NoDoji's Trading Plan Development

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Quote from SteveNYC:

I clicked on the first link and saw a chart posted by baro-san.

He/she said in the post, "You might have something there."

After I studied the chart, smoke started coming out of my ears.

Is this normal?
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If it was not out af the a$$,then it`s ok.LOL!
 
I honestly dont see 20 trading opportunities on average on 5min chart
with price action, maybe she's actually trading on the 1min chart?
Can you post some chart on 5min that show so many entrys opportunities?
 
Quote from NoDoji:


Both of you have a Holy Grail in your hands and ruby slippers on your feet. Just click your heels together three times and say “There’s no place like DOM, there’s no place like DOM, there’s no place like DOM…”

:cool:
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Your wit never ceases to amaze me.

It has been humbling for me to have witnessed someone of your caliber who has selflessly helped others(including myself) with endless compassion, patience, and professionalism.

Winston Churchill said it best:

"We make a living by what we get, but we make a life by what we give."

My dear... your life deserves to be full of joy and happiness for an eternity.

God Bless you......

Jeff
 
NoDoji,

If you are leaving for good, it will be a sad day for ET, although I`m sure you got your reasons.

Along with your excellent breakdowns of price action, the absolutely most important thing I picked up from you and which really, really helped my trading, was the manual backtesting/trading of historical intraday charts, taking notes, learning and observing.

I learned infintely more from that process in a short period of time than I did from months and months with simulator and live trading.

I wish you continued success and the best of luck for the future!

If you ever come to Norway, don`t be a stranger. :)

Kind regards,

Laissez Faire
 
Quote from NoDoji:


I chose my preferred time frame, then studied charts at length until I found patterns X that resulted in price movements Y 60% of the time or better. I memorized these patterns both visually and descriptively, meaning I wrote down in words what was happening and memorized those descriptions until I got to the point I could see the pattern and immediately describe to another person what was happening, what was more likely to happen next, and why.

Getting from recognizing patterns on a static chart at the end of the day to recognizing the pattern forming in real time is a bit trickier. What I did each day is, I took a day's chart and scrolled the time window back until it looked just the way it did when I turned on my platform in the morning and the rest of the day's price action hadn't yet occurred.

I revealed one bar at a time until one of my high probability patterns appeared to be forming (the setup). At that point I knew that if price then did X, price action Y was more likely to follow than not. Price doing X was the signal to put on a trade. I quickly calculate where the stop loss will be placed, what a likely minimum profit target will be and if the risk:reward in that case is positive. If it qualifies, the trade is on when price triggers the entry.
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That's it... that is the pure Holy Grail right there.

Sit, watch, wait and have no opinion about the market UNTIL a proven price pattern setup confirms. Then and only then take action when trade-entry signal confirms.

Enter trade, set initial stop, stand up and step back from the keyboard so you are not tempted to do something stupid from there. Busy yourself doing something non-market related while the trade works... minutes, hours or the next day later.

Repeat that same simple process every day, let the law of large numbers create your edge from bigger wins than small losses. Ignore all else... it is collective, meaningless noise.

The Holy Grail of trading :cool:
 
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