The ideas that I trade by:

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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Mon Mar 07, 2016 9:10 am

nat wrote:long time lurker here, figured i should finally post something..

following picture is possible trade points. line color denoting direction. E/U h8 chart. just want to make sure some of the concepts are understood correctly. all of the trades couldve been hit with a rat style entry on 5m.

Image


Hour, 4 hour, daily, weekly, whatever.

Simply draw a line and trade away from it using a small chart.

Until you get a body closing over one way AND not closing over the other way you should be thinking about short-term profits.

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MightyOne
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8 pips = 1 macro-pip

Postby MightyOne » Mon Mar 07, 2016 9:19 am

It is not that hard to think in eights:

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Re: The ideas that I trade by:

Postby Captain Pugwash » Mon Mar 07, 2016 10:02 am

MightyOne wrote:[

Hour, 4 hour, daily, weekly, whatever.

Simply draw a line and trade away from it using a small chart.

Until you get a body closing over one way AND not closing over the other way you should be thinking about short-term profits.

Thanks MO, I feel I have to ask a question now!

That is an Interesting chart as I would only be looking for a place to short


Am I looking at this correctly

If this was and H1 chart you would be looking at both L and S- from a body over and fail to close under breakout for a long and a body over and a wick failing to close back under the previous midpoint?


And for a long I would be looking to be aware of a possibe exit at one of those two higher levels
?


really sorry for being so thick :oops:

I seem to have missed the midpoiint thingy entirely :oops: - or is it just a handly place to draw your line in the same place, consistently?
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jrtrading
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Re: The ideas that I trade by:

Postby jrtrading » Mon Mar 07, 2016 10:58 am

Deleted.
Last edited by jrtrading on Mon Mar 07, 2016 1:24 pm, edited 2 times in total.

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Re: The ideas that I trade by:

Postby MightyOne » Mon Mar 07, 2016 11:43 am

Captain Pugwash wrote:Thanks MO, I feel I have to ask a question now!

That is an Interesting chart as I would only be looking for a place to short

Am I looking at this correctly

If this was and H1 chart you would be looking at both L and S- from a body over and fail to close under breakout for a long and a body over and a wick failing to close back under the previous midpoint?

And for a long I would be looking to be aware of a possibe exit at one of those two higher levels
?

really sorry for being so thick :oops:

I seem to have missed the midpoiint thingy entirely :oops: - or is it just a handly place to draw your line in the same place, consistently?


The only thing that is "correct" is the idea:

Bodies show the way, wicks show not the way; price cannot rise on wicks, neither can it fall without closing lower.

In the short-term price can cross lines like a teenager, but in the long-term price must both pick a direction and choose
not to return to its old ways (re-cross & close).

The midpoint starts off as the open price and is left behind as the ranges expand further and further over time.
If you know which way the market will move then the extreme is the best price to trade from, but if you do not
know then trading from the midpoint is best.

The extreme (in the direction of profit) or previous anything is used when I want to trade in a certain direction but my stop is out of reach (as in the BOx trade).

Maybe if I were short I would hold short but since I am flat I'll try to go long as price rises above the median...
if the impact to your account is small then take more stabs and if it is great then take fewer stabs.

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Re: The ideas that I trade by:

Postby MightyOne » Mon Mar 07, 2016 7:57 pm

Who knows what is going to happen over the short-term?
Price could spike up 32 pips or it could spike down 32 pips, it can have an impact of -32 pips or it can have an impact of -4.

Do you really care about 32 pips gained at small size? :lol:
The time to care about 32 pips is when your position size is LARGE!

In the beginning you simply "scalp" pips with 8 = 1 macros.
As you gain OPM you shrink the boxes to 4 =1, 2 = 1, and finally 1 = 1 & you are making those 32 pips WHEN the pips matter.

You have 5 macros to play with, the same impact as 5 pips on a small chart, that is plenty of space to get the job done.

If you lose a few macros then so what? Do you cry when you lose 2 pips? Of course not!

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Re: The ideas that I trade by:

Postby v8power » Mon Mar 07, 2016 8:43 pm

MightyOne wrote:Who knows what is going to happen over the short-term?
Price could spike up 32 pips or it could spike down 32 pips, it can have an impact of -32 pips or it can have an impact of -4.

Do you really care about 32 pips gained at small size? :lol:
The time to care about 32 pips is when your position size is LARGE!

In the beginning you simply "scalp" pips with 8 = 1 macros.
As you gain OPM you shrink the boxes to 4 =1, 2 = 1, and finally 1 = 1 & you are making those 32 pips WHEN the pips matter.

You have 5 macros to play with, the same impact as 5 pips on a small chart, that is plenty of space to get the job done.

If you lose a few macros then so what? Do you cry when you lose 2 pips? Of course not!

EURJPYecnM15.png


I like how you put the boxes on the chart. Reminds me of Renko.

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Re: The ideas that I trade by:

Postby prochargedmopar » Mon Mar 07, 2016 11:01 pm

MightyOne wrote: If you lose a few macros then so what? Do you cry when you lose 2 pips? Of course not!


I have.
;-)
#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

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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Tue Mar 08, 2016 5:12 am

v8power wrote:
I like how you put the boxes on the chart. Reminds me of Renko.


It is basically a 2 box reversal P&F drawn as a 1 box reversal in Renko form.

Instead of each X being a single price, the top of the X is one price and the bottom of the X is another.

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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Tue Mar 08, 2016 8:04 pm

Do you remember this chart?

Now you know why people like to say that I draw lines after the fact.

15* angles are so magical that it blows the mind...

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