Three Charts

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jrtrading
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Re: Three charts

Postby jrtrading » Mon Aug 10, 2015 4:16 pm

.... and it's gone :cry:

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MightyOne
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Re: Three charts

Postby MightyOne » Mon Aug 10, 2015 4:23 pm

What is the difference between counter-trend trades from the circles and counter trend trades from where you selected?

What made the USDCAD short work better than your last trade selection?

Think about it, I am sure that you can see the difference:

whats_thediff.png
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MightyOne
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Re: Three charts

Postby MightyOne » Mon Aug 10, 2015 4:41 pm

"the ideas that I trade by":

Trade in the direction of profit; bodies show the way, wicks show not the way.

Price cannot rise on wicks neither can it fall without closing lower [than something]; if price is lower
than something then price is probably not going up.

Price action be damned, let ideas/truth guide your trading.

jrtrading
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Re: Three charts

Postby jrtrading » Mon Aug 10, 2015 5:00 pm

MightyOne wrote:What is the difference between counter-trend trades from the circles and counter trend trades from where you selected?

What made the USDCAD short work better than your last trade selection?

Think about it, I am sure that you can see the difference:



OK, so the circles are higher quality (longer term) extremes, what I chose was in the middle of nowhere :oops:
Within the upper circle price had almost a double failure before closing lower and within the lower circle price closed higher as if little stood in it's way.

(Sorry don't understand cones and opposite of cones so may not have seen everything)

jrtrading
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Re: Three charts

Postby jrtrading » Mon Aug 10, 2015 5:00 pm

MightyOne wrote:"the ideas that I trade by":

Trade in the direction of profit; bodies show the way, wicks show not the way.

Price cannot rise on wicks neither can it fall without closing lower [than something]; if price is lower
than something then price is probably not going up.

Price action be damned, let ideas/truth guide your trading.


Thanks MO!

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MightyOne
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Re: Three charts

Postby MightyOne » Mon Aug 10, 2015 6:19 pm

jrtrading wrote:

OK, so the circles are higher quality (longer term) extremes, what I chose was in the middle of nowhere :oops:
Within the upper circle price had almost a double failure before closing lower and within the lower circle price closed higher as if little stood in it's way.

(Sorry don't understand cones and opposite of cones so may not have seen everything)


You have seen all that you need to see.

When you are fading a price leg then you want to have an outstanding position outside of the projected intraday price
action.

This will always be a 2+ day extreme (where "+" is the BO of the prev. 2 day range) or you can get "fancy" and use
cones/channels:

USDCADM30.png
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MightyOne
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Re: Three charts

Postby MightyOne » Tue Aug 11, 2015 5:04 pm

The lines shifted a bit, because the "trendline by angle" tool is so unreliable, but they are only there for confluence so it doesn't matter.

This chart is a 2SMA of the typical price over silver price bars.

I have not used this type of chart in a long long long long long time :lol: but it does make the chart easier to read.

USDCADM30.png
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jrtrading
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Re: Three charts

Postby jrtrading » Tue Aug 11, 2015 6:35 pm

MightyOne wrote:The lines shifted a bit, because the "trendline by angle" tool is so unreliable, but they are only there for confluence so it doesn't matter.

This chart is a 2SMA of the typical price over silver price bars.

I have not used this type of chart in a long long long long long time :lol: but it does make the chart easier to read.



Thanks MO.

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Re: Three charts

Postby jrtrading » Tue Aug 11, 2015 7:43 pm

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Re: Three charts

Postby jrtrading » Wed Aug 12, 2015 3:42 pm

Edit I: Exited this trade because price did not close higher, was also way too tight of a space.
Edit II: Price seems to want to go higher so I went in again, this time with a much wider space.
Edit III: The third attachment shows what I am looking for (4th point). If it does not happen I will close the trade.
Edit IV: Exited for small profit, did not work out.


As I wrote some posts ago I decided to trade demo and that has some challenges in itself, meaning no respect for "money".
After some loss I put on a high lot trade which could have easily wiped me out, instead I am up 11.5%.
This is not good on many levels..

1:
The attachment USDCAD.afxH1.png is no longer available


2:

USDCAD.afxH1.png
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3:

USDCAD2.afxH1.png
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Last edited by jrtrading on Wed Aug 12, 2015 7:12 pm, edited 1 time in total.

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