Intraday FX Player
- Thread starter CFerret
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Quote from CFerret:
I didn't notice this confluence in 1H/4H, but market gave another short clue... Especially well seen on 5min...
Hint, 5606 is large TF's S&R level...
Yea CF I was taking a step back from the countertrend and reverse I'd expect you to play and trying to show a very conservative way into a monster trade if the trader sat tight.
Really pleased to see how some of you guys are progressing. That 5 min was again screaming on the CCI alerting you to the PA set-up. With that Res Level you had to jump all over it -and you did - nice one indeed
)Quote from yoohoo:
Yea CF I was taking a step back from the countertrend and reverse I'd expect you to play and trying to show a very conservative way into a monster trade if the trader sat tight.
Really pleased to see how some of you guys are progressing. That 5 min was again screaming on the CCI alerting you to the PA set-up. With that Res Level you had to jump all over it -and you did - nice one indeed
Thanks for supportive words yoohoo!
Yeah, CCI had was around +200 extreme too...
But of course the most important element which you taught me is relying on bigger picture which is way more reliable and using small TF's to jump on those bigger waves...
This is really brilliant way to maximize profits and hitrate while minimizing risk per trade and helps to not get lost in lowe timeframes noise...
Tom, you are developing your own style of TL's and proving it is successful is where the confidence to trade will come. One way to bolster your confidence would be to post your key S&R points and see how it works. This is also a good lead in to your own thread on Tom's TL's!
Re .Gann I'd stay away from it at this stage. In 1986 I paid a successful Gann Trader $12k to be trained in his version of Gann swing/position trading - no intraday stuff. I have never encountered anyone who can properly use Gann techniques as Gann did so it is a matter of gathering pieces from many sources.
What you learn about time here will save you years of research and when you have a profitible method then you can add whatever you want to it without getting lost. Gann is a minefield but because of his background you will be attracted to his use of the planets. The only one I use is the moon because it's a no-brainer and required no effort.
Wave59 is excellent for Gann's work on the heavens. For anyone else I'd say stay well away... as I do!
As far as wanting to go as fast as possible there is as real danger of not developing a strong foundation and reflex trading... it takes huge amounts of screen time and I spend more time at the screen than you do! You need a year at this method including going below the 1 min before you are ready to work hard on something else... but in your spare time you need to develop your indicator set-ups and your ability to read them.
Combining all this with Tom's TL's will keep you busy for the next year... but (long answer) the next thing I would experiment with is MA's.
Enjoy the journey
Re .Gann I'd stay away from it at this stage. In 1986 I paid a successful Gann Trader $12k to be trained in his version of Gann swing/position trading - no intraday stuff. I have never encountered anyone who can properly use Gann techniques as Gann did so it is a matter of gathering pieces from many sources.
What you learn about time here will save you years of research and when you have a profitible method then you can add whatever you want to it without getting lost. Gann is a minefield but because of his background you will be attracted to his use of the planets. The only one I use is the moon because it's a no-brainer and required no effort.
Wave59 is excellent for Gann's work on the heavens. For anyone else I'd say stay well away... as I do!
As far as wanting to go as fast as possible there is as real danger of not developing a strong foundation and reflex trading... it takes huge amounts of screen time and I spend more time at the screen than you do! You need a year at this method including going below the 1 min before you are ready to work hard on something else... but in your spare time you need to develop your indicator set-ups and your ability to read them.
Combining all this with Tom's TL's will keep you busy for the next year... but (long answer) the next thing I would experiment with is MA's.
Enjoy the journey
It's hard to say exactly... Some (as Woodie and derivatives from his method) use certain CCI patterns to trade off them...
I watch it for more like a slightly different picture of price action which often gives the clues before actual PA confirms them... It's the matter of experience and screentime as usual in trading, but when you devote some time to watch it, it begins to show you things that noisy price is not always able to show...
Main things to pay attention while watching CCI are: slopes of the indicator swings, shape of it's hooks, relation of it's hooks to the PA...
Hope it helps...
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