Aliassmith Beats a "Dead Horse"

[aliassmith]

I was watching M15 at the time so I missed this trade. But in hindsight, this is the kind of set up that I try to look for. Close over something, momo, retrace, and entry on M5.

I don't always have the patience to wait for this set up which is one of my problems.

Alright I will throw you a bone here. I marked the same spot with an arrow down.
We start with the obvious:
20 SMA is sloping down nicely
That top blue line is support becoming resistance
The second blue line is the 50% retrace
The candle that touches the 20 SMA wicks it showing short term rejection
The Red bias candle happens next
When the Red bias candle closes I enter with a partial position

On the candle after the Red Bias Ill add another portion of the position on about 3-4 pip pullback
Take off partial at the bottom of the recent low
Take off the rest at 1x 2x 3x whatever you are feeling.

Boom money in the pocket with a culmination of my years of study

[aliassmith]

An observation of why people can fail using the same tool as the guy making money.

I just handed out my trading strategy and Newark18 used them and was not successful.
(not to just point you out Newark18)
Its just how things are, you both have the same strategy and one person makes money and others do not.
Strategy is only a piece of the whole picture.
You have to add "Tactics" to a strategy.
This includes money management
This includes order placement and exits

Maybe a nice strategy has a 10% to 15% edge
When you pair that with a complimentary set of tactic you can increase that edge.

MY humble opinion based on life and stats:
All-in and All-out makes the most money, it is also the hardest to do. That is why I don't do it.
Picking a specific target is difficult that's why I watch price action and use a "Good Enough" approach to closing orders.
Predicting the market is difficult. Watching the market and "seeing" what it is doing is easier.

[aliassmith]

Well during this social distancing and shutdowns, I figured I would look at some charts and post a pic of the standard chart setup I use. Sometimes I put other stuff on there "testing" but this is what I've settled upon.

The indies are:
PMBiasCandle
A 20 SMA that changes colors with slope
ATR
A modified FIB to measure ranges and such

Would you be so kind to share your indicators? I would like to try them out. I started reading your thread from the beginning but this is the first time seeing these indicators. Have you talked about them before?

When I get time and remember I'll make a post with links and how to's.

PMbiascandle is in doji's thread (page 422 doji momentum bars is a similar indy.)

ATR is on MT4

The other 2 will require a longer post

Technical Indicator XLV4 Moving Average Color
Is on the mql5 site just Google it. (It's set to 20 period simple.)

Fib tool has custom parameters I'll post them later.

The Fib Tool parameters are:

1......StopLoss %$
.5...….Entry %$
0...….Target 1x %$
-0.25...….Target 1.5x %$
-0.5..….Target 2x %$
-1...….Target 3x %$
-1.5...….Target 4x %$
etc.
Had too look the first numbers I posted were wrong sorry.

[newark18]

Thanks Alias!

I am sometimes too stiff with my TPs. Lots of times they get close but I don't close out because I believe that my target will hit. Really, that only works when I target ZLs and sometimes not even. I guess I need to learn how to feel the market.

Oil futures trading is much easier than FX IMO. I just trade the close (ie, 2:30est) and focus for 15-30 minutes.

[aliassmith]

Bam and Boom
Then get Breakfast

[aliassmith]

Traded the Europe/UK session for less than an hour to scalp 1% on the EUR/USD.
I basically looking for the same stuff on the 1 minute chart as the five minute from my previous charts.
I use small lot size but a lot of orders for about 200 pips.
I'll probably keep practicing to see how good I can get at it.
I never really used the 1 minute chart before so it is fast paced
In the pic I traded in that yellow area with a short bias
The blue lines are possible resistance areas.

[aliassmith]

are you only using this on M5 or do you also use on longer TFs?

Ya It works on other timeframes 1minute 5minute and hour.

[dchappy]

An observation of why people can fail using the same tool as the guy making money.

I just handed out my trading strategy and Newark18 used them and was not successful.
(not to just point you out Newark18)
Its just how things are, you both have the same strategy and one person makes money and others do not.
Strategy is only a piece of the whole picture.
You have to add "Tactics" to a strategy.
This includes money management
This includes order placement and exits

Maybe a nice strategy has a 10% to 15% edge
When you pair that with a complimentary set of tactic you can increase that edge.

MY humble opinion based on life and stats:
All-in and All-out makes the most money, it is also the hardest to do. That is why I don't do it.
Picking a specific target is difficult that's why I watch price action and use a "Good Enough" approach to closing orders.
Predicting the market is difficult. Watching the market and "seeing" what it is doing is easier.

Agree 100%...

[aliassmith]

Works on the 15 minute
Sloping down
Rejection candle at the SMA
Red Bias candle after the rejection
Short for 1x

...Looks like a micro triple top there also

[aliassmith]

It's Friday so farewell until maybe Sunday night

Then again I am in lock down right now