Leoheart wrote:LeMercenaire wrote:Jhx wrote:Hey Lem, I was catching up with the thread, and I really like the way you scalp the Dax using the M1 chart. A few bites here, a few bites there, and they add up quite a bit at the end of the day.
I read one of your replies in this last page to set up the chart for the M1 with the Ichimoku Kinko Hyo and the EMA, but I noticed that you're not using the MACD Histograms in those charts. Given that they're the first part of the trigger (at least the way you explained in the first page), do you not use them here? Or is there a difference in the approach when going into the M1?
Thanks in advance!
Sorry for the confusion. There are actually two overlapping variants here. I use the histograms mostly on the longer time frames now. Yes, I have used them on the m1 in the past but have dropped them now. Occasionally they may appear on a posted chart but that will usually be because I have used an m1 entry on a chart that was set up for H4 or whatever, to save opening a new stand alone chart.
When I use the Lightning Cloud on its own especially, down on the m1 chart, I find the additional info from the histograms was just getting in the way. I found I was actually forgetting to check them as I was happy with the cloud and pa around the ma.
Remember that initially, the double histograms come from the higher time frame method and I feel they are much more useful used in that way. See the H4 Russ 2K play for example.
Lem I too like your 1min play. Shows that it really ‘doesn’t matter what you trade, but how you trade it’ In regards to the the Pa around the Ma, can please elaborate on this abit.
I think I see what you see, but I may be off. I see pin rejections off the ma, Also I see your trading against opposite Momo. Not necessarily waiting for a close beyond the Opmomo, but looking for a zline abit retrace and entry.
Ok, so Leo. yep, you're pretty much seeing it right.
My main trigger is a classic rejection candle off the ma, such as a pin. It can also be used in the middle of a move if it comes at a flat-spot sideways.
It's entirely possible to expand that flat-spot into a box-break, playing the pa inside that box. You'll be looking for (in a buy move) a flat-top squeeze, that is, as series of rising lows up to a level. This is basically a micro Supply Clearout.
Another pa / pattern I look for is a Double-Doji.
I do like to see a micro Z-Line appear, as they are golden.
A solid, long momo candle, likewise for a 50% retrace.
It does help to know your chosen instrument's rhythms inside and out. You really do see the same things happen again-and-again every day, more often than not at the same time every day.