DAILY WICK ZONE TRADING

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TheRumpledOne
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Re: DAILY WICK ZONE TRADING

Postby TheRumpledOne » Wed Sep 23, 2015 1:56 pm

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IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Re: DAILY WICK ZONE TRADING

Postby TheRumpledOne » Thu Sep 24, 2015 2:05 pm

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IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Re: DAILY WICK ZONE TRADING

Postby TheRumpledOne » Fri Sep 25, 2015 1:46 pm

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IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Re: DAILY WICK ZONE TRADING

Postby MightyOne » Fri Sep 25, 2015 3:16 pm

When the shadows of the Wick Zone are long I will use a previous Wick Zone price that cuts through it.

The 'use this' price is from 19 days ago! :shock:

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Re: DAILY WICK ZONE TRADING

Postby optymistic » Sat Sep 26, 2015 7:35 pm

MightyOne wrote:When the shadows of the Wick Zone are long I will use a previous Wick Zone price that cuts through it.

The 'use this' price is from 19 days ago! :shock:

AUDUSDecnM5.png


Hi MightyOne.

Can you share your exit plan, please.

Thanks

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Re: DAILY WICK ZONE TRADING

Postby MightyOne » Sun Sep 27, 2015 4:27 am

optymistic wrote:
Hi MightyOne.

Can you share your exit plan, please.

Thanks


I trade based on ideas like "know where you are going and trade until you get there", "the moon is not a target",
& "take what you can".

Every chart is its own animal, you can't just paint stripes on everything and call it a day.

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Re: DAILY WICK ZONE TRADING

Postby TheRumpledOne » Sun Sep 27, 2015 2:35 pm

optymistic wrote:
Hi MightyOne.

Can you share your exit plan, please.

Thanks


Check this out:

http://www.forexfactory.com/showthread. ... ost8499010



Quoting Neio
Backed up by the masters... "An expert can readily distinguish between a change of trend and a reaction. When his mental barometer indicates a change he does not wait for a stop order to be caught, but cleans house or reverses his position in a twinkling. The stop order at net cost is, therefore, of advantage only in case of a reversal which is sudden, pronounced, and with no forewarning." - Studies in Tape Reading, Richard D Wyckoff
There is not 1 good reason.
There is not 1 good excuse.
That when a trade is in good positive profit...
that for some ungodly reason, you have to close it with a negative loss.

Gann's retracement level is at 50%. If it retraces over 75-80%>>> GTFO!!!

Or you can commit all the trading sins available to man:
Pray and hope that it will turn around
Increase your Stop loss to provide more room
Re-analyze everything to support your beliefs and dis-beliefs
Re-enter as you try to catch the falling knives
Hedge it
Close partial lots
Walk away, close your eyes and relieve your stress
Go to FF, abuse and disrupt threads you dislike that doesn't go in-line with your own personal opinion

Here is an inspirational and great words of wisdom from the Master:
Do the right thing and Be a Man (Close your trades in profit or Cut your losses short)
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Re: DAILY WICK ZONE TRADING

Postby TheRumpledOne » Sun Sep 27, 2015 2:43 pm

http://www.forexfactory.com/showthread. ... ost8504932

Cognitive Bias: Primed for Failure

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The moment you started learning to trade, you have been psychologically primed.

And the psychological priming (damage) you received is this:
That trading is black and white
You simply buy/sell here and you exit here
The indicators that lingers is "enter here and exit there" approach
You either do or you don't
It is yes or no
2 polarities (Overbought/Oversold, Divergence/Convergence, Bounce/Breakout, etc....)

The psychological priming given to you is simply that "there is a clear boundary between black and white" >>> which is not true.



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Let's wipe those cognitive biases clear and bring you back to earth and reality.
What you have never been taught about trading is that there is no clear cut boundary. In between are infinite shades of grey (just like the above picture).

Think about this for the moment:
Does Tiger Woods drives the golf club with the exact newton force 'every time' he drives and swing the golf club?
Do you think a Tom Brady throws the football with the exact newton force 'every time' he throws a football?
Do you think Micheal Jordan shoots the basketball with the exact same force 'every time he shoots?
The only best and closest answer is that the find the "sweet spot".

And it is no different in trading. It is NOT the round numbers 1.2000, but depending on the different variables of the different circumstances, the sweet spot is give/take a few numbers. It is NOT the overbought and oversold level 80/20, but the sweet spot around those numbers depending on different variables and circumstances.

"But CrucialPoint,you said that you have a precise entry and precise exit... you're contradicting yourself."
It's not that I contradict myself, but it's because you don't understand the situation, so let me explain:
Michael Jordan sinks the basket through "Precision".
Yet, every basket sunk, totally have different variables every time, infinitely.
Jordan manages to find those sweet spot in an infinite number of circumstances.
No 2 sweet spot or No 2 situation/circumstances is ever the same. Every moment in time/space is uniquely different, infinitely.
A simple 123/ABC pattern is uniquely different from any other 123/ABC pattern... No two 123/ABC pattern is ever the same.
It's the same with my trading.

The psychological priming damage is:
wash rinse and repeat
history repeats itself
Buy/Sell here and exit here


You can never know the exact buy here and exit here until the moment arrive.
It is only in the heat of the moment I can find the sweet spot and precisely determine my actions.
And this is consistent with my annoying answers to the following questions:
Where are you looking to enter? >>> I don't know
Where are you going to exit? >>> I don't know
Do you know the S/R? >>> I don't know
Where do you think price is going? >>> I don't know

Notice the questions are in regards about the future... I don't know the future
But since your cognitive biases loves predicting the future, let's put it to a test.
What is probability of this plane crashing?


plane.jpg
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Now, what is the probability of this plane crashing?

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If we go to an airport and find 100 planes and you tell me the predictability of it crashing Versus seeing 100 planes in mid-air on a nose-dive, which one has the higher percentage of getting the prediction right?

Given the 2 situations and predictability, which one has a higher percentage of getting the prediction right? In the heat of the moment or from distant future?


Peace,
CrucialPoint
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Re: DAILY WICK ZONE TRADING

Postby Bluforce » Sun Sep 27, 2015 3:19 pm

Excellent post. Thank you!

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Re: DAILY WICK ZONE TRADING

Postby MightyOne » Sun Sep 27, 2015 5:00 pm

I thought that he was merely talking about profit.

Risk is just space connected to a unit, as you reduce your units your space expands until you reach a unit number that is not realistically divisible or you run out of space.

Let's say that you are risking 2% over 10 pips, let's call it $2/pip, and you lose 9 pips, how much space do you have?

You can reduce $2 to $0.10, (2/.1) * 1 = 20 space, you have .10/pip & 20 space.

What if you get out and 3 pips remain? (2/.1) * 3 = 60 space, you have:
.10/pip & 60 space
or
.30/pip and 20 space
or
.60/pip and 10 space.

.60, 1.20, 2.40, in less than 3 doublings of size you are a legitimate contester of the prize; success.

In the world of space, previous losses are divided as units are increased:
24 to BE, 12, 6, 3, 1.5, .75...they are overcome and units sail into profit.

...Or you can commit all the trading sins available to man:
1) Pray and hope that it will turn around
2) Increase your Stop loss to provide more room
3) Re-analyze everything to support your beliefs and dis-beliefs
4) Re-enter as you try to catch the falling knives
5) Hedge it...
6) Close partial lots
7)Walk away, close your eyes and relieve your stress


1) We initiated the trade on hope so there is nothing wrong with holding a trade on hope.
If you are praying then that means that you know that you should get out...which is a different story.
2) Risk should remain the same, but 'room' is a function of unit size.
If you created your risk box based on liquidity and volatility then there is nothing wrong with modifying it
based on changing market conditions.
3) TRUE
4) depends:
If this were a daily chart then the legs would appear to be extended moves from a smaller chart.
Context is everything.
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5) hedging makes more sense in Futures where you can spread off and still make the difference in price between
contract months.
6) After the direction of profit has changed, sure.
7) true.

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