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)
The anatomy of a chart from someone who has no clue as to what is going on and always knows what is going to happen next
White dots are 15 and 45 minute marks
Red squares one hour (top of the hour)
Green dots half hour
Blue/ red lines are 55 RSI (support/ resist)
Cyan/ orange 34 RSI
Dark red/ green 17 RSI w/ smoothing
Candles VSA_Lite 89 period lookback w/ two standard deviation moves
If i get 2-3 FLUSH UPS and FLUSH DOWNS in a week, i will be a very happy trader. Problem is we do not get them and i start looking for other set ups - which is OK but i tend to use wrong position size on those days and when A+ set ups come, even though i have right position size, i get shaken out and cut down size.
I have been working on this for 2 years but OLD HABITS die hard. That's why during first couple of years it's important to develop right habits. Unfortunately i acquired all the GARBAGE during first 3 years and still trying to get RID of them.
NOTE: I have no idea what CL will do or should do. All i know when everyone is BULLISH, i take theother side and vice versa.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Majority of traders were drawing all kind of stuff on their charts when CL was at 54 and calling CL target 57 and then 60 etc.
When 50 broke this week ( i have no idea why that will be important) they start looking at 45 and then 40.
I just try to keep following picture in mind. DON"T BE A BAG HOLDER.
NOTE: taking the opposite side ONLY when macro trend is bearish like in CL. E-mini bullish trend. I just look for longs on pullbacks. If i short- there has to be very convincing macro reason/news behind it.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
But I'm starting to lean on Sierra Chart more and more each day (I'm sure there's a way to get the indy's I mentioned in a previous post and when I do ToS is out the door) but one of the nice features SC has (of many) is you can code the background to change color when the Ask/ Bid is at a certain level, ie hello we have meltdown or lift off.
Also I was in a @FuturesTrader71 and @DionysusToast webinar on TUE and saw Peter is now using SC. So I guess Jigsaw is now linked w/ SC (good thing.)
Some traders are just lazy and hide behind " I am a Pice Action" trader and do not either have time or inclination to see what successful Global traders do and how they look at markets.
British Global Macro trder Raul Pal is one of my favourite. Posting just in case some traders are in mood to learn something new.
The Law of Unintended Consequences - Raoul Pal
Raoul Pal, former hedge fund manager and author of the Global Macro Investor research letter, speaks on Real Vision in December 2014. In this eye-opening presentation, Pal describes the unintended consequences of a rising dollar - the knock-on effects to emerging markets and oil, the potential Chinese policy response, and why the dollar run could go further than anyone thinks. Click here to watch the video: https://hvst.co/1v6sQvR
NOTE: Raul is a big time technical and global macro trader. According to him he would be lost without charts. I have been a member of REALVISION TV for over a year now and love it.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.