%% That's how i do it; except i wait until the end of the day+ other time frames + let all the bids add up.................................................................200 day moving average helps. Mr mute9003; NOT making a profit in an uptrending bull market aboVe 200 day moving average /entry is not my problem @ all, unless one keeps trying to swing trade spxs, spxu\ i'm not that silly on trends........................................................................................................ I cut a loss on FNGD today but better profits on QLD, UPRO today.[I have on my refrig'''PROFITS run........................................................................................................................................................................................... Art Cashin says panic sellers never win] Edit 5 minutes is noise= another problem. Good quesion+ 5 minUtes is noise, good way to blow up an account]
Do that then. Talk yourself through what you think is happening as the candle forms as though you were explaining it to someone else.
That is correct. I dont understand the causes of price movement. which i assumed is part of being able to read the charts. Im using webull with lvl2 But i only see like 30 orders in the chart I dont think it shows the largest order by number of shares just the last 30 orders There is alot of info that i dont understand how it all relates to eachother Thats kinda my biggest bottleneck is trying to connect all that info together. most of videos i watched only tell you about patterns None of them really explained the actual mechanics behind patterns and what is involved. Essentially like you said i took signals without understanding... thats kinda what im trying to learn
Deaddog. I agree risk control, money management and simple adds to trading success and profits Cheers. Toucan
I may be able to help, a little. As a bar forms it usually goes through a morphing process until the bar is closed. If you were to study adjacent bars as a pair, you would notice there are only 10 possible configurations for any pair of bars. At times, the morphing results in a locked-in configuration such as an outside bar. Even if it appears 3 seconds into the bar forming, once an outside bar appears it is impossible for that bar to morph into anything else. I am not saying an outside bar is more important than other configurations. What I am attempting to say is that by looking at adjacent bars as a pair, and being able to identify the 10 possible configurations, can give you heads up as to what to expect even before the bar is closed!! I have attached a somewhat crude pic of the 10 configurations. FWIW, only "A" and "B" are "easy" money-makers. Also, to state the obvious, there is more to successful trading than adjacent bar configurations. For me, that includes volume. If you have questions on these configurations, feel free to ask.
So are you starting from a single last candle and then looking for confirmation with more and more candles?
On one hand I look for the specific patterns I want. Then I look for the known counter indications, which might be on another time scale, btw. Then I look to see if it is tradable. Can I get an entry that is good enough win probability and R:R for the target and stop? Then if that entry comes around, is the pattern still intact? Has it gone sour? After I see the pattern developing, prior to the entry, I know what action I want to see and NOT see before pulling the trigger on the entry. A channel consolidation "flush", is a good example to study. On the other hand, when not seeing the patterns I want, I watch the action and take note of the way the prices are moving, or not moving to provide a background for when I see the potential for my specific patterns. Ditto on the exits. BTW: some people use one time scale for setups and another for trade execution but there is room to mess up doing this. E.g. using the execution time frame for the setup and visa versa.
I always look for the plans that I have set but it does not happens every time so I look for another pair to trade where I can mitigate the risk.