Ratman's beginner's set up and analysis

This is a discussion on Ratman's beginner's set up and analysis within the First Steps forums, part of the Reception category; Originally Posted by grimweasel Hey Guys! I think Aaron's levels are good because he uses the closing prices (ie the ...

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Old Mar 18, 2009, 7:52pm   #22
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Quote:
Originally Posted by grimweasel View Post
Hey Guys!

I think Aaron's levels are good because he uses the closing prices (ie the line charts) for his levels. There are many who will argue till they are blue in the face as to which method is correct but I prefer using a line chart to plot my levels. Try it. City types used to use line charts before candles/bars (so I'm told) so the old and experienced traders are probably still using a line chart for plotting?!

Then plot your fibs from candle swings and you'll usually find they match up a lot tighter than using the wick. After all ,my view is that the wick shows rejection. The other way of course, is just to use the candle body bottoms/top. Try it and it might fit your style??
Grim
nothing wrong with line charts IMHO.
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Old Mar 18, 2009, 7:53pm   #23
 
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everyone trades different - i traded the short term and lost. now trade mainly 1hr tf on fx and do good.
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Old Mar 18, 2009, 9:45pm   #24
 
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Originally Posted by Aaronmalins View Post
Im learning candles now... I've barred myself from lines till I can read candles.

any opinions?
Watch the candles develop in real-time. Remember that a candle is simply a representation of price over a fixed period of time. Price action, on the other hand is continuous. Start your candle at a different point in time and it will look different.

Candles represent merely 4 points in time - price at open, price at close, highest price and lowest price during the period in question. By following real-time price action and the development of the candle you get a feeling for how long price action remains at each level within the candle during the timeframe of the candle and how quickly different levels are reached i.e momentum.

These things can tell you alot that a finished and fixed candle cannot, so just bear this in mind when you attempt to perform retrospective analysis of candles and their patterns.

Charlton
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Old Mar 18, 2009, 10:02pm   #25
 
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Originally Posted by elitejets View Post
Graeme,
You must look at a higher TF for your set-ups if you hold them for that long, right? The 3min is just your trigger?
Nicola
Not quite I look at a 3min chart for my setups, but I use 15m up to daily charts to judge which setups I should be looking for. Financial markets are wheels within wheels regardless of which timeframe you use as a trigger.
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Old Mar 18, 2009, 10:18pm   #26
 
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Originally Posted by Aaronmalins View Post
Im learning candles now... I've barred myself from lines till I can read candles.
Isn't it the other way round? Knowing SR levels first and then read PA at these levels with candles etc.
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Old Mar 18, 2009, 10:34pm   #27
 
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Granted on the lower TFs guys - it really is what suits the trader. You need to match your personality to a TF I think. It's no good trading weekly TFs if you know you are hyperactive and lack patience. Likewise, if you know you take a long time to make decisions, you like to evaluate all your purchases etc then I'd say the 5m TF is not for you!!
Like I said, and you all rightly did; you need to find what's right for you.
If you are starting out I'd suggest giving your decision making process a little more time and at least start on 1hr and no lower??
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Old Mar 19, 2009, 11:40pm   #28
 
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I think maybe that you should go off and do your own homework Aaron. Not because I'm being a cnut but I do agree with new trader. Random people posting graphs with lines all over them isn't gonna help you out. If you've only been trading a few weeks you aren't gonna have the anti bollox filter and trust me there is some real smelly stuff on here.

Also trading is pretty personal what works for some, 99% of the time doesn't work for others.
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