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erika_bb
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Postby erika_bb » Sun Sep 26, 2010 3:44 am

newark

what does it mean to look at the extreme of the second to last candle? thks

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MightyOne
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Postby MightyOne » Sun Sep 26, 2010 6:32 am

newark18 wrote:Here is what I do based on what I have learned in this thread:

1. Understand that I do not know which way the market is going. And based on that, the only way to make money is use the power of lowrisk/high reward. If your ratio is high enough, you can take chances without too much fear.

2. Find the long term trend. I am just eyeballing it for the most part but I am thinking that I should be using the same method as determining "which way is it going?" See below.

3. Wait for retracement and enter using BM entry or rat reversal

4. Which way is it going? Which extreme is it closing over? Simply, a close over a high extreme means that it is going up and a close over a low extreme means that it is going down? Is there a way to detect direction is little bit earlier than that? What if we used custom candles? What if we considered the extreme of the second to last candle? (Brilliant btw MO)

Based on this, I hope my account will not remain the same. If it is, then I think I will have run astray.



Body in the direction of profit, wick in the direction of loss, fear in the direction of nonexistence :wink:

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Postby MightyOne » Sun Sep 26, 2010 7:00 am

I know how much you love it when I don't explain my shorthand :lol:


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Postby MightyOne » Sun Sep 26, 2010 7:08 am

erika_bb wrote:newark

what does it mean to look at the extreme of the second to last candle? thks


Simply note the previous candle's high extremes and price closing over it forming that "something" that price closed over.

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Postby aliassmith » Sun Sep 26, 2010 2:35 pm

MightyOne wrote:
erika_bb wrote:newark

what does it mean to look at the extreme of the second to last candle? thks


Simply note the previous candle's high extremes and price closing over it forming that "something" that price closed over.


Finally a huge piece of the "something" puzzle. :) Similar to my range
breakout/correction with the trend. I am sure there is a time element in
there based on price angles or how the "higher" TF candle closes.
Trade Your Way as Long as It Makes Money!

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Postby erika_bb » Sun Sep 26, 2010 5:06 pm

Thanks MO

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MightyOne
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Postby MightyOne » Sun Sep 26, 2010 7:16 pm

aliassmith wrote:
MightyOne wrote:
erika_bb wrote:newark

what does it mean to look at the extreme of the second to last candle? thks


Simply note the previous candle's high extremes and price closing over it forming that "something" that price closed over.


Finally a huge piece of the "something" puzzle. :) Similar to my range
breakout/correction with the trend. I am sure there is a time element in
there based on price angles or how the "higher" TF candle closes.


I was just explaining what newark was saying ;)

We are using a chart that records the OHLC, if I tell you that price closed over "something" then that something can only be the OHL =)

The first thing I do I get intimate with the long term charts :shock:

I start with the yearly and work my way down to the lowest TF used for analysis (3 to 8 hours).

I want to know everything about the long term charts, the levels that they are closing or not closing higher than in x period of time, so that I can make the best decision possible in light of all the different factors.

I take hourly trades that work with daily or weekly charts which work monthly and year charts.

After I am done analyzing the charts with HORIZONTAL lines and I am pretty sure that I know how I want to approach the chart...

THEN AND ONLY THEN will I use diagonal lines for DOP studies, and other advanced studies such as fractal analysis.

The advanced studies are the afterthought not the main thought, as I so often have to remind my friend LJ. :lol:


Not very many people are going to go through all this "trouble" and that is fine by me...
I will be happy to take the burden of their high probability long term trades off of their hands :shock: :P

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Postby aliassmith » Sun Sep 26, 2010 11:09 pm

MightyOne wrote:
aliassmith wrote:
MightyOne wrote:
erika_bb wrote:newark

what does it mean to look at the extreme of the second to last candle? thks


Simply note the previous candle's high extremes and price closing over it forming that "something" that price closed over.


Finally a huge piece of the "something" puzzle. :) Similar to my range
breakout/correction with the trend. I am sure there is a time element in
there based on price angles or how the "higher" TF candle closes.


I was just explaining what newark was saying ;)

We are using a chart that records the OHLC, if I tell you that price closed over "something" then that something can only be the OHL =)

The first thing I do I get intimate with the long term charts :shock:

I start with the yearly and work my way down to the lowest TF used for analysis (3 to 8 hours).

I want to know everything about the long term charts, the levels that they are closing or not closing higher than in x period of time, so that I can make the best decision possible in light of all the different factors.

I take hourly trades that work with daily or weekly charts which work monthly and year charts.

After I am done analyzing the charts with HORIZONTAL lines and I am pretty sure that I know how I want to approach the chart...

THEN AND ONLY THEN will I use diagonal lines for DOP studies, and other advanced studies such as fractal analysis.

The advanced studies are the afterthought not the main thought, as I so often have to remind my friend LJ. :lol:


Not very many people are going to go through all this "trouble" and that is fine by me...
I will be happy to take the burden of their high probability long term trades off of their hands :shock: :P


Oh the burden, MightyOne you are a saint!
Trade Your Way as Long as It Makes Money!

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Postby erika_bb » Mon Sep 27, 2010 2:36 am

i wish i had half of your skills! Mightyone :-({|=

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MightyOne
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Postby MightyOne » Mon Sep 27, 2010 8:50 am

erika_bb wrote:i wish i had half of your skills! Mightyone :-({|=


I think that it is more planning & courage than skill ;)

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