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ivob
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EURUSD Trades of today. In the next hour or so I believe price is not going anywhere. We have price centering, tails on both sides and bars are getting shorter and shorter. These things together say "be careful: chop"!! regards, Ivo
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First trade of the day with comments. regards, Ivo [ame=http://www.youtube.com/watch?v=x_EJUcRjQZ8]channel / trendline trading forex Nov 1st 2011 - YouTube[/ame]
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I want to add that I use candlesticks instead of OHLC bars. So I place a lot more emphasis on the open and the close. (are we closing within the previous bar?). One tick can make a difference. Also I annotate 15 min bars. I only trade when those two line up (5 min and 15 min). Maybe those two "tools" make up for not having volume in forex. regards, Ivo
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Yeah but trading forex one can really trade anything from 1 dollar to millions LOL.
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Hi David, I wrote before, some weeks ago, that I don't care very much about volume and that I have found it deceptive. Sometimes I was holding on to positions because volume told me so...yeah right... in the meantime price was not going the right way. I am sorry (@ Spyder) but I find price just a little more important than volume because (changes) in price give me profits. Sure...it probably works. You expect a certain volume with a certain bar size but in the forex market when I see a small bar (depending on the context of course...not somewhere mid-range) and price ticking a lot, very nervously, obviously something is "different"... (small bar...high volume) and the same when I see a big bar moving just a littlebit to "easily"... Of course I still have enough issues to deal with. I still find the RTL and FBO troublesome. I tend to just take profits at RTL...unless price shoots through so fast that it screams BO! If you annotate well....you know what's going on at all times. And remember to "think" upside down.... - price will go up...if it cannot go down anymore and vice versa. - What wasn't that? By exluding you find the answer. - make sure you don't lose... --> then you win. One thing that took me a long time was taking market structure in consideration.. what kind of day is it? choppy: look to sell above, buy below. Change happens in the middle. look for FBO..and channels becoming wider and wider... change comes very quickly...(directly after PT3)... Of course the opposite for trending days. On trending days I tend to ignore certain FTT's. regards, Ivo
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Hi, I trade forex and forex does not have volume data. (although I could use tick volume) In general big bars are high volume. Small bars are low volume. Also I just watch how the ticks go inside the bar.. (does it move nervous..a lot of ticks..or gradually..etc) Of course you can ask whatever you want... regards, Ivo
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Yes, youtube directly should work. This was actually a very small move/trade. Volatility has been excellent today (100 pip moves) after 2 days of chop. Traders waited for the eurotop to be over before placing their trade. Even up to this moment the moves are great and price behaves textbook JHM. (wait for VE, next bar FTT) regards, Ivo
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Another video. Just to illustrate how important it is to have the channels correct. If you don't have the channels correct you simply miss things because you don't look for them. regards, Ivo [ame=http://www.youtube.com/watch?v=WsxHX-7qd9k]channel / trendline trading forex - YouTube[/ame]
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thanks, it's fun to make and forces me to review the day better so will make some more. Of course this is not an average trade as price went quite far so maybe I should record some more (whole day). But anyway, it's the thinking (what wasn't that) that matters because it leads to the correct decission (hold, exit, reverse). Ivo
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Here a video I created a few days ago with 2 live trades, one small loser, found myself on the wrong side and a quick correction. I added some comments what I was thinking at that moment. Also some examples of "What wasn't that" which was the reason to hold. If anyone finds it useful, let me know and I post some more with comments. It was produced twice the normal speed. regards, Ivo [ame=http://www.youtube.com/watch?v=ARGQuHP2Rs0]video[/ame]
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The method just helps to see the market. That's all. That's something else then a ruleset when to get in, when to get out etc. Stop after 3 losses, sit thru a point 2-->3, trading HVS, etc etc...These things you really decide for yourself after you understand the market. Actually Spyder did give some beginner rules...enter at FTT, reverse at FTT and out at FBO I think...but really..it's up to the individual trader. How focussed do you want to be? How many trades/opportunities do you want to take? How many lines do you want to draw? Do you understand the market in every aspect? I certainly don't but I trade the things I do understand. Ivo
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No problem. Let me try to explain what I mean with "You have to find your own method in the end." What I mean is..you take aspects from Jack Hershey method that you like... use it, enter, exit where you are comfortable and when you like market conditions and then finally after gaining experience make it truly your own method because only then you can 100% trust your own judgement. This makes sense because it's really a discretionary method. There's no 100% ruleset...what to do and when to do it. It depends on the trader and on the experience gained, interpretation, etc etc... that's why there are so many pages about it, here and on ET. regards, Ivo
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I didn't say that.... If you know 10% of what he knows it's enough... as long as it is the 1st 10%..... the basis. It explaines it all...that having said, unexpected things happen sometimes. At least for me. You have to find your own method in the end. I trade forex so there is no volume..but...come on... It's not that hard to figure out the volume behind the bars. Bars getting shorter: you bet volume is decreasing.... One can also see it in the way the individual bar ticks....(actually forex has tick-volume...but I don't plot it).. The FTT bar is never a very "nervous" high volume bar. It's relaxed. Not attracting too much attention. Also I don't use OHLC bars but candlesticks. So what? I use it as well. 20 EMA though. But I don't "look upon" anyone. For me it's about: change, screentime, FTT (entry), right trendline, left trendline (exit), VE, fractals. (1-2-3 setups inside 1-2-3 setups), following rules, getting out at choptime. All you have to see is the change. (FTT). After that the market will take you whereever it wants to take you. Ivo
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There's no need to move "beyond" hersheyland. Understanding the basics is enough, and even a requirement to move further. What happened to Spyder? Why doesn't he or other experienced JHM traderts post anymore here? Ivo
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You would not believe how I screw up sometimes. Especially in chop. Getting much better in that BTW. Sometimes got to switch to "fade" mode or "seeing change very fast" Spyder would say. But...... today.... so far I am nailing every turn :-) Trading very much in the zone today ;-) Ivo