Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I look at where price is in relation to the daily and weekly low. If price is within 20 pips of the daily low, then I look for price to be reversing off the low and go long.
The candle color meter in the top right shows me the candle colors on all MT4 chart periods.
The control meter tells me who is in control - buyers, sellers, no one.
The row of dots are fib retracements of last week's high/low.
The red/blue horizontal lines are the H1 high/low for each of the last 24 H1 bars.
HiOp = high - open
OpLo = open - low
Those numbers tell me the extremes that price has made. After a threshold is reached, I know to start looking for a reversal.
ClOp = close - open
HiCl = high - close
ClLo = close - low.
Those numbers tell me EXACTLY where price is in real time.
I only trade long.
The rat does not beat me.
Can you help answer these questions from other members on NexusFi?
Sometimes to help pinpoint my entries, I will use a 5 minute chart with horizontal lines every 10 pips. I think of those sections as stairs. Price will either walk up or down the stairs. Sometimes, price will run up or down...LOL! Price will not stay on a stair forever - it will move up or down. Think of Darvas Boxes but it's not exactly the same.
When price moves up to a line, I will go long. I never go short.
Only trade in one direction, long or short, FOREVER!!
If you are long, you will never be short and have the price run up against you. You will take some losses of 10 pips every now and then. When the big run up happens, you'll be long!! This is how to make the BLACK SWAN work FOR YOU rather than AGAINST YOU. You are protected against the price going down while you are long.
3) You are long and you make a profit that has "unlimited" upside.
Before someone asks what the TP is, THERE IS NONE!! If you preset your TP then the BLACK SWAN can not work for you!! You learn to scale out of your position. The R:R should be higher than 1:1 if you trade smart.
This is what i've been trying to do lately, catch the runner. The problem is this after I get in price will often pullback 10-20 ticks and stop me out. After a few of these I'm down 30-40 ticks and then I need the runner just to get even.
Do you think this type of trading works better with currencies than CL? I've been doing both and CL stops me out much more often.
