CAUTION: Take these lessons only with pounds of experiences.
1. Volume - Decreased volume during higher price indicate that price may reverse.
2. Mcd - cross zero may indicates anticipation of strong movement
3. Mcd divergence signal valid only in big frame chart. Taking divergence signal in small frame is a sign of sure death and a rookie baby trader.
4. When assesing current situation, relate to the left of the chart. Check the space of least resistance
5. Elliot wave pattern when coincides with MA & Mcd > the risk is minimum
6. Doji and hammer are good 'landmarks' and 'landmines'
7. Fast trend shall be followed by whipsaws and vice versa.
8. CL has a habit of finding the base as the launching pad, normally at the Pivots and SR. Find that launching site.
9. Look for the candle pattern - the trigger - 2 types - the price pattern esp triangle , the candle esp hammer (pin bar), bigger candle and doji (spinning top)
10. As I don't like to deal with losses I will let my Stop Manager to deal with the losses, I will concentrate only on opportunity of profits. Sounded funny but hey, I'm a human :)
11. Stop order can be used to enter market and market behaviour at that stops could be better seen than a market order.... when emotion and overconfidence easily take over. However I will not be messing with Exit stop order.
12. Others often mentioned that SR line is the line of opportunities but remember that SR line could be the line of death. Strong movement could happen at that line. Act AFTER the line is touched and watch the volume for traps. Use market order at the starting position of NEXT candle and use tight stops. What is not killing me at this SR line, will make me stronger.Experience and judgment is crucial here. Thats why some trader prefer the pullbacks than breakouts. But I prefer use the term 'breakback' to replace the term pullbacks - touch and break the SR line then move back to the original direction. What made most of my losses were I expected price to made new turn trend but market later rebounced back to the original direction.
1. Volume - Decreased volume during higher price indicate that price may reverse.
2. Mcd - cross zero may indicates anticipation of strong movement
3. Mcd divergence signal valid only in big frame chart. Taking divergence signal in small frame is a sign of sure death and a rookie baby trader.
4. When assesing current situation, relate to the left of the chart. Check the space of least resistance
5. Elliot wave pattern when coincides with MA & Mcd > the risk is minimum
6. Doji and hammer are good 'landmarks' and 'landmines'
7. Fast trend shall be followed by whipsaws and vice versa.
8. CL has a habit of finding the base as the launching pad, normally at the Pivots and SR. Find that launching site.
9. Look for the candle pattern - the trigger - 2 types - the price pattern esp triangle , the candle esp hammer (pin bar), bigger candle and doji (spinning top)
10. As I don't like to deal with losses I will let my Stop Manager to deal with the losses, I will concentrate only on opportunity of profits. Sounded funny but hey, I'm a human :)
11. Stop order can be used to enter market and market behaviour at that stops could be better seen than a market order.... when emotion and overconfidence easily take over. However I will not be messing with Exit stop order.
12. Others often mentioned that SR line is the line of opportunities but remember that SR line could be the line of death. Strong movement could happen at that line. Act AFTER the line is touched and watch the volume for traps. Use market order at the starting position of NEXT candle and use tight stops. What is not killing me at this SR line, will make me stronger.Experience and judgment is crucial here. Thats why some trader prefer the pullbacks than breakouts. But I prefer use the term 'breakback' to replace the term pullbacks - touch and break the SR line then move back to the original direction. What made most of my losses were I expected price to made new turn trend but market later rebounced back to the original direction.
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