I have enough money to buy you a pair of trousers so i must be lacking in the simplicity dept lol. Seriously, your graphic shows the information contained in a bar of data namely the open, close, high, low but just in a different way. It's like you dissected a price bar and looked at its components. Not sure how you have simplified things, in fact, appears more complex than just looking at a candlestick, tbh. Maybe someone else just had an aha moment by looking at your graphic, but not me.
Well, I did say before we started, did I not! If everyone sees the same thing then we might not have a market to trade. Price for any instrument is the same, it is how u look at it and interpert it that matters most. Oh well, suppose I will just have to keep going and buy that jet myself - when it is a bargain J_S
@Visaria I have enough money to buy you a pair of trousers so i must be lacking in the simplicity dept lol. Seriously, your graphic shows the information contained in a bar of data namely the open, close, high, low but just in a different way. It's like you dissected a price bar and looked at its components. Not sure how you have simplified things, in fact, appears more complex than just looking at a candlestick, tbh. Maybe someone else just had an aha moment by looking at your graphic, but not me.[/QUOTE] what kindda trader r u? how do u wanna trade it? laughing to your banks ! ............................................. thx @J_Smith .....
@J_Smith @Visaria someone just posted.... This is more of a question specifically to @@N..... but I can't PM.... so I figured I'd just start a thread and see what happens. Essentially, I am looking to do a "study" of sorts around yesterday's high/low ONLY (for now). I am looking to trade only around those two points for the time being. I have my reasons but we don't need to get into those. My issue is I am struggling to figure out exactly how I want to go about it. I am interested in the excursions around these two levels. I am interested in more of a "flow based approach" around these levels (sorta like an SLA type of deal....uh oh), which is in a way how I'm trading now. I don't necessarily want to pick a pattern let's say for example, a double top/bottom around these levels. I know trading these two points only will already reduce the number of trades which I like and filtering it further with a pattern I'm assuming there wouldn't be enough to go around, again an assumption. I guess you can say well just test the SLA or whatever flow based approach around those areas, kind of a duh, but I am also interested in let's say....on the first test to the tick of the PDH/L what typically happens? Do we hold and drop off the PDH? If so by how much? If we then cross the PDH how far do we trade above it? Do we cross back down essentially now chopping around the PDH? I don't necessarily want to call it MAE/MFE because you'd have to be in a position to have favorable or adverse movement. I guess I'd be interested in a more general study in which case I can then better apply whatever "tape reading"/"flow based approach" I've currently been working with. I hate backtesting/doing these statistical type things. I either 1. mess it up somehow or 2. half way thru I go "damn it why didn't I think to incorporate tracking this or that, or I get halfway thru and go well that was dumb tracking all of that "stuff" for really no reason. Maybe I'm trying to do too much with my former tests of different ideas? For example let's take just the PDH/L. On a reversal from the PDH how often do we touch today's low, yesterday's 50% area, yesterday's low? Then I'd get thru some examples and say shit should I have tracked a trailing stop of some kind (behind swings or 50% from the turn)? I can go on but hopefully you got the gist of it. Mainly I want to wake up every day and for the most part know exactly what I am going to do and where I am going to do it. My trading is currently pretty much 100% discretionary. Do I have rules? Sort of but not really. I am pretty open to any type of trade based on what's happening in front of me and that behavior is taking place. I've been live on and off for the last 3 months and I've definitely traded breakouts, reversals, and retracements. I've traded shakeouts and BOPBs. Essentially I "follow the waves" until something jumps out at me and I roll with it. Seems crazy and it's totally a very loose strategy but I'm up 6k in those 3 months (not live everyday either) and I am trying not to use the PnL as an indication of skill level. With that said though, since I haven't done serious statistical analysis/backtesting I've put in hours upon hours upon hours of screentime via replay and real time sessions (both live and sim). I've done between 20-30 replay sessions per week since January of this year. Of course some days I missed due to illness or vacation or just tired eyes lol, but for the most part I've hit btw 25-35 sessions most weeks. This is trading only the first 90 minutes and at times speeding the replay up so it's not terribly bad going thru all of that. I've been thru all of 2014 twice via replay. I'm only saying this because I've done work, it just hasn't been very statistical other than what my platform keeps for me. I kind of have a fuck it attitude. I know this double bottom my fail I know it may work. Do I need a statistic to tell me what I already know? I'd rather see these things happen in real time then get a probability of it's success rate. The issue with what I am doing now is I'm stressed everyday I guess in a way without having that stat or that set in stone way to trade. While I am pleased with being profitable, I'm feeling my quality of life is being affected almost by not having a set in stone plan. This week I took a step back and just watched price move around PDHs/Ls and already I felt a much more calming feel with even just that set component. In a way that's just in too. I don't want to feel anything and I know I shouldn't. This game needs to be business as usually and everyday I just don't know what kind of business I'm going to get myself into and that's what I am trying to eliminate. Any other profession I've had I never used money as how successful I am so seeing that positive PnL is almost making me feel lucky lol. Not once have I come home from work on a friday and said oh great I made $1000 this week. It was more this client did this or that blah blah. One last thing I'd like to say is about risk. I'm starting to feel this is all very user defined. What should/could one really risk on any given trade. Sure you can use the danger point, or another price level or a line break, but what's the risk? A tick below? A point? Two points? I'd like to make it about the market and not about me but what's the true risk the market is showing me? It's all very interesting to me and I'm just venting and overthinking now but just wanted to let it out hahaha. So yea, making a short story longer.....a study around PDH/L what's a good way to go about it lol??????
I was nearly going to stop reading, but I kept going:eek: I think this person, probably female, is heading for a big loss if continues as is. No matter HOW you trade, you will lose, that is a guarantee, and if not sooner it will be later. PDH/L's are key short term S&R levels - period. Price will do it's usual one of 3 things - if you don't know by now then give up trading right away. As price approaches a "key" level, you must be prepared to do the opposite to what the "majority" are currently doing, and if proved wrong, you must then do the opposite what "you" are currently doing. You make money by "doing", not by thinking about what you should do! For the long poster, a question - anyone else can answer as well if they feel like it? Q = what way would you say you have been trading so far? A = get in early and get out early B = get in early and get out later C = get in late and get out early D = get in late and get out later J_S
what kindda trader r u? how do u wanna trade it? laughing to your banks ! ............................................. thx @J_Smith ..... View attachment 156994 [/QUOTE] NT, believe it or not, you have made me think about something that I have not thought about for a long time now - it will be interesting to SEE if it will be added to my setup to speed up the "doing" - i might post another section now J_S
If you are assuming that I am using wizetrade, then you are 100% wrong? If you are suggesting that wizetrade is the way to go, then I have absolutely no interest in such "stuff"! I use my own setups to trade. This is another section of one of my setups. This one should be straightforward enough, but again, probably of no use to most who will look at it, but very useful for me - that is why I have it J_S Sorry, forgot about NT
Since we've been talking about Brooks here, he has mentioned prior day hi and low as S & R areas in his books, but not sure about open/close. Since this has come up, I thought I'd throw in my $.02. I used to put them on all my charts, but now only on the 60'. The darker green and red are hi and lo, the lighter shades are broken but untested prior hi/lo daily, shown on the 60'. I used to have the open and closes too, but stopped. This is my 60' chart: An interesting phenomena...that could at times affect the daily hi/lo...the problem with using charting from two different brokerages if they don't start the new day at the same time regarding their charting...I'll let you spot the difference in these two daily charts, captured today, one from Oanda, one from Tradestation. Hint, go back 6 bars for one example. Am I missing something, or is the low on one chart about 75 pips different than on the other. TS starts the new day on EURUSD at the same time the as US Futures (which is the one I use for my hi/lo). I think Oanda uses midnight as their start (not 100% on this, but I called them once about differences I've noticed. Don't remember what they said...been a while back.) Anybody ever use this type of chart (below)? Daily distribution...TS. I don't anymore, because after reading Brooks, I see a chart like this and it simply tells me where a range might be.