AndrewS
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Everything posted by AndrewS
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Trading halts and 2000 point daily ranges present challenges for any approach.
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I can recall several people posting 15 min charts in this thread and there are people who trade primarily off the 5 min charts.
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Despite your purported apropos, I am interested in how people use short term charts. I do not think I have read of anyone primarily trading off the 1 minute chart.
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This week for me has been like this. Return rate 1.16. Win rate 89%. 154 out of 174 trades were closed in profit. Avg hold time: winning trades 15m. Avg hold time: losing trades 2h 24m. I sort of use the chop on the 1 minute chart for a partial entry and exit within the 5 and 15 minute chart. Instead of being shaken out at a loss I tend to hedge and then close out one leg of the hedge when things become clearer. I am disadvantaged somewhat by the increased spreads resulting from the increased volatility.
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From another forum: “How is the hoarding of toilet tissue related to the sudden surge of Joe Biden??? Both are examples of The Bandwagon Effect:” https://www.psychologytoday.com/gb/blog/science-and-philosophy/202003/why-toilet-paper
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I think if you find yourself writing this sort of thing you are too tired for discretionary trading.
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Closed it all. The reason is because I am far better at scalping than picking significant highs or lows.
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After prices were out hundreds of points for hours on MT4, they have just returned to normal.
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https://www.washingtonpost.com/technology/2020/03/08/twitter-flags-video-retweeted-by-president-trump-manipulated-media/
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The volatility has made me realize that I am definitely better at scalping than position trading. 46 wins out of 47 trades today. I suppose they could be considered staggered entries and exits of swing trades.
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I’ve seen the film “The Big Short” and heard a criticism of “Flash Boys”, but you selected that Bloomberg interview.
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So all these greedy institutions with trillions and 95% of the activity are really competing among themselves to cheat me personally out of a few dollars….. I knew it and now TV has proven it!
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The reason I use 5 min charts is because the markets hate uncertainty.
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My last trade was shorting the Dow there and closing at the first trouble area. I’ve read that about 30% of the volume on the US indices is arbitrage which is why they are so closely correlated. I think the sign that there was a further fall on the cards was when the Nasdaq closed a 5 min candle below its 20 period moving average and the Dow then dropped 169 points on its next 5 min candle.
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Plays a sound a few seconds before a candle closes. https://www.mql5.com/en/code/11051#:~:text=Candle Closing Time Remaining (CCTR) Version,3 - indicator for MetaTrader 4&text=Candle Closing Time Remaining (CCTR) is an indicator which displays,open candle to be closed. https://www.mql5.com/en/code/20185/
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I've had 16 consecutive wins trading something similar to Linda Raschke's holy grail.
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I make out the 200 day moving average to be around 27315.
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I have found it interesting in real time. Sometimes very small things can make a big difference.
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The 20 period moving average on a 5 min, 15 min and hour chart has been a wonder to behold this week.