Sackie's live trading experiment

Discussion in 'Share Investing Strategies, Theories & Education' started by Sackie, 20th Jun, 2021.

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  1. Sackie

    Sackie Well-Known Member

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    Location:
    Vaucluse, Sydney.
    Exited at BE :)
     
  2. Sackie

    Sackie Well-Known Member

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    There's literally a zillion courses. 100X more people trying to sell you something than in real estate:)
     
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  3. Brumbie

    Brumbie Well-Known Member

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    Generally the higher the timeframe the more reliable the signal due to lack of noise. i.e. micro fluctuations. You can use a short timeframe for entry and exit and the larger one for direction. Do not go below 15 minutes is my suggestion. And the lowest of the higher timeframes is considered to be 2 or 4 hours. Most commonly used are 1m,5m,15m,30m,1h,2h,4h,1d,1w. In forex 6 x 4h candles make 1 day.
     
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  4. Brumbie

    Brumbie Well-Known Member

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    Agreed. Mostly rubbish. And limit your youtube watching of this stuff. "How I made a million trading bitcoin etc". Yeah right, and you are wasting your time selling $199 courses and $50 indicators if your making millions trading.
     
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  5. MTR

    MTR Well-Known Member

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    I guess Not surprising :(
     
  6. MTR

    MTR Well-Known Member

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    I am already having issues understanding the candlestick analysis.

    Rome was not built in a day, just keep plugging with this and follow this post

    Have an idea, one of our neighbours is a share trader, perhaps she can help.
    I’ll will bring a bottle of wine over…. :)
     
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  7. Brumbie

    Brumbie Well-Known Member

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    Genius idea!
     
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  8. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Trade: 3(open)
    Pair
    : AUD/USD
    Time frame: 4h chart
    Trading direction: SHORT. Red line is SL, Green is entry.
    audusd.PNG
     
    Last edited: 22nd Jun, 2021
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  9. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Vaucluse, Sydney.
    Trade: 4(open)
    Pair
    : GBP/NZD
    Time frame: 4h chart
    Trading direction: SHORT. Red line is SL, Green is entry.

    gbpnzd.PNG
     
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  10. Piston_Broke

    Piston_Broke Well-Known Member

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    Yes. I look at many charts in different timeframes, weekly down to 5mins.
    I like to think it gives me an idea as to where the market is going.

    For me I like to look at many for an overview and then zoom in smaller time frames.
    Many people say "you must stay in the same time frame", I don't see any use in that.
    The longer time frame means that the decision making process is slower.
    If you use 4 hr charts, then every 4 hours the bar closes and you decide to buy, sell or hold.
    On a five minute chart that process happens every 5 mins, which is very demanding and imo the patterns are less reliable.
    On a daily chart you decide once a day.

    Never heard of them. I had a look at his Gann videos and I think he's doing it wrong, like most.
    He's calculating the ranges wrond and while I agree on the usefulness of the swing charts trading that was will be a disaster.

    The question to someone who says he can "beat the market by 20%" is "How much did your trading beat the market by?"
    Anyone can look at the past and wrtie a book on how to beat the market. It's like betting on last week footy match.
    You will find that very rarely do any of these people actually trade.

    I would suggest you look at babypips for the basics.
    Learn Forex Trading at School of Pipsology - BabyPips.com
     
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  11. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Trade: 3(closed)
    Pair
    : AUD/USD
    Time frame: 4h chart
    Trading direction: SHORT. Red line is SL, Green is entry.
    Win/lose: Lose.
    Risk/reward: 1/0
     
  12. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Trade: 5 (Open)
    Pair
    : AUD/USD
    Time frame: 4h chart
    Trading direction: Long. Red line is SL, Green is entry.
    audusd.PNG
     
  13. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Trade: 4(closed)
    Pair
    : GBP/NZD
    Time frame: 4h chart
    Win/loss: Closed just above break even but I'll call it BE.
    Comments: I don't waste time holding trades if they take too long to move in my anticipated direction. I just shut em down.
     
  14. Brumbie

    Brumbie Well-Known Member

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    Location:
    Canberra
    My system took two winning trades on the DJI last night before turning itself off. $2412 profit. Happy with that. One short, one long.
    upload_2021-6-23_11-43-21.png
    upload_2021-6-23_11-44-4.png
     
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  15. Brumbie

    Brumbie Well-Known Member

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    Can I pick your brain a bit here? What is your thesis for reversing your trade? How do you decide?
     
  16. Sackie

    Sackie Well-Known Member

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    I'm generally looking for a candle which engulfs the past wick of the candle in the opposite direction once some kind of a trend continues. So basically this however this is on a reversal which I'm trying not to do:rolleyes:

    Usually SL are tight, so RR on winners is usually 3 to 11 for every 1 unit risked. My biggest challenge to this day is patience.

    Screenshot_20210623-115610_Chrome.jpg
     
  17. Sackie

    Sackie Well-Known Member

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    Location:
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    Nice outcome!
     
  18. Brumbie

    Brumbie Well-Known Member

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    Ok thanks, interesting. So its not a body engulfing. Just a total engulfing in the opposite direction. I have a strategy for engulfing candles here somewhere that has been backtested with good results. It had a filter from memory but was very simple(which is good). So do you use the BB bands at all? Or are they just for reference.
     
  19. Sackie

    Sackie Well-Known Member

    Joined:
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    Location:
    Vaucluse, Sydney.

    One of my bread and butter set ups I've been trading for a few years is a simple engulfing candle at a key level, wait for 40% retracement for SL placement. It's gold (so far). Allows tight SL with good RR.

    This experiment is really testing engulfing wick. The psychology behind it is in a trend when you have a pinbar down and the next candle engulfs that, those shorts are trapped . And then the trend up continues. I'll look for an example and post it.

    Like this:
    Screenshot_20210623-122743_TradingView~2.jpg


    I do prefer to use this set up at the outside of the Bands so there's at least some indication of volatility expansion.

    Can I ask, what's your engulfing candle set up?

    Thanks!
     
  20. Brumbie

    Brumbie Well-Known Member

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    Location:
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    It's not my strategy but I saw it somewhere backtested. I am trying to find it! I have a million bookmarked pages in just as many folders. Supposedly to be better organised! It's not on my to do list spreadsheet, as I don't use candles at all. I use renko boxes as they are much clearer. Candles are another rabbit hole to go down and I already have limitless combinations of strategies to work on.
     

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