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Well I may not be an ugly bird really, but I'm not getting any better looking as the years pass, that's for sure. lol I figure another 10 years and I'll officially be an ugly ol' bird.
You calling me a buzzard jav? I'll let it slide, 'cause you said I was special. LOL!
Awe nevermind, I guess I am an ugly ol' bird with a tough skin and long beak. And I do like to hunt wabbits like elmer fud sometimes too. lol
Here's the 1 minute view where I would have taken the long on the 2nd candle from the lowest low candle, having only 4 pips to the stop loss. A quick 20 or so pips gain had I exited at the white 62 ema line. I doubt I'm telling you anything you don't already know about trading off it, but I'm telling everyone that its a high odds scalping setup. If only I could get to the point where I could trade with equally low loss potential on the 1 and 4 hour timeframe using that setup. I haven't found a way yet though unfortunately.
The only problem with trendlines is that price doesn't always obey them. The only problem with fib lines is that price doesn't always stop at the fib, but will crash on through by a bunch of pips to present a tail before price finally sticks to the fib line sticks. The only problem with everything is that nothing is perfect, including the pincher chart, but with tight stops, that chart is like a lit up runway pad to me when I'm looking for a place to take off or land. It's either a good landing or I touch the tarmac and lift off again to circle around for a better landing.
Ain't it a beauty? It works charger, even if it does give some viewers a migraine. lol It's actually easy on my eyes because I know what I'm looking for.
Right estimator.....no argument from me there, but also for me the comfort comes from knowing what works or what the odds are. Because of what I see and am looking for I have a great amount of conviction and comfort. But it's comfortable because there's almost very little to lose and a lot to be gained in pips. There was only 50 odd pips so far on that trade, but my risk was only 3 pips of candle.
I'll tell you guys something. If you can take the time to make a template using chargers pincher setup and begin to see how all the different overlays can be used in combination to offer reversals while applying tight stops on your entries, you'll find that it's a high odd winning scalping template.
I've got a dental appointment in less than an hour and couldn't babysit my last scalp but managed to lock in 20 pips before hopping in the shower using his pincher template. It really is an ingenious setup. I'm using the ichi kinko hyo cloud along with the PAC and bollies for TP areas. I should mention that price action, the TDI and trendlines weren't giving me a clear indication for a bounce on GJ but chargers pincher setup sure did.
Ok, later...
I have found too often that my stops get taken out and with too much loss when I can't be there to get right on a position using price action estimator. And I can't relax to get good sleep knowing that I have the risk on the table overnight. Right now that won't work for me.
I've been watching EJ too, but when I was free to trade GJ was ripe for taking a position. My attention was diverted from EJ when a good trade presented itself.
Had to take my daughter to school........anyway, that's my goal estimator. I want to make $100 or more a day off my $5,000 account balance. I refuse to stay up 2am to 4am to watch forex charts, so I am trading in the mornings and I'm finding the trades there each day in doing so. I'm not making what I need to though so I need to increase my risk a bit.
Thanks estimator. What do you think of GJ at this price point? Think it's going to break through support here or bounce again?
Exactly estimator. The only reason I do well at scalping is because when I'm wrong in my assessment I don't hold it waiting to be proven right. I get out and either reverse positions or wait to reenter when the next fib line or trendline or price action candle makes for the better entry. In the past I've screwed myself over and over by getting in early and holding while the losses stacked up. Hopefully I'm done with that.
I understand fully the compound interest realities boca. I do want a million or at least $250,000 over the next couple years to pay my house off. I need to increase my risk. I just don't make enough per trade to make it worth my time right now. I'm not even sure where in Oanda to find out or change what my risk percentage is right now. Pennies showed me months ago but I've forgotten since. I am doing well at scalping where I'm doing piss poor at trading off the larger time frames. So if I increase my lot size I should do well.
LOL......you answered my question boca.....sorry you had to repeat it. I missed that post along the way. Two years isn't very long to wait to make a million. I wish you the best luck at it.
Boca, estimator.......how much in your accounts, what lot sizes are you trading, or how much are you gaining per pip if you guys don't mind sharing your account balances publicly? Congratulations to you both for maintaining increasing gains over losses in your accounts btw. It's not an easy thing to do at times.
And I thought it was just a bunch of shorts having there way at a break of trendline support. lol
Scalping has been paying off for me the last couple days using only price action and trendlines alone. Even the fib boxes tend to clutter my mind with hestitations and forebodings, fears and confusions.
Ok jav. Well EJ will be there tomorrow to discuss further. Have a good evening.
The next "TRADE LEVEL" group puts the 4 hour EJ on top of the quad tunnel too which would give higher odds of a bounce I'm thinking.
Ok jav....here's the 4 hour wave where I've set my primary fib at. With price having dropped through the "0" line I'd assume it to keep moving to a fib expansion line or one of the next three fib "TRADE LEVEL"s. Price is in the cloud too which doesn't give any strength to either a bounce or a drop for me.
Fib expansions are included in chart platforms for a reason jav. I'm going to spend more time with them as soon as I get comfortable with these boxes. I"m not yet either and it's frustrating. I'll shoot a 4 hour EJ in a couple to show you where my heads at on it.
Jav......I'll bet that if the 50% fib doesn't bring a good bounce on your 4 hour EJ, that the next "TRADE LEVEL" @ the .618 line will. You didn't include the %$% in your primary fib lay so I can't tell what price we'd be seeing there. I don't have an EJ chart up yet as I'm focused on GJ right now since I'm currently in it.
Ah.......yet another consideration. eom
Oh gotcha. And with that trendline break, maybe we will see more downside. Thanks pennies.
I should mention that the verticle red line on my chart sits on the daily candle where the low is that I set my 1st primary fib box low line on. I should also mention that though this looks to be a 5th wave that GJ is in on the daily I'm not assuming a reversal or that we've finally hit the top just because of this bearish red candle friday. G/J just had a bearish tenkan/kijun crossover on the 4 hour chart but there's no guarantee that the daily price action won't carry the tenkan back up through the kijun again. The TDI baseline is at the 68 level on the daily. Hard for me to have any conviction in a short in this price range though.
I can't see where you've pinned your top red primary fib box line at pennies. Below you can see my two primary fib boxes stacked with a green secondary fib box in the lower half (below 50%) of my top red fib box. My thoughts are that price is fairly centered between these last two daily candles and it's a 50/50 as to whether price will move higher or lower tomorrow. Is your chart a 4 hour or daily btw?
Pennies.....huge favor to ask......could you throw up a GJ chart for tomorrow evening open and give your opinion as to what you would expect considering present price action to the fibs? I know I'm not the only one watching GJ. TIA!
Too bad pennies......I was hoping that the lines would all agree from one daily wave to another. Not that easy of course. Well I'll stick to the latest daily swing h/l at your recommendation then.
Now that I have my oanda MT4 platform finally up and running and now that you've made clear that it really doesn't matter much which swing high/low wave you set your fib off of and that the first daily is a good place to start, I can start laying fib boxes and see for myself how price action wants to play out at those fib levels. Nothing super simple there from simplegreen regarding the fib boxes, but his revelations are super enlightening and highly valuable. And we can all thank you for clarifying what simplegreen stated.
I'm outa here to get some things done today but I'll be laying down fib boxes later this evening or tomorrow morning before market opens and I'm hoping that I can find a way to take long term postions using the ichi cloud and the fib boxes against price action alone. And possibly using the other indicators for confirmation. I need to focus on the TDI hook setup as well but I'm not sure I have that down just yet.
So many things to consider at a glance.......elliot wave count possibilities, pice position to quad tunnel, candle price action, fib levels, indicator signals, ema crossovers, trendlines and TDI trendlines, wedges, triangles, divergence, hidden divergence, strong, weak, neutral, etc., etc., etc.......aaauuuggghhhh ...........................as the Peanuts character Charlie Brown would say. lol..
Which swing high/low wave to place your fib boxes and fib boxes in relation to the quad tunnel; excellent pennies!
Referring to your statement that "the idea is not necessarily to enter or close directly at a fib box level...", it seemed while watching your vid that you almost could simply enter at each fib line and scalp from it as price retests prior fib levels on the 15 minute/1 hour chart with pretty high odds of making decent scalping gains. But it's just those damn breakout trends that seem to go on forever (250 or more pips) with no more than a 20 pip pullback once every 75 pips or so that can get you in trouble. I expect you know what I mean. And those are the trends I'm hoping to trade the right side of using the ichi cloud.
Just finished your third vid pennies. I still use the quad tunnel on a main chart with bollies and the 62 ema in thick white line and in the lower indi windows I have my TDI and the TRIX/PPO indi, and below that a good stochs overlay and finally a separate TRIX overlay. I'll be comparing this chart with my previous mentioned ichi and fib chart. Hopefully the fib lines with the ichi chart won't be too busy. lol.. If so I can throw the fibs on a third chart with only price action, the 62ema and the quad tunnel.
Pennies.....after watching your second vid I noticed that oftentimes when a candle overshoots a fib line the price would close on the fib line and price action would then reverse from that fib line as the fib line became either resistance or support. So price action still obeyed the fib level line despite the overshoot.
I just finished watching your first vid pennies and it was well worth the wait! Very enlightening!
Hey charger.....it's been a busy week for me but I've managed to spend some free time in the evenings focusing on learning to trade from the ichi cloud. I realize it's "another" "lagging" indicator but it's not "just" another lagging indicator. It is a unique and highly valuable inidicator imo. I will be using the ichi cloud indicator with only fib lines added with it on a separate chart by itself simply to guage trend continuation and strength of potential trend/trend reversal. I will then have my TDI and other indicators including your PPO and TRIX indis on another chart in my search for potential trend end and reversals. Chaostrader on youtube has put out a few really good vids on the ichi cloud which has helped give me that orientation that I could'nt get just reading text. I'd still be as confused as before on how to interpret the cloud. As chaostrader states in his vids, the ichi cloud looks "busy" to many traders. It's looking much less busy to me now since I know better what I'm looking at and looking for.
Btw, I'm seeing where the ichi can give false signals of reversal or trend end, based on price action of 150 pip or more single/double candle price action "chaos" where there is a dramatic and sharp pullback and then an immediate resumption of prior trend continuation so stops must still be used but. January 21st on GJ is an excellent example. Every other indicator or tool on our charts would have offered the same outcome of potential losses but with the ichi indi you could reenter and still be very, very good on the trade if you had a strict method of trading and stuck to it using the cloud. To be clear, the single reason I want to use the ichi cloud is to help me to remain in a trade and the trend instead of taking early profits all the dang time on these 500 pip moves. I'm hoping for a clean slate in my trading now, where once before I would get out of a trade because of searching for and seeing a trend end and impending trend reversal based on other indicators when there was simply a breather taking place with the trend about to resume in it's full glory where the top and bottom fishers like myself would be left behind. I'm sick to death of missing out on those wave 3 gains! So between using fib levels for reversal identification areas and the ichi cloud for trend resumption I might stand a much better chance of increasing my gains the way I need to in order to get that 10% a week gains in my account that I need to continue on investing my time in this.
And like you I really don't want to sit in front of the computer staring at the charts every minute of the day anymore.
Pennies made new fib box vids......looks like it's going to be a good weekend afterall in spite of the crappy weather. lol :)
Charger......maybe git could/would do it for you. If I remember right, he's done some indicator programming.
Also, there are Chikou span indi alerts out there if you google them. They may not be what you are looking for though and they may not be dependably accurate either; just can't know unless you use them.
One other thing.....I've noticed that when price moves beyond the Chikou line whether it be above it bullishly or below it bearishly, then a reversal is nigh though the degree of reversal is dependent on the relativity of price action and chikou line and tenkan/kijun line to the cloud as is an breakout or trend signal. I expect this will all jive nicely with SGs fib box trade lines, but since I'm not sure yet.
Excellent post boca! eom
Pennies......do me a huge favor and throw up a GU fib chart for me to orient around please? Or a couple/three on GU if you have time for the 4 hour, daily and 15 minute?