If you are not seeing the wining trades that should come with screen time
As far as you saying most trades you take are stopping you out, I think it would be a good ides for you and all traders following my method to post your losing trades and let me critique the trade as to is it a trade that just did not work or are you miss reading the chart.
I have posted many examples of trades that work so anyone who is not making money with this method lets start posting your losing trades and that may be a better learning experience
When waiting for the market to come to you and giving the right setup most trades with this system should make you some amount of money
p.s. I'm back to let you know, I flew back home late last night. I kinda had enough of all the goings on and wanted to get back - so thanks again for all the emails and well wishes
The following user says Thank You to cjbooth for this post:
Yes i understand. It was just a quick test i did for my own benefit and i wanted to share it. Basically, all the setups identified on the charts have occured at areas as defined in Charles's framework, ie, a HH or LL followed with retracement to the MA(13) or cloud on the longer term chart (1508). But to be more precise i have written these notes:
Long trades: #1, #2, #4
HH and retracement to MA(13)/Cloud.
Short trade #3
Reversal setup where price makes a LL in the cloud and retraces to the MA(13) and top of cloud.
Short trade #5
LL with retracement to MA and cloud. This trade is stretching Charles's rules a bit as the pullback was deep into the cloud but if you look closely, price reversed in the middle of a previous swing low that formed into the cloud. Basically we have a classic breakout of support, retest and previous support becoming resistance.
Short trade #6
Although we do not see new LL forming, price is making LH and price reversed at the clooud and MA. This trade might have given a break even result but certainly not a losing trade. For someone able to suffer some heat (minimal IMO) it would have given a winning trade.
Short trade #7
LL with retracement to MA(13).
Long trade #8
Reversal setup where price makes a HH and retraces to the MA(13).
Long trade #9
HH with retracement to MA(13). Again, this trade might have given a break even result based on the individual management.
The following user says Thank You to trendisyourfriend for this post:
I think trade 8 would have been a bit rough to catch.
Trades 6 and 9 though, you didn't mention it but those were nice DTs and DBs though.
It will be interesting to see if yesterday just so happened to fit that chart nicely, or if it will be that way most of the time. One nice thing about that range chart though, is that when those DTs or DBs do form, they are obvious on the range chart due to the blocky nature.
But we had a DB on the 1508 at top of cloud, slight divergence on 377, then a minor divergence at the lows. Entry above cloud. There was a round number above. Could have used the dojis that formed near the top of the move, but I was waiting for a higher close.
BE+1 wound up getting hit. Have been trailing on under superTrend by 2 tics, till I get to BE +1, then letting it go until reversal bars form in my direction.
The following 2 users say Thank You to forrestang for this post:
This trade had an entry within 15 ticks of a whole # 1.4500, my rule states that you should not do that
If you take the trade as that was a valid signal with the dbl btm you need to watch it very close and if there is a price rejection at the # or the candles break above it and then close below it close the trade
If you need the indicator that plots horizontal lines at the Whole #'s here it is
Am a little confused as to what you are using to determine DB/DT. It seems sometimes use the body on one and the wick on the other. Also, it appears the close is what you are looking for. Need clarification.
Thanks for the great video. Next one might have an exploded view of how you determine DB/DT.
The following 2 users say Thank You to wireford for this post: