I agree, almost 99% of everything in trading is relative to personal experiences whether they are positive or negative. So opinions would be based on that. TY!
CM69 I trade only one frame to save confusion.... my confusion that is. The price as we know travels in waves that travel inside waves that travel inside waves etc etc The use of a higher frame (wave) will commit you to misreading the last pullback (wave ) in every higher frame. You think that it is a pullback, but the price thinks that it is a trend change ... price always wins. I prefer a single fast bar from which I take a macro and micro view for direction and entry/exit. This way I avoid automatic failure on the last leg of the higher frame (wave) as I can usually turn the position into a minor win as I see the price turn. Probably sounds a wee bit vague, but I am a one frame man. regards f9
gracias ST Since it is lunchtime I will ramble on for a bit. I am a firm believer in bending the odds as far as I can to my favour and that does not include giving away one pullback in every 4 or 5. By accepting this, a Trader is accepting a theoretical maximum accuracy in the order of 75-80% which is the area that I believe should be the norm for an accomplished daytrader along with a stop/profit ratio of never less than 3:1 preferably higher. It is all in the price IMO and higher frames bury this footprint inside the bar denying the Trader the "lookback" option. I spent quite some time at the point that CM69 has now reached before I was able to come to terms with watching the price acutely and notating it's action. regards f9
I trade multiple time-frames, so that I'm never confused about what price action is doing. Yeah, they're beautiful, aren't they? By integrating the higher frame (wave) in my analysis I am always being shown what "the market" ("the market" being every market) is doing right now. When the higher frame (wave) shows that this is not just a pullback, but rather a reversal, it's time to reverse my position ... sweet. I perfer chart(s) -plural- that show me a macro and micro view of the market for that very reason ... I requie a macro and micro view. Yes, you can can't you (when you use multiple time frames, that is). Not at all. I and other people understood the language you were speaking perfectly. Isn't it fascinating how we all choose to use that information in the real world to trade differently? Yep, same.
As far as percentages are concerned, there actually is a way to achieve greater than 100% ... but that's a discussion for another day. At that point risk:reward become moot ... the goal is to achieve your trading target. I understand what you're saying here, and to some degree, I will agree. That's why you (me and everyone else) has put in 100's of hours of "ass-in-the-seat" time, kept extensive notes, and know how to deal with this shortcoming successfully. Hey, I was about to say that! Yep, same.
I trade multiple TF's very successfully. You're trading Hourly thru to Days so do you need 1 Hr thru to weekly TF's? Yes... IF you can trade multiple TF's. But it's not working for you and you'd love to trade off one screen, IF it works. You have to go with your heart on this one. Of course you can trade successfully off one screen. It's not for me... not my style. But I don't think multiple TF's is your style. So get as much as you can from guys who make one TF work and do what you'd love to do. If you have been trading for a year or more looking at multiple TF's and it has not clicked, it probably won't ever. Just ditch it and the confusion it's causing and go for one TF. Which one? Ask the guys who love to trade that way and make it work. Will that make money for you? Perhaps not! There are solid rules for entering and exiting a trade in any TF. All multiple TF's do is tell you when a bigger trade is on and get you in more trades. But regardless of what they are supposed to do, and regardless of the confusion it's causing you... you should still enter and exit your trades with an overall profit. Opposing waves don't cause losses. Breaking good trading rules causes losses. So my take is there are other issues to address in addition to multiple TF's Vs one TF. I hope you find the solution in a solid set of rules that govern trading one TF because there's nothing to stop you trading one TF right now with what you know. Without help I think you will still make a loss because IMHO the problem is one of technique. That can be rectified and trading one TF is the best way to sort it out. Enjoy your trading
I narrowed my time frames down to 1hr and daily, and thats it watching: EUR/USD EUR/JPY USD/JPY GBP/USD USD/CHF 15 min charts are pretty much 1hr charts with more noise...same for the 4hr and daily. You can find the same setups, there's just more wipsaw to the price action. Using only 2 time frames instead of 3 or 4 should be a lot easier on the mind.
Agree 100%. You express yourself very well and hit the proverbial nail square on the head. That said, after scrolling through the rest of this thread, it seems there are those too wrapped up in what they read in a book than to believe what they are seeing in real time with their own eyes. Now, where's that "rolling my eyes" emoticon when you need one?!!! LOL!!! "The greatest obstacle to discovery is not ignorance -- it is the illusion of knowledge." Daniel J. Boorstin......... st
Everything is relative to what a person can or can't do. Some people can derive logic from price only others can't, so some that can't will claim that making trade decisions based on naked price oscillations is a practical impossibility. On the other hand you will have another camp that will swear by use of indicators & of course their opposition that will, in light of personal failure to derive logic from indicator usage, state that TA doesn't work, never ever ever ever!