thread: How To Trade With a Naked Chart

The problem with limit orders is your bad transactions always get filled. . .and half your trades that were excellent don't get filled.

Lets see if I read this right...

quote manually closed out @10670 38pips picture cheerz yall. Enjoy the weekend

Nice analysis PrymeTyme,
I've been observing your chart. Nice

Already made 3:1 when the transaction was taken at the first break. . .no time to hesitate on 2minute charts.

Great weekend everyone!

picture

equally is okay, but normally one should choose the first retracement following the breakout, enter with a sellstop beneath the candle....

A question for you,

would you know exactly what you would like to trade? ie. Do you search for reversals? breakouts ? or retracements ?

I will encourage you which you select one and concentrate on this till you have developed a strategy on the best way best to takle one of the above on a consistant foundation

but then again you have to start at the very start and learn how to draw key levels where you will search for a breakout, change or
retracement and then watch how price behaves in those levels and determine,according to your observations which setups you consider worth taking

do you wish to take setups which proceed soonest, fastest and furthest

this takes time

your above example on NQ is quite good,

your drawn situations represents a breakout retracement so that you wait till this happens, and since the breakout occured you shouldve been prepared
to wait for the initial retracement and enter a sellstop beneath the bar, as price lasted higher you can track your entry along...

a retracement can come in many forms, it could happen in one single bar or on multiple pubs, as price is at a continoues flow
thats something you should consider and accommodate to your setups of choice,

its about testing till you're comfortable with a certain setups or setup. . Remember the markets arent white and black

Cheers PrymeTyme ..good stuff

Already made 3:1 when the trade was taken at the first break

Very nice example, there.

. . .no time to wait on 2minute charts

True... but worth considering quantity bars, to trade NQ, surely? Volume is the real indicator of how much momentum there is and also how fast NQ is moving. A tick-chart, without quantity, can't tell you this.

I've heard volume is not reliable as the large players can hide their volume?

I've heard quantity is not reliable as the big players can conceal their quantity?

They're able to conceal the fact that it's all related quantity (i.e. they can hide the magnitude of a transaction by dividing it into variable-size chunks, but not as far as I know - to hide the quantity altogether, on a foreign exchange exchange from which quantity figures are readily available to readers ).

The beauty of volume-charts, instead of tick-charts, is that with (for example) a 512-tick chart, a pub is going to be published after 512 single-lot transactions, and also the same pub is going to be printed after 512 100-lot transactions, so the tick-chart doesn't tell you what's going on in the market, at the same manner. And a time-chart, of course, informs you even less than a tick-chart.