One of the methods I use to encourage my learning is to take a random market, and scroll the chart to an historic date (with my eyes closed so I don't see the future price action). I then scroll through each day in turn carefully analysing each candle to determine the buying/selling pressure on each bar with the intention of speculating on the next days price movement. If a trade-able entry presents itself I then tag that days close with a buy/sell indicator and check out what actually happened the proceeding day(s).
Here is one I performed earlier:
What the image shows is a collection of my trading decisions that were made without any knowledge of the following candle. My performance was not great but it's something to work from at least. For example many of my trading decisions were stupid at times (in hindsight) and many I would have deemed to risky to make with actual money. As a result I am gradually learning to pick only the juiciest cherries.
I don't concern myself with specific entry/exits - the goal for me is to start rough and fine tuning will come later on in my learning. I aim to start by improving my ability to gauge a rough idea of where the next day's price will be. Once cracked I can start to work on where I believe the hi's and lo's will likely occur and the type of candle that I will be likely to see.
Note that I keep my charts pretty naked. I draw horizontal S/R lines where I feel significant price decisions have been made in the market and trend lines when I feel it may be of significance and of help to me.
I would be interested to hear anyone's comments on this type of training activity and your suggestions on how I may improve?
Here is one I performed earlier:
What the image shows is a collection of my trading decisions that were made without any knowledge of the following candle. My performance was not great but it's something to work from at least. For example many of my trading decisions were stupid at times (in hindsight) and many I would have deemed to risky to make with actual money. As a result I am gradually learning to pick only the juiciest cherries.
I don't concern myself with specific entry/exits - the goal for me is to start rough and fine tuning will come later on in my learning. I aim to start by improving my ability to gauge a rough idea of where the next day's price will be. Once cracked I can start to work on where I believe the hi's and lo's will likely occur and the type of candle that I will be likely to see.
Note that I keep my charts pretty naked. I draw horizontal S/R lines where I feel significant price decisions have been made in the market and trend lines when I feel it may be of significance and of help to me.
I would be interested to hear anyone's comments on this type of training activity and your suggestions on how I may improve?
