My first chart to share


#1

Okay, I’m ready to get over my hesitation and share my chart for some feedback. I got in a short position for EUR/USD>1.1208 @ 44.25 and although the trend line was short and I had a short confirmation arrow, it didn’t finish well. There was some nice exceeding volume on that indicator, but it wasn’t sustained. Any advice on what I should have seen or strategy would be appreciated.


#2

the thing that I noticed was the time of day. On Eur/USd, the best times to trade are 8-12 in the morning… that is when it moves the most typically… It can move well later at 3, like in this chart, maybe on a Wednesday when the Fed speaks, but without news, I typically wouldn’t be trading EU after 12… Most of the currencies I would treat the same way… just my 2 cents!! Josh


#3

What duration of a contract did you sell for your short position… 5min, 20min, hourly, etc…???
Did you HOPEFULLY close out your contract early which is highly recommended OR… did you hold till expiration???
Remember… Just get those 20 to 30 dollar profitable moves and GET OUT!!! No need to hold till expiration!!! You will GREATLY increase your win percentage and profitability if you exit early.

I’m assuming by your comment that you were using the TC for you entry to get into the trade???
I see an “X”… The “X” stating you should’ve already been in the trade if you were going off the previous “E” (3 ticks below) In which you would’ve already been in the trade riding the trend down just as the “APEX” is calling it and before the TC even had a chance to signal your entry (if you were using the APEX system).

As far as the volume… When you were anticipating getting into that trade you only saw the bar that was exceeding volume, so don’t feel bad that volume fell off on the next bar after entry cause you didn’t know or see that coming (only in hindsight).

One of the other questions I have is, which I just noticed… Why don’t you have diagnostic bars on your chart 3 or 8 tick depending on what contracts you are Trading??? I see you are Trading off of 4 min bars, I don’t believe the TC is setup to trade those conditions.

And just remember Or ask yourself… Why did a “new bar” plot after a certain amount of time had passed, to give you VALUABLE info OR just to let you know that it is now 4 min later than when you placed your entry to go short??? “Time” based bars give you a false premise, they make you think action is taking place in the market when really just time had passed. Yes, contacts/trades were placed during that time interval, but at what level and how many, 1 or 300+??? That’s why a “Tick” based bar (diagnostic bars) are ESSENTIAL!!! They are EXTREMELY helpful with determining the amount of action is going on at that exact moment. Which brings up another point that I just remembered and you happened to have the “Velocity bar” indicator on and that is actually being counterproductive in a sense while trading with 4min bars.

And lastly… I see that you jumped into a trade on the 1st bar that actually crossed the .7 deviation level. Those levels are KEY points of interest, I would be careful next time dancing with those levels, but you would have better judgement if you were reading with diagnostic bars.

Sorry this was a bit long!!!
Hopefully I touched on a few points to remind you???
And keep your charts & questions coming… It really helps people on the other side just as well cause we also have to think everything through and you may help someone else out with the same scenario or question.

BEST OF LUCK MidWestJim!!!


#4

Some great feedback, I am really glad I posted the chart! Thanks for everyone that had a look and commented. It’s exactly like Darrell says, you really don’t know what you don’t know until you post your charts and ask questions.


#5

3 biggest things is you have time based bars… assuming 5 min contracts? Ao should be diagnostic bars…volume was exceeding at close of bar but it did not break low so mo entry … you want consistently exceeding not just exceeding 1x if doing otm otherwise you want a deeper itm contract

Great job posting…you can learn 100x faster i wish everyone would.