'No indicators' revisited

[Skimbleshanks]

kevin546:

To be honest I would not have taken the trade because a) it was too late in the day to open a position, and b) I don't hold overnight. But if I had, then it would have been on the completion of the double bottom just out of the starting gate today, so an exit at 1092, because the h&s failed and it's formed another one.

 

[a320]

An update of the 5min es04h...without any mathematical renditions...for now :cheesy:
Yes paul..I'm always aware of the balance point.. its one of my key pre market set up area's for determining bias.

CJ

 

[Skimbleshanks]

Nice rendition there young a320. But I'm lost. Can you indicate where you would ideally enter and exit some trades?

 

[a320]

without out waves... Young :?:

es04h 5mins basic's

Cheers CJ

 

[kevin546]

Shim

Thanks for the answer. Like you I daytrade and currently do not hold overnight although I trade the FTSE. I have been looking to include the longer hold for a couple of days at a time when I see a trend change on top of my daytrading. Probably use signals from 15 - 30 min chart covering 6 - 12 days data.

 

[china white]

a320 - a Q - how do u determine yr balance pt? i am curious as to what relation it may be to my 1st hr pivots. many thx and merry Xmas

 

[a320]

With some waves to clear up the picture...these were some of the possible trades.. (not including the geomertry entry points)...depending on trading style... and with out stop and reverse techniques ect...to keep it simple

Cheers CJ

 

[Skimbleshanks]

Thanks a320. So you're just using the mathematics to help you pinpoint the support and resistance points for both entries and exits. Do you always work from a 5 min chart?

 

[a320]

Yes the geomertry gives the targets..plus key entry and exit points... I use 60,15,5 and 1 min charts so I can keep an eye on the wave sets of higher/lower degrees with MOB levels ect..I find the 5min is the best scalp set up..

Cheers CJ

 

[a320]

Is it similar to how you saw the trade set up's skim??

 

[Skimbleshanks]

Yes, but I'm using the actual patterns of the individual bars, as well as support and resistance levels, to enter and exit. I take into account the positions of the opens and closes, as well as the highs and lows, to tell me what's happening. And then I use volume as the icing on the cake (note the seasonal flavour).

 

[a320]

Yes we use the individual candle patterns...2 bar momentum ect.. + vol and how they all relate to the geometry ect.. :cheesy:

Cheers CJ

 

[a320]

Any examples you could share with us :?:

Cheers CJ

 

[Skimbleshanks]

It's quite dangerous to pick the odd example, as it does depend on the market, its movements, and momentum, for example. And I would hate for anyone to use it as a rule, because it just doesn't work that way.

But as it's just you and me here on the dark side, I'll show you an example of what happens when the close is at, or one tick away, from the bottom of a 10 min bar - the price often changes direction on the subsequent bar. Doesn't always happen of course, for the reasons above!

On the chart I've put a o where the turns are.

 

[a320]

Interesting..Thank you skim...
Its very similar to our 2 bar momentum rule with a twist...its amazing all these different names..but we trade the same things...

Chees CJ

 

[Skimbleshanks]

Yep, I use two bar momentums as well. :cheesy:

 

[a320]

Nison uses the shadow close as well.. its part of his advanced area.. cats coming out of the bag now :cheesy: :cheesy:
How did you read the five min? as per my basic trade set up?? or do you use the 10min

 

[Skimbleshanks]

I tend to use the 5 min to time the entries and exits, and the 10 min for the main picture. So you get pullbacks on 5 min, but they don't show on 10 min, etc.

 

[a320]

So the 10min you use perdomantly :?: would you trade hook's ect.. on 5 or 10min??



CJ

 

[Skimbleshanks]

Yes I do trade the occasional hook and I would use the 5 min to do that. But my entry criteria would be based on the previous bars, the volume, and the time of day.

Talking of which, I'm off now - got to help Santa's reindeer eat all the carrots that well brought up children leave out. :cheesy:

Have a nice one a320!