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Thank you for the feedback SIMBA i'm looking into your other threads about digital filters trying to learn to use them
Another important lesson for me today "check to see that the candle i'm looking at is actually a closed candle !! I keep jumping the gun because of this"
Thank you for the feedback SIMBA i'm looking into your other threads about digital filters trying to learn to use them
Lythro,
I was thinking about explaining more about entries,posting the stlm2,etc that supported the price pattern,I wil try to do in the next posts,but this is half the equation..Keep with us,post your demotrades,do not worry about the usual inquisitors,I will take care of them or ask the administrators to do so if they come to bother us...just do it,then we can analyse your trades and improve on them..do not waste this opportunity...go ahead...mpower did,and is probably grateful for having done so....
For exits,as I explained in a previous post,things require more feeling...basically you have a general target area,then you manage S/R+Momentum+Feelings...IMHO.
Absolutely agree on that Simba.
Patterns and ANY kind of trendfilters are sometimes way too late in signalling exits. My opinion is that general resistance areas and loss of momentum are by far the best ways to exit. I also place a fibo expantion(as you see in the picture above) which most of the time coincides with potential resistance areas. A useful indie is the RSX(basically smoothed RSI) that you see in the picture. I think this up move is not over yet. We'll see.
Hi,
I always looking at one hour chart. and i think that TF is suitable with my trading lifestyle. after done reading the thread, i know that there is still a lot of chart pattern that i need to search and study.
here is my first pattern that i found on EURUSD. hope it meet the requirement to form threehills pattern.
Absolutely agree on that Simba.
Patterns and ANY kind of trendfilters are sometimes way too late in signalling exits. My opinion is that general resistance areas and loss of momentum are by far the best ways to exit. I also place a fibo expantion(as you see in the picture above) which most of the time coincides with potential resistance areas. A useful indie is the RSX(basically smoothed RSI) that you see in the picture. I think this up move is not over yet. We'll see.
You do not need any indicator mate
All indicators are derivatives of price; every oscillator value depends on price action that has already occurred. Nothing can occur in an oscillator before it occurs in price.
Follow Simba trade...
__________________
RUN With The BULLS And HUNT With The BEARS - Nothing By Chance
frantacech...I have been trying to become totally indicator free but the current method i have been exploring uses cycle action, price patterns and support and resistance to try to improve my entry timing.
When price reaches a sup/res level at a certain predetermined time window, i look for a price pattern for entry...This actually may be well enough on its own(from my manual forward testing it seems pretty good)but I am curious if a good OB/OS indicator may(or may not)improve the timing of these reversals.
I'm reading an ascending triangle on the eurusd attached below. The eur took a beating since 22nd of april and i think the fundamentals are now in the eur favor so waiting to see if there is a trend reversal here.
SIMBA thanks for all the input and i'll take all the help you can give me on electronic filtering.
You do not need any indicator mate
All indicators are derivatives of price; every oscillator value depends on price action that has already occurred. Nothing can occur in an oscillator before it occurs in price.
Follow Simba trade...
Hi,
Frantacech: I love the "dude entry" ...you do not need any indicator but it is useful to have some way to filter the trend in order to avoid taking countertrend trades..yes,I know,you can filter the trend by price, in a higher tf, too
Rick:Your approach might be very similar,conceptually to what I do...first I determine the trend for the week and for the day,I try then to trade only those days whose trend agrees with the weekly,and I try to trigger the entries using chart patterns,mainly 2B and MSH/MSL...the difficult part,as usual,is sticking to only doing that...yes,I can make a mistake gauging weekly and daily trend direction,but that is one of the beauties of chart patterns,price and pattern rules tell you clearly when you made a mistake so,you exit and wait for another opportunity.
Linear Mode
