PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Thu May 26, 2011 12:58 pm

newscalper wrote:Out
:oops: :cry: :oops:


Now if you would have just went with the flow of the market and reversed, you would be looking at a profit. There were 4 hourly bars in a row before this one broke the high...each one told a bullish story, gave you chances for exits with profit (I'm assuming you entered at the bear momo ZL), gave you chances with exits for small loss, and gave you a chance to get in LONG with the bull momo and retrace.

Its really hard, but sometimes you have to just admit you are wrong, take the loss, and just reverse or wait...staying in the flow of the market is one of the hardest things to get a grip on.

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MightyOne
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Postby MightyOne » Thu May 26, 2011 1:30 pm

newscalper wrote:Well, I don't know about this. Now -17. Will post charts later. Seems like every trade I take lately just gets steamrollered when playing a typical up/down second shoulder type entry.

If taken on hourly momo there's 4hour mom000 engulfing both sides etc. Which side will win out? It seems like I'm always sat here waiting for the reversal, the reversal seems to come then there' another continuation from what I thought was the final momo blowout into the area.

I'm just not seeing something right.


There are basic ideas that need to be observed, such as there being only one highest high and price going higher so long as it is closing higher.

At minimum I use cc and a 9-period to better understand the flow of price over time. Before entering a trade I would like to see that it has purpose on a higher chart; usually that I can ride it to the longer period close over "something" and that close would be significant in the context of that periods cc.

Now the question: was it wrong to short where you did?

That really depends on your position (point of greatest risk) and the context of your trade (is this the wick of a monthly candle after a strong close over "something" in the previous month?). A monthly wick could move hundreds of pips counter to the direction you want to trade, but that doesn't mean that you were wrong for trying to establish a position with minimal risk and maximum upside.

I give you an extreme example to show you that everyone is right according to his plan (if he has one) and wrong according to someone else's plan (if they even have one).

All it takes is one trader somewhere in the world to make you look like a fool for ever drawing a line on a chart. It is more important to follow your heart than to follow a glowstick.

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newscalper
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Postby newscalper » Thu May 26, 2011 2:20 pm

Cheers guys.

Yeah price closed over the line therefore out.
-1%

Mo - I thought your main CC was the 3?

Are you saying you now wait for 9cc to close over/under?
I understand that - same idea as say close over/under on weekly then the pullback at the daily low on 4hr chart, or close over/under on h4 with 15 minute entry with the hourly a-la Dragon, although he often goes from h1 M-zones too.

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MightyOne
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Postby MightyOne » Thu May 26, 2011 4:33 pm

newscalper wrote:Cheers guys.

Yeah price closed over the line therefore out.
-1%

Mo - I thought your main CC was the 3?

Are you saying you now wait for 9cc to close over/under?
I understand that - same idea as say close over/under on weekly then the pullback at the daily low on 4hr chart, or close over/under on h4 with 15 minute entry with the hourly a-la Dragon, although he often goes from h1 M-zones too.


You use technicals as a reason to enter where as I use technicals to construct a plan where the reason for entering/adjusting/exiting is based on ideas and position.

Ideas are simple truths related to the chart.

I don't know how I am going to trade a chart before I look at it. I usually start with 3xCC on the hourly and see if I can't figure out a way to position myself on a weekly+ chart. It is usually not as simple as going long and waiting for a range expansion; smaller plans need to interlock into the shape of the grand plan.

There is more to momo than large candles (comparisons, context, psychology, etc)

There is more to Zero Lines than lines.

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newscalper
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Postby newscalper » Thu May 26, 2011 4:46 pm

I think there's a lot of wisdom in that reply that I need to fathom. Thanks.

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prochargedmopar
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Postby prochargedmopar » Thu May 26, 2011 10:22 pm

Oops, wrong tab.
Last edited by prochargedmopar on Thu May 26, 2011 10:53 pm, edited 1 time in total.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

paweldobkowski
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Postby paweldobkowski » Thu May 26, 2011 10:41 pm

You gotta feel the lowest lows to get the highest highs

http://www.youtube.com/watch?v=ELrP2_IV568

paweldobkowski
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Postby paweldobkowski » Thu May 26, 2011 10:43 pm

To celebrate my 60th post I got drunk. No problem, Im polish I'd be drunk anyway

Humble
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Postby Humble » Fri May 27, 2011 2:19 am

Now you have to wait until you have 60 consecutive trades without loss, before getting drunk again! That is to say, 60 trades that are either a win OR you exit after a trade has turned against you, without your S/L being hit.

If I ever do it I'll get drunk as well.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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newscalper
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Postby newscalper » Fri May 27, 2011 7:06 am

Here's why I'm looking for shorts on Cable:

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