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Maybe Charles can clarify, but on my 1508 chart, neither of those trades qualify because we are not close enough to the 1508T chart 13 EMA or cloud. Based on the videos, I understand that we either have to be touching the 1508 Chart 13 EMA or within 1-2 pips of it. Someone please advise if I'm wrong. I could be easily be mistaken but my chart shows we are not close enough.
Even on the trade Charles described, I didn't have a pullback close enough to the 1508 chart 13 EMA/cloud for that trade (mine shows 7 pips away from 13 EMA).
If I remember correctly from one of the videos, Charles says one should focus 90% of the time on the 1508 chart to make sure the criteria is met. Then look to the 377 chart for the setup entry.
I have everything, but i always like to be sure on these things and make it simple. Therefore, could you please simply upload your chart template (xml file) for both your 377 and 1508 charts? Just having your template will make me feel 100% this is also per HECTOR's request on post #482
I traded this set up for 21 ticks but I am not happy about the entry. On 1508 chart entry was trapped between 55 ema and top of the cloud. I entered realizing that which is not a good descipline for me using THIS METHOD.
That's normal, you can't assimilate or internalize all of the rules and exceptions in one read. It's a long process. And you were right about the 55 EMA although you were above it, i did not even think about it. Anyway, you can still consider such a trade but you need to stay on the tip of your toes and close the trade at the first sign of danger until you can protect your trade.
Charles mentionned in his videos that he likes to compress the 1508 chart in order to see the many swings to gauge support/resistance. This is something i also do. You can even extend the concept a bit more and try to isolate balance areas where some of the bars overlap during a certain period. To this end, i use the Fibonacci tool to mark significant areas and mentally extend some of the lines. Each balance zone has three lines 0%, 50% 100%. The 50% should many time correspond to a high volume node even though there is no volume processed by the Fib tool. I assume the 50% line will act as a point of control. Of course, if you can use a custom profile it will be more accurate but i also found out it is not necessay to be 100% precise. I use it in order to gauge risk and potential reward or reversal point. I want to know what's in my back in terms of supply/demand. I have posted an entry earlier where price did not retrace to within 2 ticks from the EMA as suggested by Charles but nevertheless if you consider what was in my back so to speak there was a balance zone that was broken to the downside and then price retraced to the bottom of this zone between 1,4293 and 1,4303. It's easier to see on the chart. I think this way of isolating these rotational areas or zones of balance is quite effective. I just wanted to share my thoughts about this aspect to better gauge supply/demand.