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"AUSSI" my thread and anything I want to put here

  • #8,661
  • Jul 22, 2020 3:14pm Jul 22, 2020 3:14pm
Quoting duskyboy
{quote} Gidday roah1 I shall put up a chart with a few pointers, I would like you to also put one up with your markings of examples. Yes there are many other ways of managing entry's and looking at charts forget them for now and put up this extremely easy way of interpretation. I did not invent this type of trading, one hundred years ago when old timers like Sid, Aussie and diggs were spring chickens they invented it with hand written charts and graphs, just remember they did not have computers back then. So we have them to thank for our method....
Your chart reminds me of a Renko V1 chart but M15 would be the highest timeframe it could be used for.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15.png Size: 30 KB
  • #8,662
  • Jul 22, 2020 10:11pm Jul 22, 2020 10:11pm
Quoting Hutch
{quote} Your chart reminds me of a Renko V1 chart but M15 would be the highest timeframe it could be used for. {image}
Gidday Hutch
You have picked up and touched on some thing extremely important and necessary in trading, simply put find several vital edges.
I am not at all familiar with Renko V1.
From what I understand Renko is a Japanese brick drawn in the direction of the primary trend, the bricks have a definable size, so for them to change direction (color) the fixed brick size must be exceeded. Sounds great.
What more could a trader ask for ????.
Well to be honest for me there is a lot more.
I too over the years have been very tempted to install and try range bars, Renko etc, etc.
But have learnt all to well never to fix some thing that is all ready working. ( may be at my own expense )
Yes believe me when I say I tried all of the indicators, methods and advice on offer only to never advance and almost give trading the flick.
This is why I rant on about naked charts and the extreme importance of learning to read them.
For me mind set, application and a properly scaled simple chart tells it all.
What do I mean when saying this, well, it is once again simple, train your self to see pattern recognition over and over, that is all the candy that is required as it provides levels, warnings, entry's and exits.
I can as all accomplished traders can, instantly view a chart and see all entry's, targets from a standard time based chart and equally importantly it allows a preempting or future vision for set ups, indicators only serve to distract.
Very important to say that non of the above is an exact science, and I think that is were I conquered the beast by plotting and visualising zones and areas as apposed to being very rigid with assessment.
A shorter time frame to assess entry will always give you more accurate data than indicators.
Crikey I have bashed on here, forgive me.
I shall throw in a question here.
There is another extremely vital and visual application to amplify success with all trading, let me know what it is Hutch.
Yes I can see that it is possible, Renko would work but more is required apart from making it fun and the odd bottle.
Cheers.
I think they are bottles of wine.????
  • #8,663
  • Jul 23, 2020 12:14am Jul 23, 2020 12:14am

️
just for a cup of coffee...
  • #8,664
  • Jul 23, 2020 2:47am Jul 23, 2020 2:47am
shorted gj into London open. now it's stuck trying to decide to go above or below the low from the first hour of trading. (the first hour of trading is defined as 5pm to 6pm eastern/nyc time.)

closed some to cover 11 pip stop. just waiting now. will close more at 136.07 area if it gets that low.
Attached Image (click to enlarge)
Click to Enlarge Name: 7 23 20 gj short london waiting to decide next move.JPG Size: 210 KB
  • #8,665
  • Edited 3:38am Jul 23, 2020 3:16am | Edited 3:38am
Took a second gj short at the 5 min moving average and sentiment green hitting under yellow. I'm not sure if I'll get much out of the second short.
looking for 135.90 as the target to close all, but will close some along the way at important areas to lock in profits.
closed some lots of my second entry for 25 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 7 23 20 gj short london 2nd entry.JPG Size: 210 KB
  • #8,666
  • Edited 4:26am Jul 23, 2020 3:47am | Edited 4:26am
Measured Move targeting 135.90 area. Measured Moves are just guesses at where price will go. It's still smart to close lots to lock in pips on the way to the target area.
The chart shows the calculation of a Measured Move for today on GJ. Normally I prefer to show it on a larger time frame, but did it on the 5 min chart since things are grinding and ugly on gj right now. It's very likely the MM won't get hit, but it's still good to have targets/goals and this one works well to help me stay in a trade longer...be more patient. This move just happens to have started during the London open, but that's not always where one starts.

1- measure from the previous high to the previous low (fractal). In this case it's 50 pips.
2- take that measurement to the new high and go down 50 pips. In this case the target is 135.90.
3- this doesn't always work out so also plan when/where you will close out the trade - where is the turning point for you to close out if it starts to move against you...especially when you're trading counter trend!

5:25am NYC/eastern time...I'm going to get some sleep. Have stops set and take profits set. This is a risk free trade because I've close lots along the way. Will update this later today.
Attached Image (click to enlarge)
Click to Enlarge Name: 7 23 20 gj short measured move targeting 50 pips for 2nd entry.JPG Size: 227 KB
  • #8,667
  • Jul 23, 2020 4:58am Jul 23, 2020 4:58am
Quoting duskyboy
{quote} Gidday roah1 I shall put up a chart with a few pointers, I would like you to also put one up with your markings of examples. Yes there are many other ways of managing entry's and looking at charts forget them for now and put up this extremely easy way of interpretation. I did not invent this type of trading, one hundred years ago when old timers like Sid, Aussie and diggs were spring chickens they invented it with hand written charts and graphs, just remember they did not have computers back then. So we have them to thank for our method....
There are tons of good strategies and for some reasons some traders succeed and others fail using the same strategy. The keys to success in trading is perseverance and patience no matter what strategy a trader uses. Before computers were used for trading my father also traded using paper and pencil and he showed me how to trade stocks but I must admit that I never became as good as my father. I like your chart and I tried trading without indicators but I never had much success with that strategy probably because I lack perseverance and patience to properly learn the strategy. I mostly trade on D1 charts but I like Renko to pass the time when I have nothing else to do. Keep up the good work mate. I follow your advice and stick it up to all the negative comments and haters on FF as seen in the picture below
Attached Image
  • #8,668
  • Edited 1:34pm Jul 23, 2020 1:05pm | Edited 1:34pm
GJ Measured Move Review/Analysis
Please refer to posts 8664, 8665 and 8666 above.

My second entry was stopped out by just a couple of pips. I set a break even plus 1 (b/e+1) after fighting with myself over setting the stop 5 pips above that second entry 136.39 area, but I never want to lose pips on a second entry and I had to consider that I should have been more aggressive by closing all of the second entry trades at the 136.07 area I called for myself in my first post, post 8664, due to this being a counter trend trade. Yes, I write this stuff so it's out of my head and I have a better chance of listening to myself, but sometimes I need to be more aggressive in locking in pips...people who watch/observe = losers. People who do = winners. I did close 1 of the secondary trades there so I should be happy with that and should be happy with not losing any pips on the remaining second entry trades. Pluses and minuses.

Two of my first trades in this cycle closed at my target for the measured move while my last original trade closed for less because my target was further down at 135.55 in case the trade went further, but it came up and hit my trailing stop; which is what it's for afterall.

The 5 min, 15 min and 1 hour chart pictures are below along with the trade results for this Measured Move trade. It's always fun to wake up and find the concept worked again. When comparing the different time frames, I need to remind myself that everything looks a lot more clear on the 15 and 1 hour charts and that I should not be focused on the 5 minute chart because it's too noisy and you can lose your nerve and patience looking at the 5 min chart.

Not a bad first trade after a couple weeks off for vacation!

Please note that this is NOT how Aussi, digger1, Ced74, etc trade in this thread. I'm just posting here while digger1 is recovering from several serious back surgeries. My thread is https://www.forexfactory.com/showthread.php?t=958722
Many thanks to Aussi for allowing me to post here from time to time and for encouraging me to start a thread. Enjoy!
Pray for digger1's full recovery.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7 23 20 gj short measured move results 5 min.JPG Size: 274 KB
Click to Enlarge Name: 7 23 20 gj short measured move results 15 min.JPG Size: 222 KB
Click to Enlarge Name: 7 23 20 gj short measured move results 1 hour.JPG Size: 246 KB
Click to Enlarge Name: 7 23 20 gj short $.JPG Size: 83 KB
  • #8,669
  • Jul 23, 2020 6:51pm Jul 23, 2020 6:51pm
Quoting akim0895
️
people leave, but this thread will go on for ever
  • #8,670
  • Jul 24, 2020 12:39am Jul 24, 2020 12:39am
Spreads looked ok to take this opportunity.
Could test the daily low, so may be a nice trade.

Have a great weekend everyone

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot0.png Size: 41 KB
"Work hard, put in the effort, and follow your dreams..." -Me
  • #8,671
  • Jul 24, 2020 2:56am Jul 24, 2020 2:56am
Quoting tzamo
Spreads looked ok to take this opportunity. Could test the daily low, so may be a nice trade. Have a great weekend everyone {image}

Hit the stop, will try again from the previous high if it looks good/ gets there
"Work hard, put in the effort, and follow your dreams..." -Me
  • #8,672
  • Jul 24, 2020 7:51pm Jul 24, 2020 7:51pm
Love it, love it, love it all.
Hears to you all with your continued success.
Well traders what a eye watering week it has been, four days ago my scanner filter started to fire off trade alerts on the 28 majors, also metals and index's way beyond its normal settled instruction, it quickly became obvious that as a total mother market was becoming excited.
Gold has been a total GFG with exceptional opportunity in both directional and scalping, scalping the major US index's has also been a delight MOM was instructing she was in play.
For me being in play means the market is giving us all another vital edge for a time, there are a number of ways of interpreting and of coarse using this over and above while including the visual aspect.
But one thing for sure if picked up on your results will overnight turn into big bickies.
Keep on keeping on and pull the trigger with pre thought out application, do not watch your trades over run your newly trained mind set.
Cheers.
  • #8,673
  • Jul 25, 2020 7:15am Jul 25, 2020 7:15am
️
just for a cup of coffee...
  • #8,674
  • Jul 25, 2020 4:30pm Jul 25, 2020 4:30pm
Quoting akim0895
️
people leave, but this thread will go on for ever
  • #8,675
  • Jul 26, 2020 8:55am Jul 26, 2020 8:55am
Diggs
saw you are back in the house.....were they able to put ya back together? good to see you
  • #8,676
  • Jul 27, 2020 8:11pm Jul 27, 2020 8:11pm
  • #8,677
  • Jul 28, 2020 1:53am Jul 28, 2020 1:53am
Quoting benlong
people leave, but this thread will go on for ever
  • #8,678
  • Edited 9:01am Jul 29, 2020 2:26am | Edited 9:01am
first picture: Took btc long before Europe open and added another trade at the little short flash at Europe open.
second picture: Closed half at $96 just before London open in case they reverse it. Profit is twice my stop on the remaining trade.
My close was based on price hitting the top of the first hour of trading candle (5pm to 6pm eastern/NYC time).

Picture 3: Trade journal/profit
Also, did some longer term analysis which is a measured move out on the Week chart...4th picture below. Suggests a target of 14,813.

Picture 5: Luck? Skill? It doesn't matter which...stop did not get hit...yet. It sure was close though. Many thanks to those with limit orders at the top of the demand area on the 1 hour chart!!! Fed at 2pm. Time for a nap.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7 29 20 btc long off the 15 min green yellow and moving ave bounce.JPG Size: 354 KB
Click to Enlarge Name: 7 29 20 btc long closed half at 2x stop in case london reverses.JPG Size: 271 KB
Click to Enlarge Name: 7 29 20 btc long closed half at 2x stop in case london reverses $.JPG Size: 28 KB
Click to Enlarge Name: 7 29 20 btcusd measured move target 14,813.JPG Size: 267 KB
Click to Enlarge Name: 7 29 20 btc long luck or skill...stop not hit...yet. fed 2pm.JPG Size: 243 KB
  • #8,679
  • Jul 30, 2020 6:54pm Jul 30, 2020 6:54pm
Quoting CashBox
first picture: Took btc long before Europe open and added another trade at the little short flash at Europe open. second picture: Closed half at $96 just before London open in case they reverse it. Profit is twice my stop on the remaining trade. My close was based on price hitting the top of the first hour of trading candle (5pm to 6pm eastern/NYC time). Picture 3: Trade journal/profit Also, did some longer term analysis which is a measured move out on the Week chart...4th picture below. Suggests a target of 14,813. Picture 5: Luck? Skill? It doesn't...
The btcn trade went up just shy of 400 points before reversing and stopping out what I let run at break even plus some to cover slippage. It's hard to remember to cover the spread correctly when setting up stop losses on a short on btcn when one is used to a couple pips on currencies.
the original entry was 10,968 and the original stop was at 10,901. It went to 11,348. with a 362 profit and a 67 point stop it was a 1 risk to 5 reward trade. That was my first time trading btcn. I learned it is very technically driven, definitely run by algo's in the technical areas such as 00 and 50 price areas as well as supply/demand, the moving average and the sentiment indicator. You will be punished if you don't hit the same technical areas as the algo's do when they reverse!!! A challenge greater than trading gj. But, if one is willing to double their normal max stop loss (i doubled my max stop from 30 to 67, but did get in a little later than i normally would on my indicator - got caught watching instead of trading) and has the patience to let it run a ways even with the massive short candles, one can get over the pain of the spread.

I don't know how Aussi does what he does with that spread!
  • #8,680
  • Jul 30, 2020 7:40pm Jul 30, 2020 7:40pm
Quoting CashBox
{quote} The btcn trade went up just shy of 400 points before reversing and stopping out what I let run at break even plus some to cover slippage. It's hard to remember to cover the spread correctly when setting up stop losses on a short on btcn when one is used to a couple pips on currencies. the original entry was 10,968 and the original stop was at 10,901. It went to 11,348. with a 362 profit and a 67 point stop it was a 1 risk to 5 reward trade. That was my first time trading btcn. I learned it is very technically driven, definitely run by algo's...
good point mate , yes its a interesting talking point about cost of a trading 36 spread , slippage etc , in the end i dont think cost of trading is that important ,it is only a problem if you think it is , if its cost me $3000 per month to make $70000 , in trading or any thing you do there is a cost like running the car buying food , my question is to all traders does the cost affect your trading
people leave, but this thread will go on for ever
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