Keep entering the trade at the wrong time?

This is a discussion on Keep entering the trade at the wrong time? within the First Steps forums, part of the Reception category; Originally Posted by timsk Hi craig5150, Broadly speaking, I agree with the replies you've received that recommend switching to a ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Aug 13, 2013, 3:29pm   #46
Joined Nov 2001
Re: Keep entering the trade at the wrong time?

Quote:
Originally Posted by timsk View Post
Hi craig5150,
Broadly speaking, I agree with the replies you've received that recommend switching to a longer timeframe. However, (and this is just my personal view), most traders would do much better to stop using any type of time based chart - of which candlesticks is the most popular. Unless time itself is a critical part of your methodology, time based charts tend to cause more problems than they solve. I might be wrong but, it sounds to me as if you're being mesmerized by individual candles which, for the most part, are largely meaningless. So, I suggest you stop trading real money, go back to demo and put up a Point and Figure chart. If you're not familiar with P&F and want something simpler to test out, use Renko instead. Both charting styles are ideal for day trading using tick data.
Tim.
Tim, it's a bit late in the day, but I do believe that you may be right. I used to use P&F years ago but , when computers and free, realtime charts came in, I switched to them, instead. So, having a problem with direction, I have started to use noughts, crosses and squared paper again. I've had a good day, today, so I may be waxing a bit enthusiastic!

The problem, as I see it, is that, although it is a fast method for one instrument, if you get interested in another one, it starts to take up time. so I may be blowing a bit hot. When It gets cold, I''ll let you know.
Splitlink is offline   Reply With Quote
Old Aug 13, 2013, 3:30pm   #47
 
alphadude's Avatar
Joined Apr 2010
Re: Keep entering the trade at the wrong time?

imho psychology is all crap.
if you focus on finding that strategy that works for you; psychology comes by itself; few errors in live trading and you become conan the barbarian.
alphadude is offline   Reply With Quote
Old Aug 13, 2013, 7:50pm   #48
The Staff are paid members that perform various roles such as editorial, advertising, support or technical work.
 
timsk's Avatar
Joined Mar 2002
Re: Keep entering the trade at the wrong time?

Quote:
Originally Posted by Splitlink View Post
The problem, as I see it, is that, although it is a fast method for one instrument, if you get interested in another one, it starts to take up time. so I may be blowing a bit hot. When It gets cold, I''ll let you know.
Hi Split',
I'm not sure I understand you. On the face of it, it sounds to me as if you're not sure how to adjust the box size or reversal amount to get the macro or micro view that you want? I expect you're aware of dentist007's thread - if not, take a look and ask him as he's the resident T2W expert on all things P&F: learning to read price action with p/f charts

Personally, I'm pretty much a Renko man through 'n through these days. I rarely look at anything else. I adore their simplicity. Also, because they filter out noise and favour the prevailing trend, any indicators you use with them benefit by default. For me, indicators means market breadth indicators - primarily $Tick. In case you're interested - see the chart attached - each Renko 'brick' is 5 points.
Tim.
Attached Thumbnails
indu_13.08.13.png  
__________________
I'm New To T2W - Where Do I Start? - a must read for anyone new to T2W
I'm New To TRADING – Where Do I Start? - a must read for anyone new to TRADING
The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
Please note: I am part of T2W Admin' Staff - I am NOT a Moderator!
timsk is offline   Reply With Quote
Old Aug 13, 2013, 10:26pm   #49
 
malaguti's Avatar
Joined Nov 2009
Re: Keep entering the trade at the wrong time?

Quote:
Originally Posted by timsk View Post
Hi Split',
I'm not sure I understand you. On the face of it, it sounds to me as if you're not sure how to adjust the box size or reversal amount to get the macro or micro view that you want? I expect you're aware of dentist007's thread - if not, take a look and ask him as he's the resident T2W expert on all things P&F:
Sounds to me as though split is actually trying to draw these out himself. so where you have nice trends and shallow pullbacks, its all fine but as soon as you come up against something choppy, it will take forever to chart..
thats what I got from that statement..in which case the dawn of the computer is actually our best friend
malaguti is online now   Reply With Quote
Old Aug 14, 2013, 4:55am   #50
Joined Nov 2001
Re: Keep entering the trade at the wrong time?

Quote:
Originally Posted by malaguti View Post
Sounds to me as though split is actually trying to draw these out himself. so where you have nice trends and shallow pullbacks, its all fine but as soon as you come up against something choppy, it will take forever to chart..
thats what I got from that statement..in which case the dawn of the computer is actually our best friend
Hi Timsk and Malaguti,

Yes, that's what I meant. I am drawing Footsie. It`s no problem and fast, because I am not fussy about it looking too pretty. I could draw a few more but after that I don't have the time---my wife makes me take walks for the exercise!

Dentist is great but I like to bring them up tp date as I Irade.

I need a bit of time, Tim, to go into what you wrote about Renko--thanks a lot for the charts.
Splitlink is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
The most difficult moment after entering a trade! wwchen General Trading Chat 17 Aug 9, 2010 8:00pm
By the time trend is established stochastics is wrong. bfd Technical Analysis 5 Nov 30, 2008 12:50pm
What tick list should you have when entering & exiting a trade? rustic1 Indices 10 Sep 23, 2003 6:56am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)