daedalus

First - I have so many trades because i'm trading MUCH faster charts that you guys on the 15 min timeframes, and i'm trading 3 currency pairs (EC, JY, BP). I should clear it up further in the interest of sharing with you all as much as you all have with me, i'm using a value chart to signal when swings are at extremes, then i'm just waiting for HL, LH patterns for entries. EVERY single entry uses the same criteria. I'm also managing my exits and pars off the value chart - when it gets to the opposing extreme i'm getting to par or exiting (if price is not already at my predefined targets). Its just an indicator i've used for years and am comfortable with. I've been playing around with qualifications for what is a valid "area" on the chart to look for trades. A lot of you guys are using prior S/R zones and I think that works fine (obviously it does) but for me personally, it requires a lot more looking back historically and leaving a lot of lines on your charts. I just don't like that. I'm such an @nal retentive personality I want things to be exact - and in trading they rarely are so it becomes counter-productive for me personally to trade based solely off of prior S/R. But whether we are using S/R, trendline established swings, bollinger bands, or some kind of oscillator - each one of us is looking for the same thing - an area on the chart where a reaction is probable. Also, i'm allowing my LH and HL failures to also be double top/bottom failures. As long as price has made an initial move, retraced off of that move, gone back for continuation and failed i'm happy. Heres an example of two of my trades I outlined: Simplistic? You bet. Thats the point. Cheers!

Isn't it funny how the trades were sure are gonna work never do and the ones were worried about always pay off? lol. Ended up getting par on the trade I was at par on: And got my 270% profit (and other textbook exit for a burst in favor) out of the trade I was sure was gonna stop out for a loss. Its a funny little profession we work in. Remember kids - ANYTHING CAN HAPPEN. 14/14 on the day. I'm astounded to say the least.

I am finally really starting to get the hang of this a bit better and working into a fairly consistent management approach. I've had 14 trades today and have yet to have a losing trade (i've had 2 pars). I currently have two open positions but one is at par so the worst I can walk away with is one loss. As you can see, some of my exits are premature by a ways, and some are perfect where any other decision results in a par at best and a loss at worst. What i'm finding personally is that its paramount to take profit when its on the table. Simply trying to attain a 1 Risk : 2 Profit factor isn't attainable (ok, its doable, but its not as effecient due to the offset in additional losses and pars). Some of my trades go 2:1 but a lot of them don't, but if I get a quick decisive push in my favor i'm gonna take profit off the table. Because more often than not a solid profit quickly backfills to our entry price and it makes reducing risk difficult, getting to par (and just getting taken out) a typical experience. Obviously everyone is going to manage differently, but I feel like (as with anything) the entries are EASY. What you do after you're in dictates the profitable traders from the unprofitable. My two open positions: Cheers!

^^ Yea thats what I was commenting on before, that basically I had to change the settings of the charts to show up in real time the same way they do historically. But just out of curiosity - there is no way to have the charts show up the way I presented in the first image in real time correct?

Thanks BF. After reading some on the TS forums, apparently this occurs if the interval or the range is too small for the underlying price movement on a given symbol. So basically, you have to test out in real time (and then check historically after a refresh) to make sure that your range and your interval are large enough to print historically and in real time identically. If anyone knows more about "optimizing" range charts i'm all ears! I would give my left nut to be able to trade a chart like I posted above. The only thing I can see is constantly refreshing my charts to get an ideas of areas of S/R levels.

I've been playing around with some range charts in TradeStation lately trying to use them as a way to more cleanly interpret price. My question is this - do historical range charts mean anything? What I mean is when I pull up historical data - everything is printed up concisely and neatly. But the live data that is being built isn't nearly as clean or concise. And then when you refresh the chart - it reprints what has happened back into these nice clean swings. So what gives - it doesn't work in real time? Live Real Time Input: After Refresh:

I'm gonna have to go back an re-read brooks because your interpretation of H2/L2's is completely different from mine. lol.

I know thales has mentioned previously (and rightly so) that filtering trades is dangerous as you're going to miss as many good trades as you do bad trades. However, we have also discussed how to avoid chop zones so there is some level of filtering that most of us are still using. So I was thinking we could start of list of qualities we look for in a solid setup regardless of the actual outcome. The anatomy of a good trade in my view for starters: - Strong and clean impulse move. - Quick and clean LH/HL made near the bottom of the move (to limit initial risk and get in before most of the move may be over) - Can be at prior S/R (but not a requirement). - Entry doesn't coincide with a prior S/R zone (so we don't enter into the place where price is going to probably stop anyway) Anyone else care to share their ideas?

My one trade thus far this morning and different outcomes of different exits... I had the worst one and it was due to nothing other than fear of loss and taking a par on a trade that had profit. And that fear cost me AT LEAST 25.00/contract which may not sound like much but will certainly add up over time. Been trying not to fight some of the strong moves this morning. This trade looked good as it was into prior S/R and the swing had room to run to prior S/R.

Can't wait to see what you come up with!

^ I agree with that analysis MidKnight. Looks like a good opportunity for a potential entry.

Same chart thales - anything wrong with this entry?

I respectfully disagree. I'm not using ticks on spot forex, but on the CME futures contracts. How is this any different from any tick chart on a regulated exchange? I get that for example purposes everyone can't follow along due to data provider differences but I feel that tick charts clean up the noise and show the real swings that time charts just can't replicate. I should add that I understand and agree with what you are saying about it not being a "true" represenation of the market because each data provider can give you different data - HOWEVER my counter point would be that its no different from basing a buy/sell decision off a time chart bar that has no relevance in the marketplace other than being created due to 5 or 15 minutes passing in the day. It all evens out in my mind.

Thought I would post up my trades from the day. What I need help on is getting my management down solid in some kind of semi-consistent manner. I recognize that some of these timeframes are VERY small in comparison to the 15min examples being shown and thus, the stops/targets reflect that. Rules: - I'm trying to take entries that allow "room to run" to prior S/R zones and avoiding the entries that are near congestion. - Taking entries that are at rejection of prior S/R. - Exiting when/around candles that shows opposing movement or letting strong trends run to prior S/R as targets. Any thoughts / ideas on the entries themselves and more specifically a consistent trade management approach of locking in profits and trailing stops would be greatly appreciated. Ended up the day: BP: +2, +25, -9: +18 EC: +5 JY: +6 Net: +250.00/per. I'm perfectly content with the overall results, however I feel like I need a bit more consistency in my management approach rather than going purely off of "feel" on some of these exits. I've tried to at the very least let the winners run until there is evidence of potential failure (other color candles) and in those cases allowing trades to run to their predetermined exits at prior S/R. However, one trade (JY - 512T) I felt I kind of had a BS exit, and while there was some backfill I could've gotten more from it had I used a different management technique. Cheers!

Gabe - why did you take the second entry as opposed to (at least what I would consider) the first LH in the series? Cheers!

Just wanted to say a quick thanks to everyone participating in this thread and especially thales! A year ago I was trading successfully using a logic very similar to this just looking for the L, H, HL patterns and over time my edge eroded as I added indicators and other crap to try and "filter" swings. This thread in the last 20 or so pages has breathed some life back into me and got me focused back on the real truth in the markets. They repeat these same patterns time and time again and without Thales posting up that initial chart it wouldn't have got me back on the right track. I just wanted to say thank you and tell you that you have quite literally made a huge impact on another trader. Keep it up! Cheers!

Bwahahahaha! :haha::rofl:

Its from this website.... HOW TO GET SIX PACK ABS - SIX PACK ABS WORKOUT ROUTINE I went through their program before... I thought it was pretty good. I haven't done the spartan workout though. I'm also a P90 x'r... i've done it through twice and I thought it was overall great stuff, however, as mentioned before I don't think it was the most effective utilization of time for building muscles rather than just doing cardio. I found this article: From Geek to Freak: How I Gained 34 lbs. of Muscle in 4 Weeks and started doing a routine based on the colorado experiment as was getting as good of results doing that routine twice a week for an hour and doing some other cardio on my off days. Remember - Muscle is built resting - not working! And another article on some diet suggestions I like: How to Lose 20 lbs. of Fat in 30 Days… Without Doing Any Exercise

Oh well I just mean to take 2 tablespoons of it... by itself its horrible in taste (ie it tastes like vinegar - go figure) but if you dilute it with Orange Juice, you can drink your OJ and never be the wiser that you just drank the dosage of Apple Cider Vinegar as well. Its the one thing I truly swear by. Go to E A R T H . C L I N I C - Folk Remedies and Holistic Cures for more info on what people are using it for. One example, my dad had high blood pressure on his last physical, the doc's wanted to put him on some expensive prescription (one that we had a friend who went on it and within 3 months her kidneys failed and killed her) I told him to take the Apple Cider vinegar - he did and changed nothing else and went back for a check up - he dropped like 40 points on his blood pressure. The doctor was astounded. Thread jack over. :rofl:

Organic Apple Cider vinegar with the MOTHER (try and find Braggs) buddy.... 2tbps mixed with some Orange Juice.... it'll stomp just about anything out in a day. I swear by it... i drink 4 tbsp a day and haven't had so much as a soar throat or runny nose in 6 years.

Congrats on the new record!!! I just have to laugh how you have to work on something when you net 60k in ONE day. lol. But that is what is awesome... you're constantly working to improve regardless of the P/L - and thats what probably got you to where you are to begin with.

one trade went +190/per and my target was +200... so i missed by a tick and took a par... and then i caught this move in the BP later in the day... 1 contract, 30 ticks. Bring on tomorrow!

^^ Smart thing to do. Too many traders overtrade.

^^ I too am trying to explore exactly the same ideas... H2/l2's with a trend. Brooks's book just showed up last week. Please continue to post up your ideas, because i'm with you on it... i love the simplistic approach and the logic of H2/L2's but i'm just trying to refine the best places to try and apply the concept, entry, exit, etc...

Deucalion - as far as I know the change had no impact on currency futures.