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Psychology and Money Management


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Millionaire in 10 weeks & Conversation with broker

  #164 (permalink)

Montreal
 
 
Posts: 128 since Jan 2013


hurleydood View Post
Stop is way too tight.

In a not so long ago past, I would have totally agreed with you but not today.

Why? Because after all the market (Russell 2000) is still jumping all over the place and that hasn't changed so why not agree today?

Because of this cloud indicator.

Hindsight or live you get THE EXACT SAME CHART, a place where the indicator shows "EXTENDED DIPS" and just like a rubber band, it has room to expand...UNTIL... it is stretched to the max.

At this point, the band doesn't have a lot of room left to expand...AND THAT... is why even a 1-2 ticks stop outside all these double bottoms/tops could make AAAAALLLLLLLL the difference here.

TOTALLY GAME CHANGER.

Look at all the double bottoms/tops it did today and it was not even noon yet?

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Yeah yeah, Renko bars create fake bars that skew your backtest but again, not THAT MANY BARS!!!

In MultiCharts, there is still a checkbox you can check and that will remove those fake filled "Phantom Bars" and you won't see a TON of holes in the chart, just a few missing bars here and there maybe 1 every 500 or 1,000 bars. I can deal with that.

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You can even check the "Show Wick" checkbox and start to see the wicks giving you a more accurate view of where the price actually went down during those double bottoms.

Still...VERY INTERESTING STUFF INDEED.