Bettleboxs Breakdown of Zlines and MoMos

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newscalper
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Postby newscalper » Mon Aug 20, 2012 6:25 pm

Just went short again, might be a bit early, maybe not the best time of day

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Postby newscalper » Mon Aug 20, 2012 6:35 pm

bettlebox wrote:what i do is note the demand levels that price will cross on the short position in this case, on higher timeframes (the yellow circles in the picture).

As price hits these levels im looking for my reverse entry setup (so if im short , i know if im in demand level and i get setup to go long. I dont want to be short anymore).

Simple.


BB

newscalper wrote:Here's today's trade
Image

Now this is where I always come to grief - do I take profit in this TF - currently up 55 pips or so, with demand level on this tf approaching ( 2 actually) or, as I entered on this tf but from a higher tf supply level, do I try to hold for more?

Thing is, it isn't as simple as that because:
Image
My entry basis was from these levels apparent from the H4 chart, the H1 and lesser levels are nowhere to be seen. Now my entry was based on the M15 chart, and on that basis, the demand levels then become evident. However, to always fold a trade when a small level is approached would mean that the markets would always be mean reverting between small timframe supply and demand levels and would always range and there would be no larger move apparent on a larger timeframe: perfect scalping environment of course but..none of these things are true.

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Postby bettlebox » Mon Aug 20, 2012 6:52 pm

Depends on the type entry you're using. from your description how you entry then yes you wouldnt be able to exit in that manner.

BB


newscalper wrote:
bettlebox wrote:what i do is note the demand levels that price will cross on the short position in this case, on higher timeframes (the yellow circles in the picture).

As price hits these levels im looking for my reverse entry setup (so if im short , i know if im in demand level and i get setup to go long. I dont want to be short anymore).

Simple.


BB

newscalper wrote:Here's today's trade
Image

Now this is where I always come to grief - do I take profit in this TF - currently up 55 pips or so, with demand level on this tf approaching ( 2 actually) or, as I entered on this tf but from a higher tf supply level, do I try to hold for more?

Thing is, it isn't as simple as that because:
Image
My entry basis was from these levels apparent from the H4 chart, the H1 and lesser levels are nowhere to be seen. Now my entry was based on the M15 chart, and on that basis, the demand levels then become evident. However, to always fold a trade when a small level is approached would mean that the markets would always be mean reverting between small timframe supply and demand levels and would always range and there would be no larger move apparent on a larger timeframe: perfect scalping environment of course but..none of these things are true.
There are two forces acting upon us: Suffering pushes us forward from behind and pleasures entice us and pull us forward.

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Postby newscalper » Tue Aug 21, 2012 8:00 am

Good job I use stops otherwise that would have been the mother of all losses

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Postby bettlebox » Tue Aug 21, 2012 4:31 pm

i have been caught couple times by sudden 40 pip jumps and running with out a stop loss. I learnt my lesson hard way.

newscalper wrote:Good job I use stops otherwise that would have been the mother of all losses
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Postby bettlebox » Thu Aug 23, 2012 5:13 pm

I been trying for last month to maintain trade journal but i keep making changes to my trade plan. I been alot more disciplined now with how i let new information come into my style trading. Hence i stabilizing my trade plan.

This now mean i can maintain a trade journal. Here is my trade journal its a simple word document with tables. Every trade will have entry and there will be on word document for the days trading. i will name file by date amd archive then into file directory structure of business weeks.

Im using nial fullers free article as guide:-

http://www.learntotradethemarket.com/fo ... erformance



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Postby bettlebox » Wed Sep 26, 2012 2:48 pm

Hi

I did this picture as reminder what are core principles and what are the supporting principles to the core principles.

In the picture there is only 2 core principles that underpins everything you do, taking rat trades at KEY LEVELS (open, close and 50%) with SUPPLY/DEMAND. Everything else is jsut support to this idea.


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Postby bettlebox » Sat Sep 29, 2012 11:57 am

Just little something that suddenly occur to me.

Keep It Simple Stupid :D

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Postby bettlebox » Thu Oct 11, 2012 6:49 pm

Been looking at different methods recording trade journals which i really do think is important. I found a good video about setting one up and what the minimum data is required. Seems to make sense and is logical.

http://www.youtube.com/watch?v=yhpCON99QlQ
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Postby bettlebox » Fri Oct 12, 2012 7:35 pm

Something i found interesting was way price doesn't seem to come back and close, too often, below 50% level while its moving up. Not untill its ready to come down of course. I call it Trailing Fibo S/L :D, any comments please feel free.

Its just idea at moment.

BB

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