textbook short AUS

Meyney wrote: Wed May 04, 2022 2:33 am BTCUSD 1H

these MA's will help you to draw trendlines, see previous chart I made, on 1H chart you could have entered a long on lower timeframe, shorts only after the big selloff on 1M

if you zoom out 1M chart looks different....

On a side note.....I often read "I'm searching for trending pairs" .....how does one actually sort out that jungle of pairs on a daily basis to find such probability? Isn't that a waste of time and risky too? I mean, I'm glad that I have at least figured out how to trade, but more than two charts (and the same ones every day....DE40 and US30) I could never manage. Actually, to make money I need only one. So what's the point to do that exercise?

RplusT wrote: Sat May 07, 2022 11:57 am On a side note.....I often read "I'm searching for trending pairs" .....how does one actually sort out that jungle of pairs on a daily basis to find such probability? Isn't that a waste of time and risky too? I mean, I'm glad that I have at least figured out how to trade, but more than two charts (and the same ones every day....DE40 and US30) I could never manage. Actually, to make money I need only one. So what's the point to do that exercise?

The theory is that 28 currency pairs cannot range and trend at the same time. And strategies have an edge in certain market conditions and fail in others, finding the market conditions where one's strategy is optimal is key, else money made in optimal trading conditions will be given back in suboptimal trading conditions.

I don't know if this makes sense?.

I used to trade US30 alone.. passed a funded account with a strategy, withdrew once and lost my account after that, from the same strategy, not changing anything. The market conditions just simply changed.. and some other pairs were doing well, only US30 wasn't.

I don't know but most prop firms use a pair selection process for each of their strategies for find the best fit.

In our case as we trade trends it's either that or to figure out when the market is suboptimal and stay away.

It seems you've figured out that for US30 and der40.. and man, that would be phenomenal.

Knight wrote: Sun May 08, 2022 8:16 am The theory is that 28 currency pairs cannot range and trend at the same time. And strategies have an edge in certain market conditions and fail in others, finding the market conditions where one's strategy is optimal is key, else money made in optimal trading conditions will be given back in suboptimal trading conditions.

I don't know if this makes sense?.

I used to trade US30 alone.. passed a funded account with a strategy, withdrew once and lost my account after that, from the same strategy, not changing anything. The market conditions just simply changed.. and some other pairs were doing well, only US30 wasn't.

I don't know but most prop firms use a pair selection process for each of their strategies for find the best fit.

In our case as we trade trends it's either that or to figure out when the market is suboptimal and stay away.

It seems you've figured out that for US30 and der40.. and man, that would be phenomenal.

It depends if you trade 1M chart or 15M, 1H etc. On 1M chart there are multiple setups every day on almost every pair, of course ADR and spread-commissions/broker will be important. We can not predict 'trending pairs', but this is why I will wait for the first move to be made; often named in the Elliott wave as wave 1 or impulse 1, if we are lucky the bigger move will appear later (3 or 5) after a retrace ABC in a nuttshell as you know and here is the juice to add positions or re enter; matter of money management. What you can do is scan the markets for 'extremes' on higher timeframes 1H 4H Daily; first touch round numbers, important SD zones etc. watch extreme behaviour like spikes , price will zigzag bounce or zigzag through (flip) on lower timeframes, this will help you to be selective=where you can expect fireworks instead of range. Daytrading Elliott 1M is difficult and often will not work (in hindsight great) but the idea impulse and retrace on previous zones like i showed in many charts in this thread makes sense.

Meyney wrote: Mon May 09, 2022 5:12 am It depends if you trade 1M chart or 15M, 1H etc. On 1M chart there are multiple setups every day on almost every pair, of course ADR and spread-commissions/broker will be important. We can not predict 'trending pairs', but this is why I will wait for the first move to be made; often named in the Elliott wave as wave 1 or impulse 1, if we are lucky the bigger move will appear later (3 or 5) after a retrace ABC in a nuttshell as you know and here is the juice to add positions or re enter; matter of money management. What you can do is scan the markets for 'extremes' on higher timeframes 1H 4H Daily; first touch round numbers, important SD zones etc. watch extreme behaviour like spikes , price will zigzag bounce or zigzag through (flip) on lower timeframes, this will help you to be selective=where you can expect fireworks instead of range. Daytrading Elliott 1M is difficult and often will not work (in hindsight great) but the idea impulse and retrace on previous zones like i showed in many charts in this thread makes sense.

The noise in M1 is a bit hard to tame. I am looking at trading the M30

gy

Knight wrote: Mon May 09, 2022 8:46 am The noise in M1 is a bit hard to tame. I am looking at trading the M30

Look again. There is no noise on 1M. What is 'noise' ? What is your definition of noise? Chop? The same chop / noise is also on 30M 1H or 4H etc.

as we speak follow up btcusd (previous trendlines etc. from earlier posts, see how it fits nicely)