thanks for the post mortem, goodnight. Still need lots to learn and need better looking at different timeframes. I definitely also need better charts instead of just quotetracker.
yoohoo quick question for you. Talking about candle formations what are the top candle formations you look for, like the ones that instantly draw you attention to it. Engulfing is one any more you recommend keeping an eye out for?
Morning all - I expect to be less involved today as I need to continue setting up systems here - but I get addicted so we'll see. GAMEPLAN: 1 hr has loads of upside energy. Hard to see in the candles. The squashed 1 min is better showing a triangle type formation and the 4 hr is a fluid pullback. 4 hr got the highs needed for a big move down and there's almost 2 hrs left on this candle. So it looks big up now on the hourly and then bigger down but the fluid set up on the 4 hr may mean we have to wait on the big one down. When you are clearly in the break up you can swing trade. If you are wanting to trade the minor waves make sure you don't miss the longs.
another quick question before your trading day starts. Have you ever read/Heard about Murrey Math Levels? I just found out about them on another forum, they seem interesting. Since im new i might think about trying to see how the levels play out. but i just want to know if you had any insight on these levels. sorry for the thumbnails dont think i can upload multiple images directly from the post section.
Good question as I run on autopilot and don't think ah there's a belt-hold, a piercing line etc. I trade off a 1 min bar chart but also keep a smaller 1 min candle chart beside it as BAR K/R's are not so easy to spot real fast on candles when you are looking at lots of timeframes. (Remember Bar K/R is different to a candle K/R) Yes Engulfer, Doji, Harami, Candle K/R and to a lesser extent Piercing Line. Hanging Man & Hammers I tend to mentally classify as Doji types. The "3 candle formations" as a last resort (only Morn/Eve Star) as i would expect to be in the trade. Steve Bigalow is very big on emotion and explains the thoughts and emotions behind each candle very well. That's something I often try to communicate. Try to get a feel for the market and move beyond just analysis - read "Blink". Fluid moves, distinguishing quality fast moves from weaker ones and knife reversals are poorly taught in candles. They are essentials that are difficult to see on bar charts so I have spent a bit of time on them here. Really all I need is a glance across many charts and timeframes. I look for tails, fluid moves, continuation/reversal fast knives and colour. I don't have time to analyse in detail - it just flows. Bigalow is great but you'll have over 100 signals. Understand emotion in colours, tails, quality set ups and it will jump out without analysis. Of course it takes time, but it is like catching a very fast ball - with lots of practice there's no analysis because the brain can work much faster than that.
Morning all! Damn cat woke me up around 5AM and then I fell asleep again and slept-in a bit as a result, but it's rare lucky case when I missed nothing (except 10 pip range, huh )... Hope something nice to be born from this congestion...
As for bigger picture: hourly indeed looks good for longs, but 4H, daily and weekly show something like a wedge on top which is pretty suspicious thing for me (in a sense of possible big selloff). So far I'm going to watch mostly 1H, but think that not counting 4H and higher would be a mistake so we'll see how it goes...