Good stuff, I've had two trades, one long and one short both hit limits nicely.
I'm now looking for short opportunities
Good stuff, I've had two trades, one long and one short both hit limits nicely.
I'm now looking for short opportunities
why?
2be
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often there is a retest of the significant low on H4, that might be in place tomorrow
Miner
Lately I have been reading the "High Probability Trading Strategies" book by Robert Miner..fascinating stuff..as a result, I wanted to share this chart.
For those who haven't read it, it is based off dual time frame momentum trading while using basic E-Wave concepts and fibs to pick possible end of trend or end of corrections..I can already see postman rolling his eyes..
This is a DAX daily chart.
I think the problem with this wave 4 that may have started around the first week of june is that it is very complex and is yet to finish..but the important point so far is we havent had a close below the close of EW1 that finished around 23 apr (blue 1).
The Green box is an area marked using fib retracement of ew2-3 (red dotted fibs), alternate price projects of 0-A correction projected from B (blue dashed fibs) and finally the external retracement of A-B to 127%.
Time projections are ew2-3 projected from 0 and alternate time projection of 0-A projected from B. Good area of overlap seems to be 50-61.8% of EW2-3.
Currently the piece that is missing is the momentum..here we use DTOSC indicator in MT4. Currently shows:
W1 = Bearish Oversold
D1 = Bearish reversal
H4 = Bullish Overbought
H1 = Bearish
Will keep an eye on DTOSC..would prefer to have W1 Bearish oversold and enter long on D1 Bullish reversal..
Appreciate any comments or criticisms if anyone else has tried using Miner's strategies, or if I am going about it wrong?
Lately I have been reading the "High Probability Trading Strategies" book by Robert Miner..fascinating stuff..as a result, I wanted to share this chart.
For those who haven't read it, it is based off dual time frame momentum trading while using basic E-Wave concepts and fibs to pick possible end of trend or end of corrections..I can already see postman rolling his eyes..
This is a DAX daily chart.
I think the problem with this wave 4 that may have started around the first week of june is that it is very complex and is yet to finish..but the important point so far is we havent had a close below the close of EW1 that finished around 23 apr (blue 1).
The Green box is an area marked using fib retracement of ew2-3 (red dotted fibs), alternate price projects of 0-A correction projected from B (blue dashed fibs) and finally the external retracement of A-B to 127%.
Time projections are ew2-3 projected from 0 and alternate time projection of 0-A projected from B. Good area of overlap seems to be 50-61.8% of EW2-3.
Currently the piece that is missing is the momentum..here we use DTOSC indicator in MT4. Currently shows:
W1 = Bearish Oversold
D1 = Bearish reversal
H4 = Bullish Overbought
H1 = Bearish
Will keep an eye on DTOSC..would prefer to have W1 Bearish oversold and enter long on D1 Bullish reversal..
Appreciate any comments or criticisms if anyone else has tried using Miner's strategies, or if I am going about it wrong?
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psaTrading
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I never do this but I was so sure Dax would fall today that I left a short open from yesterday.
Today a significant Gap Up did make me sufer. I shorted again believing the Gap would close but did not.
At 7:42h I closed both losing positions, considered this as a validation of the Island Reversal from yesterday and waited for a trigger to get long in a reversal entry and gess what: “Jackpot”.
Today, 22nd July, DAX presented a good trading opportunity and I’ve made my Long entry:
Financial Instrument: Ger30 -> Entry rule: Reversal
TP2 9739.0 TP2/Entry distance 70.5 TP2 RR 2.2
TP1 9712.0 TP1/Entry distance 43.5 TP1 RR 1.3
LONG 9668.5
STOP 9636.0 Stop/Entry distance 32.5
RR -> Reward / Risk
Both Targets were reached.
Today a significant Gap Up did make me sufer. I shorted again believing the Gap would close but did not.
At 7:42h I closed both losing positions, considered this as a validation of the Island Reversal from yesterday and waited for a trigger to get long in a reversal entry and gess what: “Jackpot”.
Today, 22nd July, DAX presented a good trading opportunity and I’ve made my Long entry:
Financial Instrument: Ger30 -> Entry rule: Reversal
TP2 9739.0 TP2/Entry distance 70.5 TP2 RR 2.2
TP1 9712.0 TP1/Entry distance 43.5 TP1 RR 1.3
LONG 9668.5
STOP 9636.0 Stop/Entry distance 32.5
RR -> Reward / Risk
Both Targets were reached.
P
postman
...I can already see postman rolling his eyes..
...
Who me ? :innocent:
You could be divining the future with chicken entrails if you like as long as it makes you money!
Although we've had a few people try to capture the essence of Daxy with Elliot waves, but she appears to dance to another tune.
(I tried but I couldn't mix any more metaphors into those two sentences.)
1
12WBT
Powerful force when global markets all go in one direction
Chalky_trader
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Lately I have been reading the "High Probability Trading Strategies" book by Robert Miner..fascinating stuff..as a result, I wanted to share this chart.
For those who haven't read it, it is based off dual time frame momentum trading while using basic E-Wave concepts and fibs to pick possible end of trend or end of corrections..I can already see postman rolling his eyes..
This is a DAX daily chart.
I think the problem with this wave 4 that may have started around the first week of june is that it is very complex and is yet to finish..but the important point so far is we havent had a close below the close of EW1 that finished around 23 apr (blue 1).
The Green box is an area marked using fib retracement of ew2-3 (red dotted fibs), alternate price projects of 0-A correction projected from B (blue dashed fibs) and finally the external retracement of A-B to 127%.
Time projections are ew2-3 projected from 0 and alternate time projection of 0-A projected from B. Good area of overlap seems to be 50-61.8% of EW2-3.
Currently the piece that is missing is the momentum..here we use DTOSC indicator in MT4. Currently shows:
W1 = Bearish Oversold
D1 = Bearish reversal
H4 = Bullish Overbought
H1 = Bearish
Will keep an eye on DTOSC..would prefer to have W1 Bearish oversold and enter long on D1 Bullish reversal..
Appreciate any comments or criticisms if anyone else has tried using Miner's strategies, or if I am going about it wrong?
So are we buying or selling this spike at 9770 according to the strategy?
Chalky_trader
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Heres some food for thought on strategy
anyone heard of Avery Horton AKA The Rumpled One
i thought he was a nutter when i first saw his videos,... turns out hes not, but his ideas are simple and he writes some nice MT4 indicators.
Draw a line on a chart if price crosses it upwards buy downwards sell... I know real hard to grasp.
say you use an opening price of an hourly candle... yes you may get whipsawed and have to use some chart reading to help with a trading decision but taking half an ATR on an hourly DAX candle becomes much easier, at least to me when you break it down like that.
And its simple... suits me fine
anyone heard of Avery Horton AKA The Rumpled One
i thought he was a nutter when i first saw his videos,... turns out hes not, but his ideas are simple and he writes some nice MT4 indicators.
Draw a line on a chart if price crosses it upwards buy downwards sell... I know real hard to grasp.
say you use an opening price of an hourly candle... yes you may get whipsawed and have to use some chart reading to help with a trading decision but taking half an ATR on an hourly DAX candle becomes much easier, at least to me when you break it down like that.
And its simple... suits me fine
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Am at work so dont have mt4 charts to look at, but if you looked at entry this morning off 1hr bull reversal you would have had a buy stop order around 9750 with SL around 9690 and targets around 9850/B high. Getting a close above B would mean correction to C is probably over and new bull trend is on..
Typing on phone is hardwork..
Chalky_trader
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I've had two good trades and, curiously, I read a bit of TraderAllen's thread yesterday with whom, I believe, you hsve some disagreements. I find that thread and his posts, too lengthy for me, these days, and I don't focus like I used to. He mentioned direction and the study of all timeframes, advice that I followed this morning. It's not new, but neither am I, and going over old stuff, sometimes pays off.
lexcorp
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I don't think so(?). Don't remember any. Could be wrong though!
neil
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Simplicity rules OK
A picture is worth a thousand words one hears. Therefore, could you post an example of what you mean re hourly candle and ATR ?
Thanks
He has a couple of threads on T2W I believe, and comments on fm's thread.
A picture is worth a thousand words one hears. Therefore, could you post an example of what you mean re hourly candle and ATR ?
Thanks
Chalky_trader
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He has a couple of threads on T2W I believe, and comments on fm's thread.
A picture is worth a thousand words one hears. Therefore, could you post an example of what you mean re hourly candle and ATR ?
Thanks
Hi Neil
Im not good with uploading pictures but it really is simple.
at 8.00 this morning the hourly candle started to form. use that opening price as a 'line in the sand'
price moved down then recovered crossing the opening price triggering an entry. you have to calculate stops etc depending upon trading style. Whipsaws are common.
But look at each of the hourly candles, how far did they move from the open, how often do they form small wicks & cross back over the open price and then run on?
ATR = average true range indicator, it varies on the DAX hourly between 20 and 60 pips
but have a look at TRO's videos he explains it better than i can.
Good Luck
