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Long I got, I got a favorable exit as i moved my trail mid bar as it was closing thinking it was showing up. Real exit should have been lower at about 48.
Can you help answer these questions from other members on NexusFi?
I think you should tag that trade as an advanced entry, not for beginners. I thought I was the only guy on futures.io (formerly BMT) who traded off of micro divergences like that
Charles, i can feel a bit of frustration in your reply. As i said, i was curious to know why you did not close the trade when price closed above the cloud but still below the 55 EMA. At that point the trade was facing some heat. I am the student here so i suppose i am allowed to ask some precision when i see something which breaks one of your rule. Also, i consider each question interesting as i try to look at your approach as a newbie or complete neophyte. How else could i enter into your brain ? Regarding volume on a tick chart, it is much less significant than on a time based interval. In fact, it can even be misleading. I tell you this as i have made extensive tests in that department. If a tick chart would speak volume then i think VSA traders would use that type of bar.
Regarding this short you took, i think this trade was borderline in terms of probability. In fact, it was a risky bet in my book because price had a much higher probability to stop into the balance area defined between 1.4093 and 1.4107 with a middle point at 1.4100. So there was some room for a scalp but if i consider the entry at 1.4119 as given by the 377 ticks chart then we can say you shorted right on a support line (a few ticks in front, that's why you faced some heat). A more secure entry would have been below that level at 1.4113. But at that point the merit of this trade was too small.
Let's look at it using another representation using a 5 minutes interval. Please, don't take offense by this comment as i am only sharing some of my experience.
1.4116 comes from the previous higher swing Low on the left above the EMA. See my chart where price broke above the EMA(21) then pulledback to it and went higher. The pullback occured at 1.4116 this was acting as support as shown by price action.
i welcome your questions & everyone else's, i also value any opinion you have on certain setups that i trade. In your example I think looking at the 5 minute is very good if that is what works for you, I've mentioned before that if you like what I do see if you can make it work for you and sometimes this may be looking at something I dont. there is nothing wrong with that at all. At the same token there if you are looking at other things or indicators I am going to take trades that you dont and you are going to take trades that I dont.
What i try to explain in my post is not only the trade I take it but why I take it. In my replies to your questions it is not my intent to insult anyone but I know sometimes I may attempt to make a certain point.
if there is enough interest I am willing to hold an online Skype conference with any of you concerning my method and how i trade it.
If there is enough interest in you all doing this click on the "thanks" tab and then when I see how many post there are I will schedule say a Saturday morning when we can get together on Skype.
I can group however many traders there are in a group and speak to all of you at once. I also know of a website that you will be able to view my charts on your computer as we talk
