Interesting. This is the way I trade. I have been calling that 'look', setup 'pictures'. I trained my eye to see the set of rules of my setup as a picture, that I can recognize instantly. So, then I can watch 3 or 4 uncorrelated markets, and instantly recognize setups in any of them.
As the system in this thread seems to be a trend following system (as every pullback system is), I think it should be equally easy to follow multiple uncorrelated markets. If you would develop a rule to determine if a market is in the proper trending mode (I personally use 20/50/200MA stack), then it that market is not trending properly, then you can just ignore it, and focus on any market which is in that mode.
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I don't know if you've actually been trading this with CL, but while the 1508 'looks' fine, the 377 seems like it could chop you up quite a bit - the full stop may hold, but I'm not sure of the rule about exiting on a close back in the cloud, as the CL 377 seems to exit and re-enter quite often. I think CL may need more wiggle room.
Exactly!!! And I plan to work on it this weekend, but I can script "The Look." So I'll come up with an aid to point out when "The Look" is occurring. Even something we can put into market analyzer and have it pop up on various uncorrelated instruments. Not that it will point out trades or anything, but you can easily define this obvious trend I think.
Then it's just a matter of finding the chart settings that give the 'frequency of signal' that the trader wants.
I know what you mean, but I don't use the 'close inside cloud' for an exit. I think CJ applies a bit of discretion on his exits. I couldn't do this, so for a while I've been using a pretty mechanical way to exit. So CJ's exits will likely be better than mine most of the time, but it's a trade off.
One advantage to CL, is that it MOVES and doesn't backfill as much. I think it backfills less than 6E. I think it will likely move out directly to its target quickly as long as that obvious trend has set in, and you can get a fill.
This is what I tried to mention a few posts back when someone added a sound alert to the zigzag. I said, how about instead of adding an alert to the zigzag swing high/lows, add an alert to a 1508 zigzag HH followed by a retracement to the MA or cloud. That way you don't have to keep your eyes glued to one chart (or any chart), you are alerted only when you are getting a potential setup.
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That was me. I've switched to the PriceActionSwing indicator with voice synth. I'll probably do alerts for HH/HL and LL/LH sequences. I think if you wait for the touch you might not have much time to really look at the setup before you have to act. You can also use the PAS in the Market Analyzer to glance at the status of multiple instruments.
Edit: with voice synth you don't need custom .wav files, it just reads the instrument name.
Yes, that's the great advantage of CL. If you've caught the momentum you can hit a 20-30 tick target almost at once. But if you're even a bit early, it can move 13 ticks to collect stops in an instant - another trade-off.