Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; TD, I think what jitasb ment (and what i would like to know too) was: Do you draw your s/r ...

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Old Nov 9, 2007, 3:24pm   #401
 
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TD,

I think what jitasb ment (and what i would like to know too) was:
Do you draw your s/r lines on the daily chart, and then switch that chart to hourly?
Or do you draw the lines on the daily, and also (seperatly) on the hourly.
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Old Nov 9, 2007, 3:27pm   #402
 
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Originally Posted by Reas View Post
TD,

I think what jitasb ment (and what i would like to know too) was:
Do you draw your s/r lines on the daily chart, and then switch that chart to hourly?
Or do you draw the lines on the daily, and also (seperatly) on the hourly.
Aha! Apologies!

YES, I draw my S/R lines on the daily and then when I switch that chart to hourly, the lines show up.

Then I look for any other ADDITIONAL areas of KEY S/R on the hourly.
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Old Nov 9, 2007, 3:29pm   #403
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Originally Posted by trader_dante View Post
Aha! Apologies!

YES, I draw my S/R lines on the daily and then when I switch that chart to hourly, the lines show up.

Then I look for any other ADDITIONAL areas of KEY S/R on the hourly.
Yes thanks Reas and TD....that was what I meant.
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Old Nov 9, 2007, 4:40pm   #404
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Originally Posted by trader_dante View Post
Fxbee, can you indicate the exact bar you mean?
Hi TD,

Pls see the chart attached, sometimes i feel like i see many inside bars in chart....though it could be wrong...not sure whether every IB qualifies for that...

(I have circled it)

Fxbee
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Old Nov 9, 2007, 4:44pm   #405
 
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Originally Posted by forexbee View Post
Hi TD,

Pls see the chart attached, sometimes i feel like i see many inside bars in chart....though it could be wrong...not sure whether every IB qualifies for that...

(I have circled it)

Fxbee
Hey Fxbee, yes that IS an inside bar. But I don't see anything that would make me want to trade that.
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Old Nov 9, 2007, 5:24pm   #406
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Hi TD,

I think better, i will learn to trade pins first, then will see the IB trading opportunities... Also couldnt control asking this query....How do you take IB trade....( i hope we are yet to come to that lesson, if so , then fine with me)

I can feel how the long timecharts gives confidence when taking up a thread after long patience waiting... I felt that when i saw your bund trade....(from your chart i see its futures is it?) and after initial stage of setting you increase your stake from £4 to £5, though the trade didnt give you opening as it should have come ..

With my trendline workout on 4Hrs chart i couldnt get proper entry or i might have missed the entry during my office hours, but not bothered for it as i could wait for better trade setup...

By the way pinbar identification and its requirements are same that its open & close should contain in high & low of left eye in both downtrend pin formation or uptrend formation...correct? I checked yday from this thread that one of the pinbar marked doesnt fit the open & close of left eye high & low...i wanted to check up with you, still searching for that chart...

Fxbee
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Old Nov 9, 2007, 5:27pm   #407
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Originally Posted by trader_dante View Post
Hi Lurker (and everyone else)

Sorry to be acting a bit iron fisted but I am keen to keep this thread on track. I get a lot of PMs from the newer traders that I am trying to help and I know some of them are having some difficulty with what I have shown already without throwing in numerous indicators and different strategies.

I don't want to contradict the great work that Fibonelli does. He is a very thorough technician and is doing interesting work but I need to make this point clear to the new traders: YOU DON'T NEED A SINGLE INDICATOR TO MAKE MONEY IN THE MARKET.

You can beat the market with simple price action and simple support/resistance and NOTHING ELSE on your charts.

I can tell you this with all honesty because I am doing it.

You don't need to make this more complicated than it is.

The only time you ever want to even THINK about looking at an indicator is if you see a pin bar at an extreme swing high/low with NO visible support or resistance. When I find one I will sometimes have a look at JUST the RSI to see if there is any divergence. I put it on, check it and then turn it off. This is the only time an indicator ever makes its way onto my charts.

If you are new to this, adding indicator after indicator will only paralyse your decision making process and distract you from the single most important thing which is WHAT THE PRICE IS TELLING YOU.

Sorry to be offtopic. I don't use indicators. I was just wondering what all those funny square dots that fibonelli highlighted in his chart. I also wanted to see what some instruments would look like with that indicator configuration. I do appreciate that it is not the place to discuss this though.
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Old Nov 9, 2007, 5:33pm   #408
 
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Originally Posted by forexbee View Post
By the way pinbar identification and its requirements are same that its open & close should contain in high & low of left eye in both downtrend pin formation or uptrend formation...correct? I checked yday from this thread that one of the pinbar marked doesnt fit the open & close of left eye high & low...i wanted to check up with you, still searching for that chart...

Fxbee
Fxbee,

Yes, the open and close should be contained within the range of the left eye.

From time to time I will take a trade when it is NOT if it has a good deal of supporting factors. But this is the exception and not the rule.

Remember trading price action is largely discretionary and now I am experienced with it, I will sometimes try new ways of playing bars to see if I can improve on what I am doing. I discard what doesn't work and build on what does. This is what a trader should always be doing.

For now, I would advise you look to play bars that conform to the initial description above.
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