Duxon's Archive

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So then, the lower panel bluish-gray histogram is looking at price in comparison with where it was a certain number of candlesticks in the past, whereas the black histogram is the slope of the 60-minute baseline. The black oscillator is looking at the relative position of price within the short-term price range to help determine optimum entry and exit levels and the tan oscillator serves the same purpose (but does a better job of it) by measuring the relative position of price within an approximation of the instantaneous moving average price range...

"Ideal" entry levels are when the histograms are located on one half of what you used to call the Price Anomaly Channel and the oscillators are spiking on the other half.

 

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By the way, did you notice that the 90-minute baseline is no longer on your charts? Are you going to put it back?

Yes, I replaced it. I have the two-hour baseline plotted as well. However, though it is important to define the four-your price range, the four-hour baseline is way too lagging to be of any value whatsoever when it comes to making intraday trades and is therefore omitted as nothing more than a distraction.

 

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Evaluate the profitability of entering positions when there is a pullback within the 30-minute price range envelope when both the 30-minute and 90-minute price range envelopes are sloping in the same direction and the 30-minute price range envelope is positioned in the corresponding half of the 90-minute price range envelope.

This might be an easier and more profitable approach...

Enter positions when the 30-minute baseline reverses direction to realign itself with the slope of the 90-minute baseline.

 

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CORRECTION...

This might be an easier and more profitable approach...

Enter positions when the 15-minute baseline reverses direction to realign itself with the slope of the 90-minute baseline.

 

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Milestone:

My last two significant losses (EURJPY and AUDUSD) helped me to establish the correct trigger signal for executing swing trades.

The presumed clarity resulting from designating a specific moving average to represent the one-, five-, 15-, 30-, 60-, 90-, 120, and 240-minute trends has culminated in an extremely prescriptive one-minute chart from my vantage point. And based on what I'm seeing, I think my absolute favorite setup is going to be when I see a simultaneous reversal in the 15- and 30-minute baselines...

 

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Based on what I'm seeing, I think my absolute favorite setup is going to be when I see a simultaneous reversal in the 15- and 30-minute baselines.

I wouldn't be surprised if, starting with the next 24-hour market cycle, I find myself trading this setup exclusively. But instead of scalping just a couple of pips profit at a time, I'm likely to extend my goal out to five to ten pips per trade...

 

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Friday / September 18, 2020 / 11:30 AM PST

I wouldn't be surprised if, starting with the next 24-hour market cycle, I find myself trading this setup (simultaneous reversals in the 15- and 30-minute baselines) exclusively. But instead of scalping just a couple of pips profit at a time, I'm likely to extend my goal out to five to ten pips per trade...

Today you have no comments to add to anything you've observed in the past. So let's make a point of noting here that the chart configurations you are currently using are titled...

• 1-Min PATHWAY LOADED
• 5-Min SHORELINES and RIVERBANKS B
• 60-Min REVERSALS CONFIRMED V

1. In place of the 15- and 30-minute baselines, your focus has settled on the 15-minute baseline confirmation moving average, which is sort of an intermediate measurement between the two.
2. Your favorite setup for scalping 2 to 10 pips profit (or more) is as price is rejected at the 5-Minute Binary Option Tunnel Upper or Lower Band × 5 for Five-minute Charts.
3. Your favorite setup for realizing profits of 30 pips or more is as price is rejected at the upper or lower boundaries of the four-hour price range.

Abiding by the above should more-or-less eliminate most losing trades, as was the case over the last 24-hour market cycle...

You have yet to get into the swing of taking full advantage of the third setup listed above, but once you do, the profits you reap on a daily basis should increase above the types of returns illustrated here by leaps and bounds, God willing!!!

 

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Your favorite setup for realizing profits of 30 pips or more is as price is rejected at the upper or lower boundaries of the four-hour price range.

No, not the four-hour price range. That was an error. It's more like the half-day price range.

 

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Wednesday / September 23, 2020 / 8:30 AM PST

Though I might ultimately decide that this is information I don’t really wish to share with others, today I began writing lessons for make-believe trainees enrolled in a hypothetical prop firm training program. This was due to my having only just now "stumbled" upon an extremely simple recipe for success using the NPP system (see above image).

Participants will be taught to analyze Forex market structure in terms of just four actors:

1. The overall direction of rates on an intraday basis
2. Where rates are headed from day to day
3. The degree to which they deviate or fluctuate within an hourly timeframe
4. The relative position of rates within the context of the above three factors

Participants will conduct this analysis via one-hour and one-minute charts.

Locking down the guidelines for this approach, now that it’s been formulated, is likely to eliminate, or at least minimize, the types of losses seen above. Also, since participants will be devoting their full attention to the task, returns per trade should be greater given that candidates will be able to let profits run rather than having to set take-profit targets.

 

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https://mytradingskills.com/day-trading-strategies

Twenty-two day trading tips:

1. Prepare for your trading day
2. Analyse the first trading hour
3. Check an economic calendar
4. Read relevant market news
5. Find oversold and overbought financial instruments
6. Take trades in the direction of the trend
7. Counter-trend trades can be risky
8. Have strict risk management rules in place
9. Always risk a fixed percentage of your trading account on any trade
10. Analyse the reward-to-risk ratio of potential setups
11. Follow the 1% rule
12. Use pending orders where possible
13. Keep a trading journal
14. Make regular retrospectives of your trade history
15. Wait for confirmation before entering a trade
16. Don’t let emotions interfere with your trading decisions
17. Always use stop-losses
18. Protect your profits
19. Use trailing stops where possible
20. Don’t trade during important market reports
21. Holding trades overnight can be risky
22. Create a portfolio of trades

A convenient reference list