If You Can Draw A Straight Line . . .

[yertleturtle]

Quote from dbphoenix:

Tick, hourly, weekly, bar, line, it's all the same trend. But keep the distinction between "timeframe" and "bar interval" in mind. From this point to that point is a timeframe (from this Tuesday to next Friday). How you illustrate it is a bar interval (1t, 7m, 4h, etc).

Considering I just read this section of the thread I should have worded my post better.

 

[niko]

Quote from dbphoenix:


It might help to use a 30s or 15s bar interval and set your replay at no more than 2x. I know it can be boring, but rushing through it is of not much more benefit than not doing it at all.

Thanks, I will do that, ussually used 6x but it could be one of the reasons i ended up so setup oriented.

I will also avoid getting sucked in by the smaller interval so I dont end up overtrading.

 

[stevegee58]

Which tool are you guys alluding to with variable speed playback?

 

[niko]

Quote from stevegee58:

Which tool are you guys alluding to with variable speed playback?

I use ninjatrader

 

[dbphoenix]

Quote from niko:

Thanks, I will do that, ussually used 6x but it could be one of the reasons i ended up so setup oriented.

I will also avoid getting sucked in by the smaller interval so I dont end up overtrading.

It's not about trading, remember? It's about observing.

What are they doing?

Where are they doing it?

Why are they doing it?

How are they doing it?

What were they doing before?

 

[niko]

Quote from dbphoenix:

It's not about trading, remember? It's about observing.

What are they doing?

Where are they doing it?

Why are they doing it?

How are they doing it?

What were they doing before?

Yep. Back to screen time mode.

 

[bmwhendrix]

DB, Where do you generally place you initial stop? Just past the 50% pullback area?

 

[dbphoenix]

Quote from niko:

Yep. Back to screen time mode.

Think of going to some game with which you are unfamiliar: football, rugby, soccer, cricket, whatever. While you're watching the game, your chief thought is not when you should jump onto the field and begin playing. Your chief thought centers around the questions above, primarily What the Hell Are These People Doing?

Same with studying charts.

 

[dbphoenix]

Quote from bmwhendrix:

DB, Where do you generally place you initial stop? Just past the 50% pullback area?

I don't do that anymore. Apart from a catastrophe stop, placed in the event of a lost connection, power outage, nuclear war, I no longer recommend stops, primarily because they encourage the trader to relinquish too much authority and responsibility to the market rather than hang onto the reins and maintain control of his trade himself.

Too many traders set their stops then sit back, waiting for fate to decide whether or not they make a profit. Unless they've been so conditioned to fear responses that they trail whatever profit they might have and choke off whatever profit they might have had because they are "stopped out".

If the trade isn't doing what one expected it to do, get out. If one misread the signals and it winds up doing what he expected it to do in the first place, get back in. Stay a participant. Maintain control. Be responsible.

 

[bigmoose]

Followup Q: Do you place a catastrophe stop routinely with each order?