Is One Trade Enough?
There's that old saying from the cowboy films that you shouldn't shoot at the enemy until "you see the whites of their eyes". Be selective? My FavFib trade is a living in itself. Just shooting at anything that moves doesn't work. Specialising in specific trading pictures does. My FavFib trade is one of those. I had a hard time with outside in trades until I needed a specific picture to trade.
Today's trade had price at the FavFib while the bigCCI was overbought. Not hard to see. It didn't sneak up on me. I had plenty of time to prepare. I even knew in advance where to place my order. All I had to do was pull it if the market wasn't overbought. I can even set up early warning alerts on different markets so I am there when the setup completes. No excuses.
jenirique42
ReplyDeletecould explain briefly how renko bars?, because I see and I think that each has a different value. On the other hand, 3.5 bars renko its equivalent to 7 ticks, or not, what would be the equivalent in ticks?
jenirique42
podria explicar brevemente el funcionamiento de las barras de renko?, porque las estoy viendo y me parece que cada una tiene un valor diferente. Y por otra parte, el 3.5 de sus barras de renko equivalen a 7 ticks, o no, o cual seria la equivalencia en ticks?
jenirique42, Renkos don't look at anything except the range of the bar. That's the idea. Ticks are always different. Use ticks if you like the bit of extra noise in the market. Sometimes it's good in quieter markets.
Deletejenrique42
Deleteif each bar has different tick size, as can anticipate a closure, as can be anticipated input trade? or did you enter the trade when you see that starts the next bar?
jenrique42
si cada barra tiene diferente tamaño en ticks, como se puede uno anticipar a su cierre, como se puede anticipar la entrada del trade? o es que entras al trade cuando ya ves que se inicia la siguiente barra?
jenrique42, it depends on the context. Uusually, just before bar close.
Deletejenrique42
Deletebut if they have all different lengths renko bars, you know q is about to close the bar? I do not understand how you can calculate the point of the trade
jenrique42
pero si tienen todas las barras de renko longitudes diferentes, como sabes q esta a punto de cerrar esa barra? no entiendo como puedes calcular el punto de entrada del trade
Thanks EL, good insights as always.
ReplyDeleteA question related to the topic of this post - do you advise trading only one instrument until CP for a while, or do you advise looking for what's moving well among a few familiar instruments?
Dave
Dave, 1 market. It is easier to get to know 1 market's fingerpriny. Make things as easy as poss.
ReplyDelete