The ideas that I trade by:

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Neo88
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Postby Neo88 » Tue Mar 26, 2013 10:40 am

MightyOne wrote:"Space" is only difficult to understand if you have not read a single post ;)

BTW, if you could put pictures in quotes like this:

[] <--- quote
Link to picture here
[] <--- /quote

that would be kewl :wink:


I've been using "Space" for a while now and I find it fascinating; my positions now are as resilient as a rubber band :shock:. The hardest part for me is the accumulation process cuz I tend to hold into positions more than I should and I end up buying back at pennies on the dollar

Thanks for the heads up about charts.
A man must believe in himself and his judgment if he expects to make a living at this game. - Jesse Livermore

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MightyOne
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Postby MightyOne » Tue Mar 26, 2013 4:43 pm

Revisiting the Weekly Crash/Cash Zone:

Image


CZ 1 is 2/3 to 5/6 the median range of the last three weekly periods.

The CZ targets are very reasonable targets for someone who tends to hold for no longer than 2 weeks.

If CZ 2 is not hit this week then you might target last weeks CZ 2 again next week or the current weeks CZ 1.
If you are in a strong trend then you might target next weeks CZ 2.

If nothing else, the levels are worthy of a mental note.

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PebbleTrader
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Postby PebbleTrader » Tue Mar 26, 2013 6:04 pm

Here is how I do my "Cash Zones":

Image
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PebbleTrader
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Postby PebbleTrader » Tue Mar 26, 2013 6:05 pm

One is for the daily "zones" and the other is for the weekly "zones":

Image
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PebbleTrader
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Postby PebbleTrader » Tue Mar 26, 2013 6:09 pm

The "targets" / the small horizontal lines, are based on statistics.

It shows you how many times in the recent past X bars that range has occurred. A large count like 19 means that a range at that level occurred 19 times in the recent past, a likely target.

A count of 7 means that the larger ranges don't occur as often and only happened 7 days in the recent past. The dashed vertical line is just a visual to indicate that it is less likely and a range of that or greater is "momo"

The same logic applies for how the weekly viz levels are determined...

You don't have to remember what the counts are, you just hover your mouse over one of the target levels and a popup appears that tells you what count is at that level.

Image
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PebbleTrader
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Postby PebbleTrader » Wed Mar 27, 2013 1:32 am

I don't like horizontal lines going across my charts, I'm picky like that :)
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Neo88
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Postby Neo88 » Wed Mar 27, 2013 7:34 pm

I'll be looking into that thanks for both of you :)
A man must believe in himself and his judgment if he expects to make a living at this game. - Jesse Livermore

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MightyOne
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Postby MightyOne » Wed Apr 03, 2013 4:48 pm

The Instant Professional:

1) Only trade weekly & monthly charts.

The chart that you are "trading" is chart that you use to consider your stop placement; if you are using a tick/minute/hour chart but stop to consider a weekly stop level then you are trading a weekly chart.

Remember that the chart that you are "using" is not the chart that you are "trading".

Do not get lost in the excitement of short term scraps and miss out on the lion's share (large lot size & hundreds of pips).

Your chance of being a professional trader might be 2%, but your chance of being a professional trader who only looks at small charts is almost 0%.

2) Add complexity to your trading in 8 years to NEVER!

I can only recommend two charting styles to a novice:
a) Heiken-ashi
b) Line chart through price bars

Forget about Japanese Candlesticks and drawing multiple lines on your chart; the only thing that you want to know is if price is going up (above 'something') or going down (below 'something').

When you think that price is going down it is because it is lower than "something"; "something" cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line.

3) Learn how to use a Fibonacci Retracement tool to size your trades (the idea of "Space")

You can do anything so long as you know that it is within your power.

If you do not understand the idea of Space then you do not understand your trades potential & if you do not understand your trades potential then it is surely wasted.

If you can do these three things:

1) Trade large charts
2) Simple charting styles w/ horizontal lines
3) Utilize Space

then you will be an instant professional...
assuming that you have money to make money :lol:

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dojirock
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Postby dojirock » Wed Apr 03, 2013 5:07 pm

I will get there mo.....

eventually I will get there.



MightyOne wrote: The Instant Professional:

1) Only trade weekly & monthly charts.

The chart that you are "trading" is chart that you use to consider your stop placement; if you are using a tick/minute/hour chart but stop to consider a weekly stop level then you are trading a weekly chart.

Remember that the chart that you are "using" is not the chart that you are "trading".

Do not get lost in the excitement of short term scraps and miss out on the lion's share (large lot size & hundreds of pips).

Your chance of being a professional trader might be 2%, but your chance of being a professional trader who only looks at small charts is almost 0%.

2) Add complexity to your trading in 8 years to NEVER!

I can only recommend two charting styles to a novice:
a) Heiken-ashi
b) Line chart through price bars

Forget about Japanese Candlesticks and drawing multiple lines on your chart; the only thing that you want to know is if price is going up (above 'something') or going down (below 'something').

When you think that price is going down it is because it is lower than "something"; "something" cannot be the extreme so keep moving your cursor up until it feels right and then draw your horizontal line.

3) Learn how to use a Fibonacci Retracement tool to size your trades (the idea of "Space")

You can do anything so long as you know that it is within your power.

If you do not understand the idea of Space then you do not understand your trades potential & if you do not understand your trades potential then it is surely wasted.

If you can do these three things:

1) Trade large charts
2) Simple charting styles w/ horizontal lines
3) Utilize Space

then you will be an instant professional...
assuming that you have money to make money :lol:
:D
:D :D
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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trueblueTEX
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Postby trueblueTEX » Thu Apr 04, 2013 1:07 am

Instant Professional. Just add money :-)

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