Quest for Growth

a drop of water said:
Week 12/13-12/18
Top chart added one down DO line; bottom chart added one down m line and one up m line
More...

Chart: 60m

Week 12/20-12/25
Top chart added one up DO line; bottom chart finished the up m line at HH and added 3 down and 3 up m lines. The bottom chart here also updated the top chart in post 36. Correction: 3791 should be 3691.


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At any moment,
  • First need to analyze both bears and bulls, particularly support and resistance of multiple time frames to find out the direction ---- up, down, or undecided. Post 35 did an experimental analysis.
  • Then need to figure out the strength of buying pressure and selling pressure to decide the target, whether to hold or exit immediately, and whether to modify the stop and target if hold, which need to be decided in real time for better performance. Post 37 did an experimental analysis of this kind.
  • Execute the plan flawlessly and decisively, the most challenging step, which need to be practiced with significant amount of time and energy. It is time to spend most of time in this step.
 
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Chart: 1000V

Did practice the most challenging part: execute the plan flawlessly and decisively. Today only took one trade as shown in the below. In real time, i did try to anticipate the trade and have a plan and execute the plan in my mind, however, i did not have the plan as clear as in the below.

Prepare, wait, see and act!

Prepare:
  1. At the bottom gold box, draw gold channels;
  2. Mark the top left gold box, where the market chose gold DTCL instead of BO below it.
  3. Mark the top right gold box, where the market chose gold DTL instead of BO above it.
  4. Mark the red arrow to watch for whether gold DTL or BO above it.
Wait
  1. Continuous bull bars to confirm BO above gold DTL
  2. overlapping bars or bears bars to confirm gold DTL
  3. If 1 appears, scalp long at market, set target at pre high area3683 and stop at SB - 2ticks

See and Act:
  • See the 2 consecutive bull bars and market long.
  • See more consecutive bull bars and market long again.
  • Same stop and targets.

upload_2020-12-21_14-6-15.png
 
Chart: 1000V

About 30 minutes later, a similar trade could be taken, although i did not take it. It shows again the market consistently shows the similar patterns. Prepare, wait, see and act!


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Chart: 1000V, 10000V, and 1000V.

Today i took a few trades and would like to describe the long i entered either too early for my current position sizing or entered at the right time but with bad position sizing, which means i did not prepare well in advance or did not wait patiently.

Prepare (middle chart):
1. Spike up + gold box range.
2. Inside gold box, down channel & spike up & down channel.
3. Expect it followed by a spike up or channel up.
4. Strong support at g-low: 3663.75.

See and act (top chart):
1. first red arrow, entered long based on magenta utl
2. 2nd red arrow, entered long based on gold box down channel.
3. 3rd red arrow, entered long based on possible FBOs below LTF gold up Tl and STF gold down TCL

Exit: at oval area.

My position sizes are: 1:3:1, which means i should be quite sure on the 2nd entry, but based on the middle LTF chart, i could not be so sure because of consecutive bear bars, which means i entered too early. With top chart, it was respecting magenta down TL well, so bears were quite strong. But if using position sizes: 1:1:3, the entries are perfectly fine.. This reasoning shows clearly the importance of position sizing.


Lessons learned:
1. With sizes 1:3:1, exit long using stop 2 ticks below the gold box in top chart and prepare to reenter long.
2. Take shorts based on magenta down TL after bo below gold box in the top chart.
3. Got to prepare with more precision.


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Hope you all healthier everyday! Wish you all a fabulous 2021!


Chart: 240m and 60m

Week 1/3---1/8
Top chart: market chose the strong case extended both the last up M line and last up DO line.

upload_2021-1-3_19-55-13.png


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I like how you use zigzags... do you ever use zigzag (retracements)? Also do you ever incorporate harmonic structures?
 
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