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Hi Charles. I just read through your thread for the first time and wanted to thank you for sharing your trading method and taking the time to teach it to others. It looks very promising. I took my first sim trade earlier today and made 21 ticks. I plan on trying the method out over the next few weeks (sim of course). You had mentioned awhile back that you were planning on setting up a training session. Have you already done that or still planning it? Thanks again for all of your time and efforts.
Can you help answer these questions from other members on NexusFi?
No I have not held the training session as of yet. I need to run some test this weekend and if all goes well I hope to hold it next Friday afternoon or Saturday morning
Thanks Charles, I would definitely like to participate. I am a little unclear of your initial stop placement when entering a trade. Is it 2 ticks above (or below) the prior price swing, as long as it is not greater than 12 ticks? Thanks.
yes my stop is never more than 12 ticks. I prefer the stop to be at 2 ticks above/below the prior swing or divergence point wichever is closer to the actual entry price.
Sometimes the divergence point is above/below the prior swing.
This morning I have taken 2 trades. the 1st one had the trailing stop hit for +2, then a re entry just a couple of bars later for my 21 as you will see on these charts
Fell free to post any questions regarding the setups that I trade. I will be done trading for the day/week as of now.
Stats for the week produced +150 ticks, thanks to yesterday
Looking to pay more attention to that 50 on the 1508, good things happen there if price stops right near that level within a few tics.
Also with trades that come back to the 13 on the 377...... I'm finding I would prefer to ONLY take those trades if a DT/DB is present with a divergence of some kind.
Wow, great week Charles. I have a question regarding your first entry. I didn't take that because the candle wick at 8:43 ticked up 1 or 2 ticks over the 8:39 candle, making me think that was a HH. Are all of those candles in that general time frame from 8:39 to 8:45 considered part of the same price swing? The rules state that the Zig Zag cannot make a higher high before the trade occurs, and it did not in this case. I just wanted to get a little better clarity from you about how you handle it if a price wick ticks up a tick or two higher. Thanks.
When you are evaluating a double top or bottom, it can occur on the wicks or bodies or even a combination of the 2.
The candles body is generally regarded as being more important than the wicks.
the best way to determine the dbl top & btm's is to place your cross hair at the high or low of the prior ZigZag swing, then you do not want a candles body to close above or below that price level. If no candle does and you get a divergence on that double top/low you likely have a trade setup as long as the 1508 has pulled back to the areas to trade from being the MA or Cloud
