Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Yes, it's more or less naked. But the colored bars are nothing more than a type of moving average. I've just set the line style to hash, and the width to 90.
I'm experimenting with this chart right now. Being a Holiday week the market may not be ideal for testing, but I can show you what I'm planning.
First, the main idea is to filter the noise, thereby creating a calmer and simplified trading environment. The chart does that by default. Secondly, identify primary areas of support and resistance by drawing red lines on the chart.
Should the market be in a down trend, only take short trades that break below support. To enter, I've set my sell stop 3-4 ticks below an existing support line. This has worked pretty well, good for 5-10 ticks when it works. But I'd really like to refine both entry and exit methods if it continues to prove to have merit.
My rules for entry are to be governed by my stop, which I've set for 7 ticks for now. With a stop of 7, I want it placed 3 ticks above the red line. Should price reach those 3 ticks I don't want to be in the trade. So this is the point I've set to show me where I was wrong. Therefore, my entry point is 4 ticks below the line since I'm going short.
I figure 4 ticks below line shows a commitment by the market. Trading multiple contracts, I'll take off all but one of them when I reach +4 or +5, then let the last one ride.
I think this is worth pursuing because it feels comfortable to me. Some more testing and tweaking is definitely needed but I'm staying with it for now.
I took the attached trade @ 9:10pm (GMT+1) before I read your above post; and the trade just conforms with your trade setup (except that I did not set a Stop Loss). The SHORT entry (2 contracts) was 4 ticks below the drawn thick red line (Support). The entry was @ 1.4333 with Profit Target 1 taken @ 1.4328 (5 ticks) and Profit Target 2 @ 1.4323 (10 ticks). I'm still on SIM mode with the expectation of going LIVE in January 2010.
Please, share your experience with me and interested forum members on this "Mystery" chart.
I must say, this chart looks so good I could eat it. Just when I try to go cold turkey and kick paint bars, this gives me second thoughts about that decision.
Would love to learn more when you're ready. All the best with this.