maybe dead horse or a variant of dead horse. What I know is that you, Alias, Don and Igazi are shaping me.

I'm traveling at the moment, will be back by next week. Will continue posting charts with demo trades and asking questions.

[nonibadsha]

I'm back
First trade.. GBPUSD 1R, 20 pips.
Price went to just over T2 but I moved my SL to T1 and let the market take me out.

GBPUSDM15.png (51.37 KiB) Viewed 790 times