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Mystery Chart
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Created: by hondo69 Attachments:15

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Mystery Chart

  #1 (permalink)
Elite Member
Austin, TX
 
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hondo69's Avatar
 
Posts: 165 since Jun 2009
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Mystery Chart

Today's puzzle begins with a few basic assumptions:

* You are only allowed one chart and one indicator (examples attached)

* You may select one only trade from each of the examples

* The only clue you are given is that it is a 9-range chart


Would you take any of the trades? If so, which ones?

Attached Thumbnails
Mystery Chart-mystery1.jpg   Mystery Chart-mystery2.jpg  
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  #2 (permalink)
Elite Member
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Oh grasshopper, you missed the point of the exercise.

You may take a trade anywhere on the chart as long as it fits your trading style.

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  #3 (permalink)
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hondo69 View Post
Today's puzzle begins with a few basic assumptions:

* You are only allowed one chart and one indicator (examples attached)

* You may select one only trade from each of the examples

* The only clue you are given is that it is a 9-range chart


Would you take any of the trades? If so, which ones?

Yes, I'll take the trades that take-off from the consolidation areas.

Is this a "naked" chart ?

Lolu

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  #4 (permalink)
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Yes, it's more or less naked. But the colored bars are nothing more than a type of moving average. I've just set the line style to hash, and the width to 90.

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  #5 (permalink)
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one long one short

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  #6 (permalink)
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hondo,

I broke the rule with a regular Renko chart (see my attached chart snapshot for today's 6E).

This mystery chart looks tradeable. Do yo use it at all ?

Lolu

Attached Thumbnails
Mystery Chart-mysterychart.png  
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  #7 (permalink)
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hondo69 View Post
Oh grasshopper, you missed the point of the exercise.

You may take a trade anywhere on the chart as long as it fits your trading style.

Correction my little lotus blossom: You may take a trade anywhere on the chart as long as it is profitable.

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  #8 (permalink)
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I'm experimenting with this chart right now. Being a Holiday week the market may not be ideal for testing, but I can show you what I'm planning.

First, the main idea is to filter the noise, thereby creating a calmer and simplified trading environment. The chart does that by default. Secondly, identify primary areas of support and resistance by drawing red lines on the chart.

Should the market be in a down trend, only take short trades that break below support. To enter, I've set my sell stop 3-4 ticks below an existing support line. This has worked pretty well, good for 5-10 ticks when it works. But I'd really like to refine both entry and exit methods if it continues to prove to have merit.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

My rules for entry are to be governed by my stop, which I've set for 7 ticks for now. With a stop of 7, I want it placed 3 ticks above the red line. Should price reach those 3 ticks I don't want to be in the trade. So this is the point I've set to show me where I was wrong. Therefore, my entry point is 4 ticks below the line since I'm going short.

I figure 4 ticks below line shows a commitment by the market. Trading multiple contracts, I'll take off all but one of them when I reach +4 or +5, then let the last one ride.

I think this is worth pursuing because it feels comfortable to me. Some more testing and tweaking is definitely needed but I'm staying with it for now.

Attached Thumbnails
Mystery Chart-mystery_lines.png  
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  #9 (permalink)
Elite Member
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hondo69 View Post
I'm experimenting with this chart right now. Being a Holiday week the market may not be ideal for testing, but I can show you what I'm planning.

First, the main idea is to filter the noise, thereby creating a calmer and simplified trading environment. The chart does that by default. Secondly, identify primary areas of support and resistance by drawing red lines on the chart.

Should the market be in a down trend, only take short trades that break below support. To enter, I've set my sell stop 3-4 ticks below an existing support line. This has worked pretty well, good for 5-10 ticks when it works. But I'd really like to refine both entry and exit methods if it continues to prove to have merit.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

My rules for entry are to be governed by my stop, which I've set for 7 ticks for now. With a stop of 7, I want it placed 3 ticks above the red line. Should price reach those 3 ticks I don't want to be in the trade. So this is the point I've set to show me where I was wrong. Therefore, my entry point is 4 ticks below the line since I'm going short.

I figure 4 ticks below line shows a commitment by the market. Trading multiple contracts, I'll take off all but one of them when I reach +4 or +5, then let the last one ride.

I think this is worth pursuing because it feels comfortable to me. Some more testing and tweaking is definitely needed but I'm staying with it for now.

hondo,

I took the attached trade @ 9:10pm (GMT+1) before I read your above post; and the trade just conforms with your trade setup (except that I did not set a Stop Loss). The SHORT entry (2 contracts) was 4 ticks below the drawn thick red line (Support). The entry was @ 1.4333 with Profit Target 1 taken @ 1.4328 (5 ticks) and Profit Target 2 @ 1.4323 (10 ticks). I'm still on SIM mode with the expectation of going LIVE in January 2010.

Please, share your experience with me and interested forum members on this "Mystery" chart.

Lolu

Attached Thumbnails
Mystery Chart-trade23_12_2009_9pmgmt-1.jpg  
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  #10 (permalink)
Membership Revoked
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hondo69 View Post
I'm experimenting with this chart right now. Being a Holiday week the market may not be ideal for testing, but I can show you what I'm planning.

First, the main idea is to filter the noise, thereby creating a calmer and simplified trading environment. The chart does that by default. Secondly, identify primary areas of support and resistance by drawing red lines on the chart.

Should the market be in a down trend, only take short trades that break below support. To enter, I've set my sell stop 3-4 ticks below an existing support line. This has worked pretty well, good for 5-10 ticks when it works. But I'd really like to refine both entry and exit methods if it continues to prove to have merit.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

My rules for entry are to be governed by my stop, which I've set for 7 ticks for now. With a stop of 7, I want it placed 3 ticks above the red line. Should price reach those 3 ticks I don't want to be in the trade. So this is the point I've set to show me where I was wrong. Therefore, my entry point is 4 ticks below the line since I'm going short.

I figure 4 ticks below line shows a commitment by the market. Trading multiple contracts, I'll take off all but one of them when I reach +4 or +5, then let the last one ride.

I think this is worth pursuing because it feels comfortable to me. Some more testing and tweaking is definitely needed but I'm staying with it for now.

I must say, this chart looks so good I could eat it. Just when I try to go cold turkey and kick paint bars, this gives me second thoughts about that decision.

Would love to learn more when you're ready. All the best with this.

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