newark18 wrote:MightyOne wrote:aliassmith wrote:MightyOne wrote:Uncertainty is a batch I know, good thing I don't need the money
Based on this, S&R lines based on STF H1 candles as opposed to CCs.
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- newark18
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MightyOne wrote:
At first glance, my reaction is huh? I thought S&R lines were derived from candle closes. And I see conflict between: (1) 50% mark is S&R used when doubling position; and (2) S&R line is your average price.
If someone who understands this chart can speak in nongenious terms then I would appreciate an explanation.
Failure is an opportunity to learn.
newark18 wrote:MightyOne wrote:
At first glance, my reaction is huh? I thought S&R lines were derived from candle closes. And I see conflict between: (1) 50% mark is S&R used when doubling position; and (2) S&R line is your average price.
If someone who understands this chart can speak in nongenious terms then I would appreciate an explanation.
If you double your position then your average price is the midpoint between your first and second order making a 50% RET your line of S&R...
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Any comments on my picture would be very helpful.
The top left blue line represents S&R. Large blue CC could not close above it, and price starts to move down. My potential entrance is the first red line.
Lower blue line is a new S&R. My exit is the red line, at the point where the large blue CC crosses over S&R line.
I believe I've got the concept of S&R. Determining the entrance/exit based on that is more difficult. This example is pretty clear cut, but how did I do on choosing my entrance/exit?
The top left blue line represents S&R. Large blue CC could not close above it, and price starts to move down. My potential entrance is the first red line.
Lower blue line is a new S&R. My exit is the red line, at the point where the large blue CC crosses over S&R line.
I believe I've got the concept of S&R. Determining the entrance/exit based on that is more difficult. This example is pretty clear cut, but how did I do on choosing my entrance/exit?
- newark18
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MightyOne wrote:newark18 wrote:MightyOne wrote:
At first glance, my reaction is huh? I thought S&R lines were derived from candle closes. And I see conflict between: (1) 50% mark is S&R used when doubling position; and (2) S&R line is your average price.
If someone who understands this chart can speak in nongenious terms then I would appreciate an explanation.
If you double your position then your average price is the midpoint between your first and second order making a 50% RET your line of S&R...
So I interpret what you wrote to mean that S&R lines are derived from your average price rather than how previous candles closed. I previously thought that we look to candle closes to derive our S&R lines and use them to protect our average price.
Failure is an opportunity to learn.
- aliassmith
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MightyOne wrote:
Well you did hit the extreme I see. I don't believe I could of or would of
held the position like that. I definitly would have took profit at the place I
marked held profit. There was also nice entry near where I marked
resistance to go short again.
Guess "I" am more confortable trading from stops to stops, instead of
from stops to extremes.
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