Poocher, yes, I prefer to make my entry on 4 range chart as suggested on Sharky's setup; however the 4 range trend moves so fast; and considering Sharky's suggestion that a confirmation of the trend on the 11 range trend is necessary, I'm beginning to learn to adjust to the speed required to use the 4 range trend.
I note that your chart is a 30 range trend, and this trigers a few questions in my head. The questions are;
1. Do range charts have equivalents in Time Frame charts, e. g. 4 range = 5- minute TF; 11 range = 15 minute-TF, etc.
2. What about Volume-based charts ?
3. Is each type of chart most appropriate for a specific/particular market (Futures, Forex, Stocks, etc) ?
You may wish to share your thoughts on all these with me and probably others on this forum.
As far as I can see Sharky's ZN setup for 4 and 11 range doesn't work on things like ES.
But it seems to work on ZN strangely enough.
However many trends start long before the market opens.
I don't know if I can stay up 20 hours a day to watch it.
Combination of the FRAMA and KAMA indicators to achieve a good tradeoff between both, works especially well on range bars. Standard deviation bands are included, to make them invisble please set the input named "Deviation" to 0. Future strategies might look into optimizing the weighting factor between FRAMA and KAMA to fit better for given timeframes and interval lengths.
Lolu I use the free Gain forex feed that comes through the Ninjatrader server from Gain Forex. I have it set to show pipettes which are one tenth of a pip so my 30 range chart is actually 3 pips range. I follow 3,5,8 and 12 pip charts to get signals.
1. Range charts are independent of time. They only move due to price changes not time changes. So some 12pip range bars can form in one second during a news release or form in an hour depending on price movement.
2. I don't follow volume. Big Mike and others who trade ES do but that's way different from spot forex. Some do follow tick changes as a proxy for volume in cash/spot forex. Forex futures contracts would have true volume like Big Mike follows. A data provider like E signal offers that.
3. I think whatever tool helps you make good trades is the best. Its like war. Use whatever weapon keeps you alive.
But, I would recommend not overwriting anything unless you know the ramifications of doing so.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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Poocher, with your setup, you Short/Long based on the same signals the 3,5,8 and 12 pip charts give you ? That is, if you see Short signals on all the charts, then you go short. All the charts have to give the same signal; Right ? And what indicator do you use for signal ? Is it the Sharky's setup ?
Last edited by Big Mike; June 30th, 2009 at 07:05 PM.
Reason: Removed quote as requested