xard777 wrote: Fri Oct 14, 2022 6:58 pm
Good morning traders, having a chillout morning with my coffee, listening to Lisa Stansfield (don't knock it, I am old), and doing what I do best, taking a trade-off the 2nd Dot (as you do).
I have made a few changes to the setup, this forum is without a doubt the best in the world with remarkable coders like mrtools and kvak (and so many others) and the quality of the stuff that they produce just keeps blowing my mind. Trading is so much easier when like-minded people get together to create order out of chaos.
Anyway, enough ranting, here is my chart for this morning.
I will no doubt post an update over the weekend.
Xard777
Dear Mr Xard,
Thank you for the next update.
I have questions regarding the process to take a trade.
When i see a gold square in M30, do i:
(a) Wait for a 2nd dot in M30 as confirmation that the current trend is changing?
(b) Go to M5, waiting for the 2nd dot to take a trade based on the established rules?
In M5, prices are above the Daily Opening Line, do I
(a) go ahead to take a sell trade based on the rules?
(b) wait for the prices to be under the Daily Opening Line to take a sell trade, based on the rules?
Looking forward to learning from you.
Many thanks in advance.
Sincerely,
Stuart
XARD: Trading Above/Below the Daily Open as a Maxim works well but in this case you would be OK to take the trade as the Price crossed the trend line after the 2nd Dot. Just looking at your chart confirms that.
When trading you are looking for confirmation of your actions prior to taking them, you do not want to think too much about what you are doing, so we try and keep it simple with a few steps. If looking to take a SELL, you have to ask yourself, is the RSI below the Mid level? is Price below the Trend line? are we trading off a 2nd Dot? the 2nd Dot is used as support/resistance which shows up on the chart in a ZigZag like fashion when viewed from the starting block to the finish line (as in a relay race). In this case, we have our Square as our starting block and a larger semafor as our finish line and in between, we have our 2 Dots which is our baton change and we look to take off from the 2nd Dot towards the finish line.
As you can see, it is NOT rocket science, it is just a ZigZag that appears in ALL time cycles in ALL charts. You just pick your spot and go for it. Rinse and Repeat.