The ideas that I trade by:

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thepark
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Re: The ideas that I trade by:

Postby thepark » Tue May 31, 2016 1:41 pm

can you guys see if im doing this right? im learning to scalp MACROS

what is the general idea behind trading cones. buying and selling at the lows and highs of the cones...buying the breakout if it closes high and vice versa.

edit* if cones are continually expanding from a center point, then it makes sense to trade from the midpoint of the cone outwards?

Image


Image
would you buy this breakout right now?

Image

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Sacrophage
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Re: The ideas that I trade by:

Postby Sacrophage » Tue May 31, 2016 2:19 pm

^I am just learning as well, but this is my take. It hasn't broken through resistance and risk looks like the 3 semafor on the downside, so, no, I would not go long there. Long from cone bottom or below if possible, and vice-versa, with a tight stop. Cone is just a resting place until the next breakout, so be ready to cut if you're wrong.

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Braathen
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Re: The ideas that I trade by:

Postby Braathen » Tue May 31, 2016 2:21 pm

Saturday is where most of the work is done (sacrilege I know): looking through the long-term charts, placing alerts, determining the position sizing for each chart, etc.


I must move towards this, instead of just trading the same pairs week in and out i should be looking/planning ahead witch pairs i will trade but ofc always keep an eye on my fav scalp pair :D What do you use for alerts?

LEFT:
What i love about this chart is, it keeps you engaged in whats happening on a medium TF.
I think incorperating the close gives you hints towards things like speed, profit taking and closing above below something.
I recall you saying some of the best advice you could give was to paper trade for a few years, maybe hand marking charts
like this could have a similar outcome.

RIGHT:
Now this chart has a little less info so i think for purposes of "paper trading" it might not be as good? I dont know ofc :D
On the other hand... entries and trailing is just ridiculously easy to see on this chart.
I could see some serious OPM stacking trades here going for those weekly/monthly ranges.

So yeah.. thats my opinion on it. I will defently be drawing both styles as i might aswell get as much "grinding" as possible for now.


Heres a continuation of the GJ cone and a GU cone
Image
Image
"Trading is the ability to see & to plan & to act; it is not crystal balls, precision entries, and ego stroking."
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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Tue May 31, 2016 2:27 pm

thepark wrote:can you guys see if im doing this right? im learning to scalp MACROS

what is the general idea behind trading cones. ...



kinda_sorta.png
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thepark
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Re: The ideas that I trade by:

Postby thepark » Tue May 31, 2016 2:35 pm

Sacrophage wrote:^I am just learning as well, but this is my take. It hasn't broken through resistance and risk looks like the 3 semafor on the downside, so, no, I would not go long there. Long from cone bottom or below if possible, and vice-versa, with a tight stop. Cone is just a resting place until the next breakout, so be ready to cut if you're wrong.


Thanks, Sacrophage. Your comments are valuable. I shorted GJ at the top of the cone.

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thepark
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Re: The ideas that I trade by:

Postby thepark » Tue May 31, 2016 2:41 pm

MightyOne wrote:
thepark wrote:can you guys see if im doing this right? im learning to scalp MACROS

what is the general idea behind trading cones. ...



kinda_sorta.png


thanks MO, lol im using cones recklessly over here, just shorted GJ and EJ :lol:

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MightyOne
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Re: The ideas that I trade by:

Postby MightyOne » Tue May 31, 2016 2:51 pm

Trade what you see.

EDIT: after a "continue" a long candle will be "overbought"/"oversold".

PTG_CHART.png
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aliassmith
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Re: The ideas that I trade by:

Postby aliassmith » Tue May 31, 2016 3:29 pm

If you want MO to stick around then post some P@F charts. He drools over them :D :D
Trade Your Way as Long as It Makes Money!

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laksh
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Re: The ideas that I trade by:

Postby laksh » Tue May 31, 2016 3:50 pm

thepark wrote: I shorted GJ at the top of the cone.


I also got lucky with that sudden 1 figure drop in GU. Seems like it was due to a Brexit poll result putting leave campaign ahead!

I took part in a Brexit poll. I told a lady on phone that I will be voting to leave, but I am still undecided. :wink:

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Re: The ideas that I trade by:

Postby aliassmith » Tue May 31, 2016 4:08 pm

laksh wrote:
thepark wrote: I shorted GJ at the top of the cone.


I also got lucky with that sudden 1 figure drop in GU. Seems like it was due to a Brexit poll result putting leave campaign ahead!

I took part in a Brexit poll. I told a lady on phone that I will be voting to leave, but I am still undecided. :wink:


That GJ did move nice. I just picked up 7/8's.
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